Producers believe the economy is headed for a recession, so they reduce their purchases of machinery and equipment.

Happy Helpers Maid Service is calculating its standard direct labor rate. The direct labor rate is $19 per hour. Happy Helpers i

marshall27 [118]

Answer:

$24.28

Explanation:

Direct labor rate = $19 Payroll tax expense = 12% Costs for sick minus days = $3

112% of $ 19 = $21.28

Fringe benefits = $3

Total= 21.28+3 = $24.28

7 0

3 years ago

ASC 480-10 provides guidance on determining whether (1) certain financial instruments with both debt-like and equity-like charac

Aliun [14]

Answer:

. Redeemable shares.

• Redeemable noncontrolling interests.

• Forward contracts to repurchase own shares.

• Forward contracts to sell redeemable shares.

• Written put options on own stock.

• Warrants (and written call options) on redeemable equity shares.

• Warrants on shares with deemed liquidation provisions.

• Puttable warrants on own stock.

• Equity collars.

• Share-settled debt (this term is used to describe a share-settled obligation that is not in the legal form of debt but has the same economic payoff profile as debt).

• Preferred shares that are mandatorily convertible into a variable number of common shares.

• Unsettled treasury stock transactions.

• Accelerated share repurchase programs.

• Hybrid equity units.

Explanation:

ASC 480-10 is used when an issuer, in the declaration of its financial position, has to categorize some financial instruments that share the characteristics of liabilities and equities. The issuer always classifies legal-form debt as liability and this makes it not applicable under the ASC 480-10.

Under the ASC 480-10, three types of financial instruments are meant to be classified and they include;

1. Mandatorily redeemable financial instruments

2. Obligations to repurchase the entity’s equity shares by transferring assets, and

3.Certain obligations to issue a variable number of equity shares

6 0

3 years ago

Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment.

Ad libitum [116K]

The journal entries are shown below:

Bad debt expense A/c Dr $3,378

To Allowance for doubtful debts A/c $3,378

(Being bad debt expense is recorded)

Allowance for doubtful debts A/c Dr $4,510

To Account receivable A/c $4,510

(Being written off amount is recorded)

2. The computation of the net sales is shown below:

= Gross sales - sales discount - sales return - credit card fees

= $140,756 - $1,344 - $996 - $2,129

= $136.287

A journal entry is the act of preserving or making facts of any transactions either monetary or non-monetary. Transactions are indexed in an accounting magazine that shows a organization's debit and credit score balances. The magazine entry can include numerous recordings, every of which is both a debit or a credit.

A journal entry is used to record a commercial enterprise transaction in the accounting information of a commercial enterprise. A magazine entry is commonly recorded in the trendy ledger; as a substitute, it can be recorded in a subsidiary ledger that is then summarized and rolled ahead into the general ledger.

Learn more about journal entries here brainly.com/question/14279491

#SPJ4

6 0

1 year ago

This firm is a natural monopoly. True False If the firm produces 68 units and charges $28 per unit, it will in the long run. Whi

Maurinko [17]

Answer:

True. This is because the curve of ATC shifted downward to show an increase in output. As the ATC curve moves downward, the quantity of goods increase while the price decreases. The quantity of goods produced is equivalent to 68 units which is consistent with the regulation of price. Price regulation is used to manage the effects of monopoly on the market system.

Explanation:

True. This is because the curve of ATC shifted downward to show an increase in output. As the ATC curve moves downward, the quantity of goods increase while the price decreases. The quantity of goods produced is equivalent to 68 units which is consistent with the regulation of price. Price regulation is used to manage the effects of monopoly on the market system.

3 0

2 years ago

Woodland industries manufactures and sells custom-made windows. Its job costing system was designed using an activity-based cost

MaRussiya [10]

Answer:

Explanation:

a.

Direct materials 101,500

Direct labour (13,600 * 13) 176, 800

Materials handling (508 * 0.28) 142.24

Cutting and lathe work (508 * 12.32) 6258.56

Assembly and inspection (13,600 * 17.5) 238,000

Total manufacturing cost 522,700.8

Cost per unit produced = 522,700.8 / 3,050 =

= 171.377 per unit.

b.

Predetermined overhead rate = Estimated overhead costs / Estimated Direct labour hours

(61,600 + 2,710,400 + 3,850,000) / 220,000

= 30.1 per direct labour hour

Direct materials 101,500

Direct labour (13,600 * 13) 176,800

Manufacturing overhead (13,600 * 30.1) 409,360

Total manufacturing cost 687,660

Cost per unit produced = 687,660/ 3,050

= 225.46 per unit.

3 0

3 years ago