Answer:
$11,000 under applied
Explanation:
To compute the under or over applied overhead, we need to find out the predetermined overhead rate
Predetermined overhead rate = Total estimated manufacturing overhead ÷ Estimated machine hours
= $4,100,000 ÷ 500,000
= $8.2
Then, the overhead applied is;
= Actual machine hours × Predetermined overhead rate
= 495,000 × $8.2
= $4,059,000
Now, the under applied or over applied overhead is
= Actual annual overhead cost - Applied overhead
= $4,070,000 - $4,059,000
= $11,000 under applied
On January 1, 2015, VITO Corporation had 110,000 shares of its $5 par value common stock outstanding. On June 1, the corporation acquired 10,000 shares of stock to be held in the treasury. On December 1, when the market price of the stock was $10, the corporation declared a 20% stock dividend to be issued to stockholders of record on December 20, 2015. What was the impact of the 20% stock dividend on the balance of the retained earnings account
Answer:
the impact is $200,000 decrease
Explanation:
The computation of the impact is as follows
= (Total shares - treasury stock) × market price of the stock × dividend percentage
= (110,000 shares - 10,000 shares) × $10 × 20%
= $200,000 decrease
hence, the impact is $200,000 decrease
The interdependence principle: is the same as the cost-benefit principle. implies that consumers depend on each other to make purchase decisions in the market. implies that buyers decisions are affected by many factors other than the price of an item. refers to the marginal benefit of consuming additional units of an item.
Answer:
Option a (implies............market) is the right response.
Explanation:
As stated throughout the concept of interdependence, these same purchase behaviors, as well as judgments of customers, have been influenced by the choices of about there peers. There are therefore multimedia adverse effects during which companies depend on everyone to decide what to buy mostly on the real economy.Some other options available are not connected to the circumstance in question. So the option above is correct.
You have been learning about the accounting equation, debits/credits, and account normal balances. The accounting equation is the foundation of accounting. Understanding debits/credits and the account normal balances are just as important. Sometimes, these concepts are difficult to understand and/or remember. Please research the Internet to find fun and easy ways to remember this information. It could be a song, a mnemonic, phrase, video, etc. It can even be something that you have created. Make sure that the information is college appropriate. Please post your findings and include a link that references the material. Then in a minimum of a paragraph, summarize why you choose this source, how it has helped you remember the material, and why other students would find it helpful.
Answer:
using the word DEALER
since we record our debit accounts on the left hand side of the Ledger and we record credit accounts on the right hand side of the Ledger hence
DEA represents ( Dividends, expenses , Assets ) which are recorded in Debit accounts while
LER represents ( Liabilities ,Equity and revenues ) which are recorded in credit accounts
Explanation:
The fundamentals of accounting is based on the ability to distinguish between a Debit and a credit . ability to do this efficiently will help in the process of balancing the ledger at the end of each accounting period. most times the concepts of Debits and credits are not so easy to memorize hence i will such the Fun way of Memorizing them which is;
using the word DEALER
since we record our debit accounts on the left hand side of the Ledger and we record credit accounts on the right hand side of the Ledger hence
DEA represents ( Dividends, expenses , Assets ) which are recorded in Debit accounts while
LER represents ( Liabilities ,Equity and revenues ) which are recorded in credit accounts
A company has been determined the they plan to invest $9,800,000 in a new solar field in November 2020. The investment will start paying off providing $200,000 per month starting in May 2021. For planning purposes, the project life would be to November 2030. What is the present value of this project at a required rate of return of 6% per year (Hint - use XNPV)?
Answer:
The Net Present Value of this project is:
$7,358,638.89
Explanation:
a) Data and Calculations:
Estimated cost of investment = $9,800,000 in November 2020
Monthly benefits = $200,000 starting from May 2021
Period of benefits = 9.5 years
Required rate of return = 6% p[er year
Using the Excel NPV (XNPV) function, the NPV = $7,358,638.886
b) The Present Value of the project is the discounted value of the cash inflows of $200,000 for 114 months and $9,800,000 on day 1. An excel copy of the calculations is attached.
