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3 years ago

In December, Davis Company had the following cost flows:

Business

1 answer:

Brums [2.3K]3 years ago

6 0

Answer and Explanation:

1. The Journal entry is shown below:-

a. Work in process for Grinding department Dr, $129,400

To Work in process for Molding department $129,400

(Being transfer the cost to the grinding department is recorded)

b. Work in process for Finishing department Dr, $232,700

To Work in process for Grinding department $232,700

(Being transfer the cost to the finishing department is recorded)

c. Finished goods Dr, $272,200

To Work in process-Finishing department $272,200

(Being transfer the cost to the finishing goods is recorded)

2. According to the job order costing, all cost is transferred on one time to the finished goods inventory plus there is no carry forward

On the other side, the process costing is the costing in which all the journal entries are interconnected with each type of department

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A corporation sold 1,000 shares of its $2.00 par value common stock for $10.00 per share and later repurchased 100 of those shar

boyakko [2]

Answer:

Option B. Treasury Stock for $1,200

Explanation:

The reason is that when 1,000 shares which has $2 par value and were issued at $10 per share, the journal entry was:

Dr Cash Account $10,000

Cr Common Stock $2,000

Cr Paid In Capital $8,000

But when 100 shares were repurchased at $12 per share, then the accounting treatment would be

Dr Treasury Stock $1,200

Cr Cash Account $1,200

So the correct option is option B.

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3 years ago

Which business model has traditionally been used by magazines

Andrej [43]

According to Quora dot com, US magazines are viewed as historically dependent on advertising revenue hence why subscriptions to magazines are historically very low as advertising is used to subsidise cover price or subscription cost.

With the general collapse of print publications in the US, particularly led by the drying up of physical newsstand presence, magazines have a harder time getting into consumer's hands. This means that advertisers are less likely to spend in a publication (readership decreasing) and then advertising revenues go down, making magazines less and less profitable.

I realize this is quit lengthy so I'd sum it up to saying the business model for magazines has traditionally been the selling of advertising space ... Not sure if this is what you're looking for

7 0

3 years ago

Read 2 more answers

How would you reconcile for a bank service fee listed on the statement?

konstantin123 [22]

To reconcile for a bank service fee listed on the bank statement, <u>C. enter it</u> into your external register in the same manner as a withdrawal.

<h3>What are bank service fees?</h3>

Bank service fees are charges imposed by financial institutions on their personal and business customers for account set-up, maintenance, and minor transactional services.

During bank reconciliation, the correct procedure is to record this transaction in the books as a reduction of the bank balance.

Thus, to reconcile for a bank service fee listed on the bank statement, take Option C.

Learn more about bank service charges at brainly.com/question/26494219

#SPJ1

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1 year ago

Identify which control activity is violated in each of the following situations, and explain how the situation creates an opport

Inessa05 [86]

Answer:

1. Once a month, the sales department sends sales invoices to the accounting department to be recorded.

⇒ documentation procedures

Unless all of the company's sales take place only once a month, sales should be recorded as soon as possible. Accounting records must be as precise and accurate as possible, and they must be processed on time. Stacking invoices makes no sense, since sales might be on cash or the collection period might be very short. Who holds the money until the sales records are made?

2. Leah Hutcherson orders merchandise for Rice Lake Company; she also receives merchandise and authorizes payment for merchandise.

⇒ segregation of duties

One single person cannot be responsible for the whole process, since this creates a huge opportunity for fraud. Imagine if the person in charge of the inventory is also in charge of making new purchases, paying for them and reporting ending inventory. No company would be able survive one year, while the person in charge would get rich.

3. Several clerks at Great Foods use the same cash register drawer

⇒ establishment of responsibility

If everyone is allowed to collect money, no one can be responsible for any loss.

6 0

3 years ago

Executives at southwestern construction have noticed that the company's construction team in the phoenix office is more efficien

Debora [2.8K]

Answer:

Leveraging the experience of one group to help another group.

Explanation:

Southwestern Construction is hoping to use (leverage) the knowledge of the team in one office by sharing the knowledge with another office and hoping that the second office will also become more efficient simply by adopting the new strategies.

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3 years ago