Answer:
$150,000
Explanation:
Given an intangible asset like a copyright, it is amortized using the straight-line method, thus, to determine the amount of amortization in a given year, the formula is to divide the copyright's value by the length of its useful life.
However, in this case, since the Golden Company has a binding commitment from another company to purchase its copyright AT THE END of the asset's USEFUL LIFE, then, the value of the copyright equals zero.
What this simply means is that, when calculating copyright amortization, Golden Company should utilize a residual value of $150,000, because the value of the copyright at that moment equals zero.
Services can be______because the real people who provide them may vary in their abilities and motivations, or even their moods, resulting in differences in perceived quality.
Answer:
Inconsistent.
Explanation:
Services can be inconsistent because the real people who provide them may vary in their abilities and motivations, or even their moods, resulting in differences in perceived quality.
In Business and customer relationship management, the consistency of a service is solely dependent on the individual saddled with the responsibility of providing the service.
For instance, if Staff X isn't happy about something or is depressed, the staff is most likely to act lukewarm or annoying towards the service takers, therefore making the service inconsistent in comparison with other staffs and days.
Pearl Windows manufactures and sells custom storm windows for three-season porches. Pearl also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Pearl enters into the following contract on July 1, 2017, with a local homeowner. The customer purchases windows for a price of $2,440 and chooses Pearl to do the installation. Pearl charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $630. The customer pays Pearl $2,040 (which equals the standalone selling price of the windows, which have a cost of $1,130) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2017, Pearl completes installation on October 15, 2017, and the customer pays the balance due.
Given uncertainty of finding skilled labor, Pearl is unable to develop a reliable estimate for the standalone selling price of the installation.
Prepare the journal entries for Pearl in 2017.
Answer:
July 1, 2017
No journal entry required because no money or goods have been exchanged.
September 1, 2017
Dr Cash 2,040
Dr Accounts receivable 400
Cr Sales revenue 1,621.37
Cr Unearned revenue 418.63
sales revenue = [$2,040 / ($2,040 + $630)] x $2,440 = $1,621.37
unearned revenue = $2,040 - $1,621.37 = $418.63
September 1, 2017
Dr Cost of goods sold 1,130
Cr Inventory 1,130
October 15, 2017
Dr Cash 400
Dr Unearned revenue 418.63
Cr Accounts receivable 400
Cr Sales revenue 418.63
If a 10% decrease in the price of one product that you buy causes an 8% increase in quantity demanded of that product, will another 10% decrease in the price cause another 8% increase (no more and no less) in quantity demanded?
Answer:
No
Explanation:
to determine if another 10% decrease in the price cause another 8% increase (no more and no less) in quantity demanded, we have to determine the price elasticity of demand.
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
8% / 10% = 0.8
demand in inelastic so a 10% reduction in price would lead to a less than 8% change in quantity demanded
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
The six member countries that have embraced a common market are disappointed with the outcome of their economic integration. They want something that entails a closer economic integration and cooperation than a common market and decide to pursue a common currency. They are forming a(n)
Answer:
The correct answer is "Economic union ".
Explanation:
An economic union becomes a category of the block of commerce that consists of a shared marketplace including another customs union. The participating countries get both good legislation on drug control, the free flow of goods, services as well as growth factors as well as a similar foreign exchange strategy.So that they forming an Economic union.
Buyline is an e-commerce Web site. It has come up with a promotional offer where buyers get a 60 percent discount on refrigerators if a minimum of 100 buyers agree to buy the product within 24 hours of the offer being announced. In this case, it is evident that BuyLine is a _____.
Answer:
Group buying platform
Explanation:
Group buying platform is also known as collective buying and is when the prices of goods and services are significantly reduced on the condition that a minimum number of buyers make purchase.
Usually there is a deal of the day displayed that is activated when the minimum number of buyers has been reached.
In this scenario Buyline has a promotional offer where buyers get a 60 percent discount on refrigerators if a minimum of 100 buyers agree to buy the product within 24 hours of the offer being announced.
This is a group buying platform
On January 1, 2017, Blossom Company had Accounts Receivable of $51,600 and Allowance for Doubtful Accounts of $4,100. Blossom Company prepares financial statements annually. During the year, the following selected transactions occurred:
Jan. 5 Sold $4,600 of merchandise to Rian Company, terms n/30.
