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Answer:
The overapplied factory overhead results in more expense. The overapplied factory overhead results in increase in cost of good sold. Over-application means that actual overhead are less than reported expense. At the end of the accounting period the company will pass following accounting entry to adjust over application
Debit FOH account 400
Credit Cost of Good Sold 400
So after this adjustment the net income will increase by 400 dollars.
Answer:
The correct answer is option (B) perfectly inelastic
Explanation:
It is a known facts that anytime tax is imposed on any goods at any given time, the tax falls totally on the consumers provided the elasticity of demand is zero.
Since increase in tax doesn't affect the demand for goods and services, and no matter the increment in price from the supplier, the demand remains the same. Therefore, the demand curve for goods Y is said to be perfectly inelastic.
Answer:
D. No loss recognized and a reduction in E&P of $200,000
Explanation:
Given that:
- Current and accumulated E&P : $500,000
- A distribution of land to its sole shareholder: $200,000
- E&P basis to Catamount : $250,000
From that, we can see that the current and accumulated E&P is greater than its distribution of land so no loss would be reported so there will be reduction in earning and profits of the company of $200,000.
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Answer:
CRJ means cash receipt journal. ... In higher classes, this journal is not made, it is included in the debit side of cash book. Meaning of CPJ. CPJ means cash payment journal.
