Answer:
Decreases the Accounts Payable account and decreases the Checking account
Explanation:
In the case when the bill is paid in quick books by using the window of pay bills so the liabilities would be reduced also the liquid asset would be decreased
Since the liabilities is reduced i.e. account payable so automatically the checking account would also be reduced
hence, the last option is correct
The same is to be considered
Answer:
You would decrease the accounts payable (paying the bill relieves part of the balance in this account) and decreases the cash account (when you pay the bill, you use or reduce the cash)
Explanation:
see my answer for explanation
B. When a firm spends a small amount of money on advertising, this signals that the quality of the good is high.
C. If a firm knows its product is of low quality, it will be willing to spend large amounts of money on advertising.
Answer:
A. When a firm spends a large amount of money on advertising, advertising can be construed as a signal of quality.
Explanation:
When a firm spends a large amount of money in advertising its product, it means that the company is confident about its product and is willing to spend a lot because they know their product would be a success
I hope my answer helps you
2. Accounts Receivable
3. Supplies
4. Prepaid Insurance
5. Equipment
6. Truck
7. Notes Payable
8. Accounts Payable
9. Merry Walker, Capital
10. Merry Walker, Drawing
11. Fees Earned
12. Wages Expense
13. Rent Expense
14. Utilities Expense
15. Truck Expense
16. Miscellaneous Expense
17. Insurance Expense
Answer:
a. Recorded jobs completed on account and sent Invoices to customers.
Account to be Debited ⇒ 2. Accounts Receivable
Account to be Credited ⇒ 11. Fees Earned
The fees are to be credited as it is revenue. The amount will be debited to Accounts receivables because the customers owe the company.
b. Received an invoice for truck expense to be paid in February.
Account to be Debited ⇒ 15. Truck Expense
Account to be Credited ⇒ 8. Accounts Payable
This is an expense so it is debited as expenses are debited when they increase. As it is to be paid in future, it is a liability and will be credited to Payables.
c. Paid utilities expense
Account to be Debited ⇒ 14. Utilities Expense
Account to be Credited ⇒ 1. Cash
As explained, this is an expense and will have to be debited. It was paid with cash which will reduce the cash balance so Cash should be credited.
d. Received cash from customers on account
Account to be Debited ⇒ 1. Cash
Account to be Credited ⇒ 2. Accounts Receivable
Debtors are paying the company cash which will increase the cash balance so Cash is debited. The Receivables will be credited to reflect that they are decreasing from the debt settlement.
e. Paid Employees Wages
Account to be Debited ⇒ 12. Wages Expense
Account to be Credited ⇒ 1. Cash
As explained, this is an expense and will have to be debited. It was paid with cash which will reduce the cash balance so Cash should be credited.
f. Withdrew cash for personal use.
Account to be Debited ⇒ 10. Merry Walker, Drawing
Account to be Credited ⇒ 1. Cash
The owner withdrew cash for personal use and so this is sent to the Drawings account. It is debited to reflect that it is reducing capital. Cash will be credited as it is decreasing.
In a catering business transaction, you would debit the receiver and credit the giver account for each transaction. Such accounts may include Cash, Supplies, Fees Earned, etc. However, without specific details on transactions (a) through (f), more specific account identification cannot be provided.
The transaction entries would follow the standard principle of accounting - debit the receiver, credit the giver. It would also adhere to another principle - debit what comes in and credit what goes out. Each transaction would affect two accounts; one involves a debit entry, while the other one a credit entry.
For instance, if Merry Walker purchased supplies by cash (Transaction a), it would result in a debit to Supplies (3) and credit to Cash (1). If Merry received cash for catering services provided (Transaction b), Fees Earned (11) would be credited and Cash would be debited (1).
I cannot be more specific without seeing the details of transactions (a) through (f) that you mentioned. However, the principles mentioned above will guide you in identifying the accounts to debit and credit for each transaction.
#SPJ11
Materials handling $72,000 Number of moves 3,000
Engineering 165,000 Number of change orders 10,000
Other overhead 280,000 Direct labor hours 50,000
Heitger worked on four jobs in July. Data are as follows:
Job 13-43 Job 13-44 Job 13-45 Job 13-46
Beginning balance $20,300 $19,800 $2,300 $0
Direct materials $6,500 $8,900 $12,700 $9,800
Direct labor cost $18,000 $20,000 $32,000 $2,400
Number of moves 44 52 29 5
Number of change orders 30 40 20 20
Direct labor hours 900 1,000 1,600 120
By July 31, Jobs 13-43 and 13-44 were completed and sold. Jobs 13-45 and 13-46 were still in process.
