The entries to record the transactions are:
Debit: Cost of Goods Sold $3,200
Credit: Finished Goods Inventory $3,200
Debit: Accounts Receivable $6,600
Credit: Sales Revenue $6,600
How to prepare the journal entries?Assuming the company uses a perpetual inventory system, the journal entries to record the sale of Job 46 and the related cost of goods sold would be:
Debit: Cost of Goods Sold $3,200
Credit: Finished Goods Inventory $3,200
(To record the cost of goods sold)
Debit: Accounts Receivable $6,600
Credit: Sales Revenue $6,600
(To record the sale of Job 46 on account)
Note: If the company uses a periodic inventory system, the cost of goods sold would be recorded at the end of the accounting period based on a physical count of inventory, and the journal entry for the sale of Job 46 would only include the accounts receivable and sales revenue accounts.
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Which one of the following parts of the inventory process do you feel is most important for your business concept and why (Ordering, Receiving, Storage (FIFO), Issuing, preparation, portioning, order taking)?
Based on your business concept, do you feel inventory should be completed daily, weekly, or monthly and why?
How does inventory management relate to budgeting?
To make sure that the institution receives exactly what has been ordered, it is important to develop a regular procedure for accepting orders for items.
What is an example of an institution?
To make sure that the institution receives exactly what has been ordered, it is important to develop a regular procedure for accepting orders for items.
Societies create social structures, or institutions, that endure because they contribute to the survival of the society. The family, the educational system, the governmental system, the religious system, and the economic system are some of these institutions.
an important custom, connection, or group within a society or culture. the institution of marriage. also: something or someone strongly connected to a location or object. She has established herself as an institution in the theater.
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Jethro Company, an accrual basis taxpayer, had a $10,000 overdue account payable to a major supplier. The supplier agreed to settle the account for $9,000 cash from Jethro. Which of the following statements is true?
a. Jethro recognizes no income because of the settlement.
b. Jethro can deduct the $9,000 payment.
c. Jethro recognizes $1,000 income because of the settlement.
d. Jethro can deduct a $1,000 bad debt expense.
The correct answer is (c) Jethro recognizes $1,000 income because of the settlement. Sales Tax is a form of tax paid to a governing body for the sale of goods and services.
What is sales tax?A sales tax is a charge made to a governing body when specific goods and services are sold.
Generally speaking, laws permit sellers to charge customers taxes at the moment of purchase.
It is typically referred to as an usage tax when a tax on goods or services is paid by consumers directly to the governing body.
Laws often provide excise and use tax exemptions for certain goods or services, such as: For example, food, education, pharmaceuticals, etc.
Sales tax is connected to the Value Added Tax (VAT) levied on products and services.
For the main differences, see Comparison with consumption tax. Retail sales tax is levied on the sale of goods to the final consumer and is levied each time the goods are sold at retail outlets.
Sales to companies who later resell the goods are not taxed.
Buyers who are not final consumers typically receive a "resale certificate" from the tax authority and must present that certificate (or its ID number) and a statement to the seller that the item is for resale at the time of purchase.
Otherwise, tax will be charged on items sold to purchasers without such authorization who are subject to the jurisdiction of the tax authorities.
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Katherine, a production manager at ABC Products, is interested in monitoring how projects were progressing, take steps to see if they were on time, and keep an eye on budget concerns. Which of the following can Katherine use?
a. Division of labor
b. Taylorism
c. Esprit de Corps
d. Scalar Chain principle
e. A scheduling system
Katherine can use a scheduling system. Option (e) is the correct answer to the question.
What do you mean by Budget?In a budget, intended expenses are expressed together with suggestions for how to fund them. A budget can show a surplus of resources for later use or a deficit if expenses are greater than income or other resources.
Managers of production and operations make sure that goods are produced effectively and efficiently and that they adhere to all quality standards. They are also essential for organizing and projecting future demand, as well as controlling inventory levels.
Therefore, Option (e) is correct.
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28
Gulf Uniform Supply's bank charges a fee for handling the collection of credit card sales deposited during the month. The credit card fee is deducted from its bank account. The amount is then shown on the bank statement. The credit card fee is recorded in the cash payments journal as a reduction in cash. Recorded credit card fee expense, $442.00. M60. (Debit Credit Card Fee Expense; credit Cash.)
