Labor, privacy, and health
Do not record transactions that do not affect inventory quality. A recorded inventory transaction has actually taken place.
Records of inventory purchases made during the accounting period. The purchase account is increased by direct debit. The manufacturing costs of the goods sold are overestimated by the same amount. An overstatement of cost of goods sold will result in an understatement of net income and retained earnings by the original margin of error.
If the auditor is dissatisfied with the accuracy of the closing balance sheet and may be materially increase.
Inventory write-downs affect both the income statement and the balance sheet. Write-offs are treated as expenses. This means your net income and tax liability will be reduced. Therefore, a decrease in net income will reduce a company's retained earnings and reduce shareholders' equity on the balance sheet.
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Answer:
d) $38,000 Debit balance.
Explanation:
Predetermined overhead rate = Estimated Total Overhead Costs / Estimated Direct Labor Costs
= $472000 / $2,360,000
= 0.2
= 20% of direct labor costs.
Applied overheads = (20%*Actual direct labor costs)
Applied overheads = 20% * $1,980,000
Applied overheads = $396,000
So, Overhead under-applied = $434,000 - $396,000 = $38,000 (Debit)
The green revolution helped increase food production, as well as benefiting wealthy farmers in developing countries.
<h3 /><h3>What was the green revolution?</h3>
It was a process that instituted new technologies in agriculture, modernizing the means of production on a global scale. Some of the contributions were the development of agricultural machinery and genetically modified seeds.
Therefore, some countries such as Mexico and India have benefited from the green revolution, helping in the development of agriculture and economy.
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