The osha agency is a part of the

In December, Davis Company had the following cost flows: Molding Department Grinding Department Finishing Department Direct mate

slava [35]

Answer:

Required 1 ; Journals

Work In Process : Grinding Department $ 128,000 (debit)

Work In Process : Molding Department $ 128,000 (credit)

Being transfer of costs from Molding to Grinding Department

Work In Process : Molding Department $ 128,000 (debit)

Work In Process : Grinding Department $ 128,000 (credit)

Being transfer of costs from Grinding to Molding Department

Finished Goods Account $40,000 (debit)

Work In Process : Finishing Department $40,000 (credit)

Being transfer of costs from Finishing department to finished goods account

Required 2 : Difference

Job Order Costing

Each production is unique and there may be no transfers to and from other departments. The is no inventory from previous processes as this is unique to the job order.

Process Costing (Currently in use)

There are transfers from and to other departments. Production is in sequence. For each departments we may also have inventories

Explanation:

Finishing Department Costs Calculation

Direct materials $17,200

Direct labor $11,600

Applied overhead $11,200

Total $40,000

Difference :

You should be able to see that the Journal entries above depicts a process costing system. Now provide reasons why this system differs from the job-order cost system. See the reasons above.

8 0

3 years ago

On January 2, 20Y4, Whitworth Company acquired 40% of the

Gelneren [198K]

Answer:

Journal entries needed for:

a. Purchase of stock

b. Share of Aloof income

c. Dividend

d. Sale of Aloof company stock

a. Purchase of stock

Date Account Title Debit Credit

Jan 2, 20Y4 Investment in Aloof company $340,000

stock

Cash $340,000

b. Share of Aloof income

Date Account Title Debit Credit

Dec 31, 2024 Investment in Aloof company $72,000

stock

Income of Aloof Company $72,000

Working:

= 40% * 180,000 income

= $72,000

c. Dividend

Date Account Title Debit Credit

Dec 31, 2024 Cash $4,000

Investment in Aloof company $4,000

stock

Working:

= 40% * 10,000 dividend

= $4,000

d. Sale of stock

Date Account Title Debit Credit

Dec 31, 2024 Cash $405,000

Loss on sales of Aloof $3,000

company stock

Investment in Aloof company $408,000

stock

Working:

Value of stock = Purchase price + share of Aloof income - Share of dividend

= 340,000 + 72,000 - 4,000

= $408,000

6 0

2 years ago

2. Explain the role of required & excess reserves in the banks approach to the making of loans to the consumer & busines

pav-90 [236]

Answer:

Every time a dollar is deposited into a bank account, a bank's total reserves increases. The bank will keep some of it on hand as required reserves, but it will loan the excess reserves out. When that loan is made, it increases the money supply. This is how banks “create” money and increase the money supply.

Explanation:

6 0

3 years ago

A small business has determined that the machinery they currently use will wear out in 16 years. To replace the new machine when

Vlad [161]

Answer:

The initial deposit should be of: $97,439.62

Explanation:

Giving the following information:

To replace the new machine when it wears out, the company wants to establish a savings account today. The interest rate on the account is 1.9 percent per quarter and the cost of the machinery is $325,000.

To calculate the initial investment required, we need to use a variation on the simple interest future value formula:

FV= PV*(1+i)^n

PV= present value

Isolating PV:

PV= FV/(1+i)^n

i= 0.019

n= 4*16= 64

FV= 325,000

PV= 325,000/ (1.019^64)= $97,439.62

8 0

3 years ago

A great way to obtain hands-on training in a real work environment is to complete a(n)

yKpoI14uk [10]

No sure .....conference

7 0

3 years ago

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