An asset can be disposed of by all of the following except:
A. Discarding it.
B. Continuing to use it after it is fully depreciated.
C. Exchanging it for another asset.
D. Selling it.
E. Donating it to charity.
Answer: B
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Equipment that had been acquired several years ago by a special revenue fund at a cost of $40,000 was sold for $15,000 cash. Accumulated depreciation of $30,000 existed at the time of the sale. The journal entry to be made in the governmental activities journal will include all of the following except:
A. A credit to Equipment for $40,000. B. A debit to Cash for $15,000. C. A debit to Accumulated Depreciation for $30,000. D. A credit to Other Financing Sources for $5,000.
To increase the demand for complementary products, the price of a product often is
A. marked up. B. value-subtracted. C. maintained. D. marked down. E. off-priced.
In the design phase of decision making, selecting a principle of choice or criteria means that
A) if an objective model is used with hard data, all decision makers will make the same choice. B) risk acceptability is a subjective concept and plays little part in modeling. C) using well-designed models guarantees you success in real life. D) optimality is not the only criterion for acceptable solutions.
Hadley Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price$126 Units in beginning inventory 0Units produced 1,900Units sold 1,800Units in ending inventory 100 Variable costs per unit: Direct materials$49Direct labor$28Variable manufacturing overhead$5Variable selling and administrative expense$11Fixed costs: Fixed manufacturing overhead$32,300Fixed selling and administrative expense$23,400The total contribution margin for the month under variable costing is:
A. $48,600 B. $79,200 C. $59,400 D. $27,100