Answer:
Cash or Check?
If a business is ever "questioned" about the payment of an invoice it is a rather simple process to produce the cancelled check as proof positive. The "money trail" is easy to follow with checks.
cash doesn't often leave a trail and thus the Government, Tax auditors and such frown on businesses paying for things by cash and from taking in bundles of cash. If you are in a business that generates a great deal of cash from sales, be very careful and meticulous as to how you record the receipt of cash and how you spread the cash around
Gulf Uniform Supply records the credit card fee expense in its cash payments journal as a reduction in cash, with a corresponding debit to the Credit Card Fee Expense account and a credit to the Cash account.
What was the Gulf Uniform Supply?Gulf Uniform Supply was a company that provided high-quality uniforms and workwear to businesses and organizations in the Gulf region of the United States. Based in Houston, Texas, Gulf Uniform Supply offered a wide range of products, including uniforms for industries such as oil and gas, healthcare, hospitality, and public safety.
The company prided itself on its commitment to customer service and attention to detail. Gulf Uniform Supply worked closely with its clients to develop custom uniforms that met their specific needs and branding requirements. In addition to uniforms, the company also provided a variety of promotional products and branded merchandise.
Unfortunately, Gulf Uniform Supply is no longer in business, and its website is no longer active. It is unclear when the company ceased operations or what led to its closure.
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A creative, distinctive strategy that sets a company apart from rivals and that gives it a sustainable competitive advantage:
A. is the best indicator that the company's strategy and business model are well matched and properly synchronized.
B. is a company's most reliable ticket to above-average profitability.
C. signals that the company has a bold, ambitious strategic intent that places the achievement of strategic objectives ahead of the achievement of financial objectives.
D. is a reliable indicator that the company has a profitable business model.
a unique, innovative plan that distinguishes a business from rivals and gives it a long-term competitive edge: The most dependable employee in a corporation is B.
What is mean by being innovative?
Something innovative is new and original. If you love to experiment and find new ways to do things, you are an innovative person. Innovative, like nova, novel, and novice, comes from the Latin novus, which means new. Something innovative renews or alters the way something has been done.
Because innovation is arguably THE most important skill you can have, especially if you need to cross-market your skills or get a promotion. Every industry requires creativity, so if you want to be a hot commodity, in demand, and happily employed, you need to be innovative!
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omar hires petra, a real estate broker, to act as his agent to sell his land for $150,000. oil is discovered beneath the land, causing its market value to increase considerably. the agency agreement is likely still in force if omar gives petra additional consideration. still in force if petra does not tell prospective customers. terminated by mutual consent of the parties. terminated by operation of law.
Omar hires Petra, a real estate broker, to act as his agent to sell his land for $150,000. Oil is discovered beneath the land, causing its market value to increase considerably. The agency agreement is likely terminated by the operation of law.
What do you understand by Broker?A broker is a person whose prime responsibility is to bring sellers and buyers together, he acts as the third-person facilitator between a buyer and a seller.
Any Party may terminate this Agreement if any law, rule, or regulation makes the transactions contemplated by this Agreement (the "Contemplated Transactions") illegal or otherwise prohibited, or if a court of competent jurisdiction or any government (or governmental authority) has issued an order, decree, ruling, or taken any other action restraining, enjoining, or otherwise prohibiting the consummation of the transactions contemplated by this Agreement (the "Contemplated Transactions").
Therefore, The agency agreement is likely terminated by the operation of law.
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Case .8 On May 31, 2005, Patrick Corporation acquired at 100, $500,000 face amount of Stear Company’s 10-year, 12%, and convertible bonds due May 31, 2010. The bonds were convertible to 50,000 shares of Stear’s voting common stock ($1 par), of which 40,000 shares were issued and outstanding on May 31, 2005. The controller of Patrick, who also is one of three Patrick officers who serve on the five-member board of directors of Stear, proposes to issue consolidated financial statements for Patrick Corporation and Stear Company on May 31, 2005. Instructions Do you agree with the Patrick controller’s proposal? Explain.
