Answer:
the transaction is complete and the goods or services are delivered.
Explanation:
According to generally accepted accounting principles (GAAP), the revenue should be recognized when the goods or services are delivered and the transaction is completed in all respects.
The revenue recognition principle applies when the revenue is realized or earned whether cash is received or not plus it also follows the accrual basis of accounting. Here, realizable means that customer received the product but the payment is made at the later date
Answer:
$2,300
Explanation:
Assuming that the requirements for qualified plan awards are otherwise satisfied, each award by itself would be excluded from income.
The excludable amount or deduction is $1,600 out of total amount of awards.
Total amount of awards = Design + Graphic + Employee of the year
= $1,340 + $1,775 + $785
= $3,900
Taxable awards = Total amount of awards – Excludable amount
= $3,900 – $1,600
= $2,300
However, because the $3,900 total value of the awards is more than $1,600, Keren must include $2,300 in his taxable income.
Answer:
b. Cost of Goods Sold, Work-in-Process Inventory, and Finished-Goods Inventory.
Explanation:
Whenever manufacturing overheads are prorated and under-applied or over-applied, then they are charged to inventory or cost which includes overheads as part of it.
As for instance, raw material inventory do not include any overheads, it is just the purchase price of inventory, as no work is performed on it.
Cost of goods sold, includes all the cost incurred to sale the good, from acquiring raw material to converting finished goods, and then adding the sales expense the goods are sold.
Finished goods include every material and overhead to convert the item into finished state and usable state.
Work in process is half way completed, or the percentage prescribed and includes raw material, includes overheads, but the product is somewhere more than raw inventory and less than finished good.
Therefore, correct option is:
b.
Answer:
pay a wage rate less than labor's MRP
Explanation:
A monopsonistic employer in an unorganized (nonunion) labor market will: "pay a wage rate less than labor's MRP"
The above statement is based on the idea that Monopsony is a market situation whereby a single buyer or firm is the only purchaser of a good or service, which in most cases has to do with the purchase of labor.
And given the fact that the firm is the sole purchaser of labor, where there is no labor union, there is a high tendency that such firm or employer pays a wage rate less than labor's marginal revenue productivity.
Learned Hands favored an interventionist central government economic policy. He was also influenced by the distribution of wealth. Roosevelt's radical economic reforms including the New Deal Policy. However, was vigilant on the dangers of an authoritarian government and did not agree of "packing the court".
