He business creditors are owed money by Greg for giving him loans to start is business. Creditors do not require the money loaned immediately but are due to receive the funds they lent out back. The amount owed to creditors by the business/business owners are found under the liabilities section of the companies balance sheet.
Answer:
The financial statement provides the "raw materials" with which the financial performance of an organisation may be analysed.
The financials ratios not only monitor financial performance, but it also speaks to the quality of performance and serves as a basis to compare one period against the other.
The cashflows help to create a picture of the project's liquidity in each of the forecasted periods.
The Income statement helps to gauge the quality of the earnings per period and the balance sheet shows the economic position of the firm at the time under observation.
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It’s A for sure just really got to add the puzzles together
Answer:
1. The fixed portion of the predetermined overhead rate for the year is $10,000 per direct labor hour.
2. The fixed overhead budget variance is $4,000 unfavourable and the fixed overhead volume variance is $10,000 favourable.
Explanation:
In order to calculate the the fixed portion of the predetermined overhead rate for the year we would have to use the following formula:
predetermined overhead rate for the year=<u>Total fixed overhead cost year</u>
Budgeted direct labor-hours
=$ 250,000/25,000
=$10,000
1. The fixed portion of the predetermined overhead rate for the year is $10,000 per direct labor hour.
In order to calculate the fixed overhead budget variance, we use the following formula:
2. fixed overhead budget variance=Actual fixed overhead cost for the year- budgeted fixed overhead cost for the year
=$ 254,000-$ 250,000
=$4,000 unfavourable
In order to calculate the fixed overhead volume variance, we use the following formula:
fixed overhead volume variance=budgeted fixed overhead cost for the year-fixed overhead appliead to work in process
=$ 250,000-(26,000×10)
=$10,000 favourable
Answer: $672,000
Explanation:
Porter sold land to Simi which means that their land balance reduces. Simi's however increases by the same amount. As Porter owned all the voting stock, the sale will be accounted for at the book value.
The Consolidated balance for land in 2020 will therefore be calculated as,
= (Porter land value - Sales price) + (Simi land value + Sales price)
= (416,000 - 65,000) + (256,000 + 65,000)
= 351,000 + 321,000
= $672,000
The book value of the Consolidated land will be $672,000 in 2020.
