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3 years ago

Which of the following is TRUE regarding unexpected expenses?

Business

1 answer:

kaheart [24]3 years ago

4 0

Answer:

They should be planned for.

Explanation:

Unexpected expenses include emergencies and other unforeseen costs that a person incurs in day to day activities. These unexpected expenses must be paid for, which means resources must come from somewhere to effect the payments.

The best way to cater to unexpected expenses is to include them in the budget. Contingencies is the term used to describe funds kept aside to settle unexpected expenses. Without a contingency arrangement, unexpected expenses will affect the budget and a person's ability to pay normal bills.

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For the following accounts, indicate what causes the account to increase and decrease. The first account is completed as an exam

zvonat [6]

Answer and Explanation:

The causes of the account to increase and decrease is shown below:-

Account Is increased by Is decreased by

Raw material inventory Material purchased Material used

Work-in-progress

inventory Direct material used Completion of jobs

Direct labor incurred

MOH allocated

Finished goods

inventory Completion of jobs Shipping sold jobs

Cost of goods sold Shipping sold jobs Adjustment for over/under

allocation of OH

Adjustment for over or under

allocation of OH

The above shows the increment and decrement of each item and the same is being considered

3 0

3 years ago

Berry Corporation has 100,000 shares of $10 par common stock authorized. The following transactions took place during 2017, the

Y_Kistochka [10]

Answer:

$570,000

Explanation:

The computation of total paid-in capital is shown below:-

Common stock issued for cash

Cash Dr, $270,000 (20,000 × $13.50)

To Common Stock $200,000 (20,000 × $10)

To Additional paid in capital $70,000 (20,000 × ($13.50 - $10)

(Being common stock issued for cash is recorded)

Common stock issued for patent

Patent (FMV of patent) Dr, $300,000

To Common Stock $200,000 (20,000 × $10)

To Additional paid in capital $100,000 (20,000 × $10 ÷ 2)

(Being common stock issued for patent is recorded)

For recording this two entries we debited the cash as it rise assets and at the same time it also rise the overall stockholder equity so common stock and the additional paid in capital for common stock is credited

So,

Total paid in capital = Common Stock + Additional paid in capital

= ($200,000 + 200,000) + ($70,000 + $100,000)

= $400,000 + $170,000

= $570,000

6 0

3 years ago

Lea Company produces hand tools. Budgeted sales for March are 10,500 units. Beginning finished goods inventory in March is budge

victus00 [196]

Answer:

9,800 units were produced in March

Explanation:

Ending inventory is calculated by adding Beginning inventory in production for the year and deducting any items sold during the year.

The formula for Ending Inventory is as follow

Ending Finished Goods Inventory = Beginning Finished Goods Inventory + Production in the period - Sales Made During the period

As we have the ending Inventory we need to calculate the production during March. Placing the available amounts in the formula

1,400 units = 2,100 units + Production in the period - 10,500 units

1,400 units -2,100 units + 10,500 units = Production in the period

Production in the period = 9,800 units

3 0

3 years ago

Read 2 more answers

How are students chosen for work-study programs? first-come, first-served those in the most financial need by qualifying with sp

den301095 [7]

Answer:

qualifying with specific skills

Explanation:

Federal work-study programs provide part time work to the undergraduate and graduate student which are financially weak. It allows the to earn money so that they can pay education expenses.

This program encourages work closely related to the students course of study and community service. It is also available for the professional students.

It is a available in Part time and full time. The job offered under Federal work study programs are both on and off campus. The off campus work is mostly related to nonprofit private organisations. If you are working on campus then you are working for your school.

To qualify for Federal Work-study award, a student should fill the application and must meet the eligibility requirements. It is offered on first come first serve basis.

4 0

3 years ago

Presented below are incomplete manufacturing cost data. Determine the missing amounts for three different situations. Direct Mat

ira [324]

Answer and Explanation:

The computation of the missing amount of the three different situations is shown below:

As we know that

Total manufacturing costs = Direct materials + Direct labor + Factory overhead

Now

Direct materials Direct labor Factory overhead Total manufacturing

costs

$42,300 $64,000 $52,300 $158,600

$75,200 $77,800 $144,000 $297,000

$58,300 $140,700 $115,000 $314,000

6 0

3 years ago