On October 1, 2016, Lee's Electronic sold merchandise in exchange for a 4 month, $10,000 note receivable, with 6% interest. Interest revenue of $200 is earned in 2017
Indicate whether the statement is true or false
FALSE .2016 Interest Revenue: $10,000 x 0.06 x 3/12 = $150
2017 Interest Revenue: $10,000 x 0.06 x 1/12 = $50
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The Tax Court strictly follows the precedent of prior decisions of the Court of Appeals for a particular circuit when:
A. the taxpayer requests it to do so. B. the IRS requests it to do so. C. the taxpayer resides in the United States. D. the taxpayer resides in that circuit.
Bonnie Company has a direct labor standard of 15 hours per unit of output. Each employee has a standard wage rate of $14 per hour. The standard variable overhead rate is $10 per hour. During March, employees worked 13,100 hours. The direct labor rate variance was $9,170 favorable, the variable overhead rate variance was $13,100 unfavorable, and the direct labor efficiency variance was $15,400 unfavorable. What is the actual variable overhead?
A. $117,900 B. $144,100 C. $183,400 D. $131,000
A petty cash fund is established for small payments for which writing a check would be impractical
Indicate whether the statement is true or false
What are strategic frames?
a. Strategic plans that are developed as part of the change process b. Flexible frames that center around core values c. Sets of assumptions about how the world works that may act as blinders d. Framework to develop change plans and strategic direction