Answer:
The appropriate approach is "Principal-agent problems".
Explanation:
- A contradiction of objectives or priority between someone individual or organization as well as the authorized accompanying documents to operate over its behalf is considered as Principal-agent problem.
- The possession of a commodity or fundamental assigns immediate supervision of that resource to some other agency may transpire in whatsoever circumstance.
Answer: See explanation
Explanation:
The necessary closing entries from the available information at December 31 will be calculated thus:
1. Dec 31
Dr Services Revenue $13000
Cr Income Summary $13000
2. Dec 31
Dr Income Summary $10000
Cr Wages expense $8400
Cr Rent expense $1600
3. Dec 31
Dr Income Summary = $13000 - $10000 = $3000
Cr D. Mai, Capital $3000
4. Dec 31
Dr D. Mai, Capital $800
Cr D. Mai, Withdrawals $800
Answer:
<em>When manufacturing overhead costs are assigned to production in a process cost system, it means that the business uses absorption costing system.</em>
Explanation:
When manufacturing overhead costs are assigned to production in a process cost system, it means that the business uses absorption costing system.
Absorption costing system is that where units of products and inventories are valued using full cost. Full cost implies that each product would be charged for an amount of the<em> fixed production overhead </em>in addition to the variable cost.
The fixed overhead is charged using a predetermined overhead absorption rate.
Answer:
12. 21 % ; 41.98 % and 45.80 % as below
Explanation:
Total cost for the stadium is
labor $ $16,000
leasing the parking fee $55,000
Busing to and from $60,000
Total cost $131,000
Percentage per item
1. labor = 16000/131000 x 100
=12.21 percent
2.leasing parking space= 55000/131000 x 100
=41. 98 percent
3.Parking space= 60,000/131000x100
=45.80 percent
Answer:
see below
Explanation:
Operating expenses are the cost a business incurs while engaging in its normal business operations. They are the costs not directly be attached to the production process. A business incurs operating expenses in managing it day to day activities. They exclude one time expenses such as judgment cost, accounts adjustments, and other non-recurring costs.
Operating expenses are classified into administrative, selling, and general expenses. Businesses cannot avoid operating expenses; hence the management should strive to keep them as low as possible. Examples of operating expenses include rent, salaries, employee benefits, transport, depreciation, repairs, taxes, sales commissions, amortization, and pension contributions.
