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4 years ago

The journal entry a company uses to record accrued vacation privileges for its employees at the end of the year is:________.

Business

1 answer:

Lilit [14]4 years ago

6 0

Answer:

C. debit Vacation Pay Expense; credit Vacation Pay Payable

Explanation:

In as much as the name implies, debit vacation pay expense of the said worker is moved to his/her credit vacation pay payable. And cases like this comes up when the said worker is about to go on a vacation. This vacation pay expense is been considered a liability because it causes depreciation in equity.

Therefore accrued vacation privileges of an employer are times in which a worker has to go on a free working period that in some cases can be a vacation which deals with a debit Vacation Pay Expense; credit Vacation Pay Payable by the end of the year.

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Job 101 was completed and sold for $60,000. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead cos

castortr0y [4]

Answer:

Required 1

Debit : Finished Goods $53,600

Credit : Work In Process $53,600

Required 2

Debit : Cash $60,000

Debit : Cost of Goods Sold $55,000

Credit : Sales $60,000

Credit : Finished Goods $55,000

Required 3

Debit : Overheads $4,000

Credit : Cost of Sales $4,000

Explanation :

Hi, I have attached the full question as a pdf below

Manufacturing Costs Calculations :

Job 101 = $19,200 + $28,800 + ($420,000/60,000 x1,000) = $55,000

Job 102 = $14,400 + $11,200 + ($420,000/60,000 x4,000) = $53,600

Closing Overheads :

Actual Overheads = $45,000

Applied Overheads = $420,000/60,000 x 7,000 hours = $49,000

Therefore,

Overheads are over-applied ( by $4,000) and must be deducted from cost of sales

Download pdf

7 0

3 years ago

Which of the following statements is not correct?

Agata [3.3K]

Answer:

The correct answer is letter "C": Confirmation of cash should only be performed as of the balance statement date because the auditor expresses an opinion as of that date.

Explanation:

Confirmation of cash is an audit procedure in which specialists request the company to get in touch with its banker to verify the organization's balance. The procedure is not based only on the balance statement but according to the transactions the company has carried out regardless of the date.

6 0

4 years ago

What is the difference between a direct distribution channel and an indirect

AveGali [126]

The use of intermediaries is the primary difference between the two.

Explanation:

Direct distribution channel is one in which the consumer is directly connected to the manufacturer and there is no use of a distribution system that is separate from them and there are no intermediaries.

The contact between the two is direct.

To the contrary in an indirect distribution channel there is no direct connection between the manufacturer and the person who is actually buying the product and the business is being mediated by the middlemen.

8 0

4 years ago

Cindy has been working for 8 years, and she’s built up a huge emergency fund -- $45,000, which would be 6 months of her salary.

SIZIF [17.4K]

I will recommend she invest the $45,000 in Certificate of deposit or Money market account.

It is widely known that a traditional bank’s savings account does not provides significant interest rate for deposit unlike other account which are meant from pure investment at long term.

A certificate of deposit are issued by bank to customer promising them a certain interest rate on their deposit with them.

A money market is also an method of investing in short term market and guarantees high interest rate on deposit.

Therefore, I will recommend she invest the $45,000 in Certificate of deposit or Money market account.

Learn more about this here

brainly.com/question/18050668

3 0

3 years ago

Which of the following statements is CORRECT? Select one: a. The capital structure that minimizes a firm's weighted average cost

Varvara68 [4.7K]

Answer:

b. The capital structure that minimizes the firm's weighted average cost of capital is also the capital structure that maximizes its earnings per share.

Explanation:

The optimal capital structure is estimated by calculating the mix of debt and equity that minimizes the weighted average cost of capital (WACC) while maximizing its market value. The lower the cost of capital, the greater the present value of the firm’s future cash flows, discounted by the WACC. Thus, the chief goal of any corporate finance department should be to find the optimal capital structure that will result in the lowest WACC and the maximum value of the company (shareholder wealth).

6 0

4 years ago