An Introduction to Cost Terms and Purposes Cost of goods manufactured, income statement, manufacturing company Consider the following account balances (in thousands) for the Carolina Corporation:
Carolina Corporation
Beginning of 2017 End of 2017
Direct materials inventory 124,000 73,000
Work-in-process inventory 173,000 145,000
Finished-goods inventory 240,000 206,000
Purchases of direct materials 262,000
Direct manufacturing labor 217,000
Indirect manufacturing labor 97,000
Plant insurance 9,000
Depreciation-plant, building, and equipment 45,000
Plant utilities 26,000
Repairs and maintenance-plant 12,000
Equipment leasing costs 65,000
Marketing, distribution, and customer-service costs 125,000
General and administrative costs 71,000
Required:
1. Prepare a schedule for the cost of goods manufactured for 2017.
2. Revenues for 2017 were 1300000 .Prepare an income statement for 2017.

Answer:

1. Cost of goods manufactured for for 2017 is $812,000

2. Net income for 2017 is $258,000

Explanation:

Please find attached cost of goods manufactured schedule for 2017 and income statement statement for 2017.

The final value for cost of goods manufactured is $812,000 , while the net income is $258,000.

Match the following sentecnes with followings.

a. A graphical object showing the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various prices
b. The amount of a good that buyers are willing and able to purchase at a given price
c. The claim that, with other things being equal, the quantity demanded of a good falls when the price of that good rises
d. A table showing the relationship between the price of a good and the amount that buyers are Willing and able to purchase at various prices

1. Quantity Demanded
2. Demand Curve
3. Demand Schedule
4. Law of Demand

Your coworker Rina is really concerned about a project that she has just been assigned. She is in charge of analyzing and determining conditions in the market for televisions from an extensive sales report. If Rina's boss is interested in a graphical representation of the relationship between the price and quantity of televisions demanded, you would advise your coworker to construct __________ using the data provided. However, if Rina's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that __________would be more appropriate.

Derick works as a customer service representative in a car showroom. He needs to interact with several customers every day. In which situation would Derick deliver the most effective customer service?

In the website “Conflict Management Skills” that you explored, all of the following are “enemies” we have to conquer in order to be constructive conflict managers except:
a.
fear
b.
desire to win
c.
desire to explain our side first
d.
desire to listen to the other person

The powers of Congress in relation to the money supply

Suppose you are going to purchase a house. You negotiate a great deal and your bank agrees to lend you money for 30 years at 4% APR (annual percentage rate). The house costs $300,000 and you pay 20% down and finance the rest. Compute (round it to 2 numbers after the decimal point) - do not include $ sign.
(1) Monthly payment: no commas -__________ 2 decimala places.
(2) The interest payment portion of 1st Monthly payment:______ 2 decimal places. 1
(3) The principal payment portion of the 1st Monthly payment:_______ 2 decimal places
(4) Balance after the 1st payment: -no commas and ___________2 decimal places.

Societal marketing concept in satisfying the consumers needs.

The difference between the revenue from selling inventory and the cost of that inventory is measured as:

This information relates to Flounder Real Estate Agency.

Oct. 1 Stockholders invest $29,600 in exchange for common stock of the corporation.
2 Hires an administrative assistant at an annual salary of $30,600.
3 Buys office furniture for $3,660, on account.
6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,050 (not paid by Roads at this time).
10 Receives cash of $180 as commission for acting as rental agent renting an apartment.
27 Pays $600 on account for the office furniture purchased on October 3.
30 Pays the administrative assistant $2,550 in salary for October.

Required:
Prepare the debit-credit analysis for each transaction.

Determine the amount of net income (LO3-1) During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2021, you come across several items needing further consideration. Currently, net income is $88,000.
1. An insurance policy covering 12 months was purchased on October 1, 2021, for $16,800. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2021.
2. During 2021, the company received a $2,800 cash advance from a customer for services to be performed in 2022. The $2,800 was incorrectly credited to Service Revenue.
3. There were no supplies listed in the balance sheet under assets. However, you discover that supplies costing $2,150 were on hand at December 31, 2021.
4. Trojan borrowed $58,000 from a local bank on September 1, 2021. Principal and interest at 12% will be paid on August 31, 2022. No accrual was made for interest in 2021.
Required:
Using the information in 1 through 4 above, determine the proper amount of net income as of December 31, 2021. (Do not round intermediate calculations. Amounts to be deducted should be indicated with a minus sign.)
Net income (unadjusted)
1. Adjustment for insurance
2. Adjustment for deferred revenue
3. Adjustment for supplies
4. Adjustment for interest
Net income (adjusted)

The next dividend payment by Hillside Markets will be $2.6 per share. The dividends are anticipated to maintain a 10 percent growth rate forever. The stock currently sells for $65 per share. What is the dividend yield?