One of two alternatives will be selected to reduce flood damage in a rural community in central Arizona. The estimates associated with each alternative are available. Use B/C analysis at a discount rate of 8% per year over a 20-year study period to determine which alternative should be selected. For analysis purposes only, assume that the benefits of reduced flood damage are available in years 3, 9, and 18 of the study period.
Retention Pond Channel
Initial Cost, $880,000 1,500,000
Annual Maintenance, $/Year 92,000 30,000
Reduced Flood Damage, $ 200,000 625,000
Answer:
Since the incremental B/C of 58.21 is less greater 1, it implies that the alternative that should be selected is Channel.
Explanation:
The alternative that should be selected can be determined using the Benefit-Cost (B/C) analysis as follows:
Incremental B/C = [Incremental Flood damage savings * ((1 + r)^-3 + (1 + r)^-9 + ((1 + r)^-18)] / [Incremental initial cost + (Incremental Annual Maintenance cost * ((1 - (1 / (1 + r))^n) / r))] ............... (1)
Where:
Incremental initial cost = Channel initial cost - Retention pond initial cost = $1,500,000 - $880,000 = $620,000
Incremental Annual Maintenance cost = Channel Annual Maintenance - Retention pond Annual Maintenance = $30,000 - $92,000 = -$62,000
Incremental flood damage savings = Channel Incremental flood damage savings - Retention pond incremental flood damage savings = $625,000 - $200,000 = $425,000
r = Discount rate = 8%, or 0.08
n = number of years = 20
Substituting all the relevant values into equation (1), we have:
Incremental B/C = [425000 * ((1+0.08)^-3 + (1+0.08)^-9 + (1+0.08)^-18)] / [$620,000 - ($62,000 * ((1 - (1 / (1 + 0.08))^20) / 0.08))]
Incremental B/C = $656,340.35 / $11,274.86
Incremental B/C = 58.2127235166936
Rounding to 2 decimal places, we have:
Incremental B/C = 58.21
Since the incremental B/C of 58.21 is less greater 1, it implies that the alternative that should be selected is Channel.
This Venn diagram compares two career pathways in the Marketing, Sales, and Service career cluster.
Which correctly lists the titles for this Venn diagram?
Title 1: Marketing and Information Management and Research; Title 2: Professional Sales and Marketing.
Title 1: Marketing Communications and Promotions; Title 2: Marketing and Information Management and Research.
Title 1: E-Marketing; Title 2: Management and Entrepreneurship.
Title 1: Professional Sales and Marketing; Title 2: Buying and Merchandising.
Answer:
Title 1: E-Marketing; Title 2: Management and Entrepreneurship.
Explanation:
Title 1: E-Marketing; Title 2: Management and Entrepreneurship are correct as per the Venn diagram and have two careers marketing and sales.
What is a Venn diagram?A venn diagram is a widely used diagram that shows legal relationships. These diagrams are used for teaching elements set theory and illustrate a set of relationships.
As probability, logic, and statistics. The marketing and sales and a cluster are service career are under title marketing and title two is management and entrepreneurship.
Find out more information about the venn diagram.
brainly.com/question/1538186
Testing for possible impairment of a long-lived asset (asset group) that an entity expects to hold and use is required
a. At each interim and annual balance sheet date.
b. At annual balance sheet dates only.
c. Periodically.
d. Whenever events or changes in circumstances indicate that its carrying amount may not be recoverable.
Answer:
d. Whenever events or changes in circumstances indicate that its carrying amount may not be recoverable.
Explanation:
It is advisable that an entity conducts impairment testing on an annual basis especially when the business is using International Financing Reporting Standards for preparing its financial statements.
