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3 years ago

Midwest Corporation has provided the following data concerning manufacturing overhead for 2020:

Business

1 answer:

SSSSS [86.1K]3 years ago

4 0

Answer:

Estimated manufacturing overhead rate= $18 per direct labor hour

Explanation:

Giving the following information:

Estimated manufacturing overhead for the year $ 37,080

Estimated direct labor hours for the year 2,060

To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 37,080/2,060

Estimated manufacturing overhead rate= $18 per direct labor hour

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A(n) __________ is a set of guidelines for a business to follow when recruiting prospective employees.

Nezavi [6.7K]

Answer:

recruitment policy

Explanation:

A recruitment policy is a statement on how you hire. It outlines your company's preferred hiring practices and promotes consistency within your employee recruiting process

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3 years ago

Denzel Brooks opened a Web consulting business called Venture Consultants and completes the following transactions in March Marc

san4es73 [151]

Answer:

1. Prepare general journal entries to record these transactions using the following titles:

March 1

Dr Cash (101) 175,000

Dr Office Equipment (163) 26,000

Cr Common Stock (307) 201,000

March 2

Dr Prepaid Rent (131) 6,000

Cr Cash (101) 6,000

March 3

Dr Office Equipment (163) 3,800

Dr Office Supplies (124) 2,200

Cr Accounts Payable (201) 6,000

March 6

Dr Cash (101) 4,500

Cr Services Revenue (403) 4,500

March 9

Dr Accounts Receivable (106) 10,900

Cr Services Revenue (403) 10,900

March 12

Dr Accounts Payable (201) 6,000

Cr Cash (101) 6,000

March 19

Dr Prepaid Insurance (128) 6,400

Cr Cash (101) 6,400

March 22

Dr Cash (101) 4,000

Cr Accounts Receivable (106) 4,000

March 25

Dr Accounts Receivable (106) 5,330

Cr Services Revenue (403) 5,330

March 29

Dr Dividends (319) 5,400

Cr Cash (101) 5,400

March 30

Dr Office Supplies (124) 1,700

Cr Accounts Payable (201) 1,700

March 31

Dr Utilities Expense (690) 1,400

Cr Cash (101) 1,400

2. Post the journal entries from part 1 to the ledger accounts.

Account Description Debit Credit

101 Cash 175,000

6,000

4,500

6,000

6,400

4,000

5,400

1,400

101 Cash 158,300

106 Accounts Receivable 10,900

4,000

5,330

106 Accounts Receivable 12,330

124 Office Supplies 2,200

1,700

124 Office Supplies 3,900

128 Prepaid Insurance 6,400

131 Prepaid Rent 6,000

163 Office Equipment 26,000

3,800

163 Office Equipment 29,800

201 Accounts Payable 6,000

6,000

1,700

201 Accounts Payable 1,700

307 Common Stock 201,000

319 Dividends 5,400

403 Services Revenue 4,500

10,900

5,330

403 Services Revenue 20,730

690 Utilities Expense 1,400

3. Prepare a trial balance as of April 30.

Account Description Debit Credit

101 Cash 158,300

106 Accounts Receivable 10,900

106 Accounts Receivable 12,330

124 Office Supplies 3,900

128 Prepaid Insurance 6,400

131 Prepaid Rent 6,000

163 Office Equipment 29,800

201 Accounts Payable 1,700

307 Common Stock 201,000

319 Dividends 5,400

Retained earnings 11,000

403 Services Revenue 20,730

690 Utilities Expense 1,400

TOTAL 234,430 234,430

6 0

3 years ago

When the elasticity of demand for a product is __________ the elasticity of supply, consumers pay __________ of the tax on the p

mezya [45]

When the elasticity of demand for a product is smaller than the elasticity of supply, consumers pay majority of the tax on the product.

The way the tax burden is distributed between purchasers and sellers is known as the tax incidence.

The relative price elasticity of supply and demand determines the tax incidence.

Usually, both the producers and the consumers of the taxed goods bear the incidence, or burden, of the tax.

But all we have to do is look at the elasticity of demand and supply to determine which group will be carrying the bulk of the load.

The majority of the tax burden falls on consumers when supply is more elastic than demand.

The majority of the tax burden falls on the producers when demand is more elastic than supply.

The less elastic the demand and supply are, the higher the tax revenue.

Hence, When the elasticity of demand for a product is smaller than the elasticity of supply, consumers pay majority of the tax on the product.

Learn more about elasticity of demand:

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2 years ago

Which savings account will earn you the most money?

Masja [62]

Answer:

One that earns Daily

Explanation:

5 0

3 years ago

The current price of a stock is $50, the annual risk-free rate is 6%, and a 1-year call option with a strike price of $55 sells

Vlad [161]

Answer:

The value of the put option is;

e. $9.00

Explanation:

To determine the value of the put option can be expressed as;

C(t)-P(t)=S(t)-K.e^(-rt)

where;

C(t)=value of the call at time t

P(t)=value of the put at time t

S(t)=current price of the stock

K=strike price

r=annual risk free rate

t=duration of call option

In our case;

C(t)=$7.2

P(t)=unknown

S(t)=$50

K=$55

r=6%=6/100=0.06

t=1 year

replacing;

7.2-P=50-55×e^(-0.06×1)

7.2-P=50-(55×0.942)

7.2-P=50-51.797

P=51.797+7.2-50

P=$8.997 rounded off to 2 decimal places=$9.00

6 0

3 years ago