An inequality to represent the contractor's budget for the day is .
- Let the number of crew member be x.
- Let the forklift operating cost be F.
<u>Given the following data:</u>
Total expense $350
Forklift operating cost = $75
Payroll for each crew member = $55
To write an inequality to represent the contractor's budget for the day:
The contractor's budget for the day on operating costs and payroll must not exceed $350. Thus, the mathematical expression (inequality) for the contractor's budget in a day is represented as follows:
Substituting the given parameters into the formula, we have;
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Answer: $22,000
Explanation:
The total revenue to be recognized by Italian Fine Dinning Inc. is the standalone selling price for the franchise services which is $88,000.
As this contract is for a four year period, Italian Fine Dinning Inc will have to recognize the above revenue over a period of 4 years.
Revenue in December 2020 will therefore:
= 88,000 / 4
= $22,000
Answer:
a. False.
b. True.
c. False.
d. False.
e. True.
Explanation:
a. Assets other than cash are expected to produce cash in future at some point but it is not necessary that every asset produces exactly the same amount at which it is carried in the financial statements. For example there is account receivable balance of $100,000, but it is not mandatory that all receivable will be converted into cash overtime as there can be bad debts expense also which will result in reducing accounts receivable balance.
b. Annual reports are often used by existing and potential investors for decision making purpose whether it is beneficial to invest in a certain company based on its financial statements analysis, to identify the risks that the company is exposed, the ability of a company to generate cash flows, potential future earning capability of a company and going concern status.
c. The annual report is not solely used by its creditors/lenders, it is prepared for a wide range of users. For example: shareholders, directors, investors, etc.
d. Cash budget is not a financial statement and it is not mandatory in the annual report, four most important financial statements which are required in the annual reports are balance sheet, income statement, cash flow statements, and statement of stockholders' equity.
e. After the Enron scandal annual reports cannot contain managements verbal reasoning’s, they needs quantitative and reasoning’s based on facts and figures which can be verified and audited to avoid misleading information provided in the annual reports and reduce chances of window dressing in the financial statements.
Answer:
Bob's predetermined overhead rate = 9.91
Explanation:
Calculation for predetermined overhead rate
Predetermined overhead rate = Estimated (Budgeted) Overhead Expense / Estimated Direct Labor Hours
Predetermined overhead rate = 110917 / 11198
Predetermined overhead rate = 110.917 / 11.198
Predetermined overhead rate = 9.91