Answer:
De acuerdo con los Principios de Contabilidad Generalmente Aceptados (PCGA), cuando una empresa adquiere más del 50% de las acciones con derecho a voto de otra empresa, se considera que ha adquirido el control de esa empresa y debe consolidar sus estados financieros con los de la empresa adquirida. En este caso, Patrick Corporation ha adquirido bonos convertibles en acciones de Stear Company, pero solo se convierten en el 50% de las acciones con derecho a voto de Stear, lo que significa que Patrick Corporation no ha adquirido
Por lo tanto, no es apropiado que Patrick Corporation emita estados financieros consolidados con Stear Company en su informe financiero del 31 de mayo de 2005, ya que no ha adquirido el control de Stear Company. En cambio, Patrick Corporation deberá informar sobre su inversión en bonos convertibles en Stear Company como una inversión a largo plazo en su balance general, y registrar los intereses e ingresos por conversión de los bonos en su estado de resultados.
Explanation:
espero te sirva, si no puedes español traducelo
EOQ Practice
Demand for item A is 40 units/week. You buy the item from a
supplier at a cost of $2.50/unit. The order cost is $80/order.
At present, you order 600 units at a time. If the annual
holding cost is 18% of item cost and the item is sold 50
weeks/year. Calculate the following:
. What is the total annual inventory cost at your current
order quantity of 600?
• What is the EOQ-i.e., the order quantity that minimizes
total annual cost?
• What is the total annual cost for the EOQ?
The total annual inventory cost is $1335, the EOQ that minimize the annual cost is $4000.05 and the total annual cost for EOQ is $1426240.05
What is the total annual inventory cost at current order quantity of 600a.
To calculate the total annual inventory cost at the current order quantity of 600, we first need to calculate the annual ordering cost and the annual holding cost:
Annual ordering cost: Since the demand is 40 units/week and the order quantity is 600 units, we will place 600/40 = 15 orders per year. So the annual ordering cost is 15 * $80 = $1,200.
Annual holding cost: The holding cost is 18% of the item cost, which is 18% * $2.50 = $0.45 per unit per year. The average inventory level is half of the order quantity (600/2 = 300 units). So the annual holding cost is 300 * $0.45 = $135.
Therefore, the total annual inventory cost at the current order quantity of 600 is $1,200 + $135 = $1,335.
b
To calculate the EOQ (economic order quantity), we can use the following formula:
EOQ = sqrt((2 * annual demand * ordering cost) / annual holding cost)
Plugging in the values, we get:
EOQ = sqrt((2 * 40 * 50 * $80) / $0.45) = 711111.11
So the EOQ is 711111 units (rounded up).
To calculate the total annual cost for the EOQ, we need to calculate the annual ordering cost and the annual holding cost at the EOQ:
Annual ordering cost: Since the demand is 40 units/week and the EOQ is 711111 units, we will place 711111/40 = 17777.77 orders per year. Rounded up to 17778 orders, the annual ordering cost is 17778 * $80 = $1422240.
Annual holding cost: The holding cost is still $0.45 per unit per year, but the average inventory level is half of the EOQ (17778/2 = 8889 units). So the annual holding cost is 8889 * $0.45 = $4000.05.
c.
Therefore, the total annual cost for the EOQ is $1422240 + $4000.45 = $1426240.05
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Suppose that the current 1-year rate (1-year spot rate) and expected 1-year T-bill rates over the following three years (i.e., years 2, 3, and 4, respectively) are as follows:
1R1 = 3.26%, E(2r1) = 4.70%, E(3r1) = 5.20%, E(4r1) = 6.70%
Using the unbiased expectations theory, calculate the current (long-term) rates for 1-, 2-, 3-, and 4-year-maturity Treasury securities. (Do not round intermediate calculations. Round your answers to 2 decimal places.)
The price offered for immediate settlement on an interest rate, commodity, security, or currency is known as the spot rate.
What is Spot rate?The price or return for the same product or asset at a particular future date is referred to as the forward rate, whereas on the other hand. A spot rate is typically used to describe the current price or bond return. The price of a product that is being exchanged immediately, or "on the spot," in the marketplaces for commodities futures is known as a spot rate.
