On July 1, a company paid the $4800 premium on a one-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the first year ended December 31?
A. $4800.
B. $3600.
C. $2000.
D. $1200.
E. $2400.
Answer: E
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Sweet Dreams manufactures candy. Its records revealed the following data: Number of units produced 4,000 Standard direct labor hours per unit 2 Standard variable overhead rate $2.50 per hour Standard fixed overhead rate $5.00 per hour Budgeted fixed overhead costs $40,800 Actual variable overhead costs $16,800 Actual fixed overhead costs $40,400 Actual labor hours 8,000 direct labor hours Total
actual overhead $57,200 The total overhead variance is a. $800 (F). b. $800 (U). c. $2,800 (F). d. $300 (F).
All of the following are likely to be unforeseen events except for:
a. A sharp downturn in the economy attributed to something other than the typical economic cycle. b. A natural disaster causing the supply chain to be disrupted. c. The bankruptcy of an important supplier. d. The committed fixed costs for the upcoming year.
In a neutrality agreement
A. both the employer and the employee agree to binding arbitration. B. the employer agrees not to campaign against or disparage the union. C. labor and management submit to organizer training. D. labor agrees to bring all grievances to a mediator.
Manufacturing overhead costs are allocated to the Work-in-Process Inventory account by a debit to the Manufacturing Overhead account
Indicate whether the statement is true or false