All of the following are considered institutions EXCEPT:
Ans: shopping mall
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Which of the following is a characteristic of a general partnership?
a. The partners have co-ownership of partnership property. b. The partnership is subject to federal income tax. c. The partnership has an unlimited life. d. The partners have limited liability.
Under the direct method, there is no adjustment for noncash items or gains or losses.
Answer the following statement true (T) or false (F)
The following data is given for the Stringer Company: Budgeted production 26,000 units Actual production 27,500 units Materials: Standard price per ounce $6.50 Standard ounces per completed unit 8 Actual ounces purchased and used in production 228,000 Actual price paid for materials $1,504,800 Labor: Standard hourly labor rate $22 per hour Standard hours allowed per completed unit 6.6 Actual
labor hours worked 183,000 Actual total labor costs $4,020,000 Overhead: Actual and budgeted fixed overhead $1,029,600 Standard variable overhead rate $24.50 per standard labor hour Actual variable overhead costs $4,520,000 Overhead is applied on standard labor hours. The direct material price variance is: A) 22,800U B) 22,800F C) 52,000U D) 52,000F
Ramson Corporation is considering purchasing a machine that would cost $756,000 and have a useful life of 8 years. The machine would reduce cash operating costs by $132,632 per year. The machine would have a salvage value of $151,200 at the end of the project. (Ignore income taxes.)Required:a. Compute the payback period for the machine.b. Compute the simple rate of return for the machine.
What will be an ideal response?