I would say that the market economy and westward expansion promoted the institution of slavery as in the new United States whereby in order to sell more say cotton at a cheap price (the market economy) then the landowners would employ slaves for cheap labour so as to extract maximum profit from their labour.
Answer:
D. all of the above.
Explanation:
Allowance for doubtful accounts or Uncollectible accounts: It is that account in which the estimation amount would be recorded which can be received or not depending upon the circumstances.
It generally has a credit balance. Moreover, it also has a contra account as it deducted from the accounts receivable ending balance which is shown under the asset side of the balance sheet.
Thus, all the given statements are true.
Answer:
the minimum total annual cost is $3,372.58
Explanation:
<em>Step 1 Calculate the the Optimum Batch Size for Production run</em>
OBS = √(2×Total demand×Set-up Costs)/Holding Cost per unit
= √(2×59×359×$266)/$1.01
= 3341
<em>Step 2 Calculate the minimum total annual cost</em>
Total costs = Set up costs + Carrying Costs
<em> </em>= (59×359)/3341 × $266 + 3341/2×$1.01
= $1,686.37 + $1,687.21
= $3,372.58
Answer:
Explanation:
The adjusting entry is shown below:
Wages Expense A/c Dr $6,300
To Wages payable A/c $6,300
(Being the wages are adjusted)
The computation is shown below:
= Five days salaries ÷ number of days in a week × given days
= $10,500 ÷ 5 days × 3 days
= $6,300
So, the wages expense is debited for $6,300 and wages payable is credited for $6,300
Manufacturing overhead= $57,600
Explanation:
To calculate the Conversion costs, we need to use the following formula:
Conversion costs= direct labor + manufacturing overhead
Now, if direct labor is 60% of conversion costs, then:
Conversion costs= direct labor / (1 - 0.4)
Conversion costs= 86,400 / 0.6
Conversion costs= $144,000
Finally, we determine the manufacturing overhead:
Manufacturing overhead= 144,000 - 86,400
Manufacturing overhead= $57,600
