Answer:
The amount of revenue that will be reported on the income statement for the month ended July 31 is equal to $5,300.
Explanation:
The applicable accounting concept here is accrual concept.
Accrual concept states that revenue is recognized when it is earned and expenses are also recognized when they are incured no matter when cash is received or paid.
Based on the accrual concept, only transactions 1 and 4 will be used in calculating the amount of revenue for July as follows:
July revenue = Cash received for services performed during July + Billing of customers for services performed on account in July = $1,200 + $4,100 = $5,300
Therefore, the amount of revenue that will be reported on the income statement for the month ended July 31 is equal to $5,300.
The following account appears in the ledger prior to recognizing the jobs completed in January:
Work in Process
Balance, January 1 $17,510
Direct materials 142,360
Direct labor 153,560
Factory overhead 80,720
Jobs finished during January are summarized as follows:
Job 210 $70,950
Job 224 $82,770
Job 216 43,360
Job 230 161,600
Required:
a. Journalize the entry to record the jobs completed.
b. Determine the cost of the unfinished jobs at January 31.
Answer:
Following are the solution to this question:
Explanation:
In point a:
Journal Entry :
Account Dr Cr.
Goods completed [tex]\$358,680[/tex]
Processing work [tex]\$358,680[/tex]
Complete total labour costs
[tex]= \$70,950 + \$82,770 + \$ 43,360 + \$ 161,600 \\\\ = \$ 358680[/tex]
In point b:
Uncompleted jobs cost:
[tex]\text{Balance, January 1} \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$17,510\\\\\text{Direct materials} \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$142,360\\\\ \text{Direct labor } \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$153,560\\\\\text{Factory overhead } \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$80,720\\\\\text{Cost of Finished Goods Transferred} \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ (\$ 358680)\\\\\text{Cost of Unfinished Jobs on Aug 31} \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$ 35470\\\\[/tex]
Information regarding the potential for a job opening is a _____.
job board
job lead
job offer
job description
Answer:
Your answer is "Job lead"
Dale’s young son does not know much about his dad’s job but he does know that his dad works at the Chevy Manufacturing Plant. Dale explains to his son that he works in “Quality Control.” How might Dale simply describe the place that he works in and some of the tasks he performs to his son? How might Dale explain the jobs of other people in his plant?
Answer:
Dale would explain that he makes sure that everything is running smoothly and that he has to make sure that everyone is doing everything correctly.
Explanation:
I got 15/15 on the questions. :)
Also, make sure you rewrite a few words so you don't get in trouble!
Answer:
Dale can start by explaining what he does on a daily basis? and how he got his job? By explaining these to his son he can understand his dad's job better.
Dale can inform his son that he works in the career pathway called Quality Assurance which falls under the Manufacturing career cluster, where he makes sure that all standards and procedures are followed to ensure that every product is top-notch, high quality, and good enough to send out. In addition, he can express the kind of education he requires for this job, such as the type of degrees/diplomas necessary. The educational requirements for his job range from a high school diploma to a master's degree. Furthermore, Dale can point to a few of his co-workers who are inspectors, lab technicians, process technicians, and quality engineers.