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2 years ago

The following data are given for Harry Company:

Business

1 answer:

katrin [286]2 years ago

4 0

Answer:

$7,732 unfavorable

Explanation:

The computation of the direct labor rate variance is shown below:

Direct labor rate variance = Actual time taken × (Standard rate - actual rate)

= 5,021 labor hours × ($14.71 - $81,591 ÷ 5,021 labor hours)

= 5,021 labor hours × ($14.71 - $16.25)

= $7,732 unfavorable

Since the actual rate is more than the standard rate so it would be lead to unfavorable variance

This is the answer but the same is not provided in the given options

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Which of the following is true about a "credit"? I. It is part of the double-entry procedure that keeps the accounting equation

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Answer:

III. I, II, III, and IV.

I. It is part of the double-entry procedure that keeps the accounting equation in balance.
II. It represents a decrease to assets.
III. It represents an increase to liabilities.
IV. It is on the right side of a T-account.

Explanation:

The debit-credit balance is necessary for maintaining the accounting equation in balance, i.e. all the debits must have a corresponding credit.

Asset accounts increase when they are debited and decrease when they are credited.

Liabilities accounts decrease when they are debited and increase when they are credited.

Debits are on the left side of a t-account and credits are on the right side.

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A property seller empowers an agent to market and sell a property on his behalf. what is this an example of

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It is an example of special agency. It enables the bond of the broker and the principle in which they have a contract of having little control of each other and responsibility. These agency are hired by the seller to be able to reach out for others in selling the seller's property, allowing them to do what they are capable of but the seller has only little control of the broker.

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3 years ago

9. A bank loaned York Construction Company $35,000 on a 1-year, 6% note, but deducted the interest in advance. The journal entry

Rudiy27

Answer: The correct answer is c. increase in Discount on Notes Payable for $2,100.

Explanation: 6% of $35,000 for a year is $2,100. From the facts in the question, the Bank deducted the interest in advance, this means the net cash York Construction Company got was $35,000 - 2,100 = $32,900 but note that this does not change the principal amount obligation the Company is obliged to pay the bank, which remains $35,000. What the Company needs to do is to recognize the $35,000 as Notes Payable (Debit Cash and Credit Notes Payable) and recognize a Discount on Notes Payable of $2100 (Debit Discount on Notes Payable and Credit to Cash). Subsequently, based on the 1-year tenor, the Company would unwind the discount to finance charge / interest expense as $2,100 / 12 = $175 monthly (Debit Interest expense; Credit Discount on Notes Payable).

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2 years ago

Under the Bretton Woods system

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Answer:

The answer is D. All of the options

Explanation:

The Bretton Woods system of of monetary management which was negotiated in 1944 with the aim of creating an international monetary system.

Under this system, representatives of countries agreed to establish a par value of their respective currencies in relation to the dollar. Dollar was pegged at $35 per ounce, and each country was responsible for maintaining its exchange rate within 1 percent of the adopted par value by buying or selling foreign exchanges as necessary.

However, in the early 1970s, President Richard Nixon made the announcement that the United States would no longer be accepting gold in exchange for the dollar, and the put an end to the Bretton Woods system.

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Read 2 more answers

Acme Manufacturing Company prepared a fixed budget based on the expected sales of 160,000 units. That fixed budget included vari

Ksju [112]

If Acme Manufacturing Company uses flexible budgeting and actually sells 200,000 units during the period, these amounts will be included in its flexible budget performance report:

Variable costs = $1,000,000

Fixed costs = $240,000

<h3>What is a flexible budget?</h3>

A flexible budget adjusts the budget according to the activity or volume levels of the company.

For instance, if the total variable costs is $800,000 with expected sales of 160,000 but the actual sales equal 200,000, the flexible budget will be adjusted to $1,000,000 ($800,000/160,000 x 200,000).

<h3>Data and Calculations:</h3>

Expected sales = 160,000 units

Fixed Budget Figures:

Total variable costs = $800,000

Total fixed costs = $240,000

Flexible Budget Figures:

Total variable costs = $1,000,000 ($800,000/160,000 x 200,000)

Total fixed costs = $240,000

Thus, the flexible budget will still maintain the total fixed costs since they do not vary according to the volume level, within the relevant range.

Learn more about flexible budgets at brainly.com/question/14015382

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