Amber, a publicly held corporation, had been paying its chief executive officer (CEO) an annual salary of $900,000. Amber instituted a performance-based compensation plan, effective January 1, 2017, that increased the CEO's 2017 compensation by $300,000. It is anticipated that the plan will provide an additional $350,0000 in 2019. Prepare a letter to Amber's board of directors explaining how much of the CEO's 2019 compensation is deductible and the consequences of any changes that might be made to the compensation plan in 2019. Address the letter to the board chairperson, Angela Riddle, whose address is 100 James Tower, Cleveland, OH 44106. Dear Ms. Riddle:
I am responding to your inquiry regarding the current compensation plans for Amber Corporation's president. The Board agreed to amend the president's compensation plan effective January 1, 2017, to allow an increase in the compensation she can earn through a performance-based compensation plan. In 2017, the president earned an additional $300,000 under her revised contract. This amount increased to $350,000 in 2018 and 2019, and it is projected that she will increase her earnings by $350,000 under this plan in 2020.
In general, any salary paid to the president in excess of $_______ is deemed excessive executive compensation and not deductible. Before 2018, compensation earned under a performance-based compensation option was not subject to this limitation. Therefore, in 2017, Amber deducted $________ as compensation.

Best Buy Co, Inc., is a leading retailer specializing in consumer electronics. A condensed income statement and balance sheet for the fiscal year ended January 28, 2017, are shown below. Best
Buy Co, Inc.
Balance Sheet
At January 28, 2017
($ in millions)
Assets
Current assets:
Cash and cash equivalents $2,240
Short-term investments 1,681
Accounts receivable (net) 1,347
Inventory 4,864
Other current assets 384
Total current assets 10,516
Long-term assets 3,340
Total assets $13,856
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable $4,984
Other current liabilities 2,138
Total current liabilities 7,122
Long-term liabilities 2,025
Shareholders’ equity 4,709
Total liabilities and
shareholders’ equity $13,856
Best Buy Co, Inc.
Income Statement
For the Year Ended January 28, 2017
($ in millions)
Revenues $39,403
Costs and expenses 37,549
Operating income 1,854
Other income (expense) (38)
Income before income taxes 1,816
Income tax expense 609
Net income $1,207
Includes $72 of interest expense.
Required:
1-A. Calculate the current ratio for Best Buy for its fiscal year ended January 28, 2017.
1-B. Calculate the acid-test ratio for Best Buy for its fiscal year ended January 28, 2017.
1-C. Calculate the debt to equity ratio for Best Buy for its fiscal year ended January 28, 2017.
1-D. Calculate the times interest earned ratio for Best Buy for its fiscal year ended January 28, 2017.

Wildhorse Co. entered into these transactions during May 2022, its first month of operations.

1. Stockholders invested $33,000 in the business in exchange for common stock of the company.
2. Purchased computers for office use for $26,900 from Ladd on account.
3. Paid $3,100 cash for May rent on storage space.
4. Performed computer services worth $15,300 on account.
5. Performed computer services for Wharton Construction Company for $3,500 cash.
6. Paid Western States Power Co. $8,700 cash for energy usage in May.
7. Paid Ladd for the computers purchased in (2).
8. Incurred advertising expense for May of $3,400 on account.
9. Received $11,100 cash from customers for contracts billed in (4).

Required:
Using a tabular analysis, show the effect of each transaction on the accounting equation. Provide explanations for changes to Stockholders' Equity.

Consider the market for film streaming services, TV sets, and movie tickets. For each pair, identify whether they are complements or substitutes:

a. Film streaming services and TV sets.
b. Film streaming services and movie tickets TV sets and movie tickets.
c. Suppose a technological advance reduces the cost of manufacturing TV sets.

