Answer:
Under Cash Basis all transactions for which cash is exchanged whether paid or received is accounted for.
Cash Basis Income Statement
Sales Revenue = $6,650
Customer Deposits = $4,550
Total Revenue = $11,200
Less: Expenses:
Wages = ($700)
Net Income = $10,500
Under Accrual basis, the transactions are recorded as to the period they relate, and it is not necessary to exchange cash for the same.
Accrual Basis Income Statement
Sales Revenue = $12,050
Total Revenue = $12,050
Expenses
Wages = ($700)
Utilities = ($330)
Total Expenses = ($1,030)
Net Income = $11,020
Answer:
The answer is C.
Explanation:
Macroeconomics is the study of the economy as a whole, unlike microeconomics which is the study of the individual firms/markets.
Macroeconomics focuses on the standard of living, unemployment rate, inflation rate etc. and how this affects the whole economy.
Option A is wrong because it is the microeconomics and not macroeconomics that studies the market and the firm.
Option B and D are wrong because these are for microeconomics
Answer:
False.
Explanation:
To close the underapplied Manufacturing Overhead account requires that the Cost of Goods Sold is debited, say with $100 while the Manufacturing Overhead account is credited with the same amount. Underapplied Manufacturing Overhead account means that a debit balance is left after applying the overhead to production. To close this debit, therefore, a credit entry is required to the manufacturing overhead account. The corresponding debit entry goes to the Cost of Goods Sold, or this may be apportioned among Cost of Goods Sold, Finished Goods Inventory, and Work-in-Process, as may be the case.
Answer:
$1,083
Explanation:
Given that,
Cost of providing perpetual care service for grave sites = $130 per year
Interest rate = 12 percent
Therefore, the one-time fee the owner should charge:
= Cost of providing perpetual care service for grave sites ÷ Interest rate
= $130 ÷ 0.12
= $1,083.33 or $1,083
Hence, the one-time fee should the owner charge for the perpetual care service is $1,083.
