Answer:
First on Alert's bank reconciliation at December 31, 2018
Cash Account First on Alert Security Systems
Balance , December 31,2018 $2,430
Add: Collection from Jane Lindsey $690
Add: Interest revenue $10
Less:-Service charges $20.00
Adjusted Cash Account balance December 31, 2018 $3,110.00
Bank Account at Park Cities
Balance , December 31,2018 $3,910
Add: Deposit in transit $200
Less: Outstanding cheque $1,000
Adjusted bank balance December 31, 2018 $3,110.00
Answer:
The correct answer is letter "D": Private negotiations.
Explanation:
Environmental efficiency through markets is in charge of promoting the creation of more goods and services without the need for exploiting more resources or increasing pollution. Its purpose is to take sustainability towards economic efficiency considering ecological awareness.
In that case, private negotiations could boost environmental efficiency since firms could create partnerships among them to contribute to each other in their production process to avoid the use of more natural resources.
Answer: A. Incorrect rejection
Explanation:
INCORRECT REJECTION, in accounting, is the risk the sample supports the conclusion that the recorded balance is materially misstated when it is not materially misstated.
Answer:
1. The fixed portion of the predetermined overhead rate for the year is $10,000 per direct labor hour.
2. The fixed overhead budget variance is $4,000 unfavourable and the fixed overhead volume variance is $10,000 favourable.
Explanation:
In order to calculate the the fixed portion of the predetermined overhead rate for the year we would have to use the following formula:
predetermined overhead rate for the year=Total fixed overhead cost year
Budgeted direct labor-hours
=$ 250,000/25,000
=$10,000
1. The fixed portion of the predetermined overhead rate for the year is $10,000 per direct labor hour.
In order to calculate the fixed overhead budget variance, we use the following formula:
2. fixed overhead budget variance=Actual fixed overhead cost for the year- budgeted fixed overhead cost for the year
=$ 254,000-$ 250,000
=$4,000 unfavourable
In order to calculate the fixed overhead volume variance, we use the following formula:
fixed overhead volume variance=budgeted fixed overhead cost for the year-fixed overhead appliead to work in process
=$ 250,000-(26,000×10)
=$10,000 favourable
Answer:
$42,700
Explanation:
The presentation of bank reconciliation is shown below:-
Check outstanding in June beginning $15,400
Add: Check issued $64,900
Total check to be cleared $80,300
Less: Check cleared $37,600
The Outstanding amount of checks issued $42,700
The Micro Islands have a comparative advantage in producing neither good.
The Micro Islands have a comparative advantage in producing bamboo towels.
The Micro Islands have a comparative advantage in producing botanical soaps.
The Micro Islands have a comparative advantage in producing both goods.
Answer:
The Micro Islands have a comparative advantage in producing botanical soaps.
Explanation:
Comparative advantage can be defined as the ability of an economy to produce a good at lower opportunity cost than other economies. This enables the economy sell the product at lower prices, therefore having higher margin of profit than other economies.
The opportunity cost of Micro Island in producing 300 botanical soaps is the cost of producing 30 bamboo towels. The opportunity cost is quite low.
While for Macro Island the opportunity cost of producing 500 botanical soaps is 250 bamboo towels. The opportunity cost is higher than for Micro Island.
B. not accurately defined by any of these statements.
C. one that has not been approved by the Federal Food and Drug Administration.
D. one whose price and quantity demanded vary directly.
Answer:
B. not accurately defined by any of these statements.
Explanation:
An inferior good is defined as one whose the quantity demanded decreases as the income of its consumers increases and vice versa.
Option A is incorrect because the income elasticity for inferior goods is negative and therefore, as the income of the consumers increases, the demand curve shifts to the left.
Option C is incorrect because an inferior good does not necessarily mean a fake good. A good can be inferior but yet meet all the standards for approval by the FDA.
Option D is incorrect. The price and quantity demand for inferior goods, just like normal goods do not vary directly. This is only applicable to luxurious goods.
None of the statements in A, C, and D accurately defined an inferior goods.
Hence, the correct option is B.
Answer:
B. not accurately defined by any of these statements.
Explanation:
Inferior goods are goods whose demand decreases as the consumers income increases. This is different for normal goods in that the more the consumer earns, the more he/she tends to buy.
As such, inferior goods are not necessarily goods that has not been approved by the Federal Food and Drug Administration.
For Inferior goods, prices and quantity demanded do not vary proportionately.
Furthermore, the demand curve for an inferior good shifts out (rightward) when income decreases and shifts in when income increases.