Broomhilda manufactures broomsticks for her fellow witch (and wizard) friends. Broomhilda uses a job order cost system and applies overhead to production on the basis of direct labor cost. On September 1, Job 50 (a super deluxe broom complete with a separate sleep space and shower area as well as an espresso machine) was the only job in process. The costs incurred prior to September on this job were as follows: direct materials $20,000, direct labor $12,000, and manufacturing overhead $16,000. As of September 1, Job 49 (a broom shaped like a cat with some extra cargo space for all the cats) had been completed at a cost of $90,000 and was part of finished goods inventory. There was a $15,000 balance in the Raw Materials Inventory account. During the month of September, Broomhilda began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $122,000 and $158,000, respectively. The following additional events occurred during the month.
1. Purchased additional raw materials of $90,000 on account.
2. Incurred manufacturing overhead costs as follows: indirect materials $17,000 (including broom polish and specially crafted scissors to trim stray twigs), indirect labor $20,000 (Hansel and Gretel clean the shop and run errands for the elves), depreciation expense on equipment $12,000 (Broomhilda has multiple molding stations for each broom she creates), and various other manufacturing overhead costs on account $16,000.
3. Assigned direct materials and direct labor to jobs as follows:
Job no. Direct Materials Direct Labor
50 10,000 5,000
51 39,000 25,000
52 30,000 20,000
Required:
1. Calculate the predetermined overhead rate for September, assuming Broomhilda estimates total manufacturing overhead costs of $840,000 and direct labor costs of $700,000 for September.
2. Open job cost sheets for Jobs 50, 51, and 52. Enter the September 1 balances on the job cost sheet for Job 50.
3. Prepare the journal entries to record the purchase of raw materials, and the manufacturing overhead costs incurred during the month of March.
4. Prepare the summary journal entries to record the assignment of direct materials, direct labor, and manufacturing overhead costs to production. In assigning overhead costs, use the overhead rate calculated in (1). Post all costs to the job cost sheets as necessary.
5. Total the job cost sheets for any job(s) completed during the month. Prepare the journal entry (or entries) to record the completion of any job(s) during the month.
6. Prepare the journal entry (or entries) to record the sale of any job(s) during the month.
7. What is the balance in the Finished Goods Inventory account at the end of the month? What job(s) does this balance consist of? 8. What is the amount of over- or underapplied overhead? Prepare the journal entry to close this to Cost of Goods Sold

In paragraph 1, using a scale of 1 to 10 (10 being the best), rate how proficient you feel with your technology skill right now. How do you envision developing your technology skill in your academic, professional, or home life?

In paragraph 2, list at least three goals you have to improve your technology skill throughout this course and beyond.

Janice​ Carrillo, a​ Gainesville, Florida, real estate​ developer, has devised a regression model to help determine residential housing prices in northeastern Florida. The model was developed using recent sales in a particular neighborhood. The price​ (Y) of the house is based on the size​ (square footage​ = X) of the house. The model​ is:

Y = 13.473 + 37.65X

The coefficient of correlation for the model is 0.63

a. Use the model to predict the selling price of a house that is 1,860 square feet
b. An 1,860-square-foot house recently sold for $95,000. Explain why this is not what the model predicted
c. If you were going to use multiple regression to develop such a model, what other quantitative variables you might include?
d. What is the value of the coefficient of determination in this problem?

Describe the laws that are enforced by the SEC for companies that publicly sell stock.

Rambo-Conduit Corporation manufactures plastic conduit that is used in the cable industry. A conduit is a tube that encircles and protects the underground cable. In the process of making the plastic conduit, called extrusion, the melted plastic (resin) is pressed through a die to form a tube. Scrap is produced in this process. Information from the cost of production reports for three months is as follows, assuming that inventory remains constant:
May June July
Resin pounds input into the process 470,000 700000 650,000
Price per pound x81.50 x81.50 x81.50
Plastic material costs 493,000 6,40,000 6,77,000
Conversion costs 80,000 120,000 115000
Conduit output 800,000 1200,000 1130,000
from the process (feet)
Assuming that there is one-half pound of resin per foot of the finished product, determine the resin materials cost per foot of finished product for June.
a. $0.53
b. $0.60
c. $0.54
d. None of these choices are correct.

Several transactions for Trolley, Inc. are presented below. The company adjusts its books only at year-end.
a. On August 1, the company rented some land from another company for $2,660 for a three-year time period. Trolley charged an expense account on August 1.
b. On February 1, Trolley received $8,000 for a four-year technical service contract. Trolley is performing the services evenly over the four-year period. The company credited a liability account, Unearned Service Revenue, on February 1.
c. On May 1, Trolley loaned $3,400 to another company on a 12%, one-year note.
d. The weekly (five-day) payroll of Trolley amounts to $2,500. All employees are paid at the close of business each Friday. December 31 falls on a Thursday.
Required:
Prepare the adjusting entries for December 31.

