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inna [77]
3 years ago
6

edna kropp's gross income for a year included salary, $12,400; commission, $27,750; intrerest, $440. Her adjustment to income we

re payment to a retirement plan, $2,000, and a penalty for withdrawing savings early from a time-deposite account, $126. What was her gross income for the year? find her adjusted gross income for the year?
Business
1 answer:
aliina [53]3 years ago
6 0

Gross income is the total amount of income before any deductions.

In this case, you would add Edna's salary, commission, and earned interest.

For adjusted gross income, you would subtract payment to retirement and withdrawal from the GROSS INCOME you calculated previously

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The discounting function (or mechanism) of markets is based upon the assumption that the stock market essentially discounts all
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Dakota Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and
IRISSAK [1]

Answer:

1.Overhead Rate = Overhead Costs/ Direct Labor Costs

Budget Overhead Rate = 3060,000/ 1700,000= 1.8

Actual Overhead Rate = 3217,500/ 1650,000= 1.895

Dakota Products

                                Budget for 2017                  Actual Results for 2017

Direct material costs $2,250,000                          $2,150,000

Direct manufacturing labor costs 1,700,000          1,650,000

Manufacturing overhead costs 3,060,000            3,217,500

2.During March, the job-cost record for Job 626

Direct materials used $55,000

Direct manufacturing labor costs $45,000

Actual Overhead  = 1.895 * $45,000= $ 85295.45

Normal Overhead = 1.8 * 45,000= $ 81,000

2.The  actual cost of Job 626 =$ 55,000+ $ 45,000+ $ 85295.45= $ 185,295.45

2.The  normal cost of Job 626 =$ 55,000+ $ 45,000+ $ 81,000= $181,000

3. Under- or Overallocated Overhead under normal costing=

     Budgeted Overhead - Actual Overhead= 3,060,000 -  3,217,500=

157,500 underapplied

There is no under- or overallocated overhead under actual costing because  overhead costs actually are at their actual costs. There is no difference between calculated and actual.

4. Normal Costing would give an idea before 2017 and it is easier to make decision prior to changes. Actual results can only be obtained after the process. Managers find it easier to pre plan . So normal costing is adoptable.

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3 years ago
A point on the production possibilities curve represents a combination of goods that is
Elodia [21]

Answer:

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Explanation:

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All the points on the production possibilities curve represent the combinations that are feasible and efficient.

The points below the curve show the points that are feasible but inefficient.

The points above the curve show the points that cannot be attained using the given level or resources and technology.

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