Moncrief Corporation bases its budgets on machine-hours. The company's static planning budget for July appears below: Budgeted number of machine-hours 1,000 Supplies (@ $8.60 per machine-hour)$8,600Power (@ $8.80 per machine-hour) 8,800Salaries 11,300Equipment depreciation 9,900Total$ 38,600Actual results for the month were: Actual number of machine-hours 1,200Supplies$10,290Power$10,860Salaries$11,690Equipment depreciation$9,990The spending variance for equipment depreciation for the month should be:
A. $1,890 F
B. $90 U
C. $1,890 U
D. $90 F
Answer: B
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Fill in the blank(s) with the appropriate word(s).
In 2016, the Puerto Rios Company received insurance proceeds of $300,000 payable upon the death of its previous top executive officer. For financial reporting purposes, Puerto Rios included the $300,000 in pretax accounting income. The life insurance proceeds are exempt from income taxes. Assuming an income tax rate of 35%, what should Puerto Rios report for this event as deferred income taxes in the 2016 income statement of ?
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Fill in the blank(s) with the appropriate word(s).
Wholesalers provide goods and services to other businesses as well as to consumers.
Answer the following statement true (T) or false (F)