Answer:
gross profit percentage of completion method:
2013: 726,300
2014: 841,700
2015: 432,000
completed contract
we recognize the profit at the end:
2013: zero
2014: zero
2015: 2,000,000
Explanation:
percentage of completion
2013:
we incurred 2,300,000
over a total cost of 2,300,000 + 5,300,000 = 7,600,000
the percentage complete will be:
2,300,000 / 7,600,000 = 30.263% percentage of completion
we multiply this be the revenue:
$10,000,000 x 30,263% = $3,026,300
less 2,300,000 cost
gross profit: 726,300 dollars
2014:
we incurred 3,600,000
so far we have cost for 2,300,000 + 3,600,000 = 5,900,000
for a total cost of 7,900,000
5,900,000 / 7,900,000 = 74.68% percentage of completion
we multiply this but, subtract previous revenue recognized:
10,000,000 x (74.68% - 30,263%) = 4,441,700 revenue
less 3,600,000 cost: 841,700 gross profit
2015:
we complete the project so we recognize the rest of the revenue.
10,000,000 x (100% - 74.68%) = 2,532,000
cost of the year 2,100,000
gross profit: 432,000
completed contract:
10,000,000 contract value less cost:
2013 2,300,000
2014 3,600,000
2015 2,100,000
total 8,000,000
gross profit 2,000,000
Tiger Furnishings produces two models of cabinets for home theater components, the Basic and the Dominator. Data on operations and costs for March follow:
Basic Dominator Total
Units produced 950 500 1,450
Machine-hours 3,200 2,400 5,600
Direct labor-hours 2,700 1,100 3,800
Direct materials costs $9,600 $3,900 $13,500
Direct labor costs 63,700 37,700 101,400
Manufacturing overhead
costs 130,340
Total costs $245,240
Required:
Compute the predetermined overhead rate assuming that Tiger Furnishings uses direct labor-hours to allocate overhead costs.
Answer:
Tiger Furnishings
The predetermined overhead rate
= $34.30 per direct labor hour
Explanation:
a) Data and Calculations:
Basic Dominator Total
Units produced 950 500 1,450
Machine-hours 3,200 2,400 5,600
Direct labor-hours 2,700 1,100 3,800
Direct materials costs $9,600 $3,900 $13,500
Direct labor costs 63,700 37,700 101,400
Manufacturing overhead costs 130,340
Total costs $245,240
b) Computation of the Predetermined overhead rate
= Total manufacturing overhead costs divided by total direct labor hours
= $130,340/3,800
= $34.30 per direct labor hour
Bill and Bob are both 25 years old today. Each wants to begin saving for his retirement. Both plan on contributing a fixed amount each year into brokerage accounts that have annual returns of 12 percent. Both plan on retiring at age 65, 40 years from today, and both want to have $3 million saved by age 65. The only difference is that Bill wants to begin saving today, whereas Bob wants to begin saving one year from today. In other words, Bill plans to make 41 total contributions (t = 1, 2,.. 40).
How much more than Bill will Bob need to save each year in order to accumulate the same amount as Bill does by age 65?
Please find attached full question
Answer and Explanation:
Answer and explanation attached
Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2021.
Sales revenue $504,000
Salaries expense 80,300
Interest revenue 6,600
Advertising expense 11,250
Gain on sale of investments 8,900
Cost of goods sold 277,200
Insurance expense 13,850
Interest expense 3,800
Income tax expense 39,500
Depreciation expense 23,000
Required:
1. Prepare the necessary closing entries at December 31, 2013.
2. Record the closure of revenue accounts.
3. Record the closure of expense accounts.
4. Record the transfer of the net profit.
Answer:
Explanation:
Please see attached sheet
Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information:
November 30
Debit Credit
Supplies $1,000
Prepaid Insurance 4,000
Salaries Payable $9,000
Deferred Revenue 1,000
The following information is known for the month of December:
1. Purchases of supplies during December total $2,500.
2. Supplies on hand at the end of December equal $2,500.
3. No insurance payments are made in December.
4. Insurance cost is $1,000 per month.
5. November salaries payable of $9,000 were paid to employees in December.
6. Additional salaries for December owed at the end of the year are $14,000.
On November 1, a tenant paid Golden Eagle $1,500 in advance rent for the period November through January, and Deferred Revenue was credited for the entire amount.
Required:
Complete 4 adjusting entries on December 31st. There should be an adjusting entry for each of the following accounts; supplies, prepaid insurance, salaries payable, and unearned revenue.
Answer:
Given Below
Explanation:
Golden Eagle Company
General Journal
Adjusting Entries December 31st
Sr. No Particulars Debit Credit
1. Supplies Expense $ 1000 Dr.
Supplies Account $ 1000 Cr.
The supplies that were at the end of Nov have been used and new supplies purchased are still on hand.
2. Insurance Expense $ 1000 Dr.
Prepaid Insurance 1,000 Cr.
Insurance cost is $1,000 per month. Insurance of $1000 expired during the month of December.
3. Salaries Expense $ 14000 Dr.
Salaries Payable $ 14000 Cr.
Salaries for December owed for December are $14,000.
4. Unearned Revenue $ 500 Dr.
Revenue Earned $ 500 Cr.
Defered Revenue earned at the end of December.
Pettit Ice Cream Company produces various ice cream products for which demand is highly seasonal. The company sells more ice cream in warmer months and less in colder ones. Last year, the high point in production activity occurred in August when Pettit produced 50,000 gallons of ice cream at a total cost of $82,000. The low point in production activity occurred in February when the company produced 20,000 gallons of ice cream at a total cost of $46,000.
