Which of the following describe some functions of the scope of work (SOW)? (Select all that apply.)

On the first day of the fiscal year, Shiller Company borrowed $63,000 by giving a five-year, 12% installment note to Soros Bank.

lidiya [134]

Answer:

Bank A/c Dr $63,000

To Notes Payable $63,000

(Being the issuance of the installment note for cash is recorded)

Explanation:

The journal entry is shown below:

Bank A/c Dr $63,000

To Notes Payable $63,000

(Being the issuance of the installment note for cash is recorded)

For recording this transaction, we debited the bank account as it increased the assets account and at the same time it decreased the liabilities so the notes payable is credited

8 0

3 years ago

During 2021, a company sells 500 units of inventory for $95 each. The company has the following inventory purchase transactions

Kryger [21]

Answer:

cost of goods sold = $36,285

ending inventory = $1,742

Explanation:

when you use the weighted average cost method you have to calculate the COGS using the total number of units and the total amount paid for them.

beginning inventory = 71 units for $5,325

purchase 1 = 262 units for $18,864

purchase 2 = 187 units for $13,838

total 524 units for $38,027

cost per unit = $38,027 / 524 units = $72.57

cost of goods sold = 500 units x $72.57 = $36,285

ending inventory = 24 units x $72.57 = $1,741.68 ≈ $1,742

6 0

3 years ago

Variable Costing—Sales Exceed Production The beginning inventory is 14,500 units. All of the units that were manufactured during

blagie [28]

Answer:

a. Variable costing income from operations <u>is greater than </u>absorption costing income from operations.

b. $870,000

Explanation:

a. Under Variable costing, only the variable manufacturing costs are apportioned to the units produced.

Cost under Variable costing are;

= 114 * 14,500

= $‭1,653,000‬

Under Absorption Costing, both fixed and variable costs are apportioned to the units produced.

Cost therefore is;

= (114 + 60) * 14,500

= $‭2,523,000‬

Variable costing income from operations is greater than absorption costing income from operations because Absorption costs yields more cost.

b.= Absorption cost - Variable cost

= ‭‭2,523,000‬ - 1,653,000‬

= $870,000

<em>Variable costing income from operation will be $870,000 higher than Absorption costing income from operations.</em>

5 0

3 years ago

Generally, a business should consider insuring against an event when the risk

posledela

Answer:

A

Explanation:

The econimac situatiom will detertoarte further.

8 0

3 years ago

At the beginning of 2018, England Dresses has an inventory of $140,000. However, management wants to reduce the amount of invent

Bad White [126]

Answer:

purchases = 160000

Explanation:

given data

beginning inventory = $140,000

amount of inventory on hand = $80,000

net sales = $400,000

gross profit rate = 40%

solution

we first Computation of cost of goods sold hat is

Gross profit rate = $\frac{gross profit}{net sales}$ × 100

= $\frac{gross profit}{400000}$ = = $\frac{40}{100}$

= 100 Gross profit = 16000000

so

Gross profit = 160000

and

Cost of goods sold is = sales - gross profit

so

Cost of goods sold = 400000 - 160000

Cost of goods sold = 240000

and

Cost of goods sold = opening inventory + purchases - closing inventory

so put here value

240000 = 140000 + purchases - 60000

so purchases = 160000

7 0

3 years ago