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3 years ago

Explain how each of these terms is reflected in some way during the period of the American Revolution.

Business

1 answer:

Zielflug [23.3K]3 years ago

4 0

Answer:

The American Revolution was a revolution in the second half of the 18th century, during which the 13 original colonies that today form an area along the American east coast seceded from Britain and established the United States of America as a federal republic.

The American Revolution brought about a number of major intellectual and social changes in young American society, particularly the interest in a Republican government. The American patriots were strongly influenced by the ideas of the Enlightenment; they were against autocracy and did not see the French form of government as a viable solution. In some colonies there were heated debates over the role of democracy in the organization of the state. The change of public opinion towards a republican government and a gradually expanding democracy brought about great changes in the structure of society and laid the foundation for the central ideas by which the United States is still governed.

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The trial balance for Novak Corp. appears as follows: Novak Corp. Trial Balance December 31, 2017 Cash $230 Accounts Receivable

Art [367]

Answer:

a: debit to Insurance Expense for $47

Explanation:

Based on the information given If, on December 31, 2017, the insurance still unexpired amounted to $15, the adjusting entry would contain a:

DEBIT TO INSURANCE EXPENSES FOR $47 calculated as:

Insurance expense=Prepaid Insurance -Unexpired insurance

Insurance expense=$62 -$15

Insurance expense=$47

Therefore the adjusting entry would contain a:

DEBIT TO INSURANCE EXPENSES FOR $47

3 0

3 years ago

The following financial statement information is available for Houser Corporation: 2012 2011 Inventory $ 44,000 $ 43,000 Current

Burka [1]

Answer:

2.7:1

Explanation:

Calculation to determine what The current ratio for 2012 is

Using this formula

The current ratio for 2012= Current assets/Current liabilities

Let plug in the formula

Current ratio for 2012= ($81,000/$30,000)

Current ratio for 2012=2.7:1

Therefore The current ratio for 2012 is 2.7:1

5 0

3 years ago

BE6-5 In its first month of operation, Hoffman Company purchased 100 units of inventory for $6, then 200 units for $7, and final

QveST [7]

Answer:

Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.

If the company used FIFO instead of LIFO, their profits would increase by $1,960 - $1,720 = $240 because their COGS would be lower.

Explain why this amount is referred to as phantom profit.

Phantom profit basically refers to the profit that the company could have made using a different accounting method.

Identify the impact of LIFO versus FIFO.

LIFO increases COGS by $240, reducing gross profits by the same amount.

Explanation:

units price total

purchase 100 $6 $600

purchase 200 $7 $1,400

purchase 140 $8 $1,120

total 440 $3,120

ending inventory 180

using LIFO $1,160

using FIFO $1,400

COGS using LIFO = $3,120 - $1,160 = $1,960

COGS using FIFO = $3,120 - $1,400 = $1,720

If the company used FIFO instead of LIFO, their profits would increase by $1,960 - $1,720 = $240 because their COGS would be lower.

6 0

3 years ago

For each of the following separate transactions,

Softa [21]

Answer: The answer is provided below

Explanation:

a. The reconstructed journal entry has been prepared and attached.

b. The following are the effects it has on the investing section or the financing section of the statement of cash flows.

The first transaction will lead to a cash inflow of $8,000 from the investing activities.

The second transaction is non-cash transaction therefore, it will not be reported in either the financing or the investing activities.

The third transaction will lead to a cash inflow of $2,000 from the financing activities.

The fourth transaction will lead to a cash outflow from the financing activities.

Thw diagram has been attached.

3 0

4 years ago

Check my work Check My Work button is now enabled 1 Item 3 Item 3 2.5 points Becton Labs, Inc., produces various chemical compou

morpeh [17]

Complete table :

Standard Standard Standard

Quantity Price(or rate) Cost

Direct Materials 2.60 ounces $20.00 per ounce $ 52.00

Direct labor 0.60 hours $16.00 per hours 9.60

Variable manuf 0.60 hours $4.50 per hour 2.70

-acturing Overhead

Total standard cost per unit $64.30

Required:

1) For direct materials:

a) compute the price and quantity variances

b) The materials were purchased from a new supplier who is anxious to enter into a long - term purchase contract, would you recommend that the company sign the contract?

2) For direct labor:

a) Compute the rate and efficiency variances

b) In the past 23 technicians employed in the production of Fludex consists of 4 senior technicians and 19 assistants. During November, the company experimented with fewer senior technicians and more assistants to reduce labor costs, would you recommend that the new labor mix be continued?

3) compute the variable overhead rate and efficiency variances

Answer:

Check below for answer

Explanation:

1a) Standard quantity of material for actual production(SQ) = 3600*2.60 = 9360 ounce

Actual quantity of material purchased = 13000 ounce

Actual quantity of material used(AQ) = 13000 - 3300 = 9700 ounce

Standard price of material(SP) = $20 per ounce

Actual price of material(AP) = $244,400 / 13000 = $18.80

Material price variance = (SP - AP) * AQ purchased = ($20 - $18.80) * 13000 = $15,600 F

Material quantity variance = (AQ - SQ) * SP = (9700 - 9360) * $20 = $6800 U

2a) Standard hours of direct labor = 3600*0.6 = 2160 hours

Standard rate of direct labor(SR) = $16 per hour

Actual hours of direct labor(AH) = 20*150 = 3000 hours

Actual rate of direct labor(AR) = $14 per hour

Direct labor rate variance = (SR - AR) * AH = ($16 - $14) * 3000 = $7,000 F

Direct labor efficiency variance = (AH - SH) * SR = (3000 - 2160) * $16 = $13,440U

2b) If more assistants rather senior technicians are employed, favorable direct labor rate variance will improve but efficiency variance will be unfavorable. Since unfavorable efficiency variance is higher than favorable rate variance, the new labor mix should not be continued.

3) Standard hours of direct labor = 2160 hours

Standard rate of variable overhead= $4.50 per hour

Actual hours of direct labor = 3000

Actual rate of variable overhead = $6500 / 3000 = $2.17 per hour

Variable overhead rate variance = (SR - AR) * AH = ($4.50 - $2.17) * 3000 = 6990 F

Variable overhead efficiency variance = (SH - AH) * SR = (2160 - 3000) * $4.50 = $186.67 U

3 0

3 years ago