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Vinil7 [7]
3 years ago
12

Coastal Bank uses activity-based costing to determine the cost of servicing customers. There are three activity pools: teller tr

ansaction processing ($2.80 per teller transaction), check processing ($0.25 per canceled check), and ATM transaction processing ($0.20 per ATM transaction). Jacki Marshall had 4 teller transactions, 12 canceled checks, and 9 ATM transactions during the month. What is the total monthly activity-based cost for Jacki Marshall during the month?a.$16.00b.$116.80c.$43.00d.$14.38
Business
1 answer:
rosijanka [135]3 years ago
4 0

Answer:Allocated MOH= $16

Explanation:

Giving the following information:

teller transaction processing ($2.80 per teller transaction)

check processing ($0.25 per canceled check)

ATM transaction processing ($0.20 per ATM transaction).

<u>To allocate overhead, we need to use the following formula:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 2.8*4 + 0.25*12 + 0.2*9

Allocated MOH= $16

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Mike and Karen were divorced. Their only marital property was a personal residence with a fair market value of $1.5 million and
Soloha48 [4]

Answer:

Mike's recognized gain from the transfer of the house to him is:

$175,000

Explanation:

a) Data and Calculations:

Marital property = $1,500,000

Cost of property =  $575,000

Residual value =     $925,000

Alimony to Karen = $750,000 ($150,000 * 5)

Balance (Mike's) =  $175,000

$175,000 represents the excess of the fair market value of the marital property after deducting the cost of property and the alimony paid to Karen.  A gain of $175,000 is recognized by Mike after the property sale.

7 0
3 years ago
Cassini Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. Duri
Roman55 [17]

Answer:

                             Cassini Company Ltd

Date          Account Titles and Explanation      Debit         Credit

Nov 2017   Cash (6,300*$28)                           $176,400

                         Unearned subscription revenue                $176,400

                    (To record the receipts of subscription)

Dec 2017    Unearned subscription revenue    $14,700

                          Subscription revenue ($176,400*1/12)       $14,700

                    (To record the revenue earned)

               

March '18    Unearned subscription revenue     $44,100

                            Subscription revenue ($176,400*3/12)      $44,100

                    (To record the revenue earned)

5 0
3 years ago
The income statement of Cullumber Co. for the month of July shows net income of $2,200 based on Service Revenue $6,100, Salaries
saw5 [17]

Answer:

Revenue                                                                      $6,800

Expenses:

  • Salaries and Wages Expense ($2,700)
  • Supplies Expense ($1,050)
  • Depreciation expense ($250)
  • Insurance expense ($600)
  • Utilities Expense ($400)                                   <u>($5,000)</u>

Net income                                                                  $1,800

1) you must add insurance expense

2) you must decrease supplies expense = $1,200 - $150 = $1,050

3) you must add depreciation expense

4) you must increase salaries and wages expense = $2,300 + $400 = $2,700

5) you must increase revenue = $6,100 + $700 = $6,800

3 0
3 years ago
Management implements internal controls to ensure that all required footnote disclosures are accurate. Auditors tests those cont
Sauron [17]

Full question:

Management implements internal controls to ensure that all required footnote disclosures are accurate. Auditors tests those controls to provide evidence supporting the ________ presentation.

A) completeness and valuation

B) completeness and accuracy

C) rights and obligations and existence

D) occurrence and accuracy

<u>Answer:</u>

Auditors tests those controls to provide evidence supporting the completeness and accuracy  presentation.

<u>Explanation:</u>

During the interim audit, the internal control system is documented and assessed. The completeness and accuracy of the erudition in the report superimposed which the auditor is relying on. Accuracy simply is inadequate. One requires to obtain certitude about both the completeness and the accuracy.

The statement that all the transactions that should hold been recorded are recorded is named completeness. A transaction is deemed accurate if: There is no fault while developing the supporting document, and there is no failure while posting this transaction.

4 0
3 years ago
For a variety of reasons, a bank sometimes will hold more reserves than is legally required. These reserves are known as excess
sweet-ann [11.9K]

Option D , The money supply will decrease as banks loan out less money.

Explanation:

Banks are lending their deposits and increasing the economic supply of money. Nevertheless, if the bank holds more money and invests less then the supply of money into the economy rises.

Conversely, the ratio increased, boosted, lowered the cash multiplier, and decreased the supply of money. Expansionary fiscal policy is the decrease in the necessary reserve ratio; contraction monetary policy is the rise in the reserve ratio.

When attempting to control the monetary supply, the Fed has two challenges. Firstly, the Federal does not regulate the amount of cash families want to keep in their accounts as deposits.  The second problem seems to be that the banks ' capital is not verified by the Fed. If the banks opt for more excess reserves and deposits, the sum of money will be lower.

8 0
3 years ago
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