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Nana76 [90]
2 years ago
10

During the first month of operations, a manufacturer incurs the following costs related to activities within its factory:

Business
1 answer:
oksian1 [2.3K]2 years ago
3 0

Answer:

$68,000

Explanation:

The costs of goods sold  ( COGS)is calculated as follows.

COGS = opening stock + Purchases - Closing stock

This was the first month of operation; hence there was opening stock.

The material used to produce 5000 units were

Direct materials $15,000 +  Direct Labor $30,000 + Manufacturing overhead $40,000 = $85,000

The cost per units = $85,000 /5000 units

=$17 per units

4000 units were sold, the COGS

=$17 x 4000

=$68,000

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Lyle’s manager just handed him a list of goals for the year. Because Lyle had no say in setting these goals, he isn’t sure that
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Answer: Goal acceptance

Explanation:

Most times in organizations, it is the people in leadership positions who set and manage goals for the employees and it is rare for staff to be part of the goal setting process,

Such employees are sometimes not sure of what to do and how to achieve the goals. Such employees are not in charge of their own responsibilities. Employee goal acceptance is when employees are just part of the process when making decisions even though the goals are set by the management.

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3 years ago
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​Electric, Inc. was incorporated on January​ 1, 2016. Electric issued​ 4,000 shares of common stock and​ 1,200 shares of preferr
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Answer:

$57,600

Explanation:

The computation of the total amount paid to preferred shareholders are shown below:

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= $57,600

In case of cumulative, the number of years would be four years for dividend paid

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3 years ago
George, an unmarried cash basis taxpayer, received the following amounts during 2016:Interest on savings accounts$2,000Interest
madreJ [45]

Answer:

c. $3,150

Explanation:

The computation of the gross income is shown below:

= Interest on savings accounts + Interest on a State bond + Interest portion of proceeds of a 5% bank certificate of deposit + Dividends on USG common stock

= $2,000 + $600 + $250 + $300

= $3,150

We do not consider the school bonds as it would not be included in the gross income. So, we ignored it

5 0
3 years ago
On April 30, 2015, Zono Electronics, Inc. made a payment of $3,500 to Imperial Distributors, a supplier. Choose the statement th
pav-90 [236]

Answer:

A) Debit cash, credit accounts receivable

Explanation:

As the statement said, Zoono electronics made a payment which means they are debiting cash amount of $3,500 to imperial distributor who is a supplier. So the best statement that best describes the recording of this financial transaction by imperial distributor is their account receivable has been credited and cash is debited. All the other options are wrong except this.

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3 years ago
XYZ Company received $18,000 on April 1, 2020 for one year's rent in advance and recorded the transaction with a credit to a nom
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Answer:

Dr Rent revenue

Cr Unearned rent revenue, $4,500

Explanation:

Preparation of XYZ Company Journal entry

Since we were told that the Company received the amount of $18,000 on April 1, 2020 for a one year's rent paid in advance in which the transaction has a credit to a nominal account, this means we have to record the transaction by Debiting Rent revenue with 4,500 and Crediting Unearned rent revenue, with the same amount of $4,500 calculated as

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