Feb. 2 Accepted a $4,600, 4-month, 9% promissory note from Rian Company for balance due.
12 Sold $11,100 of merchandise to Cato Company and accepted Cato’s $11,100, 2-month, 10% note for the balance due.
26 Sold $11,700 of merchandise to Malcolm Co., terms n/10.
Apr. 5 Accepted a $11,700, 3-month, 8% note from Malcolm Co. for balance due.
12 Collected Cato Company note in full. June 2 Collected Rian Company note in full.
15 Sold $2,100 of merchandise to Gerri Inc. and accepted a $2,100, 6-month, 12% note for the amount due.
Journalize the transactions. (Omit cost of goods sold entries.)
Answer:
Blossom Company
Journal Entries:
Jan. 5
Debit Accounts Receivable (Rian Company) $4,600
Credit Sales Revenue $4,600
To record credit sales.
Feb. 2:
Debit 9% Note Receivable $4,600
Credit Accounts Receivable $4,600
To record the transfer.
Feb. 12
Debit Notes Receivable (Cato Company) $11,100
Credit Sales Revenue $11,100
To record the sale in exchange for 10% note.
Feb. 26:
Debit Accounts REceivable (Malcom Co.) $11,700
Credit Sales Revenue $11,700
To record sales on account, terms n/10.
Apr. 5:
Debit Notes Receivable $11,700
Credit Accounts Receivable $11,700
To transfer the balance to a 3-month 8% notes receivable
Apr. 12:
Debit Cash Account $11,285
Credit Interest on Notes Receivable $185
Credit Notes Receivable $11,100
To record full settlement of notes receivable.
Apr. 15:
Debit Notes Receivable $2,100
Credit Sales Revenue $2,100
To record the sale of goods and acceptance of 6-month 12% note.
Explanation:
Journal entries record business transactions for the first time. The accounts to be debited and credited are identified and these are entered into the journal. It is from the journal that postings are made to the general ledger.
The costs of lead contamination have been estimated to be $1 billion for medical care of those sickened by lead, plumbing repairs, and reduced earnings of those affected by lead. This $1 billion can best be classified as:
Answer:
Social cost of market failure
Explanation:
Market failure is an economic situation in which an imperfection in the market mechanism prevents an optimal outcome.
The $1 billion cost of lead contamination intended for the medical care of those sickened by lead, plumbing repairs and reduced earnings of those affected is called social cost of market failure.
Whenever external benefits and costs exist, the market will not produce at the optimal outcome leading to social cost of market failure by an organization.
External costs are costs that are imposed without compensation on a third party.
In market A, a 4% increase in price reduces quantity demanded by 2%. In market B, a 3% increase in price reduces quantity demanded by 4%. The price elasticity of demand in market A and market B are considered______ and ______, respectively. Group of answer choices
Answer:
Price elasticity of market A = Inelastic
Price elasticity of market B = Elastic
Explanation:
Elasticity in the case of market A.
Given the percentage change in demand = 2%
Percentage change in price = 4%
Elasticty of demand = %Change in demand / %change in price
= 2 / 4
= 0.5 (Inelastic)
Elasticity in the case of market B.
Given the percentage change in demand = 4%
Percentage change in price = 3%
Elasticty of demand = %Change in demand / %change in price
= 4 / 3
= 1.33 (elastic)
Ed Stall is an investor who owns 1 share of YY industries and a put option on 1 share of YY. The exercise price of the put option is $100 and YY currently trades at $99. The option premium was $3. If the price of YY at expiration is $50, the value of Stall's position is:
Answer:
$100
Explanation:
The reason is that the minimum value that the buyer of the put option will have is its exercise price because if I have right to sell an asset with exercise price of $100 and the market value of the underlying asset goes below $100 say $90, then I will prefer exercising the option and will receive $100. But suppose if the market price of the underlying asset goes above exercise price and is say $110 then I will benefit by selling the product in the market by receiving $110 not by exercising the put option and receiving $100.
So we can see from the above scenario, the minimum price that the put option holder can get by exercising the put option is its exercise price, hence $100 is the right answer.
In its third year, a project is expected to generate earnings before interest, taxes, depreciation, and amortization of $283,104 and its depreciation expense is expected to be $53,228. If the company’s tax rate is 38%, what is the project’s expected operating cash flow?
