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leapfroggiez
07.03.2020 •
Business
Department 1 completed work on 500 units and transferred them to Department 2. The cost of the units was $750. What is the journal entry to record the transfer?
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Ответ:
Dr. Cr.
Work-in-Process Inventory - Dept. 2: 750
Work-in-Process Inventory—Dept. 1: 750
Explanation:
All the cost incurred in the department 1 was added in the work in process account of this department. While transferring the product from one department to other the cost of work in process will also be transferred to next department to accumulate all costs associated with the product. At the end the finished goods will be carrying all the cost incurred to manufacture that product. Due debit nature of WIP account the cost in transferred to next department's account by just crediting the WIP of department 1 and debiting WIP of department 2. WIP of Department 1 will be 0 and WIP of department 2 will be $750.
Ответ:
Grace taxable income during the year = $100,000
Given:
Current year loss = $50,000
The beginning of the year = $40000(At risk basis)
Gross income during the year = $140,000
Grace taxable income during the year = ?
Computation of Grace taxable income during the year :
Grace taxable income during the year = Gross income during the year - Deductible beginning loss during the year
Grace taxable income during the year = $140,000 - $40,000
Grace taxable income during the year = $100,000
Therefore, her taxable income reduced from $140,000 to $100,000
Explanation:
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