Hensley Painting Company painted four houses in June at $500 each. At the end of June, three homeowners had paid Hensley cash for the jobs. Under the accrual basis, what amounts will be reported on the income statement and the statement of cash flows for June? Income Statement Statement of Cash Flows
a.
$2,000 $2,000
b.
$2,000 $1,500
c.
$1,500 $1,500
d.
$ 500 $ 500
b
You might also like to view...
The considerations for e-mail usernames are mostly the same as those for ______.
a. avatars b. domain names c. screen names d. online games
Which of the following is true of a specialty product?
a. It is widely distributed in a geographic area in order to sell sufficient quantities to meet profit goals. b. It is marketed using selective, status-conscious advertising that maintains its exclusive image. c. It is bought only after comparing several brands or stores on style, practicality, price, and lifestyle compatibility. d. It is sold using aggressive personal selling as consumers do not seek out this type of product.
Q-dot Manufacturing uses a predetermined overhead allocation rate based on direct labor hours
It has provided the following information for the year: Manufacturing overhead costs allocated to production $189,000 Actual direct materials cost $540,000 Actual direct labor cost $2,450,000 Actual direct labor hours 9,400 direct labor hours Estimated machine hours 180,000 machine hours Based on the above information, calculate Q-dot's predetermined overhead allocation rate. (Round your answer to two decimal places.) A) $1.05 per machine hour B) 7.71% of direct labor cost C) 35.00% of direct materials cost D) $20.11 per direct labor hour
Which of the following statements is FALSE about methods involved in solving a transportation problem?
a. Matrix least cost method reduces the number of computations and the time required to determine the optimal solution. b. Northwest corner rule is intuitively more appealing and has better rationale than the matrix least cost method. c. Northwest corner rule begins at the top left-hand corner of the matrix and allocates units until either the supply is exhausted or demand is met. d. Matrix least cost method begins with the cell that has the lowest per unit cost and allocates units until either the supply is exhausted or demand is met.