Answer:
d.$72 per machine hour
Explanation:
Predetermined overhead rate = Budgeted Overheads ÷ Budgeted Activity
therefore,
Predetermined overhead rate = $11,742,000 ÷ 164,000
= $71.598 or $72
The predetermined overhead rate based on machine hours is $72 per machine hour.
Answer:
Debit and credit
Explanation:
While recording the transaction, the accounts are debited or credited based on the nature of the transaction
As we know that
The debit section reports assets and expenses side while the credit section reports sales revenue, stockholder equity, and the liability side.
So if the asset side or expense side is increased than it would be displayed on the left-hand side while the revenue is increased than it would be reflected on the right-hand side.
Answer: underwriter
Explanation:
The loan underwriter is responsible for verifying the information provided by a borrower. They will then use this information to assess the risk that the lender is going to incur if they lend money to the borrower.
When this is done, a pre-approval letter is issued which shows the amount that the lender is willing to lend to the borrower.
<u>Answers:</u>
1. If Anderson works 37 hours each week as a clerk at the county courthouse, he is supplying labor in an input market. Anderson is considered as household.
2. If Mei Lin purchases a 3-week Mediterranean cruise vacation for her parents, the cruise ship company is supplying a service in the output market.
3. The cruise ship company is considered as firm.
4. If Caterpillar doubles employment at its Huntsville, Alabama factory, Caterpillar is demanding labor in the input market.
5. Caterpillar is considered a firm.
6. If the Greyson family sells their 250-acre ranch to Marriott, so Marriot can build a new resort and golf course, the Greyson family is supplying land in an input market.
7. The Greyson family is considered household.
<u>Explanation:</u>
Households provide the demand for the goods and services in the market. Households also provide inputs to the firms in the form of labor. The households earn wages through supply of labor to the labor market. Firm is any business organisation that sells goods or services to make profits. Firms take labor as input from the households. Firms supply goods and services for the households.
Input means taking things into firm while output means giving out a product or service to households.
Answer:
Should be disclosed in the notes accompanying the financial statements
Explanation:
You have to report contingent liabilities that are reasonably possible to occur, but since they haven’t occurred, you don’t record or pay them until they actually occur. You report them in the notes only.
