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frutty [35]
2 years ago
6

Ranch Company estimates warranty expense as 5% of sales. On January 1, warranties payable was $13,000. During the year Ranch pai

d $5,000 to meet its warranty obligations and recorded sales of $120,000. The December 31 liability for the warranty is
Business
1 answer:
Yuki888 [10]2 years ago
3 0

Answer:

$13,000

Explanation:

The computation of the december 31 liability for the warranty is shown below:

Given that

Warranty expense = 5% of sales

Warranty payable = $13,000

Paid amount = $5,000

Sales = $120,000

based on the above information

The warranty liability as on Dec 31 would be equivalent to the warranty payable i.e. $13,000

The same is to be considered

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Worker Corporation allocates its single support department to its operating departments based on the single rate method using ma
Firlakuza [10]

Answer:

$85 per machine hour

Explanation:

                                                                Actual           Budgeted

Fixed costs                                           $50,000          $47,960

Machine hours – Assembly                   1,900               1,976

Variable costs – Assembly                 $121,000         $120,000

since the single rate method does not distinguish between fixed or variable costs, in order to determine the cost allocation rate we must add the fixed allocation rate and the variable allocation rate:

  • variable allocation rate = $120,000 / 1976 machine hours = $60.73
  • fixed allocation rate = $47,960 / 1976 = $24.27

total = $60.73 + $24.27 = $85 per machine hour

7 0
3 years ago
Of money's three functions, the one that distinguishes money from other assets is its function as a a. store of value. b. unit o
tiny-mole [99]

The one that distinguishes money from the other assets is that it is used as a medium of exchange

Explanation:

Money is one of the most important factor in our day to day lives it has become as defining the country's economic standard and it is widely accepted all over the world

Money is used as the medium of exchange because we can buy all the necessary things using the money and can use it as a medium to exchange of goods and services. There are also other important functions as the method of comparing the values

4 0
2 years ago
The markup on a video game is 15% of the sale price. If the video game sells for $58.82, what was the cost (in $)? (Round your a
Tanzania [10]

Answer:

$51. 15

Explanation:

The selling price is $58.82

The mark-up is 15% of the selling price.

The cost price is ???

The $58.82 is 115% of the cost price.

the cost price is 100%

cost price

= 58.82/115 x 100

= $0.5114 X 100

=$51. 15

5 0
3 years ago
ERIC: Hi, Hubert. This is my first economics course, and many of the concepts discussed in class are really confusing. Today the
Ymorist [56]

Answer:

ERIC: Hi, Hubert. This is my first economics course, and many of the concepts discussed in class are really confusing. Today the professor explained that the true cost of going to college includes both the tuition I pay as well as something called the "opportunity cost" of going to college. I don't understand. I pay $32,000 per year in tuition. The tuition is what I pay to the school, so it seems like that should be my true cost!

HUBERT: Hi, Eric. Many concepts in economics can be confusing at first. Let's talk it through.

Economists think of costs a bit differently than just the dollar amount that you pay. To an economist, the true cost of college includes the total value of what you give up in order to acquire your college education. In other words, not only did you give up the tuition money that you paid, but by attending college, you gave up opportunities to do other things with your time as well. This is where the idea of opportunity cost comes from.

The opportunity cost of your decision to go to college is the value of the next best alternative that you gave up. Suppose that your next best alternative to college is to work as a cashier. By not going to college, and taking this job, you could earn $16,000 per year. Then your opportunity cost of college is <u>$16,000</u>, and your total cost of a year of college is <u>$48,000</u> per year.

ERIC: I think I get it now. So when I take into account the opportunity cost of college, the true cost is actually <u>more </u>than just the tuition.

HUBERT: Correct. Thinking about costs in this way will help you make more rational decisions in your everyday life. Now tell me, how can you explain your decision to go to college?

ERIC: I chose to go to college because, for me, the value of a year in college <u>gives me a higher stand and offers me a better long-term opportunity that someone without a college degree.</u>

Explanation:

The question poses a discussion about the opportunity cost of attending college. The understanding behind this is that by choosing to go to college, Eric is forfeiting the opportunity to get a job as a cashier that would earn him $16,000 a year while incurring his college fees of $32,000. Therefore, the total cost of attending college to him should be $48,000.

3 0
3 years ago
What is the importance of having a good management​
skad [1K]

Answer:

Employees need to know what is expected of them; having clear expectations helps employees do their job well. A good manager will convey his expectations and make sure employees understand them. He also will make himself available to employees, so they can have the opportunity to clarify any confusion they may have.

4 0
3 years ago
Read 2 more answers
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