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Question - Rubick is an employee of Radiant Financial Corporation Ltd. He has been assigned the task of preparing a budget for the company. He observed that in the previous year budget was prepared on the basis of the previous year's figures and in various cases either the budgeted amount was lying unutilized or it fell short. He wants to avoid such a situation in the future Budgetary Process.
Explain the reason for overbudgeting/shortfall in the above-listed case. Which of the budgetary technique should be used by Rubick so as to avoid Over Budgeting/Short Budgeting. Please elaborate on your insight.
Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor hours. At the beginning of the year it estimated that its total manufacturing overhead would be $541,000 and the total direct labor would be 33,000 hours..
Adelphi uses the double declining method for depreciation. Using this information, how much is the gain or (loss) for the equipment sale entry made on January
Gemstone Corporation has a sales budget for next month of $600,000. Cost of goods sold is expected to be 30 percent of sales. All goods are purchased in the month used and paid for in the month following purchase.
The company is subject to 40 percent tax bracket. A plan includes an increase in advertising cost of P480,000. What is the minimum increase in peso
During FY A Company plans to sell product for $4 a unit. Current variable costs are $2. Determine number of units for A Company to breakeven
Aracel Engineering completed the following transactions in the month of June. Prepare general journal entries to record these transactions
The ability of one partner to enter into a contract binding all other partners is termed:
Carl and Jenny adopt a Korean orphan. In 2019, Carl and Jenny have AGI of $150,000. What is the adoption credit Carl and Jenny can claim in 2019
Shanghai Company sells glasses, fine china, and every day dinnerware. Determine the total shipping and receiving costs for the china if 3,600 boxes are shipped
The amount of the tax credit for rehabilitation expenditures, and the amount by which the building's basis for cost recovery would increase as a result of the rehabilitation expenditures, are the following amounts:
A building acquired at beginning of the year at a cost of $2,200,000 has an estimated residual value of $400,000. Determine annual straight-line depreciation
Kane Inc.'s $10 par value common stock is actively traded at a market value of $15 per share. Kane issues 5,000 shares to purchase land advertised for sale at $85,000. Journalize the issuance of the stock in acquiring the land.
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