Which of the following is not an example of state spending ?

A certain marble quarry provides a unique type of marble that is richly colored and strikingly veined. It has been used for chur

Digiron [165]

Answer:

a. The cost of the marble will be expensive because of the bargaining power of the supplier.

Explanation:

3 0

3 years ago

W. W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for $400 each. Phillips had 500 re

andre [41]

Answer:

a. Statement of cost of goods manufactured.

$ $

Beginning work-in-process inventory 13,040

Raw Materials :

Beginning materials inventory 46,800

Add Purchases of raw materials 320,000

Available for Production 366,800

Ending materials inventory (66,800) 300,000

Direct labor 200,000

Indirect labor 40,000

Rent, factory building 42,000

Depreciation, factory equipment 60,000

Utilities, factory 11,900

Ending work-in-process inventory (14,940)

Cost of goods manufactured 652,000

b. Average cost of producing one unit of product in the year.

Average cost = Total Cost ÷ Total units produced

= $652,000 ÷ 4,000

= $163.00

c. Prepare an income statement for external users.

$

Sales (3,800 × $400) 1,520,000

Less Cost of Goods Sold ($163.00 × 3,800) (619,400)

Gross Profit 900,600

Less Expenses :

Salary, sales supervisor (90,000 )

Commissions, salespersons (180,000 )

General administration (300,000)

Net Income / (Loss) 330,600

Explanation:

Determination of leather recliners sold during the year.

Units Sold = Opening Finished Inventory + Units Produced - Ending Finished Inventory

= 500 + 4,000 - 700

= 3,800

Other Notes :

Include only manufacturing costs in the statement of goods manufactured.

External users would want to see an income statement prepared using an absorption costing system in line with financial reporting standards.

5 0

3 years ago

Minor violations may be granted upwards of _______ days for correction.

Radda [10]

Minor violations that are committed by people could just provide 10-20 days in the correction. However, heinous crimes like murder or homicide or ra pe could lead to reclusion Perpetua or lifetime imprisonment to the guilty or much worse, it could lead to the death penalty which was adopted by some states.

7 0

2 years ago

Read 2 more answers

The following are the typical classifications used in a balance sheet:

goldfiish [28.3K]

Answer:

a. Current assets

Allowance for uncollectable accounts

Inventories

Prepaid rent for next 9 months

Cash

b. Investments and funds

Investment in xyz corporation

c. Property, plant, and equipment

Equipment

Land in use

Building in use

d. Intangible assets

Patents

e. Other assets

Land held for investment

f. Current liabilities

Accounts payable

Deferred rent revenue for the next 12 months

Notes payable due in 6 months

Accrued liabilities

Taxes payable

g. Long-term liabilities

Notes payable due in 5 years

h. Paid-in-capital

Common stock

i. Retained earnings

Income less dividend accumulated

Explanation:

A Balance Sheet shows the balances of Assets, Liabilities and Equity as at the reporting date.

Assets

There are two major asset categories which are Current Assets and Non- Current Assets. Current Assets are assets not exceeding 12 months examples are Inventories and Cash. Whilst Non-Current Assets are assets exceeding a period of 12 months examples are Property, Plant and Equipment items such as Land, Investments and Intangible Assets

Liabilities

There are two major asset categories which are Current Liabilities and Non- Current Liabilities. Current Liabilities are liabilities due to be paid within a period not exceeding 12 months examples are Accrued liabilities and Accounts payable. Whilst Non-Current Liabilities are assets liabilities payable in a period exceeding 12 months examples are Notes payable due in 5 years.

Equity

We have Paid In Capital such as Common Stock and Retained Earnings comprising of Profits and dividends.

Classification of items as will be shown in the balance sheet will be done as above.

3 0

3 years ago

An employer is found by a court to have discriminated. As part of an appropriate remedy, the employer is ordered to promote one

lora16 [44]

Answer:

The employer wins because he is acting on court orders.

Explanation:

Discrimination in the workplace is a punishable offense by the law. This act of promoting one female for every male promoted is a remedy to being found guilty of discrimination by the court.

In this case where he has been sued again for reverse discrimination, he (employer) is going to win this particular one because he was only acting on court order. The one female for every male was imposed on him by the court. So he is protected from this reverse discrimination accusations by his disgruntled employees.

5 0

3 years ago