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horrorfan [7]
3 years ago
6

Diaz and Associates incurred the following costs in completing a tax return for a large company. Diaz applies overhead at 50% of

direct labor cost. LaborHours Used Hourly Rate Partner 5 $450 Senior manager 13 160 Staff accountants 100 70 1. Prepare journal entries to record direct labor and the overhead applied.
Business
1 answer:
muminat3 years ago
4 0

Answer:

Date                   Accounts Receivable                               Debit            Credit

XX-XX-XXXX    Work in Process                                    $11,330

                          Wages Payable                                                         $11,330

Date                   Accounts Receivable                               Debit            Credit

XX-XX-XXXX     Work in Process                                    $5,665

                           Manufacturing overhead                                            $5,665

<u>Working</u>

Total labor cost:

= Partner cost + Senior manager cost + Staff accountants

= (5 * 450) + (13 * 160) + (100 * 70)

= $11,330

Overhead is 50% of direct labor cost:

= 11,330 * 50%

= $5,665

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Suppose the government imposes a 20-cent tax on the sellers of artificially-sweetened beverages. The tax would shift a. demand,
Sedbober [7]

Answer:

b. supply, raising the equilibrium price and lowering the equilibrium quantity in the market for artificially sweetened beverages.

Explanation:

In the case when the government impose the tax of 20% on sweetened beverages so here the price should be increased but at the same time the quantity is decreased as the supply curve shifted to the leftward where the demand curve is not impacted at all due to this things the price increased and the demand is decreased

Therefore the option b is correct

4 0
3 years ago
Smith Company gives the following information on the financial statements: Net Income $50,000 Preferred Dividends 8,000 Average
ch4aika [34]

Answer: The rate of return on common stockholder’s equity is 23%.

Explanation:

Given that,

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Preferred Dividends = 8,000

Average Common Stockholder’s Equity = 180,000

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Market Price = $2 per share

Therefore,

Return on equity = \frac{Net\ income - Preferred\ Dividends}{stockholder\ equity}

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3 years ago
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Elenna [48]
The philosophy discussed above is called enabling.
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Shale oil mining corporation is a u.s. employer. shale oil and other u.s. employers must perform i-9 verifications for
tigry1 [53]
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3 years ago
Refer to Stevenson, Ross, and Warner. Which of the following represents a key component of the Sarbanes-Oxley Act relating to co
antoniya [11.8K]

Answer:

The correct answer is B. Accounting firms are prohibited from providing many types of consulting services to the companies they audit.

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The main reason for this policy is that it does not allow conflicts of interest to arise that eventually produce widely known cases of fraud, such as those presented at the Enron and Worldcom companies.

The Enron case broke out in the U.S. when that energy giant announced what was once the biggest bankruptcy in the history of the country, with a debt of 31,000 million dollars, something overcome a few months later by the collapse of another colossus, WorldCom.

In June 2002 WorldCom, the second US telephone. and of the world, he admitted that he had lied in his accounting books for almost 4,000 million dollars and his actions - which shortly before touched his maximum of 16 dollars - collapsed to 20 cents. His bankruptcy exceeded Enron's: $ 35 billion of liabilities.

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