Answer:
Event Classification
1. Asset Source
2. Asset Use
3. Asset Use
4. Asset Source
5. Asset Exchange
6. Not applicable (NA)
7. Asset Source
8. Asset Use
9. Asset Source
10. Asset Exchange
11. Asset Source
Explanation:
An asset is an economic resources controlled by an entity from which future economic benefits are expected.
In recording asset, business events can result in asset source,asset use and asset exchange. Asset source is the acquisition of asset, asset use is consumption of existing asset and asset exchange is the transfer of asset from one source to another.
Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
B. All consumers are able to purchase an amount equal to their quantity demanded.
Answer:
The correct answer is: they benefit by doing so.
Explanation:
Thanks to their interaction, human beings can satisfy their needs. People organize conveniently so their resources can be used to produce the goods and services they naturally demand -food, clothing, and shelter. This is the reason why governments must promote healthy living in societies so individuals can get the most of each other benefiting themselves.
Answer:
Direct material quantity variance= $840 unfavorable
Explanation:
Giving the following information:
Dorsey Corporation Company budgeted 600 pounds of direct materials costing $28.00 per pound to make 7,000 units of product.
The company used 630 pounds of direct materials to make the 7,000 units.
To calculate the direct material quantity variance, we need to use the following formula:
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Direct material quantity variance= (600 - 630)*28
Direct material quantity variance= $840 unfavorable