Answer:
An open listing
Explanation:
In real estate an open listing is one in which the owner of a property contracts more than one agent to sell the property. The agent with the winning bid will eventually sell the property.
The opposite of this is the exclusive listing where the property owner only engages one agent to sell the property.
In the given scenario the builder feels that it is no longer necessary to have his onsite sales agent market these properties and decides to list the properties with a local brokerage firm. Thereby allowing all of the local firms to market these properties.
This is an open listing
Answer:
A) $704,000.
Explanation:
For computing the cash payments we need to calculate the following amounts which are as follows
Total purchases = cost of goods sold + ending inventory - opening inventory
= $720,000 + $188,000 - $200,000
= $708,000
Now cash payment to merchandise is
= Beginning account payable balance + purchased made - ending account payable balance
= $80,000 + $708,000 - $84,000
= $704,000
Hence, the correct option is A. $704,000
Answer:
c) Unearned Revenue $ 500, Revenue $ 500
Explanation:
When the cash was received on August 01, no accounting services were provided so the entry would have been:
Cash Debit $ 1,200
Unearned revenue Credit $ 1,200
Unearned Revenue is a liability account
On December 31, a recognition needs to be made for the services revenue earned and hence the amount for 5 months amounting is debited to unearned revenue and revenue credited with $ 500.
Given:
Actual Production 6,000 units @ 1.5 standard hours per unit.
Budgeted hours: 10,000
Fixed overhead cost per unit is $0.50 per hour.
6000 units * 1.5 std. hrs/unit = 9,000 hours
Actual hours: 9,000 hours * $0.50 per hour = $4,500
Budgeted hours: 10,000 hours * $0.50 per hour = $5,000
Fixed Factory Overhead Volume Variance = $5,000 - $4,500 = $500 UNFAVORABLE.
It is unfavorable because the production is inefficient. It is more favorable if the produced units are higher than 6,000 units and the actual hours of production are more than the budgeted hours of production.
An earned value report will likely show all of these measures.