Answer:
$195,751
Explanation:
Calculation for the project's expected operating cash flow
The first step will be to find the EBIT
using this formula
EBIT =(Earnings before interest, taxes, depreciation, and amortization -Depreciation expense)
Let plug in the formula
EBIT= 283,104 - 53,228
EBIT= 229,876
Second step is to find the NOPAT using this formula
NOPAT = EBIT(1- tax rate)
NOPAT= 229,876(1 - 0.38)
NOPAT= 142,523
Last step is to calculate for Expected Operating Cash flow
Using this formula
Operating cash flow = NOPAT + Depreciation expenses
Let plug in the formula
Operating cash flow = 142,523 + 53,228
Operating cash flow = $195,751
Therefore the project's expected operating cash flow will be $195,751
Investments are different from savings accounts in that they A. Offer high profit potential B. Are FDIC-insured C. Guarantee to never lose money D. Can only be accessed online
Answer:
Option A, Offer high-profit potential, is the right answer.
Explanation:
Option A, “Offer high-profit potential” is the current answer because the savings account provides a fixed interest rate and this interest rate is sometimes unable to match the inflation. However, the investments give high profits. Moreover, there is zero risks associated with the savings accounts but there may be the risk involved in the investments. For example, investment in mutual funds given high profit but also involves the market risk.
Shelley has been hired as a marketing specialist at a large, international firm. On Shelley's first day of work, she attends an orientation session. Which of the following is LEAST likely to be addressed during Shelley's orientation program?
A) organizational structure
B) company policies and rules
C) compensation and reward system
D) daily and weekly task requirements
Answer:
D) daily and weekly task requirements.
Explanation:
In this scenario, Shelley has been hired as a marketing specialist at a large, international firm. On Shelley's first day of work, she attends an orientation session.
In the orientation session, what new employees are most likely to be briefed or talked to about is the organizational structure, company policies and rules and compensation and reward system. In human resources management, it is important to get new employees acquainted with the essential informations, rules, regulations, and guidelines that exist in an organization.
Hence, daily and weekly task is least likely to be addressed during Shelley's orientation program because she's not likely to commence her duties on the first day and her responsibilities or roles would be introduced to her by her functional or line manager.
Sunland Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2017, the company’s Cash account per its general ledger showed a balance of $6,823.90. The bank statement from Emporia State Bank on that date showed the following balance.
EMPORIA STATE BANK
Checks and Debits Deposits and Credits Daily Balance
5-317,053.00
A comparison of the details on the bank statement with the details in the Cash account revealed the following facts
1. The statement included a debit memo of $57.00 for the printing of additional company checks
2. Cash sales of $900.15 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $950.15. The bank credited Sunland Company for the correct amount
3. Outstanding checks at May 31 totaled $285 25, and deposits in transit were $1.897.15.
4. On May 18, the company issued check No. 1181 for $684.00 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Sunland Company for $648.00
5. A 52.792.00 note receivable was collected by the bank for Sunland Company on May 31 through electronic funds transfer
6. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $343.00 that was incorrectly charged to Sunland Company by the bank
7. On May 31, the bank statement showed an NSF charge of $465.00 for a check issued by Sara Ballard, a customer to Sunland Company on account
Prepare the bank reconciliation at May 31, 2017. (List items that increase balance as per bank & books first. Round answers to 2 decimal places, eg. 52.75)
Answer:
Bank account reconciliation:
Bank account balance $7,053
+ Deposits in transit $1,897.15
+ Check charged by error $343
- Outstanding checks ($285.25)
Reconciled bank account $9,007.90
Cash account reconciliation:
Cash account balance $6,823.90
+ Note receivable collected by bank $2,792
- Bank fees for printing checks ($57)
- Error on deposit slip ($50)
- Error on recording check ($36)
- NSF check ($465)
Reconciled cash account $9,007.90
Q 7.37: Eric Hansen is a receiving clerk who has just been denied a raise. He has approached his subordinate, who is the new storeroom clerk, about diverting inventory to sell for personal gain. This example of the ________, which may lead to _________.
Answer:
Human element; collusion.
Explanation:
In this scenario, Eric Hansen is a receiving clerk who has just been denied a raise. He has approached his subordinate, who is the new storeroom clerk, about diverting inventory to sell for personal gain. This is an example of the human element, which may lead to collusion.
Human element can be defined as a strategic technique for improving and dealing with the way or manner employees work together in a business environment in order to achieve greater organizational performance and accomplishments. Human element can be used to improve openness, sincerity and honesty among the the very many people (employees) working individually or together as a team in an organization.
