1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Shtirlitz [24]
3 years ago
9

Which of the following is not true regarding the use of labor variance information? a.The actual wage rate is almost always diff

erent from the standard rate. b.Unexpected overtime can cause variation in the labor rate. c.An average wage rate is chosen as the labor rate standard. d.The actual wage rate is used in determining the labor rate variance. e.The production manager controls the use of labor.
Business
1 answer:
Readme [11.4K]3 years ago
6 0

Answer:

Option A is false statement among these.

<u>The actual wage rate is almost always different from the standard rate</u>

Explanation:

The actual wage rate paid and standard rate established can be different causing the labour rate variance.

Direct labour cost variance is the difference between the standard cost for actual production and the actual cost in production. There are two kinds of labour variances. Labour Rate Variance is the difference between the standard cost and the actual cost paid for the actual number of hours.

You might be interested in
Income from installment sales of properties included in pretax accounting income in 2021 exceeded that reported for tax purposes
nadya68 [22]

Answer:

1. Taxable income = $76 million

2.  Net income = $65.25 million

3-a. Net current Deferred Tax Asset = $1.95 million

3-b. Net current Deferred Tax Liability = $6.25 million

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question. See the attached pdf file for the complete question.

The explanation of the answers I now provided as follows:

1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry.

1-a. Note: See the attached excel file for the determination of the amounts necessary to record income taxes for 2021 and the taxable income.

From the attached excel file, we have:

Taxable income = $76 million

1-b. The journal entries will look as follows:

<u>Details                                                       Debit ($'m)             Credit ($'m)     </u>

Tax expense (6.75 + 19 - 3)                           22.75

Deferred tax asset (25% * (1 + 13 - 2))             3.00

Deferred tax liability (25% * (7 + 20))                                              6.75

Tax payable (25% * 76)                                                                   19.00

<u><em>(To record tax expense.)                                                                                 </em></u>

2. What is the 2021 net income?

This can be determined as follows:

Net income = Pretax accounting income - Tax expense = $88 million - $ 22.75 million = $65.25 million

3. Show how any deferred tax amounts should be classified and reported in the 2021 balance sheet.

3-a. The deferred tax amounts should be classified as follows.

From installment receivable in point (a) in the question:

Current deferred tax liability in 2022 (25%* ($4  / 2)) = $1

Noncurrent deferred tax liability in 2023 (25%* ($4 / 2)) = $1

From the depreciation in point (c.) in the question:

Noncurrent deferred tax liability (25%* ((24 + 24) - (14 + 7))) = $6.75

From the Warranty Expense/Payable in point (d.) of the question:

Current deferred tax asset (40%* 3) = $1.20

From the Acrrued Expense/Payable in point (e.) of the question:

Current deferred tax asset (25%* 7) = $1.75

Noncurrent deferred tax liability (25% * $6) = $1.50

3-b. These will be reported reported in the 2021 balance sheet as follows:

Sherrod, Inc.,

Balance Sheet (Partial)

As the Year Ended 31 December, 2021

<u>Details                                                                         $'Million    </u>

<u>Assets:</u>

Current Deferred Tax Asset (1.20 + 1.75)                      2.95

Current Deferred Tax Liability                                     <u> -1.00  </u>

Net current Deferred Tax Asset                                <u>   1.95  </u>

<u>Liabilities:</u>

Noncurrent Deferred Tax Asset (A)                              1.50

Noncurrent Deferred Tax Liabiity (1.0 + 6.75) (B)      <u>   7.75  </u>

Net current Deferred Tax Liability (C = B - A)       <u>    6.25   </u>

Download xlsx
<span class="sg-text sg-text--link sg-text--bold sg-text--link-disabled sg-text--blue-dark"> xlsx </span>
<span class="sg-text sg-text--link sg-text--bold sg-text--link-disabled sg-text--blue-dark"> pdf </span>
5 0
2 years ago
When a natural monopoly exists in a given industry, the per-unit costs of production will be?
alina1380 [7]
<span>They will be lowest when a single company produces all of the output in an industry. This will be because the one company is doing all the production and does not have to compete with any other companies trying to enter the marketplace. The lack of new companies will allow the monopolizing company to set their own prices for costs of production.</span>
4 0
3 years ago
Where can you find books when you Tabe To another level of class like level A D M and E
Elodia [21]

check on the internet or something, the internet has a lot of insane things for sale

5 0
3 years ago
What is stock? Explain in your own words.
Roman55 [17]

Answer:Definition: What are stocks? Stocks are securities that represent an ownership share in a company. For companies, issuing stock is a way to raise money to grow and invest in their business. ... When you own stock in a company, you are called a shareholder because you share in the company's profits.

Explanation:

4 0
2 years ago
Please help for my career class please
Julli [10]
Do you need help finding a career or do you need help picking a dream I don’t understand what you need help with but I can help
5 0
2 years ago
Read 2 more answers
Other questions:
  • Help would be appreciated please :)
    14·2 answers
  • John d rockefeller built his own oil empire by creating
    13·1 answer
  • Alex, Kara, and Susie are the only three people in a community. Alex is willing to pay $20 for the fifth unit of a public good,
    8·1 answer
  • A government experienced significant loss of certain roadways and bridges as a result of major flooding. Which of the following
    7·1 answer
  • Theresa, an outside sales person, uses her car for both business and pleasure. Last year, she traveled 30,000 miles, using 900 g
    13·1 answer
  • You have just received notification that you have won the $2.12 million first prize in the Centennial Lottery. However, the priz
    10·1 answer
  • What is the difference between factor payments and profits
    13·1 answer
  • dministrative and selling expenses, and depreciation expenses were $454,000, $99,000, and $144,500, respectively. In addition, t
    9·1 answer
  • Assume Joe Harry sells his 25 percent interest in Joe's S Corporation, to Tyrone on January 29. Using the specific identificatio
    11·1 answer
  • Because there are some positive aspects of bureaucracy, as proposed by Max Weber, Therese, a restaurant manager, is interested i
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!