A company has two departments, Y and Z that incur wage expenses. An analysis of the total wage expense of $19,000 indicates that Dept. Y had a direct wage expense of $2,000 and Dept. Z had a direct wage expense of $3,500. The remaining expenses are indirect and analysis indicates they should be allocated evenly between the two departments. Departmental wage expenses for Dept. Y and Dept. Z, respectively, are:
A. $10,250; $8,750.
B. $2,000; $3,500.
C. $8,750; $10,250.
D. $6,750; $6,750.
E. $9,500; $9,500.
Answer: C
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A feature common to both stock splits and stock dividends is
A. An increase in total liabilities of a corporation. B. A reduction in the contributed capital of a corporation. C. That there is no effect on total stockholders' equity. D. A transfer to earned capital of a corporation.
Ratchet Manufacturing anticipates total sales for August, September, and October of $200,000, $210,000, and $220,500 respectively. Cash sales are normally 25% of total sales and the remaining sales are on credit. All credit sales are collected in the first month after the sale. Compute the amount of cash received for September.
A) $150,000. B) $202,500. C) $157,500. D) $102,500. E) $307,500.
Which of the following individuals or couples qualify for the child and dependent-care credit? I. Lois is single and earns $45,000 for the year. She pays $2,600 in child-care costs for her 8-year-old daughter. II. Patrick and Carol are married and together they earn $67,000 ($42,000 and $25,000 respectively). They pay $5,000 in child-care costs for their twin boys, age 11
a. Only statement I is correct. b. Only statement II is correct. c. Both statements are correct. d. Neither statement is correct.
Calculate the total of (A) current assets, (B) plant assets, and (C) stockholders' equity. Cash $7,000, common stock $21,000, retained earnings $41,000, prepaid rent $21,000, accounts payable $2,300, accounts receivable $4,000, merchandise inventory $18,000, total liabilities $10,800, land $25,000, building $1,900.
What will be an ideal response?