Answer: income statement and the statement of cash flows
Explanation:
Answer:
Gem City's Internal Service Fund received a residual equity transfer of $50,000 cash from the General Fund.
This $50,000 transfer should be reported in Gem's Internal Service Fund as a credit to;
D. Transfers.
Explanation:
An internal Service fund can be defined as a fund used in most governments to keep records of goods and services that are moved between departments on the basis of cost reimbursement. An example of an Internal Service fund is when one department offers goods and services to another department. In our case, the Gem City's Internal Service Fund received a residual equity transfer of $50,000 from the General Fund in form of cash. An equity transfer is the transfer of the ownership of shares from one entity to another. In this case from the General Fund to the Gem City's Internal Service Fund.
To record the transaction above, the residual equity transfer of $50,000 to the Internal Service Fund should be recorded as a debit to Cash and a credit to Transfers. The reporting of Transfers is usually on a separate line in the Statement of Revenues and Expenses for the fund. It comes immediately after the line item: Operating Income/Loss before Transfers and Additions.
Answer: D. underapplied overhead of $6,000.
Explanation:
First we find the Pre-determined overhead rate and we can see that the company estimated manufacturing overhead would be $150,000 and direct labour hours would be 10,000.
So the Pre-determined rate is,
= 150,000/10,000
= $15 per direct labour hour.
We then calculate the actual Applied Overhead. The actual direct labour was 12,000 so calculating we have,
= 15 * 12,000
= $180,000
Now we then calculate for the Underapplied or (Overapplied) manufacturing overhead amount.
The formula is,
Underapplied (Overapplied) Manufacturing = Actual Manufacturing Overhead - Applied Manufacturing Overhead
Underapplied (Overapplied) = 186,000 - 180,000
= $6,000
It is a positive number so it is $6,000 underapplied therefore option D is correct.
<h2>Francois is an upper-level manager</h2>
Explanation:
Upper-level manager:
- is responsible for decision making
- carries high-level responsibilities
- responsible for over-seeing, monitoring the overall functions
- responsible to look out for new & best opportunities
- identify problem and possible solutions
- Mostly they will be CEO and CFO
- Decision affects the firm highly both in positive and negative side
- One of the highly-paid resource
- responsible for multi-tasking
- takes initiative to promote organization