1R1 3.26%
E(2r1) 4.70%
E(3r1) 5.20%
E(4r1) 6.70%
1R1 = 3.26%
1R2 = ((1+1R1)*(1+E(2r1)))^1/2-1
1R3 = ((1+1R1)*(1+E(2r1))*(1+E(3r1)))^1/3-1
1R4 = ((1+1R1)*(1+E(2r1))*(1+E(3r1))*(1+E(4r1)))^1/4-1
Spot rate
1R1 = 3.26% = 3.26%
1R2 = ((1+0.0326)*(1+0.0470))^(1/2)-1 = 3.98%
1R2 = ((1+0.0326)*(1+0.0470)*(1+0.0520))^(1/3)-1 = 4.38%
1R4 = ((1+0.0326)*(1+0.0470)*(1+0.0520)*(1+0.0670))^(1/4)-1 = 4.96%
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identify the population being studied and the sample chosen. the midterm exam scores of 5 out of the 22 students in your economics class.
In the given case, The midterm exam scores of 5 out of the 22 students in your economics class are identified as a sample.
What is the population?The number of individuals that reside in a nation or specific area is referred to as its population. The population will typically be determined based on the local living creatures. For instance, as of 2020, there were 329.5 million people living in the United States.
To use a sample refers to a fraction drawn at unexpected times from a larger whole and assumed to be representative of its qualities in examinations or for gathering data about the entire group.
The midterm exam scores of 5 out of the 22 students in your economics class" is a sample denoting a fraction of students from the whole group.
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The cost to make 3 large candles and 5 small candles is $6. 90. The cost to make 4 large candles and 6 small candles is $8. 90. How much more does it cost to make a large candle than a small candle?.
We used the method of elimination to find that it costs $1.10 more to make a large candle than a small candle. This problem demonstrates how we can use algebra to solve real-world problems involving multiple variables.
Let's use the method of elimination to solve this problem. We know that the cost to make 3 large candles and 5 small candles is $6.90, and the cost to make 4 large candles and 6 small candles is $8.90. We can subtract the first equation from the second equation to eliminate the small candles and find the cost of making one large candle as follows:
(4 large candles + 6 small candles) - (3 large candles + 5 small candles) = $8.90 - $6.90
1 large candle + 1 small candle = $2.00
1 large candle = $2.00 - 1 small candle
Now we can substitute the expression for 1 large candle into the first equation to eliminate the large candles and find the cost of making one small candle as follows:
3 large candles + 5 small candles = $6.90
3($2.00 - 1 small candle) + 5 small candles = $6.90
$6.00 - 3 small candles + 5 small candles = $6.90
2 small candles = $0.90
1 small candle = $0.45
Therefore, the cost of making one large candle is:
1 large candle = $2.00 - 1 small candle
1 large candle = $2.00 - $0.45
1 large candle = $1.55
And the cost of making one small candle is:
1 small candle = $0.45
So, the difference between the cost of making one large candle and one small candle is:
$1.55 - $0.45 = $1.10
Therefore, it costs $1.10 more to make a large candle than a small candle.
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in order to open a discretionary cash account, all of the following are required except: a signature of manager on new account form b signed trading authorization c signed customer's agreement d completed customer new account form
In order to open a discretionary cash account, all of the following are typically required, including-
A signed customer's agreement
A completed customer new account form
A signed trading authorization
However, depending on the policies and procedures of the financial institution or brokerage firm where the account is being opened, the first item listed—"a signature of manager on new account form"—may or may not be necessary. Some institutions might require a manager's signature on all new account forms, whereas others might only do so under specific conditions (such as for high-risk or high-value accounts).
There is no exception, so that is the right response to this question. The manager's signature on the new account form may or may not be necessary depending on institutional policies, but all of the items on the list are typically necessary.
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Xander has plans to start a tutoring company but is considering asking a former classmate to become a partner in the business. Which of the following is an advantage of partnerships over sole proprietorships that Xander should consider?
Multiple Choice
In partnerships, the owners have access to more funds than in sole proprietorships.
