Answer: $300,000
Explanation:
As overhead is applied on the basis of direct labor cost, the overhead rate for the period is:
= Overhead / Direct labor cost * 100%
= 5,340,000 / 890,000 * 100%
= 600%
If direct labor cost is $50,000 then overhead applied will be:
= Direct labor cost * Overhead rate
= 50,000 * 600%
= $300,000
Answer:
reported as a current asset on the balance sheet.
Explanation:
According to US GAAP, inventory must be reported at lower of cost or market value. ⇒ Therefore, "generally valued at the price for which the goods can be sold." is wrong.
Inventory is included under current assets since it is considered relatively liquid. ⇒ Therefore, "reported under the classification of Property, Plant, and Equipment on the balance sheet." is wrong.
Inventory is not an expense, cost of goods sold is an expense account. ⇒ Therefore, "reported as a miscellaneous expense on the income statement." is wrong.
Answer: user
Explanation:
From the question, we are informed that Kim Nagele, senior sourcing manager at JCPenney buys tons of publication paper annually at a cost of hundreds of millions of dollars.
Based on the above scenario, we can day that Kim Nagele performs the told of an influencer, gatekeeper, buyer anr the decider. He is not a user as he is not the one using the publication paper.
<span>The answer is C. Transportation. In order to get the product to consumers, manufactures have to rely on their transportation to get that product into stores across the region, or countries they are travelling to. If some of the transportation breaks down, like perhaps a truck crash or plane crash that was carrying a manufacturer''s goods, those products would not make it to the store and thus be unavailable to the consumer to buy.</span>
Answer:
The correct answer is Option B.
Explanation:
Stockholders' equity comprises retained earnings, common stock and premium on common stock. Retained earnings are an accumulation of net income or loss over years. The effects of the transactions in Year 1 are as follows:
1) Acquired $1,050 cash from the issue of common stock - increase common stock and cash by $1,050
2) Borrowed $520 from a bank - this increases Cash and Liabilities by $520 - nil effect on stockholders' equity
3) Earned $750 of revenues - this increases net income/Retained Earnings by $750
4) Paid expenses of $270 - reduction in net income/Retained Earnings by $270
5) Paid a $70 dividend - reduces Retained Earnings by $70
Overall, stockholders' equity = $1,050 + $750 - $270 - $70 = $1,460