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3 years ago

The following events took place at a manufacturing company for the current year:

Business

1 answer:

mr Goodwill [35]3 years ago

3 0

Answer:

The ending Work-in-Process Inventory is:

= $89,600.

Explanation:

a) Data and Calculations:

Purchases of direct materials = $95,900

Materials used (80% of $95,900) $76,720

Direct labor incurred = 56,900

Overhead costs:

Indirect labor incurred = 14,500

Other overhead costs 107,900 122,400

Total production costs $256,020

Cost of goods completed = 166,413

Ending Work in Process = $89,607

Cost of goods completed = $166,413

Cost of goods sold = 85% of $166,413 = $141,451

Ending Finished goods inventory = $24,962

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On October 1, Vaughn's Carpet Service borrows $349000 from First National Bank on a 4-month, $349000, 9% note. What entry must V

____ [38]

Answer:

Dr Notes Payable 349,000

Dr Interest Payable 10,470

Cr Cash 359,470

Explanation:

Preparation of Vaughn's Carpet Service Journal entry

Since we were told that Vaughn's Carpet Service borrows the amount of $349,000 on 1st October from First National Bank based on a 4-month, $349,000, 9% note the transaction will be recorded as :

Dr Notes Payable 349,000

Dr Interest Payable 10,470

Cr Cash 359,470

$349,000 +($349,000 *.09* 4/12)

=$349,000+10,470

=$359,,470

3 0

3 years ago

Inflation is 20 percent. Debt is $2 trillion. The nominal deficit is $300 billion. What is the real deficit or surplus

algol13

Answer:

Real deficit is -$100 billion.

Explanation:

Since we have a nominal deficit in the question, what we are to calculate is the real deficit.

The real deficit can be described as the actual or nominal deficit that has been adjusted for the effect of inflation on the debt. Therefore, the real deficit can be calculated using the following formula:

Real deficit = Nominal deficit - (Debt * Inflation rate) ................. (1)

From the question, we have:

Inflation rate = 20%

Debt = $2 trillion = $2,000,000,000,000

Nominal deficit = $300 billion = $300,000,000,000

Substituting the values into equation (1), we have:

Real deficit = $300,000,000,000 - ($2,000,000,000,000 * 20%)

Real deficit = $300,000,000,000 - $400,000,000,000 = -$100,000,000,000 = -$100 billion

Therefore, real deficit is -$100 billion.

4 0

3 years ago

Of these common educational requirements for Finance careers, select those you are most interested in achieving. Check all that

Nataly [62]

Answer:

The correct options are Advanced degree after a traditional four year college degree and On the Job training Experience.

Explanation:

If I like to persuade my career in the Finance Field, I would definitely go for the Four Year degree program in finance and then do Advance education in the concerned field. Then i would like to get the on the job training experience in the finance department of a renowned company to have a true learning experience of the finance field in real time. This would prepare me to become fully knowledgeable about the finance matters before entering into the market as a finance professional. So getting advance degree after basic degree in finance and getting the on the job training would be my choices for Finance Careers.

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4 years ago

Read 2 more answers

At the end of the current year, Accounts Receivable has a balance of $675,000; Allowance for Doubtful Accounts has a debit balan

Bad White [126]

Answer and Explanation:

The computation is shown below:

The amount of the adjusting entry for bad debt expense should be

= $45,000 + $5,400

= $50,400

The journal entry should be

Bad Debt Expense Dr. 50,400

To Allowance for Doubtful Accounts Cr. 50,400

(Being the bad debt expense is recorded)

Accounts Receivable 675,000

Allowance for Doubtful Accounts 45,000

Bad Debt Expense 50,400

Accounts Receivable 675,000

Less: Allowance for Doubtful Accounts (45,000)

Net realizable value of accounts receivable 630,000

4 0

3 years ago

In her research paper, Kirstein copied a few paragraphs from a renowned author's work verbatim without placing them within quota

Effectus [21]

Answer:

Word-for-word.

Explanation:

Word for word plagiarism is seen to be an unethical form of writing where the said student or researcher is seen to copy a fellow researchers works verbatim and particularly word for word with also quotation marks too. In as much as this is a bad form for writers, people are always seen to commit themselves in still doing it. This can cause a lawsuit in some places depending on the researcher whose work is been stolen/copied.

In all, it is been tagged an act of intellectual dishonesty which comes with uneasy consequences when it is done to a wrong person; a plagiarized assignment may lead to a failing grade, a suspension, or an expulsion.

4 0

4 years ago