Required:
a. Use the high-low method to estimate the amount of fixed cost per month incurred by Pettit Ice Cream Company
b. Determine the total estimated monthly cost when 40,000 gallons of ice cream are produced.
c. What factors could cause the estimate determined in Requirement b to be inaccurate?
d. Explain how regression analysis could be used to improve accuracy. Your explanation should in- clude a discussion of the R2 statistic as well as the potential impact of multiple regression analysis.
Answer:
a) Fixed costs = $22,000
b) $70,000
c) The high low cost method is generally inaccurate because it only considers the extremes, the highest and lowest costs and activity levels. Generally costs are not linear, but they might follow a certain tendency. The advantages of the high low cost method is that it is fairly accurate when costs are stable, plus it is much simpler to calculate.
d) Assuming that costs follow a certain tendency, regression analysis is much more exact since it analyses the relationship between different data and different variables. When you analyze only 2 variables, a linear regression analysis will serve you. but if you need to analyse more than two variables, then you must use a multiple regression analysis.
The R² statistic basically measures how one variable's variance is affected by other variables. E.g. if R² is 0.75, then 75% of the variance of A will be explained by the variance of B.
Explanation:
variable cost using high low cost method = (highest activity cost - lowest activity cost) / (highest activity level - lowest activity level) = ($82,000 - $46,000) / (50,000 - 20,000) = $36,000 / 30,000 gallons of ice cream = $1.20 per gallon of ice cream
fixed costs = $82,000 - (50,000 x $1.20) = $22,000
40,000 gallons
$22,000 + (40,000 x $1.20) = $70,000
how regression analysis improves accuracy of high low cost method
A customer, age 45, invests $100,000 in a variable annuity contract. It imposes an 8% charge if the contract is surrendered within the 1st 8 years; and a 4% charge if the contract is surrendered in years 9 and 10. Thereafter, there is no surrender charge. The contract has a Guaranteed Minimum Income Benefit (GMIB) that promises to annuitize the account at a value of $180,000 starting at age 60. After holding the contract for 5 years, the separate account has a net asset value of $120,000. The insurance company makes an offer to the client to buy back the contract at $121,000 with no surrender charges imposed. Assuming that the client's investment objectives have not changed, the best advice to the client is to:_______.
Answer:
the client should wait 10 more years until the contract is worth $180,000 since he will earn a slightly higher interest rate
Explanation:
we must determine the effective interest earned by the client if he accepts the company's proposal:
future value = present value x (1 + r)ⁿ
121,000 = 100,000 x (1 + r)⁵
(1 + r)⁵ = 121,000 / 100,000 = 1.21
⁵√(1 + r)⁵ = ⁵√1.21
1 + r = 1.0389
r = 0.0389 = 3.89%
if the client waits 10 more years until he is able to annuitize the account, he should earn:
180,000 = 100,000 x (1 + r)¹⁵
(1 + r)¹⁵ = 180,000 / 100,000 = 1.80
¹⁵√(1 + r)¹⁵ = ¹⁵√1.80
1 + r = 1.03996
r = 0.03996 = 4%
Ryan Hope, controller of Hope Inc., provides you with the following information concerning Hope during 2017. (Hope Inc. began operations on January 1, 2017.)
1. Issued 1,000 shares of common stock at $95 per share.
2. Paid $2,600 for each of 12 months to rent office and warehouse space for 2017. The rent was paid on the last day of each month.
3. Made total sales for services of $190,000: $65,000 for cash and $125,000 on account.
4. Purchased land for $32,000.
5. Borrowed $75,000 on December 31. The note payable matures in two years.
6. Salaries and wages totaling $80,000 were paid during the year.
7. Miscellaneous expenses totaling $40,000 were paid during the year.
8. $56,000 was received from customers as payment on account.
9. Declared and paid a dividend of $26,000.
Required:
a. Prepare journal entries for these transactions.
b. Establish T-accounts for each account, and post the journal entries to these T-accounts.
c. Prepare an income statement for 2017.
Answer:
a)
1. Issued 1,000 shares of common stock at $95 per share.
Dr Cash 95,000
Cr Common stock 95,000
2. Paid $2,600 for each of 12 months to rent office and warehouse space for 2017. The rent was paid on the last day of each month.
Dr Rent expense 31,200
Cr Cash 31,200
3. Made total sales for services of $190,000: $65,000 for cash and $125,000 on account.
Dr Cash 65,000
Dr Accounts receivable 125,000
Cr Service revenue 190,000
4. Purchased land for $32,000.
Dr Land 32,000
Cr Cash 32,000
5. Borrowed $75,000 on December 31. The note payable matures in two years.
Dr Cash 75,000
Cr Notes payable 75,000
6. Salaries and wages totaling $80,000 were paid during the year.
Dr Wages expense 80,000
Cr Cash 80,000
7. Miscellaneous expenses totaling $40,000 were paid during the year.
Dr Miscellaneous expense 40,000
Cr Cash 40,000
8. $56,000 was received from customers as payment on account.
Dr Cash 56,000
Cr Accounts receivable 56,000
9. Declared and paid a dividend of $26,000.
Dr Dividends 26,000
Cr Cash 26,000
b)
Cash
debit credit
95,000
31,200
65,000
32,000
75,000
80,000
40,000
56,000
26,000
81,800
Common stock
debit credit
95,000
Rent expense
debit credit
31,200
31,200
Accounts receivable
debit credit
125,000
56,000
69,000
Service revenue
debit credit
190,000
190,000
Land
debit credit
32,000
Notes payable
debit credit
75,000
Wages expense
debit credit
80,000
80,000
Miscellaneous expense
debit credit
40,000
40,000
Dividends
debit credit
26,000
26,000
Retained earnings
debit credit
38,800
26,000
12,800
closing entries
Dr Service revenue 190,000
Cr Income summary 190,000
Dr Income summary 151,200
Cr Rent expense 31,200
Cr Wages expense 80,000
Cr Miscellaneous expense 40,000
Dr Income summary 38,800
Cr Retained earnings 38,800
Dr Retained earnings 26,000
Cr Dividends 26,000
c. Hope, inc.