However, under the US GAAP, impairment testing is only should only be undertaken when circumstances or events pointing to the fact the asset carrying value is not likely to be recovered, which is applicable in this case since we are dealing with US scenario where US GAAP applies
During peak times, customers arrive at the Showcase SuperLux Theater at a rate of 180 per hour. All customers who enter the theater purchase tickets, but only 85% of customers purchase refreshments. Recall that the processing time for a ticket purchase is 0.75 minutes per customer and that the processing time for a refreshment purchase is 3 minutes per customer. Assume that 2 employees work the ticket booths and 8 employees work the concession stand.
Required:
a. Compute the implied utilization of the resources at the ticket booths and concession stand.
b. What is the flow rate of customers through this process (in customer per hour)?
c. Assume 1 resource is added to the ticket booths. What is the new flow rate of customers through the process (in customers per hour)?
Answer and Explanation:
The computation is shown below:
a) utilization is
= customer per hour ÷ number of booths × service rate
For ticket counter
= 180 ÷ 2 × (1 ÷ .75)
= 180 ÷ 2 × 1.33
= 67.67
= 68 %
For refreshment counter
= 180 × 0.85 ÷ 8 × (1 ÷ 3)
= 153 ÷ 2.64
= 57.95
= 58%
b)capacity is
= no. of resources ÷ processing time
= 2+8 ÷ 45+180
= 10 ÷ 225
= 0.044
= 0.04 customer per second
= 144 customer per hour
The flow rate of customer per hour is 144 customer
c) 1 resource added to ticket booth is
= 11 ÷ 225
= 0.048
= 176 customer per hour
Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $1,800 May 5: Received and paid electricity bill, $100 May 9: Received cash for meals served to customers, $3,890 May 14: Paid cash for kitchen equipment, $3,950 May 23: Served a banquet on account, $2,180 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $490 May 31: Recorded depreciation for May on kitchen equipment, $400 If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May
Answer:
pure cash basis
revenue: $3,890
expenses:
rent $1,800utilities $100equipment $3,950net income = -$1,950
modified cash basis
revenue: $3,890
expenses:
rent $1,800utilities $100depreciation $400net income = $1,590
modified cash basis considers depreciation expense for assets that have a useful life of over 12 months. I guess that the equipment purchased has a useful life of more than one year.
You can buy a television for $349 cash or pay $75 down and the balance in 18 monthly payments of $22.50. What is the installment price of the television? By what percent would the installment price be greater than the cash price?
Cost of Production Report
Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31:
ACCOUNT Work in Process—Roasting Department ACCOUNT NO.
Date Item Debit Credit Balance
Debit Credit
July 1 Bal., 30,000 units, 10% completed 121,800
31 Direct materials, 155,000 units 620,000 741,800
31 Direct labor 90,000 831,800
31 Factory overhead 33,272 865,072
31 Goods transferred, 149,000 units ?
31 Bal., ? units, 45% completed ?
Required:
1. Prepare a cost of production report, and identify the missing amounts for Work in Process—Roasting Department. If an amount is zero, enter "0". When computing cost per equivalent units, round to the nearest cent.
Hana Coffee Company
Cost of Production Report-Roasting Department
For the Month Ended July 31
Unit Information
Units charged to production:
Inventory in process, July 1
Received from materials storeroom
Total units accounted for by the Roasting Department
Units to be assigned costs:
Equivalent Units
Whole Units Direct Materials Conversion
Inventory in process, July 1
Started and completed in July
Transferred to Packing Department in July
Inventory in process, July 31
Total units to be assigned costs
Cost Information
Costs per equivalent unit:
Direct Materials Conversion
Total costs for July in Roasting Department $ $
Total equivalent units
Cost per equivalent unit $ $
Costs charged to production:
Direct Materials Conversion Total
Inventory in process, July 1 $
Costs incurred in July
Total costs accounted for by the Roasting Department $
Cost allocated to completed and partially completed units:
Inventory in process, July 1 balance $
To complete inventory in process, July 1 $ $
Cost of completed July 1 work in process $
Started and completed in July
Transferred to Packing Department in July $
Inventory in process, July 31
Total costs assigned by the Roasting Department $
2. Assuming that the July 1 work in process inventory includes $119,400 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between June and July. If required, round your answers to two decimal places.
