The following transactions occurred in April at Steve’s Cabinets, a custom cabinet firm. Purchased $19,500 of materials on account. Issued $1,150 of supplies from the materials inventory. Purchased $11,900 of materials on account. Paid for the materials purchased in transaction (1) using cash. Issued $14,300 in direct materials to the production department. Incurred direct labor costs of $23,500, which were credited to Wages Payable. Paid $21,900 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. Applied overhead on the basis of 130 percent of $23,500 direct labor costs. Recognized depreciation on manufacturing property, plant, and equipment of $10,700. The following balances appeared in the accounts of Steve’s Cabinets for April. Beginning Ending Materials Inventory $ 30,690 ? Work-in-Process Inventory 7,300 ? Finished Goods Inventory 33,900 $ 28,990 Cost of Goods Sold 53,730 Required: a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.

Answers

Answer 1

Answer:

Steve's Cabinets

a. Journal Entries:

Debit Raw materials $19,500

Credit Accounts Payable $19,500

To record the purchase of raw materials on account.

Debit Manufacturing Overhead $1,150

Credit Raw materials $1,150

To record the issue of supplies from inventory.

Debit Raw materials $11,900

Credit Accounts Payable $11,900

To record the purchase of raw materials on account.

Debit Accounts Payable $19,500

Credit Cash Account $19,500

To record payment for raw materials on account.

Debit Work in Process $14,300

Credit Raw materials $14,300

To record the issue of raw materials to production.

Debit Work in Process $23,500

Credit Wages Expense $23,500

To record the transfer of factory wages to production.

Debit Utilities, etc expense $21,900

Credit Cash Account $21,900

Debit Manufacturing overhead $21,900

Credit Utilities, etc expenses $21,900

To record miscellaneous plant expenses.

Debit Work in Process $30,550

Credit Manufacturing overhead $30,550

To apply 130% of direct labor cost of #23,500 to production.

Debit Manufacturing Overhead $10,700

Credit Depreciation Expense $10,700

To recognize depreciation expense.

b. T-accounts

Raw Materials

Account Titles               Debit        Credit

Beginning balance   $ 30,690

Accounts Payable        19,500

Manufacturing overhead               $1,150

Accounts Payable        11,900

Work in Process                            14,300

Ending balance                         $ 46,640

                                $62,090    $62,090

Accounts Payable

Account Titles               Debit        Credit

Raw materials                              $19,500

Raw materials                                 11,900

Cash Account              $19,500

Ending balance               11,900

Manufacturing Overhead

Account Titles               Debit        Credit

Raw materials            $1,150

Expenses                  21,900

Depreciation             10,700

Work in Process                          $30,550

Underapplied: Cost of goods sold 3,200

Work in Process

Account Titles               Debit        Credit

Beginning balance    $ 7,300

Raw materials           $14,300

Direct labor                23,500

Manuf. Overhead      30,550

Finished Goods                         $48,820

Ending balance                         $26,830

Finished Goods Inventory

Account Titles               Debit        Credit

Beginning balance $ 33,900

Work in Process        48,820

Cost of goods sold                      $53,730

Ending balance                           $ 28,990

Cost of goods sold

Account Titles               Debit        Credit

Finished goods           $53,730

Manufacturing overhead:

 Underapplied               3,200

Income Statement                      $56,930

Explanation:

a) Data and Calculations:

Account Balances of Steve’s Cabinets for April.

                                              Beginning    Ending

Materials Inventory                 $ 30,690       ?

Work-in-Process Inventory           7,300       ?

Finished Goods Inventory         33,900  $ 28,990

Cost of Goods Sold                            53,730


Related Questions

Bond Ratings. Companies pay rating agencies such as Moody’s and S&P to rate their bonds, and the costs can be substantial. However, companies are not required to have their bonds rated in the first place; doing so is strictly voluntary. Why so you think they do so?

Answers

Answer:

Bond Ratings

Companies employ rating agencies such as Moody's and S&P to rate their bonds despite the substantial costs and their voluntariness because ratings by these agencies add a badge of honor to the bonds.  It gives investors some level of assurance that the bonds will be honored at maturity and that the pricing is right, given the company's credit risk.

