The accountant of Barnes Architectural Services failed to make an adjusting entry to record $7,000 of depreciation expense. Which of the following statements is true?
A) The total revenue will be overstated.
B) The total revenue will be understated.
C) The total expenses will be overstated.
D) The total expenses will be understated.
D
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How is short-term time orientation illustrated by fast-food restaurants?
What will be an ideal response?
Consider Figure 5.3. Assume that Swedish import companies behave as competitive buyers while foreign export companies behave as monopoly sellers. Compared to free trade, Sweden's import quota results in domestic welfare
a. gains totaling $3.20. b. gains totaling $4.80. c. losses totaling $3.20. d. losses totaling $4.80.
Ross Corporation produces a single product. The company has direct materials costs of $8 per unit, direct labor costs of $6 per unit, and manufacturing overhead of $10 per unit. Sixty percent of the manufacturing overhead is for fixed costs. In addition, variable selling and administrative expenses are $2 per unit, and fixed selling and administrative expenses are $3 per unit at the current activity level. Assume that direct labor is a variable cost. Under absorption costing, the unit product cost is:
A. $20 per unit B. $29 per unit C. $26 per unit D. $24 per unit
Using the fixed-time-period inventory model, and given an average daily demand of 15 units, 3 days between inventory reviews, 1 day for lead time, 30 units of inventory on hand, a service probability of 98 percent, and a standard deviation of daily demand is 3 units, which of the following is the order quantity?
A. About 36.3 B. About 56.8 C. About 42.3 D. About 59.8 E. About 30.4