Answer: Understatement, $30,900
Explanation:
There will be an UNDERSTATEMENT of McGinnis' net income for the most recent fiscal year of $30,900.
The Understatement arises because as of year end which is June 30th, McGinnis were not paid for their services that cost $40,900 and instead will only be paid on the 8th of the next month so it was not accounted for in the net income.
The reason the net income understatement is $30,900 and not $40,900 is because McGinnis will still have to account for the payment to it's employees. If in a five day week they earn $12,500, that would mean that they earn $2,500 a day (12,500/5). Seeing as June ended on a Thursday, that is a 4 day week which means $2,500*4= $10,000.
That $10,000 will reduce the net income by that amount.
The net effect is a $30,900 UNDERSTATEMENT.
Answer: <em>Post-conventional level of moral development</em>
Explanation:
Under this level an individuals sense of morality or moral sense is referred to as or defined in words of abstract values and principles. Individuals now tend to believe that few rule and laws are completely unjust and therefore should be eliminated or changed. This level is further marked by a thorough and growing realization i.e. an individuals is a separate entity from the society and thus that individual may tend to disobey the rules which might be inconsistent with his/her own principles.
Answer:
Please see attached solution
Explanation:
a. Total manufacturing overhead costs allocated $356,400
b. Variable manufacturing overhead spending variance $40,500U
c. Fixed manufacturing overhead spending variance $17,600U
d. Variable manufacturing overhead efficiency variance $19,500F
e. Production volume variance $39,200F
Please find attached detailed solution to the above questions
The percentage of increase or decrease in net sales revenue a decrease is 15.45%
Sales in 2024 = $110000
Sales in 2025 = $93000
Decrease in sales between two periods = ($110000 - $93000) = $17000
Percentage of decrease in sales = [($17000 / $110000 Base year) X 100]
=> 15.45% decrease in net sales revenue from 2024 to 2025
Net sales are gross sales generated by the business, excluding returns, rebates, and rebates. This number is used by analysts when making business decisions or analyzing a company's revenue growth.
Total sales are not adjusted for returns, rebates, and rebates. The earnings reported on the top line of a company's income statement are net earnings. Net sales are also known as net sales, net sales, or sales.
Revenue is the total amount of revenue from sales for a specific period. Quarters. Sales may be reported as net sales as they may include discounts and deductions from returned or damaged merchandise.
Learn more about net sales revenue here:
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