Adjusting entries for Supplies and Prepaid Rent would be adjustments for:
A) deferred expense.
B) deferred revenue.
C) accrued expense.
D) accrued revenue.
A) deferred expense.
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The lower the value assigned to ending inventory, the lower the gross margin
Indicate whether the statement is true or false
Janicki Corporation has two manufacturing departments-Machining and Customizing. The company used the following data at the beginning of the year to calculate predetermined overhead rates: MachiningCustomizingTotalEstimated total machine-hours (MHs) 1,000 9,000 10,000Estimated total fixed manufacturing overhead cost$4,800$23,400$28,200Estimated variable manufacturing overhead cost per MH$1.10$2.50 During the most recent month, the company started and completed two jobs-Job A and Job J. There were no beginning inventories. Data concerning those two jobs follow: Job AJob JDirect materials$12,000$7,700Direct labor cost$20,700$6,400Machining machine-hours 700 300Customizing machine-hours 3,600 5,400Assume that the company uses departmental predetermined overhead rates with
machine-hours as the allocation base in both production departments. Further assume that the company uses a markup of 50% on manufacturing cost to establish selling prices. The calculated selling price for Job A is closest to: (Round your intermediate calculations to 2 decimal places.) A. $27,595 B. $82,785 C. $87,752 D. $55,190
Once values and ethical standards have been formally adopted, a company must
A. make it unequivocally clear that the company's core values and ethical standards are strictly enforced cultural norms. B. hold periodic ceremonies to vilify employees that do not live up to the company's core values or who are found guilty of violating the company's code of ethics. C. grant compensation increases and promotions only to those managers who are willing to act as evangelists for the company's core values and ethical standards. D. require every employee to memorize the company's formal statement of core values and code of ethics. E. rely only on word-of-mouth indoctrination and company tradition to instill values and ethical conduct.
A company that wants to offer family-friendly work options to its employees might adopt any of the following EXCEPT
A. day care. B. spousal benefits. C. parental leave. D. job sharing.