Answer: should be reported at $70,000.
Explanation:
Gross profit is the profit that is made by a business after the costs that are used during production has been deducted from the revenue gotten from sales. Therefore, the gross profit will be:
Sales revenue = $200,000
Less: cost of goods sold = $130,000
Gross profit = $200,000 - $130,000 = $70,000
Therefore, the gross profit should be reported at $70,000
Answer:
absolute approach
Explanation:
The absolute approach of appraising an employee is one that uses comparism of the employee performance against established standards of the organisation.
Employees are not compared to other employees, evaluation is done on an individual basis.
This is a very objective method of appraisal because the tendency to favour one employee's performance over another through collective performance is not done.
Rather appraisal measures how each employee performs against the set standard.
Answer:
Under US GAAP, the 12/31/2020 year ending preferred stock balance is $120 million
Explanation:
The computation of year ended preferred stock is shown below:
= Beginning balance of preferred stock + new issuance of preferred stock
= $100 million + $20 million
= $120 million
The preferred dividend and market value of the original amount of preferred shares are not considered in the computation part. Thus, it is ignored.
Hence, Under US GAAP, the 12/31/2020 year ending preferred stock balance is $120 million
Answer:
0.00125
Explanation:
In order to determine the spread of the dealer's quote, there is a need to undertstand that the first price quoted is known as bid price, which is the price the dealer is willing to purchase the securities while the second one is the ask price, the dealer's selling price.
From a conventional point of view(norm), the spread is the ask minus the bid price divided by 32 as shown thus:
spread=(89.16-89.12)/32=0.00125
Answer:
Under applied = - 40000
Explanation:
Given the estimated manufacturing overhead = $1200000
The direct labor hour = 50000
Direct labor wage rate = $12 per hour
Actual overhead value = $1340000
Now first find the pre-determined overhead rate.
Pre-determined Overhead Rate = 1200000/50000 = 24
Now find the applied overhead.
Now the Applied Overhead = 650000/12 × 24 = 1300000
Given Actual Overhead = 1340000
Under applied = 1300000 - 1340000 =- 40000