All categories

2 years ago

When journalizing a transaction, a short explanation is written?

1 answer:

5 0

Here is the answer. When journalizing a transaction, and a short explanation is written, this is called a MEMORANDUM. This is a form on which a brief message is written describing a transaction. Hope this answers your question. Have a great day!

You might be interested in

A company developed the following per-unit standards for its product: 2 gallons of direct materials at $8 per gallon. Last month

AVprozaik [17]

Answer:

$1,200 favorable

Explanation:

Given,

Standard unit price for direct materials, SP = $8 per gallon

Actual direct materials price, AP = $22,800

Actual number of direct materials, AQ = 3,000 gallons

Actual unit price for direct materials = Actual direct materials price ÷ Actual number of direct materials

Actual unit price for direct materials = $22,800 ÷ 3,000 gallons

Actual unit price for direct materials = $7.6 per gallon

We know,

Direct Material Price Variance = (SP − AP ) × AQ

Direct Material Price Variance = $(8 - 7.6) × 3,000 gallons

Direct Material Price Variance = $1,200 favorable

3 0

3 years ago

At the beginning of the month, the Forming Department of Martin Manufacturing had 11,000 units in inventory, 40% complete as to

emmainna [20.7K]

Answer:

Materials ⇒ 70,725 units
Conversion ⇒ 68,600 units

Explanation:

Using the weighted average method, the equivalent units are the Units transferred out plus the equivalent closing inventory.

Materials:

= Units transferred out + Closing equivalent units

= 63,500 + (85% * 8,500)

= 70,725 units

Conversion:

= 63,500 + (60% * 8,500)

= 68,600 units

3 0

2 years ago

The advantages of using a licensing strategy to participate in foreign markets include.

PtichkaEL [24]

Answer:

The advantages of using license strategy are given below.

Well suited to acheive scale of economies.
Its helps in charging lower price than rivals.
Helps to achieve first-mover advantages quickly and easily.
Less risky strategy as you do not need to invest heavily in capital in the form of machinery, land , building and e.t.c
Easy do terminate operations as dis-investment is easy in this case.

6 0

2 years ago

William was a factory worker in the 1920s. his company trained him in the exact sequence of steps he needed to make each day so

maria [59]

william's company was using the principles of scientific management

scientific management is a management practice which rely on scientific finding in order to improve the productivity in the company.
In scientific management mindset, each company need to implement a specific method completely to the letter without any form of flexibility.
This form of management started to fade away by the end of 20th century.

8 0

2 years ago

On 12/31/Year 1 Passey Co. acquired a 100% interest inSolomon Co. by exchanging 10000 shares of its common stock for100000 share

Pie

The consolidated financial statements of Passey Co. as of December 31, Year 1 would report plant assets at iii. $1,955,000.

Data and Calculations:

Passey Co.s shareholding in Solomon Co. = 100%

The fair value of Solomon's = $3.50

The fair value of Passey's = $9

Solomon Co.

Book Values Fair Values

Current assets $115,000 $115,000

Plant assets 200,000 255,000

Liabilities 10,000 10,000

Passey Co.

Plant assets $1,700,000 $1,800,000

Consolidated Plant Assets:

Passey Co. Solomon Co. Consolidated

Number of shares exchanged 10,000 100,000

Plant assets $1,700,000 $255,000 $1,955,000

Thus, the consolidated financial statements of Passsey Co. as of December 31, Year 1 would report plant assets at iii. $1,955,000.

Learn more: consolidating plant assets of parent and subsidiary here: brainly.com/question/24635717

3 0

1 year ago