Answer:
c. $3,200 favorable.
Explanation:
We know that
Total controllable cost variance = Budgeted overhead cost - actual overhead cost
where,
Budgeted overhead cost = Variable overhead + Fixed overhead
where,
Variable overhead = 40,000 units × $2 = $80,000
And, the fixed overhead = $72,000
So, the budgeted overhead = $152,000
And, the actual one is $148,800
So, the total controllable cost variance would be
= $152,000 - $148,800
= $3,200 favorable
Answer:
Present value
Future value
Explanation:
Present value is the value of cashflows discounted at interest rate at arrive at its value today.
Future value is the value of cashflows discounted at interest rate at arrive at its value at some given time in the future.
I hope my answer helps you
Answer:
Financial Goals are the personal objectives that you want to achieve by setting up how to save and spend money. Examples like saving money to buy a house, saving for retirement, starting a business, paying off student debts, etc.
Financial Planning is to evaluate your current financial condition and create a plan to keep you on tract on achieving your goal. You'll need to address current savings, investments, taxes, insurances and consider any future income needs, vacations, etc. anything that will affect you financially.
Explanation:
Answer:
Debit Insurance expense $10,000
Credit Prepaid Insurance $10,000
Being entries to recognize insurance expense for the period (August to December).
Explanation:
Given;
Insurance policy was purchased on July 10 to run for 3 years.
Cost of policy = $72,000
Start date is August 1st. As at 31 December, the policy should have been amortized for 5 months (August to December)
Monthly depreciation = $72,000/(3 × 12)
= $2,000
Total amortization between August and December = 5 × $2,000
= $10,000
Journal entries
Debit Insurance expense $10,000
Credit Prepaid Insurance $10,000
Being entries to recognize insurance expense for the period (August to December).
