Answer:
1. A. Time spent studying & C. Cost of the trip home
2. A. Cost of maintaining the bicycle & D. Time spent on other leisure activities
Explanation:
For each of the following, describe some of the potential opportunity costs
1. Going home for Thanksgiving vacation will have all three opportunity costs because:
A. Time spent studying: The time spent on the thanksgiving vacation could have been spent in school studying
C. Cost of the trip home: Another applicable opportunity costs is the money spent on the trip which could have been saved if the trip is suspended.
2. Riding your bicycle 20 miles every day.
A. Cost of maintaining the bicycle: Riding your bicycle for 20 miles will warrant high maintenance costs because it covers a significant distance daily. If you do not ride the bicycle, you will not incur such costs
D. Time spent on other leisure activities: The time spent on riding the bicycle to cover 20 kilometers could have been spent on other leisure activities which have to be forgone in order to have time for cycling.
Answer:
Della's Pennsylvania state tax liability is $12,679.73
Explanation:
Tax Liability
= [{(Income Tax Base - Non Business Income) x Apportionment Factor} + Allocated Non-
business Income] x tc
= [{($433,500 - $76,700) x 0.2852} + $61,850] x 0.0775
= [$101,759.36 + $61,850] x 0.0775
= $163,609.36 x 0.0775
= $12,679.73
Therefore, Della's Pennsylvania state tax liability is $12,679.73
Answer:
1. C
2. A
3. B
4. D
Explanation:
Price can be defined as the amount of money that is required to be paid by a buyer (customer) to a seller (producer) in order to acquire goods and services.
In sales and marketing, pricing of products is considered to be an essential element of a business firm's marketing mix because place, promotion and product largely depends on it.
In Accounting, costing is the measurement of the cost of production of goods and services by assessing the fixed costs and variable costs associated with each step of production.
The various types of cost variance components and their definition includes the following;
1. Actual price: the amount paid to acquire input.
2. Actual quantity: the input used to manufacture the quantity of output.
3. Standard quantity: the expected input for the quantity of output.
4. Standard price: the expected price.
Answer:
Production Cost Report;Cost Reconciliation schedule,Equivalent units of Production;Unit Production Costs;Physical Units
Explanation:
Production Cost Report:A summary of both production quantity and cost data for a production department.
Cost Reconciliation schedule:Shows that the total costs accounted for equal the total costs to be accounted for.
Equivalent units of Production:Work done during a period expressed in fully completed units.
Unit Production Costs: Costs expressed in terms of equivalent units of production.
Physical Units:Actual units to be accounted for during a period, irrespective of any work performed.
Total Units Accounted for:Units transferred out during the period plus units in ending work in process.
Total manufacturing cost per unit:Unit materials costs plus unit conversion costs.
Units Transferred out:Total units accounted for minus units in ending work in process.
<span>agreement to modify an existing contract would be the answer</span>
