Financial statements can be prepared : b. may be prepared more than once a year; c. may have a fiscal year end other than December 31.
<h3>What is financial statement?</h3>
Financial statement help to summarize the financial position of a business and it as well help to show the day to day transaction of a company or day to day activities of a business at a particular period of time.
Financial statement of a company can be prepared more that once in a year and financial statement may tend to have fiscal year end that is other than last month of the year which is 31st December.
Therefore Financial statements can be prepared : b. may be prepared more than once a year; c. may have a fiscal year end other than December 31.
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The complete question is:
Financial statements ______. (Select all that apply.)
a. must have a calendar year end of December 31
b. may be prepared more than once a year
c. may have a fiscal year end other than December 31
d. are prepared just once a year
Question Completion:
Estimated manufacturing overhead costs = $156,000
Estimated direct labor cost = $390,000
Estimated direct materials cost = $350,000
Answer:
Pajama Corp.
The cost driver rate = $0.40 per DL cost.
Explanation:
a) Data and Calculations:
Estimated manufacturing overhead costs = $156,000
Estimated direct labor cost = $390,000
Estimated direct materials cost = $350,000
Cost driver rate = $0.40 ($156,000/$390,000)
b) To calculate the cost driver rate, Pajamas Corp. divides the total estimated manufacturing overhead costs by the cost driver (direct labor cost). This implies that the cost driver rate is the total cost of activity pool divided by its cost driver. This yields the amount of overhead and indirect costs related to a particular activity.
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Answer:
The CPA Practice Advisor
The probability that the mean price for a sample of 30 federal income tax returns is within $16 of the population mean is:
= 56%
Explanation:
a) Data and Calculations:
Population mean (preparation fee for 2017 federal income tax returns) = $273
Population standard deviation of preparation fees = $100
Mean price for a sample of 30 federal income tax returns = $257 (which is within $16 of the population mean)
z = (x-μ)/σ
z = standard score
x = observed value
μ = mean of the sample
σ = standard deviation of the sample
Z = ($273 - $257)/$100
= 0.16
Using the z-table
P = 0.5636
