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krok68 [10]
3 years ago
7

Practice Do It! Review 01 During the current month, Sheridan Company incurs the following manufacturing costs. (a) Purchased raw

materials of $17,600 on account. (b) Incurred factory labor of $38,800. Of that amount, $31,900 relates to wages payable and $6,900 relates to payroll taxes payable. (c) Factory utilities of $3,100 are payable, prepaid factory property taxes of $2,990 have expired, and depreciation on the factory building is $9,400. Prepare journal entries for each type of manufacturing cost.
Business
1 answer:
MArishka [77]3 years ago
5 0

Answer:

Item a

Debit :

Credit :

Item b

Debit :

Credit :

Item c

Debit :

Credit :

Item d

Debit :

Credit :

Item e

Debit :

Credit :

Item f

Debit :

Credit :

Explanation:

If there is no immediate payment of cash, raise a liability - accounts payable

You might be interested in
Marjorie's Mugs sold 300 mugs last year for $20 each. Variable costs were $7 per mug and total fixed costs were $1,700. Marjorie
Anvisha [2.4K]

The total profit Marjorie's mugs are  = $2200

<h3>What is Variable cost?</h3>

Variable costs are expenses that alter as the volume of a good or service a company produces fluctuates. Marginal costs multiplied by the number of units produced make up variable costs. They can be regarded as typical expenses as well. Total cost is divided into two parts: fixed costs and variable costs.

<h3>What is fixed cost?</h3>

Fixed costs, also known as indirect costs or overhead costs, are expenses incurred by a firm that are independent of the volume of goods or services the business produces. They typically have a periodic nature, such monthly rent or interest payments. These expenses frequently also involve capital costs.

<h3>According to the given information:</h3>

Total mugs sold  = 300

mugs sold at = 20

variable cost = 7

total fixed cost = 1700

find the profit:

profit  = (300*(20-7) - 1,700)

         = $2,200

The total profit Marjorie's mugs are  = 2200

To know more about Variable cost visit:

brainly.com/question/27853679

#SPJ4

7 0
2 years ago
National income accountants can avoid multiple counting by1. only counting intermediate goods. 2. only counting final goods.3. i
lubasha [3.4K]

Answer:

2. Only counting final goods

Explanation:

When defining national income accounting and terminolgies, emphasis is always laid on "...total value of FINAL goods...". This is as a result of avoiding double counting. If intermediate goods were counted alongside final goods, it would be double counting because intermediate goods are used in producing those final goods. Final goods are good meant for final consumption. The other method used in avoiding double counting ( counting of the value of the same product more than once) apart from counting final gooda is Value added approach.

4 0
3 years ago
Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-st
eduard

Answer:

<u>Part a</u>

Blossom Company

Income statement for the year 2014 - multiple-step form

                                                                                                            $000

Sales revenue                                                                                   97,088

Less Cost of goods sold                                                                   (61,158)

Gross Profit                                                                                        35,930

Less Operating Expenses :

<u>Administrative expense</u>

Officers' salaries                                                           5,488

Depreciation of office furniture and equipment         4,548         (10,036)

<u>Selling expense :</u>

Delivery expense                                                         3,278

Sales commissions                                                      8,568

Depreciation of sales equipment                               7,068          (18,914)

Operating Income (Loss)                                                                  6,980

Less Non Operating Expenses :

Income tax                                                                     9,658

Interest expense                                                            2,448      (12,106)

Net Income (Loss)                                                                            (5,126)

<u>Part b</u>

Blossom Company

Income statement for the year 2014 - single-step form

                                                                                                            $000

Sales revenue                                                                                   97,088

Less Cost of goods sold                                                                   (61,158)

Gross Profit                                                                                        35,930

Less Expenses :

Officers' salaries                                                          5,488

Depreciation of office furniture and equipment        4,548        

Delivery expense                                                         3,278

Sales commissions                                                      8,568

Depreciation of sales equipment                               7,068        

Income tax                                                                    9,658

Interest expense                                                          2,448         (41,056)

Net Income (Loss)                                                                             (5,126)

Explanation:

The multiple-step form shows the Operating Income and Net Income separately by grouping expenses as either operating and non-operating expenses.

The single-step form shows all expenses under one category and no grouping of expenses as either operating or non-operating.

4 0
3 years ago
From theory, what are some communication channels and barriers? Now from professional experiences, what are some communication c
Ira Lisetskai [31]

Answer:

Communication channels are the channels with which information are passed from one to person to another. Messages and ideas are exchanged using these channels to complete the communication process.

Explanation:

Types of communication channels are:

Email

Social media

TelephoneTelevision

Radio

Face-to-face communication

Oral and written communication

Verbal and non-verbal communication.

Communication can be through the use of words or without words, such as the use of signs and gestures. Communication can take place physical and otherwise.

Barriers in communication this are the things that create disturbances in sent messages and thereby causing a misunderstanding between the sender and receiver.

Barriers are:

Poor communication skills: when an individual communication skill is weak, such individual lacks the confidence to communicate effectively in front of others.

Noise disturbance: Noise disturbance is a barrier that hampers the clarity of a message.

Language barriers: The language barrier occurs when there is diversity in an organization workforce. languages or accents differ fromLanguage to language same as cultures.

Perception differences: This occurs when the senders point of view and receivers doesn’t match up which results in lack of understanding.

Wrong pronunciation of words and poor usage of vocabulary: By not pronouncing words accurately and correctly, wrong message might be passed.

the communication channels in a professional settings are:

Formal communication: the use of written letters and e-mails to colleagues, senior management, or the exchange of thoughts through official presentations before board members.

Informal communication: this kind of message channel exist between acquittances people we are familiar with. Any style and words not suitable in formal communication mode can be used here.

Barriers at the professional level are:

Organizational Hierarchy: due to the long chain of hierarchy or it passes through this alters the original message.

Lack of knowledge of non-verbal communication: Body language, gestures and postures are essential factors of communication as a wrong gestures and postures communicate false messages.

Low confidence level: For am individual to be able face a crowd and pass effective communication he needs his confidence level high.

Clarity in the message: The message been passed must be clear, concise and simple. Free of grammatical and spelling errors.

High confidence level: a confident speakers communicates easily, which his message easy to grasp and understand.

Feedback: for a communication process to be complete the receiver must give a feedback.

Good communication skills:

1. Practicing like they say practice makes perfect.

2. Proper pronunciation of words.

6 0
4 years ago
Suggett Corporation's net cash provided by operating activities was $34; its income taxes were $12; its capital expenditures wer
yan [13]

Answer: Option (C) is correct.

Explanation:

Given that,

Net cash provided by operating activities = $34

Income taxes = $12

Capital expenditures = $24

Cash dividends = $7

Free Cash Flow = Cash Provided by Operating Activities - Dividends - Capital Expenditure

                           = $34 - $7 - $24

                           = $3

Therefore, the company's free cash flow was $3.

3 0
3 years ago
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