Answer:
The operating profit under actual budget gives $833,000 while flexible budget gives $982,500 which results in an unfavorable variance of $149,500
Explanation:
In computing the final variance I started with sales revenue for the actual production and sales of 230,000 under both actual and flexed budgets.
This approach implies that the original budget was revised to reflect actual quantity produced and sold but the budgeted amounts were used under flexed budget while the actual amounts were applied under the actual budget preparation.
Find the details in the attached.
Answer:
job structure
Explanation:
A job structure is the fundamental by and large progressive system that a business uses to deal with the detailing structure for every one of the situations inside the organisation. There are four essential kinds of employment structures: departmental, useful, land and speciality unit. A departmental hierarchical structure works best in organisations with unmistakably characterised division units that emphasis on future extension and development. This is the most fundamental sort of employment structure and the most widely recognised one.
Answer:
$9,041
Explanation:
The computation of the total amount of revenue Royal should recognize on contracts in November of 2021 is shown below:-
Revenue to be recognized for 4 months = $62,000 × 4 ÷ 12
= $20,667
Total Fees = $62,000 + ($62,000 x 15%)
= $71,300
Revenue recognized at the end of November
= $71,300 × 5 ÷ 12
= $29,708
Revenue recognized in November of 2021
= Revenue recognized at the end of November - Revenue to be recognized for 4 months
= $29,708 - $20,667
= $9,041
Answer:
Cortina Company
Indication of the type of adjustment and the status of the accounts before the adjustment:
Type of adjustment (prepaid Status of the accounts before the
expense, accrued revenue, etc.) adjustment:
a. Usage adjustment Supplies Overstated by $1,200
b. Accrued Revenue Service Revenue understated by $700
c. Accrued Expense Interest Expense understated by $300
d. Earned Revenue Rent Revenue understated by $1,100
and Deferred Revenue overstated by
the same amount.
Explanation:
Cortina Company must recognize all revenue and expenses, whether cash has exchanged hands or not, provided they have been earned or incurred within the stated accounting period. This is in accordance with the accrual concept and the matching principle of generally accepted accounting principles.
Answer:
The correct answer would be option D, Scholarships
Explanation:
Scholarships are basically grants, given to students who cannot pay for their education expenses. Grants are the funds that are given to an entity by the Government or financial institution or any institution which the receiving party is not required to repay. Grants are usually given to the non profit organizations, Educational institutions, individuals or businesses to help them grow and meet their expenses better. So scholarships are the grants given to students by the college authorities to continue their education and meet their educational expenses and the students are not required to payback these student scholarships.
