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dangina [55]
3 years ago
12

Danube Corp. purchased a used machine for $ 10 comma 000. The machine required installation costs of $ 4 comma 000 and insurance

while in transit of $ 500. At which of the following amounts would the machine be​ recorded? A. $ 10 comma 000 B. $ 14 comma 500 C. $ 14 comma 000 D. $ 10 comma 500
Business
1 answer:
melamori03 [73]3 years ago
7 0

Answer:

The correct answer is B. $14,500

Explanation:

According to the accounting concept, the machines cost includes all those cost which is related to the machine like -  purchase cost of machine, installation cost of machine, insurance cost,etc.

So,

Total cost of machine = Purchase cost of machine + installation cost of machine +  insurance cost

= $10,000 + $4,000 + $500

= $14,500

Hence, the total machine cost is $14,500 which is to be recorded in the financial statements.

Thus, the correct answer is B. $14,500

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At the beginning of the year, manufacturing overhead for the year was estimated to be $821,100. At the end of the year, actual d
Bad White [126]

Answer:

estimated direct labor hours= 35,700 hours

Explanation:

Giving the following information:

Estimated overhead= $821,100.

Actual direct-labor hours= 36,280 hours

Actual manufacturing overhead= $790,000

Manufacturing overhead for the year was overapplied by $44,440.

We need to reverse engineer the overhead application process to calculate the estimated direct labor hours.

Under/over applied overhead= real overhead - allocated overhead

-44,440= 790,000 - allocated overhead

allocated overhead= 834,440

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

834,440= Estimated manufacturing overhead rate*36,280

Estimated manufacturing overhead rate= $23

Finally, we can determine the estimated direct labor hours:

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

23= 821,100/ estimated direct labor hours

estimated direct labor hours= 821,100/23

estimated direct labor hours= 35,700 hours

3 0
3 years ago
the liability created when supplies are bought on account is called an account payable ,true or false​
tigry1 [53]

Answer:

True.

Explanation:

In Financial accounting, liability can be defined as the amount of money being owed by an individual or organization to another.

Simply stated, liability is a debt being owed and as such it usually has "payable" in its account title on the balance sheet.

Generally, liabilities are recorded on the right side of the balance sheet and it comprises of financial informations such as warranties, bonds, loans, deferred revenues, mortgages, account payable etc.

Current liability in financial accounting can be defined as the short-term financial obligation such as debt (account payable) that is due to be paid in cash within one (fiscal) year or one operating cycle of a company, whichever is longer.

A company's current liability comprises of the following; dividends payable, short-term debts, account payable, notes payable, interest payable, wages payable, deferred revenues, income tax payable, etc.

Basically, companies usually settles their current liabilities with current assets such as account receivables or cash, that are used up within a fiscal year.

Hence, the liability created when supplies are bought on account is called an account payable.

6 0
2 years ago
Land Transactions on the Statement of Cash Flows Alpha Corporation purchased land for $211,000. Later in the year, the company s
horsena [70]

Answer:

<u>investing activities:</u>

acquisition of land   (211,000)

sale of land              (101,000)

<u>Operating Activities:</u>

gain on sale: NO EFFECT if direct method is used

                adjusting the net income if the indirect method is used.

Explanation:

The cash disbursmenets and cash proceeds fro mthe purhcase and sale of land respectevely will appear as investing activities.

The gain on the sale will adjust the net incoem if the company used indirect method to determinatethe cash from operating activities.

As is a non-monetary term It will be removed.

If the company used the direct method there will be no mention to the gain on sale.

3 0
3 years ago
Semiotics refers to a field of study in marketing linguistics that identifies the connotative meanings behind words in order to
Evgesh-ka [11]
<span>Semiotics is the study of how meaning is made from the use of symbols. The symbols can be written, gestural, auditory, or communicated in some other way. The emphasis is on the correspondence between symbols and their role in how meaning is assigned among people. Thus semiotics is not just about the meaning itself, but how the meaning has come about.</span>
6 0
3 years ago
Marigold’s Pest Control Products has the following information available: net income, $15800; cash provided by operations, $2170
tester [92]

Answer:

The Maigold's free cash flow can be calculated using the below formula:

Cash Provided by Operations-Capital expenditure-Dividends paid

Explanation:

Cash provided by operations   $21700

Capital expenditure                  ($10100)

Dividends paid                          ($3500)

Free cash flow of Maigold's     $8100

8 0
2 years ago
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