Answer:
the $500,000 that the old production line costed must be treated as a sunk cost. Sunk costs are costs that have already been incurred and the firm cannot recover them no matter what they do. in this case, since ankle-length skirts are out of fashion, the production is useless and is worth $0.
Explanation:
It’s B or D i would think but I can’t be for positive.. sorry if it’s wrong
Answer:
1. February – Budgeted direct labor hours = 378; Budgeted direct labor cost = $3,024.
2. March – Budgeted direct labor hours = 413; Budgeted direct labor cost = $3,304.
Explanation:
1. February direct labor budget:
a. Number of direct labor-hours budgeted for February = 0.07 * 5,400 = 378 labor hours
b. February budgeted direct labor cost = 378 * $8.00 = $3,024
2. March direct labor budget:
a. Number of direct labor-hours budgeted March = 0.07 * 5,900 = 413 labor hours
b. March budgeted direct labor cost = 413 * $8.00 = $3,304.00
Answer:
The Journal entry is as follows:
Depletion expense - Coal Deposit A/c Dr. $280,000
To Accumulated depletion -Coal Deposit $280,000
(To record the depletion expense for the current year)
Workings:
Depletion per ton = (cost - Salvage) ÷ Total units of production
= ($900,000 - $100,000) ÷ 200,000
= $4 per ton
Depletion expense = Tonnage tons mined current year × Depletion per ton
= 70,000 tons × $4
= $280,000
Answer: Overseeing the company’s financial accounting and financial reporting practices.
Explanation:
The Board of Directors are meant to act on behalf of the shareholders to protect their interest. An important part of this protection is to monitor the company books for irregularities due to the penchant for managers to deviate from upholding shareholder interests to following their own.
In the cases of AOL Time Warner, Global Crossing, Enron, Qwest Communications, and WorldCom, the Board's Audit Committee failed in dispatching their mandate and because of that failed mandate, allowed the Executives to manipulate financial data in very unethical and very illegal ways to make it seem like the companies were profitable when they were not.