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2 years ago

Materials were requisitioned for use, $28,200, of which $25,000 were direct materials. The entry is:

Business

1 answer:

Phantasy [73]2 years ago

6 0

Answer:

Debit : Work In Process $28,200

Credit : Direct Materials $25,000

Credit : Indirect Materials $3,200

Explanation:

Materials requisitioned for use are include in Product Cost calculation. The Work In Process Account is the major account used to calculate the Product Cost during the Manufacturing Process.

Thus, Debit the full amount of materials requisitioned for use to the Work In Process Account and Credit the respective categories of Accounts supplying the Work In Process to show their decrease. Note that Indirect Materials take the $3,200 remaining after $25,000 have been used by direct materials against the total of $28,200 requisitioned.

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During July at Pool Company, $65,000 of raw materials were requisitioned from the storeroom for use in production. These raw mat

QveST [7]

Answer:

$4,000

Explanation:

Preparation of the journal entry.

Based on the information given we were told that The indirect materials totaled the amount of $4,000 which means that the appropriate journal entry to record this requisition would include a DEBIT TO MANUFACTURING OVERHEAD of the amount of $4,000.

(To record requisition)

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2 years ago

Adjustment for Prepaid Expense The supplies account had a beginning balance of $3,690 and was debited for $1,700 for supplies pu

zysi [14]

Answer:

Dr supplies expense $4,100

Cr supplies $4,100

Explanation:

Supplies used in the year needs to be ascertained before any adjusting entry can be posted.

Supplies used=beginning supplies+purchases-ending supplies

beginning supplies is $3,690

purchases of supplies was $1,700

ending balance of supplies was $1,290

supplies used=$3,690+$1,700-$1,290=$ 4,100.00

The used portion of supplies would be debited to supplies expense while supplies inventory is credited with the same amount.

4 0

3 years ago

Deep earth extraction inc. operates a facility near estuary bay. discharging waste from the facility into the bay can result in:

icang [17]

Discharging waste from the facility into the bay can result in a. penalties and damages.

Many companies are known to discharge their wastes in an estuary bay. Such companies are subjected to heavy penalties by the government and also as there are aquatic organisms in a bay, the toxic compounds from the water can cause damaging results to the bay ecosystem.

Hence, companies such as Deep earth extraction inc, they discharge waste in the bay, and there are penalties and damages that they have to afford due to the risk they had caused to the bay. All companies should make sure to have a proper disposal system where other life forms and the earth is not damaged by the toxic wastes.

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11 months ago

Expectancy theory suggests that managers must recognize employees work for a variety of reasons, these reasons may change over t

lana66690 [7]

TRUE

Explanation:

Managers appoint employees because they are able to produce work.
It is mandatory for a manager to keep recognition because task..
It could be monotonous,hard and the learning curve of this employee.
Existing employee can complete the task much faster, new ones.
Manager has to give champions of the month,spot award, golden.
Award it gives the employee that exponential boost and happiness.
Those things can change over time depending on the business.
If Manager in a particular business doesn't require recognition.
Manager provides promotion,salary, hike, bonus and others.
This self of awareness employee is comfortable, with Manager.
For a long time.

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3 years ago

The following information was available for the year ended December 31, 2019: Earnings before interest and taxes (operating inco

Charra [1.4K]

Answer:

Debt ratio = 56%

Times Interest earned = 5 times

Explanation:

The debt ratio is the proportion of the total assets amount that is financed by debt . It is a measure of financial risk. A company with a high debt ratio (in excess of 50%) is considered financially risky. That is may not be able to meet its short term financial obligations

Debt ratio = Debt/Total assets × 100

= (140,000/250,000)× 100

= 56%

Times interest earned is the number of times the earning before interest and taxes (EBIT) can pay the interest obligation. It is a measure of financial risk. For example, a company with a ratio of less than 3 times might be considered as potentially unable to meets its loan obligation

Times interest earned = Earnings before interest and tax (EBIT)/Interest expense

= 75,000/15,000

= 5 times.

6 0

2 years ago