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2 years ago

Assuming that all entries have been posted, prepare correcting entries for each of the following errors.

Business

1 answer:

Alenkasestr [34]2 years ago

6 0

Answer and Explanation:

The correcting journal entries are shown below:

a. Cash Dr $774

To account payable $774

(Being purchase of supplies on account is recorded)

b. Wages expense Dr $475

To rent expense $475

(Being wages expense is recorded)

c. Account payable $396

To Supplies $196

To cash $200

(being cash paid is recorded)

These 3 correcting entries should be recorded

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3 years ago

Cox Engineering performs cement core tests in its laboratory. The following standards have been set for each core test performed

Harrizon [31]

Answer: See explanation

Explanation:

(a) The materials price variance for March is:

Actual cost of materials purchased = $7310

Less: Standard cost of actual quantity = 0.75 × $8600 = ($6450)

Direct material price variance = $860 Unfavorable

(b) The materials quantity variance for March is:

Standard cost of actual quantity = 0.75 × $7200 = $5400

Less: Standard cost of standard quantity = 3 × 2000 × $0.75 = $4500

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Actual cost of direct labor = $8610

Less: Standard cost of actual hours = 840 × $12 = $10080

Direct labor rate variance = $1470 favorable

(d) The labor efficiency variance for March is:

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3 years ago

Officials argue that the government needs to reduce the national debt. Which actions are most likely to accomplish this goal?

ad-work [718]

If o<span>fficials argue that the government needs to reduce the national debt, I believe that the actions that are most likely to accomplish this goal are to increase taxation and decrease spending.
If they increase taxation, more money will come into the state fund, and if they decrease spending, more money will actually stay there.
</span>

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3 years ago

Moerdyk Corporation's bonds have a 15-year maturity, a 7.25% semiannual coupon, and a par value of $1,000. The going interest ra

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Answer:

$1,235.47

Explanation:

In this question, we use the present value formula which is shown in the spreadsheet.

The NPER represents the time period.

Given that,

Future value = $1,000

Rate of interest = 5% ÷ 2 = 2.5%

NPER = 15 years × 2 = 30 years

PMT = $1,000 × 7.25% ÷ 2 = $36.25

The formula is shown below:

= PV(Rate;NPER;PMT;FV;type)

So, after solving this, the answer would be $1,235.47

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3 years ago

You invest $3,500 at 10% compounded annually for 3 years. How much will your investment be worth in 3 years

aniked [119]

Answer:

Your total balance after 3 years would be $4,658.5 with a total compounded interest of $1,158.5

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