Answer:
<u>Calculating equivalent units of production related to conversion costs:</u>
Equivalent units of production = Units transferred to other department + Equivalent units in ending work in process
Equivalent units of production = 88 + (20*40%)
Equivalent units of production = 88 + 8
Equivalent units of production = 96
Therefore, the fabrication department's equivalent units of production related to conversion costs for July is 96 canoes
Answer:
a. Debit to Notes Receivable
Explanation:
Journal entry for selling an asset in return for notes receivable is;
Notes Receivable A/c Dr.
To Asset A/C
In the given case, an aircraft is sold in exchange for a note receivable. The journal entry would be:
12% Notes Receivable A/C Dr. $380,000
To Aircraft $380,000
(Being notes receivable received in exchange for aircraft sold being recorded)
Notes Receivable is an asset for the receiver as it represents amount which is due to be received. Whenever an asset account is debited, it increases their balance.
Aircraft is an asset. When an asset is sold, it is credited. Here the asset being a movable asset.
Answer:
diversification
Explanation:
because it is a technique that reduce risk by allocating investments across various industries
Answer:
A current trend in management is to include customers and suppliers in the strategic planning process.
Explanation:
The process of involving the customers is called co-creation and is a popular business practice nowadays. E.G. The use of social media for naming the most recent album of a band.
Answer:
Supplies should be recorded as an expense when it is used up during an accounting period.
Explanation:
Supplies which is also refers to as office supplies can be described as consumables and equipment which are used from time to time by company. Examples of office supplies include printer paper, pencils, notebooks, binders, pens and among others.
When supplies are bought before they are used, they are recorded as office supplies by adding them to office supplies on hand at the beginning of to obtain total supplies for an accounting period under the current asset in the balance sheet. Any part of the office supplies used up during an accounting period is recorded an expense during that accounting period in the income statement. The part used is deducted from the total supplies obtained supplies on hand at the an accounting period to be recorded under the current asset in the balance sheet.
Therefore, supplies should be recorded as an expense when it is used up during an accounting period.
