Answer:
$750
Explanation:
Since Iba's estimate of returned products is 20 units for both year 1 and 2, and only 10 units have been returned by the end of year 1, they must record a refund liability = 10 units x selling price = 10 units x $75 per unit = $750
Refund liability should represent the total amount that Iba considers that its clients are entitled to receive.
Answer:
$5,000
Explanation:
Under the accrual accounting method, revenue is recognized and recorded in the books once the recognition criteria is met i.e once the goods or service has been delivered.
Under this system as well expenses are recorded once incurred.
As such, the time of cash payment does not affect the recognition of revenue. When revenue is earned and cash is yet to be paid, the entries required are debit accounts receivable and credit revenue.
On payment of cash, the entries are posted between cash and accounts receivables.
The user manual and the service manual are two resources
that are useful in terms of disassembling the laptop computer. It is because
the service manual and the user manual were able to provide instructions and
specifications for repairing or being able to maintain the laptop and the way
of providing a manual in having to assist a person in technical issues and use.
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Answer:
B
Explanation:
The capital market serves as an intermediator between households and firms. In a classic economic model, households are owners of capital resources, but firms need these resources to operate. Then, the capital market allows that households rent their capital resources to firms and firms pay them back. It is a beneficial allocation of resources for households and for firms.
Answer:
Materials:
price 800U
quantity 510 F
Labor:
rate 1,860 F
efficiency 1,740 U
Explanation:
DIRECT MATERIALS VARIANCES
std cost $5.10
actual cost $5.30
quantity 4,000
price variance $(800.00)
std quantity 4000.00
actual quantity 3900.00
std cost $5.10
quantity variance $510.00
DIRECT LABOR VARIANCES
std rate $8.70
actual rate $8.40
actual hours 6,200
rate variance $1,860.00
std hours 6000.00
actual hours 6200.00
std rate $8.70
efficiency variance $(1,740.00)