They are the once who determine whether they will put their money in the business or not

On jan 15 ABC Co sold a piece of land for 4000 when the original cost of the land was 4000. show how to journalize the transacti

Murljashka [212]

The correct actions to show the journalized transaction of the sale of the piece of land by ABC Co. are:

1. 4,000 is entered in the cash dr column
2. sold land is entered in the explanation column
3. 4,000 is entered into the other accounts cr column
4. land is entered into the accounts credited column

<h3>How to record the sale of the land?</h3>

When land is sold, as ABC Co just did, the cash account is to be debited by the amount the land was sold for. This is because cash is increasing from the sale and so, like normal assets, will be debited to show an increase.

Land will be credited with the value of the land which is $4, 000. This shows that the land is no longer owned by the company and like other assets, when an asset leaves a company, it is credited.

Find out more on recording the land at brainly.com/question/20714023

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4 0

1 year ago

Byrd Company produces one product, a putter called GO-Putter. Byrd uses a standard cost system and determines that it should tak

Natalka [10]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Standard= 1 direct labor hour per unit

The total budgeted overhead at normal capacity is $1,080,000 comprised of $420,000 of variable costs and $660,000 of fixed costs.

During the current year, Byrd produced 74,000 putters, worked 98,300 direct labor hours, and incurred variable overhead costs of $133,200 and fixed overhead costs of $612,000.

First, we need to calculate the estimated overhead rate:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= (420,000 + 660,000)/120,000

Estimated manufacturing overhead rate= $9 per direct labor hour

Now, we can allocate overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 9*98,300= $884,700

Finally, the total overhead variance:

Overhead variance= real overhead - allocated overhead

Overhead variance= 745,200 - 884,700

Overhead variance= 139,500 favorable

5 0

3 years ago

Suppose that a new technology, nuclear fusion, makes it much cheaper to generate power. Would this development cause a shift in

Marrrta [24]

Answer:

Both curves shifts rightwards.

Explanation:

When there is an improvement in the technological process then this will to increase the production level of the goods. Technological advancement increases the potential of an economy which in turn increases the supply of goods at the same price level. Improvement in the technological process increases the economy's productivity.

This will shift the short run aggregate supply curve and long run aggregate supply curve rightwards.

3 0

3 years ago

How does a market economy answer the three economic questions?

love history [14]

Answer:

A market economy answers the three economic questions by allocating resources and goods through markets, where prices are generated.

There are two extremes of how these questions get answered. In command economies, decisions about both allocation of resources and allocation of production and consumption are decided by the government. In market economies, there is private ownership of resources—established though property rights—and the factors of production and consumption are all coordinated through markets. In a market system, resources are allocated to their most productive use through prices that are determined in markets. These prices act as a signal for buyers and sellers. Most economies are mixed economies that lie between these two extremes.

In either system, a rational agent would allocate resources and production using marginal analysis. In command economies, this is more difficult to do because without markets, prices fail at being an effective signal.

Explanation:

I hope this helps!!

7 0

2 years ago

As the time frame shifts from the short run to the long run, what happens to consumers who are subject to a binding price floor

Angelina_Jolie [31]

Answer:

In simple words, as the frame shifts from short to long run, the costumers who are bidden by the price floor will be more attracted to some substitute good which will further result in more elasticity of the product itself. More elasticity means that the quantity demanded of a product changes to a greater extent in relation to a change in price.

5 0

3 years ago