If revenues total $5,000 and expenses total $4,000, after all the closing entries have been journalized and posted, what will be the balance of the Income Summary account?
a. $1,000
b. $5,000
c. $6,000
d. $9,000
e. None of the above
e
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An air conditioning and heating repair firm conducted a study to determine if the average outside temperature could be used to predict the cost of an electric bill for a home during the winter months in Richmond, VA
It was determined that a quadratic model could be used and the following prediction equation was established: Y = $1557.76 - 55.05X1 + 0.56X2 where Y = monthly cost, X1 = average temperature, and X2 = average temperature2 (a) If December has an average temperature of 43 degrees, what is the forecasted monthly electric bill? (b) If January has an average temperature of 40 degrees, what is the forecasted monthly electric bill?
A product unknown to the potential buyers, or a known-product that the buyers does not actively seek is referred to as an undesirable product.
Answer the following statement true (T) or false (F)
Wardsworth, Inc., manufactures and sells two products: Product I9 and Product Z9. Data concerning the expected production of each product and the expected total direct labor-hours (DLHs) required to produce that output appear below: Expected Production Direct Labor-Hours Per Unit Total Direct Labor-HoursProduct I9700 6.0 4,200 Product Z9900 8.0 7,200 Total direct labor-hours 11,400 The direct labor rate is $26.00 per DLH. The direct materials cost per unit for each product is given below: Direct Materials Cost per UnitProduct I9$226.10 Product Z9$151.20 The company is considering adopting an activity-based costing system with the following activity cost pools, activity measures, and expected activity:Activity Cost PoolsActivity MeasuresEstimated Overhead
CostExpected Activity???Product I9Product Z9TotalLabor-relatedDLHs$463,980 4,2007,20011,400Machine setupssetups 9,814 300400700Order sizeMHs 105,792 4,4004,3008,700 $579,586 The unit product cost of Product I9 under activity-based costing is closest to: (Round your intermediate calculations to 2 decimal places.) A. $744.34 per unit B. $458.53 per unit C. $708.74 per unit D. $687.14 per unit
Magnira Hotels is a leading chain of hotels. Its managers reserve 30% of the rooms available only to the members of its club. They also provide the rooms at subsidized prices to these members. In this scenario, which of the following components of revenue management system is most likely used by Magnira Hotels?
A) Investment B) Allocation C) Capacity expansion D) Capacity sharing