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3 years ago

Match each scenario with its effect on the PPC.

1 answer:

5 0

- A manufacturing unit uses all its resources efficiently. A point on the original PPC

- Andrew has 5 hours to complete his homework but uses only 3 hours, so he doesn’t complete it. The PPC shifts to the left

- A country acquires part of its neighboring country. The PPC shifts to the right

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Name some cool crome book games

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3 years ago

Which of the following types of child care is most closely regulated by state and county government? A. Child care center B. Fam

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3 years ago

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Which one of the following is an example of systematic risk? Multiple Choice Investors panic causing security prices around the

Rus_ich [418]

Answer:

Multiple Choice Investors panic causing security prices around the globe to fall precipitously

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3 years ago

Costs of goods sold of a manufacturing represents the costs related to building a product that are expensed when it is sold. to

Anastasy [175]

There are 3 types of Inventory as below:

1) Raw Material Inventory

2)Work in Process Inventory

3)Finished Goods Inventory

Schedule for Work in Process Inventory is as below:

Beginning Balance of Work in Process...................................................................XXX

Direct Materials

Beginning Balance of Direct Materials................................XXX

Add: Purchase of Raw Materials...........................................XXX

Total Raw Materials Available...............................................XXX

Less: Ending Balance of Raw Materials..............................(XXX)

Raw Materials Consumed.....................................................................XXX

Direct Labour...........................................................................................XXX

Manufacturing Costs

Indirect Labour....................................XXX

Factory Repairs...................................XXX

Factory Utility......................................XXX

Total Manufacturing Overhead............................................................XXX

Total Manufacturing Costs....................................................................................XXX

Total Cost of Work in Process..............................................................................XXX

Less: Ending Balance of WIP................................................................................(XXX)

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3 years ago

Q 4.35: McGinnis Construction is a cash-basis company with a fiscal year-end of June 30. McGinnis’ employees earn a normal weekl

hjlf

Answer: Understatement, $30,900

Explanation:

There will be an UNDERSTATEMENT of McGinnis' net income for the most recent fiscal year of $30,900.

The Understatement arises because as of year end which is June 30th, McGinnis were not paid for their services that cost $40,900 and instead will only be paid on the 8th of the next month so it was not accounted for in the net income.

The reason the net income understatement is $30,900 and not $40,900 is because McGinnis will still have to account for the payment to it's employees. If in a five day week they earn $12,500, that would mean that they earn $2,500 a day (12,500/5). Seeing as June ended on a Thursday, that is a 4 day week which means $2,500*4= $10,000.

That $10,000 will reduce the net income by that amount.

The net effect is a $30,900 UNDERSTATEMENT.

4 0

3 years ago