Answer:
Unitary cost= $56
Explanation:
Giving the following information:
Variable manufacturing overhead $15
Direct materials $13
Direct labor $17
Fixed manufacturing overhead $12
Fixed marketing and administrative $11
Under absorption costing, the fixed overhead is allocated to the product cost:
Unitary cost= direct material + direct labor + variable overhead + fixed overhead
Unitary cost= 13 + 17 + 15 + 11= $56
Answer:
C
Explanation:
When consolidating parent and a wholly-owned subsidiary we aim to eliminate entries related to the inter company services. Since the subsidiary had recorded a debit to service expense when it was rendered, the adjusting entry would be a credit to the service expense amount by the same figure charged i.e. $600,000 in this case
Answer:
Long term liabilities is $23,000,000
Explanation:
Electronic Superstore
Balance Sheet (Not Full) at December 31, 2021
Details Amount ($)
Current liabilities NA
Long-term liabilities <u> 23,000,000 </u>
Total liabilities <u> 23,000,000 </u>
Note that the $7 million will due in 2022 not in 2021. Therefore, this does not effect on the 2021 balance sheet entries.
Answer:
Local
Explanation:
It's local because it has to do with a town or district.
Complete Question:
Which of the following is true regarding the trial balance? Select all that apply.
a) The trial balance includes all of the accounts needed to create the balance sheet and the income statement.
b) The trial balance is much less detailed than the balance sheet and income statement.
c) The accounting principle of materiality says that the information on the trial balance can be combined and simplified into more general reporting items.
d) The accounting principle of money measurement says that the information on the trial balance can be combined and simplified into more general reporting items.
e) The trial balance shows only nominal accounts.
Answer:
a) The trial balance includes all of the accounts needed to create the balance sheet and the income statement.
Explanation:
Company XYZ's trial balance summarizes all the general ledger account balances with the assets and expenses on the debit side and the liabilities, equity, and income on the credit side. It is extracted from the general ledger for all accounts that do not have equal debit and credit sides. It is one of the ways to ensure that proper double entry system of bookkeeping has been followed. That the two sides are in balance does not mean that the trial balance or the general ledger from which it is prepared is error-free. It simply means that the two sides agree in total. XYZ can prepare the trial balance at any time, not necessarily at the end of the period.
