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3 years ago

When budgeted and actual results are not the same amount, there is a budget

Business

1 answer:

torisob [31]3 years ago

7 0

Answer:

a) difference.

Explanation:

As we know the budget represents the difference between the expected and the actual results

So as per the given situation, in the case when the amount of the expected and the actual results are not same or similar so it should be the budget difference

hence, the option a is correct

And, the rest of the options are incorrect

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Alice purchases a rental house on August 22, 2019, for a cost of $174,000. Of this amount, $100,000 is considered to be allocabl

Vlada [557]

Answer:

$1,364

Explanation:

According to the MACRS a rental house is classified as the 27.5 year residential property. It is the first year after purchase and August is the 8th month of 2019 and so according to the MACRS depreciation table for the residential property the rate applicable for this property is 1.364%. Maximum depreciation deduction for the year 2019 is

Cost of House = $174,000

Cost of Land = $74,000

Cost of Building = $100,000

As depreciation on land is not applicable because it does not depreciate. The depreciation will be calculated using Building value

Depreciation = $100,000 x 1.364% = $1,364

6 0

4 years ago

The transactions listed below are typical of those involving New Books Inc. and Readers’ Corner. New Books is a wholesale mercha

Anuta_ua [19.1K]

Answer:

Readers' Corner

1. Effect of each transaction on the Inventory Balance:

a. $625,000 Purchase: Inventory balance is increased

b. $11,000 Allowance: Inventory balance is decreased.

c. $614,000 Payment: Inventory balance is not affected.

a. Debit Inventory $625,000

Credit Accounts Payable (New Books) $625,000

To record the purchase of new books on account.

b. Debit Accounts Payable (New Books) $11,000

Credit Inventory $11,000

To record the allowance received from New Books.

c. Debit Accounts Payable (New Books) $614,000

Credit Cash Account $614,000

To record the payment on account.

Explanation:

Readers' Corner records its transactions with New Books Inc. by initially using the journal. The entries in the journal identify the accounts involved in each transaction. During the recording, the accounts to be debited and the ones to be credited in the general ledger are identified and recorded accordingly.

3 0

4 years ago

Investment advisers are prohibited from doing all of the following EXCEPT:

Aneli [31]

Answer:

B. charging a retainer fee

Explanation:

Investment advisers are prohibited from doing all of the following except for charging a retainer fee. A retainer fee is an specific amount of money that the client pays to the professional upfront so that his/her services are secured and always available when needed. Investment Advisers can charge this fee so that the client's can always get their service as soon as it is needed.

5 0

4 years ago

Inventory Costing Methods-Periodic Method Chen Sales Corporation uses the periodic inventory system. On January 1, 2012, Chen ha

HACTEHA [7]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Inventory:

January 1: 1,000 units at $30 per unit.

Feb.2: sold 400 units

Apr.6: purchase 1,800 units at $32

July 10: sold 1,600 units

Aug.9: purchase 800 units at $36

Oct.23: sold 800

Dec.30: purchase 1,200 units at $39

Total units= 4,800 units

Ending inventory= 2,000 units

A) FIFO method

Cost of goods sold= 1,000*30 + 1,800*32= 87,600

Inventory= 800*36 + 1,200*39= 75,600

B) LIFO

COGS= 1,200*39 + 800*36 + 800*32= 101,200

Inventory= 1,000*32 + 1,000*30= 62,000

C) Weighted average

Weighted price= (30 + 32 + 36 + 39)/4= $34.25

COGS= 2,800*34.25= 95,900

Inventory= 2,000*34.25= 68,500

8 0

4 years ago

How much student loan interest is tax deductible 2016?

hjlf

2016 claims the full $2,500 deduction if your modified adjusted gross income is $65,000 or less. The deduction is gradually reduced when your modified adjusted gross income is between $65,000 and $80,000

4 0

3 years ago