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3 years ago

The following data relate to direct labor costs for the current period:

Business

1 answer:

mr Goodwill [35]3 years ago

3 0

Answer:$2,125 unfavorable

Explanation:

Given

Standard costs 9,000 hours at $5.50

Actual costs 8,500 hours at $5.75

we have two formulas to calculate for direct labor rate variance is:

1ST ----Direct Labor rate variance = (Actual Rate- Standard Rate ) x Actual hour

=( $5.75 -$5.50) x 8,500 = $2,125 unfavorable

2ND----Direct Labor Rate Variance=Actual Direct Labor Cost Incurred - Standard Direct Labor Cost Based on Actual Hours

=Actual Hours x Actual Rate -Actual Hours x Standard Rate

= ($5.75 x 8,500 hours)-($5.50 x 8,500 hours)

$48,875 - $46,750 = $2,125 unfavorable

when the actual rate is higher than the standard rate, the Direct Labor Rate Variance is unfavorable and if the actual rate is lower than standard rate, the variance is favorable.

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The following information pertains to Crane Video Company.

AlekseyPX

Answer:

A. Cash balance per bank $ 9,066

Cash balance per books $9,066

B.Jul'31

Dr Cash $1,216

Dr Expenses for collection $ 26

Cr Note receivables $ 1,200

Cr Interest revenue $ 42

Jul'31

Dr Miscellaneous Expenses $ 34

Cr Cash $ 34

Explanation:

A. Preparation of Bank Reconciliation at July 31

BANK RECONCILIATION

Cash balance per bank, July 31, $7,863

Add Deposit in transit $ 1,800

Less Outstanding checks ($597)

Adjusted cash balance $ 9,066

Cash balance per books, July 31 $7,884

Collection of note receivable $1,216

($1200+$42-$26)

Less Bank service charge ($34)

Adjusted cash balance $ 9,066

B. Preparation of the adjusting journal entries at July 31 on the books of Crane Video Company

JOURNAL ENTRIES

Jul'31

Dr Cash $1,216

Dr Expenses for collection $ 26

Cr Note receivables $ 1,200

Cr Interest revenue $ 42

(To record note collection by bank)

Jul'31

Dr Miscellaneous Expenses $ 34

Cr Cash $ 34

(To record bank service charges)

8 0

3 years ago

Assume that the total cost of a project is $570,000 and that it is fully depreciable using a straight-line method over 6 years.

Lera25 [3.4K]

Answer:

So the depreciation in year 1 is $95,000

Explanation:

Depreciation is the accounting method that is used to allocate cost of an asset over its useful life. It is assumed that an asset losses values over a period and the salvage or terminal value is the value of the good after its useful life has ended.

Straight line method of depreciation assumes equal allocation of depreciation expense over the useful life of an asset.

In the given the asset value is $570,000 and the terminal value is $0

Using the formula

Depreciation= (Value of asset- Salvage value)/Number of useful years

Depreciation= (570,000-0)/6

Depreciation= $95,000 paid equally for 6 years

So the depreciation in year 1 is $95,000

4 0

3 years ago

When you purchase an item in a store, you may be charged __________.

Bess [88]

<span>When buying any item in most stores, you are charged sales tax. Retailers, even smaller businesses are charged taxes for running their business. Businesses are able to pass on part of the burden to their paying customers in way of sales tax. So when you see an item marked as 99 cents, you will be paying slightly more than a dollar in almost all cases.</span>

5 0

3 years ago

Read 2 more answers

While doing an online search for a music venue, Darcy ran across a performance of Lady Gaga that featured her hair neatly wrappe

torisob [31]

Answer: (C) Product placement

Explanation:

The product placement is one of the type of marketing technique in which the various types of specific products or the brands are incorporate into the other types of works for example television and the various types of films program.

The product placement is important as by using this strategy it helps in increase the sale and also increase the awareness of the brands.

According to the given question, the marketers basically categorized into the advertising form as the product placement.

Therefore, Option (C) is correct.

3 0

3 years ago

Which of the following pairs of elements are likely to form an ionic compound? Check all that apply. Check all that apply. lithi

Vlad1618 [11]

Answer:

lithium and chlorine

potassium and oxygen

Explanation:

Ionic compound are chemical compound held by electrostatic forces known as ionic bonding. Ionic compound, their is transfer of electron. One atom of element lose electron while the other atom gain electron. The ions involve in bonding are known as cations and anions.

The cations loses electron to become positively charged while the anion receive electron to become negatively charged. An ionic compound possess an anion and a cations. The electronegativity difference between the atom that go into bonding is widely different.

The best option is the bonding between lithium (cations) and chlorine(anions) and potassium(cations) and oxygen(anions).

The bonding is usually between a metal and a non metal.

Li + and Cl- → LiCl

K+ and O2- → K2O

7 0

3 years ago