When a company discards machinery that is fully depreciated, this transaction would be recorded with the following entry:
a. debit Accumulated Depreciation; credit Machinery
b. debit Machinery; credit Accumulated Depreciation
c. debit Cash; credit Accumulated Depreciation
d. debit Depreciation Expense; credit Accumulated Depreciation
a
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A departmental operating expense summary would show the total operating expenses for each department and the total operating expenses for the business
a. True b. False Indicate whether the statement is true or false
An output contract is an agreement of a buyer to purchase a seller's entire output for a stated period
a. True b. False Indicate whether the statement is true or false
For purposes of assessing duties to be paid, the transaction value is the dutiable value when all import-related costs have been included in the purchase price
Indicate whether the statement is true or false
Polaco Corporation makes a product that has the following direct labor standards: Standard direct labor-hours 0.4hours per unitStandard direct labor rate$24.00per hour?In May the company produced 8,500 units using 3,220 direct labor-hours. The actual direct labor rate was $22.10 per hour.?The labor rate variance for May is:
A. $6,460 F B. $6,118 F C. $6,118 U D. $6,460 U