Answer:
Expense & revenue summary a/c (credit balance) = $3500
Explanation:
1. Dr Expense & revenue summary 52500
Cr Sales discount 1500
Cr Sales return & allowance 3000
Cr Depreciation expense 25000
Cr Salaries expense 23000
(Close expenses to expense & revenue summary a/c)
2. Dr Sales 56000
Cr Expense & revenue summary 56000
(Close sales to expense & revenue summary a/c)
3. Dr Expense & revenue summary a/c 3500
Cr Retained earning a/c 3500
(To close expense & revenue summary a/c)
4. Dr Retained earning 2000
Cr Expense & revenue summary 2000
(Close dividend to expense & revenue summary a/c)d
Answer:
The correct answer is C.
Explanation:
Giving the following information:
Fixed manufacturing overhead cost of $497,000, variable manufacturing overhead of $2.40 per direct labor-hour, and 70,000 direct labor-hours.
T 498:
Total direct labor-hours 80
First, we need to calculate the estimated manufacturing overhead rate for the period:
Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Estimated manufacturing overhead rate= (497,000/70,000) + 2.4= $9.5 per direct labor hour.
Now we can allocate the overhead to Job 498:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 9.5*80= $760
Answer:
Disallowed loss = 1428.57
Explanation:
given data
Units total cost
17 Apr, 09 1500 20000
8 Dec, 14 -750 -5000
2 Jan, 15 250 1750
2 Jan, 15 50 1000
solution
we get here Broward realized and recognized loss that is
The loss or gain on sale (5000 - 20000 ÷ 2) -5000
Allowed loss (750 ÷ 1050) × 5000 3571.43
Disallowed loss 1428.57
Answer:
First of all let's understand what is demand
Demand is the total value of goods and services demanded in an economy during a specific time period at a given price level. It is also referred as the demand for the gross domestic product of a country.
a.
Future expectations:
Since the consumers are expecting the new model in the next year, they would prefer to buy the new model. Thus, present demand for mobile phone would decrease.
b.
Increasing disposable income:
The gift of $500 would increase the disposable income by $500. Since the person’s income increases, they would demand more. Thus, it leads to increase the demand for mobile phone.
c.
Related goods:
Text messaging is complementary goods with the mobile. Since the price of a text message is service price decreases, it leads to increase the demand for mobile.
d.
Preferences:
The friend increases the preferences of buying mobile by describing the positive aspects of new mobile. This increases the person’s interest and he would buy the mobile. Thus, strong preference leads to increase the demand for mobile.