Explanation:

Credit risk rating agencies assess the credit risk of a company or financial product as formal and credit-worthy benchmarks for investment decisions.  While companies pay huge costs to have these ratings conducted by the big three, including Moody's, S&P, and Fitch, the main value goes to the potential investors who require the information to decide whether to invest in the rated companies.

he Production Department of Hruska Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Units to be produced 11,900 10,900 12,900 13,900 Each unit requires 0.20 direct labor-hours and direct laborers are paid $15.00 per hour. In addition, the variable manufacturing overhead rate is $1.50 per direct labor-hour. The fixed manufacturing overhead is $99,000 per quarter. The only noncash element of manufacturing overhead is depreciation, which is $39,000 per quarter. Required: 1. Calculate the company’s total estimated direct labor cost for each quarter of the the upcoming fiscal year and for the year as a whole. 2&3. Calculate the company’s total estimated manufacturing overhead cost and the cash disbursements for manufacturing overhead for each quarter of the upcoming fiscal year and for the year as a whole.

Answers

Answer:

1. Total estimated direct labor cost = $148,800

2. Total estimated manufacturing overhead cost = $410,880

3. Total Cash disbursement for the fiscal year = $254,880

Explanation:

Please see attached detailed explanation of the above questions and answers.

Which scenario holds true when a tariff is applied to an imported item? A. both domestic and foreign consumers pay the same price B. domestic consumers of the imported item pay a higher price C. foreign consumers of the imported item pay a higher price D domestic consumers of the imported itern pay a lower price​

Answers

Answer:

i would say b, the domestic pay more.

The ratio of total cash, marketable securities, accounts receivable, and short-term notes to current liabilities is:

Answers

Answer:

Acid-test ratio

Explanation:

Acid-test ratio I finance can also be regarded as quick ratio, it gives the measurement of how an organization can utilize her quick asset as well as cash to settle her liabilities at at that current period.

It can be calculated theoretically using this expresion;

Quick ratio= (Current Asset- Inventory)/Current Liabilities

It should be noted that acid-test ratio gives The ratio of total cash, marketable securities, accounts receivable, and short-term notes to current liabilities. It enables to know shot term liquidity of a particular company.

Companies, the military, the government, and nonprofit organizations can operate because they have determined the levels of authority and reporting structure for their organizations. What is the name given to this line of authority

Answers

Answer:

Chain of command.

Explanation:

Chain of command is been used in the description of operation flow pattern in companies, government, universities and in many organisations which aid in a better reporting relationship. This report is said to set records straight and also puts every individual in a category in this chart organization. Also a chain of command is established so that everyone knows whom they should report to and what responsibilities are expected at their level. A chain of command enforces responsibility and accountability.

Holiday Laboratories purchased a high-speed industrial centrifuge at a cost of $470,000. Shipping costs totaled $14,100. Foundation work to house the centrifuge cost $7,700. An additional water line had to be run to the equipment at a cost of $2,600. Labor and testing costs totaled $7,000. Materials used up in testing cost $3,700. (Leave no cells blank. Enter 0 where needed.) a. What is the total cost of the equipment

Answers

Answer:Total Cost of equipment=$502,500

Explanation:

Total Cost of equipment= This is gotten by addition of Cost of Purchase +Shipping costs  +Foundation work+ Testing expense

=$470,000+$14,100+$7,700+($7,000+$3,700.)

=$502,500

If merchandise is sold on account to a customer for $10,000, terms FOB shipping point, 1/10, n/30, what is the amount to be recorded as an accounts receivable on the date of the sale?
a. $10,000
b. $10,050
c. $9,950
d. none of the above

Answers

Answer: a. $10,000

Explanation:

The amount to be recorded as an Accounts Receivable on the date of the sale is the actual amount that the merchandise was sold for which is $10,000.

The discount of 1% if paid within 10 days will only apply if the customer pays within that time and if this is done, the discount will be deducted from the amount paid to the company and debited to the Sales discount account.  

A U.S. business sells milk to consumers in France. Which situation would
most likely cause demand for milk to decline in France?

A. A popular French nutrition author claims that milk is bad for
people's health.
B. French consumers expect the price for milk to increase in the
future.
C. Cheese and other products made from milk become more popular
in France
D. The French population grows steadily due to years of economic
prosperity

Answers

The situation that cause the demand for falling in france should be option A. A popular French nutrition author claims that milk is bad for people's health.

The reason why it cause demand for milk:

The various consumers believes on expert's suggestion to select between products. Marketers know this, and that is why they incorporate doctors and other professionals in advertisements. Should the popular nutrition author provides a negative opinion on milk products, the demand for milk in France will decline.

learn more about demand here: https://brainly.com/question/18282855

Answer:

A

Explanation:

Just took the quiz

Suppose there are 100 million in the labor force, and 6 million unemployed people. During the next month, 200,000 people lose their jobs and 300,000 find jobs. The new total of employed persons is ________ and the new unemployment rate is ________.

