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3 years ago

One of the biggest mistakes new business owners make is

Business

1 answer:

Eduardwww [97]3 years ago

7 0

Answer:

Failing to plan for taxes. Underestimating personal expenses. Underfunding the business.

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Watts Corporation made a very large arithmetical error in the preparation of its year-end point in the calculation of financial

topjm [15]

Answer:

d. a prior period adjustment.

Explanation:

Correction of the error when discovered in the next year should be treated as a prior period adjustment. This is basically because the error was already recorded in the past financial report. Since these reports are final and cannot be changed, then the correction to this error needs to be implemented in the next year's financial report and would reflect on that year's income taxes. The process of doing this is known in accounting as a prior period adjustment

7 0

3 years ago

Melanie sets up her own business. her hair salon earns $10,000 in revenue a month. she spends $500 per month on supplies (shampo

ziro4ka [17]

Melanie's economic profit per month is computed as follows: $10,000 (revenue monthly) - $500 (supplies monthly) - $50 (monthly depreciation = $600 annually / 12 months in a year) = $9,450.

8 0

3 years ago

Daba Company manufactures two products, Product F and Product G. The company expects to produce and sell 1,630 units of Product

Harrizon [31]

Answer:

Explanation:

Activity cost pool:

Machine setups

Cost = $37,290

Total activity for both products = 339

Overhead rate = $37,290/339 = $110

Purchase orders

Cost = $165,240

Total activity for both products = 2040

Overhead rate = $165,240/2040 = $81

General factory

Cost = $123,690

Total activity for both products = 6510

Overhead rate = $123,690/6510= $19

Product F total overhead cost:

Machine setups = $110*144 = $15,840

Purchase orders = $81*890 = $72,090

General factory = $19* 2,440 = $46,360

Total = $134,290

Product G total overhead cost:

Machine setups = $110*195= $21,450

Purchase orders = $81*1150= $93,150

General factory = $19* 4070= $77,330

Total = $191,930

5 0

4 years ago

Accurate Tax Returns budgets two direct labor hours for every tax return that it prepares, at a standard cost of $34 an hour.

Artemon [7]

Answer:

$14,500 unfavorable variance

Explanation:

the direct labor cost variance is calculated with the following formula:

direct labor variance = total actual labor hours x (actual labor cost per hour - standard cost per hour)

direct labor variance = 1,000 hours x ($48.15 - $34) = $14,500 unfavorable variance

The variance is unfavorable because the actual labor cost is much higher than the estimated labor cost.

3 0

4 years ago

Two years ago, you invested $3,000.00. Today, it is worth $3,750.00. What rate of interest did you earn?

enot [183]

The annual interest rate is 11.803%.

Assumptions:

- Interest is compounded annually.

4 0

3 years ago