Income Statement
For the year ended December 31, 2017
Revenues $190,000
Operating expenses:
Rent expense $31,200Wages expense $80,000Miscellaneous expense $40,000 ($151,200)Net income $38,800
Maury and Bev have saved all their lives and they have been able to pay off their mortgage on their home. Bev is getting elderly and frail and Maury needs to put her into a nursing home where they can give her round-the-clock care. Maury intends to finance this arrangement by getting a loan where the lender makes payments to the homeowner each month, based on accumulated equity. What type of loan does Maury want to get?
Answer:
A reverse mortgage
Explanation:
A reverse mortgage is a loan type available to senior citizens above the age of 62. This loan type allows the elderly to convert part of their home equity into cash without selling the house. Once a bank value home, it offers the loan against the home value. The loan amount is dispersed as a lump sum or fixed monthly payments. The elderly do not have to pay back the loan. The bank recover its money upon death or relocation.
Maury should get a reverse mortgage loan. He won't have to repay the loan but will be getting monthly payments to support Bev's care.
Hyatt's management program lasts about how long? O A. Two to three months B. Six to eighteen months C. Two to four years D. Five to seven years
Answer:
B “six to eighteen months“
Explanation:
i googled
The prepaid insurance account had a balance of $3,000 at the beginning of the year. The account was debited for $32,500 for premiums on policies purchased during the year, ending on March 31.Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:
a. The amount of unexpired insurance applicable to future periods is $4,800
b. The amount of insurance expired during the year is $30,700. Refer to the Chart of Accounts for exact wording of account titles.
Answer:
A. Date Account Title Debit Credit
Insurance expense $30,700
($3000+$32500-$4800)
Prepaid insurance $30,700
B. Date Account Title Debit Credit
Insurance expense $30,700
Prepaid insurance $30,700
The comparative statements of Cullumber Company are presented here.
CULLUMBER COMPANY
Income Statements
For the Years Ended December 31
2017 2016
Net sales $1,899,240 $1,759,200
Cost of goods sold 1,067,240 1,014,700
Gross profit 832,000 744,500
Selling and administrative expenses 508,700 487,700
Income from operations 323,300 256,800
Other expenses and losses
Interest expense 23,200 21,200
Income before income taxes 300,100 235,600
Income tax expense 93,200 74,200
Net income $ 206,900 $ 161,400
CULLUMBER COMPANY
Balance Sheets
December 31
Assets 2017 2016
Current assets
Cash $ 60,100 $ 64,200
Debt investments (short-term) 74,000 50,000
Accounts receivable 126,500 111,500
Inventory 127,200 116,700
Total current assets 387,800 342,400
Plant assets (net) 663,000 534,300
Total assets $1,050,800 $876,700
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable $ 168,700 $154,100
Income taxes payable 44,700 43,200
Total current liabilities 213,400 197,300
Bonds payable 234,000 214,000
Total liabilities 447,400 411,300
Stockholders’ equity
Common stock ($5 par) 290,000 300,000
Retained earnings 313,400 165,400
Total stockholders’ equity 603,400 465,400
Total liabilities and stockholders’ equity $1,050,800 $876,700
All sales were on account. Net cash provided by operating activities for 2017 was $246,000. Capital expenditures were $135,000, and cash dividends were $58,900.
Compute the following ratios for 2017. (Round all answers to 2 decimal places, e.g. 1.83 or 1.83%.)
