In a process cost system, the application of factory overhead usually is recorded as an increase in work in process inventory control.
<h3>
What is the process costing system?</h3>
- When a large number of similar products are manufactured, a process costing system accumulates costs.
- A process costing method is used by any large-scale firm who produces huge quantities of identical commodities.
- A petroleum refinery is a perfect example of a process costing environment since it is hard to trace the cost of a specific unit of oil as it passes through the refinery.
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Answer:
The corrected Net income = $54,500
Explanation:
Net income is defined as the total profits earned by an individual from a business venture. It is equal to the difference between the gross income and the expenses involved including cost of supplies and accrued salaries.
Given: net income = $58,000
Entries not made include supplies expense = $2,200 and accrued salaries = $1,300
Therefore, the corrected net income = net income - expenses = $58,000 - ($2,200 + $1,300) = $54,500
Answer:
landlord´s responsibilities:
- working appliances: repair or replace broken appliances, unless tenant is responsible because they didn't use them properly
- removal of bedbugs: the owner must provide warranty of habitability, so any type of bedbugs, or other insect or animal infestation should be eliminated.
- fixing locks and windows: repair or replace broken locks or windows, unless tenant is responsible because they didn't use them properly
tenant's responsibilities: (besides paying the rent)
- working appliances: the tenant must operate appliances in a reasonable manner
- basic housecleaning: the tenant is responsible for keeping the house clean and removing garbage
- fixing locks and windows: the tenant must use them in a reasonable manner
Answer:
Taking into consideration only the income, the increase in unit sales will not increase the income of Honda. It can impact in other ways, like a decrease in inventory.
Explanation:
Giving the following information:
Honda Motor Company is considering offering an $1800 rebate on its minivan
New price $30200
Old price $28400.
The marketing group estimates that this rebate will increase sales over the next year from 42000 to 53900 vehicles.
Honda's profit margin with the rebate is $5650 per vehicle.
Normal price:
Income= (5650+1800)*42000= $312,900,000
New price:
Income= 5650* 53900= $304,535,000
Taking into consideration only the income, the increase in unit sales will not increase the income of Honda. It can impact in other ways, like a decrease in inventory.
The cost of the car after 5 years from then, will be $15652.99.
Given here, the depreciation every year(r) 7% or 0.07per year, asset cost (of the car) is $22,500 and time period (n) is 5 years.
The value after 5 years can be calculated as,
Depreciated value = asset cost ×(1-r) n
= 22500 × (1-0.07) 5
= 15652.99$.
Thus, the car worths 15652.99$ after 5 years.
The worth of an asset after its useful life is expired, as it is diminished over time by depreciation, is its depreciated cost. The asset’s worth is continuously diminished by figuring out how much it will cost to depreciate it, but the depreciated cost technique always permits accounting records to represent an item at its current value.
Depreciation is an accounting technique for spreading out the expense of a tangible item over the course of its useful life.
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