For disaster recovery purposes, what criteria are used to identify an application or data as critical?
Critical application and files are those that impact the short-run survival of the firm. Critical items impact cash flows, legal obligations, and customer relations.
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All costs incurred to purchase land and prepare it for its intended use are credited to the land account
a. True b. False Indicate whether the statement is true or false
On January 1, a company issues bonds dated January 1 with a par value of $240,000. The bonds mature in 5 years. The contract rate is 11%, and interest is paid semiannually on June 30 and December 31. The market rate is 10% and the bonds are sold for $249,262. The journal entry to record the issuance of the bond is:
A. Debit Cash $249,262; credit Bonds Payable $249,262. B. Debit Bonds Payable $240,000; debit Bond Interest Expense $9262; credit Cash $249,262. C. Debit Cash $249,262; credit Premium on Bonds Payable $9262; credit Bonds Payable $240,000. D. Debit Cash $249,262; credit Discount on Bonds Payable $9262; credit Bonds Payable $240,000. E. Debit Cash $240,000; debit Premium on Bonds Payable $9262; credit Bonds Payable $249,262.
Stellar Corporation sells five different types of products. The company is divided for internal reporting purposes into five different divisions based on these five different product lines. The company should prepare the note disclosure for disaggregated information based upon the
a. five types of products. b. five different divisions. c. materiality of each product line based on the revenue or operating profits generated by each product line or the assets utilized by each product line. d. geographic areas in which the 5 products are sold.
In the manufacture of 10,000 units of a product, direct materials cost incurred was $165,000, direct labor cost incurred was $95,000, and applied factory overhead was $53,500. What is the total conversion cost?
A) $260,000 B) $148,500 C) $313,500 D) $53,500