Answer:
C. Debit Work in Process—Dept. B; credit Finished Goods—Dept. A
Explanation:
It is known that during continuous production, businesses find it difficult to isolate each individual unit and calculate a cost. Process costing systems accumulate the materials, labor and overhead costs for the period along with the total number of units produced. The total number of units produced includes both completed units and partially completed units. The company determines the percentage of completion for each partially completed unit and adds these amounts to the total number of completed units to determine the equivalent units.
Answer:
economic profit = $11225
Explanation:
given data
sells = 975 units
cost = $30 per unit
cost of producing goods = $15
implicit costs = $3,400
solution
total revenue = 975 × 30 = $29250
and total cost = 975 × 15 = $14625
so here Total profit will be as
Total profit = $29250 - $14625 = $14625
so here economic profit will be
economic profit = Total profit - implicit costs
economic profit = $14625 - $3,400
economic profit = $11225
Answer:
C- $3,400
Explanation:
The Karla Salons has leased equipment from Smith Co. in a finance lease. The Smith Co will record the interest receivable from the Karla Salons in its income statement. The Karla Salons will record lease obligations in its balance sheet. Under the new ASU, the interest revenue which Smith Co. will record in its income statement is $3,400 for the year 2016.
Answer:
Vince's Vehicle Repairs
The Cost of Sales is:
= $72,000.
Explanation:
a) Data and Calculations:
Turnover = $180,000
Gross profit margin = 60%
Net profit margin = 22%
Gross profit margin = Gross profit/Turnover * 100
60% = Gross Profit/$180,000 * 100
Therefore, the Gross Profit = $180,000 * 60%
Gross Profit = $108,000
Cost of sales = Turnover - Gross profit (100% - 60%)
Cost of sales = $180,000 - $108,000
= $72,000
Alternatively, Cost of Sales:
= $180,000 * (100% - 60%)
= $72,000
Answer: B Administrative delays
Explanation:
Administrative delay means: any Governmental Entity’s failure to act within a reasonable time, in keeping with standard practices for such Governmental Entity, or within the time contemplated in the Interagency Cooperation Agreement, the Planning Cooperation Agreement, any of the Land Acquisition Agreements, the Tax Allocation Agreement, any Acquisition and Reimbursement Agreement.
