Answer:
Credit of $80,000
Explanation:
Big-Mouth Frog Corporation Calculation for Retained earnings
Using this formula
Retained earnings =Revenue- Expenses
Where,
Revenue =$200,000
Expenses =$180,000
Let plug in the formula
Retained earnings =$200,000-$180,000
Retained earnings =$80,000
Therefore when the Income Summary is closed to Retained Earnings, the amount of the credit to Retained Earnings will be $80,000
Complete Question:
Fed up with her working conditions at the call center, Lisa decides to invest in a state-of-the-art sewing machine and produce limited quantities of her own clothing designs. After a few months of operation, she decides to apply some of the forecasting techniques she mastered in school. Which of these statements about her forecasts is correct?
- Her forecasts will probably be 100% accurate.
- Her demand forecasts for a year from now will probably be more accurate than her demand forecasts for three months from now.
- Her demand forecasts for each style of skirt will be less accurate than her demand forecasts for all skirts.
- The best way for her to determine the amount of fabric she needs is to forecast it based on her customer orders for each type of skirt.
Answer:
Option 4 is the correct answer
Explanation:
Because the only best way to forecast the amount of fabric required for the is dependent upon the number of customer orders for each type of skirt she receives.
Remember that the forecasting cannot be 100% correct because we human and we cannot tell the future with 100% surety. All we can do is guessing what would happen.
With the help of past data we can better estimate the demand. As their is no past data available we can make a reliable forecast of the skirt sales.
Option 3 is also incorrect because forecasting is dependant upon the reliable source of information which helps in estimating what would happen. Estimating single or combined sales is not a reliable source of information.
Answer and explanation:
Direct labor rate variance contrasts current direct labor costs over the same duration of service with usual direct labor costs. Favorable fluctuations in the labor rate can be caused by hiring more unskilled workers, reducing the minimum wage, and inappropriately setting indirect labor costs.
Answer:
Explanation:
Start with your gross income. Income is on lines 7-22 of Form 1040.
Add these together to arrive at your total income.
Subtract your adjustments from your total income (also called “above-the-line deductions”)
You have your AGI.