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maria [59]
3 years ago
12

On January 15, 2015, Vancey Company paid property taxes on its factory building for the calendar year 2015 in the amount of $960

,000. In the first week of April 2015, Vancey made unanticipated major repairs to its plant equipment at a cost of $2,400,000. These repairs will benefit operations for the remainder of the calendar year. How should these expenses be reflected in Vancey's quarterly income statements?
Business
1 answer:
blondinia [14]3 years ago
3 0

The rate of return for 2015 based on the year-end common stockholders' equity was

A. 700 ÷ 2,346.

B. 700 ÷ 2,376.

C. 670 ÷ 2,346.

D. 670 ÷ 2,376.

$700,000 - (.06 ×$500,000)/$750,000 + [$1,626,000 - (.06 × $500,000)] = 335 ÷ 1,173. x 2

C. 670 ÷ 2,346.

Explanation:

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Bingel [31]

Answer:

Only going to dept for things you really need and have planned for

6 0
1 year ago
Purely competitive industry X has constant costs and its product is an inferior good. The industry is currently in long-run equi
jasenka [17]

Answer:

increase in output, but not in the equilibrium price of the product. 

Explanation:

The options weren't provided. The full question can be found here - https://www.chegg.com/homework-help/questions-and-answers/perfectly-competitive-industry-x-constant-costs-product-inferior-good-industry-currently-l-q39354625

An inferior good is a good whose demand increases when income falls and whose demand falls when income rises.

When average income falls, the demand for good X rises. The level of output increases as a result of the rise in demand but price doesn't change.

I hope my answer helps you.

5 0
3 years ago
Pigot Corporation uses job costing and has two production departments, M and A. Budgeted manufacturing costs for the year are as
tensa zangetsu [6.8K]

Answer:

Department M

Manufacturing overhead rate = $600,000/200,000 hrs = $3/hr

Department A

Manufacturing overhead rate = $400,000/800,000 hrs = $0.5/hr

Manufacturing overhead cost allocated:

Department M = $3 x 8,000      = $24,000

Department A  = $0.5 x 12,000 = $6,000

Total manufacturing cost allocated = $30,000

Explanation:

This relates to overhead absorption. The manufacturing overhead rate is calculated as budgeted manufacturing overhead divided by budgeted direct labour hour.

Manufacturing overhead allocated = manufacturing overhead rate x actual labour hour for each department for the job.

6 0
3 years ago
Sarah is using the needs approach to determine how much life insurance to buy. Her cash needs are $30,000; her income needs are
levacccp [35]

Answer:

$130,000

Explanation:

Sarah is making use of the needs approach to determine how much life insurance to buy

The first step is to calculate the total amount of life insurance

Total amount of life insurance = Total needs - total assets

Total need = income needs + cash needs + special needs

= $140,000 + $30,000 + $100,000

= $270,000

Total assets= retirement plan + bank account + investment account

= $30,000 + $20,000 + $40,000

= $90,000

Total amount of life insurance = $270,000-$90,000

= $180,000

Since Sarah is covered by $50,000 group insurance by her employer then the additional life insurance that should be purchased can be calculated as follows

= $180,000 - $50,000

= $130,000

3 0
3 years ago
Dana and Emile allocate​ 2/3 of their​ partnership's profits and losses to Dana and​ 1/3 to Emile. The net income of the firm is
Usimov [2.4K]

Answer:

Debit income summary $30,00

Explanation:

Closing entries are used to move balances from temporary accounts to permanent baccounts so that a business can recognise income or loss made during an accounting period.

2/3 profit and loss is for Dana, that is (2/3)* 30,000= $20,000

1/3 of profit is assigned to Emile that is (1/3)* 30,000= $10,000

So the close out entries will be

A debit to income summary of $30,000

A credit to Dana of $20,000

A credit to Emile of $10,000

6 0
2 years ago
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