(a) Earnings per share $
(b) Return on common stockholders’ equity
%
(c) Return on assets
%
(d) Current ratio
(e) Accounts receivable turnover
times
(f) Average collection period
days
(g) Inventory turnover
times
(h) Days in inventory
days
(i) Times interest earned
times
(j) Asset turnover
times
(k) Debt to assets ratio
%
(l) Free cash flow $
Answer:
Cullumber Company
(a) Earnings per share = Net Income / No. of outstanding common shares
= $ 206,900/58,000
$ 3.57
(b) Return on common stockholders’ equity = Net Income/Equity
= $ 206,900/603,400 * 100
= 34.29%
(c) Return on assets = Net Income/Assets * 100
= $206,900/$1,050,800 * 100
= 19.69%
(d) Current ratio = Current Assets/ Current Liabilities
= $387,800/213,400
= 1.82
(e) Accounts receivable turnover = Sales /Average Receivable
= $1,899,240/119,000
= 15.96 times
Average receivable = (126,500 + 111,500)/2 = 119,000
(f) Average collection period = Average Receivable/Sales * 365
= 119,000/1,899,240 * 365
= 22,87 days
(g) Inventory turnover = cost of goods sold/average inventory
= 1,067,240/121,950
= 8.75 times
Average Inventory = )127,200 + 116,700 )/2 = 121,950
(h) Days in inventory = 365/8.75
41.71 days
(i) Times interest earned = EBIT/Interest Expense
= $323,300/23,200
= 13.94 times
(j) Asset turnover = Sales/Average Assets
= 1.97 times
(k) Debt to assets ratio = Total Liabilities/Total Assets
= $447,400/$1,050,800 * 100
= 42.58%
(l) Free cash flow
= Operating Cash Minus CAPEX
= $246,000 - $135,000 = $111,000
= $111,000
Explanation:
a) Data:
CULLUMBER COMPANY
Income Statements
For the Years Ended December 31
2017 2016
Net sales $1,899,240 $1,759,200
Cost of goods sold 1,067,240 1,014,700
Gross profit 832,000 744,500
Selling and administrative expenses 508,700 487,700
Income from operations 323,300 256,800
Other expenses and losses
Interest expense 23,200 21,200
Income before income taxes 300,100 235,600
Income tax expense 93,200 74,200
Net income $ 206,900 $ 161,400
CULLUMBER COMPANY
Balance Sheets
December 31
Assets 2017 2016
Current assets
Cash $ 60,100 $ 64,200
Debt investments (short-term) 74,000 50,000
Accounts receivable 126,500 111,500
Inventory 127,200 116,700
Total current assets 387,800 342,400
Plant assets (net) 663,000 534,300
Total assets $1,050,800 $876,700
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable $ 168,700 $154,100
Income taxes payable 44,700 43,200
Total current liabilities 213,400 197,300
Bonds payable 234,000 214,000
Total liabilities 447,400 411,300
Stockholders’ equity
Common stock ($5 par) 290,000 300,000
Retained earnings 313,400 165,400
Total stockholders’ equity 603,400 465,400
Total liabilities and
stockholders’ equity $1,050,800 $876,700
Others:
All sales were on account. Net cash provided by operating activities for 2017 was $246,000. Capital expenditures were $135,000, and cash dividends were $58,900
b) Explanation:
Asset Turnover = Sales/Average Assets
= $1,899,240/$963,750
= 1.97 times
Average assets = ($1,050,800 + $876,700 )/2 = $963,750
Debit to asset ratio = Total Liabilities/Total Assets
= $447,400/$1,050,800 * 100
= 42,58%
Free Cash Flow = Operating Cash Minus CAPEX
= $246,000 - $135,000 = $111,000
A professor decides to run an experiment to measure the effect of time pressure on final exam scores. He gives each of the 400 students in her course the same final exam, but some students have 90 minutes to complete the exam, while others have 120 minutes. Each student is randomly assigned one of the examination times, based on the flip of a coin. Let Y; denote the number of points scored on the exam by the ith student (0
(a) Explain what the term ui represents. Why will different students have different values of ui?
(b) Explain why E(ui|X;) = 0 for this regression model.
(c) Are the other assumptions among SLR.1-SLR.4 satisfied? Explain why.
(d) The estimated model is Y; = 49+0.24X;.
i. Based on the estimated model, predict the average score of students given 90 minutes. Repeat for 120 minutes and 150 minutes.
ii. Compute the average predicted gain in score for a student who is given an additional 10 minutes on the exam.
Answer:
Kindly check explanation
Explanation:
The regression model :
Y; = Bo + BiX; + ui
ui in the regression model represents other underlying factors aside the model variables which may affect the final exam score of student. These factor will almost likely vary from student to student and may include factors such as ; rate of assimilation, natural brilliance, psychological factors and so on.
E(ui|X) = 0 ; because ui and Xi are independent.
The estimated model is Y; = 49+0.24X;.
i. Based on the estimated model, predict the average score of students given 90 minutes.
X = 90 minutes
Y; = 49+0.24(90)
Y = 70.6
Repeat for 120 minutes and 150 minutes.
X = 120 minutes
Y; = 49+0.24(120)
Y = 77.8
X = 150 minutes
Y; = 49+0.24(150)
Y = 85
ii. Compute the average predicted gain in score for a student who is given an additional 10 minutes on the exam.
Gain in score for student Given additional 10 minutes :
Gain in score for X = 10
0.24X
= 0.24(10)
= 2.4
On March 31, 2021, Chow Brothers, Inc., bought 8% of KT Manufacturing’s capital stock for $51.5 million. KT’s net income for the year ended December 31, 2021, was $80.5 million. The fair value of the shares held by Chow was $36.0 million at December 31, 2021. KT did not declare or pay a dividend during 2021.
Required:
a. Prepare all appropriate journal entries related to the investment during 2021.
b. Assume that Chow sold the stock on January 20, 2022, for $30.5 million. Prepare the journal entries to record the sale.
Answer and Explanation:
a. The Journal entries are shown below:-
Investment - Capital stock Dr, $51.5 million
To Cash $51.5 million
(Being investment is recorded)
Unrealized holding gain or loss Dr, $15.5 million ($51.5 - $36.0)
To Fair value adjustment $15.5 million
(Being fair value adjustment is recorded)
b. Unrealized holding gain or loss Dr, $5.5 million ($51.5 - $30.5 - $15.5)
To Fair value adjustment $5.5 million
(Being fair value adjustment before sale is recorded)
Cash Dr, $30.5 million
Unrealized holding gain or loss Dr, $21 million
To Investment - Capital stock $51.5 million
(Being sale of investment is recorded)
Assume you are given a minimization linear program that has an optimal solution. The problem is then modified by changing a greater-than-or-equal-to constraint in the problem to a less-than-or-equal-to constraint. Is it possible that the modified problem is infeasible? Answer yes or no and justify. a. Yes, it is possible that the modified problem is infeasible. Modifying one constraint as described could cause the regions to produce alternate optimal solutions. b. Yes, it is possible that the modified problem is infeasible. Modifying one constraint as described could cause the regions to no longer overlap. c. No, it is not possible that the modified problem is infeasible. Modifying one constraint as described will result in an unbounded solution. d. No, it is not possible that the modified problem is infeasible. Modifying one constraint as described has no effect on the feasible region of the other constraints. e. No, it is not possible that the modified problem is infeasible. Modifying one constraint as described will result in alternate optimal solutions.
