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Vlad1618 [11]
2 years ago
13

XYZ Manufacturing reported the following:

Business
1 answer:
lawyer [7]2 years ago
7 0

Answer:

the gross profit of XYZ is $294,000

Explanation:

The computation of the gross profit is shown below:

= Revenue - cost of goods sold

= $485,000 - ($38,000 + $186,000 - $33,000)

= $485,000 - $191,000

= $294,000

Hence, the gross profit of XYZ is $294,000

The above formula should be used for the same

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3 years ago
Which of the following describes accrued revenue? (Check all that apply) Multiple select question. The adjustment causes an incr
vaieri [72.5K]

Answer:

  • The adjustment causes an increase in an asset account and an increase in a revenue account.
  • Accounts receivable is usually increased when accruing revenues.
  • They refer to revenues that are earned in a period, but have not been received and are unrecorded.
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Explanation:

Accrued revenue refers to cash earned for selling a good or delivering a service yet the cash has not been received and the transaction was not recorded in the books as revenue. This means that the cash has been earned but it has not been billed to the customer it was earned from.

When the books are being adjusted for this, the accounts receivable - which is an asset account - will increase to show that cash is owed. Revenue will also increase as this was cash earned from delivering a good or service.

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2 years ago
1. The Whitehall study found the following link between stress, our position on the social hierarchy, and how we put on weight:
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The answer for this is A
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3 years ago
Describe the three most downturns in the United States economy since the 1920's
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3 years ago
The company intends to classify these costs and expenses into the following categories: (a) direct materials, (b) direct labor,
postnew [5]

Answer:

Property taxes on the factory building - period costs.

Property taxes are period costs because it is a cost associated with a particular period of time (tax season), and because this cost cannot be capitalized in inventory, fixed assets, or prepaid expenses.

Production superintendents’ salaries - period costs.

The salaries of management workers such as superintendents are period costs because they are not direct labor.

Memory boards and chips used in assembling computers - direct materials.

The memory boards and chips are direct materials used to assemble the computers, therefore, they are a direct materials cost.

Depreciation on the factory equipment - period costs.

Depreciation is a period cost because it cannot capitalized in fixed assets, since it actually reduces the value of those.

Salaries for assembly-line quality control inspectors - period costs.

Inspectors and supervisors are part of lower-management, and as result, their salaries are also considered period costs.

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A sale commission is a period cost because it is a selling expense. The comission is an incentive for sellers to perform better, by it is not in itself a part of the cost of goods sold.

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The electrical components are used to assemble the computers, therefore, they represent a direct materials cost.

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The workers are directly making the computers, without them, the computers could not be assembled. Therefore, their wages are a direct labor cost.

Soldering materials used on factory assembly lines - manufacturing overhead.

The assembly line is needed to make the goods, but it is not in itself a part of the good. Besides, the cost of running the assembly line does not depend directly on the number of goods produced. It varies relatively close to that number, but the relation is not exact, and linear. Therefore, these soldering materials are manufacturing overhead.

Salaries for the night security guards for the factory building - period costs.

Night security guards are an administrative cost. They are not necessarily needed to produce the goods, they are hired to protect the factory's security. And administrative costs are considered period costs.

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