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Anit [1.1K]
3 years ago
5

At the current year-end, Ruiz Company found that its overhead was underapplied by $2,500, and this amount was not considered mat

erial. Based on this information, Ruiz should:
Business
1 answer:
Reptile [31]3 years ago
7 0

Answer:

Close the $2,500 to Cost of Goods Sold.

Explanation:

Underapplied Overhead bis the portion of actual factory overhead cost that was not allocated to units of production. Since overhead cost do not contribute directly to production they need to be allocated to units produced. For example rent paid is $300 and goods produced was 50. The allocated amount per unit produced will be 300/50= $6 per unit.

When overhead is underapplied there is descrepancy between the standard amount allocated and the actual overhead cost. In this case a sum of $2,500.

To remedy this we need to close the $2,500 to Cost of Goods Sold.

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What would be a good business to start with a friend?<br> (Explanation not needed.)
uranmaximum [27]

Answer:

A house lot. (Landlords)

Explanation:

You can hold houses for people to live in while they pay a monthly fee.

8 0
3 years ago
In its 2016 annual report, Lockheed Martin reported net earnings of $5,302 million and dividends paid of $2,048 million. Your fo
kakasveta [241]

Answer:

The dividend for 2017 will be = $2124.98

Explanation:

The net earnings for the year 2016 = $5302

Dividend paid for the year 2016 = $2048

The forecast for the income of 2017 = $5504

The projected dividend for the year 2017 = 5504 x (2047 / 5302)

The projected dividend for the year 2017 = 2124.98

The dividend for 2017 will be = $2124.98

6 0
3 years ago
Below are various states of financial distress: 1. defaulting on a principal payment on debt 2. restructuring debt 3. liquidatin
anastassius [24]
<span>1) failing to make a required interest payment on time. I chose this as the least significant because you can always make up a late payment and then its not really a huge deal. It could hurt your credit score but it is not a life or death situation. 2) defaulting on a principal payment on debt. This is a little worse because at this point you cant cant even pay the debt and now your falling a little worse into debt but you can still get out. 3) restructuring debt. This is worse because you already have obtained a lot of debt but you are getting the chance to restructure it to help pay it off you even though your in a bad spot you still have a chance to get out. 4) filing for bankruptcy. At this point you are bankrupt you really don't have a lot of options left and you are kind of at the point of no return unless you can get a hold of a lot of cash really fast. 5) liquidating a firm. At this point you have to sell all of your assets in order to pay of your debt. You will be left with nothing left you may even have to sell you house all your jewelry basically everything that you own that has some value that can be sold.</span>
8 0
3 years ago
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as fo
agasfer [191]

Answer:

Using LIFO:

TOTAL Sales : $19,875,500

COGS = $11,021,250

GROSS PROFIT = $8,853,750

Explanation:

KINDLY CHECK ATTACHED PICTURE

4 0
3 years ago
The board of directors at Millco announces plans to build six new regional factories in the United States that will produce capi
Umnica [9.8K]

Answer:

The factories will increase economic growth because more jobs will be provided.

Explanation:

Given:

The board of directors at Millco announces plans to build six new regional factories in the United States that will produce capital and consumer goods for the entire western hemisphere.

To find: If economic growth increases or decrease.

Solution:

Economic growth will increase as more jobs will be provided which increases employment.

5 0
3 years ago
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