Answer:
a. Yes, it is possible that the modified problem is infeasible. Modifying one constraint as described could cause the regions to produce alternate optimal solutions.
Explanation:
how are you doing today??
Answer:
Good. Thanks for asking how about you?
Explanation:
Boston’s Dairy has just opened its main yogurt factory in upstate Massachusetts. This main factory can produce 3,500 boxes of yogurt monthly (each box contains twelve 6-oz cups). Due to overwhelming demand for the company’s product, Boston’s Dairy has signed a contract to rent a new factory, which can produce up to 8,000 boxes per month. The monthly total fixed costs are $40,000 in the main factory and $16,000 in the new factory. The variable production cost of yogurt is $4.50 per box in the main factory. The variable production cost in the new factory is $6.0 per box as materials have to be redistributed from the main factory. The average selling price is $15, and the variable selling expense is $1 per box, which is the same for all factories. In addition, Boston’s Dairy plans to pay its sales force $0.80 per box as added bonus for every box sold above the break-even point. How many boxes does the company have to produce and sell in order to earn a net operating income of $10,000 per month (round all decimal up to one box)
Answer:
7,733 units
Explanation:
Breakeven point is one where revenue equals the cost.
In the main Factory:
Fixed cost = $40,000
Variable cost = $19,250 [($4.5 + $1.0) * 3,500 boxes]
Total cost = $59,250 [$40,000 + $19,250]
Revenue = $52,500 [3,500 * $15]
Net profit or loss : $52,500 - $59,250 = - 6,750 Loss
In the new Factory:
The break even point will be achieved when the loss of $6,750 in the main factory is covered by the new factory.
Fixed cost : $16,000
Variable cost : $6.0 + $1.0 = $7
Selling price = $15
16,000 + 6,750 + 7x = 15x
solving for x we get:
x = 2,844.
In the new factory 2,844 units needs to be produced in excess to achieve the breakeven point.
Total units required to produce 3,500 + 2,844 = 6,344.
If the company adds bonus of $0.80 for its sales force on each box sold above the breakeven then the cost will be increased.
Contribution Margin : 15 - [ 6 + 1 + 0.80 ] = $7.20
Box required to sell to produce net operating income of $10,000
10,000 / 7.20 = 1,389 units
Total units 7,733 [6,344 + 1,389]
You are a newly hired operations manager for Hospital XYZ. You are required to:
Review the current hiring practices for nurses working in the emergency room department. Investigate recent patient complaints concerning bad bedside manner from nurses in labor and delivery.
Review financial requests for Environmental Services to purchase new buffers to wax floors.
Review Information Technology’s concerns regarding a possible information breach. Review request for implementation of new software in the radiology department.
Determine your approach to these tasks. How would you determine how to prioritize your tasks? Who are the stakeholders in each of these scenarios? Is there a need for project management? If so why?
Answer:
Follows are the solution to this question:
Explanation:
follows are the tasks, which is not in the priority order and at hand at Hospital XYZ:
HR domain: share the latest recruitment procedures throughout the emergency department of public health.
Operations: nurse staffing methods for function or treatment.
Funding: Review financial requests for both the purchase of new protections on wax surfaces by protection from the environment.
IT: IT reviews complaints regarding a possible breach of information.
IT: Study application in the physician's office for the implementation of new technology.
If valuing such activities, it should remember, that this patient (client) becomes impacted mainly. The clinicians or staff involved in Tasks 1 & 2, because Task 2, the very first priority must be considered, and also some standards must be developed, by each nurse, with remote care issues.
Information from its daily client is provided to control the staff, and a specific training program is intended for both the newly employed and negative feedback staff.
Respondents-Patients, Professions
Task 1, which directly affects the daily quality of service in a hospital, should be the secondary priority, with such a smaller shortage of hospitals due to customer dissatisfaction.
Members – Patients, medical personnel, permanent employees, doctors.
Task 4 When information violation is alleged, the third priority should to the loss of important patient data to certain other entities that may use for financial gains.
Participants – IT department, patients.
Task 3 will help its hospital cleaner if funds are required to purchase new buffers. Especially in comparison with all the above 3 tasks, it was taken as the fourth priority.
It was important, and that does not affect mostly the client nor would it impact the level of service as large as the three tasks above.
Advisor position-representatives of finance, environment protection, clean folk (sweepers). advisor position
Task 5 Its latest radiology software review application is now to be approved as the last. It indicates why old software is already in place since it is a new program. Consequently, nothing's ever going to stoop or the task in other projects is no slowdowns. It can be achieved as the last goal.
Investors involved-officials of the IT agency, diagnostic agents.
The process improvement throughout the solution of the problems in the hospitals by providing them the necessary importance to identify the priorities of different tasks.
Cash register on January 1 for $5,400. This register has a useful life of 10 years and a salvage value of $400. What would be the depreciation expense for the second-year of its useful life using the double-declining-balance method
Answer:
$800
Explanation:
Double-declining-balance method is also known as reducing balance method.
