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Lina20 [59]
3 years ago
11

A source document that an employee uses to report how much time was spent working on a job or on overhead activities and that is

used to determine the amount of direct labor to charge to the job or to determine the amount of indirect labor to charge to factory overhead is called a:(A) Payroll Register(B) Factory payroll record(C) General Ledger(D) Time ticket(E) Factory overhead Ledger
Business
1 answer:
Ira Lisetskai [31]3 years ago
3 0

Answer:

Time ticket

Explanation:

A source document that an employee uses to report how much time was spent working on a job or on overhead activities and that is used to determine the amount of direct labor to charge to the job or to determine the amount of indirect labor to charge to factory overhead is called a: time ticket.

A time ticket also known as time card is type of document used to record the amount of hours an employee worked during a pay period. Time tickets come in all different shapes and sizes like the traditional time tickets that are physical cards that are stamped with starting and ending times of employees work days.

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Revenue is recognized in the accounting period in which the performance obligation is satisfied. This statement describes thea)
melomori [17]

Answer:

This statement describes. c) revenue recognition

Explanation:

The revenue recognition principle states that one should only record revenue when it has been earned, not when the related cash is collected.

6 0
3 years ago
In 2019, Winn, Inc. issued $1 par common stock for $35 per share. No other common stock transactions occurred until July 31, 202
Vadim26 [7]

Answer:

b. <em> </em>Additional paid-in capital is decreased

Explanation:

The entry to record acquisition and retirement is:

                                                                 Debit          Credit

Common stock                                           $1  

Paid-in capital—excess of par                  $34  

   <em> Paid-in capital—share repurchase                        $5</em>

    Cash                                                                  $30

<em>Conclusion: </em>Additional paid-in capital is decreased.  

7 0
3 years ago
A company reported net income of $290,000. Beginning balances in Accounts Receivable and Accounts Payable were $18,000 and $21,0
NikAS [45]

Answer:

$310,500

Explanation:

The first step is to calculste the increase in account payable

= ending amount-beginning balance

= $29,000-$11,500

= $17,500

Decrease in account receivable

= $21,000-$18,000

= $3,000

Therefore the cash flow can be calculated as follows

= $290,000 + $17,500 + $3000

= $310,500

8 0
3 years ago
Without creating a separate business organization, Reynold starts up and assumes the financial risk of, Sole Savers, a new, pre-
dexar [7]

Answer:

C: a franchisee

Explanation:

One of the responsibilities of a franchisee is to bear risk of the franchisor.

A franchise is a business relationship where a firm goes into agreement with another firm to represent the former in another geographical region or service. The franchisor is the parent company while the franchisee is the independent agent.

5 0
3 years ago
The account that is brought up to date after the closing entries have been journalized and posted is the ____.
yanalaym [24]

Complete/Correct Question:

The account that is brought up to date after the closing entries have been journalized and posted is the ____.

A. Sales account

B. Purchases account

C. Capital Stock account

D. Retained Earnings account

Answer:

D, retained earnings account

Explanation:

Retained earnings can be defined as the accumulated income of a firm, that is retained by firm, after a certain period of time. After a certain time could be after the reporting period.

Simply put, retained earnings can be said to be the amount of income that a firm keeps after a period such as declaring financial reports.

The retained earnings is always reported and recorded in the stakeholder's equity and the company's balance sheets respectively. Retained earnings signify or represent how much of its profits a firm has reinvested itself.

Cheers.

5 0
3 years ago
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