When you think of time, you may look at your clock to see what time it is. Say the clock reads 12:25 am, and you're feeling hungry. You happen to have $11.25 in your wallet. This makes you think of the relationship between the money and time
How could money relate to time? Well, time only goes through a sixty minutes an hour. But, while the time goes, you can think, "it's a quarter past 12." This would represent 12:25 p.m.
A quarter is money, and it was a quarter past 12. That is one way you could relate time to money. You could say, 11:25, 10:25, 9:25, and it could still mean a quarter past 11, 10, 9. "Quarter doesn't have the same meaning for both different terms, but we use the same vocabulary for both!
Answer: There was no gain or loss on the sale of this asset.
Explanation: In order to calculate how much profit/loss was made on an asset when it is sold, you have to take the cost price of the asset, and deduct the accumulated depreciation of the asset up to the date of sale. This is known as the book value of the asset, and shows how much it was worth on the day it was sold.
Cost price is the purchase price that the asset was worth on the day it was bought by Strike Company. Accumulated depreciation is the total reduction of the worth of an asset periodically, because of wear and tear.
Book value is calculated as:
Cost price: $244,400
- Accumulated depreciation: ($219,960)
= Book Value = $24,440
However the asset was sold for $24,440. This means that Strike Company sold this asset at its pure value, which is the book value. Thus forfeiting the chance to make a profit, or a loss.
Answer:
Direct labor rate variance= $650 unfavorable
Explanation:
Giving the following information:
Standards for the product are:
Labor: 2 hours per unit at $8 per hour.
During December, the company produced 1,000 units.
Labor: 2,500 hours worked at a total cost of $20,625.
To calculate the labor rate variance, we need to use the following formula:
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Actual rate= 20,650/2,500= $8.26
Direct labor rate variance= (8 - 8.26)*2,500
Direct labor rate variance= $650 unfavorable
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Answer:
Correct answer is A.
2/12
Explanation:
The total time period for which interest will be accrued and will be credited to the interest income account would be for the period November 1,2018 - December 31,2018 i.e 2 months.
