Name four commercial services which are useful to the manufacturer

Zang Co. manufacturers its products in a continuous process involving two departments, Machining and Assembly. Present entries t

nekit [7.7K]

Answer and Explanation:

The Journal entry is shown below:-

a. Material Inventory Dr, $180,000

To Accounts Payable $180,000

(Being Material Purchased is recorded)

b. Work in progress Machining Dept. Dr, $73,000

Manufacturing Overheads Machining Dept. Dr, $9,000

Manufacturing Overheads Assembly Dept. Dr, $4,900

To Material Inventory $86,900

(Being Material issued to department is recorded)

c. Work in progress Machining Dept. Dr, $23,000

Work in progress Assembly Dept. $47,000

To Wages Payable $70,000

(Being Direct Labor used is recorded)

d. Manufacturing Overheads Machining Dept. Dr, $4,500

Man. Overheads Assembly Dept. Dr, $7,800

To Depreciation Expense $12,300

(Being Depreciation allocated is recorded)

e. Work in progress Machining Dept. Dr, $9,700

Work in progress Assembly Dept. Dr, $11,300

To Manufacturing Overheads Machining Dept. $9,700

To Manufacturing Overheads Assembly Dept. $11,300

(Being Factory overheads applied is recorded)

f. Work in progress Assembly Dept. Dr, $98,300

To Work in progress Machining Dept. $98,300

(Being WIP Transferred is recorded)

Finished Goods Inventory Dr, $83,400

To Work in progress Assembly Dept. $83,400

(Being Finished goods transferred is recorded)

g. Accounts Receivables Dr, $100,000

To Sales $100,000

(Being Goods sold on account is recorded)

Cost of Goods sold Dr, $68,000

To Finished Goods Inventory $68,000

(Being Goods sold is recorded)

5 0

3 years ago

By purchasing stock, you then become part owner of the company.<br><br> True <br> False

g100num [7]

Answer:

True

Explanation:

You are buying company stock, stock being the amount of profits the company gains, which technically classifies you as an owner

7 0

4 years ago

Suppose the American Medical Association announces that men who shave their heads are less likely to die of heart failure. We co

insens350 [35]

Answer:

b) razors to increase.

Explanation:

The announcement by the American Medical Association will cause an increase in demand for razors since the perception will be men that shave their hair are less likely to die of heart attack.

There will be a shift in demand to the right, resulting in increase in demand at all prices.

A shift in demand occurs when other factors except for price causes a change in demand of a good.

The shift in demand is illustrated in the attached diagram.

6 0

3 years ago

Schmaltz Herring revenue and costs are forecast to be changed this year from last. But the IRS has announced an increase in the

11111nata11111 [884]

Answer:

If Schmaltz pays the same amount of dividends, its payout ratio will:

change.

Explanation:

Since the revenue and costs will change in the current year, with some increase in the corporate income tax rate by the IRS, the earnings per share will also change. If the amount of dividends paid out does not change, the payout ratio will still change as a result of the change in the earnings per share.

Schmaltz's payout ratio shows the relationship between the dividends paid to shareholders and the company's earnings. The simplest way to calculate the payout ratio is to divide the dividend per share by the earnings per share, then multiplied by 100.

6 0

4 years ago

Justin is the grantor of an ILIT. When he dies, his estate needs cash for funeral costs, final medical expenses, death taxes, et

slavikrds [6]

Answer:1 the answer is d, 2. The answer is d, 3.The answer is C, 4. The answer is d, 5. When the policy holder does not dies within the years in which the policy was taken

Explanation:

1.Trust is a group of people which has the authority to manage a asset of the owner of the asset after the death of the owner of such asset. The trustee take over the management of the asset that is the properties of the owner after the death of the owner.

2.The major type of insurance are motor vehicle insurance, fidelity guarantee insurance, fire insurance, burglary theft or robbery insurance, Accident insurance, life insurance such as joint life insurance, whole life insurance,term insurance, Annuity insurance, indexed universal life insurance.

3.Annuity insurance : This is the insurance policy in which the insured pays a lump sum of money in form of premium to the insurance company which matures at the retirement of the insured .the insurance company makes regular payment of income to the policy holder on his retirement for a specified period or for the rest of his life depending on the agreement reached and the lump sum paid by the insured.

4.The joint life insurance is the insurance policy which can be jointly taken by two people, the insurance company pays a lump sum to the person who has not died out of the two people that take the policy if the first person out of the two person that takes the policy dies within the period in which the policy was taken with the insurance company.

5. Incident of ownership is the right given by the insurance company to the insured to change the beneficiary listed by the insured on the life insurance policy taken by the insured with the insurance company. The insured can exercise his right under this measures to change the names of the beneficiaries who will receive the benefits after the death of the insured.

6 0

4 years ago

Name four commercial services which are useful to the manufacturer​

Name four commercial services which are useful to the manufacturer