The journal entry that is needed to record the needed adjustment is;
Cost of Goods sold: 1,000 debit
Merchandise Inventory: 1,000 credit
When making the journal entry the company needs to adjust for the lower amount of merchandise that they have. Then the cost of the goods that were sold needs to be debited. Lastly, the merchandise inventory is credited.
It is imperative that all companies keep an updated journal. This helps to keep the balances correct. If the company has an audit and the adjustments aren't made correctly they could be fined.
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Answer:
Materials handling Allocation= $27.5
Explanation:
Giving the following information:
Each chair consists of 10 separate parts totaling $165 direct materials and requires 5.0 hours of machine time to produce.
Materials handling= $2.75 per part
Machining= $5.00 per machine hour
Assembling= $1.50 per part
Packaging= $3.75 per finished unit
Material Handling allocation base is: Number of parts.
Allocation= 10 parts* $2.75= $27.5
A summary is simply known as a short explanation of a work's content. The type of short informational report that I have been asked to write is a summary.
A summary report can consist of;
- The author's major supporting ideas.
-
They show the author's purpose in writing etc.
A summary often start with an introductory sentence that talks about the text's title, author and main point of the text as you see it.
A summary is often written in your own words and it should have the ideas of the original text.
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Answer:
$444.07
Explanation:
EMI = [P * I * (1+I)^N]/[(1+I)^N-1]
P =loan amount or Principal = 30750
I = Interest rate per month = .0565/12
N = the number of installments = 7*12 = 84
EMI = [30750*.0565/12* (1+(.0565/12))^84]/[(.0565/12))^84-1]
EMI = [30,750 * 0.0565 / 12 * 1.48374877204] / [1.48374877204 - 1]
EMI = 214.819001902 / 0.48374877204
EMI = $444.07
Answer:
Interest = $5,834.67
Explanation:
In November 1, the note bears 12 month = 7%
From November 1 to December 31 = 2 month
Hence for 2 month Interest = 2 * 7/12(%) = 1.1667%
Thus, interest = $500,100 * 1.1667%
Interest = 5834.6667
Interest = $5,834.67 approximately.