Depreciation Expense = 2 × SLDP × BVSLDP
Where,
SLDP = 100 ÷ Number of Useful Life
= 100 ÷ 10
= 10 %
Year 1
Depreciation Expense = 2×10%×($5,400 - $400)
= $,1000
Year 2
Depreciation Expense = 2×10%×($5,400 - $400- $,1000)
= $800
At the beginning of the month, the Painting Department of Skye Manufacturing had 20,000 units in inventory, 70% complete as to materials, and 20% complete as to conversion. The cost of the beginning inventory, $28,650, consisted of $22,400 of material costs and $6,250 of conversion costs. During the month the department started 115,000 units and transferred 120,000 units to the next manufacturing department. Costs added in the current month consisted of $229,600 of materials costs and $540,500 of conversion costs. At the end of the month, the department had 15,000 units in inventory, 40% complete as to materials and 10% complete as to conversion. If Skye Manufacturing uses the weighted average method of process costing, compute the costs per equivalent unit of materials and conversion respectively for the Painting Department.
a. $2.00;$4.50
b. $1.82;$4.45
c. $2.05;$4.60
d. $2.05;$4.45
e. $2.25; $4.65
Answer:
a. $2.00; $4.50
Explanation:
Equivalent unit of material = 120,000 units + (15,000 units*40%)
Equivalent unit of material = 120,000 units + 6,000 units
Equivalent unit of material = 126,000 units
Cost per equivalent unit of material = ($22,400 + $229,600) / 126,000 unit
Cost per equivalent unit of material = $252,000 / 126,000 unit
Cost per equivalent unit of material = $2 per unit
Equivalent unit of conversion cost = 120,000 units + (15,000*10%)
Equivalent unit of conversion cost = 120,000 units + 1,500 units
Equivalent unit of conversion cost = 121,500 units
Cost per equivalent unit of conversion = ($6,250 + $540,500) / 121,500 units
Cost per equivalent unit of conversion = $546,750 / 121,500 units
Cost per equivalent unit of conversion = 4.50 per unit.
The Polaris Company uses a job-order costing system. The following transactions occurred in October:
a. Raw materials purchased on account, $210,000.
b. Raw materials used in production, $191,000 ($152,800 direct materials and $38,200 indirect materials).
c. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000.
d. Depreciation recorded on factory equipment, $104,000.
e. Other manufacturing overhead costs accrued during October, $129,000.
f. The company applies manufacturing overhead cost to production using a predetermined rate of $7 per machine-hour. A total of 76,100 machine-hours were used in October.
g. Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods.
h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 32% above cost.
Required:
a. Prepare journal entries to record the transactions given above.
b. Prepare T-accounts for Manufacturing Overhead and Work in Process.
Answer:
Journal entries are given below
Explanation:
We should always record the assets and expenses on the debit side of the account and liabilities and capital on the credit side of the account.
a. Raw materials purchased
Account DEBIT CREDIT
Raw material 210,000
Payables 210,000
b. Raw materials used in production
Account DEBIT CREDIT
Work in process inventory 152,800
Manufacturing Overhead 38,200
Raw material 191,000
c. Accrued direct labor cost
Account DEBIT CREDIT
Work in process 49,000
Manufacturing Overhead 21,000
Wages payable 70,000
d. Depreciation recorded on factory equipment
Account DEBIT CREDIT
Depreciation 104,000
Accumulated depreciation 104,000
e. Other manufacturing overhead
Account DEBIT CREDIT
Manufacturing Overhead 129,000
Account payable 129,000
f. The company applies manufacturing overhead cost to production
Account DEBIT CREDIT
Work in process inventory 532,700
(76,100 x $7)
Manufacturing Overhead 532.700
g. Job cost sheets were completed
Account DEBIT CREDIT
Finished goods inventory 513,000
Work in process inventory 513,00
h. Job cost sheets were shipped to customers
Account DEBIT CREDIT
Cost of goods sold 450,000
Finished goods inventory 450,000
Carmen and Marc form Apple Corporation. Carmen transfers land that is Sec. 1231 property, with an adjusted basis of $18,000 and an FMV of $20,000 in exchange for onehalf of the Apple Corporation stock. Marc transfers equipment that originally costs $28,000 on which he has taken $5,000 in depreciation deductions. The equipment has an FMV of $25,000 and he receives onehalf of the stock and a $5,000 shortterm note. The transaction meets the requirements of Sec. 351. Which statement below is correct?
a. Carmen recognizes a $2,000 Sec. 1231 gain and Marc recognizes $5,000 as ordinary income.
b. Carmen recognizes no gain and Marc recognizes $2,000 as ordinary income.
c. There is no recognized gain or loss.
d. Carmen recognizes a $2,000 Sec. 1231 gain and Marc recognizes a $5,000 Sec. 1231 gain.
Answer:
A. Carmen recognizes a $2,000 Sec. 1231 gain and Marc recognizes $5,000 as ordinary income.
Explanation:
Carmen transferred land (Sec. 1231 property) that has adjusted basis $18,000 with a FMV of $20,000. This means there is a gain to be recognized on the transfer of $2,000.
In case of Marc, there is no gain or loss on the transfer of equipment. However, the value of $5,000 short term note received will be recognized as ordinary income.
A. Keeping in view the above provided information, this statement is correct.
B. The transfer does result in a gain for Carmen, therefore, this statement is incorrect.
C. As there is gain for one individual and odinary income to be recoginzed for the other, therefore, this statement is also incorrect.
D. Marc has not transferred property Sec. 1231 instead the transfer was of machinery. Hence, this statement is also incorrect.
