Answer and Explanation:
The journal entry required to close the expense account is given below:
Income summary Dr $33,520
To Wages Expense $19,000
To Depreciation Expense $1,800
To Utilities Expense $320
To Insurance Expense $700
To Maintenance Expense $9,000
To Income Tax Expense $2,700
(being the expenses accounts are closed)
Answer: Purchases could be made from a vendor controlled by a buyer at prices higher than normal.
Explanation:
Based on the information given in the question, one possible fault of this system is that the purchases could be made from a vendor controlled by a buyer at prices higher than normal.
It should be noted that this system will help in curtailing the department managers buying unnecessary supplies. Also, payment cannot be made for supplies that are not received.
Answer:
The days' sales in receivables are 78 days.
Explanation:
Days Sales Receivable is also know as Days receivables. It is an method of estimation of a company for the receivables value. it measure the numbers of days at average account receivable take after sales to convert into cash.
Formula for Days Sales Receivable is as follow
Days Sales Receivable = (Average Account receivable / Credit Sales) x 365
Average Account receivable = (Beginning account receivable + Ending account receivables) / 2
Average Account receivable = ($22,000 + $18,000) / 2 = $20,000
net Credit sales = $94,000
Placing Value in the formula
Days Sales Receivable = ($20,000 / $94,000) x 365 = 77.66 days
The recipient's address, also called the inside address, includes the name and address of the recipient of your letter in the first line, which is option A.
<h3>What is a business letter?</h3>
A business letter is a formal document written with a proper format following the professional guidelines. It is often sent from one company to another or from a company to its clients, employees, and stakeholders.
Business letters are used for the professional correspondence between individuals.
Learn more about the business letter here.
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Answer:
Standard hours allowed in May:
Field = 6 hrs x 300 = 1,800 hrs
Professional = 8 hrs x 400 = 3,200 hrs
Total standard hours allowed 5,000 hours
Explanation:
In this case, we need to multiply the direct labour hours allowed for each product by the number of unit produced for each product.