In at least 200-300 words. Topic 5: Choose a real-life servicecompany and create four examples ofjournal entries that that the companycould have. For each journal entry,describe the business transaction, andnote the date of the transaction, namethe account that would be debited andthe amount, name the account thatwould be credited and the amount.

A journal entry is the first entry in the books of accounts and journal book is also known as the…

Answered: Topic 5: Choose a real-life service…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Compute Lead Time Isaacson Dental Inc. is considering a new lean product cell. The present manufacturing approach produces a product in four separate steps. The production batch sizes are 50 units. The process time for each step is as follows: 6 minutes 12 minutes 9 minutes 3 minutes Process Step 1 Process Step 2 Process Step 3 Process Step 4 The time required to move each batch between steps is 6 minutes. In addition, the time to move raw materials to Process Step 1 is also 6 minutes, and the time to move completed units from Process Step 4 to finished goods inventory is 6 minutes. The new lean layout will allow the company to reduce the batch sizes from 50 units to 2 units. The time required to move each batch between steps and the inventory locations will be reduced to 1 minute. The processing time in each step will stay the same. Determine the value-added, non-value-added, and total lead times, and the value-added ratio under the (a) present and (b) proposed production approaches.…
Edgar, Inc. has a materials price standard of $1.75 per pound. eight thousand pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 4,000 pounds, although the standard quantity allowed for the output was 5,400 pounds. Calculate the materials price variance
Christmas Express makes wreaths in batch sizes of 12. The cutting and assembly process takes 8 minutes per wreath, and the decorating process time is 10 minutes per wreath. It takes 12 minutes to move the wreaths from the cutting and assembly process to the decorating process. a. Compute the value-added, non-value-added, and total lead times of the wreath process. Line Item Description Answer minutes Value-added lead time fill in the blank 1 minutes Non-value-added lead time: Move time fill in the blank 2 Within-batch wait time fill in the blank 3 Total lead time fill in the blank 4 minutes b. Compute the value-added ratio. Round to one decimal place.fill in the blank 1 of 1%
D9. Account
A product has budgeted production of 1,000 units and a material cost of £14,000; the standard cost card allows for £7 per kg. In the period, 2,500 kg were purchased at a cost of £18,750 and used to produce 1,250 units. What were the material price and usage variances?
Suppose a company has 1,000 units of a raw material part on hand. If 750 of these units are routed into production, should the company place an order to stock up on more of these parts? (Show calculations). Determine the economic order quantity (EOQ) for this part, assuming the following:The company plans to use 10,000 units during the coming year.The company orders this part in lots of 1,000 units, and each order placed carries a processing cost of $2.50.Each unit of inventory carries an annual holding cost of $6.40.
The abnormal spoilage is 300 units and the cost per equivalent unit is $2 for direct materials and $3 for conversion. The inspection point is at the end of processing. There are 600 units in ending Work-in-Process and normal spoilage is 200 units. What are the equivalent units for material and conversion using the weighted -average method and the FIFO method? Please provide an explanation of the calculation.
Christmas Express makes wreaths in batch sizes of 23. The cutting and assembly process takes 4 minutes per wreath, and the decorating process time is 12 minutes per wreath. It takes minutes to move the wreaths from the cutting and assembly process to the decorating process. a. Compute the value-added, non-value-added, and total lead times of the wreath process. Value-added lead time Non-value-added lead time: Move time Within-batch wait time minutes Total lead time b. Compute the value-added ratio. Round to one decimal place. % minutes
1. A protein chromatography column that processes 15 kg of protein in 60 h, is cycled every 6 h, can be loaded with 10 grams of protein per liter of column volume, has a maximum flow rate of 50 liters/ min at a pressure of 4 bar, and is packed with an incompressible resin having a particle diameter of 90 μum and void fraction of 0.35. The viscosity can be assumed to be that of water. i. What are the dimensions required for the column? ii. If the flow rate is 1 column volume per minute and the pressure rating is still 4 bar, what column dimensions are required? Is the resolution equivalent to that for Part (i)? 111. If the pressure rating for the column were raised to 12 bar, should the column dimensions change? Is so, what should the dimensions be? Do they make sense? iv. What is the best way to increase the productivity of the column packing?
Required information [The following information applies to the questions displayed below.] Units of Percent of Blending Process Beginning work in process Product Conversion 164,000 345,000 375,000 134,000 85% Goods started 100 Goods completed Ending work in process 100 40 Compute the total equivalent units of production for conversion using the weighted-average method. Equivalent units of production (EUP) with respect to conversion - weighted average method Units % Conversion EUP Total
A chemist has three different acid solutions. The first acid solution contains 20 % acid, the second contains 40 % and the third contains 85 %%. They want to use all three solutions to obtain a mixture of 72 liters containing 45 % acid, using 2 times as much of the 85 % solution as the 40 % solution. How many liters of each solution should be used? The chemist should use liters of 20 % solution, liters of 40 % solution, and liters of 85 % solution.

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