Answer and Explanation:
The journal entries are shown below:
1. Accounts receivable a/c Dr $1,840
To Sales revenue a/c Cr $1,840
(Being the sales is recorded)
2. Cost of goods sold a/c Dr $1,170
To Inventory a/c Cr $1,170
(Being the cost of goods sold is recorded)
3. Cash a/c Dr $1,840
To Accounts receivable a/c Cr $1,840
(Being the payment received is recorded)
Only these three entries are recorded
Answer:
Using Traditional allocation method
Allocation rate per unit
=<u> Budgeted overhead</u>
Budgeted direct labour hours
Brass
Overhead allocation rate
= <u>$47,500</u>
700 hours
= $67.86 per direct labour hour
Gold
= <u>$47,500</u>
1,200 hours
= $39.58 per direct labour hour
Using activity-based costing
Brass
Allocation rate for material cost pool
= <u>$12,500</u>
400
= $31.25 per material moved
Gold
Allocation rate for material cost pool
= <u>$12,500</u>
100
= $125 per material moved
Brass
Allocation rate for machine set-up pool
= <u>$35,000</u>
400
= $87.50
Gold
Allocation rate for machine set-up pool
= <u>$35,000</u>
600
= $58.33
Explanation:
Using traditional allocation method, the overheads for material cost pool and machine set-up pool will be added. The overhead allocation rate per unit is the division of total overhead by the direct labour hours for each product.
Using activity-based costing, the material cost pool overhead will be divided by the material moved for each product in order to obtain allocation rate for each product.
The allocation rate for machine set-up pool is obtained by dividing the machine set-up overhead by the number of machine set-up for each product.
The Correct Response is Option A
A) PLACE
- Place is the component of the marketing mix that explicitly addresses the management of the retailing and marketing channels. Customers typically reach out to retailers first to purchase goods, and this is where marketers may influence consumers and successfully engage with them.
- Place. The location component of the marketing mix more frequently addresses commerce and marketing channel management particularly.
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<u>Solution and Explanation:</u>
SC's Depreciable assets for the purpose of financial reporting and income taxes were $40000 and $33000 respectively. Its taxable income is$97000.Temporary difference will be there because of Depreciation.
Temporary Difference=Financial reporting Dep-Income tax depreciation
=40000 minus 33000
=7000
Pretax financial income=taxable income+Temporary Difference
=97000+7000=$104000
Deferred tax liability=7000 multiply 30%=2100
Income tax expense=104000 multiply 30%=31200
Income tax payable=97000 multiply 30%=29100
Dec 31 Income Tax ExpensenA/C Dr. $31200
To Income Tax Payable A/C $ 29100
To Deferred Tax Liability A/C $ 2100
<u>
Answer:b
</u>
Slatter Company
Partial Balance Sheet
December 31, 2013
Noncurrent Liabilities
Deferred Tax Liability $2100
Answer:
Bruce Corporation
Minutes of Grinding Machine Time required to satisfy demand for all four products:
Total Grinding Machine Time
Product A = 4.10 minutes * 4,300 demand units = 17,630 minutes
Product B = 5.60 minutes * 4,300 demand units = 24,080 minutes
Product C = 4.60 minutes * 3,300 demand units = 15,180 minutes
Product D = 3.70 minutes * 2,300 demand units = 8,500 minutes
Total = 65,400 minutes
Explanation:
The total minutes of Grinding Machine Time required to satisfy monthly demand for each product is calculated by multiplying the units demanded by the grinding minutes per unit.
This gives total minutes required for each product. Then, when they are summed, the total Grinding Machine Time is obtained.
This total can be compared to the total available minutes per month of 53,900 to obtain the additional minutes required above the minutes available in order to satisfy the products' demands.
