Mcmasters corporation purchased a one-year insurance policy on march 1 of the current year for $30,000. the insurance policy will be in effect from march 1 through february 28 of the next year. the company recorded the payment as prepaid insurance. the company neglects to record the year-end adjusting entry at the end of the current year. as a result, the company’s current year net income and assets will be overstated by

Suppose the money market is in the liquidity trap and the fed increases the supply of money. individuals would rather hold than because they expect that bond prices can go no

technology is the application of knowledge and tools to solve problems and perform tasks more efficiently. t/f

Aquatic marine stores company manufactures special metallic materials and decorative fittings for luxury yachts that require highly skilled labor. aquatic uses standard costs to prepare its flexible budget. for the first quarter of the year, direct materials and direct labor standards for one of their popular products were as follows: direct materials: 3 pounds per unit; $ 6 per pound direct labor: 4 hours per unit; $ 19 per hour during the first quarter, aquatic produced 5 comma 000 units of this product. actual direct materials and direct labor costs were $ 65 comma 000 and $ 330 comma 000, respectively. for the purpose of preparing the flexible budget, calculate the total standard direct materials cost at a production volume of 5 comma 000 units.