Assume that the budgeted factory overhead cost for the cutting department in Trex Company amounts to $50,000, and the estimated direct labor cost is expected to be $200,000 . The predetermined overhead rate would be 25% of direct labor dollars ($50,000/$200,000). During the first month of operations, Job 211 incurred $ 1,600 for direct materials and $ 2,400 for direct labor. The job is completed
by the end of the month. Using the predetermined rate to estimate factory overhead, the total job cost is:
a. $500
b. $4,600
c. $3,500
d. $2,000
b
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Currency held by the nonbank public plus banks' vault cash plus banks' deposits at the Fed equals
A. the Fed's capital stock. B. discount loans. C. the monetary base. D. required clearing balances.
Laszlo’s organization provides group health insurance that covers a set percentage of fees for medical services such as doctors or in-patient care. It allows him to go to any doctor or provider. His group health insurance is a ______.
A. fee-for-service plan B. health maintenance organization C. preferred provider organization D. health savings account service
In ____ stage, the group members come together as a functioning unit.
a. Storming b. Performing c. Forming d. Norming
Indicate whether each of the following statements about liabilities is true or false. ________ a) A net loss on the income statement decreases liabilities.________ b) The acquisition of a bank loan increases both assets and liabilities.________ c) The accounting equation requires that liabilities be equal to equity.________ d) The amount of a company's liabilities is equal to the difference between its assets and its equity.________ e) Liabilities are reported on the statement of cash flows of a business.
What will be an ideal response?