Answer:
Fixed and Variable cost:
Fixed cost are the costs which cannot be changed with change in the level of goods and services sold or produced.
Variable cost are the costs which changes with change in the level of output produced and sold.
Product and Period cost:
Product costs are the costs which are incurred for making the product such as direct material, factory overhead and direct labor, etc.
Period costs refers to the cost which are incurred for a certain period of time. It is normally associated with the time period than with any type of transactional event.
Therefore, the classification of items is as follows:
(a) Variable cost - Product cost
(b) Variable cost - Product cost
(c) Fixed cost - Period cost
(d) Fixed cost - Period cost
(e) Fixed cost - Period cost
(f) Fixed cost - Period cost
(g) Variable cost - Product cost
(h) Fixed cost - Period cost
(i) Fixed cost - Period cost
This transaction is called account allowance. Account allowance
includes two kinds of transactions – to reduce in the folio balance
compensation for poor service and the other one is to correct posting mistakes
after the close of business. This kind of transaction is recognized by the usage
of an allowance voucher, allowance vouchers are typically necessitate
management endorsement.
Answer:
they have the prime market I think? I don't see any options on here to know what direction the question is going.
Answer:
Achieved. The ROI currently is 13.33% So the prohect earning a ROI of 12% was accomplished
Explanation:
Return on Investment will be Income/ Investment Capital
Which in this case is defined as total assets.
So it would be<em> Income / Total Assets</em>
The last is a given figure: 150,000
Now <u>let's first find out the income:</u>
180,000 revenues - 160,000 expenses = 20,000 net income
Finally <em>calculate the </em><em>ROI</em> 20,000/ 150,000 = 13.33%
Answer:
Debit deferred tax asset for $12,000
Debit income tax expense for $18,000
Credit income tax payable for $30,000
Explanation:
The journal entries will look as follows:
<u>Date Account Name and Description Debit ($) Credit ($) </u>
20X1 Deferred tax asset (w.1) 12,000
Income tax expense (w.3) 18,000
Income tax payable (w.2) 30,000
<em><u> (To record income taxes at the end of 20X1.) </u></em>
Workings:
w.1: Deferred tax asset = Deferred portion of the rent collected in 20X1 * Tax rate = $40,000 * 12% = $12,000
w.2: Income tax payable = Taxable income * Tax rate = $100,000 * 30% = $30,000
w.3: Income tax expense = Income tax payable - Deferred tax asset = $30,000 - $12,000 = $18,000