In partnerships, the owners have complete control of the business, whereas in sole proprietorships, they do not.
Partnerships are easy to form, whereas sole proprietorships are not.
In partnerships, all owners have limited liability, whereas in sole proprietorships, they have unlimited liability.
Partnerships make possible the greatest degree of secrecy, whereas sole proprietorships do not.
In partnerships, all owners have limited liability, whereas, in sole proprietorships, they have unlimited liability. Thus, option 'D' is the correct option.
What is a partnership business?By definition, a partnership firm consists of two or more individuals who pool their resources to create a company and agree to split the risks, rewards, and losses. Law companies, medical groups, real estate investment firms, and accountancy groups are typical instances of partnership businesses.
A partnership agreement (or partnership contract) is a legally binding agreement between two or more people or other legal entities with the aim of establishing a business entity. The rights and obligations of each partner or corporation are outlined in this partnership agreement.
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According to the chief executive officers of U.S. corporations, which of the following is a major challenge that managers must overcome to remain competitive?
a. Globalizing their firm's operations
b. Managing personal finances
c. Managing a uniform workforce
d. Anticipating changes in foreign currency valuations
According to the chief executive officers of U.S. corporations Globalizing their firm's operations is a major challenge that managers must overcome to remain competitive. Option A
A major challenge that managers must overcome to remain competitiveThe increasing globalization of business has made it necessary for companies to expand their operations into new markets and to compete with companies from all over the world.
To remain competitive, managers must develop strategies that allow their firms to adapt to global market conditions and to take advantage of opportunities that arise in different parts of the world. This includes developing international supply chains, managing cross-cultural teams, and navigating complex legal and regulatory environments in different countries.
Globalizing their firm's operations is a major challenge that managers must overcome to remain competitive according to the chief executive officers of U.S. corporations.
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Provide one example of what can happen if you neglect critical thinking?
Neglect is the ongoing failure to meet a child's basic needs and the most common form of child abuse.
What is the meaning of Neglect?The most frequent type of child abuse is neglect, which is the ongoing failure to provide for a kid's basic requirements. A youngster might go without sufficient food, clean clothes, shelter, supervision, or medical attention.
When someone purposefully fails to give another adult the proper and sufficient care and assistance they require, this is known as neglect. They may have chosen to do nothing when they knew the adult in their care needed help, for a variety of reasons, including ignorance or a lack of awareness.
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Which of the following choices would be considered a reason for preferring a census over a sample? a. The cost of the undertaking must be minimized. b. Destructive testing is involved. c. Time is of the essence d. Complete accuracy is needed
A reason for preferring census over a sample is Complete accuracy is needed. The correct answer option D.
What is a census?A census is a study of every unit, everyone or everything, in a population. It is known as a complete enumeration, which means a complete count. Census is a data collection exercise. It gathers knowledge about the demographic dividend of the nation which is vital for many purposes. Various surveys like health survey, education survey, agriculture survey, etc. are based on this comprehensive data.
What is a sample?A sample refers to a smaller, manageable version of a larger group. It is a subset containing the characteristics of a larger population. Samples are used in statistical testing when population sizes are too large for the test to include all possible members or observation.
In the Census Method of Collecting Data, information is collected by the investigator related to all the items in the population. In the Sampling Method of Collecting Data, information is collected by the investigator by taking some of the items representing the whole population. They are both means of collecting data.
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The choice to be consider as a reason for preferring a census over a sample is d. Complete accuracy is needed.
What is a census?A census is a process of that acquiring information about people in a given population or area.
The information gotten from the census study can be used for various purposes subsequently.
It can be used in the formation and implementation of government policies and laws with the aim of improving education, housing, transportation, health, and environmental protection of the targeted area.
However, sample survey only considers a portion of the population whereas census considers everyone in the population.
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A seller must expect less objections and interruptions in a group setting compared to selling to an individual.TrueFalse
Answer:
False
Explanation:
This statement is false. When selling to a group, there may be more objections and interruptions as there are more people with different opinions and needs. Additionally, group dynamics and interpersonal interactions between group members can also affect the selling process. When selling to an individual, there may be fewer objections and interruptions as the focus is solely on the needs and preferences of the individual customer. However, this can vary depending on the situation and the individuals involved.