Answers

Answer:

Results are below.

Explanation:

First, we need to calculate the currently employed people and the unemployment rate:

Employed people= 100,000,000 - 6,000,000= 94,000,000

Unemployment rate= unemployed people / labor force

Unemployment rate= 6,000,000 / 100,000,000

Unemployment rate= 0.06= 6%

Now, the newly employed people and the unemployment rate:

Employed people= 94,000,000 + 300,000 - 200,000

Employed people= 94,100,000

Unemployment rate= 5,900,000 / 100,000,000

Unemployment rate= 0.059 = 5.9%

All against Common Sense. Back in mid 80s, the US economy was very bad. It was much worse than it is now. At that time, to the surprise of many people, US automakers raised the prices of their cars. The common sense says that when the sales are slow, we lower prices and offer better deals to customers. Why do you think that the US car manufacturers increase the prices?

Answers

Answer:

Explanation:

This most likely happened because in the 80's the economy was so bad that even by lowering their prices the middle-class families would still not be able to afford to buy a car. The only individuals able to afford a car would be those who are wealthy. Therefore, by increasing prices and targetting wealthy individuals, the US car manufacturers could become profitable with much fewer sales and prevent the manufacturing plant from going under. Since wealthy individuals would not mind much the increased prices because they can still afford it without making much of a dent in their wealth.

A lawn company intends to use the sales of lawn fertilizer to predict the sales of lawn mower. The store manager estimates a probable six-week lag between fertilizer sales and mower sales. The pertinent data are

Answers

Answer:

Period ; Fertilizer ; Sales

1 ; 1.6 ; 10

2; 1.3 ; 8

3; 1.8 ; 11

4; 2.0 ; 12

5; 2.2 ; 12

6; 1.6 ; 9

7; 1.5 ; 8

8; 1.3 ; 7

9; 1.7 ; 10

10; 1.2 ; 6

Explanation:

Correlation is 0.960

R-Squared is 0.921

This is positive correlation which means both variables will move in same direction.

Slope is 6.153

Intercept is -0.649

Regression line will be formed with x intercept as fertilizers and y intercept as Lawn Mowers sold.

At what percentage of credit card usage, does it start affecting your score in a negative way?​

Answers

Answer:

3%

Explanation:

ratio of 80 or 90 percent or more highly negative impact on your credit score.

Budgets are prepared in which of the following orders? Group of answer choices sales budget, production budget, direct materials purchases budget sales budget, cash budget, production budget production budget, cost of goods sold budget, direct labor budget production budget, sales budget, direct labor budget

Answers

Answer:

Sales Budget,

Production Budget,

Direct Materials Purchases Budget

Explanation:

The budgets are prepared so that the company could get to know how much revenue earned and the expenses to be incurred during a particular period of time. It gives an idea of how much would be earned and how much would be incurred

Here, in the following orders, the budgets could be prepared

Sales Budget,

Production Budget,

Direct Materials Purchases Budget

Between January 2010 and January 2016, U.S. employment increased by 12.1 million workers, but the number of unemployed workers declined by only 7.3 million. True or False: The labor force has remained unchanged.

Answers

Answer:

False, the labor forced increased

Explanation:

labor force = total number of people actively working (employed) or searching for jobs (unemployed)

lets say L = the total labor force in 2010

by 2016, L had increased by 12.1 million and decreased by 7.3 million

net change of L = 12.1 - 7.3 = 4.8 more million people were part of the labor force in 2016 than in 2010.

Park competes with World by providing a variety of rides. sells tickets at $110 per person as a​ one-day entrance fee. Variable costs are $44 per​ person, and fixed costs $412,500 are per month. Under these​ conditions, the breakeven point in tickets is 6,250 and the breakeven point in sales dollars is ​$687,500.
Requirement
1. Suppose Park cuts its ticket price from to to increase the number of tickets sold. Compute the new breakeven point in tickets and in sales dollars. 2. Begin by selecting the formula labels and then entering the amounts to compute the number of tickets must sell to break even under this scenario

Answers

Answer:

Instructions are below.

Explanation:

Giving the following information:

Variable costs are $44 per​ person

Fixed costs $412,500

Let's suppose that the new selling price is $100.

