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Ellis Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just comple

shusha [124]

Answer:

It is the Cost of Goods Manufactured that should be transferred to the Finished Goods account. As both of them are asset account, adding to the Finished Goods account would debit it and taking from the Work in Process account would credit it.

Date Account Title Debit Credit

XX-XX-XXX Finished Goods $1,469,000

Work in Process $1,469,000

4 0

3 years ago

Inflation can decrease _____, which reduces the amount of goods and services a person can afford

PtichkaEL [24]

Inflation is the situation in which the same amount of money is worth less- meaning that it will have less purchasing power (so one can buy less for 100 dollars now than 10 years ago) - the correct answer is "purchasing power". Lower purchasing power reduces the number of goods that people can afford.

7 0

3 years ago

Read 2 more answers

Whispering Corporation has retained earnings of $715,700 at January 1, 2020. Net income during 2020 was $1,567,700, and cash div

Setler79 [48]

Answer:

$2,288,740

Explanation:

Preparation of a retained earnings statement for the year ended December 31, 2020

RETAINED EARNINGS STATEMENT

For the Year Ended December 31, 2020

Retained earnings, January 1, as reported $715,700

Correction for overstatement of expenses in

prior period (net of tax) $88,840

Retained earnings, January 1, as adjusted $804,540

($715,700+$88,840)

Add Net income $1,567,700

Less Cash dividends ($83,500)

Retained earnings, December 31 $2,288,740

($804,540+$1,567,700-$83,500)

Therefore retained earnings statement for the year ended December 31, 2020 will be $2,288,740

7 0

2 years ago

Compute the present value of $1,150 paid in three years using the following discount rates: 6 percent in the first year, 7 perce

jekas [21]

Answer:

The present value is $938.82

Explanation:

Giving the following information:

Compute the present value of $1,150 paid in three years using the following discount rates: 6 percent in the first year, 7 percent in the second year, and 8 percent in the third year.

We need to discount the final value of $1,150 for each discount rate starting in year 3.

PV= FV/(1+i)^n

Year 3= 1,150/1.08= 1,064.81

Year 2= 1,064.81/1.07= 995.15

Year 1= 995.15/1.06= 938.82

The present value is $938.82

5 0

3 years ago

Nelson Manufacturing has two processing departments, Department I and Department II. The raw materials processed at Department I

MaRussiya [10]

Answer:

The journal entry to record the direct material used in production is given below:

Dr Work-In Process Inventory $40000

Cr Raw Materials Inventory $40000

Explanation:

The work in process inventory is debited since it is the receiving account ,while raw material inventory is credited as it is the giving account.

The work in process depicts raw materials currently being worked upon at the production, from which completed goods are then transferred to finished goods inventory.

The raw materials inventory account is the account where raw materials received from vendors are first of all recorded before the need to issue to production process.

When such materials are received in the warehouse , the raw materials inventory account is debited while the supplier account is appropriately credited to show the amount of indebtedness.

7 0

3 years ago