Required:
1. Calculate the activity rates for each of the three overhead activities.
2. Prepare job-order cost sheets for each job showing all costs through July 31.
3. Calculate the balance in Work in Process on July 31.
4. Calculate the cost of goods sold for July.
5. What if Job 13-46 required no engineering change orders? What is the new cost of Job 13-46? How would the cost of other jobs be affected?
Answer:
Kindly check attached picture
Explanation:
1. Calculate the activity rates for each of the three overhead activities.
2. Prepare job-order cost sheets for each job showing all costs through July 31.
3. Calculate the balance in Work in Process on July 31.
4. Calculate the cost of goods sold for July.
5. What if Job 13-46 required no engineering change orders? What is the new cost of Job 13-46? How would the cost of other jobs be affected?
Kindly check attached picture for detailed explanation
This solution calculates the activity rates for three overhead activities, creates job-order cost sheets for four jobs, computes the Work in Process balance and Cost of Goods sold for July, and analysis the impact on job costs if there were no engineering changes for one job.
Firstly, to calculate the activity rates for each of the overhead activities, you need to divide the activity cost driver by the number amount of driver. For Materials handling, this gives us 72,000 / 3,000 = $24 per move; for Engineering, we get 165,000 / 10,000 = $16.5 per change order; and for Other overhead, the calculation gives 280,000 / 50,000 = $5.6 per direct labor hour.
For the job-order cost sheets, you add up all the costs - direct materials, direct labor, and overhead costs. The overhead costs are calculated based on the activity rates we calculated earlier multiplied by the number of drivers. The total for each category is then summed to provide the total cost for each job.
The balance in Work in Process on July 31st is calculated by adding the costs for all uncompleted jobs - which from the data supplied is jobs 13-45 and 13-46.
Cost of Goods Sold (COGS) for July includes costs of all jobs sold in July. As per the supplied data, jobs 13-43 and 13-44 were completed and sold in July. Hence, the costs of these two jobs are added to get COGS.
Lastly, if Job 13-46 required no engineering change orders, the engineering costs for that job would be eliminated, leading to a reduction in the total cost of that job. This would have no effect on the cost of other jobs as costs are allocated based on activity, not spread evenly across all jobs.
#SPJ3
Answer:
The correct answer is D. a meeting of three of the five commissioners of the Federal Aviation Administration.
Explanation:
Sunshine laws are regulations that require openness in government or business. Sunshine laws make public meetings, records, voting, deliberations and other official actions available for observation, participation and / or inspection. Sunshine laws also require that government meetings be held well in advance and at times and locations that are convenient and accessible to the public, with exceptions for emergency meetings.
In some cases, an event or document that would normally be accessible through the laws of sunlight is closed to public access (as a legally protected matter currently under investigation), but the laws of sunlight are supposed to minimize these exceptions. . Sunshine's laws also differentiate entities that are subject to laws from those that are not. For example, any entity with authority to create binding laws would be subject to the law, but an advisory committee that lacks such authority may not be subject to the laws of sunlight, even if it deals with matters related to government.
Answer:
d. a meeting of three of the five commissioners of the Federal Aviation Administration.
Explanation:
Federal Sunshine law was passed in the U.S in the year 1976. It's sole purpose was to ensure that there is transparency in the federal government. This law applies to a country, state, political subdivisions and it makes meetings, voting, records and other official actions available to the public to observe, participate and inspect.
The meeting that would be subject to the open-meeting provisions of the federal sunshine laws would be a meeting of three of the five commissioners of the Federal Aviation Administration.
Answer:
$262500
Explanation:
Please see attachment .
C) it contains powerful suppliers who can control prices
D) substitute products are unavailable in the segment
E) buyers in the market segment have weak bargaining powers
Answer:
B) it is difficult for new entrants to enter the segment
Explanation:
The porters' five forces of industry analysis include threat of new entrants, bargaining power of suppliers, competitive rivalry, bargaining power of customers and substitute products.
When the market is difficult for new entrants for one reason or the other such as the control of the distribution network by already established players in the industry, government regulations or large capital requirements etc the industry will be less attractive.
Other options given are factors that make the industry attractive.