Case law governs all areas of business not covered by statutory or administrative law.
Answer the following statement true (T) or false (F)
True
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Which of the following is true regarding the U.S. Internal Revenue Service?
a. The IRS permits firms to use the allowance method to calculate the tax deduction for bad debts. b. The IRS requires that firms recognize bad debt expense only when they conclude an account is not collectible. c. The IRS permits firms to use the aging of accounts receivable method to calculate the tax deduction for bad debts. d. The IRS permits firms to use the percentage of sales to calculate the tax deduction for bad debts. e. The IRS permits firms to use the cost of goods sold method to calculate the tax deduction for bad debts.
Which of the following is NOT a communication initiative of the State Department?
A) TV Marti B) maintaining the Armed Forces Radio and Television Service C) Voice of America D) delivering Internet content in over 65 countries
In ______ cultures, the message is conveyed largely by the words spoken.
A. high-context B. inexact C. metaphorical D. low-context
Warrenfeltz Incorporated makes a single product--a cooling coil used in commercial refrigerators. The company has a standard cost system in which it applies overhead to this product based on the standard labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below:?Budgeted (Planned) Overhead:???Budgeted variable manufacturing overhead$35,125??Budgeted fixed manufacturing overhead90,875??Total budgeted manufacturing overhead$126,000??????Budgeted production (a)25,000units?Standard hours per unit (b)0.50labor-hours?Budgeted hours (a) × (b)12,500labor-hours?????Applying Overhead:???Actual production (a)23,000units?Standard hours per unit (b)0.50labor-hours?Standard hours allowed for the actual
production (a) × (b)11,500labor-hours?????Actual Overhead and Hours:???Actual variable manufacturing overhead$26,536??Actual fixed manufacturing overhead71,875??Total actual manufacturing overhead$98,411??Actual hours10,700labor-hoursRequired:a. Compute the variable component of the company's predetermined overhead rate.b. Compute the fixed component of the company's predetermined overhead rate.c. Compute the company's predetermined overhead rate.d. Determine the variable overhead rate variance for the year.e. Determine the variable overhead efficiency variance for the year.f. Determine the fixed overhead budget variance for the year.g. Determine the fixed overhead volume variance for the year. What will be an ideal response?