Leonesio Corporation makes a product that uses a material with the following standards: Standard quantity 8.2kilos per unitStandard price$4.00per kiloStandard cost$32.80per unit?The company budgeted for production of 3,100 units in August, but actual production was 3,200 units. The company used 27,600 kilos of direct material to produce this output. The company purchased 29,000 kilos of the direct material at a total cost of $118,900. The direct materials purchases variance is computed when the materials are purchased.?The materials quantity variance for August is:
A. $5,440 U
B. $5,440 F
C. $5,576 F
D. $5,576 U
Answer: A
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The income statement reports
A) revenues and expenses for a given point in time. B) revenues and expenses for a specific date. C) revenues, expenses, gains and losses for a specified period of time. D) revenues, expenses, gains and losses for a specific date.
Sonora Company borrowed $400,000 on a 1 . percent note payable to finance a new warehouse Sonora is constructing for its own use. The only other debt on Sonora's books is a $600,000, 1 . percent mortgage payable on an office building. At the end of the current year, average accumulated expenditures on the new warehouse totaled $475,000 . Sonora should capitalize interest for the current year in
the amount of a. $40,000. b. $47,500. c. $49,000. d. $52,250.
Using too many closed-end questions can result in an unsuccessful sales call.
Answer the following statement true (T) or false (F)
A corporation reported net income of $2,730,000 and paid preferred cash dividends of $120,000 during the current year. There were 600,000 weighted-average shares of common stock outstanding and the market price per common share at year-end was $58.30. Calculate the company's price-earnings ratio.
What will be an ideal response?