In January, Knox Company requisitions raw materials for production as follows: Job 1 $936, Job 2 $1,690, Job 3 $767, and general factory use $667.Prepare a summary journal entry to record raw materials used:
DEBIT CREDIT
Work in Process Inventory
Jan 31. Manufacturing Overhead
Raw Materials Inventory
Answers
Answer:
Materials used in production go to Work in Process so;
= 936 + 1,690 + 767
= $3,393
The materials used in the general factory will go to Manufacturing Overhead.
Date Debit Credit
Jan 31 Work in Process $3,393
Manufacturing Overhead $ 667
Raw Materials Inventory $4,060
Related Questions
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A company pays each of its two office employees each Friday at the rate of $100 per day for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is: Multiple Choice Debit Unpaid Salaries $600 and credit Salaries Payable $600. Debit Salaries Expense $600 and credit Salaries Payable $600. Debit Salaries Expense $400 and credit Cash $400. Debit Salaries Payable $400 and credit Salaries Expense $400. Debit Salaries Expense $400 and credit Salaries Payable $400.
Place a checkmark next to each argument that supports abolishing the Federal Reserve Bank.The Fed increases inflation.Changing the U.S. currency system could destabilize the economy.The Federal Reserve helps stimulate economic growth during depressions and recessions.The Fed worsens economic depressions.Poor management by the Fed has led to two major financial crises in the U.S. in the last 100 years.The Federal Reserve is best equipped to supervise large firms and banks.A more independent financial market is generally healthier and more stable.The Fed does not have the knowledge necessary to make good decisions about interest rates.
abstraction enables us to apply a function to each value in a list and returns a new list of the results
b. top-level managers still have to rely on the active support and cooperation of middle and lower-level managers in pushing needed changes in functional areas and operating units.
c. the pivotal and most decisive strategy-implementing actions are carried out by frontline supervisors who have the day-to-day responsibility of seeing that key activities are done properly.
d. the success or failure of the implementation/execution effort hinges chiefly on doing an effective job of empowering employees to make day-to-day operating decisions that support good strategy execution.
e. it is a company's employees who most determine whether the drive for good strategy execution will succeed or fail.
Answers
Answer: top-level managers still have to rely on the active support and cooperation of middle and lower-level managers in pushing needed changes in functional areas and operating units
Explanation:
The senior executives in organizations are responsible for the implementation and execution of directives to achieve organizational goals. For them to achieve this, top-level managers have to rely on the cooperation and active support of the middle and lower-level managers for organizational success.
The top level managers are in charge of planning and directing the group of individuals as they monitor their work and implement needed changes.
Answers
When an investor holds a particular type of bond then the expected income he anticipates receiving is called the annual coupon rate.
The annual coupon rate is calculated as the sum of coupon payments throughout the year divided by the par value.
The annual coupon rate of the bond is 16.22%.
The coupon rate can be estimated as:
The following formula is used:
Given,
- Annual coupon payment = 162.2
- Par value of the bond= $1000
Putting values in equation:
Therefore, 16.22% is the annual coupon rate.
To learn more about coupon rates follow the link:
Answer:
16.22%
Explanation:
To calculate the annual coupon rate, you can use the following formula:
Coupon Rate= (Annual coupon payment/Par value of the bond)* 100%
Annual coupon payment= $1158.91*14%= 162.2
Par value of the bond= $1000
Coupon Rate= (162.2/1000)*100%
Coupon Rate=0.1622*100%
Coupon Rate= 16.22%
The annual coupon rate on this bond is 16.22%
Answers
Answer: $1
Explanation:
From the question, we are informed that at her current level of consumption, Jess gets half as much marginal utility from an additional bagel as from an additional muffin.
Since we have been informed that the price of muffin is $2 each, then Jess is maximizing her utility if the price of a bagel is:
= $2/2
= $1
It should be noted that utility simply means satisfaction that is gotten when one uses a particular product or service.
Answers
Answer:
Income per worker = 1.41 ; If rate of savings is 20% or 0.20 - Savings = 0.28
Explanation:
Y is output or income per worker, is given as a function of factors - Capital & Labour.
Y = F (K,L) = K^1/2.L^1/2
Given : 'Capital per worker' = 2
So, labour = 1 & capital = 2
Income [Y] per worker = (2)^1/2 . (1)^1/2
I.4 x 1
= 1.41
Savings [S] is a function of Income [Y]
S = f (Y)
S = s.f(Y) ; where s represents ratio / proportion of income saved.
Example : If 's' savings rate is 20% i.e 0.20
S = (0.20) (1.41)
= 0.28
Answers
Answer:
The budgeted accounts receivable balance at the end of February is closest to: $4,500.
Explanation:
Prepare a Accounts Receivable Budget for January and February
January February
Balance b/d $0 $4,200
Credit Sales $7,000 $7,500
Cash Received (40%) ($2,800) ($3,000)
Cash Received (60%) $0 ($4,200)
Balance c/d $4,200 $4,500
Conclusion:
Therefore, the budgeted accounts receivable balance at the end of February is closest to: $4,500
Answers
Answer: Stabilize the economy
Explanation: