Answer:
The journal entries to record this transaction would include: E. a credit to Sales Revenue for $45,000.
Explanation:
When Morgan Manufacturing sold goods, the company should make two journal entry to record Cost of goods sold and Sales revenue.
The entries:
1. Debit Cost of goods sold $35,000
Credit Finished-Goods Inventory $35,000
2. Debit Cash $45,000
Credit Sales revenue $45,000
The journal entries to record this transaction would include: E. a credit to Sales Revenue for $45,000.
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Answer: $9,182,000
Explanation: This question can be done as follows :-
Total shareholders equity = paid in capitals + other paid in capitals + retained earnings - treasury stock
Putting the values into equation we get :-
Total shareholders = $32,000 + $5,200,000 + $4,200,000 - $250,000
equity
= $9,182,000
Answer:
D. ceteris paribus condition
Explanation:
The Latin words “Ceteris paribus”, means “all other things remain the same”. It is an assumption usually included when by economists when stating laws or concepts such as demand and supply. Because, actually in the real word, it is feasible to eliminate other variables that might influence an outcome, aside the variables under study. So therefore, we assume all other variables remain constant, when stating the relationship between two variables. For example, when constructing a demand curve showing the relationship between price and quantity demanded, we assume that all other variables that can influence demand other than price, remain the same, which in reality might be difficult to isolate.
Answer:
Option C is correct
debit to Factory Overhead for $309,700
Explanation:
<em>Overheads are charged to cost units using a pre-determined overhead absorption rate. Absorbed overhead is determined by multiplying the overheard absorption rate by the actual activity level.</em>
If the absorbed overhead exceeds the actual overhead cost, the difference is over absorbed overhead , and it is under-absorbed overhead if reverse is the case.
In any way, only the actual overhead incurred would be charged as production cost.
In the question, the actual overhead cost is $309,700, hence it will be debited to the Factory overhead account representing an increase in production cost
The right accounting entry is
debit to Factory Overhead for $309,700
