Answer:
False
Explanation:
Not all depositors will get their cash. The FED, which is the body that regulates commercial banks, requires the banks to keep only a small percentage of customers deposits in their custody. The percentage maintained in the banks is known as the reserve. The percentage of the reserves requirement varies with time.
If all depositors decide to withdraw at once, they can not get their money as only the reserve amount will be available in the banks. Commercial banks usually lend out the rest of the customers' deposits to make profits.
Time tickets and materials requisition slips are similar to. The cost associated with both must be credited to the Work in Process Inventory. Option A. This is further explained below.
<h3>What are time tickets?</h3>
Generally, A time ticket is a form filled out by workers to keep track of their working hours.
In conclusion, Both time tickets and materials requisition forms have certain similarities. Both must be accounted for in the Work in Process Budget.
<h3>Complete Question</h3>
How are time tickets and materials requisition slips similar?
The cost associated with both must be credited to the Work in Process Inventory. Costs associated with both must be recorded in the general ledger and job cost sheets.
Costs associated with both must be debited to Manufacturing Overhead.
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Answer:
Sell Machine A and distribute cash to one of the shareholders.
Distribute Machine B to the other shareholder because there is no gain on the distribution and no deductible loss
Machine C can then be retained
Explanation:
If Machine A is distributed, it will result in a non-deductible loss of $ 7,000 ( 27,000- 20,000). Hence, to preserve the loss which will help to reduce tax base, the company should consider selling it and give the cash generated on it to one of the shareholders.
If Machine B is distributed, it will yield neither gain nor loss. Since it doesn't have any tax implication whether distributed or sold, the company should consider given it to the other shareholder.
As for Machine C, this should be retained, because Raven will have to pay tax on the assumed gain if it is distributed.
Answer:
$4,850 under allocated
Explanation:
Giving the following information:
Manufacturing overhead is allocated at 130% of direct labor cost.
The actual manufacturing overhead costs incurred in June amounted to $41,300.
Job No. 265:
Direct labor= $35,500
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base= 1.3*35500= $46,150
Over/under allocation= real MOH - allocated MOH= 46150 - 41300= $4,850 under allocated
Answer:
The correct answer is option B.
Explanation:
A perfectly competitive industry is producing 30,000 yachts per year.
The government imposed a tax of $20,000 on each yacht.
The demand for yachts is highly elastic.
This imposition of tax will create a tax wedge in which the tax burden will be shared between buyers and sellers.
The price paid by the buyers will increase. While the price received by sellers will decrease.
This tax wedge causes the quantity demanded and quantity supplied to fall. As a result, the equilibrium quantity in the market declines.
Since the demand is highly elastic an increase in price will cause the quantity demanded to decrease by more than proportionate.
The price of the product will increase by less than $20,000 as the tax burden will be shared.
