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2 years ago

Banks and credit unions are the only types of financial institutions. True False

Business

2 answers:

LekaFEV [45]2 years ago

6 0

Answer: False.

Explanation: There are many more Financial institutions.

3241004551 [841]2 years ago

4 0

Answer:

verdadero seria la respuesta

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Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost, Unit Cost On August 1, Cairle Company's work-in-process

Whitepunk [10]

Answer:

Cairle Company

1. The predetermined overhead rate based on direct labor cost is:

= 75% of direct labor cost.

2. August 31 Ending Balances:

Job 70 $7,475

Job 71 $7,960

Job 72 $9,825

Job 73 $8,150

Job 74 $1,350

Job 75 $2,065

Job 76 $384

3. Ending balance of Work in Process, August 31:

= $9,694

4. The cost of goods sold for August = $11,890

5. Sales revenue for August = $14,268

Explanation:

a) Data and Calculations:

Work in process inventory on August 1:

Job 70 Job 71 Job 72 Job 73 Job 74 Job 75 Job 76

Direct materials $1,600 $2,000 $850

Direct labor 1,900 1,300 900

Applied overhead 1,425 975 675

Direct materials $800 $1,235 $3,550 $5,000 $300 $560 $80

Direct labor 1,000 1,400 2,200 1,800 600 860 172

Applied overhead 750 1,050 1,650 1,350 450 645 129

Total costs $7,475 $7,960 $9,825 $8,150 $1,350 $2,065 $384

Work in Process:

Job 71 $7,960

Job 74 1,350

Job 76 384

Total $9,694

Cost of goods sold:

Job 72 $9,825

Job 75 $2,065

Total $11,890

Sales revenue = $14,268 ($11,890 * 1.20)

4 0

2 years ago

PA15.

ser-zykov [4K]

Answer:

Happy Trails

Income statement using variable costing

$ $

Sales 1,900,500

Less: Variable costs:

Direct material (27,000 units x $15) 405,000

Direct labour (27,000 units x $15) 405,000

Variable overhead (27,000 units x $3) 81,000

891,000

Less: Closing stock (8,000 units x $33) 264,000

627,000

Add: Variable selling and administrative 133,000 760,000

Contribution 1,140,500

Less: Fixed cost:

Fixed production cost (27,000 x $25) 675,000

Fixed selling and administrative expenses 300,000 975,000

Net profit 165,500

Profit reconciliation statement

Closing stock Net profit

$ $

Absorption costing 464,000 365,500

Less: Marginal costing 264,000 165,500

Difference 200,000  200,000

The difference of $200,000 in net profit is as a result of $200,000 difference in closing inventory.

Explanation:

In variable costing, variable costs are deducted from sales so as to obtain contribution margin. Net profit is the difference between contribution and fixed costs. Closing stock is the difference between production units and sales units. Closing stock is valued at marginal cost per unit in variable costing. Marginal cost per unit is the aggregate of all variable cost per unit.

3 0

3 years ago

When the end-of-period spreadsheet is complete, the adjustment columns should have:_________. a) total debits greater than total

Llana [10]

Answer:

C. Total debits are equal to total credits

Explanation:

When the end-of-period spreadsheet is complete, the adjustment columns should have:

Total debits equal to total credits.

When this happens, the trial balance is considered to be balanced.

If revenues are greater than expenses, then income statement will give a credit balance. If expenses are bigger than revenues, your income statement will show a debit balance.

7 0

3 years ago

What happened to the American and Filipino troops that surrounded on the Philippines

cestrela7 [59]

On this day in 1942, U.S. Lieutenant General Jonathan Wainwright surrender all U.S. troops in the Philippines to the Japanese

4 0

3 years ago

Ckson's Programming paid its June of $500 cash. demonstrate how to use the accounting equation to record the transaction by comp

Dvinal [7]

Answer:

Decrease Cash and Increase Expense

Explanation:

Jackson Programming paid $500 as rent for the month of June.

The accounting equation is is the basis of the double entry accounting principle system. It is an equation that stipulates that the balance sheet must remain balanced meaning every entry on the debit should be followed with a corresponding credit. It also means for every decrease there should be a corresponding increase.

In Jackson Programming;

A decrease is recorded in CASH because cash was paid, while an increase is recorded in EXPENSE because there is a corresponding increase in rent expenses.

5 0

3 years ago

Banks and credit unions are the only types of financial institutions. True False​

Banks and credit unions are the only types of financial institutions. True False