Answer: For 2014, Korte would report comprehensive income of $341,000.
Explanation:
Korte Company
Comprehensive income statement for 2014 (extract)
Sales revenue $1,500,000
Cost of goods sold (1,050,000)
Gross profit 450,000
Operating expenses (165,000)
<em>Other income:</em>
Unrealised gain on AFS securities 50,000
Dividends received 6,000
Comprehensive income $341,000
Answer:
Debit to Employee Benefits Expense $21,140
Explanation:
Preparation of Athena Company entry to record the accrued benefits for the month
Using this formula
Accrued Expenses = Gross salary ×Percentage of the amount contributed+ Insurance cost
Let plug in the formula
Accrued Expenses= $151,000 × 0.04
= $6,040 + $15,100
= $21,140
Debit to Employee Benefits Expense $21,140.
Therefore the entry to record the accrued benefits for the month would include a: Debit to Employee Benefits Expense $21,140.
Answer:
... whereas the fish in the private pond are <u>rival in consumption</u> and excludable.
... the fish in the river are an example of <u>common resource</u>, and the fish in the private pond are an example of <u>private good.</u>
<em>* the first sentence is wrong, the fish in the river are nonexcludable since anyone can fish on the river, or at least try to.</em>
Explanation:
If a good is rival in consumption, it means that if one person consumes it, it will lower the ability of another person to consume the good.
If a good is excludable, ten it can only be consumed by those that are willing and able to pay for it.
When a good is both nonexcludable and rival in consumption, it s a common resource.
A private good is both rival in consumption and excludable
Answer: Option B
Explanation:
A trade restriction is an artificial restriction on the trade of goods and/or services between two or more countries.
The right option is B because the statement contains one error; domestic producers gain at the expense of foreign producers rather than domestic consumers.
A. The items that fall under the DIRECT MATERIAL category include the following:
1. Film cost for the X ray machine.
2. Electricity cost for the X ray department.
3. Maintenance and repair on the X ray machine.
4. X ray department supplies.
The items that fall under the DIRECT LABOUR category include the following:
1. Salaries of the X ray machine technician.
2. Salary of the X ray technicians' supervisor.
The items that fall under the SERVICE OVERHEAD category include the following:
1. Wages for the hospital janitorial personnel.
2. Property taxes on the hospital building.
3. Depreciation on the hospital building.
4. Depreciation on the X ray department equipment [Manufacturing overhead]
B. The costs that are incurred during the production of a good or service are usually divided into three categories, which are direct material, direct labour and overhead costs.
Direct materials refer to those materials used in the production process which can be traced to a particular unit or department. A good example of a direct material is the raw materials used in the production unit for the production of a particular product.
Direct labour refers to the salaries and wages of those employees that are directly involved in the production process or in carrying out a particular operation. An example of a direct labour for the production of chocolates is the salary of those workers in the production unit.
Overhead cost refers to all other costs that are incurred during the process of production.These costs can not be traced to a specific department per say, but it cover the whole business unit. Overhead cost is of two types: administrative and manufacturing overheads. Examples of overhead costs are rent, utilities, insurance, depreciation, etc.
