Answer:
The journal entry should be:
Dr Merchandise Inventory account 50,000
Cr Retained Earnings account 50,000
Explanation:
Since Oscar's merchandise inventory was understated by $50,000 because of the previous inventory method (LIFO), when the new method, FIFO, starts to be used then the merchandise inventory must increase by $50,000 as well as retained earnings.
Merchandise inventory is an asset account and it increases, therefore it should be debited.
Retained earnings is an equity account and it increases, therefore it should be credited.
Answer:
stockholders equity at the end of the year is $95000
Explanation:
given data
equity = $75000
net income = $15000
additional investment = $10000
dividend = $5000
to find out
stockholders equity at the end of the year
solution
we will find here stockholders equity that is express as
stockholders equity = Net income + equity - Dividends + Additional investment .....................1
put here value in equation 1 we get
stockholders equity = 15000 + 75000 - 5000 + 10000
stockholders equity = 95000
so stockholders equity at the end of the year is $95000
Answer: A physical object we find, grow, or make to meet our needs and those of others.
Explanation: A commodity is an object that possesses a certain form of value, it can be used to meet an immediate need of a person.
It can be grown or produced to meet the specified needed requirements of the particular need it solves.
Answer:
133.33%
Explanation:
The computation of the predetermined overhead rate is shown below:
Predetermined overhead rate = Total overhead cost ÷ direct labor cost
where,
Total overhead cost is $200,000
And, the direct labor cost is $150,000
Now placing these values to the above formula
So, the predetermined overhead rate is
= $200,000 ÷ $150,000
= 1.33%
We simply applied the above formula
Answer: 1. Persuasive Power
2. Information Power
3. Expert Power.
Explanation:
For the first Scenario where the subordinate works better when they are agreeing with your ideas, the type of power to use is PERSUASIVE Power. Persuasive power is the ability to be able to convince people to do things that can either be good or bad by making them see the logic in your decisions. You can use it here to motivate this employee as he is already used to being persuaded by you and is at his best when that happens.
The second scenario speaks of a power that stems from having a consistent track record that people trust. This is called the EXPERT power. The expert power means that you are very knowledgeable and skilled in your area of expertise which has the effect of people coming to you for guidance which is what is happening in this scenario.
The third scenario speaks to INFORMATION Power which refers to the ability to have and use multiple contacts as well as other information sources to constantly be knowledgeable in a field. People will seek you out for this and that is what they are doing here.
