Carly's Clips charges for their grooming services based on the following: Direct labor rate$60per hourMaterials markup 30% Using time and materials pricing, what is the total price for a job requiring 3 direct labor hours and $50 of materials?
A. $245.
B. $180.
C. $250.
D. $230.
E. $195.
Answer: A
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Wright Inc. issued 20,000 shares of $1 par value common stock for $80,000. The journal entry to record this issuance includes a:
A. Credit to Cash for $80,000. B. Credit to Common Stock for $80,000. C. Credit to Common Stock for $20,000. D. Debit to Additional Paid-In Capital for $60,000.
Supply chains start with the producer.
Answer the following statement true (T) or false (F)
Match each of the following terms with the appropriate definitions.
A) Total asset turnover B) Goodwill C) Depletion D) Revenue expenditure E) Intangible assets F) Units-of production method G) Betterment H) Ordinary repairs I) Accelerated depreciation 1. The amount by which the company's value exceeds the value of its individual assets and liabilities. 2. A cost reported as an expense on the current income statement because it does not provide a material benefit in future periods. 3. An expenditure that makes a plant asset more efficient or productive. 4. A method of depreciation that yields larger expense during the early years of an asset's life and smaller expense in the later years. 5. Expenditures to keep a plant asset in normal, good operating condition. 6. The process of allocating the cost of a natural resource to the period when it are consumed. 7. A measure of a company's effectiveness in using its assets to generate sales. 8. The process of systematically allocating the cost of an intangible asset to expense over its estimated useful life. 9. A depreciation method that charges a varying amount to expense for each period of an asset's useful life depending on its usage. 10. Certain nonphysical assets used in operations that confer long-term rights, privileges, or competitive advantages on their owners.
The need to protect intellectual property is recognized in the U.S. Constitution.
Answer the following statement true (T) or false (F)