The difference between salaries and wages is that a salary is a fixed amount of money per pay period and a wage is money earned by the hour.
Answer:
See below
Explanation:
The computation of ending inventory is shown below;
But first we need to determine the average cost per unit.
Average cost per unit
= (476 units × $63 + 718 units × $66 + 365 units × $68) ÷ (476 units + 718 units + 365 units)
= ($29,988 + $47,388 + $24,820) ÷ (1,559 units)
= $102,196 ÷ 1,559
= $65.55
Now, the ending inventory unit
= 1,559 units - 1,195 units
= 364 units
Finally , the ending inventory
= $65.55 × 364 units
= $23,860
Answer:
1. Allocate overhead costs to jobs: Credit Factory Overhead.
2. Pay factory utilities: Debit Factory Overhead.
3. Purchase indirect material: Debit Raw Materials Inventory.
4. Use indirect materials: Credit Raw Materials Inventory.
5. Direct labor used: Debit Work in Process Inventory.
Explanation:
1. When you allocate overhead costs to jobs: Credit factory overhead. Factory overhead can be defined as cost incurred in the manufacturing process of finished goods and cannot be linked directly to the goods.
2. When you pay factory utilities: Debit factory overhead. Factory overhead can be defined as cost incurred in the manufacturing process of finished goods and cannot be linked directly to the goods.
3. When you purchase indirect material: Debit raw materials inventory. The raw materials inventory comprises of the overall cost of all resources such as component parts that a business has in stock which haven't been used for production of finished goods or work in process.
4. When you use indirect materials: Credit raw materials inventory. Raw materials inventory comprises of the overall cost of all resources such as component parts that a business has in stock which haven't been used for production of finished goods or work in process.
5. For direct labor used: Debit work in process inventory.
Answer:
$1,311,000
Explanation:
The computation of the operating cash flow is shown below:
As we know that
Operating cash flow = Cash flow from assets + capital spending - change in net working capital
where,
Cashflow from Assets = Cashflow to Creditors + Cashflow to Stakeholders
Cashflow to Creditors = Interest paid - Change in long term debt
= $140,000 - ($2,950,000 - $2,700,000)
= -$110,000
Now
Cashflow to Stakeholders
= Dividends paid - New issuance of the equity
= $500,000 - (($500,000 + $3,500,000) - ($460,000 + $3,200,000))
= $160,000
So,
Cashflow from Assets is
= -$110,000 + $160,000
= $50,000
Now
Operating cashflow is
= $50,000 + $1,320,000 + (-$59,000)
= $1,311,000
A change from straight-line depreciation to double-declining-balance depreciation would be reported as a restatement of the prior period statements only.
The term depreciation refers to an accounting technique used to spread the cost of a tangible or physical asset over its useful life. Depreciation indicates how much of an asset's value has been used. It allows companies to generate income from the assets they own by making payments over a period of time.
Depreciation expense is apportioned to charge a reasonable portion of the depreciation amount for each accounting period over the expected useful life of the asset. Depreciation includes the depreciation of assets with a predetermined useful life.
Learn more about depreciation here:brainly.com/question/1203926
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