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Andreas93 [3]
2 years ago
15

Listed below are a few transactions and events of Maxum Company. Employees earn vacation pay at a rate of one day per month. Max

um estimated and must expense $13,000 of accrued vacation benefits for the year. During December, Maxum Company sold 12,000 units of a product that carries a 60-day warranty. December sales for this product total $460,000. The company expects 10% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $15. Prepare adjusting entries at December 31 for Maxum Company’s year-end financial statements for each of the above separate transactions.
Business
1 answer:
motikmotik2 years ago
7 0

Answer:

                               General Journal

Date    Account Title and Explanation      Debit        Credit

           Vacation Benefit Expense              $13,000

                 Vacation Benefit Payable                           $13,000

          (Being accrued vacation liability made due)  

           Warranty Expense                            $18,000  

                  Estimated Warranty Liability                      $18,000

                  ($12,000 × 10 % × $15)

           (Being accrued warranty liability raised )

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Answer:

probability = 0.008

probability = 0.0256

Explanation:

we know here probability of defective is 0.2

so probability of not defective is 1 - 0.2 = 0.8

as we know 3 item is arrive off process line in succession

so The probability that an item is defective is

as P(defective) = 0.20

as all item are independent so

probability that all three items are defective is

probability = 0.20  × 0.20  × 0.20 = 0.008

and

probability that exactly 3 of next 4 are defective

so number of way that can choose 3 out of 4 is

= \frac{4!}{3! ( 4-3)!}

= 4

so as all are independent probability is

probability = ( the number of way to choose 3 out of 4 ) × ( 3 item defective ) × ( 1 item not defective )

probability = _4 C_3 × 0.2³ × ( 1- 0.2)

probability = 4 × 0.008 × 0.8

probability = 0.0256

4 0
2 years ago
Regan company operates its factory on a two-shift basis and pays a late-shift differential of 15%. regan also pays a premium of
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The <span>amount of direct labor should Regan charge to work-in-process is the wages at base direct-labor rates, which is $325,000.00.  Shift Differentials and Overtime Premiums are not included,</span>
3 0
2 years ago
Assume India can produce either 15 bottles of milk or 50 cartons of eggs using all of its available resources, and Indonesia can
diamong [38]

Answer:

50 cartons of eggs

Explanation:

The comparative advantage is a principle in which a country specializes in the production a good in which it has a lower opportunity cost than others.

                 Bottles of milk     cartons of eggs

India                  15                              50

Indonesia          25                             35

In this situation, the opportunity cost for India of producing 1 bottle of milk is producing 3.33 cartons of eggs. The opportunity cost for Indonesia of producing 1 bottle of milk is producing 1.4 cartons of eggs. This means that Indonesia has a lower opportunity cost and a comparative advantage in producing bottles of milk.

In the other part, the opportunity cost for India of producing 1 carton of eggs is producing 0.3 bottles of milk and the opportunity cost for Indonesia of producing 1 carton of eggs is producing 0.71 bottles of milk. This means that India has a lower opportunity cost and a comparative advantage in producing cartons of eggs.

According to this, India would specialize in producing eggs as it has a comparative advantage and the country will produce 50 cartons of eggs.

5 0
2 years ago
Squirrel Co. operates in a lean manufacturing environment. For June production, Squirrel purchased 6,000 units of raw materials
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Answer:

At the time of purchase of raw material inventory,

Raw material inventory account will debit and accounts payable account will credit.

Therefore, the Journal entry for this transaction is as follows:

Raw Materials Inventory Account    Dr. $36,000

To Accounts Payable                                           $36,000

(To record the purchase of raw material on account)

Workings:

Raw material Inventory = Units of raw material purchased × Price per unit

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3 0
2 years ago
In the case of dormant cracks wider than about 1m, it is more economical to use ____________
Bad White [126]

Answer:

B. Grouting

Explanation:

These are the options for the question;

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C. Tensioning

D. Ranging

In the case of dormant cracks wider than about 1m, it is more economical to use grouting method.

Grouting techniques is a techniques that is achieved by removal of dirt or unwanted substance from the crack of the the faulty part and then grouting of the crack after which the surface is sealed by sealants. It should be noted that grouting is economical than other methods such as surface treatment.

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