<u>Calculation of the budgeted indirect cost rate:</u>
It is given that budgeted total costs of the firm total $4,000,000 of which $2,500,000 is direct-labor costs. Hence Total Indirect Cost is ($4,000,000-$2,500,000) = $1,500,000
It is also given that direct-labor cost is the allocation base. Hence the allocation rate shall be calculated as follows:
Budgeted indirect cost rate = Total Indirect Cost / Total direct-labor costs
= 1,500,000 / 2,500,000
= 0.6
=60%
Hence the budgeted indirect cost rate is<u> 60% of Direct labor cost. </u>
Answer:
d. The amount received in excess of par value becomes part of paid-in capital.
Explanation:
When the corporation issue the capital stock which is higher than the par value it would be credited to Additional paid in capital in excess of par account
The journal entry is shown below for better understanding
Cash A/c Dr XXXXX
To Capital Stock XXXXX
To Additional Paid-in Capital in excess of par - Capital Stock XXXXX
(Being the issuance of capital stock is recorded and the remaining balance is credited to the additional paid-in capital account)
While issuing the stock, we debited the cash account and credited the common stock and additional paid-in capital account
Answer:
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