Suppose that France and Sweden both produce jeans and olives. France’s opportunity cost of producing a crate of olives is 4 pairs of jeans, while Sweden’s opportunity cost of producing a crate of olives is 10 pairs of jeans. By comparing the opportunity cost of producing olives in the two countries, you can tell that has a comparative advantage in the production of olives, and has a comparative advantage in the production of jeans. Suppose that France and Sweden consider trading olives and jeans with each other. France can gain from specialization and trade as long as it receives more than of jeans for each crate of olives it exports to Sweden. Similarly, Sweden can gain from trade as long as it receives more than of olives for each pair of jeans it exports to France. Based on your answers to the previous question, which of the following terms of trade (that is, price of olives in terms of jeans) would allow both Sweden and France to gain from trade? a. 1 pair of jeans per crate of olives b. 2 pairs of jeans per crate of olives c. 16 pairs of jeans per crate of olives d. 7 pairs of jeans per crate of olives
Answer:
France - Comparative Advantage in Olives, Sweden - Comparative Advantage in Jeans. France gains in trade by > 4 jeans/ olive, Sweden gains in trade by > 1/10 olive/jeans. d) 7 pair jeans per crate olives.
Explanation:
France opportunity cost of producing a crate of olives is 4 pairs of jeans, while Sweden’s opportunity cost of producing a crate of olives is 10 pairs of jeans.
As France opportunity cost of olive (in terms of jeans' pair sacrifised) is lesser than Sweden, it has comparative advantage in olives. Similarly, Sweden opportunity cost of jeans (in terms of olives sacrifised) is lesser ie 1/10, than France opportunity cost ie 1/4. So, Sweden has opportunity cost in Jeans.
France can gain in trade if it gets more than 4 pair jeans per olive crate. Sweden can gain in trade if it gets more than 1/10 olive crate per jeans pair.
'7 pairs of jeans per crate of olives' satisfies gainful trade conditions for both France & Sweden as : 7 (ie > 4) Jeans per olive, 1/7 (ie > 1/10) olive per jeans.
Suppose that this year's money supply is $400 billion, nominal GDP is $12 trillion, and real GDP is $4 trillion.
The price level is______ , and the velocity of money is______ .
Suppose that velocity is constant and the economy's output of goods and services rises by 3 percent each year. Use this information to answer the questions that follow.
If the Fed keeps the money supply constant, the price level will_______ , and nominal GDP will_______ .
True
False
If the Fed wants to keep the price level stable instead, it should_________ keep the money supply_______ unchanged next year. True False If the Fed wants an inflation rate of 11 percent instead, it should the money supply by % . (Hint: The quantity equation can be rewritten as the following percentage change formula:
Answer:
1. Price Level
= Nominal GDP/Real GDP
= 12 trillion/4 trillion
= $3
b. Velocity
= Price level * Real GDP/ Money supply
= 3 * 4/0.4
= 30
2. If the Fed keeps the money supply constant, the price level will Decrease , and nominal GDP will Remain the same .
The economy rose however money supply was kept constant. This means that prices could not rise and so had to decrease to cater for the increase in output. With lower prices but higher output, the Nominal GDP remained the same.
3. If the Fed wants to keep the price level stable instead, it should keep the money supply unchanged next year. TRUE
4. If the Fed wants an inflation rate of 11 percent instead, it should Increase the money supply by 14%.
(Percentage Change in Money supply) + (Percentage Change in V) = (Percentage Change in Price) + (Percentage Change in GDP).)
V is constant so is 0.
(Percentage Change in M) = (Percentage Change in P) + (Percentage Change in Y).)
= 11% + 3%
= 14%
The price level and velocity are $3 and 30 respectively, if money supply is constant price decreases, if price level is stable the money supply remain unchanged. The money supply rate is 14%
What is GDP?GDP stands for gross domestic product, it is the total value (in monetary terms) of all finished goods and services produced by a country within a specific time period, usually a year.
Given:
Money Supply=$400 billion,
Nominal GDP = $12 trillion
Real GDP = $4 trillion
1.a. Price Level
= Nominal GDP/Real GDP
= 12 trillion/4 trillion
= $3
1.b. Velocity of money supply
= Price level x Real GDP/ Money supply
= 3 x 4/0.4
= 30
The price level is $3, and the velocity of money is 30.
2. On keeping the money supply constant by the Fed, the price level will Decrease, and nominal GDP will remain the same.
3. In order to keep the price level stable instead, the Fed should keep the money supply unchanged next year. TRUE
4. If the Fed wants an inflation rate of 11% instead, it should increase the money supply by 14%.
%ΔM+%ΔV=%ΔP+%ΔY
or
(Percentage Change in Money supply) + (Percentage Change in V) = (Percentage Change in Price) + (Percentage Change in GDP).
V is constant, so is 0.
(Percentage Change in M) = (Percentage Change in P) + (Percentage Change in Y).
= 11% + 3%
= 14%
Therefore, it can be said the above calculation aptly describes the statements.
