Answer:
Certified Development Company 504 Loan Program
Explanation:
The US Small Business Administration 504 Loan or Certified Development Company program is designed to provide financing for the purchase of fixed assets, which also means real estate, buildings and machinery, at a price below the normal market rate. Its mission involve boosting the development of various businesses. The SBA offers a number of different loan programs linked to a particular capital need of growing businesses. The 504 program works by sharing the loan among three parties. The business owner puts in a minimum of 10%, a conventional lender which is the bank puts up 50%, and Certified Development Company (CDC) puts up the remaining 40%.
A change from straight-line depreciation to double-declining-balance depreciation would be reported as a restatement of the prior period statements only.
The term depreciation refers to an accounting technique used to spread the cost of a tangible or physical asset over its useful life. Depreciation indicates how much of an asset's value has been used. It allows companies to generate income from the assets they own by making payments over a period of time.
Depreciation expense is apportioned to charge a reasonable portion of the depreciation amount for each accounting period over the expected useful life of the asset. Depreciation includes the depreciation of assets with a predetermined useful life.
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Answer:
Product costs are mostly prime costs (Variable cost). Now lets check where this misclassification occurs.
There are 3 stages of absorption costing.
Stage 1: Allocation
Stage 2: Apportionment
Stage 3: Absorption
Misclassification of product cost of product A occurs at Stage 1.
This means that the share of product cost of A, which is misclassified as selling cost will be equally shared with other products in the stage 2. This sharing of cost will lower the average cost per unit of product A and increase the average cost per unit of other products. Hence, Its true.
Answer:
It is acknowledging a cultural symbolism about the number 13
Explanation:
A cultural symbol is an object, a behavior or a word that has a particular meaning in a culture. In Germany the number 13 is considered an unlucky number and they prefer not to use it and this is a cultural symbol. So, according to this, the answer is that the firm is acknowledging a cultural symbolism about the number 13.
Answer: C. Debit Work in Process Inventory $110.000, debit Factory Overhead $40,000, credit Factory Wages payable $150,000
Explanation:
Minstrel incurred a factory payroll of $150,000 and $40,000 was indirect.
This $40,000 indirect payroll cost will be treated as Factory overhead and will be debited.
The remaining $110,000 is direct labor costs and it will be apportioned to inventory therefore it will be debited to the Work in Process account.
The total figure of $150,000 represents the amount that the company owes its factory staff so it will be credited to factory overhead to recognize it as a liability.
