Answer:
False
Explanation:
Tina reports it at Historical cost principle. In accounting, the original nominal financial value of this item is the historical cost of a monetary item. The financial reporting of historical costs includes the reporting of assets and liabilities at historical prices that are not tweaked for adjustments to the values of products. Basically assets must be recorded at the cash amount of the time it was gotten
The department’ contribution to overhead is $35510.
<h3>How to calculate the department contribution to overhead?</h3>
Given, sales= $119,000;
cost of goods sold= $74,870;
total direct expenses= $8,620.
Gross profit = Sales - (COGS + Direct expenses)
Gross profit = $119,000 - ($74870 + $8620)
Gross profit = $35,510.
<h3>What are direct expenses?</h3>
Direct costs, commonly referred to as costs of goods sold (COGS), are expenses that are entirely attributable to the creation of a particular commodity or service. These expenses cover the direct costs of the materials required to make the product as well as maybe any labor charges that are utilized only to make the product.
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Answer:
a. $18,000
Explanation:
Data given
Face value = $600,000
Bonds = 12%
The computation of accrued interest payable is shown below:-
Accrued interest to be reported as at Dec 31 = Face value × Interest rate × Time period (From July to September)
= $600,000 × 12% × (3 ÷ 12)
= $600,000 × 3%
= $18,000
Therefore for computing the accrued interest payable we simply applied the above formula.
Answer:
Price of y(Py)=$2 per unit
Explanation:
Marginal utility can be defined as the additional utility of a consumer as a result of the additional unit of goods consumed.
Let
Marginal utility of x= MUx
Marginal utility of y=MUy
Price of x=Px
Price of y=Py
Given
MUx=40 utils
MUy=16 utils
Px=$5
Py=?
Then,
MUx/Px=MUy/Py
40utils/$5=16 utils/Py
8 utils/$ =16utils/Py
Make Py subject of the formula by cross multiplying
Py×8= 16
Py=16/8
Py=$2 per Unit
Price of y=$2 per unit
Answer:
In a fractional reserve banking system, banks keep a fraction of deposits as reserves and use the rest to make loans. The Fed establishes reserve requirements, regulations on the minimum amount of reserves that banks must hold against deposits. ... Banks' liabilities include deposits, assets include loans & reserves. What are true statements about the history of the fractional banking system? -Traders would deposit their gold with goldsmiths. -Goldsmiths issued paper receipts in excess of the amount of gold held. -Goldsmiths put the paper receipts into circulation by making loans.