Answer:
Debit : Accounts Receivables : $695,800
Debit : Service Charge Expense : $14,200
Credit : Sales : $710,000
Explanation:
Factoring is a process by which a business sells its accounts receivables to a third party (factor) at a particular discount or service charge. Factoring generally occurs when a business wants to meet it’s immediate cash requirements. The factoring company in this case, charges 2% service fee of $710,000 accounts receivables. In monetary terms this is : 710,000 x 2% = $14,200. This amount would be an expense incurred by the business. The double entry to record this transaction in the books of the business is as follows:
Debit : Accounts Receivables : $695,800
Debit : Service Charge Expense : $14,200
Credit : Sales : $710,000
Answer:
The correct answer is option A) Total surplus is represented by the area between the demand and supply curves up to the point of equilibrium.
Explanation:
Total surplus consists of consumer ans producer surplus.
whereas consumer surplus is the area above the market price and below the demand curve, while producer surplus is the area below the market price but above the supply curve.
Total surplus is the total area for the consumer surplus plus the total area for the producer surplus represented by the area between the demand and supply curves up to the point of equilibrium.
Answer:
Security deposit
Explanation:
Security deposits is a term that is used to describe a one-time payment that renters are typically required to pay into their first month's rent when they sign a lease.
This security deposit is usually given back to the renter after the tenancy period has ended, and the tenants did not cause any form of unusual damage beyond what is expected through the usage period.
No more than 20-30 seconds . Short-term memory has a fairly limited amount of capacity.
Answer:
total budgeted costs = $189,400
budgeted production = 1,000 units
standard rate = $189,400 / 1,000 = $189.40 per unit
total actual costs = $197,200
actual production = 1,120 units
actual rate = $197,200 / 1,120 = $176.07 per unit
- total fixed overhead variance = actual overhead costs - budgeted overhead costs = $197,200 - $189,400 = $7,800 unfavorable. The actual overhead expense was higher than the budgeted.
- controllable variance = (actual rate - standard rate) x actual units = ($176.07 - $189.40) x 1,120 units = -$14,929.60 favorable. The actual overhead rate was lower than the standard rate, that is why the variance is positive.
- volume variance = (standard activity - actual activity) x standard rate = (1,000 - 1,120) x $189.40 = -1,120 x $189.40 = -$212,128 favorable. More units where produced than budgeted, that is why the variance is positive.