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just olya [345]
2 years ago
12

Templeton Corporation recently used $75,000 of direct materials and $9,000 of indirect materials in production activities. The j

ournal entries reflecting these transactions would include:
Business
1 answer:
maksim [4K]2 years ago
3 0

Answer:

A Debit to manufacturing overhead for $9,000

Explanation:

Based on the information given in a situation where the Corporation recently used the amount of $9,000 of indirect materials during the production activities which means that The journal entries that will reflect these transactions would include a DEBIT to MANUFACTURING OVERHEAD of the amount of $9,000 which is the amount of indirect materials that was used during the production activities

A debit to manufacturing overhead for $9,000

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"which expenses would most likely be classified as prepaid expenses (asset) rather than accrued expenses (liability)?"
MakcuM [25]

Expenses likely to be classified as prepaid expense (asset) are Prepaid Rent & Insurance Premiums. Enter a prepaid rent payment on the balance sheet as an asset until the month when the company is actually using the facility to which the rent relates, and then charge it to expense.   Any insurance premium costs that have not expired as of the balance sheet date should be reported as a current asset such as Prepaid Insurance.


8 0
3 years ago
Read 2 more answers
​ Jim saw a decrease in the quantity demanded for his firm’s product from 8000 to 6000 units a week when he raised the price of
Delicious77 [7]

Answer:

The demand for Jim’s product is elastic

Explanation:

In this question, we are to calculate the price elasticity of demand for the product.

We proceed as follows;

The formula for calculating elasticity of demand is

e = [(Q2 - Q1) / {(Q1 + Q2) / 2}] / [(P2 - P1) / {(P1 + P2) / 2}]

Here, Q2 = 6000

Q1 = 8000

P2 = $250

P1 = $200

e = [(6000 - 8000) / {(8000 + 6000) / 2}] / [($250 - $200) / {($200 + $250) / 2}]

e = [(- 2000) / 7000] / [(50 / 225]

e = - 1.3

That means absolute value of e is 1.3.

So, as the absolute value of e is more than 1 (i.e., 1.3), that means the demand for the product is elastic.

6 0
2 years ago
Read 2 more answers
For each of the following independent events, identify the account that would be debited and the account that would be credited.
My name is Ann [436]

Answer:

A. Received cash by issuing common stock

Debit: Cash

Credit: common stock

B. Received cash for services to be performed in the future.

Debit: Cash

Credit: unearned revenue.

C. Paid salaries payable

Debit: salaries payable

Credit: cash

D. Provided services on account.

Debit: accounts receivable

Credit: service revenue

E. Paid cash for operating expenses

Debit: operating expenses

Credit: cash

Explanation:

A. Received cash by issuing common stock

Debit: Cash

Credit: common stock

B. Received cash for services to be performed in the future.

Debit: Cash

Credit: unearned revenue.

C. Paid salaries payable

Debit: salaries payable

Credit: cash

D. Provided services on account.

Debit: accounts receivable

Credit: service revenue

E. Paid cash for operating expenses

Debit: operating expenses

Credit: cash

6 0
2 years ago
All but one of the following features characterizes desirable aspects of insurance arrangements.
prohojiy [21]

Answer:

The answer is: The insurer should be guaranteed positive economic profits.

Explanation:

The insurer (or insurance company) like any other company in the world, is not 100% sure they will make a profit from a business transaction.

For example, a person that takes a life insurance policy for $1 million might die due to an accident, and the insurance company will lose money with that specific client.

5 0
3 years ago
Equipment costing $130,000 is expected to have a residual value of $10,000 at the end of its six-year useful life. The equipment
Natalija [7]

Answer:

a. Straight-Line method:

Year depreciation = (Cost - Residual value) / useful life

= (130,000 - 10,000) / 6

= $20,000

2019 = $20,000                                      2020 = $20,000

b. Double declining.

= Twice the rate of straight-line.

= 1 / 6 * 2

= 33%

2019                                                            2020

= 130,000 * 33%                                        = (130,000 - 42,900) * 33%

= $42,900                                                 = $28,743

c. Units of Production:

Rate per unit = (Cost - residual) / Number of units in lifetime

= (130,000 - 10,000) / 1,000,000

= $0.12 per unit

2019                                                              2020

= 180,000 * 0.12                                           = 140,000 * 0.12

= $21,600                                                     = $16,800

6 0
3 years ago
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