To calculate the break-even point in units and dollars, we need to use the following formulas:

Break-even point in units= fixed costs/ contribution margin per unit

Break-even point in units= 412,500 / (100 - 44)

Break-even point in units= 7,366 units

Break-even point (dollars)= fixed costs/ contribution margin ratio

Break-even point (dollars)= 412,500 / (56/100)

Break-even point (dollars)= $736,607

Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
1. Unrecorded interest accrued on savings bonds is $410.
2. Property taxes incurred but not paid or recorded amount to $800.
3. Unearned service revenue of $4,000 was collected in advance. By year end $700 was still unearned.
4. Prepaid insurance had a $750 debit balance prior to adjustment. By year end, 60 percent was still unexpired.
5. Salaries incurred by year end but not yet paid or recorded amounted to $650.

Answers

Answer:

1. Dr Interest Receivable 410

Cr Interest Revenue 410

2. Dr Property Tax Expense 800

Cr Property Taxes Payable 800

3. Dr Unearned Service Revenue 3,300

Cr Service Revenue 3,300

4. Dr Insurance Expense 300

Cr Prepaid Insurance 300

5. Dr Salaries and Wages Expense 650

Cr Salaries and Wages Payable 650

Explanation:

Preparation of Journal entries

1. Dr Interest Receivable 410

Cr Interest Revenue 410

2. Dr Property Tax Expense 800

Cr Property Taxes Payable 800

3. Dr Unearned Service Revenue 3,300

Cr Service Revenue 3,300

($4,000 – $700)

4. Dr Insurance Expense 300

Cr Prepaid Insurance 300

[$750 x (100%-60%)]

5. Dr Salaries and Wages Expense 650

Cr Salaries and Wages Payable 650

Roose, Inc. reported revenue of $92 million and incurred total expenses of $84 million. The total expenses included cost of goods sold of $50 million, salaries and other administrative expenses of $9 million, $11 million of interest paid on a building's mortgage, and $14 million of depreciation. Assuming Roose is subject to the interest expense limitation, what amount of interest expense can the business deduct in the current year

Answers

Answer:

Roose, Inc.

The business can deduct $9.5 million in the current year.

Explanation:

Revenue = $92 million

Expenses allowed = 73 million ( $84 - $11 million for interest expense)

Adjusted taxable income before interest = $19 million

50% of adjusted taxable income = $9.5 million

Disallowed interest expense in the current year = $1.5 million

The interest expense allowed (deductible) is 50% for 2019 and 2020, as amended by the CARES Act) of the taxpayer's adjusted taxable income.

Carolyn is looking over opinions based primarily on research studies. She has found that there are 31 of them in total. What organization is Carolyn researching?

Answers

Answer:

d. APB

Explanation:

Carolyn is looking over published accounting opinions based primarily on research studies. What organization is Carolyn researching?

These are the options for the question

a. CAP

b. AICPA

c. SEC

d. APB

We are informed Carolyn who is looking over published accounting opinions based primarily on research studies. The organization Carolyn researching is Accounting Principle Board.

APB( Accounting Principle Board) belongs to a body of American institute of Certified public accountant in US.

it was been run and organised by American Institute of Public Accountants. APB can be regarded as organization which is a forerunner of

Financial Accounting Standards Board. This APB usually offer discounts on professional training with them as well insurance on journal subscription to their member. They are good in offering research on Accounting and finance.

Suppose that real GDP grew more in Country A than in Country B last year.

a. Country A must have a higher standard of living than country B.
b. Country A's worker productivity must have grown faster than country B's.
c. Both of the above are correct.
d. None of the above are correct.

Answers

Answer:

D

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

Nominal GDP is GDP calculated using current year prices while Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.

The standard of living is calculated as real GDP / population. Even though the real GDP of country A grew faster than country B, country A's population might be higher than country B's making its standard of living lower.

To make a conclusion that the growth of country A's worker productivity grew faster, it must be assumed that population grew at the same rate in both countries

A project that will last for 10 years is expected to have equal annual cash flows of $103,900. If the required return is 8.4 percent, what maximum initial investment would make the project acceptable? Multiple Choice $638,392.96 $595,833.43 $1,534,047.75 $655,213.49 $684,772.10

Answers

Answer:

PV= $684,772.1

Explanation:

Giving the following information:

A project that will last for 10 years is expected to have equal annual cash flows of $103,900. If the required return is 8.4 percent.

