Answer:
Required 1
<u>General Journal</u>
Cash $8,500 (debit)
Donations Revenue $8,500 (credit)
<em>Cash and Checks received as Donation Revenue</em>
<em />
Wages Expenses $3,000 (debit)
Cash $3,000 (credit)
<em>Wages to employee paid</em>
<em />
Note Payable $3,420 (debit)
Cash $3,420 (credit)
<em>Repayment of Short Term Loan</em>
<em />
Supplies $4,920 (debit)
Cash $2,080 (credit)
Note Payable $2,840 (credit)
<em>Purchase of Toys on cash and on credit</em>
<em />
Supplies $4,020 (debit)
Donations Revenue $4,020 (credit)
<em>Donations revenue received in form of Toy Supplies</em>
Required 2
Net Income is $9,520
Explanation:
<u>Calculation of Charity’s preliminary net income.</u>
Donations Revenue ($8,500 + $4,020) $12,520
Less Expenses :
Wages ($3,000)
Net Income/ (Loss) $9,520
Answer:
$417 A.
It is an adverse variance.
Explanation:
Fixed factory overhead volume variance is the difference between budgeted output at 100% normal capacity and actual production volume multiplied by standard fixed overhead cost per unit.
Formula
Fixed factory overhead volume variance = (budgeted standard hours for 100% normal capacity - Actual standard output hours) × standard fixed overhead cost per unit.
Calculation
Since 5900 units of a product was produced in 3.546 standard hours per unit, total actual standard hour is therefore;
= 5900×3.546
=20,921 hours
Overhead cost per unit = $1.10 per hour
Hours at 100% normal capacity = 21,300 hours.
Recall the formula for fixed factory overhead volume variance is =(budgeted standard hours for 100% normal output- actual standard output hours)× standard fixed overhead per unit.
Therefore;
Fixed factory overhead volume variance =(21,300 hours - 20,921 hours)× $1.10
=379 hours × $1.10
=$417 A
It is therefore an adverse variance.
Answer:
A production possibilities frontier identifies the dollar cost of producing a good or service in an economy.
True
Explanation:
Cost of producing could be envisaged through budgeting where the variable cost, fixed cost and total cost is expected to be calculated either through rough estimate.
Answer:
An implied agreement is based on a formal agreement.
Explanation:
A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.
There are different types of contract in business and these includes: fixed-price contract, cost-plus contract, bilateral contract, implied contract, unilateral contract, adhesion contract, unconscionable contract, option contract, express contract, executory contract, etc.
Mutual assent is a legal term which represents an agreement by both parties to a contract. When two parties to a contract both have an understanding of the parameters, terms and conditions surrounding a contract, it ultimately implies that they are in agreement; this is generally referred to as mutual assent.
Simply stated, mutual assent connotes agreement, acceptance and consent to a contract by both parties.
An implied contract can be defined as an informal contract that exists based on an assumption or understanding between two or more parties, rather than on terms that are formally and specifically defined.
This ultimately implies that, an implied agreement is not based on a formal agreement but on assumptions or understanding between the parties involved.
Answer:
d. executing
Explanation:
Quality Management in Project Management implies the elaboration of a quality plan for the creation of the product, taking into account the scope of the project and the requirements of the interested parties.
This area has three processes, as exposed in the PMBOK Guide prepared by the Project Management Institute (PMI):
Quality management planning
Carrying out quality assurance
Quality control
Quality management planning is placed in the group of planning processes; quality assurance is placed in the execution process group; and quality control is in the group of monitoring and control processes.
The Quality Management deliverables are as follows: quality management plan, process improvement plan, quality metrics, quality checklists, quality control measures, validated changes, and verified deliverables
