Answer:
Joint costs allocated to Product Y = $60,000
Explanation:
Given:
Particular Product Units Produced Sales
X 5,000 $70,000
Y 3,000 $30,000
<u>Z 2,000 $100,000</u>
<u>Total 10,000 </u>
Joint costs allocated to Product Y = (Total Joint costs × Y's total unit) / Total units produced
Joint costs allocated to Product Y = ($300,000 × 3,000) / 10,000
Joint costs allocated to Product Y = $90,000
Answer: Please refer to Explanation.
Explanation:
First let me begin by explaining the terms,
When we speak of EXCLUDABLE GOODS we speak of goods that people will not benefit from if they are unwilling to pay for them.
NON-EXCLUDABLE GOODS are the opposite in that people still benefit even if they are unwilling to pay.
When we speak of RIVALROUS GOODS we speak of goods that when consumed, the ability of others to partake of that good is diminished or destroyed as opposed to NON-RIVALROUS goods who's consumption does not reduce or get destroyed by the usage and consumption of others.
Now then,
National Defense: NON-EXCLUDABLE and NON-RIVALROUS
Pay per view cable TV: EXCLUDABLE and NON-RIVALROUS
A Hot Pocket sandwich: EXCLUDABLE and RIVALROUS.
Private classroom education: EXCLUDABLE and RIVALROUS.
Pajamas: EXCLUDABLE and RIVALROUS.
A unicycle: EXCLUDABLE and RIVALROUS.
If you need any further clarification do comment. Cheers.
Answer:
The correct answer is letter "B": Office Supplies, debit; Accounts Payable, credit.
Explanation:
Accounts Payable is the amount of the company's total invoices currently waiting to be paid. These invoices are from vendors of products and services that were recently delivered. They are usually due in 15, 30 or 45 days after the company receives the vendors' invoice. The purchase of equipment, machinery, and office supplies are typically credited to this account.
Thus, <em>the acquisition of office supplies must be debited to the office supplies account and credited to accounts payable</em>.
