The plantwide allocation is a method, which involves the alternatives to the approach for the allocation of factory overheads, and also uses factory overheads based on different activities.
<h3>What is plantwide allocation?</h3>
The plantwide allocation rate is a method that uses an approach to compile all the required overhead costs of a business, and thus also involves application of one rate for one activity in an organization.
Hence, the significance of plantwide allocation is as aforementioned.
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Answer:
Bad debt expense (Dr.) $68,930
Allowance for Doubtful Debt (Cr.) $68,930
Explanation:
Accounts Receivable :
Balance $948,000
Add: Sales $3,609,930
Less: Sales returns $51,000
Less: Collections $2,756,000
Less: Write offs $97,000
Add: Recovery of old Bad debts $28,000
Adjusted Balance $1,653,930
Bad Debts :
Balance $78,000
Less: Allowance for doubtful debts $97,000
Less: Recovery $28,000
Adjusted Balance $9,000
Answer:
d) a bond issued by the U.S. government
Explanation:
A bond issued by the US government will be expected to pay the lowest interest rate because the default risk is almost 0 with the US government which means that it is a risk free investment for the lender. The investor will be willing to lend money to US government at the lowest interest rate out of all the options because it is the safest investment therefore the investor's required rate of return is the lowest for US government.
Answer:
c. Work in Process--Department 2 375,000 Work in Process--Department 1 375,000
Explanation:
The journal entry is shown below:
Work in Process - Department 2 $375,000 ($100,000 + $125,000 + $150,000)
To Work in Proces - Department 1 $375,000
(Being the flow of cost from Dept 1 to Dept 2 is recorded)
Here the work in process for dept 2 is debited as it increased the assets and credited the work in process for dept 2 as it decreased the assets
Answer:
Dr Bad debt expenses $ 32,400
Cr Allowance for doubtful accounts $ 32,400
Explanation:
Preparation of the adjusting entry that the company should make at the end of the current year to record its estimated bad debts expense
Dr Bad debt expenses $ 32,400
Cr Allowance for doubtful accounts $ 32,400
($31,500+$900)
( To record its estimated bad debts expense)
Estimated Bad debts expense =Account receivables + Debit balance
Estimated Bad debts expense= $31,500 + 900
Estimated Bad debts expense=$32,400
