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3 years ago

EB13.

Business

1 answer:

Harman [31]3 years ago

5 0

Answer:

Journal entries to record the expenses incurred are given below.

Debit Factory Overhead Control Account $ 1300

Credit Utilities bills account $ 700

Credit Accumlated factory depreciation $ 400

Credit property tax payable $ 200

Journal entries to record the allocation of overhead at the predetermined rate of $1.50 per machine hour are given below.

Debit WiP process account $ 525

Credit Factory overhead applied account $ 525

(1.5 * 350 (machine hours))

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A document in an auditor's working papers includes the following statement: "Our audit is subject to the inherent risk that mate

Y_Kistochka [10]

Answer: Option (2)

Explanation:

Engagement letter is referred to as an or known as an agreement for the services firm in order to provide the services to the client. This letter is known to be essentially an abbreviated agreement which defines services that are to be performed and also amount of the compensation that is to be paid. These letters are mostly required by the service firms that are engaged in the audit, tax, consulting, finance and legal advice.

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3 years ago

In a _________________________ economy, the individuals and the government share in the economic decision-making process. These

Fantom [35]

Answer:

Mixed economy

Explanation:

There are three types of Economies:

Command Economy:

An economy where price and products are controlled by the government. It is very commonly seen in communist countries, like China or Vietnam.

Free market:

An economy where the government has little to no control. However, a perfect free economy doesn't exist anywhere, and is just a concept.

Mixed Economy:

An economy where the market is controlled by both the people/consumers, and the government. America is a mixed economy. Individuals are allowed to own property with little government intervention. However, the government has a lot more control over other sectors of the market.

So, to answer the your question, because the Mixed economy is controlled by the government and the poeple, it is the answer.

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2 years ago

Fortune, Inc., is preparing its master budget for the first quarter. The company sells a single product at a price of S25 per un

alukav5142 [94]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Selling price= $25 per unit.

Sales (in units):

January= 45,000

February= 55,000

March= 50,000

The cost of goods sold is $14 per unit.

The gross profit is calculated using the following formula:

Gross profit= selling price - cost of goods sold

January:

Sales= 45,000*25= 1,125,000

COGS= 45,000*14= (630,000)

Gross profit= 525,000

February:

Sales= 55,000*25= 1,375,000

COGS= 55,000*14= (770,000)

Gross profit= 605,000

March:

Sales= 50,000*25= 1,250,000

COGS= 50,000*14= (700,000)

Gross profit= 550,000

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3 years ago

Ross White wants to reconsider his decision of buying the brackets and is considering making the brackets in-house. He has deter

Vilka [71]

Answer:

See explanations

Explanation:

a. What is the daily demand rate? 2500/365=6.85 per day

b. What is the optimal production quantity? sqrt( 2DCo/Ch)=sqrt(2*2500*25/1.48)= 290.619=291

c. How long will it take to produce the optimal quantity? 291/50=5.82 days

d. How much inventory is sold during the production run time? 6.85*5.82= 40

e. If Ross uses the optimal production quantity, what would be the maximum...

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3 years ago

Which of the following is not correct?a. If the inflation rate exceeds the nominal interest rate, then the purchasing power of a

lilavasa [31]

Answer:

The options which is NOT correct is C.

Purchasing power does not increase with inrease in the rate of inflation. There is an inverse relationship between inflation and purchasing power of money.

Explanation:

Inflation refers to the overall increase in prices of goods and services and the erosion of the power of the currency to purchase those goods and services. In otherwords, when inflation happens, one requires more dollar bills to purchase same unit of goods or services.

Deflation is the opposite of inflation. It refers to the decrease in the prices of goods and services and is usually accompained by an increase in the purchasing power of the currency.

Nominal interest rate simply put is the interest payable on a loan without considering processing fees, compounding interest payable and the erosion of the value of such money.

Cheers!

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2 years ago