Answer:
1. Product (Indirect); Factory Overhead; Conversion
2. Period Cost
3. Product (Indirect); Factory Overhead; Conversion
4. Period Cost
5. Period Cost
6. Product (Indirect); Overhead; Conversion
7. Product (Direct); Direct Labor; Prime and Conversion
Answer: What is the risk of losing or damaging the phone?
Explanation:
Insurance is a form of protection from a financial loss. After purchasing the phone for $200, if the student is offered protection insurance for the phone, the main thing to consider is the risk of losing or damaging the phone.
The value of buying insurance for a cell phone is simply for the person to be able to replace the cell phone in case of a scenario whereby the phone is lost or stolen.
Answer:
$96 per day
Explanation:
Competitive advantage refers to producing or doing something more efficiently than others. Susan has a competitive advantage in picking coffee beans as she can pick 4 pounds of coffee beans in an hour as compared to nuts which she can only pick 2 in an hour. She also has an advantage in picking coffee beans over Tom who can only pick 2 pounds of coffee beans while taking the same time as Susan do for 4 pounds.
Tom, on the other hand, has a competitive advantage in picking nuts as he can pick twice the amount of nuts than Susan can pick in an hour.
If both were to specialize in their competitive advantage,
- Susan can pick, 4 × 6 = 24 pounds of coffee beans per day
- Tom can pick, 4 × 6 = 24 pounds of nuts per day
So, if they sell their produces at the world market, they can collectively earn a total of $96 per day.
- Total Earning = 24 pounds coffee beans × $2 + 24 pounds of nuts × $2 = $96
Answer and Explanation:
The computation is shown below:
Amount Uncollectible is
= $128,500 × 6%
= $7,710
Now the bad debt is
= $7,710 - $905
= $7,105
The adjsuting entry would be
Bad Debt A/c Dr $7,105
To Allowance for Doubtful Debts $7,105
(being bad debt expense is recorded)
here bad debt expense is debited as it increased the expenses and credited the allowance as it decreased the assets. Also the expenses and assets contains normal debit balance
