Pickrel Corporation is an oil well service company that measures its output by the number of wells serviced. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes. Fixed Element per MonthVariable Element per Well ServicedRevenue $5,500Employee salaries and wages$53,700 $1,300Servicing materials $600Other expenses$34,400 ?When the company prepared its planning budget at the beginning of November, it assumed that 27 wells would have been serviced. However, 31 wells were actually serviced during November.?The amount shown for revenue in the planning budget for November would have been closest to:
A. $149,981
B. $172,200
C. $148,500
D. $170,500
Answer: C
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Manny, Moe, and Jack are hunters. In 1990 they discovered what appeared to be a deserted hunting lodge in the woods. The lodge had no indoor plumbing, no running water, and no heating system other than a fireplace. The building is a 1-mile hike from the nearest road. Every year since 1990, they have returned to the lodge and used it as a base during the deer and elk hunting seasons in the fall and winter months. They spend a total of six weeks per year using the lodge. They have cleaned, cut, and stacked firewood and even stored clothing inside the lodge when they were not there. The owner of the lodge had noticed the stacked firewood but had not traveled to the lodge during hunting season to find out who was using the property even though he was disturbed that the property was being used
without his permission. After the statutory period has run, have Manny, Moe, and Jack acquired title to the property? What will be an ideal response?
Substantive procedures for sales and receivables assertions The auditor for Knowles, Inc is attempting to determine whether the recorded sales and accounts receivable are supported by valid transactions. Identify the assertions being tested and develop the substantive procedures to be used to satisfy the auditor's objectives
Disclosures can be made either on the face of the financial statements in the form of classifications or in parenthetical notations and/or in the notes to the statements
a. True b. False Indicate whether the statement is true or false
In terms of B2B products, computers and printers are examples of ________.
A. operating supplies B. specialized services C. accessory equipment D. component parts E. capital equipment