Give two examples of complements in economics

Mortgages, loans taken to purchase a property, involve regular payments at fixed intervals and are treated as reverse annuities. Mortgages are the reverse of annuities, because you get a lump-sum amount as a loan in the beginning, and then you make monthly payments to the lender.

You’ve decided to buy a house that is valued at $1 million. You have $100,000 to use as a down payment on the house, and want to take out a mortgage for the remainder of the purchase price. Your bank has approved your $900,000 mortgage, and is offering a standard 30-year mortgage at a 12% fixed nominal interest rate (called the loan’s annual percentage rate or APR). Under this loan proposal, your mortgage payment will be_____________ per month.

If a country's economic data show private savings (S) of $9 billion, government spending (G) of $7 billion, tax revenue (T) of $7 billion, and a trade surplus (X-M) of $3 billion, then what does private investment (I) equal?

You are given the returns for the following three stocks:_____
Year Stock A Stock B Stock C
Arithmetic Return % Standard Deviation % Geometric Return %
1 3 % 13 % 18 %
2 13 11 33
3 13 23 26
4 13 6 21
5 13 12 3
Calculate the arithmetic return, geometric return, and standard deviation for each stock. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.)

You decide that you're going to send Carolyn an email to reinforce what you are expecting her to do with respect to the missing package.

Required:
1. Prepare general journal entries to record these transactions using the following titles:
Cash (101); Accounts Receivable (106); Prepaid Insurance (108); Office Equipment (163); Drafting Equipment (164); Building (170); Land (172); Accounts Payable (201); Notes Payable (250); Common Stock (307); Dividends (319); Engineering Fees Earned (402); Wages Expense (601); Equipment Rental Expense (602); Advertising Expense (603); and Repairs Expense (604).
Transactions:
Aracel Engineering completed the following transactions in the month of June.
Jenna Aracel, the owner, invested $205,000 cash, office equipment with a value of $8,200, and $70,000 of drafting equipment to launch the company in exchange for common stock.
The company purchased land worth $56,000 for an office by paying $9,800 cash and signing a long-term note payable for $46,200.
The company purchased a portable building with $58,000 cash and moved it onto the land acquired in b.
The company paid $4,200 cash for the premium on an 18-month insurance policy.
The company completed and delivered a set of plans for a client and collected $7,600 cash.
The company purchased $34,000 of additional drafting equipment by paying $10,400 cash and signing a long-term note payable for $23,600.
The company completed $16,000 of engineering services for a client. This amount is to be received in 30 days.
The company purchased $1,950 of additional office equipment on credit.
The company completed engineering services for $27,000 on credit.
The company received a bill for rent of equipment that was used on a recently completed job. The $1,591 rent cost must be paid within 30 days.
The company collected $9,000 cash in partial payment from the client described in transaction g.
The company paid $1,100 cash for wages to a drafting assistant.
The company paid $1,950 cash to settle the account payable created in transaction h.
The company paid $1,110 cash for minor maintenance of its drafting equipment.
The company paid $9,880 cash in dividends.
The company paid $2,000 cash for wages to a drafting assistant.
The company paid $4,300 cash for advertisements on the Web during June.

Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. During the period, 14,000 units of direct materials were added at a cost of $28,700, and 15,000 units were completed. At the end of the period, 3,000 units were 75% completed. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. The number of equivalent units of production for the period for conversion if the first-in, first-out method is used to cost inventories was:_____.a.15,650 b.14,650 c.14,150 d.14,850

An electronics company makes communications devices for military contracts. The company just completed two contracts. The navy contract was for 2,266 devices and took 28 workers two weeks (40 hours per week) to complete. The army contract was for 5,510 devices that were produced by 29 workers in six weeks (40 hours per week).
A. Calculate the productivity for navy and army contracts in units produced per labor hour.
B. On which contract were the workers more productive?
1.Army contract.
2. Navy contract.

On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month:
a. Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for Common Stock, $17,500.
b. Purchased supplies on account, $2,300.
c. Earned sales commissions, receiving cash, $13,300.
d. Paid rent on office and equipment for the month, $3,000.
e. Paid creditor on account, $1,150. Paid dividends, $1,800.
f. Paid automobile expenses (including rental charge) for month, $1,500, and miscellaneous expenses, $400.
g. Paid office salaries, $2,800.
Determined that the cost of supplies used was $1,050.

Rose dies with passive activity property having an adjusted basis of $86,000, suspended losses of $27,520, and a fair market value at the date of her death of $120,400. Of the $27,520 suspended loss existing at the time of Rose's death, how much is deductible on her final return or by the beneficiary