Answer: c. Phoenix has water rights associated with its agricultural activities
Explanation:
Phoenix is located in an area that receives little rainfall and is more prone to drought and as they keep growing to unsustainable numbers, the pressure on the Colorado river has increased massively.
Phoenix does not need to worry about water supply for the foreseeable future however because it has substantial surface water rights that are linked to its agricultural activities that will help them meet their demand.
Answer:
Sales Revenue $811,419
Interest Revenue $12,690
Cost of Goods Sold $575,593
Administrative Expenses $189,840
Income Tax Expense $31,877
Dividends $18,984.
<u>Year end Closing Entries</u> Dr. Cr.
1.
Sales revenue $811,419
Interest revenue $12,690
Income Summary $824,109
2.
Income Summary $797,310
Cost of Goods Sold $575,593
Administrative Expenses $189,840
Income Tax Expenses $31,877
3.
Income Summary $26,799
Retained Earning $26,799
4.
Retained Earning $12,690
Dividend $824,109
Answer:
Under LIFO:
date transaction units unit price total
1 Balance 25 $60 $1,500
6 Sale 20 $60 $1,200
8 Purchase 20 $61 $1,220
16 Sale 10 $61 $610
20 Purchase 20 $62 $1,240
23 Sale 20 $62 $1,240
23 Sale 5 $61 $305
30 Purchase 15 $63 $945
ending inventory = total purchases + beginning balance - COGS = ($1,220 + $1,240 + $945) + $1,500 - ($1,200 + $610 + $1,240 + $305) = $3,405 + $1,500 - $3,355 = $1,550
Under FIFO:
date transaction units unit price total
1 Balance 25 $60 $1,500
6 Sale 20 $60 $1,200
8 Purchase 20 $61 $1,220
16 Sale 5 $60 $300
16 Sale 5 $61 $305
20 Purchase 20 $62 $1,240
23 Sale 15 $61 $915
23 Sale 10 $62 $620
30 Purchase 15 $63 $945
ending inventory = total purchases + beginning balance - COGS = ($1,220 + $1,240 + $945) + $1,500 - ($1,200 + $300 + $305 + $915 + $620) = $3,405 + $1,500 - $3,340 = $1,565
Answer:
Possible causes of material quantity variance:
1. The use of sub-standard material
2. The use of unskilled labour
3. Wastage of material
Explanation:
Material quantity variance is the difference between standard quantity and actual quantity used multiplied by standard price. The use of sub-standard material reduces the quality of output thereby resulting to unfavorable material quantity variance. The use of unskilled labour also leads to unfavorable material quantity variance. Wastage of material due to low quality of inputs also results to unfavorable material quantity variance.
Answer:
Susan is owning a business and this type of ownership is called Sole proprietorship.
Explanation:
In the question the details which are provided are:
Susan is owning a business and she is operating a large restaurant in Dallas which is giving employment to about fifty people there.
She has also kept two managers for assisting her in the restaurant work and she delegates some decision making from them too but the ownership remains only with her.
So, this form of business ownership is called sole proprietorship.
Sole proprietorship: It is the simplest and easiest way of starting a business of one's own. In this type of unincorporated business the business is owned and run by a single member or individual.
It does not deals with the legal contracts between the business entities and any individual.
Examples: It constitutes of single person membership in the business.
So, the businesses like a grocery store, food mart, or restaurants can be their examples.
In this type of business as soon as we start providing the services to the other people thatis named as sole proprietorship.