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3 years ago

14

In the process of benchmarking for a variable expense (such as payroll) the typical metrics used are "Total Dollars" and "Dollar

s per Available Room." true or false

1 answer:

g100num [7]3 years ago

8 0

The answer is false

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Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. There are no offers on

Luba_88 [7]

Answer:

<em>Confidentiality duty to Kim has been violated by Greg</em>.

Explanation:

Remember Greg is acting as agent or real estate agent to Kim.

According to law he owed a duty of confidentiality to Kim which involves not disclosing any information of benefit which he may have gotten from his client (Kim) to third parties (buyers) without permission from Kim.

Therefore, Greg was not suppose to mention that Kim would have accepted less for her home.

4 0

2 years ago

Maria purchased 100 shares of JAX stock for $30 per share and sold this same stock one year later for $29 per share. She paid co

mihalych1998 [28]

Answer:

capital loss = ($195)

Explanation:

Maria's total investment = (100 x $30) + $50 = $3,050

Maria's return from selling the stocks = (100 x $29) - $45 = $2,855

capital loss = $2,855 - $3,050 = -$195

The revenue generated by the dividends is taxed as ordinary income (at a higher rate) and must be considered ordinary gains, not capital gains.

4 0

3 years ago

Michael wanted to build a small princess castle for his daughter in the backyard. He decided to turn it into a do-it-yourself pr

givi [52]

Answer:

C)

Explanation:

He can file a strict liability lawsuit against Big Ben Forts for failure to provide adequate instructions on assembling the product.

4 0

2 years ago

At December 31, 2019, Obermeyer Imports reported the following information on its balance sheet.

Vinvika [58]

Answer:

Obermeyer Imports

a) Journal Entries to record each transaction:

1. Debit Accounts Receivable $2,600,000

Credit Sales Revenue $2,600,000

To record the sale of goods on account.

2. Debit Sales Returns $45,000

Credit Accounts Receivable $45,000

To record the return of goods on account.

3. Debit Cash Account $2,250,000

Credit Accounts Receivable $2,250,000

To record collections from customers.

4. Debit Uncollectible Expenses $10,000

Credit Accounts Receivable $10,000

To record the write-off of accounts deemed uncollectible.

5. Debit Cash Account $3,000

Credit Uncollectible Expenses $3,000

To record the recovery of bad debts previously written off.

b) T-accounts:

Accounts Receivable

Accounts Titles Debit Credit

Beginning balances $250,000

Sales Revenue 2,600,000

Sales Returns 45,000

Cash Account 2,250,000

Uncollectible Expenses 10,000

Ending Balances 545,000

Total $2,850,000 $2,850,000

Allowance for doubtful accounts

Accounts Titles Debit Credit

Beginning balances $15,000

Uncollectible expense 7,000

Ending balances $22,000

c) Journal Entry

Debit Uncollectible Expense $7,000

Credit Allowance for doubtful accounts $7,000

To record the allowance for uncollectibles.

Explanation:

a) Data and Calculations:

Accounts receivable $250,000

Less: Allowance for doubtful accounts 15,000

b) The allowance for Doubtful Accounts will increase by $7,000 to $22,000. As a result, the Uncollectible Expense will be debited with $7,000 while the Allowance for doubtful accounts will be credited with $7,000. This brings the total of Allowance for Doubtful Accounts to $22,000 in accordance with the new estimate based on the aging of accounts receivable.

3 0

3 years ago

For financial accounting purposes, what is the total amount of product costs incurred to make 24,500 units

Anna71 [15]

Answer:

The product cost for 24,500 units is $497,350.

Explanation:

The reason is that the the product cost always includes all the variable production cost and specific fixed production cost. In this scenario, direct material cost, direct labor cost, variable manufacturing overhead cost are variable production cost whereas the fixed manufacturing cost is specific fixed production cost which will form part of product cost. The remainder of the cost left is period cost.

Direct materials (24,500 * $7.7 per unit) $188,650

Direct labor (24,500 * $4.7 per unit) $115,150

Variable manufacturing overhead (24,500 * $2.2 per unit) $53,900

Fixed manufacturing overhead (24,500 * $5.7 per unit) <u>$139,650 </u>

Total product costs $497,350

7 0

3 years ago