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kompoz [17]
3 years ago
12

Listed below are several terms and phrases associated with basic assumptions, broad accounting principles, and constraints. Pair

each item from List A with the item from List B that is most appropriately associated with it.
List A =

1. Expense recognition

2. Periodictiy

3. Historical cost principle

4. Materiality

5. Revenue recognition

6. Going concern assumption

7. Monetary unit assumption

8. Economic entity assumption

9. Full-disclosure principle

List B =

1. A common denominator is the dollar

2. All information that could affect decisions should be reported

3. Concerns the relative size of an item and its effect on decisions

4. Criteria usually satisfied for products at point of sale

5. Record expenses in the preiod the related revenue is recognized

6. The enterprise is separate from its owners and other entities.

7. The entity will continue indefinitely

8. The life of an enterprise can be divided into artificial time periods.

9. Thje original transaction value upon acquistion.
Business
1 answer:
Fantom [35]3 years ago
6 0

Answer:

Find it below

Explanation:

1. Expense Recognition - Record expenses in the preiod the related revenue is recognized

2. Periodicity - The life of an enterprise can be divided into artificial time periods.

3. Historical cost principle - The original transaction value or cost upon acquistion.

4. Materiality - Concerns the relative size of an item and its effect on decisions

5. Revenue recognition - Criteria usually satisfied for products at point of sale.

6. Going concern assumption - The entity will continue indefinitely

7. Monetary unit assumption - A common denominator is the dollar

8. Economic entity assumption - The enterprise is separate from its owners and other entities.

9. Full-disclosure principle - All information that could affect decisions should be reported

.

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Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product cost
balandron [24]

Answer:

(1) Total cash receipts:

July = $63,800      

August = $64,800

September = $68,800

2-a. Ending Cash Balance:

July = $15,00

August = $21,173

September = $35,873

2-b. Loan Balance End of Month:

July = $2,898

August = $0

September = $0

Explanation:

(1) Prepare a cash receipts budget for July, August, and September.

Note: See part (1) of the attached excel file for the cash receipts budget for July, August, and September.

From the attached excel file, we have:

Total cash receipts:

July = $63,800      

August = $64,800

September = $68,800

(2) Prepare a cash budget for each of the months of July, August, and September.

Note: See part (2) of the attached excel file for the cash budget for July, August, and September.

In the attached excel file, the following calculation is made:

July loan repayment = July preliminary cash balance - Minimum cash balance required = $17,902 - $15,000 = $2,902

From the attached excel file, we have:

2-a. Ending Cash Balance:

July = $15,00

August = $21,173

September = $35,873

2-b. Loan Balance End of Month:

July = $2,898

August = $0

September = $0

Download xlsx
7 0
3 years ago
Dawson Toys, Ltd., produces a toy called the Maze. The company has recently established a standard cost system to help control c
guapka [62]

Answer:

a) 500F and 3,000U

the company use a cheaper material thus, favorable price variance.

But this material had lower quality thus, negative quantity variance

b) 4,000U   2,100U

There was overtime thus, making labor rate higher and productivity as the shift are longer, decrease.

It could also be a combination between wrong directives from the supervisor or defective equipment

Explanation:

DIRECT MATERIALS VARIANCES

(standard\:cost-actual\:cost) \times actual \: quantity= DM \: price \: variance

std cost         $ 1.50

actual cost      $ 1.48

quantity 25,000 (amount purchased)

difference  $0.02

price variance  $500.00

(standard\:quantity-actual\:quantity) \times standard \: cost = DM \: quantity \: variance

std quantity         18000 (3,000 toys produced x 6 per toy)

actual quantity 20000 (25,000 - 5,000 ending inventory)

std cost                    $1.50

difference      -2000.00

quantity variance  $(3,000.00)

DIRECT LABOR VARIANCES

(standard\:rate-actual\:rate) \times actual \: hours = DL \: rate \: variance

std rate          $21.00

actual rate  $22.00  (88,000 labor cost / 4,000 direct labor hours)

actual hours 4,000

difference  $(1.00)

rate variance  $(4,000.00)

(standard\:hours-actual\:hours) \times standard \: rate = DL \: efficiency \: variance

std  hours 3900.00 (3,000 toys x 1.3 hours per toy)

actual hours 4000.00

std rate            $21.00

difference   -100.00

efficiency variance  $(2,100.00)

5 0
3 years ago
Nathan and Nancy were divorced in 2016. The divorce agreement required Nancy to pay Nathan $5,000 a month in alimony. Based on y
ZanzabumX [31]

Answer:

Explanation:

The alimony given is a tax-deductible expense for the person paying the alimony if a divorce is finalized before 2019 and before Jan 31, 2018.

Alimony payments made for divorce implemented after Jan 31, 2018, are said not to be tax-deductible with regards to the amended law.

Therefore in the scenario presented, Nancy pays alimony to Nathan will be tax-deductible income to him because the divorce was finalized in the year 2016 as it is before Jan 31, 2018.

If they have been divorced and still they continue to stay together during 2016 and 2017, then alimony payments are tax-deductible.

Had it been that they have not filed for divorce, only that they are separated but however still jointly live together, then they both file for tax return jointly or separately together due to the sense that they are considered as a married couple for the entire year.

In a case whereby the couple is divorced in 2019, then alimony payments received are not tax-deductible with regards to the current law.

8 0
3 years ago
Exercise 4-5 Computing income summary and ending capital balance from closing entries LO C1, P2 Capri Company began the current
vesna_86 [32]

Answer:

$27,000

Explanation:

The closing entries are as follows:

1. Service fees earned A/c Dr $70,000

  Interest revenue A/c Dr $7,000

                  To Income Summary $77,000

(Being revenue account closed)

2. Income summary A/c Dr $50,000

           To Salaries expense $38,000

           To Depreciation expense $8,000

           To Utilities expense $4,000

(Being expenses accounts are closed)

3. Income summary A/c Dr $27,000    ($77,000 - $50,000)

                    To Retained earning $27,000

(Being the difference is credited to retained earning)

Therefore, the balance left in the income summary account is $27,000

7 0
3 years ago
In June 2015, the unemployment rate declined to 5.3 percent from 5.5 percent in May. The labor force participation rate also dec
cricket20 [7]

Answer: A. greater than 5.3 percent because the value in the numerator of the formula for the unemployment rate would increase more than the value in the denominator.

Explanation:

The unemployment rate is calculated by dividing the number of those who are unemployed but actively seeking employment by the labor force.

= Unemployed / Labor force

If the labor force participation rate had remained unchanged then that would mean that the denominator for the unemployment rate did not change while unemployment did.

The unemployment rate will therefore be greater than 5.3% because the numerator which is the unemployment figure, would have increase more than the denominator.

6 0
3 years ago
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