1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ra1l [238]
3 years ago
11

Marshall Enterprises charged the following amounts of overhead to jobs during the year: $20,000 to jobs still in process, $60,00

0 to jobs completed but not sold, and $120,000 to jobs finished and sold. At year-end, Marshall Enterprise's Factory Overhead account has a credit balance of $5,000, which is not a material amount. What entry should Marshall make at year-end?
Business
1 answer:
Readme [11.4K]3 years ago
3 0

Answer:

Dr  Factory Overhead Payable $5,000

Cr                          Cost of Goods Sold $5,000

Explanation:

What we have done?

Cr  Factory Overhead   $5000

What we must do?

Dr Factory Overhead $5000

The entry in the expense account is credited, as said in the question. So what we must do is debit it back and waive off its affect from the cost of sales.

So at the end of the period the company is legally required to close the expenses and revenue accounts in-accordance to International Financial Reporting Standards.

What must be the entry?

So the journal entry would be :

Dr  Factory Overhead  $5,000

Cr          Cost of Goods Sold $5,000

You might be interested in
If you are denied credit, a job, a license, an insurance policy, or a loan based on your credit report, you are entitled to rece
Alex_Xolod [135]
60 days is the answer you are looking for
5 0
3 years ago
Shania offers to sell her lakefront property to Tonya for $150,000, and Tonya agrees to buy it. Tonya and Shania both sign the r
Lina20 [59]

Some of the likely things which a court would do if Tonya sues to enforce the contract are:

  • 1. X not enforce the contract, because people are free to choose to whom they sell their property.
  • 2. award monetary damages to Tonya.
  • 3. require Shania to go through with the sale.
  • 4. X grant specific performance by requiring Shania to find a comparable piece of land for Tonya at a comparable price.

<h3>What is a Contract?</h3>

This refers to the legally binding agreement which is entered by two or more parties based on terms and conditions.

With this in mind, we can see that because Shania wants to sell her lakefront to Tonya for $150,000 and they sign a contract but before they close the deal, Shania discovers that the property prices would go up and declines to sell.

In conclusion, if Tonya sues to enforce the contract, we can see that the contract would not be enforced, but Tonya would be paid monetary damages.

Read more about contract here:

brainly.com/question/984979

8 0
2 years ago
Kemala is a factory worker in Indonesia, where she earns the equivalent of roughly U.S$1 per hour producing T-shirts to export t
postnew [5]

Answer: A. If Kemala willingly choses to work at the factory, the factory job may provide her with a better outcome than any of her next best alternatives.

Explanation:

Going by standards in the United States, the wages that Kemala is earning may be tagged as exploitative. If however, it is shown that Kamala works in that factory of her own accord, then it means that the wage is not exploitative to her because she must be earning more from the factory than other alternatives to it which was why she chose to work there.

It would simple mean that the wages in Indonesia are small by American standards and not just the ones Kemala is receiving from the factory.

5 0
2 years ago
All of the following are tests for determining qualifying child status except the ______.A. gross income testB. age testC. suppo
Viktor [21]

Answer:

a. gross income test

Explanation:

because quailfying children must pass the relationship, age support, residence tests.However,there is no requirement relating to gross income for purposes of the qualifying child test.

4 0
3 years ago
The purpose of determining the critical path on a pert network is to: identify the sequence of tasks that takes the longest to c
natita [175]

Answer:

Identify the sequence of tasks that take the longest to complete

Explanation:

Program Evaluation and Review Technique (PERT) is a project management tool that is used to manage potential contingencies in the process of executing a project. It is used to schedule ,organize and coordinate tasks in a project.

Determining the critical path on a PERT network lists out the time required for different tasks to be completed and as a result , the sequence of tasks that require the longest time are identified.

3 0
3 years ago
Read 2 more answers
Other questions:
  • Arbitrage is based on the idea that _________
    5·1 answer
  • Winter Company has no beginning and ending inventories, and reports the following data about its only product: Direct materials
    11·2 answers
  • For young adult students in higher education, Vinson advocates that leaders carefully utilize to help group members better under
    15·2 answers
  • What kinds of decisions should members of congress be willing to anger their party leadership over? on what kinds of issues or d
    9·1 answer
  • The existence of "beaten paths" tends to discourage immigration because of the perception that job prospects have been exhausted
    5·1 answer
  • Ambient Management, Inc. was experiencing a gap in the services it was providing. It closed the gap by ensuring that its custome
    8·1 answer
  • Jenny would like to know whether she has budgeted enough money per month for groceries while she is in college. She takes a repr
    14·1 answer
  • Coronado Industries makes and sells umbrellas. The company is in the process of preparing its Selling and Administrative Expense
    12·1 answer
  • Find the tax percentages for each type of tax on your pay stub and insert them here. Then, press the calculate button when you’r
    7·1 answer
  • What is the contribution margin if the sales price per unit is $15,000, variable cost per unit is $10,000, and fixed costs are $
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!