Answer:
A) $792,000
Explanation:
33,000 shares of common stock
issued at:
market value 24 dollars
face vale 1 dollar
additional paid-in 23 per share
<u>Equity:</u>
<em>Common Stock </em>
33,000 shares x 1 = 33,000
<em>Additional Paid-in capital</em>
33,000 shares x 23 = 759,000
Total capital 792,000
The total paid-in capital will be the sum of both, the common stock and the paid-in capital in excess of par.
Answer:
E. Thompson memo
Explanation:
The name 'Thompson Memo' was used to honor the Deputy attorney General that first issued the memo in 2003. His name is Larry Thompson.
The memo was created to distinguished the line between the 'honest mistake' that the company might do and an actual wrongdoings that must be punished by law.
The memo consist of several criteria that future prosecutors can use to determine whether a company should be punished or not. Those criterias are:
- The nature/seriousness of the offense
- Whether they did a similar 'mistake in the past
- Whether the company admit the mistake by their own or whether it's exposed by other people
- Whether the company proposed a remedial action.
Answer:
c. An overdraft is a fee your bank charges you for opening a checking account.
Explanation:
Checking account is a deposit account with a bank or any financial institution that allows the owner of such account to make withdrawals and deposits. They are also known as demand accounts or transactional accounts. They are very liquid and allows for countless deposits and withdrawals and can be obtained by using automated teller machines, checks and electronic debits, and a number of other methods.
A checking account is unlike other bank accounts like less liquid savings or investments account it allows for countless withdrawals and unlimited deposits, and savings accounts sometimes limit both.
The statement that an overdraft is a fee that banks charges for opening a checking account is false.
Overdraft is a form of extension of credit from a finiancial institution and often granted when an account reaches zero. it allow such account holder to continue withdrawing money even though the account has no funds or insufficient funds that would cater for and cover the amount of the withdrawal. So it is not the fee that bank charges for opening a checking account, instead what checking account offers is overdraft protection in which if a checking account owner write a check or make a purchase than the funds in the checking account, the bank may cover the difference.
False :
because a product modification occurs when changes are made in how the product functions, its quality, or some aesthetic characteristic of the product.
(Here it’s says only the aesthetic but it’s all)
Answer:
Overhead absorption rate
= <u>Budgeted overhead </u> x 100
Budgeted direct labour cost
= <u>$400,000 </u> x 100
$2,000,000
= 20% of direct labour cost
Overhead applied
= 20% x $1,800,000
= $360,000
The balance in the factory overhead account is $360,000 debit
The correct answer is B
Explanation:
In this case, we need to calculate the overhead application rate, which is the ratio of budgeted overhead to budgeted direct labour cost multiplied by 100. Overhead applied is calculated as overhead application rate multiplied by actual direct labour cost.
