According to the text, the income statement is in fact a subset of the balance sheet, because information from the income statement columns flows into the balance sheet columns
a. True
b. False
Indicate whether the statement is true or false
True
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Explain the distinction between communication efficiency and communication effectiveness
What will be an ideal response?
Barbeau Corporation has two production departments, Milling and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Milling Department's predetermined overhead rate is based on machine-hours and the Customizing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: MillingCustomizingMachine-hours 17,000 13,000Direct labor-hours 2,000 5,000Total fixed manufacturing overhead cost$119,000$42,000Variable manufacturing overhead per machine-hour$1.60 Variable manufacturing overhead per direct labor-hour $4.30 During the current month the company started and finished Job A492. The following data were
recorded for this job: Job A492:MillingCustomizingMachine-hours 90 20Direct labor-hours 20 50The amount of overhead applied in the Milling Department to Job A492 is closest to: A. $756.00 B. $144.00 C. $774.00 D. $146,200.00
Jenna and Todd Alder are closing on their home. Their GFE disclosure put their closing costs at $4,200. When they arrive for their closing, the escrow agent explains that their closing costs will be $5,800. To determine whether there is a RESPA violation of the GFE, what will you need to know?
A)?Whether Jenna and Todd have a FHA or conventional loan because RESPA GFE does not apply to conventional loans B)?Whether Jenna and Todd chose their own loan originator C)?Whether they are using cash for the closing fees D)?Both b and c
In net present value analysis, the release of working capital at the end of a project should be:
A. included as a cash outflow. B. included as a tax deduction. C. ignored. D. included as a cash inflow.