If you don't own a home or a car, your liability is b. lower than one who owns both.
<h3>What is a Liability?</h3>
This refers to the legal state of a person who is responsible for something that is put in his care.
Hence, we can see that for a person that owns a car and house, the liability that he has is far higher than someone that does not own any of them.
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Answer:
a. Direct Labor
b. Direct Materials
c. Factory Overhead
d. Cost of Goods Manufactured
Explanation:
Costs of Goods Manufactured Schedule records the total of manufacturing costs only. So, consider all costs related to manufacturing process for this question.
Answer:
Wilson Towing Service
Income Statement
For the month ending June 30, 2016
Service revenue $12,500
Salaries expense ($2,500)
<u>Rent expense ($500)</u>
Operating profit $9,500
The income statement tells us how much profit/loss did a business make during a certain period of time. In this case, the operating profit was $9,500. In order to calculate net income we would need to subtract taxes but we are not given the tax rate or the taxes due.
Answer: (D) ABC analysis
Explanation:
ABC analysis is one of the type of inventory method that are basically divided into the three main categories that is A,B and the C categorization.
The main advantage of this type of analysis is that it is categorized on the quantity and the values basis and this analysis is basically keeps the cost in the business under the control. It is also known as the inventory management and the ABC analysis contributed in the overall profit in an organization.
According to the question, the retail manager basically using the ABC analysis for determining the inventory items in the system.
Therefore, Option (D) is correct.
