Answer:
The option (B) Debit Work in Process Inventory $72.000 credit Factory Wages Payable $172,000 is correct
Explanation:
Solution
Given that:
As the cost of labor was sustained as regards to processing the inventory and it was not completed, so debit the work in process of account.
There also exits a liability of paying labor charges for this it will be payable.
Hence credit factory wages payable.
For the other options they are crediting cash which is not yet paid, here the option A and E is wrong.
For option D, they are crediting inventory which in this case is not correct due to the existence of a liability for paying labor fees.
The option D is wrong, because they debited with the cost of sold goods.
<u>Answer:</u>
<em>As a company grows, it may become necessary for it to create an </em><u><em>Organizational chart</em></u><em> which is a visual display of the organizational structure which contains lines of authority (chain of command), staff relationships, permanent committee arrangements, and lines of communication.</em>
<em></em>
<u>Explanation:</u>
The organization chart is a chart indicating the connection of one department graphically to another, or others, of an organization. It is additionally used to show the relationship of one office to another, or others, or of one capacity of an association to another, or others.
Using the organization chart continuously, show the "structure of a business", government, or other association. Organization diagrams have an assortment of employments and can be organized from multiple points of view.
Answer:
The correct answer is B
Explanation:
Contract Law is the law or an agreement among the private parties establishing the mutual obligations which is enforceable by law. The basic or primary elements are required for the agreement or contract to be legally enforceable agreement are expressed by a acceptance and valid offer, legality, mutual assent and adequate consideration.
The two most vital sources of the contact law are Statutory Law (The Uniform Commercial Code) and the Case law.
Answer:
The budgeted sales revenue is : $168,000
Explanation:
In 2019, as Mary's Basket Company has the opening Inventory balance of 2,000 baskets; projects to manufactures 24,000 baskets, plans to maintain ending inventory at $2,000 baskets without any work-in-process inventory; We have the baskets available for sales in the year of 2019 is:
Actual Ending Balance of 2018 + Projected manufactured baskets during the year 2019 - Planned ending Balance of the year 2019 = 2,000 + 24,000 - 2,000 = 24,000
The unit price is projected at $7.
Thus, we have the projected sales revenue is:
Projected Unit price x Projected baskets available for sales = 7 x 24,000 = $168,000
Please the remaining part of the question below :
1.Amount a business earns after paying all expenses and costs associated with its sales and revenues.
2.An examination of an organization’s accounting system and records that adds credibility to financial statements.
3.Principles that determine whether an action is right or wrong.
4.Accounting professionals who provide services to many clients.
5.An accounting area that includes planning future transactions to minimize taxes paid.
Answer:
1.Amount a business earns after paying all expenses and costs associated with its sales and revenues.
- Net income (G)
2.An examination of an organization’s accounting system and records that adds credibility to financial statements.
- Audit (A)
3.Principles that determine whether an action is right or wrong.
- Ethics (C)
4.Accounting professionals who provide services to many clients.- Public accountants (F)
5.An accounting area that includes planning future transactions to minimize taxes paid- Tax accounting (D)
Explanation:
