Over 50% of Americans have no long-term savings. Why do you think it's so

Helmway company purchased equipment and these costs were incurred: cash price $21,500 sales taxes $1,800 insurance during transi

Artyom0805 [142]

Presto will record the acquisition cost of the equipment as $22,250 (21,500+430+320) which is the total cost for making the fixed asset ready for operation. The Generally accepted accounting principle requires a company to record all of the acquisition cost of a fixed asset. Thus, Presto company must capitalize all cost related to the fixed asset.

5 0

3 years ago

Match each term with the best definition given blow. Note: Not all definitions will be used.

Virty [35]

Answer:

1. Allocation Base

Definition: A measure that causes or influences the incurrence of a cost.

2. Direct Labor Time

Definition: A source document that shows how a worker spent time each week.

3. Ticket Indirect Costs

Definition: Costs not easily traceable to producing a product, job or service.

4. Job Coat Shoot

Definition: A detailed record of costs incurred to complete a specific job.

5. Job Order Costing

Definition: An accounting system used by companies that offer customized or unique products or services.

6. Materials Requisition Form

Definition: A form that lists the quantity of direct materials to be used in a job.

7. Overapplied Overhead

Definition: The amount of actual overhead is less than the applied overhead.

8. Underapplied Overhead

Definition: The amount of actual overhead is greater than the applied overhead.

9. Predetermined Overhead

Definition: Estimated manufacturing overhead divided by estimated cost driver.

10. Rate Process Costing

Definition: An accounting system used by companies to make standardized or homogeneous products or services.

3 0

3 years ago

You are the manager of the public transit system. You are informed that the system faces a deficit, but you cannot cut service,

AnnyKZ [126]

Answer:

Total revenue rises immedately after the fare increase, since demand over the immediate period is price Inelastic.

Explanation:

Elasticity in the price demand measures the porcentage in the change of the quantity demanded as a response to a change in the price. If the elasticity is more than 0 but less than 1 it means that the price demand is inelastic. So when the price is rised the quantity demand will decrease in a minor porcentage than the rise in the price so it will represent a bigger revenue.

7 0

3 years ago

Justin Company's budget includes the following credit sales for the current year: September, $27,000; October, $38,000; November

Nesterboy [21]

Answer:

Total Cash to collect in November is $34,110.

Explanation:

To determine how much cash can Justin expect to collect in November, we prepare a Trade Receivables Budget.

<u>Trade Receivables Budget</u>

September October November

Balance b/d $0 $24,300 $40,950

Credit Sales $27,000 $38,000 $32,000

Cash Received - 10% ($2,700) ($3,800) ($3,200)

Cash Received - 65% $0 ($17,550) ($24,700)

Cash Received - 23% $0 $0 ($6,210)

Balance c/d $24,300 $40,950 $38,840

Therefore,

Total Cash to collect in November is $34,110 ($3,200 + $24,700 + $6,210).

3 0

3 years ago

A bank's commitment (for a specified future period of time) to provide a firm with loans up to a given amount at an interest rat

sladkih [1.3K]

Answer:

credit rationing

Explanation:

Credit rationing is a situation in which borrowers give out a fixed amount of loan to lenders for a specified time at a rate tied to the market interest rate. In this situation, loans do not exceed a certain amount from the borrower no matter what attractive offers are given by the lenders to be able to get a larger loan amount. This is done by the borrower becasue the borrower is earning maximum profits from interest rates and also is a means to maintain equilibrum between loan funds and loan demands.

Cheers.

8 0

3 years ago