In this case, when the storeroom clerk agrees to Eric's suggestion, this would lead to both of them diverting inventory to sell for personal gain. This is simply an act of collusion.
Collusion is an illegal cooperation or agreement between two or more people with an ulterior motive, for personal benefits.
Lower inventory levels Group of answer choices make processes less dependent on each other while revealing bottlenecks more quickly make processes more dependent on each other while keeping bottlenecks hidden make process less dependent on each other while keeping bottlenecks hidden make processes more dependent on each other while revealing bottlenecks more quickly
Answer:
The correct answer will be "more dependent on each other while revealing bottlenecks more quickly".
Explanation:
Maintaining low inventory rates seems to be a common goal for businesses around logistics as well as inventory. Inventory needs supervision and is responsible for the costs.A traditional inventory manager could use the level of inventory including the sale of products and services to assess the best period whether to produce more, whether they control the manufacturing of a supplier, as well as to acquire more when the commodity is kept as stock in something like a department store.Suppose that the wage is $20 per hour in a two-sector (manufacturing and agriculture) specific-factors model. Currently, the prices of manufactured and agricultural outputs are $5 and $1, respectively; the marginal product of labor in the manufactured sector is 6 units per hour; and the marginal product of labor in the agricultural sector is 10 units per hour. What will happen to the distribution of labor between the two sectors?
Options :
A) Nothing will happen. The current allocation of labor between the two sectors is ideal.
B) The manufacturing sector will demand more labor, and the agricultural sector will demand less labor at the current wage.
C) The agricultural sector will demand more labor, and the manufacturing sector will demand less labor at the current wage.
D) Both the agricultural and the manufacturing sector will demand more labor at the current wage.
Answer: B) The manufacturing sector will demand more labor, and the agricultural sector will demand less labor at the current wage.
Explanation: Analysing the marginal product of labor for the TWO sectors ; the manufacturing and agricultural which measures the change in production output as labor is increased. The output produced by increasing labor is 6units for manufacturing and 10 units for agricultural, agricultural seems greater, however, comparing output with the price per unit of product, manufacturing and agricultural sells for $5 and $1 respectively. Meaning manufacturing generates ($5 * 6) = $30 while agricultural generates ($1 * 10)) $10 per increase in number of Labor.
Therefore, at the current wage of $20, revenue made by hiring one more unit of labor into the agricultural sector cannot even cater for it's wage. Therefore, agricultural sector will demand less while manufacturing will demand more.
The reason Air-Omnibus was not celebrating despite selling more aircrafts than Crow-Wing in 2003 was because of the Multiple Choice increasing regulations. rising value of the euro. profits being static. lower value of the euro. rising value of the dollar.
Answer:
i wouldnt be celebrating either
Explanation:
i certainly wouldnt feel joyous if my regulations were increasing
Which of the following costs do not vary with the amount of output a firm produces? a. average fixed costs b. fixed costs and average fixed costs c. marginal costs and average fixed costs d. fixed costs
Answer:
d. fixed costs
Explanation:
The fixed cost is the cost which does not change if there is a change in the level of production i.e if the production level is increased or decreased it the fixed cost would remain the same as it is previous before
Therefore according to the given situation, since the fixed does not vary with the amount of firm output
Hence, option d is correct
Which step in developing a mission statement requires you to think about who is affected by your organization and how they might measure your success?
Answer:
Considering the stakeholders' perspectives.
Explanation:
Considering the stakeholders' perspectives is a step in developing a mission statement which requires that you to think about who is affected by your organization and how they might measure your success.
Generally, when the top executives or management are developing a mission statement, decisions, and goals, it is very essential and important that they ensure it is favourable to the stakeholders. Stakeholders can be defined as a group of people who have interest or shares in a business entity and are affected by the decisions of the company.
Hence, the stakeholders perspective needs to be considered at all times because they're part of the business and their actions can affect the success of the business.
Under a just-in-time inventory system, a company can reduce the amount of working capital it needs to finance inventory, freeing capital for other uses and/or lowering the total capital requirements of the enterprise.
a) true
b) false
Answer:
True.
Explanation:
Under a just-in-time inventory system, a company can reduce the amount of working capital it needs to finance inventory, freeing capital for other uses and/or lowering the total capital requirements of the enterprise.
