Answer:
C. The actual variable overhead costs were lower than the budgeted costs.
Explanation:
Variable Overhead Cost variance =Budgeted cost - Actual Cost
where this value is positive, this is favorable, where this is negative it is unfavorable.
Actual cost = Actual hours X Actual rate per hour
Budgeted Cost = Budgeted hours for actual level of production X Budgeted rate per hour
Even if actual hours are lower than budgeted it will not lead to favorable overhead as actual rate per hour might be less.
Total variable overhead will only be favorable when net actual variable overhead cost is less than budgeted variable overhead costs.
C. The actual variable overhead costs were lower than the budgeted costs.
Demand.
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Answer:
Monthly deposit= $164.24
Explanation:
Giving the following information:
Future value= $1,000,000
Interest rate= 0.118/12= 0.00983
Number of periods= 35*12= 420 months
<u>To calculate the monthly deposit, we need to use the following formula:</u>
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (1,000,000*0.00983) / [(1.00983^420) - 1]
A= $164.24
Complete Question:
Jon is a cash-basis taxpayer and has adjusted gross income of $40,000 in 2018. During the year he incurred and paid the following medical expenses.
Drugs and medicines prescribed by doctors $300
Health insurance premiums $750
Doctors' fees $2,250
Eyeglasses $75
How much medical expense can he deduct as itemized deduction?
Answer:
Jon
Medical expense that Jon can deduct as itemized deduction:
= $375
Explanation:
a) Data and Calculations:
Adjusted gross income = $40,000
Incurred medical expenses:
Drugs and medicines prescribed by doctors $300
Health insurance premiums $750
Doctors' fees $2,250
Eyeglasses $75
Total = $3,375
Under Tax Cuts and Jobs Act (TCJA), the medical expenses which can be deducted as an itemized deduction on the federal income tax return are only to the extent that they exceed 7.5% of adjusted gross income (AGI).
7.5% of $40,000 = $3,000
Therefore, Jon can itemize deduction of $375 in medical expense.
Answer:
The entry to record bad debt expense:
Debit Bad debts expense $24,446
Credit Allowance for Doubtful Accounts $24,446
Explanation:
1. At December 31, 2020,
Bad debt are estimated: 11% x $204,600 = $22,506
Before adjusting, Allowance for Doubtful Accounts had a debit balance of $1,940. So Bad debt expense will be: $1,940 + $22,506 = $24,446
The adjustment to record Bad debt expense and Allowance for Doubtful Accounts:
Debit Bad debts expense $24,446
Credit Allowance for Doubtful Accounts $24,446
