Answer:
$15 per backpack
Explanation:
The average variable cost per of producing a backpack by using the high low method is shown below:
Variable cost per backpack = (High total cost - low total cost) ÷ (High backpack produced - low backpack produced )
= ($110,000- $87,500) ÷ (4,000 backpack produced - 2,500 backpack produced )
= $22,500 ÷ 1,500 backpack produced
= $15 per backpack
The main advantage of establishing per item prices on an order and pricing form is so that the customer can see and estimate well how they can budget on how much they would order or spend for the product they want to order.
Answer:
Replacement project
Explanation:
A Replacement project is a project where to initial investment is disposed of and new investments are made to replace the investments disposed of.
Here the old cars are replaced with new ones. So, it is a replacement project
An expansion project is a project undertaken to increase the capacity or reach of a firm.
Answer:
Legal Services
Explanation:
Self-employment is when one is working for themselves rather than for an employer. It means one engages clients, provides goods or services and gets paid instead of receiving a salary or wages from an employer. A self-employed person runs their business or is in private practice, either full-time or part-time.
Legal services are provided mostly by lawyers. Lawyers can be employed, but a significant percentage is in private practice. From the list provided, legal service is likely to go into self-employment. The other options are in law enforcement and likely to be employed by the government.
Answer:
Option C.
Explanation:
Adjusting entries are used in the recording of transactions which have occurred but have not yet been appropriately recorded in accordance with the accrual method of accounting. They are recorded in a company's general ledger at the end of an accounting period to abide by the matching and revenue recognition principles and the most common types of adjusting journal entries are accruals, deferrals, and estimates.
The objective of making use of adjusting entries is to convert cash transactions into the accrual accounting method. An adjusting entry will involve an income statement account along with a balance sheet account.