In Business management, Just-in-time (JIT) is an inventory management method used by a company wherein goods, products, components, and labor are made available exactly when needed or just few hours before they are needed in the production process.
Basically, It is an inventory management system that companies use to reduce wastage to the barest minimum, thereby, freeing capital for other uses and/or lowering the total capital requirements of the enterprise.
Hence, just-in-time when used judiciously can help a company reduce the amount of working capital it needs to finance inventory management.
"Closed-loop" production seeks to integrate what is presently waste back into production. In an ideal situation, the waste of one firm becomes the resource of another, and such synergies can create eco-industrial parks. This principle is often referred to as:
Answer:
Biomimicry.
Explanation:
"Closed-loop" production seeks to integrate what is presently waste back into production. In an ideal situation, the waste of one firm becomes the resource of another, and such synergies can create eco-industrial parks. This principle is often referred to as biomimicry.
Biomimicry can be defined as a technological-oriented systems or model which is typically focused on the application of nature's elements or processes, and lessons into proper use for the purpose of solving real-life problems. Some examples of biomimicry are Tree-climbing robot mimics inch worms, Gecko climbing feet, Bird skull shoe, Armadillo backpack etc.
On April 1, Griffith Publishing Company received $24,480 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. The company credited Unearned Fees for the amount received and the subscriptions started immediately. What is the adjusting entry that should be recorded by Griffith Publishing Company on December 31 of the first year?
Answer:
Dr Unearned Fees, $6,120
Cr Fees Earned, $6,120
Explanation:
Based on the information given we were told that the On April 1, the Company received the amount of $24,480 for 36-month subscription in which the company credited Unearned Fees for the amount received therefore the adjusting entry that the company should be record on December 31 of the first year will be:
Dr Unearned Fees, $6,120
Cr Fees Earned, $6,120
Working:
Amount the company received $24,480 ÷Months of Subscription 36 months
*April to December will give us 9 months
Hence,
$24,480/36*9
=$680*9
=$6,1,20
20. An emergency operations plan: A. Focuses on standard operating procedures for responding to one single type of incident. B. Serves primarily as a budgeting document for acquiring emergency management resources. C. Establishes the overall authority, roles, and functions performed during incidents. D. Is required in order for a jurisdiction to receive Federal assistance with mitigation initiatives.
The correct answer is C. Establishes the overall authority, roles, and functions performed during incidents.
Explanation:
Emergency operations plans are documents that officially define the response to emergency or important incidents such as fires, floodings, attacks, among others. These plans are quite specific and due to this, they establish supplies, roles, functions, and those involved in the response. Moreover, emergency operation plans are used by organizations to have an appropriate management of emergency and similar situations. According to this, the option that best describes this concept is C.
Read this statement: The primary goal of the business firm is to maximize the wealth of the firm's owners. For a corporation, this statement means that managers should focus on maximizing the wealth of its shareholders or its:
Answer:
The correct answer is: Stock Price.
Explanation:
To begin with, those organization that are focus on making profits are the ones who have to work in order to ensure the fact of maximizing the wealth of is shareholders or its stock price so in that way when the price rises the money that will enter the company will be increase as well too. So that is why that the managers to the companies must focus on the task of improving the production and all the systems of the organization so that will mean that the company is trying to sell more and therefore to maximize its profits due to its primary goal.
Jerome says that he will spend exactly $25 (think sales/revenue) each month on new apps for his mobile device, regardless of the price of apps. Jerome’s demand for apps is a. Perfectly elastic. b. Unit elastic. c. Perfectly inelastic. d. Somewhat inelastic, but not perfectly inelastic.
Answer:
Option B, unit elastic.
Explanation:
The option “b” is correct because as per the expenditure method to calculate the elasticity of demand when the total expenditure (TE) remains the same regardless of the increase or decrease in the price or quantity then the elasticity is equal to one. Thus when elasticity is equal to one this is called the unit elastic demand. thus, option b is right.
Is government-subsidized flood insurance more likely to help relatively rich people or relatively poor people? Will it increase, decrease, or leave unchanged the amount of damage occurring from floods?