Increase or Decrease Amount
Change in direct materials cost per equivalent unit $
Change in conversion cost per equivalent unit $
Answer:
Answer:
Hana Coffee Company
Cost of Production Report-Roasting Department
For the Month Ended July 31
Unit Information
Units charged to production:
Inventory in process, July 1
Received from materials storeroom
Total units accounted for by the Roasting Department 185,000
Units to be assigned costs:
Equivalent Units = 165,200
Whole Units Direct Materials Conversion
Inventory in process, July 1 30,000 30,000 3,000
Started and completed in July 149,000 149,000 149,000
Transferred to Packing in July 155,000 155,000 155,000
Inventory in process, July 31 36,000 36,000 16,200
Total units to be assigned costs 165,200 165,200 165,200
Cost Information
Costs per equivalent unit:
Direct Materials Conversion
Total costs for July in Roasting Dept 865,072 $740,000 $125,072
Total equivalent units 185,000 165,200 165,200
Cost per equivalent unit $4.48 $0.76
Costs charged to production:
Direct Materials Conversion Total
Inventory in process, July 1 $ $120,000 $1,800 $121,800
Costs incurred in July 620,000 123,272 743,272
Total costs accounted for
by the Roasting Department $740,000 $125,072 $865,072
Cost allocated to completed and partially completed units:
Inventory in process, July 1 balance $121,800
To complete inventory in process, July 1 $743,272
Cost of completed July 1 work in process $865,072
Started and completed in July
Transferred to Packing Department in July $780,760
Inventory in process, July 31 84,312
Total costs assigned by the Roasting Department $865,072
2. Assuming that the July 1 work in process inventory includes $119,400 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between June and July. If required, round your answers to two decimal places.
Increase or Decrease Amount
Change in direct materials cost per equivalent unit = $0 ($4 - $4)
Change in conversion cost per equivalent unit = $0 ($0.76 - $0.76)
Explanation:
a) Data and Calculations:
Work in Process—Roasting Department ACCOUNT NO.
Date Item Debit Credit Balance
July 1 Bal., 30,000 units,
10% completed $121,800
31 Direct materials,
155,000 units 620,000 741,800
31 Direct labor 90,000 831,800
31 Factory overhead 33,272 865,072
31 Goods transferred, 149,000 units, 780,760
31 Bal., 36,000 units, 45% completed 84,312
Total units under production:
Beginning balance 30,000
Added units 155,000
Total units 185,000
Units transferred out 149,000
Ending units 36,000
Equivalent unit of production:
Units transferred out 149,000 (100%)
Ending units 16,200 (45%)
Total equivalent unit = 165,200
Direct Materials Conversion
Total cost of units under production = $740,000 $125,072
Total equivalent units = 165,200 165,200
Cost per equivalent unit = $4.48 $0.76
If Direct materials cost = $119,400
Conversion cost will be 2,400 ($121,800 - 119,400)
Direct Materials Conversion Total
Inventory in process, July 1 $ $119,800 $2,400 $121,800
Costs incurred in July 620,000 123,272
Total costs accounted for
by the Roasting Department $739,800 $125,672 $865,072
Equivalent units 165,200 165,200
Cost per equivalent unit $4.48 $0.76
Skysong Inc., a provider of consulting services, was founded on October 1, 2022. At the end of the first month of operations, the company decided to prepare an income statement, retained earnings statement, and balance sheet using the following information. Accounts payable $ 3,700 Supplies $ 2,650 Interest expense 350 Supplies expense 360 Equipment (net) 48,000 Depreciation expense 260 Salaries and wages expense 2,800 Service revenue 19,540 Bonds payable 21,800 Salaries and wages payable 590 Unearned service revenue 4,190 Common stock 9,900 Accounts receivable 1,450 Interest payable 150 Cash 4,000 Using the information, answer the following questions.
