Answer:
FOH rate based on direct labor cost is 22.8%.
Explanation:
The computation of the factory overhead rate based on the direct labor cost is as follows:
Factory Overhead (FOH) Rate on Direct Labor Cost is
= Total Estimated Factory Overheads ÷ Direct Labor Cost × 100
= [$32,000 + $25,000] ÷ $250,000 × 100
= $57,000 ÷ $250,000 × 100
= 22.8%
Therefore, FOH rate based on direct labor cost is 22.8%.
Answer:
Letter B is correct. <u>Narrowing the gap between theory and practice.</u>
Explanation:
Case study is an investigative methodological approach applied to simple or applied social sciences. It is carried out through the use of different qualitative methods for the collection of data and information relevant to the foundation of the research. The qualitative method is the most appropriate in a case study, as it occurs through subjective and not substantially statistical means of in-depth analysis of relevant factors in an event, an individual, an institution, a group and others.
Case studies can be classified as:
- exploratory,
- descriptive, or
- explanatory.
So it is correct to state that the purpose of the case study is to reduce the difference between theory and practice. Because the analysis of the information collected and the variables and patterns found will provide subsidies for the discussion and better understanding and reasoning between what happens between the theory and the practice analyzed in the case study.
Answer: D
Explanation: I just took the test
Answer:
Retained earnings......................Dr $22,000
Dividend expense $22,000
Explanation:
There are two accounts, temporary and permanent accounts. Temporary accounts such as dividends and revenue need to be closed and charged against permanent accounts at the end of reporting period. This is done to estimate the total earnings of the firm during the period.
Dividends are charged to permanent account, retained earnings. Following is the closing entry:
Particulars Debit Credit
Retained earnings $22,000
Dividend expense $22,000
(Dividends expenses closed
by charging to retained earnings)
