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2 years ago

The following information pertains to Lance Company.

Business

1 answer:

nalin [4]2 years ago

5 0

Answer and Explanation:

The preparation of the bank reconciliation statement is presented below:

Balance as per bank $8,732.00

Add: Deposit in transit $3,500.00

Less: Outstanding checks -$1,486.00

Adjusted bank balance $10,746.00

Balance as per books $8,768.00

Add: EFT received from customer $2,023.00

10791.00

Less: Service charges -$45.00

Adjusted book balance $10,746.00

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Marc is 32 and married to Estella, who is 30. Estella is a stay-at-home mom to their two children, ages 1 and 4. They currently

astraxan [27]

Answer:

B. $1,015,500 on Marc ; $756,500 for Estella

Explanation:

Marc has current salary of $110,000 with which he runs the household expenses. If Marc dies then there should be more insurance coverage because he is the only person who earns in the house. Estella is a house wife and insurance coverage for her is lower than Marc because he will still be able to continue his earning.

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1 year ago

Which statement best describes a significant similarity between the AICPA and IESBA codes? Both codes incorporate the conceptual

34kurt

Both codes incorporate the conceptual framework approach for evaluating threats when specific rules on a matter do not exist.

Explanation:

IFAC has enacted a Code of Ethics for Professional Accountants (IESBA Code), the International Ethics Standards Committee for Competent. The latest IESBA Code edition was upgraded and modified in July 2009 and comes into force on 1 January 2011. The adjustments clarified and considerably strengthened the independence specifications for all competent accountants.

IESBA and AICPA are more comparable than they are, but there are substantial differences. In many instances it will produce similar effects if codes are added to the same pattern of truth.

The IESBA Code deals with a number of possible independence issues which are covered by the AICPA Conceptual Structure but not AICPA. Examples include the Long Senior Human Resources Group (including Team Rotation).

Certain independence restrictions are enforced by the IESBA Code representing the "extent of public interest in certain companies" (i.e. entities listed on an accepted stock exchange for whose shares are listed), and institutions whose auditors are legally or administrative authorities required to comply with the same requirements for independence as the listings).

The IESBA splits the conditions for freedom into two regions. Section 290 offers the toughest prohibitions and includes accounting reports and audits. Section 291 generally provides less stringent requirements of freedom for all other insurance obligations. The AICPA does not change the principles of equality.

6 0

2 years ago

Bachmann Products, Inc., has found that new products follow a learning curve. The first two units have been completed with the f

DaniilM [7]

Answer:

Time needed to complete the 4th unit = 57.80 hours

Explanation:

The learning curve theory states that as the cumulative output doubles the cumulative average time taken till date is reduced to a certain percentage of the previous time. This percentage is called learning rate

Total time = Average time × cumulative number of units

The cumulative average time is determined using the formula below:

Y= aX^b

a - time taken for the first unit produced

b = log LR/Log 2

X- cumulative units till date

Y - cumulative average time taken for X units

LR- Learning rate

LR = 68/80 = 0.85 = 85%

Time needed to complete the 4th unit

= Learning rate × time take for the 2 unit

= 85% × 68

= 57.80 hours

Time needed to complete the 4th unit = 57.80 hours

8 0

2 years ago

The time for the current iteration is up and one of the features isn't complete. What do you do?

VARVARA [1.3K]

Answer:

Stop working and add the incomplete feature back into the backlog.

Explanation:

In case a task could not be completed in the current iteration, it is best to add it to the backlog, so that in subsequent iterations it will be completed (giving it priority, of course).

Of course, it is not convenient to extend the iteration time just to finish the incomplete task. Also, we should not add it directly to the next iteration because we would be altering its structure. So the most appropriate thing to do, is to leave it marked as a priority to be included in the next iterations.

5 0

2 years ago

Wheels, Inc. manufactures wheels for bicycles, tricycles, and scooters. For each cost given below, determine if the cost is a pr

diamong [38]

Answer:

a. Metal used for rims: Product - DM- Prime

b. Sales salaries: Period - Selling

c. Rent on factory: Product - MOH - Conversion

d. Wages of assembly workers: Product - DL - Prime - Conversion

e. Salary of production supervisor: Period - Admin

f. Depreciation on office equipment: Period

g. Salary of CEO: Period - Admin

h. Delivery expense: Period - Selling

Explanation:

- Direct materials are those materials and supplies that are consumed during the manufacture of a product, and which are directly identified with that product.

- Direct labor is production or services labor that is assigned to a specific product, cost center, or work order.

- Manufacturing overhead refers to indirect factory-related costs that are incurred when a product is manufactured.

- Period costs are not directly tied to the production process. Overhead or sales, general, and administrative (SG&A) costs are considered period costs. SG&A includes costs of the corporate office, selling, marketing, and the overall administration of company business.

- Product costs are the direct costs involved in producing a product. A manufacturer, for example, would have production costs that include: Direct labor, Raw materials, Manufacturing supplies, Overhead that's directly tied to the production facility such as electricity.

- Prime cost= direct material + direct labor

- Conversion cost= direct labor + MOH

In this exercise:

a. Metal used for rims: Product - DM- Prime

b. Sales salaries: Period - Selling

c. Rent on factory: Product - MOH - Conversion

d. Wages of assembly workers: Product - DL - Prime - Conversion

e. Salary of production supervisor: Period - Admin

f. Depreciation on office equipment: Period

g. Salary of CEO: Period - Admin

h. Delivery expense: Period - Selling

8 0

2 years ago