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stealth61 [152]
2 years ago
8

What is technical profession?Give examples.​

Business
1 answer:
guapka [62]2 years ago
6 0

Answer:

Technical profession is a highly skill based profession in which a practical knowledge is required.Example:engineering in civil,mechanical,computer e.t.c.

You might be interested in
Following is partial information for the income statement of Audio Solutions Company under three different inventory costing met
Tamiku [17]

Answer:

The computation is shown below:-

Explanation:

1.                     FIFO    LIFO Average cost  

Cost of goods sold      

Beginning inventory       $11,200      $11,200  $11,200

(400 units ×  $28))                          

purchases                       $16,625    $16,625   $16,625

(475 units × 35)                  

Goods available for use $27,825    $27,825   $27,825  

Ending inventory             $18,025    $15,575    $16,695

(525 units)  

Cost of goods sold          $9,800    $12,250    $11,130  

under ending inventory = 475 × $35 + 50 × $28    

FIFO = $18,025  

LIFO ending inventory 400 × $28 + 125 × $35

= $15,575  

Average cost = $27,825 ÷ $875    

= 31.8      

Ending inventory = 525 × 31.8

= $16,695

2.                                  FIFO            LIFO         Average

Sales

(307 × $50)                $15,350         $15,350    $15,350

Cost of goods sold     $9,800    $12,250    $11,130

Gross Profit                 $5,550           $3,100      $4,220

Expenses                     $1,680           $1,680      $1,680

Net income                  $3,870           $1,420       $2,540

3. FIFO = 3

LIFO = 2

Average = 1

5 0
3 years ago
On December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash $ 66,000 Maria Lopez, Drawing $
vlada-n [284]

Answer:

1. Dec 31, 2019

Dr Fees Income $107,500

Cr Income Summary $107,500

2. Dec 31, 2019

Dr Income summary 60,000

Cr Salaries expense 34,000

Cr Supplies expense 6,000

Cr Utilities expense 9,300

Cr Telephone expense 5200

Cr Depreciation expense 5500

3. Dec 31, 2019

Dr Income summary 47,500

Cr Retained earnings 47,500

4. Dec 31, 2019

Dr Maria lopez, capital 52,000

Cr Maria lopez, drawing 52,000

Explanation:

Preparation of the closing entries for the above transactions

1. Dec 31, 2019

Dr Fees Income $107,500

Cr Income Summary $107,500

(To close revenue account)

2. Dec 31, 2019

Dr Income summary 60,000

(5500+5200+9300+6000+34000)

Cr Salaries expense 34,000

Cr Supplies expense 6,000

Cr Utilities expense 9,300

Cr Telephone expense 5200

Cr Depreciation expense 5500

(To close expenses account)

3. Dec 31, 2019

Dr Income summary 47,500

($107,500-60,000)

Cr Retained earnings 47,500

(To close income summary account)

4. Dec 31, 2019

Dr Maria lopez, capital 52,000

Cr Maria lopez, drawing 52,000

(To close drawings account)

6 0
2 years ago
Report Assessment: Givens Graphics Company was organized on January 1, 2010, by Sue Givens. At the end of the first 6 months of
Charra [1.4K]

Answer:

Givens Graphics Company

(a) Journalize the adjusting entries at June 30. (Assume adjustments are recorded every 6 months.):

1. Debit Supplies Expense $2,400

Credit Supplies $2,400

To accrue supplies used to date.

2. Debit Interest Expense $750

Credit Interest Payable $750

To accrue interest due.

3. Debit Insurance Expense $600

Credit Insurance Prepaid $600

To accrue the insurance expense for 4 months.

4. Debit Consulting Fees (Unearned) $4,500

Credit Consulting Fees Earned $4,500

To accrue earned consulting fees.

5. Debit Accounts Receivable $2,000

Credit Graphic Revenue Earned $2,000

To accrued earned revenue.

