Answer:
This question lacks options. Here are the available ones:
a) Partnership
b) C Corporation
c) S Corporation
d) Limited Liability Company
e) Limited Liability Partnership
The correct answer is option D: Limited Liability Company.
Explanation:
The term "Limited Liability Company" describes a type of business structure in business law that is beneficial for owners, offering specific characteristics. This form integrates features of both corporations and partnerships, allowing flexibility depending on the owner's situation. It's important to note that a significant aspect of this form is that the owner's personal assets are protected from company liabilities.
1. 300 tires 2. 150 units 3. 32 times 4. 11.4 days 5. $2,400 6. $2,400
This indicates an increasing division of labor among employees with varying skills.
The definitions are accurately paired with their corresponding terms
Explanation:
1. Operating cycle - C. The duration necessary to procure goods or services from suppliers, distribute them to customers, and collect payment from those customers.
2. Accrual basis accounting- B. Record expenses when they are incurred to generate revenue.
3. Retained Earnings = Beginning Retained Earnings + Net Income - Dividends Declared - J. This represents the equation from the income statement.
4. Unearned revenue - F. This asset account captures cash paid in advance of incurred expenses.
5. Revenues - Expenses = Net Income - L. This is known as the retained earnings equation.
6. Expenses - I. Record revenues when received and expenses when they are disbursed.
7. Prepaid Expenses - A. To report the longevity of a business over shorter periods.
8. Gains - E. These are increases in assets or reductions in liabilities resulting from peripheral transactions.
9. None of these are accurate
Answer:
(a) Predetermined overhead rate for the entire plant:
= 30
Applied manufacturing overhead for Job A:
= Total hours of direct labor × Predetermined overhead rate for the plant
= 15 × 30
= 450
Applied manufacturing overhead for Job A:
= Total direct labor hours × Plantwide predetermined overhead rate
= 9 × 30
= 270
(b) Department-specific predetermined overhead rates:
= 30
= 1.2
Applied manufacturing overhead for Job A:
= (Machining machine hours × 30) + (Assembly direct labor hours × 1.2)
= (11 × 30) + (10 × 1.2)
= 330 + 12
= 342
Applied manufacturing overhead for Job B:
= (Machining machine hours × 30) + (Assembly direct labor hours × 1.2)
= (12 × 30) + (5 × 1.2)
= 360 + 6
= 366
