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3 years ago

Q. prepare journal entries from the following business transaction?

Business

1 answer:

makvit [3.9K]3 years ago

5 0

Answer:

Fuel is an expense and the fact that it was not paid off immediately means that it is an amount owed to Western Oil thereby making it an Accounts Payable.

Journal entry is:

Date Account title and Description Debit Credit

Fuel Expense $4,360

Accounts Payable $4,360

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Multiple Production Department Factory Overhead Rates

Vinil7 [7]

Answer:

total overhead costs for blending department = $342,000

total machine hours blending department = 2,960

overhead rate per machine hour = $342,000 / 2,960 hours = $115.5405405 per machine hour

total overhead costs for packaging department = $324,000

total direct labor hours packaging department = 800

overhead rate per direct labor hour = $324,000 / 800 hours = $405 per machine hour

product blending department packaging department

Whole milk 1,210 x $115.54 = $139,804 260 x $405 = $105,300

Skim milk 980 x $115.54 = $113,230 280 x $405 = $113,400

Cream 770 x $115.54 = $88,966 260 x $405 = $105,300

total $342,000 $324,000

total overhead rate assigned to each product:

product blending dep. packaging dep. total

Whole milk $139,804 $105,300 $245,104

Skim milk $113,230 $113,400 $226,630

Cream $88,966 $105,300 $194,266

total $342,000 $324,000 $666,000

7 0

4 years ago

What are the three main forms of legal ownership of a business

zmey [24]

The three main forms of legal ownership of a business is Coporation, Partnership, and Sole proprietorship

4 0

3 years ago

International Imports is a merchandising Firm. Last year they reported sales of $674,500 and cost of goods sold of $404,700. The

dimaraw [331]

Answer:

The total contribution margin for the firm is: $209,095

Explanation:

The contribution margin is calculated by using following formula:

Contribution margin = Total sales – Total variable costs

In International Imports,

Total sales = $674,500

Total variable costs = cost of goods sold + total variable selling and administrative expense = $404,700 + $60,705 = $465,405

Contribution margin = $674,500 - $465,405 = $209,095

7 0

4 years ago

E20.5 (LO 3) (Application of Years-of-Service Method) Andrews Company has five employees participating in its defined benefit pe

GuDViN [60]

Solution and Explanation:

Computation of service years

Year Jim Paul Nancy Dave Kathy Total * Cost Amortization

2014 1 1 1 1 1 5 * 3000 15000

2015 1 1 1 1 1 5 * 3000 15000

2016 1 1 1 1 1 5 * 3000 15000

2017 1 1 1 1 4 * 3000 12000

2018 1 1 1 3 * 3000 9000

2019 1 1 2 * 3000 6000

72000

Future years of service

Jim 3

Paul 4

Nancy 5

Dave 6

Kathy 6

$cost per service year $=\$ 72000 / 24=\$ 3000$$

8 0

3 years ago

How aggressively should TJX expand globally, and where, and when, to maximize the value of the company shareholders?

Anni [7]

Might have to do some personal research idk who's gonna do a whole project for you but googles a wonderful thing

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3 years ago