Answer:A seller must expect less objections and interruptions in a group setting compared to selling to an individual.TrueFalse
Questmask777
Explanation: false
which statements are true about these sql statements? (choose two) commit is a data definition statement. create table is a data definition statement. rollback is a transaction control statement. merge and update are both data definition statements. drop and delete are both data manipulation statements.
Regarding these SQL statements, the following assertions hold true:
A statement defining data is Create table.A transaction control statement is rollback.The following statements are false:
Commit is not a data definition statement but rather a statement controlling a transaction.Update and merge are statements that manipulate data, not statements that define data.Drop and delete are both statements that manipulate data, not statements that define data.What is SQL Statement?SQL (Structured Query Language) statements are used to interact with relational databases. SQL is a standard language used for managing and manipulating data stored in a database, and it allows users to retrieve, insert, update, and delete data in a database. SQL statements can be used to create, modify, and delete tables and other database objects, as well as to retrieve and modify data stored in tables. Some common SQL statements include SELECT, INSERT, UPDATE, DELETE, CREATE, ALTER, and DROP.
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A 19-year-old female buys 50/100/50 liability insurance, collision insurance with a $500 deductible, and comprehensive insurance with a $250 deductible. What is her total annual premium?.
The 19 - year - old female's total annual premium, given the 50/100/50 liability insurance, is $ 1, 167. 25.
How to find the total annual premium ?In general, liability insurance premiums tend to be lower than collision and comprehensive insurance premiums, since they only cover damages or injuries to other drivers and their vehicles.
To find the total annual premium, use the table given to add up the total premium given the characteristics of the 19 year old.
The total premium is therefore :
= ( Collision insurance with $ 500 deductible + Comprehensive with $ 250 deductible ) x 1. 45
= ( 148 + 102 + 310 + 245 ) x 1. 45
= $ 1, 167. 25
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What sources about Ecuador should you consult to obtain cultural information about this country that will need to be included in your cultural map?
Ecuador has a diverse cultural history. The largest governmental entity in pre-Columbian America, the Inca empire, eventually expanded to include a substantial portion of what is now Ecuador.
Ecuador The straw hats known as Panama hats were exported from Ecuador to Panama in the middle of the 18th century, earning them the name.
What is meant by Cultural map ?In order to "map" different peoples' tangible and intangible cultural assets within local landscapes around the world, a variety of research approaches and tools are used.
These techniques and tools are collectively known as cultural mapping, cultural resource mapping, or cultural landscape mapping. The phrase is used by organizations (like UNESCO) dedicated to preserving cultural variety.
UNESCO stresses in its Universal Declaration on Cultural Diversity the significance of States embracing inclusive strategies for fostering cultural variety.
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Which of the following best describes a reward system that involves employees in its design and administration?
a. Bonus systems b. Flexible reward system c. Open pay system d. Participative pay system e. Merit pay plans
A reward system that involves employees in its design and administration is best described as a Participative pay system. Thus the correct option is D.
What is a reward system?A reward system is a technique employed by an individual to encourage someone else by appreciating what they have accomplished. It frequently occurs when parents and organizations show their appreciation for their respective children and employees.
Giving employees a feeling of ownership and responsibility through a participatory pay system is possible for businesses. The management, development, or both of the systems may be the participative pay system's responsibility.
Therefore, option D is appropriate.
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Assume a cash basis taxpayer purchased a three-year certificate of deposit on January 1 of the current year. Under the original issue discount (OID) rules which of the following is true?
a.All of the income must be recognized in the year of maturity.
b.The interest income will be recognized equally over three years.
c.The OID will be included in gross income for the year of purchase.
d.The interest income will be recognized over three years but will be greater in the third year than in the first year.
the cash basis On January 1st of the current year, the taxpayer purchased a three-year certificate of deposit. According to the original issue discount (OID) rules, the interest income will be recognized over three years, with the third year's amount being higher than the first.
What is meant by a Taxpayer?An entity that is required to pay taxes is known as a taxpayer, such as a firm. A government may give a reference number or an identifying number to individuals or businesses in the modern world.
