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kramer
2 years ago
9

Flint Corporation commenced operations in early 2020. The corporation incurred $58,500 of costs such as fees to underwriters, le

gal fees, state fees, and promotional expenditures during its formation.
Required:
Prepare journal entries to record the $58,500 expenditure and 2020 amortization, if any.
Business
1 answer:
Alekssandra [29.7K]2 years ago
6 0

Answer and Explanation:

The journal entry is shown below:

1. Organization expense Dr $58,500

     To cash $58,500

(Being organization expense is recorded)

Here organization expense is debited as it increased the expenses and credited the cash as it decreased the assets. Also the assets and expenses contains normal debit balance

2. No entry is required as the amortization is recorded for only intangible assets

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Given the following data: Work in process, beginning $14,000 Work in process, ending 20,000 Direct labor costs 4,000 Cost of goo
Natali [406]

Answer:

correct option is d.$2,000

Explanation:

given data

Work in process, beginning =  $14,000

Work in process, ending = 20,000

Direct labor costs =  4,000

Cost of goods manufactured = 8,000

Factory overhead  =  8,000

solution

we get her first Total manufacturing cost that is getting by Cost of goods manufacture formula that is express as

Cost of goods manufacture = Total manufacturing cost + beginning Work in process - ending Work in process     .....................1

put here value and we will get

Total manufacturing cost =  $20,000  - $14,000 + $8,000

Total manufacturing cost = $14,000

now we get here Direct material used that is express as

Direct material used = Total manufacturing cost - Factory overhead - Direct labor costs     ................2

put here value we get

Direct material used = $14,000 - $8,000 - $4,000

Direct material used = $2,000

so correct option is d.$2,000

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2 years ago
A hospital plans to implement an EHR system and has taken inventory of its current client hardware. The staff requests that the
fenix001 [56]
Maybe a stronger WiFi Router
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3 years ago
From a strategic marketing viewpoint, a total product offer includes all of the tangible attributes of a good or service, and ex
Tasya [4]

Answer:

B. False

Explanation:

<em>Total Product offer </em>is every aspect of a product which the customer evaluates before buying.

From strategic marketing viewpoint, the customer may evaluate the product on both the tangible and intangible attributes.

An example of this is the iPhone by Apple. On tangible level, the product itself, the packaging and others are tangible attributes that a customer may evaluate. On intangible level, the brand name, perceived benefits, convenience, purchase services, and many other factors are part of the iPhone as the intangible attributes that the customer will evaluate.

As a marketer, one should think and talk in the language of customers- let it be from either tangible or intangible point of view.    

7 0
3 years ago
Businesses adopt and identify target markets for their products to: a. maximize the impact of the cost of marketing. b. coerce p
NeTakaya

Answer: maximize the impact of the cost of marketing

Explanation:

The target market is a particular group of consumers that the advertisement of a product or service is typically aimed at.

Businesses adopt and identify target markets for their products to maximize the impact of the cost of marketing. When the target market for a product or service has been known by a company, the business can find the most efficient and effective strategy to advertise their product. This will help in the minimization of cost of marketing.

6 0
3 years ago
Bostian, Inc. has total assets of $660,000. Its total debt outstanding is $185,000. The Board of Directors has directed the CFO
RideAnS [48]

Answer:

Company must add $178,000 more debt to achieve the target debt ratio

Explanation:

Debt to asset ratio = (Total outstanding liabilty / Total Assets) x 100

Current Debt to asset ratio = (185,000 / 660,000) x 100 = 28%

Target debt to asset ratio = 55%

According to given condition

55% = Total outstanding debt / 660,000

Total outstanding debt = 660,000 x 55%

Total outstanding debt = $363,000

Additional debt for taget debt to assets ratio = $363,000 - 185,000

Additional debt for taget debt to assets ratio = $178,000

6 0
3 years ago
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