Answer:
The predetermined manufacturing overhead rate per direct labor hour will be $32
Explanation:
The formula to compute the predetermined manufacturing overhead rate is shown below:
= (Estimated manufacturing overhead) ÷ (Estimated direct labor hours)
where,
Estimated manufacturing overhead = Wages of factory janitors + Utilities for factory + Rent on factory building
= $39,900 + $17,000 + $13,900
= $70,800
And, the estimated direct labor hours is 2,200 machine hours
Now put these values to the above formula
So, the value would equal to
= $70,800 ÷ 2,200 machine hours
= $32.18
Answer: She could apply for Need Based Scholarships and Federal Grants
Explanation:
Maria could apply for a Need Based Scholarship. These are scholarships that are garnered towards lower income households that would otherwise be unable to fund a college education. These scholarships aim to bridge the Economic gap in the society. An example of one is the National High School Scholars Fee Waiver Program.
Another option could be Federal Grants. The Federal Government of the United States of America, offers financial help such as the Pell Grant to college students who would otherwise be unable to attend given their family's economic status . These Federal Grants have been very helpful and one can get the process started by filling out and submitting a Free Application for Federal Student Aid (FAFSA) form.
It is worthy of note that both of these options are steadily becoming more competitive as the number of people in need of them keep rising. Maria should therefore try her best to improve her grades or get involved in extra-curricular activities that would improve her eligibility.
Answer:
The amount paid should be $1,600
Explanation:
The terms of 2/10, n/30 means 2% discount for the payment within 10 days and the full amount to be paid within 30 days.
Beacon Food Stores purchased canned goods at an invoice price of $4,000. Half of the goods were returned immediately to the supplier.
The remaining amount of the invoice that Beacon Food needs to pay is $2,000
Beacon Food pays the remaining amount of the invoice within the discount period. The amount of discount the company is offered = $2,000 x 2% = $40
The amount paid = $2,000 - $40 = $1,600
Answer:
What is the basis for the Director’s argument?
- The director believes that this is a temporarily restricted contribution and therefore it should be classified as restricted and recognized in 2007 once it can be classified as unrestricted.
What is the basis for the accountant’s argument?
- Unconditional gifts or donations must be recognized when they are made, and since the money was received in 2006, it should be recognized then.
Explanation:
I agree with the Director since this is a restricted donation, i.e. the donor established strict conditions for its use both in time and purpose. For it to be unconditional, the donor should have stated that the money could be used in the best way that the NPO considers and at any time. But instead it established that it must be used to provide scholarships to musicians during 2007.
Both a condition and a restriction exits:
- the restriction refers to the time: 2007
- the condition refers to its use: scholarships for musicians
Answer:
$100,000
Explanation:
As Kathy and Annise are a married couple who file jointly, their revised AGI can be calculated by deducting a net loss from the adjusted gross income.
DATA
Current AGI = $120,000
Rental loss = $30,000
Partnership gain = $10,000
Revised AGI = Current AGI - Net loss
Revised AGI = 120,000 – 20,000(w)
Revised AGI = 100,000
Working
Net loss = Rental loss – partnership gain
Net loss = $30,000 - $10,000
Net loss = $20,000
NOTE: Kathy and Annise can deduct 20,000 loss against other income as they materially participate in rental activities.
