Answer:
The journal entries are as follows:
(i) On December 31,
Service revenue A/c Dr. $25,000
To income summary A/c $25,000
(To record the service revenue)
(ii) On December 31,
Income summary A/c Dr. $18,400
To wages expense $14,400
To rent expense $4,000
(To record the rent and wages expense)
(iii) On December 31,
Income summary A/c($25,000 - $18,400) Dr. $6,600
To Retained earnings $6,600
(To record the Retained earnings)
(iv) On December 31,
Retained earnings A/c Dr. $1,400
To dividend A/c $1,400
(To record the dividend)
Manufacturing overhead is consists of indirect materials, indirect labor, and other indirect costs. To solve the problem, a portion of manufacturing income statement looks like this:
Direct material -----------------------$90,000
Direct labor ---------------------------$140,000
Manufacturing overhead--------________
Total cost to manufacture $300,000
Add: Work in process, beg $ 25,000
Less: Work in process, end $ 18,210
Cost of goods manufactures---$ 306,790
So, to solve the (?) in the above format, manufacturing overhead (MO) is derived as follows:
MO = Cost to manufacture - prime cost
= $300,000 - ($140,000 + $90,000)
= $70,000
Thus, manufacturing overhead is $70,000.
Answer:
The correct answer is B. Informational support
.
Explanation:
Information Support documents are those documents that help administrative management.
These documents have the following characteristics:
-
They are multiple copies.
- They report a specific matter.
- They support management, they can help in the decision-making process as supporting material, they can be official newsletters, books, magazines, publications or reports prepared by other institutions, etc.
- Its value is merely informative and short term.
- They do not testify to the activity of the institution and are not part of their Documentary Heritage, therefore, they will not be transferred to the General Archive and will be destroyed in the office where they have been managed.
Sample Response: The text uses graphs, charts, tables, headings, and subheadings to help the reader find and understand important information. The headings organize the text in a logical way and help the reader identify main ideas. The tables and graphs provide specific data that both support and supplement the information in the text. These features are effective aids to understanding.
Answer:
Part a : If JumpStart paid cash
Office Supplies $870 (debit)
Cash $870 (credit)
Part b : If JumpStart placed it on account
Office Supplies $870 (debit)
Account Payable $870 (credit)
Part c : If JumpStart pays the amount due
Account Payable $870 (debit)
Cash $870 (credit)
Explanation:
Part a : If JumpStart paid cash
Recognise an expense for Office Supplies and reduce the assets of cash to reflect outflow of economic benefits in form of cash
Part b : If JumpStart placed it on account
Recognize an expense for Office Supplies and also recognise a Liability - Accounts Payable to reflect a present obligation created by JumpStart to its Supplier
Part c : If JumpStart pays the amount due
Derecognise the Liability - Accounts receivable since the liability has been settled and reduce the assets of cash to reflect outflow of economic benefits in form of cash due to settlement of Account