6. Debit Depreciation Expense $1,000

Credit Accumulated Depreciation $1,000

To record depreciation charge for six months.

(b) Adjusted trial balance:

Cash                             $ 9,500

Accounts Receivable    16,000

Equipment                    45,000

Insurance Expense           600

Insurance Prepaid          1,200

Salaries Expense         30,000

Supplies Expense          2,400

Supplies                          1,300

Advertising Expense      1,900

Rent Expense                 1,500

Utilities Expense            1,700

Notes Payable                              $ 20,000

Interest Expense             750

Interest Payable                                    750

Depreciation Expense  1,000

Accumulated Depreciation                1,000

Accounts Payable                              9,000

Sue Givens, Capital                         22,000

Graphic Revenue                             54,100

Unearned Consulting Revenue        1,500

Consulting Revenue                         4,500

Total                           $112,850   $112,850

(ci) Income statement for the 6 months ended June 30:

Graphic Revenue                             $54,100

Consulting Revenue                           4,500

Total Revenue                               $58,600

Less Expenses:

Insurance Expense           600

Salaries Expense         30,000

Supplies Expense          2,400

Advertising Expense      1,900

Rent Expense                 1,500

Utilities Expense            1,700

Interest Expense             750

Depreciation Expense  1,000        $39,850

Net Income                                     $18,750

(cii) Owner's equity statement for the 6 months ended June 30:

Sue Givens, Capital    $22,000

Retained Earnings         18,750

Total Equity                $40,750

(ciii) Balance sheet at June 30:

Assets:

Cash                                                $ 9,500

Accounts Receivable                       16,000

Insurance Prepaid                              1,200

Supplies                                              1,300

Equipment                                       45,000

Total Assets                                 $73,000

Liabilities + Equity:

Notes Payable                             $ 20,000

Interest Payable                                   750

Accumulated Depreciation               1,000

Accounts Payable                             9,000

Unearned Consulting Revenue       1,500

Sue Givens, Capital                       22,000

Retained Earnings                          18,750

Total Liabilities + Equity            $73,000

Explanation:

a) Unadjusted Trial Balance at June 30:

Cash                             $ 9,500

Accounts Receivable    14,000

Equipment                    45,000

Insurance Expense         1,800

Salaries Expense         30,000

Supplies Expense          3,700

Advertising Expense      1,900

Rent Expense                 1,500

Utilities Expense            1,700

Notes Payable                              $ 20,000

Accounts Payable                              9,000

Sue Givens, Capital                         22,000

Graphic Revenue                             52,100

Consulting Revenue                         6,000

Total                       $109,100       $109,100

b) Adjusting Journal Entries are end of period adjustments (accrued expenses and revenue, unearned revenue and prepaid expenses, and depreciation charges) made to the accounts to match them to the accrual basis of generally accepted accounting principles.

6 0
3 years ago
Which of the following reasons can make a diversification strategy an unwise course of action for a company to pursue? Group of
Alex777 [14]

Answer:

Diversification for pooling risks

Explanation:

When a company wants to diversify it goes into various products in order to reach a larger market. This is the opposite of specialisation where the company focuses on one market or product.

When a company wants to diversify it will not be a good idea to do it because they want to pool risk.

Pooling of risk involves centralisation of process so that risk due to variability will be reduced.

Diversifying will increase risk due to variability.

8 0
3 years ago
Jamie is researching places to live after graduating college he asked you I keep coming across as phrase cost-of-living I’ve nev
Klio2033 [76]

Answer:

The cost of living refers to the prices of goods and services needed to sustain an average level standard of living in an area

Explanation:

The cost of living refers to the cost of keeping up with a given standard of living. It is the amount Jamie would need to keep up with basic expenses such as food, housing, clothing and medical care. Cost of living compares the expense between living in two different areas. Jamie's cost of living is tied to his wages and it can be measured using what is called purchasing power parity.

6 0
3 years ago
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