Answer:
Debit : Work In Process Account and Credit : Salaries and Wages Payable Account
Explanation:
All manufacturing costs are accounted for in a Work in Process Account during manufacture. Therefore Debit the Work In Process Account to show accumulation of the manufacturing costs and Credit the Salaries and Wages Payable Account to show the utilization of labor.
Answer:
Life estate.
Explanation:
Since the property will only be enjoyed for the rest of Ashton's life and should be passed to Andrea's (the original owner) great grandchildren, Arden and Allen, such interest is termed life estate.
Life estate is the ownership of a land and/or the property on the land for the period of the person's life, therefore it is of limited duration. This estates is terminated by the death of the owner which is then returned to the original owner or be passed to another person(s) as the case of Andrea. Also, he can let this property out for a short term but cannot sell it.
Answer:
It is more profitable to raise the selling price by $2.
Explanation:
To determine whether the company should raise the selling price, we need to determine the effect on income. <u>The best option is the one with the higher sales revenue.</u>
Sales revenue= selling price * number of units
<u>Current:</u>
Sales revenue= 5.5*2,200= $12,100
<u>Proposal:</u>
Sales revenue= 7.5*1,800= $13,500
It is more profitable to raise the selling price by $2.
Answer: Option (C) is correct.
Explanation:
Given that,
Issued stock = $54,000
Borrowed from bank = $32,000
Provided consulting services = $52,000
Paid back bank loan = $22,000
Paid rent expense = $12,500
Purchased equipment = $19,000
Paid dividend = $3700
Salaries paid = $28,000
Ending notes payable balance = Borrowings from bank - Repayments
= $32,000 - $22,000
= $10,000