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1 year ago

3 true statements about recording journal entries in Quickbooks

Business

1 answer:

Allushta [10]1 year ago

3 0

Answer:

Explanation:

Journal entries allow you to correct inaccurate information in your accounting records or add transactions that you cannot add in other sections of the software, such as tax adjustments or depreciation expenses.

What are the 3 golden rules?

Golden Rules of Accounting

Debit the receiver, credit the giver.

Debit what comes in, credit what goes out.

Debit all expenses and losses and credit all incomes and gains.

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On January 2, 2009, L Co. issued at par $20,000 of 4% bonds convertible in total into 1,000 shares of L's common stock. No bonds

MrRissso [65]

Answer:

The correct answer is $1.2 per share.

Explanation:

According to the scenario, the computation of the given data are as follows:

Interest expense of Bonds = $20,000 × 4% = $800

Now, Interest expense of Bond, After tax = $800 × ( 1 - 50%) = $800 × 0.50

= $400

So, we can calculate the diluted earning by using following formula:

Diluted Earning = (Net income + Interest expense after tax) ÷ Total outstanding shares outstanding

Where, Total outstanding shares = 1,000 shares + 1,000 shares = 2,000 shares

By putting the value, we get

Diluted earning = ($2000 + $400 ) ÷ 2,000

= $1.2 per share

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2 years ago

World Company expects to operate at 80% of its productive capacity of 50,000 units per month. At this planned level, the company

skad [1K]

Answer:

a. $13

b. $20,625 Unfavorable

Explanation:

a. Computation of overhead volume variance is shown below:-

Variable overhead rate = Variable overhead cost ÷ Expected standard hours

= $275,000 ÷ 25,000

= 11 direct labor hour

Fixed overhead rate = Productive capacity ÷ Expected standard hours

= $50,000 ÷ 25,000

= $2 direct labor hour

Total overheard rate = Variable overhead rate + Fixed overhead rate

= $11 + $2

= $13

b. The computation of overhead controllable variance is shown below:-

Variable overhead cost = Overhead rate × Standard hours

= $11 × 21,875

= $240,625

Fixed overhead cost = Overhead rate × Standard hours

= $2 × 21,875

= $43,750

Total overhead cost = $13 × 21,875

= $284,375

Actual result = $305,000

Variance = Actual result - overhead cost applied

= $305,000 - $284,375

= $20,625 Unfavorable

Working note:-

Standard direct labor hours = Actual units ÷ Standard hours

= 35,000 × 1.6

= $21,875

Standard units per hour = (Standard capacity × Expected production) ÷ Standard hours

= (50,000 units × 80%) ÷ 25,000 hours

= 1.6 units per hour

8 0

2 years ago

You are a sales manager for a car dealership who wants to effectively target potential customers. Write a paper that details how

fenix001 [56]

Answer:

answer is given below

Explanation:

As sales managers of car dealerships, we need to create a plan to effectively target potential customers.
In order to effectively target potential buyers, we need to determine both demographic and behavioral data. With respect to demographics, it is important to have information about age, gender, and income levels so that we can consider former consumer trends. Getting this type of data helps our dealerships identify the consumer trends that best target our marketing campaigns. In addition to this data, monitoring our social media feeds also helps us gain insight into our automakers by providing us with demographics and behaviors.
There are various resources available to assist in the decision-making process, focusing on potential buyers. One specific source we want to use is Axion. Many people have experimented with FICO assessment. The company can be used by car businesses to help them focus on family units and performance insights by providing reliable data,

4 0

2 years ago

Spencer Inc. applies overhead to production at a predetermined rate of 80% based on direct labor cost. Job No. 130, the only job

Romashka [77]

Answer:

Direct material= $5,600

Explanation:

<u>First, we need to calculate the direct labor added to Work in Process:</u>

Direct labor= allocated overhead / predetermined overhead rate

Direct labor= 6,400 / 0.8

Direct labor= $8,000

<u>Now, by difference, the direct materials:</u>

Direct material= Ending balance - allocated overhead - direct labor

Direct material= 20,000 - 6,400 - 8,000

Direct material= $5,600

3 0

2 years ago

It is illegal for a government to spend money for any purpose unless a valid appropriation for that purpose exists. Does this le

mixas84 [53]

Answer:

Yes

Explanation:

it ensure good financial management as it requires a valid appropriation to spend an amount. it means the budget authority to the government is subject to a valid purpose. this legal rule helps to curtail unnecessary spending and assure that funds go where they are most needed

7 0

2 years ago