First, we need to calculate the future value of the cash flows:

FV= {A*[(1+i)^n-1]}/i

A= annual cash flow

FV= {103,900*[(1.084^10) - 1]} / 0.084

FV= $1,534,047.75

Now, we can determine the present value:

PV= FV/(1+i)^n

PV= 1,534,047.75 / (1.084^10)

PV= $684,772.1

is the price of a movie ticket likely to go up or down why?

Answers

Answer:

Down

Explanation:

Because they want more people to watch

a. Why do some price controls help create black markets?
b. What is a black market you have personally seen?

Answers

Answer:

Price ceiling creates black markets

Price ceiling is when the government or an agency of the government sets the maximum price of a good or service. Price ceiling is binding if it is set below equilibrium price.

When a binding price floor is established, producers would earn less profits and as a result they would stop selling their products in the free markets. This would lead to scarcity and a result a black market can emerge. Goods would be sold at a higher price in the black markets than it would in the free markets.

So, black markets can arise as a result of price ceiling and the need of producers to earn higher profits

b. During the war, when there was a rationing of meat. Farmers declared less animal births to authorities and sold the undeclared livestock in the black market.

Also, in less developed countries e.g. Nigeria, when there is scarcity of fuel. Black markets arise where fuel are sold for higher prices

Explanation:

Lawn Master Company, a manufacturer of riding lawn mowers, has a projected income for the coming year as follows: Sales $ 44,000,000 Operating expenses: Variable expenses $ 28,600,000 Fixed expenses 7,700,000 Total expenses 36,300,000 Operating profit $ 7,700,000 Required: 1. Determine the breakeven point in sales dollars. 2. Determine the required sales in dollars to earn a before-tax profit of $9,152,500. (Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.) 3. What is the breakeven point in sales dollars if the variable expenses increases by 9%

Answers

Answer:

Please see attached

Explanation:

• Break even point in sales dollars $22,000,000

• Required sales in dollars $48,150,000

• Break even point in sales dollars $34,010,600

See as attached, detailed solution to the questions above.

Answer:

Results are below.

Explanation:

Giving the following information:

Sales $44,000,000

Variable expenses $ 28,600,000

Fixed expenses 7,700,000

To calculate the break-even point in dollars, we need to use the following formula:

Break-even point (dollars)= fixed costs/ contribution margin ratio

Break-even point (dollars)= 7,700,000 / [(44,000,000 - 28,600,000)/44,000,000]

Break-even point (dollars)= $22,000,000

Now, we incorporate the desired profit of $9,152,500

Break-even point (dollars)= (fixed costs + desired profit) / contribution margin ratio

Break-even point (dollars)= (7,700,000 + 9,152,500) /0.35

Break-even point (dollars)= $48,150,000

Finally, the new break-even point in dollars:

Total variable cost= 28,600,000*1.09= 31,174,000

Break-even point (dollars)= 7,700,000 / [(44,000,000 - 31,174,000) / 44,000,000]

Break-even point (dollars)= 7,700,000 / 0.2915

Break-even point (dollars)=  $26,415,094.34

A perpetuity pays $170 per year and interest rates are 8.2 percent. How much would its value change if interest rates increased to 9.7 percent

Answers

Answer:

$320.59 decrease

Explanation:

The computation of the change in the value is shown below:

As we know that

The Value of perpetuity is

= Annual inflows ÷ interest rate

Current value is

= $170 ÷ 0.082

= $2,073.17

And,

New value is

= $170  ÷ 0.097

= $1,752.58

Now change in value is

= $2,073.17 - $1,752.58

= $320.59 decrease

We simply applied the above formula

A share of Lash Inc.'s common stock just paid a dividend of $2.10. If the expected long-run growth rate for this stock is 5%, and if investors' required rate of return is 18.5%, what is the stock price

Answers

Answer:

P0 = $16.333333333 rounded off to $16.33

Explanation:

Using the constant growth model of dividend discount model, we can calculate the price of the stock today. The DDM values a stock based on the present value of the expected future dividends from the stock. The formula for price today under this model is,

P0 = D0 * (1+g) / (r - g)

Where,

D0 * (1+g) is dividend expected for the next period g is the growth rate r is the required rate of return  

P0 = 2.1 * (1+0.05)  /  (0.185 - 0.05)

