Answer:
d) manufacturing overhead
Explanation:
The term manufacturing cost comprise of direct material + direct labor + manufacturing overhead cost. It is the cost which is to be incurred to make a product.
In mathematically,
Manufacturing overhead cost = Direct material cost + direct labor cost + manufacturing overhead cost
Hence, the correct option is d. manufacturing overhead
Answer:
Canton Corporation
Income Statement for December 31, 2016
$
income from continuing operations before income taxes 110,000
Less: Income Tax 30% <u>38,500</u>
Income from continuing operations 71,500
Gain on disposal of discontinued component 28,000
Tax on disposal of discontinued component (8,400)
Loss from operations of discontinued component <u>(50,000)</u>
Net loss from discontinue operations <u>(30400)</u>
Total Comprehensive Income <u>41,100</u>
Warn You About the Product before use
Answer:
Option C
Explanation:
In simple words, scienter relates to the psychological condition where one is conscious that his or her acts, words, etc., are false, dishonest or unlawful: sometimes seen as a presumption of guilt. Scienter can be defined as the legal term as well for malicious intentions or knowledge and understanding.
An offending entity then has prior information of an act or event's "wrongness" before actually perfroming it. For instance if an individual sells his friend an old car with car brakes that don't work but the seller doesn't know at all about the brake pad problem, then the seller doesn't have a scienter.
From the computation done, there'll be a debit to retained earnings for 239400.
The retained earnings will be:
= percentage of completion (1 - Tax rate)
Based on the values we've, this will be:
Retained Earnings = 399000 (1 - 40%)
Retained Earnings = = 399000 × 0.6
Retained Earnings = 239400
Therefore, there'll be a debit to retained earnings for 239400.
Learn more about retained earnings on:
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