Answer:
<u>Record the issuance of note.
</u>
November 1, 2021
Dr. Cash 46000
Cr. Note Payable 46000
<u>Record the adjustment for interest.</u>
December 31, 2021
Dr. Interest Expense 460
Cr. Interest Payable 460
(46000*6%)*3/12 = 460
<u>Record the repayment of the note at maturity</u>
Dr. Note Payable 46000
Dr. Interest Payable 460
Dr. Interest Expense 230
Cr. Cash 46,690
(46000*6%)*1/12 = 230
Explanation:
* At the year end the interest expense is accrued and recorded as interest payable.
Answer:
A) product or service feasibility analysis.
Explanation:
- The set of analyses that show the product or services that are idea appeals to the future customers and also shows the resources necessary for the producing the product and to provides the services is referred to as the feasible analysis.
Answer:
The answer is: A) No auditing procedures were performed after the date of the Year 1 auditor's report.
Explanation:
Since Gole is including a separate paragraph in the review report for Year 2 to describe his responsibility for the previous period's financial statement (Year 1), he should include in that paragraph the fact that he didn't perform any more audit procedures after he presented his review report for Year 1.
Answer:
Correct Answer:
E) they are sharing information and coordinating efforts to achieve a collective outcome.
Explanation:
In any given sector, there are limited opportunities available hence the need why there is competition in-order to maximize and gain more. This competition drives most individual to work alone. <em>In a situation where there is no competition, the individuals works together through sharing of information and coordination in order to achieve a common result. This collective action is called Collaboration.</em>
Answer:
total budgeted costs = $189,400
budgeted production = 1,000 units
standard rate = $189,400 / 1,000 = $189.40 per unit
total actual costs = $197,200
actual production = 1,120 units
actual rate = $197,200 / 1,120 = $176.07 per unit
- total fixed overhead variance = actual overhead costs - budgeted overhead costs = $197,200 - $189,400 = $7,800 unfavorable. The actual overhead expense was higher than the budgeted.
- controllable variance = (actual rate - standard rate) x actual units = ($176.07 - $189.40) x 1,120 units = -$14,929.60 favorable. The actual overhead rate was lower than the standard rate, that is why the variance is positive.
- volume variance = (standard activity - actual activity) x standard rate = (1,000 - 1,120) x $189.40 = -1,120 x $189.40 = -$212,128 favorable. More units where produced than budgeted, that is why the variance is positive.