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2 years ago

Company Q incurred manufacturing costs for the year as follows:

Business

1 answer:

masha68 [24]2 years ago

6 0

The Net income of the Income statement under the absorption costing equals Sh 14,000.

<h3>What is Direct materials?</h3>

= 1,000 x 10

= Sh 10,000

<h3>What is Direct labor?</h3>

= 1,000 x 7

= Sh 7,000

<h3>What is Variable manufacturing overhead?</h3>

= 1,000 x 3

= Sh 3,000

<h3>What is Fixed manufacturing overhead</h3>

= 1,000 x (7,500 / 1,500)

= Sh 5,000

Company Q

Income Statement

Revenue (1,000 x 45) 45,000

<u>Cost of goods sold:</u>

Direct materials 10,000

Direct labor 7,000

Variable Manufacturing overhead 3,000

Fixed manufacturing overhead <u>5,000</u> <u>(25,000)</u>

Gross Margin 20,000

Variable Selling and admin expenses 2,000

Fixed Selling and admin expenses 4,000

Total Selling and admin expenses <u>(6,000)</u>

Net Income <u>14,000</u>

<u />

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The matching concept states that expenses incurred to produce particular revenues should be matched with those revenues.

slega [8]

False. The revenues usually contemplate the profit added to the expenses or costs, therefore, they can't match.

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4 years ago

Gene is a resident of Texas and has never been to Virginia. Helen wants to sue Gene in a Virginia state court regarding a breach

nata0808 [166]

The options are:

The Virginia police arrest Gene in Texas and take him to Virginia.

HThe Virginia police arrest Gene in Texas and take him to Virginia.

Helen could disguise her voice and phone Gene, telling him he has won $10,000 and must pick up the money in Richmond, Virginia, then have him served in Richmond.

Helen could have Gene served with a summons while he is driving through Tennessee.

Helen can have Gene served with a summons in Texas and he must appear in Virginia court.

Helen could disguise her voice and phone Gene, telling him he has won $10,000 and must pick up the money in Richmond, Virginia, then have him served in Richmond.

Helen could have Gene served with a summons while he is driving through Tennessee.

Helen can have Gene served with a summons in Texas and he must appear in Virginia court.

Answer:

Helen could disguise her voice and phone Gene, telling him he has won $10,000 and must pick up the money in Richmond, Virginia, then have him served in Richmond.

Explanation:

Since Gene is suing Gene in a Virginia State court, Gene must be served in Virginia where the court has jurisdiction. If the case was on Federal Court he could have been served in any state.

Helen has to convince Gene to come to Virginia. She can do this by calling him and saying he has won some money in Richmond, Virginia. When he is in Virginia he can now be served.

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3 years ago

Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation

jarptica [38.1K]

Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter required: Calculate the estimated cost of workers' compensation insurance for the year.

Answer:

$504 per year

$126 per quarter

Explanation:

workers' compensation insurance = payroll x insurance rate.

$84,000 x 0.6%

$84,000 x 0.006 = $504 per year

$504 ÷ 4 = $126 per quarter

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3 years ago

The Homestead Strike of the Iron and Steel workers in Homestead, PA is representative of the struggle in the late 1800's between

denpristay [2]

Answer:

A) True

Explanation:

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Since Carnegie's little was defeated, he asked a bigger fish to help him and the governor sent 8,000 soldiers to arrest any union striker that opposed Carnegie. Finally, Carnegie's millions and corrupt politicians won, and the workers were forced to accept lower wages and more working hours. Those who rejected the forced deal were sent to prison.

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Zolol [24]

You didn't put all the alternatives, but I understand economics and I know exactly that concept.

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