Anybody who pays taxes is referred to as a "taxpayer" in most cases. Any person or organization that must pay money to local or federal taxing authorities is referred to as a taxpayer.
In addition to many other types, taxes may be levied on owners of real property (such as homes and vehicles) as income taxes or as property taxes.
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item11 part 4 of 4 0.36 points item skipped ebookreferencesitem 11 required information required information skip to question raw materials purchases are debited to raw materials inventory. direct materials used are debited to work in process inventory and credited to raw materials inventory. indirect materials used are debited to factory overhead and credited to raw materials inventory. direct labor used is debited to work in process inventory and credited to factory wages payable. indirect labor used is debited to factory overhead and credited to factory wages payable. other actual factory overhead costs are debited to factory overhead. estimated overhead costs are allocated, using a predetermined overhead rate, to the different processes. this allocated amount is credited to the factory overhead account and debited to the work in process inventory account for each separate process. as units are finished, finished goods inventory is debited and work in process is credited. units sold are debited to cost of goods sold and credited to finished goods inventory. current time 0:00 / duration 1:04 1x knowledge check 01 the journal entry to record the use of utilities in a factory includes which of the following: (you may select more than one answer. single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. any boxes left with a question mark will be automatically graded as incorrect.) check all that apply debit to factory overheadunanswered credit to factory overheadunanswered debit to factory utilities payableunanswered credit to factory utilities payableunanswered credit to raw materialsunanswered credit to factory wages payableunanswered
The journal entry to record the use of utilities in a factory includes Debit to Factory Overhead. As utilities are included in manufacturing overhead, using them in a factory counts as using factory overhead.
Manufacturing overhead, commonly referred to as "factory overhead," refers to all indirect costs incurred by the company in the normal operation of a plant. It excludes the direct expenditures made for labour and materials. These charges, which include depreciation, factory rent costs, power, property costs, supervision costs, and other costs that cannot be clearly linked to a specific good or service, are all indirect costs. These costs are distributed in a variety of ways, including, among others, time spent as a percentage of direct material, direct labour, or prime cost costs.
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Lyon Co. collected $1,200 in sales tax from customers during the month of March. In April, Lyon sent the $1,200 sales tax to the state government. The entry to record payment to the state would include which of the following? (Check all that apply.)
Credit to Cash
Debit to Sales Tax Payable
The entry to record payment to the state would include.
Credit to Cash
Debit to Sales Tax Payable
Which phrase best encapsulates sales tax?A sales tax is one that is levied on both consumer purchases and commercial sales of products and services. It is a form of consumption tax, which means that it levies a fee on every dollar that consumers spend.
Exactly why do consumers pay sales tax?Items like schools, roads, and fire services that are included in the state and local budgets are funded by sales tax. As a lot of localities rely on sales tax to pay for their budgets, they take the collection of all unpaid sales tax very seriously.
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Everyone uses money, and it is important to understand what factors affect the cost of money. Consider the following scenario: Your accountant has convinced you that you should invest your bonus from this year into your retirement account-instead of buying a new sports car-because of the high expected return on the investment. Determine which of these fundamental factors is affecting the cost of money in the scenario described:- Risk - Time preferences for consumption- Inflation
In this scenario, the Time preferences for consumption will affect the cost of money, because of the preferences of consumers for current consumption as opposed to saving for future consumption.
What do you mean by Investment?An investment is a fixed asset or item acquired with the objective of generating income or appreciation.
Your accountant has preferred you to oppose the current consumption of buying a new sports car as to saving for future consumption by investing in your retirement account.
Risk-The chances that an investment will provide a low or negative return.
Inflation—The amount of money by which price increases over time.
Therefore, The Time preferences for consumption will affect the cost of money.
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consider the following scenario: the director of product requests the project manager to add a new product feature. however, they also state that the team cannot push back the project delivery date.
using the triple constraint model, what trade-off could the project manager use to meet the director of products request?
a. change the budget
b. change the team
c. change the timeline
d. change the project goal
Using the triple constraint model, the trade-off which the project manager could use to meet the director of products request include the following: A. change the budget.