P0 = $16.333333333 rounded off to $16.33

Rust Pipe Co. was established in 1994. Four years later the company went public. At that time, Robert Rust, the original owner, decided to establish two classes of stock. The first represents Class A founders' stock and is entitled to twelve votes per share. The normally traded common stock, designated as Class B, is entitled to one vote per share. In late 2010, Mr. Stone, an investor, was considering purchasing shares in Rust Pipe Co. While he knew the existence of founders’ shares were not often present in other companies, he decided to buy the shares anyway because of a new technology Rust Pipe had developed to improve the flow of liquids through pipes. Of the 1,900,000 total shares currently outstanding, the original founder's family owns 52,725 shares. What is the percentage of the founder's family votes to Class B votes? (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)

Answers

Answer:

34.25%

Explanation:

Votes per share = 12

Shares owned = 52725

Now we are to calculate the total value of the total number of of votes

Total votes = votes per share * shares owned

= 12*52725

Total = 632700

Value of votes of class B

Total shares outstanding - founders family shares

= 1900000 - 52725

= 1847275

The question requires us to calculate percentage of the founder's family votes to Class B votes

632700/1847275

= 0.3425

= 34.25%

Jen Rogers withdrew a total of $15,000 from her business during the current year. The entry needed to close the withdrawals account is:_________
A. Debit Income Summary and credit Cash for $31,000.
B. Debit Jen Rogers, Withdrawals and credit Cash for $31,000 Debit Income Summary and credit Jen Rogers, Withdrawals for $31,000.
C. Debit Jen Rogers, Capital and credit Jen Rogers, Withdrawals for $31,000.
D. Debit Jen Rogers, Withdrawals and credit Jen Rogers, Capital for $31,000.

Answers

Answer: C. Debit Jen Rogers, Capital and credit Jen Rogers, Withdrawals for $15,000

Explanation:

The options do not match the question. Correct answer is posted.

When closing the Withdrawal account at the end of the period, the withdrawals need to be accounted for from the capital invested by the investor because the withdrawals would reduce the capital balance.

To do this the Capital account should be debited to signify that it is reducing. The opposing entry therefore will be to credit the Withdrawals account.

During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following material amounts: 2019 understated by $ 124,000 2020 overstated by 154,000 WMC uses a periodic inventory system and the FIFO cost method. Required: 1. Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income taxes.) 2. Prepare a journal entry to correct the errors.

Answers

Answer:

WMC Corporation

Misstatement of Ending Inventories:

1. Effect of these errors on Retained Earnings at January 1, 2021:

a) The understated amount by $124,000 in 2019 has self-corrected in 2020 with the Beginning Inventory also understated.  So, it has no effect on the Retained Earnings at January 1, 2021.

b) The overstated ending inventories by $154,000 will overstate the Retained Earnings at January 1, 2021 by the same amount.  Since it has not self-corrected like (a), the correction will be to reduce the Retained Earnings and reduce the Beginning Inventories by $154,000.

2. Journal Entry:

Debit Retained Earnings $154,000

Credit Beginning Inventories $154,000

To reverse the overstated inventories.

Explanation:

a) Data:

2019 understated by $ 124,000

2020 overstated by 154,000

Inventory system = periodic

Inventory method = FIFO

What is a "closing balance?
a.) The amountof money you have at the end of the statement period
b.)The amount of money you have when you close your account
c.)The amount of money you owe at the end of the statement period
d.)The amount of money waiting to be transferred out of your account

Faster pls​

Answers

Answer:

The answer is A

Explanation:

A closing balance is the amount of money a business has at the end of a specific time period.

None of the following would be an advantage of self-administered surveys:
A) Reduced cost
B) Respondent control
C) Reduced interview evaluation apprehension
A. True
B. False

Answers

Answer:

B. False

Explanation:

A self-administered survey is one where there is the collection of the necessary data for the survey is carried out through a questionnaire of questions to be answered by the interviewee. Questionnaires can be sent via mail, e-mail, personal interception, hand delivery etc.

The advantages of self-administered surveys are cost reduction, since questionnaires can be sent via email at no cost to both, greater control of the interviewee, since the questions can be developed according to the information you want to collect, greater quick feedback, which reduces the apprehension of the interview evaluation.

False, the self-administered surveys would not be advantageous in terms of reduced interview evaluation apprehension. The Option B.

Would self-administered surveys be advantageous?

Self-administered surveys eliminate the need for face-to-face interactions and direct interviewer involvement which can indeed reduce interview evaluation apprehension. When individuals complete surveys on their own, they may feel less pressured and more comfortable expressing their opinions.

But this advantage does not hold true for self-administered surveys as they are completed by the respondents themselves without the presence of an interviewer. Consequently, the absence of an interviewer does not contribute to a reduction in interview evaluation apprehension. Therefore, the Option B is correct.

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