Learn more about GDP here:
https://brainly.com/question/4131508
If the owner contributes 9200 and the owner withdraws 44500, how much is net income
Rhianna makes edgy women's custom t-shirts. Rhianna started her business this year, and she uses a normal costing system.The company has two direct cost pools, materials and labor, and one indirect cost pool, overhead. Overhead is charged to jobs on the basis of direct labor cost. The following information is available for the most recent year: Budgeted direct labor costs $ Budgeted overhead costs $ Costs of material actually used $ Actual direct labor costs $ Actual overhead costs $ Rhianna had two jobs in process on December 31 of this year Jobs 75 and 76. There is no finished goods inventory because jobs are sent to customers as soon as they are completed. Direct costs associated with each job are below:________. Job 75 Job 76 Direct materials $ $ Direct labor $ $ Based on this data, the predetermined overhead rate is $ of manufacturing overhead for each dollar of direct labor costs. Required: Round your answer to the nearest dollar. Do not include %, $, etc.in your response. Using this overhead allocation rate and the data above, calculate:______ 1. The total manufacturing cost for Job 75. _____2. The total manufacturing cost for Job 76. ______
Find full question attached
Answer and Explanation:
1. Total manufacturing cost for job 75 and job 76= manufacturing cost for job 75 + manufacturing cost for job 76( being work in progress at end of the year)
= $(35725+49656)
=$85381
2. There is no cost of goods sold since there was no finished products and therefore no sales
Beaverton Lumber purchased milling equipment for $51,000. In addition to the purchase price, Beaverton made the following expenditures: freight, $3,100; installation, $4,600; testing, $3,600; personal property tax on the equipment for the first year, $1,300. What is the initial cost of the equipment
Answer:
$62,300
Explanation:
Calculation for the initial cost of the equipment
Initial cost of the equipment:
Purchase price$51,000
Freight $3,100
Installation $4,600
Testing $3,600
Total cost $62,300
Therefore the initial cost of the equipment will be $62,300
Acklin Company has two products: A and B. Annual production and sales are 600 units of Product A and 900 units of Product B.The company has traditionally used direct labor-hours as the basis for applying all manufacturing overhead to products.Product A requires 0.5 direct labor hours per unit and Product B requires 0.3 direct labor hours per unit.The total estimated overhead cost for the next period is $63,322.The company is now considering switching to an activity-based costing system. The new activity-based costing system would have three overhead activity cost pools- Activity 1, Activity 2, and General Factory-with estimated overhead costs and expected activity as follows:Estimated Overhead Expected Activity (Allocation Base)Activity Pool Cost Product A Product B TotalActivity 1 $18,900 700 200 900Activity 2 15,631 1,000 100 1,100General factory 28,791 300 270 570Total $63,322 (Note: The General Factory activity pool's costs are allocated on the basis of direct labor hours.)1. The overhead cost per unit of Product A under the traditional costing system is closest to:A) $10.50B) $55.55C) $25.26D) $7.112. The overhead cost per unit of Product A under the activity-based costing system is closest to:A) $25.26B) $73.44C) $42.21D) $55.55
Answer:
1. B $55.55
2.
Explanation:
1. The overhead cost per unit of product A under the traditional costing system
Overhead cost per unit = Estimated manufacturing overhead / Direct labor hours
= $63,332 / (570 × 0.5)
= $55.55 per unit
2. Activity rate
Which is a kind of federal payroll tax?
The two main federal payroll taxes levied on wages are known as Federal Insurance Contributions Act (FICA) taxes. Employees and employers both pay FICA taxes: employees usually have them withheld from their paychecks, while employers pay them in addition to any other taxes they owe.
Answer:
Medicare Tax
Explanation:
just answered question
Mostert Music Company had the following transactions in March:
a. Sold music lessons to customers for $14,000; received $8,400 in cash and the rest on account.
b. Paid $680 in wages for the month.
c. Received a $325 bill for utilities that will be paid in April.
d. Received $3,200 from customers as deposits on music lessons to be given in April.
Based on the information above, prepare a cash basis and an accrual basis income statement.
Answer:
1. Cash income is $10,920
2. Net income is $12,995
Explanation:
1. Cash basis income statement
A cash basis income statement refers to an income statement that records revenue for which cash has been received and expenses for which cash has been paid for in a particular period. Therefore, cash basis income statement is not compliant with the generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS).
The cash basis income statement for Mostert Music Company for March can therefore be prepared as follows:
Mostert Music Company
Income Statement (Cash Basis)
For the month ended March
Particulars $
Cash Revenue:
Cash received for music lesson sold 8,400
Deposit received from customers 3,200
Total Cash revenue 11,600
Cash Expenses:
Wages paid (680)
Cash income 10,920
2. Accrual basis income statement
An accrual basis income statement records revenues when they are earned and expenses when they incurred no matter when cash is received or paid. Therefore, an accrual basis income statement is compliant with GAAP or IFRS.
The accrual basis income statement for Mostert Music Company for March can therefore be prepared as follows:
Mostert Music Company
Income Statement (Accrual Basis)
For the month ended March
Particulars $
Revenue:
Total sales to customers 14,000
Expenses:
Wages (680)
Utilities bill (325)
Net income 12,995
On January 1, Skysong, Inc. had 90,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred.
Apr1. Issued 21,000 additional shares of common stock for $19 per share.
June15. Declared a cash dividend of $1 per share to stockholders of record on June 30.
July10. Paid the $1 cash dividend. Dec.1Issued 2,500 additional shares of common stock for $18 per share.
December15. Declared a cash dividend on outstanding shares of $4.30 per share to stockholders of record on December 31.
Prepare the entries, on each of the three dividend dates. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.
Date Account Titles and Explanation Debit Credit
June15
July10
Dec15
Answer:
No. of shares outstanding = A
Par Value (at $5) = B
Additional Paid in capital in excess of Par = C
Dividend = D
A B(A*$5) C D
Jan 1 balance 90,500 $452,500 $0
shares
Add: Issued Apr 1 21,000 $105,000 $294000
shares
June 30 Balance 111,500 $557,500 $294,000 $111,500
shares [111,500 shares x $1]
Add: Dec 1 Issued 2,500 shares $12,500 $32,500
Dec 31 Balance 114,000 $570,000 $326,500 $490,200
[114,000 shares x $4.3]
Journal Entries based on above
Date Accounts Titles Debit Credit
15-Jun Dividends $111,500
Dividends payable $111,500
10-Jun Cash $111,500
Dividends $111,500
15-Dec Dividends $490,200
Dividends payable $490,200