Answer:
$56,000 Favorable
Explanation:
The computation of the flexible-budget amount for variable manufacturing overhead is shown below
The Budgeted machine hours per unit os
= 24,000 ÷ 8,000
= 3
The Budgeted machine hours allowed for 8,500 units is
= 8,500 × 3
= 25,500
Now the Budgeted variable overhead rate per machine hour is
= $288,000 ÷ 24,000
= $12.00
Now
Flexible-budget amount is
= 25,500 × $12.00
= $306,000
So, the Flexible-budget variance is
= $250,000 - $306,000
= $56,000 Favorable
Answer:
thumb should be used to press space bar.
Answer:
Common stock dividend = $96000
Explanation:
The preffered stock is cumulative which means that if dividends are not paid on preferred sock in a particular year, they are carried forward and will be paid later whenever dividends are declared. First we pay the dividends to the preferred stock as the name suggests and then the remaining is paid to common stock holders.
The dividend for preferred stock holders is of 2018,2019,2020 combined i.e. 3 years.
preferred stock dividend = 16000 * 100 * 0.08 = 128000 per years
for 3 years = 128000 * 3 = 384000
Dividend to common stock holders = 480000 - 384000 = 96000
The insured is the person whose life is being covered against the risk under the policy.
Answer:
The required adjusting journal entry on December 31 includes a:
Debit Insurance Expense $400
Credits Prepaid Insurance $400
Explanation:
On Dec. 1, a 12-month insurance policy was purchased and paid in advance for $4,800. The company records the insurance as the prepaid Insurance:
Debit Prepaid Insurance $4,800
Credit Cash $4,800
On December 31, the last day of the following 1 months, the company records an adjusting entry that Credits Prepaid Insurance for $400 ($4,800 divided by 12 months times the 1 months that will be prepaid as of December 31) and Debits Insurance Expense for $400
Debit Insurance Expense $400
Credits Prepaid Insurance $400