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faust18 [17]
3 years ago
10

Mike contracted with Kram Company, Mike's controlled corporation. Mike was a medical doctor and the contract provided that he wo

uld work exclusively for the corporation. No other doctor worked for the corporation. The corporation contracted to perform an operation for Rosa for $8,000. The corporation paid Mike $6,500 to perform the operation under the terms of his employment contract.
a. Mike's gross income is $6,500.
b. Mike must recognize the $8,000 gross income because he provided the service.
c. Mike must recognize $8,000 gross income since the patient obviously wanted him to perform the operation.
d. The Kram Company corporation's gross income is $1,500.
e. None of these.
Business
1 answer:
ira [324]3 years ago
5 0

Answer:

a. Mike's gross income is $6,500.

Explanation:

Given that

As mike contracted with Kram company, which he worked for the corporation that reflect he is an employee of Kram company

Since the corporation paid him $6,500 for performing the operation under the terms and conditions of the employment contract. So, it would be included in his gross income or we can say it is his gross income of $6,500

While the other amount shows the gross income for kram company i.e $6,500 as the corroboration perform for Rosa

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Brace Corporation uses direct labor-hours as the cost driver in its normal costing system. Brace budgeted that it would use 21,6
arsen [322]

Answer:

total estimated overhead costs for the period= $515,095.2

Explanation:

<u>First, we need to calculate the allocated overhead:</u>

Under/over applied overhead= real overhead - allocated overhead

20,440 = 506,920 - allocated overhead

allocated overhead= $486,480

<u>Now, we can determine the predetermined overhead rate:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

486,480= Estimated manufacturing overhead rate*20,400

Estimated manufacturing overhead rate= 486,480/20,400

Estimated manufacturing overhead rate= $23.847 per direct labor hour

<u>Finally, the estimated overhead for the period:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

23.847= total estimated overhead costs for the period/21,600

total estimated overhead costs for the period= 21,600*23.847

total estimated overhead costs for the period= $515,095.2

4 0
3 years ago
The rise of Walmart as one of the world's largest corporations has brought the concept of:
Georgia [21]

Answer:

correct option is E) everyday low pricing

Explanation:

solution

Rise of Walmart brought the concept of Everyday low pricing  as we all aware everyone need good quality product in low price and Walmart is one the world largest corporation that give almost everyday attractive offer to their customers Incredible Prices on many different quality brands

they giver offer according to trends for autumn winter to attract all customers

so we can that here correct option is E) everyday low pricing

5 0
3 years ago
On September 1, Home Store sells a mower (that costs $120) for $420 cash with a one-year warranty that covers parts. Warranty ex
Otrada [13]

Answer: See explanation

Explanation:

The entry is prepared below:

Sep-01

Dr Cash $420

Cr Sales revenue $420

(To record the mower sales)

Sep-01

Dr Cost of goods sold $120

Cr Finished goods inventory $120

(To record the cost of mower sales)

Sep-01

Dr Warranty expense (6% x $420) = $25.20

Cr Warranty liability $25.20

(To record the estimated warranty expense)

Jan-24

Dr Warranty liability $29

Cr Repair parts inventory $29

(To record the cost of warranty repairs)

8 0
2 years ago
WGU manufacturing receives an order for 2000 laptops. Karl, the production planner, realizes the company has no planned orders a
timofeeve [1]

Answer:

500

Explanation:

The computation of the MPS reflect for the number of laptops to be produced is shown below:

since it is mentioned in the question that there is a minimum of 1,000 laptop is on hand so here 500 should from inventory.

Therefore 500 should be produced for filling the order

Hence, the same is to be considered

Therefore the  number of laptops to be produced is 500

5 0
3 years ago
Every workplace is different true or false
-BARSIC- [3]
True… explanation: every workplace has different workers, environments, and criterias/operations
5 0
2 years ago
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