Chapter 8, Problem 6Q

Michael Corporation has the following standards for its direct materials: 1. Standard Cost: $3.80 per pound 2. Standard Quantity: 6.00 pounds per product. During the most recent month, the company purchased and used 33,900 pounds of material in manufacturing 5,600 products, at a total cost of $131,900. Compute the materials quantity variance.

Jenny leased equipment from Julio on December 31, 2015. The lease is a 10-year lease with annual payments of $150,000 due on December 31 of each year. The present value of the lease is $1,020,000. Jenny's incremental borrowing rate is 12% for this type of lease. The implicit rate of 10% is known by the lessee. What should be the balance in Jenny lease liability at December 31, 2016?

What is company total equity? Question answer accounting