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TB MC Qu. 04-99 K. Canopy, the proprietor of Canopy Services... K. Canopy, the proprietor of Canopy Services, withdrew $6,200 fr

Svetlanka [38]

Answer:

Debit K Canopy, Capital $6,200;

Credit K Canopy Withdrawals $6,200

Explanation:

With regards to the above, the entries to close the withdrawals account at the end of the year would be;

Debit K Canopy, Capital $6,200

Credit K Canopy Withdrawals $6,200

Capital is being debited because cash is being taken from the business, hence it will be debited, while withdrawal account would be credited since its receiving cash.

4 0

2 years ago

Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two

yan [13]

Answer:

See below.

Explanation:

Since the costs are per 100, to calculate total standard we multiply by 400,000/100 = 4000 and actual qty then is 4060.

For A, standard cost budget at standard prices.

Direct Labor (2*4000) = $8,000

Direct Material (9.1*4000) = $36,400

Factory Overhead (0.55*4000) = $2,200

Total = $46,600

For B, The total cost variances are as follows,

Material cost variance = (Standard Price - Actual Price) * Actual Quantity

where, Standard price = 9.1 and Actual price = (35750/4060) = $8.81

Variance = (9.1 - 8.81) * 4060 = $1177.4 Favorable

Direct labor cost variance = (Standard rate - Actual Rate) * Actual Quantity

where, Standard rate = 2 and Actual rate = (7540/4060) = $1.86

Variance = (2-1.86) * 4060 = $568.4 Favorable

Factory Overhead variance

= Standard applied - Actual applied

Variance = (0.55*4060) - 2680 = $447 Unfavorable

Net effect on total cost variances = (1177.4+568.4-447) = $1298.8 Favorable

For c)

The over all cost performance has favored the business as they ere able to lessen costs in direct labor and material department. However, the fixed costs performance has deteriorated and there may be some technical issues that the company can deal with to ensure they perform better on fixed costs. The over all performance is favorable.

5 0

2 years ago

Bank A has an increase in deposits of $20 million dollars and all bank reserve requirements are 10%. Bank A loans out the full a

dexar [7]

Answer:

Total increase in deposit = $54,200,000

Explanation:

given data

deposits = $20 million dollars

bank reserve = 10%

solution

we know that Deposit in bank A is = $20,000,000

and Reserve @ 10% = $2,000,000

so

Bank A loans or bank B deposit will be = $20,000,000 - $2,000,000

Bank A loans or bank B deposit = $18,000,000

here Reserve @ 10% = $1,800,000

so

Bank B loans or Bank C deposit will be here = $18,000,000 - $1,800,000

Bank B loans or Bank C deposit = $16,200,000

so that

Total increase in deposit will be = Bank A + Bank B + Bank C ...............1

put here value we get

Total increase in deposit = $20,000,000 + $18,000,000 + $16,200,000

Total increase in deposit = $54,200,000

3 0

2 years ago

What is an advertising allowance

Aliun [14]

Answer:

An advertising allowance is money that a product manufacturer or service provider pays to a retailer to get the word out about their product. ... By helping the retailer pay its advertising costs, the company's advertising allowance gives the retailer an incentive to carry that product.

5 0

2 years ago

Markets provide the efficient amount of a good or service when externalities are present. monopoly exists. public goods are pres

torisob [31]

Markets provide the efficient amount of a good or service when <span>externalities and public goods are absent.
Externalities in this case refers to an unpredictable occurence such as natural disasters, and public goods refers to the goods that given from the government for lower or higher than the market price</span>

4 0

3 years ago