Answer:
1.C 2.D 3.A 4.E 5.G 6.A 7.G 8.H 9.E 10.B
Explanation:
Interest expense is classified under expenses in the Income statement.
Assets such as patents, trademarks fall under intangible assets.
Assets such as inventory and prepaid rent fall under current assets, which are assets that are cash already or can easily be converted into cash within a year.
Land held for investment is classified as long term investment, which is investment that a company will hold for more than a year. To make it easier to remember you should think of land as a non current asset which is an asset that takes longer than a year to be converted into cash.
Accumulated depreciation is classified under Property, Plant and Equipment because these are the assets that depreciate.
Your payable accounts will be classified as current liabilities because the amounts are outstanding in other words you owe the amount.
Retained earnings are part of the shareholders' equity because it is the net income from the business operations. In addition the dividends amount is deducted from retained earnings.
Answer:
The correct answer is c) 300,000
Explanation:
In this question machine hour is limiting factor. So in order to make most lucrative mix we will have to find which product give more contribution per limiting factor. Detail calculations are given below.
Contribution per Limiting factor (machine hour)
Executive = 60/2 = 30 per machine hour
Deluxe = 250/10 = 25 per machine hour
So
It is more profitable to produce executive chair
As demand for chairs are unlimited so company will use all its machine hour to produce executive chairs.
Contribution = 10,000 * 30 = 300,000 dollars.
Hello!
The correct answer for the blank is: Quaternary.
I really hope this helped you out! :)
