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Olin [163]
2 years ago
13

Gallon Corporation had $24,000 of raw materials on hand on April 1. During the month, the Corporation purchased an additional $5

2,000 of raw materials. During April, $62,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $2,000. The debits to the Work in Process account as a consequence of the raw materials transactions in April total: Multiple Choice $62,000 $52,000 $60,000 $0
Business
2 answers:
mylen [45]2 years ago
5 0

Answer:

$62,000

Explanation:

Total materials - indirect materials

=62,000- 2000= $62,000

strojnjashka [21]2 years ago
4 0

Answer:

C-  $60,000

Explanation:

Description                                       Amount

Total material requisitioned            $62,000

less indirect materials                        $2,000

Total raw materials debited

to work in progress                          $60,000

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Which of the transactions listed here could be made into a recurring transaction? Select as many as are correct.(Select all that
professor190 [17]

Answer:

An expense, An invoice, An adjusting general entry

Explanation:

Well for the items provided,

Recurring transactions are those transactions which occur almost on a defined intervals. Recurring does not mean regular occurring, but it's occurring period is defined.

Therefore, Recurring Transactions are:

An expense = example monthly fixed payments of salary and wages, rent, utilities.

An invoice = this will be a regular transaction as issuing invoice to customers, is the daily business.

An adjusting general entry = as for like depreciation is fixed monthly,

Note: a customer payment is not recurring as it depends customer to customer as the payment is to be received or not, and at what interval it will be received.

Recurring transactions are:

An expense, An invoice, An adjusting general entry

6 0
1 year ago
During the year,Liptom Company made an entry to write off a $4,000 uncollectible account. Before this entry was made, the balanc
Andru [333]

Answer:

$55,500

Explanation:

The computation of the net realizable value after the write off entry is show below:

The credit balance in allowance with terms to bad debts is

= $4,500 - $4,000

= $500

Now the net realizable value is

= ($60,000 - $4,000) - ($4,500 - $4,000)

= $56,000 - $500

= $55,500

Hence, the same is to be considered

7 0
1 year ago
A brick mason was hired by a builder under a written one-year contract, at an annual salary of $45,000, with employment to begin
nirvana33 [79]

Because he had a contract with the builder, the mason would be able to get the original contract price of $45,000.

8 0
2 years ago
Read 2 more answers
In macroeconomics, a _______________ describes the common way in which market values are measured in an economy (Money acts as a
Tatiana [17]

In macro economics a unit of account describes the common way i which the market values are measured in an economy

Explanation:

When the market capitalization of a company which is traded in public and the company's number of out standing shares are multiplied then it is the way to calculate the market value in an economy

The economic value and the market values are not the same the market value is the value of a product in the market and the amount that the consumer is willing to pay for that product on the other hand economic value is the value that is benefited from the products that is the gain value in the market

7 0
2 years ago
1. What recommendations would you make to Jim to help him improve the financial
Basile [38]

Answer:

Hello your question is incomplete below is the complete question

Jim Connor is the owner of Wave Riders, a surf shop located in West Palm Beach, Florida. Jim has just received his end of the year financial statements from his accountant. When he sees his gross and net income he is dismayed. With almost $250,000 in gross profit he just doesn’t understand why he is always short on cash to pay his employees and suppliers. One of his largest suppliers of surf boards notified him just last month that they would no longer extend him credit and he would have to pre-pay all of his orders. He puts a call into his accountant to set up a meeting with her to discuss the financial health of his business

Average inventory turnover ratio : Wave riders = 2.5 , Industry = 6.85 ( as calculated )

answer: The recommendations that should be made to Jim to help him improve the company's financial performance is, Jim should work on selling off his old inventories before ordering more

Explanation:

The recommendations that should be made to Jim to help him improve the company's financial performance is, Jim should work on selling off his old inventories before ordering more, this is because The Average inventory turnover ratio for Waveriders is lower than the Industry's Average inventory turnover ratio. and this is caused by inadequate inventory management  ( overstocking or low sales ) and this is affecting The financials of Waveriders

6 0
2 years ago
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