Seal Financial Advisors provides accounting and finance assistance to customers in the retail business
Seal has four professionals on staff and an office with six clerical staff. Total compensation, including benefits, for the professional staff runs about $571,000 per year, and normal billable hours are 8,100 hours per year. The professional staff keep detailed time sheets organized by client number. The total office and administrative costs for the year are $754,000. Seal allocates office and administrative costs to clients monthly, using a predetermined overhead allocation rate based on billable hours. What is the predetermined overhead allocation rate that Seal will use for office and administrative costs? (Round your answer to the nearest cent.)
A) $93.09 per hour
B) $22.59 per hour
C) $70.49 per hour
D) $163.58 per hour
A .
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Changes in our economy have forced firms to be more concerned with protecting their
A. knowledge workers. B. physical assets. C. working capital. D. tangible resources.
According to Maslow's hierarchy of needs, companies that offer home security systems or products focused on accident or disability insurance, are seeking to meet which level of need?
A. safety B. physiological C. esteem D. love/belonging E. self-actualization
Yamada Company applies factory overhead to its production departments on the basis of 90% of direct labor costs. In the Assembly Department, Yamada had $125,000 of direct labor cost, and in the Finishing Department, Yamada had $35,000 of direct labor cost. The entry to apply overhead to these production departments is:
A. Debit Factory Overhead $144,000; credit Work in Process Inventory-Assembly $112,500; credit Work in Process-Finishing $31,500. B. Debit Factory Overhead-Assembly $112,500; debit Factory Overhead-Finishing $31,500; credit Work in Process Inventory $144,000. C. Debit Work in Process Inventory-Assembly $112,500; debit Work in Process Inventory-Finishing $31,500; credit Factory Overhead $144,000. D. Debit Factory Overhead $144,000; credit Factory Wages Payable $144,000. E. Debit Factory Wages Payable $144,000; credit Cash $144,000.
. In the “Entrepreneurship in Action” case study, once Haupt and Alstin knew the reasons why people did not use helmets, what additional information did they gather?
a. information about bicycle accidents b. information about different helmets used around the world c. information from engineers who study the safety features of helmets d. information from professional cyclists regarding why they wear helmets