Which of the following relationships is valid concerning fixed overhead budgeted at the beginning of the year?
A) BFOH = SFOR x AH
B) BFOH = SFOR x SH for actual production
C) BFOH = SFOR x SH for planned production
D) BFOH = SFOR/SH for actual production
E) none of these
C
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Which of the following economic characteristics is consistent with a grocery store chain?
a. Minimal competition b. Extensive competition c. High net income to sales d. Differentiated product
On November 1, 2018, Uno, Inc. declared a dividend of $4.50 per share. Uno, Inc. has 23,000 shares of common stock outstanding and no preferred stock. Which of the following is the journal entry needed to record the declaration of the dividend?
A) Debit Dividends Payable—Common $103,500, and credit Retained Earnings $103,500. B) Debit Cash Dividends $103,500, and credit Cash $103,500. C) Debit Cash Dividends $103,500, and credit Dividends Payable—Common $103,500. D) Debit Cash $103,500, and credit Dividends Payable—Common $103,500.
Assume that a company records purchases net of discount. If the company bought merchandise valued at $15,000 on credit terms 3/15, net 30, the entry to record a payment for half of the purchase within the discount period would include a debit to
a. Accounts Payable for $7,275 and a credit to Cash for $7,275 b. Accounts Payable for $7,500 and a credit to Cash for $7,500 c. Accounts Payable for $7,275 and to Interest Expense for $250, and a credit to Cash for $7,500 d. Accounts Payable for $7,275 and to Interest Revenue for $250 and a credit to Cash for $7,500.