Answer:
Soundgarden Company
Journal Entries:
July 10, 2020:
Debit Cash Account (or Accounts Receivable) $800,000
Credit Sales Revenue $800,000
To record the sale of 200 copiers at $4,000 apiece.
July 10, 2020:
Debit Warranty Expense $66,000
Credit Warranty Liability $66,000
To record the estimated warranty maintenance on copiers sold.
December 31:
Debit Warranty Liability $17,000
Credit Inventory $17,000
To record actual warranty costs incurred.
Explanation:
Soundgarden should record these transactions according to the matching principle, whereby warranty expense is recognized in the period that matches the sale so that all expenses related to sales are recognized when the sales are recognized. This is achieved by creating a warranty liability account after the sales and recording a warranty expense as the debit entry. When actual warranty costs are incurred, the Soundgarden Company will debit the warranty liability and credit the inventory actual for the actual costs.
Answer:
predetermined overhead per direct labor hour: $11.02
Explanation:
To solve for overhead rate we determinate the expected cost and distribute them over a cost driver which is, in this case; direct labor hours
<u>Expected overhead cost:</u>
Machinery maintenance $ 181,350
Utilities $ 226,380
Supervision $ 191,000
Materials handling cost $ 67,000
Building occupancy costs $ 98,270
Indirect materials $<u> 31,650 </u>
Total overhead: $ 795,650
Total direct labor: 72,000
Overhead rate: 795,650 / 72,000 = 11.0206944= $11.02
Answer:
Cash payments + cash receipts = cash requirements
Explanation:
The cash budget is a budget which deals in a inflow and outflow of cash. The inflow of cash refers to the incoming of cash through receipts while the outflow of cash refers to the outgoing of cash through payments
It interprets the liquidity of the business organization whether organization has enough cash or it can be borrowed for running its organization
Therefore, the Cash payments + cash receipts = cash requirements is wrong as other equations that are given are right
Answer:
structural unemployment
Explanation:
Unemployment is a situation where people who are ready and willing to work can not find one.
<u><em>Structural Unemployment</em></u>
<em>Structural Unemployment: </em><em> One of the reasons for unemployment is when the production process is automated. In this instance, works and tasks that were formerly done by humans and now been taken over by machines</em>
<em>For example, the work formerly done by Carl has now been taken over by robotics. Usually , this will lead to mismatch of skills because the skills possessed by Carls are no longer needed by his employer.</em>
Therefore, Carl is experiencing structural unemployment
An investment vehicle known as a mutual fund pools the money of its shareholders and uses it to buy securities like stocks, bonds, money market instruments, and other assets. Professional money managers who specialize in managing mutual funds deploy the assets of the fund to produce capital gains or income for the fund's investors.
The portfolio of a mutual fund is structured and managed to meet the investment objectives stated in the prospectus. Mutual funds provide access to professionally managed portfolios of stocks, bonds, and other securities to small and individual investors. As a result, each shareholder shares in the fund's profits or losses in proportion.
Mutual funds invest in a wide range of securities, and their performance is typically measured by the change in the fund's total market capitalization.
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