Answer and Explanation:
The journal entry to record issuance of the stock in exchange for the land and building is given below:
Land $237,000
Building $368,000
To Common stock, $8 par value $168,000
To Paid-in capital in excess of par value, common stock $437,000
(Being the issuance of the stock in exchange for the land and building is recorded)
Answer:
Fixed overhead spending variance $
Budgeted fixed overhead cost (12,000 hrs x $2) 24,000
Less: Actual fixed overhead cost <u>26,000</u>
Fixed overhead spending variance <u> 2,000(A)</u>
Explanation:
In this case, we need to calculate the standard fixed overhead application rate, which is the ratio of Budgeted fixed overhead cost to budgeted direct labour hours (normal capacity). Fixed overhead spending variance is the difference between budgeted fixed overhead cost and actual fixed overhead cost. Budgeted fixed overhead cost is budgeted hours multiplied by standard fixed overhead application rate.
Answer:
A) are so many buyers and so many sellers that each has a negligible impact on the price of the product.
Explanation:
A competitive market or a perfect competition market is characterized by having many suppliers and many consumers, and the products and services offered are similar and substitute to each other. This results in every seller and every consumer being a price taker, since no seller or consumer is large enough to influence the equilibrium price.
