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3 years ago

In running a home business, it is important to keep accurate financial records. true false

Business

2 answers:

Ivanshal [37]3 years ago

6 0

It is important to keep accurate financial records so true

solniwko [45]3 years ago

6 0

True, because if your records are not precise, then many problems could arise, such as an audit from the IRS, or inaccurate reports.

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Goodmark Company produces two types of birthday cards: scented and regular. Expected product data for the coming year are given

pochemuha

Answer:

Setups: $ 144,000

Moving materials: $72000

Machining: $22,200

Inspection: $17,777.78

Explanation:

Goodmark Company

Scented Cards Regular Cards Total

Units produced 20,000 200,000 -

Prime costs $160,000 $1,500,000 $1,660,000

Direct labor hours 20,000 160,000 180,000

Number of setups 60 40 100

Machine hours 10,000 80,000 90,000

Inspection hours 2,000 16,000 18,000

Number of moves 180 120 300

<em>First we find the rate by dividing the overhead costs with the corresponding cost driver as follows.</em>

Overhead costs: Rate

Setting up equipment $240,000 = Setting up equipment / Number of setups=$240,000/100=2400

Moving materials 120,000 = Moving materials/Number of moves

120,000/300=400

Machine 200,000 = Machining/Machine hours

= 200,000/ 90,000=2.222

Inspecting 160,000 = Inspection/Inspection hours

= 160,000/18000= 8.89

<em>Now we find the overhead applied to the scented cards by multiplying the rate to the corresponding overhead activity of the scented cards.</em>

Activity Rate Scented Cards

Setups: 2400 2400*60=$ 144,000

Moving materials: 400 400*180= $72000

Machining: 2.22 2.22*10,000=$22,200

Inspection: 8.89 8.89*2000= $17,777.78

8 0

3 years ago

A U.S.-based importer, Zarb Inc., makes a purchase of crystal glassware from a firm in Switzerland for 39,960 Swiss francs, or $

IRINA_888 [86]

Answer:

e. $638

Explanation:

payment to be made as per forward contract (IN $)

= 39960/ 1.682

= $23757.43

now the actual rate after 90 days is 1.638

payment at 1.638 rate = 39960/ 1.638

= $24395.6

loss by hedging = $24395.6 - $23757.43

= $638.17

Therefore, The U.S. firm have saved or lost $638 in U.S. dollars by hedging its exchange rate exposure.

4 0

3 years ago

Which of the following statements about income taxes is not correct?

Anastaziya [24]

The correct statement regarding the income tax is Deductible temporary differences give rise to deferred tax liabilities, meaning that more tax is payable in the future. hence option C is correct

<h3>What is income tax?</h3>

A tax placed on people or organizations in relation to their income or profits is known as an income tax. Tax rates multiplied by taxable income are typically used to calculate income taxes. Tax rates might change depending on the taxpayer's attributes and source of income.

The complete part of the question is below:

A) Review Later Income tax expense includes both the amount of tax payable in the current period and the amount of tax due in future periods.

B)Income taxes are based on taxable income and not accounting income.

C)Deductible temporary differences give rise to deferred tax liabilities, meaning that more tax is payable in the future.

D)Deferred taxes arise because of temporary differences between the tax base and the carrying amount of assets and liabilities on the balance sheet.

Hence option C is correct.

Learn more about income tax:

brainly.com/question/17075354

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7 0

2 years ago

Is the term used to describe the amount of control or influence that consumers have on a market

PtichkaEL [24]

Answer:

consumer sovereignty

4 0

3 years ago

The management of Shatner Manufacturing Company is trying to decide whether to continue manufacturing a part or to buy it from a

mrs_skeptik [129]

Answer:

Financial advantage of purchasing Cisco from outside vendor = $9,440

Explanation:

7,900 units produced

variable costs allocated to Cisco units (avoidable):

direct materials $4.58 per unit
direct labor $4.51 per unit
indirect labor $0.45 per unit
utilities $0.41 per unit
total $9.95 x 7,900 units = $78,650

fixed manufacturing costs allocated to Cisco:

depreciation $860
property taxes $320
Insurance $610
total $1,790

an outside supplier can provide Cisco for $63,200 plus:

freight and inspection costs $0.60 per unit x $7,900 = $4,740
total receiving costs $1,270
total $6,010

Incremental Analysis

Produce Purchase Difference

Cisco Cisco amount

Variable production $78,650 $78,650

costs

Purchase price $63,200 ($63,200)

Additional expenses $6,010 ($6,010)

Financial advantage of purchasing Cisco $9,440

Allocated fixed costs are not included in this analysis since they cannot be avoided by either action, producing or purchasing.

7 0

4 years ago