What is the triple constraint model?In Project management, the triple constraint model states that every and all project must include three (3) major constraints and these include the following:
Budget or cost.Time.Scope. What is a budget?In Economics, a budget can be defined as a financial plan that is typically used for the estimation of revenue and expenditures (expenses) of an individual, business organization or government in the form of money, especially for a specified period of time, often one year.
In this context, we can reasonably infer and logically deduce that this project manager could use a change in the budget in order to meet the director of products request.
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e-marketplaces are group of answer choices virtual or holographic purchasing marketspaces that allow manufacturers to estimate demand based upon different changes in environmental forces. websites that allow consumers to make direct purchases from a manufacturer rather than through a traditional retail outlet. online trading communities that bring together buyers and supplier organizations to make possible the real time exchange of information, money, products, and services. computer simulations that allow manufacturers to estimate how much inventory to keep on hand based upon different purchasing scenarios. databases co-sponsored by the u.s. department of commerce and the world trade organization (wto) that houses all public access records for the purpose of aiding american and global businesses.
Online trading communities that bring together buyers and supplier organizations to make possible the real-time exchange of information, money, products, and services is the correct answer
In order to facilitate the real-time exchange of information, money, goods, and services, e-marketplaces are online trading communities that unite supplier and buyer organizations. They are digital platforms that let companies transact online.
To ensure trust and transparency in transactions, e-marketplaces offer a variety of services, such as product catalogs, buying and payment systems, dispute resolution tools, and feedback systems. These marketplaces may be owned and run by independent providers or by suppliers and customers. Businesses frequently use them to simplify the procurement process, lower transaction costs, and boost supply chain effectiveness.
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A company's accounting system consists of a general journal, a cash receipts journal, a cash disbursements journal, a sales journal, and a purchases journal. For each of the following. indicate which journal should be used to record the transaction.
The following journal should be used to record the transaction.
Cash receipts journal: records all cash received including cash sales.Cash payments journal: records all disbursements of cash including cash purchases.How do sales operate?A sale is a contract that calls for the exchange of goods or services for money, among other things. Hence, a sale is any action that involves transferring ownership of a good or service to the buyer in exchange for money.
What does the word "sales" signify when used in a commercial context?
In the context of routine business operations, a sale is any transaction in which money or value is exchanged for the right to own a good or access to a service.
All sales of goods made on credit are recorded in the sales journal.All purchases made on credit are noted in the purchases log.Transactions that cannot be recorded in a specific journal are recorded in the general journal. including modifying, shutting, and fixing errors.To know more about Sales visit:
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Complete question:
following: a. why is the minimum cardinality next to the does business in associative entity coming from customer zero?
The minimum cardinality next to the "does business in" associative entity coming from the customer is zero because it represents the minimum number of times that a customer can be associated with a "does business in" relationship. This means that a customer can have zero or more associations with the "does business in" entity.
In other words, it is possible for a customer to not have any "does business in" relationships, which is why the minimum cardinality is zero. This allows for the flexibility and accuracy of the data model, as not all customers may have "does business in" relationships.
It is important to note that the minimum cardinality is different from the maximum cardinality, which represents the maximum number of times that a customer can be associated with a "does business in" relationship. The maximum cardinality is typically represented with a number or the letter "N" to indicate that there is no limit to the number of associations a customer can have with the "does business in" entity.
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Days' sales uncollected is a measure of the __________ of receivables computed by dividing the current
balance of receivables by the annual credit (or net) sales and then multiplying by 365.
Days' Sales Uncollected is a metric for the liquidity of receivables that is calculated by multiplying the yearly credit (or net) sales by 365 and dividing the current amount of receivables by that number.
How do you define "days sales uncollected"?To estimate how long it will take to collect receivables, a liquidity ratio known as days' sales uncollected is utilized. These details can be used to evaluate a company's short-term liquidity for lenders and creditors.
What does "days sales in receivables" mean and how is it calculated?The formula entails multiplying the accounts receivable, which are divided by the credit sales for a specific number of days, by a specific number of days. The outcome is the average number of days' sales, which can show how a business creates cash flow.
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