Answer:
Policy (SFIP), actually touches and damages NFIP-insured property. A loss caused
by a flood in progress at the time an SFIP comes into effect may be subject to the
flood-in-progress exclusion. If the SFIP was effective prior to the date the flood in
progress began, coverage will be effective. A flood is in progress on the earlier of
either the date the community in which the NFIP-insured property is located first
experiences a flood as defined in the SFIP, or on the date of an event initiating a
flood that directly or indirectly affects areas downstream or in a floodway.
70. Is damage caused by a flood in progress covered?
If a policy is in effect on the date the flood in progress begins, damage caused
by the flood in progress is covered, subject to the terms of the SFIP. If a policy
is effective after the date the flood is in progress, damage caused by the flood in
progress most likely will not be covered. However, each NFIP claim is adjusted
individually and the cause of any loss, and any applicable limitations or exclusion
in the SFIP, is determined during the claims adjustment process.
Explanation:
follow me plzzz
On january 1, ace electronics bought a new cash register for $2,500. Ace plans to use the cash register for 4 years and then sell is for $200. If Ace uses straight-line depreciation expense for the 1st year ended December 31 equals________
Answer:
Depreciation expense = $575
Explanation:
According to International Accounting standards(IAS) 16 property plan and equipment (PPE), the cost of an asset is the purchase cost plus other costs of bringing it to the intended working conditions.
Annual depreciation = (Cost - Scrap Value)/ Number of years
Cost of asset = 2500
Scrap value - 200
Estimated useful life = 4
Annual depreciation = (2500 - 200)/4 = 575
Depreciation expense = $575
g) Recovery schedule is a: i. A schedule prepared by the contractor to recover lost costs. ii. A schedule prepared by the owner and given to the contractor to make adjustments in the work plan. iii. A schedule prepared by the contractor after the project had fallen behind with adjustments that expedite the remainder of the project to ensure a timely finish. iv. None of the above.
Answer: iii. A schedule prepared by the contractor after the project had fallen behind with adjustments that expedite the remainder of the project to ensure a timely finish
Explanation:
The recovery schedule is a method of recovering time by the contractor. Just like the progress schedule, it should be noted that the recovery schedule is the responsibility of a contactor.
Therefore, it is a schedule prepared by the contractor after the project had fallen behind with adjustments that expedite the remainder of the project to ensure a timely finish.
Sweeties, Inc., manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $369,000, $146,000, and $97,600, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $30,200, and work in process at the end of the period totaled $28,400.
Required:
(1) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct materials.*
(2) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct labor.*
(3) On September 30, journalize the entry to record the flow of costs into the Refining Department during
Complete question :
Sweeties, Inc., manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $369,000, $146,000, and $97,600, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $30,200, and work in process at the end of the period totaled $28,400.
Required:
(1) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct materials.*
(2) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct labor.*
(3) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for factory overhead. (b.) On September 30, journalize the entry to record the transfer of production costs to the second department, Sifting.
Answer:
Kindly check explanation
Explanation:
1)
Account title - - - - - - - - Dr - - - - - - - Cr
Work-in - process(refining dept) - - $369,000 Dr
Direct materials - - - - - - - - - - - - - - $369,000 Cr
(2)
Account title - - - - - - - - Dr - - - - - - - Cr
Work-in - process (refining dept) -- $146,000 Dr.
wages payable - - - - - - - - - - - $146,000 Cr.
3)
Account title - - - - - - - - Dr - - - - - - - Cr
Work-in-process(refining dept) - $97,600 Dr.
Factory overhead - -- - - - - - - - - - $97,600 Cr.
B) Transfer of production cost to second department :
Work-in-process (sifting dept) - - - - $614,400 Cr.
Work-in-process (refining dept) - - - $614,400 Dr.
Beginning + (incurred / purchases) - ending
[$30,200 + $(369,000 + 146,000 + 97,600) - $28400] = $614,400
Prior to being banned in 2002 by the McCain-Feingold Act, unlimited monetary contributions that were earmarked for party-building expenses at the grassroots level or for generic party advertising were known as....
A) matching funds
B) soft money
C) hard money
D) support funds
Answer:
B.
Explanation:
Soft money can be defined as a money raised by party or committees that's not been regulated by the federal campaign finance. Such campaign contributions are not made within the federal law and thus are illegal to raise. These monetary contributions are used for party building activities such as electoral registration programmes. The origin of soft money dates back to the Watergate reforms.
In the given case, the monetary contributions were used for party-building expenses or generic party advertising. Thus this monetary contribution is known as soft money.
So, the correct answer is option B.