Answer:
A. $302,000
Explanation:
The computation of the net income under accrual basis accounting is shown below:
= Billed in revenues on credit - incurred expenses
= $496,000 - $194,000
= $302,000
The prepaid expenses and the received amount would not be considered in the computation part. Hence, ignored it
Only revenues on credit and incurred expenses are considered in the computation part. No other item values would be taken.
Answer:
Fixed overhead volume variance
= (Standard hours - Budgeted hours) x Standard fixed overhead rate
= (11,000 - 10,000) x $1.35
= $1,350(F)
The correct answer is A
Standard fixed overhead rate
= <u>Budgeted overhead</u>
Budgeted direct labour hours
= <u>$13,500</u>
10,000 hours
= $1.35 per direct labour hour
Explanation:
Fixed overhead volume variance is the difference between standard hours and budgeted hours multiplied by standard fixed overhead application rate. Standard fixed overhead application rate is the ratio of budgeted overhead to budgeted direct labour hours.
Answer:
His loan payment each quarter is nearest to $4,705.10.
Explanation:
Using a Financial Calculator enter the following data and find PMT, the loan payment each quarter
Pv = $70,000
n = 4 × 5 = 20
r = 12%
P/yr = 4
Fv = $0
Pmt = ? - $4,705.10
Thus PMT, the loan payment each quarter will be $4,705.10.
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