Answer: c. $300
Explanation:
Private Saving is income less taxes and consumption so is calculated by the formula;
= Y - C - T
= Income - Consumption - Taxes
Find Consumption
Y - C - G = I
Income - Consumption - Government spending = Investment
1,000 - C - 200 = 250
C = 1,000 - 200 - 250
C = $550
Private Saving is therefore;
= 1,000 - 550 - 150
= $300
Answer:
Standard Hours Standard Rate per Hour Standard Cost
24 minutes (0.4 hrs.) $5.40 $2.16
During August, 8,390 hours of direct labor time were needed to make 19,600 units of the Jogging Mate. The direct labor cost totaled $43,628 for the month.
1. What is the standard labor-hours allowed (SH) to makes 19,600 Jogging Mates?
- 19,600 jogging mates x 0.4 hours = 7,840 hours
2. What is the standard labor cost allowed (SH × SR) to make 19,600 Jogging Mates?
- 7,840 hours x $5.40 = $42,336
3. What is the labor spending variance?
- labor spending variance = standard cost - actual cost = $42,336 - $43,628 = $1,292 unfavorable
4. What is the labor rate variance and the labor efficiency variance?
- labor rate variance = (standard rate - actual rate) x actual hours = ([$5.40 - ($43,628/8,390 hours)] x 8,390 hours = ($5.40 - $5.20) x 8,390 hours = $0.20 x 8,390 = $1,678 favorable
- labor efficiency variance = (standard hours - actual hours) x actual rate = (7,840 hours - 8,390 hours) x $5.20 = -550 hours x $5.20 = -$2,860 unfavorable
Answer:
Entries that were made on August 1 to record the cash received is :
a. Cash..........14,700
Sales Discount. 300
Accounts Receivable 15,000
Explanation:
When the Inventory items were sold the entries are :
Trade Receivables $23,500 (debit)
Sales Revenue $23,500 (credit)
When payment is received on August 1, the payment is made within the discount period and the customer is eligible for the 15% cash discount.Entries would be as follows :
Cash $14,700 (debit)
Discount allowed $300 (debit)
Trade Receivable $15,000 (credit)
Answer:
National emergency can be defined as a state of national crises that threatens not just a part of the nation but the whole, and requires an unprecedented response and requires instantaneous reaction.
Explanation:
<u>National emergency can be defined as a state of national crises that threatens not just a part of the nation but the whole, and requires an unprecedented response and requires instantaneous reaction.</u>
<u>It can also be said to be an extraordinary situation that threatens the health, safety and environment of the citizens that requires intervention by the government. </u>
In the United States, the government at such a time will be required to act in a way that it would not be normally permitted to.
Example in the recent case of COVID-19 outbreak. <u>Since it threatens the lives of people everywhere in the country not just in one state, it is a national emergency and has required the intervention of the government by an unprecedented declaration of a stimulus package of $850 billion dollars, and the request of restriction of the movement of people and closure of airports which will not normally happen.</u>
Answer:
Estimated Warranty Liability December 31, 2020
Debit Credit
Beginning balance $0
Actual Warranty Expenditure $12,000 Estimated total cost of $48,000
Warranty $800,000*6%
Ending Balance $36,000
$48,000 $48,000
Estimated Warranty Liability December 31, 2020
Debit Credit
2021 Servicing Expense $35,000 Beginning balance $36,000
Ending Balance $61,000 Estimated total cost of $60,000
Warranty $1,000,000*6%
$96,000 $96,000
So, the company should report an estimated warranty liability of $61,000 at Dec 31, 2021
