Answer:$722,000
Explanation:
The over applied overhead of $8000 is deducted from cost of goods sold of $730,000.
Answer:
the money you will invest per year to fund 70% of your salary after retirement is given by,
X 70%=280 700.
Explanation:
you will need to save 280 700 in order to pay yourself 70% of 401 000.
since percentage is by 100, you will divide the salary by 100 and multiply the result by the new percentage.
Answer:
B. Not honor the delegation because the contract is based on personal skill.
I would say that for Catherine, the best place to inform her investors about a new stock issue would be a news release on her company website so in that way it is made public, informs the investors and may attract more capital investment in the company as well.
Answer:
The closing process is necessary in order to confirm that net income or net loss and owner withdrawals for the period are closed into the owner's capital account.
Explanation:
Most economies around the world follow a specific accounting period which is commonly referred to as financial year or tax year. Before a new financial year begins, the accounts from the ongoing financial year have to be closed legitimately through a process called the 'closing process'. This process culminates in confirming that the net income secured or the net loss bore by the owner is included in no other account than the owner's capital account.
In order to carry out the closing process, the accountant has to commence with identifying the accounts that are required to be closed with or before the ending of the predefined financial period. He then has to record the last entries in these accounts as 'closing entries'. Once the accounts are closed, he has to calculate the trial balance and interpret the outcome. Closing of temporary accounts through a valid closing process dispenses the ease of calculating profit and loss in any given financial period coming to end.
