Answer:
c. Inferior
Explanation:
Based on the information provided it can be said that this behavior would indicate that to John, a bus ride is an inferior good. This term by definition is a good whose demand decreases when consumer's income rises. Since John received an increased salary with his promotion, he is now able to afford to be able to drive instead of taking the bus. Therefore his demand for taking the bus has drastically decreased.
The fixed factory overhead volume variance is $400 (unfavorable)
solution
Fixed Overhead Volume Variance = Applied Fixed Overhead – Budgeted Fixed Overhead
Applied Fixed Overhead
= 4,000 units ×2.5 hrs per unit×$0.80 = $8000
and
Budgeted Fixed Overhead =10,500 hrs × $0.80 = $8400
Fixed Overhead Volume Variance = $8000- $8400 = $400 (unfavorable)
Answer:
Externship
Explanation:
Externship refers to an agreement between the employer and university wherein the university imparts skills required by the employer from employees which relate to a particular job designation.
Externship enables the employees to gain a short term practical knowledge which is related to their job position. Externship, unlike internship is for a shorter duration and during such a course the volunteered employees supervise the learning process of the externs.
Such a concept is also referred to as Job shadowing.
Answer:
b. Liability, $9,000,000; expense, $0.
Explanation:
An asset retirement obligation (ARO) refers to an obligation with respect to the acquisition , construction, development, etc. The liability should be recognized the liability at the present value that should be expected to be paid for settling the obligations
Here the $9,000,000 million represents the liability
Also the journal entry is
Asset Dr
To liability
(Being the asset placed is recorded)
There is no expense should be recorded in the income statement
Answer:
He can deduct on his 2019 federal income tax return for state income tax $1,550
Explanation:
According to the given data, we can conclude that Carlos cannot deduct the addition of $600 of state income until next year.
Therefore, in order to calculate how much state income tax can Carlos deduct on his 2019 federal income tax return for state income tax we would need to make the following calculation
income tax to deduct on 2019 federal income tax return= Taxes paid+ withheld state income tax from salary
income tax to deduct on 2019 federal income tax return= $800 + $750 income tax to deduct on 2019 federal income tax return=$1,550.
