The default paper size is ____

The following information is available for Montrose Company at December 31: Cash in bank account $ 8,540 Petty cash $ 250 Short-

ANEK [815]

Answer:

Cash $10,430 ; Cash equivalents $20,400

Explanation.

Cash consist of all currencies in hand or any convertible asset which can be converted to cash immediately.

It is to be noted that the assets with high liquidity will be included in cash and cash equivalent balance. They can quickly be converted to cash and would normally have 90 or lesser days to mature.

Solution.

$

Cash in bank. 8,540

Petty cash. 250

Check from customer. 1,350

Money order. 290

Cash. 10,430

The check has a very short maturity period since it will clear within 3-4 working days.

Money order can be cashed immediately .

Therefore;

Cash value is $10,430

For cash equivalent,

Cash equivalent = Money market fund balance + Treasury bills maturing in 60days

Cash equivalents = $10,400 + $10,000

=$20,400.

The amounts considered as cash and cash equivalents as of 31 December are ;

Cash $10,430 , $20,400 respectively.

8 0

3 years ago

Seeing a golden opportunity to raise revenue, the city of Boston levies a per ticket tax of $5 to be paid by the ticket buyer. B

Dvinal [7]

Answer:

TRUE

Explanation:

When supply is perfectly inelastic, the supply curve is vertical as shown in the attached plot. Thus, the tax that shifts the supply curve upward would have no effect on the equilibrium quantity or price paid by consumers. Since equilibrium quantity or price paid by consumer don't change there's no burden on them. However, no team's owners would receive a lower after tax price and thus bearing the entire tax burden.

8 0

3 years ago

Suppose the large number of bike accidents in a small town results in new legislation that requires all citizens of the town to

Dominik [7]

While the new helmets decrease the probability of a serious head injury resulting from a bike accident, they also incentivize cyclists to ride less safely, which could increase the number of bike accidents and thus head injuries to cyclists

Although the new helmets reduce the probability of head injuries, such an outcome changes the incentives of cyclists by making them less cautious

5 0

3 years ago

Read 2 more answers

Hart Company made 3,040 bookshelves using 22,040 board feet of wood costing $271,092. The company's direct materials standards f

kifflom [539]

1. a. The computation of the direct materials price variance is as follows:

= $2,204 ($12.20 - $12.30) x 22,040) Unfavorable

1.b. The computation of the direct materials quantity variance is as follows:

= $27,816 (24,320 - 22,040) x $12.20) Favorable

2. The direct materials variance that Hart will investigate further is the direct materials quantity variance, which is 10.3% ($27,816/$271,092 x 100) of the actual direct materials costs instead of the direct materials price variance, which is only 0.8% of the actual direct materials costs.

3. The journal entry to charge direct materials costs to Work in Process Inventory and record and close the materials variances are as follows:

a. Recording the Direct Materials Costs and Variances

Debit Work in Process $296,704 ($12.20 x 8 x 3,040)

Debit Direct Materials Price Variance $2,204

Credit Direct Materials Quantity Variance $27,816

Credit Raw Materials $271,092

To record the charge of direct materials to work in process based on standard cost.

b. Closing the Direct Materials Variances:

Debit Direct Materials Quantity Variance $27,816

Credit Direct Materials Price Variance $2,204

Credit Cost of Goods Sold $25,612

To close direct materials variances to the cost of goods sold.

Data and Calculations:

Units of bookshelves produced = 3,040

Feet of board used = 22,040

Cost of board feet of wood = $271,092

Per Unit Standard Actual

Price $12.20 $12.30 ($271,092/22,040)

Board feet 8 7.25 (22,040/3,040)

Learn more the computation of direct materials variances here: brainly.com/question/16048600

3 0

2 years ago

The derived demand for an input will rise when it is highly productive in ______. Multiple select question. increasing the costs

Step2247 [10]

Answer:

Tt is highly productive in reducing the costs to produce a product.

it is highly productive in producing a highly valued commodity.

Explanation:

A product has derived demand If its demand is dependent on the demand for other products.

For example, there would be no need to demand for labour if no one demands for goods.

The derived demand for a good will increase if it reduces the price of the product and if it is important in the production of a good

4 0

3 years ago

The default paper size is _____.