Answer:
The Solution is given below in the
Explanation:
Requirement 1: Solution
Entries Debit Credit
Employee Benefits Expense $55,500
Medical insurance payable $45,500
Retirement program $10,000
Requirement 2: Solution
As the retirement program money is paid after 5 years it should be classified as a non-current liability as per the International accounting standard(Presentation of financial statements).
Answer:
a) help to evaluate what happened in the past.
Explanation:
The financial statement interprets the financial performance, profitability, position of the company. It involves the income statement, balance sheet, cash flow statement, etc through which the business could be analyzed in a better way
Also it helps to analyze and evaluate what is happened in the past
Therefore the option a is correct
Answer:
C) Decrease bank reserves, decrease bank loans and decrease the money supply while raising interest rates
Explanation:
Selling by the Federal reserve of government securities is an application of contractionary monetary policy. These securities are purchased by the commercial banks which results in a reduced reserve for these banks. This reduction in reserve restricts credit creation which is the banks, ability to lend loans. When there are less loans in the market - there is a reduced money supply in the market and thus the cost of borrowing or interest rates are pushed higher because of limited money supply.
Similarly purchasing these securities will leave banks with ample money and more credit can be created thus inducing the opposite effect.
Hope that helps.
Answer:
(-$1,250) over applied for the period
Explanation:
Predetermined overhead rate:
= budgeted overhead ÷ budgeted volume
= $465,500 ÷ 49,000
= $9.5
Overhead cost with 43,500 hours incurred, they have applied
:
= Actual machine-hours × Predetermined overhead rate
= 43,500 × 9.5
= $413,250
They actually incurred $412,000 of overhead cost for the period so they have
:
= Actual overhead - Overhead cost with 43,500 hours
= $412,000 - $413,250
= (-$1,250) over applied for the period.
