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2 years ago

Fleming corp. provided services on account. the transaction would be recorded with a credit to:

1 answer:

7 0

Fleming corp. provided services on account. The transaction would be recorded with a credit to service revenue. The transaction will also be recorded on the accounts receivable ledger as well. Service revenue is an account used in accrual accounting that reports fee income that a company earns during a specific time frame. Accounts receivable is an account that shoes money that is owed to a company by its debtors.

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Cullumber Company had a beginning inventory on January 1 of 75 units of Product 4-18-15 at a cost of $18 per unit. During the ye

lora16 [44]

Answer:

Weighted average:

EI: 2,290

COGS: 9, 160

LIFO

EI: 2,400

COGS: 9,050

FIFO

EI: 3,000

COGS: 8,450

Explanation:

beginning 75 units at $ 18 = $ 1,350

Mar. 15 200 units at $21 = $ 4,200

Sept. 4 175 units at $24 = $ 1,800

July 20 125 units at $22 = $ 2,750

Dec. 2 50 units at $27 = $ 1,350

total units: 625 units cost of goods available: 11,450

average cost: 11,450/625 = $ 18.32 per unit

inventory units: 625 - 500 = 125 units

Weighted average:

EI: 125 x $18.32 = 2,290

COGS: 500 x $18.32 = 9, 160

500 units were sold

LIFO:

last units are sold while frist are inventory

ending inventory

beginning 75 units at $ 18 = $ 1,350

Mar. 15 50 units at $21 = $ 1,050

Total 2,400

COGS: available - ending inventory

11,450 - 2,400 = 9,050

FIFO

first units are sold while last are inventory

Dec. 2 50 units at $27 = $ 1,350

July 20 75 units at $22 = $ 1,650

Total 3,000

COGS: available - ending inventory

11,450 - 3,000 = 8,450

7 0

3 years ago

Danner Company expects to have a cash balance of $58,050 on January 1, 2017. Relevant monthly budget data for the first 2 months

Alina [70]

Answer:

January February

Beginning Cash Balance 58,050 35,475

Add: Receipts

Collections from Customers 109,650 193,500

Sale of Marketable Securities 15,480 0

Total Receipts 125,130 193,500

Total Available Cash 183,180 228,975

Less: Disbursements

Direct Materials 64,500 96,750

Direct Labour 38,700 58,050

Manufacturing Overhead 25,155 30,315

Selling and Administrative 19,350 25,800

Total Disbursements 147,705 210,915

Cash Balance 35,475 18,060

Financing

Add: Borrowings 0 7,740

Less: Repayments 0 0

Ending Cash Balance 35,475 25,800

The company wants to maintain a minimum monthly cash balance of $25,800 so in February they will have to borrow;

= 25,800 - 18,060

= $7,740

8 0

3 years ago

According to the course materials, budgeting should be: a. Rigid with significant personal penalties if you miss your goal b. Ab

gavmur [86]

Answer:

C) Flexible

Explanation:

The whole concept behind budgeting is that future costs are estimated. As always when you estimate some future event, there is a fair chance that your estimate will be mistaken.

No matter how well thought, calculated and recalculated your budget is, it usually only serve as a parameter. The fact that budgeting is not exact is not always bad, since your business sales can be higher than expected, so your whole production and costs budgets will be wrong, but for a good reason.

That is why budgets must always be flexible and easily adaptable to changes, either good or bad changes.

4 0

3 years ago

What will most likely still occur when the economy has achieved full employment?

nevsk [136]

Frictional, Seasonal, and Structural Unemployment

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2 years ago

JUVE

s344n2d4d5 [400]

Answer:

Travel and tourism are vital in sports and entertainment because many people travel to attend or participate in sport events. Multigenerationalism is a factor that business look after as they must satisfy the demands of various generations within a family.

6 0

3 years ago