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3 years ago

What are the 4 questions to ask when you analyze a transaction into Debits & Credits

Business

1 answer:

Alex777 [14]3 years ago

3 0

1.which accounts are affected?

2.how is each account classified?

3.how is each classification changed

4.how is each amount entered in the account?

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Giannitti Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the u

grin007 [14]

Answer:

Overhead Rate 14.5856

Explanation:

Fixed Cost of the manufacturing overhead will be distribute over the cost driver.

$\frac{CostOf Manufacturing Overhead}{Cost Driver}= $Overhead Rate$

$\frac{838780}{72400}= 11.5856$

Then we will add the fixed with the variable to get the total overhead per machine-hour

$11.5856 + 3 = 14.5658$

8 0

3 years ago

Allison has returned to school after five years out of the work force. She is taking one course at the local university for a co

Charra [1.4K]

Answer:

Allison can maximize her tax benefits by taking the Lifetime Learning Credit which results in a $300 tax credit.

Explanation:

Education credit:

Allison doesn't qualify for the American Opportunity Tax Credit (AOTC) since that only covers the first four years of college and even if she never attended college before, she would need to be enrolled at least half time.

She qualifies for the Lifetime Learning Credit (LLC) but it only covers 20% of the first $10,000 of expenses, in this case = $1,500 x 20% = $300 benefit

Tuition and fees deduction:

Allison can deduct $1,500 from her gross income = $1,500 x 15% tax rate = $225 benefit

8 0

3 years ago

Each of the following people bought a watch that costs $300. Which of the following people will pay the most for their purchase?

Jet001 [13]

Well how many people are there and how many are they buying?

8 0

4 years ago

What happen during periods of hyperinfation?

Mashutka [201]

The value of money decreases rapidly

7 0

3 years ago

ASC 480-10 provides guidance on determining whether (1) certain financial instruments with both debt-like and equity-like charac

Aliun [14]

Answer:

. Redeemable shares.

• Redeemable noncontrolling interests.

• Forward contracts to repurchase own shares.

• Forward contracts to sell redeemable shares.

• Written put options on own stock.

• Warrants (and written call options) on redeemable equity shares.

• Warrants on shares with deemed liquidation provisions.

• Puttable warrants on own stock.

• Equity collars.

• Share-settled debt (this term is used to describe a share-settled obligation that is not in the legal form of debt but has the same economic payoff profile as debt).

• Preferred shares that are mandatorily convertible into a variable number of common shares.

• Unsettled treasury stock transactions.

• Accelerated share repurchase programs.

• Hybrid equity units.

Explanation:

ASC 480-10 is used when an issuer, in the declaration of its financial position, has to categorize some financial instruments that share the characteristics of liabilities and equities. The issuer always classifies legal-form debt as liability and this makes it not applicable under the ASC 480-10.

Under the ASC 480-10, three types of financial instruments are meant to be classified and they include;

1. Mandatorily redeemable financial instruments

2. Obligations to repurchase the entity’s equity shares by transferring assets, and

3.Certain obligations to issue a variable number of equity shares

6 0

3 years ago