Required:
a. Prepare an income statement for the month of October 2022.
b. Prepare a retained earnings statement for the month of October 2022.
c. Prepare a balance sheet as of October 31, 2022.
Answer:
a. Income Statement for the month of October 2022
Revenue:
Service revenue $19,540
Expenses:
Salaries and Wages $2,800
Supplies Expenses $360
Depreciation Expenses $260
Interest Expenses $350
Total Expenses $3,770
Net Income $15,770
b. Retained earnings statement for the month of October 2022
Retained Earnings, October 1, 2020 $0
Add: Net Income $15,770
Retained Earnings, October 31, 2020 $15,770
Voluntary deductions from employee pay can include which of the following:
a. Medicare taxes
b. Pension contributions
c. Life insurance premiums
d. Social Security taxes
e. Union dues
Answer:
B
C
E
Explanation:
Taxes are compulsory sums levied. They have to be paid. They are not voluntary
other deductions are at the discretion of employees
Indicate whether it would appear on the statement of cash flows as a(n): operating activity, investing activity, or financing activity.
a. Cash receipts from customers. choose a type of business activity
b. Issuance of common stock for cash. choose a type of business activity
c. Payment of cash dividends. choose a type of business activity
d. Cash purchase of equipment. choose a type of business activity
e. Cash payments to suppliers. choose a type of business activity
f. Sale of old machine for cash. choose a type of business activity
Answer:
a. Cash receipts from customers.
Statement of cash flows: Operating activity
b. Issuance of common stock for cash
Statement of cash flows: Financing activity
c. Payment of cash dividends
Statement of cash flows: Financing activity
d. Cash purchase of equipment
Statement of cash flows: Investing Activities
e. Cash payments to suppliers
Statement of cash flows: Operating activities
f. Sale of old machine for cash
Statement of cash flows: Investing Activities
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Answer:
The Answer is .
Explanation:
Answer:
heloooooooooooooooooo
Explanation:
The following information is available for two different types of businesses for the 2016 accounting year. Hopkins CPAs is a service business that provides accounting services to small businesses. Sports Clothing is a merchandising business that sells sports clothing to college students.
Data for Hopkins CPAs
1. Borrowed $90,000 from the bank to start the business.
2. Provided $50,000 of services to clients and collected $50,000 cash.
3. Paid salary expense of $32,000.
Data for Sports Clothing
1. Borrowed $90,000 from the bank to start the business.
2. Purchased $50,000 inventory for cash.
3. Inventory costing $26,000 was sold for $50,000 cash.
4. Paid $8,000 cash for operating expenses.
Prepare an income statement, balance sheet, and statement of cash flows for each of the companies.
Answer:
Hopkins CPAs and Sports Clothing
Hopkins CPAs:
Income Statement
Service Revenue $50,000
Salaries expense 32,000
Net Income $18,000
Balance Sheet
Cash $108,000
Total assets $108,000
Bank Loan $90,000
Net Income 18,000
Total liabilities +
equity $108,000
Statement of Cash Flow
Cash from operations:
Net income $18,000
Change in working
capital $90,000
Net operating cash $108,000
Reconciliation with cash:
Cash balance $108,000
Sports Clothing:
Income Statement
Sales Revenue $50,000
Cost of goods sold 26,000
Operating expense 8,000 34,000
Net income $16,000
Balance Sheet
Cash $82,000
Inventory 24,000
Total assets $106,000
Bank Loan $90,000
Net Income 16,000
Total liabilities +
equity $106,000
Statement of Cash Flow
Cash from operations:
Net income $16,000
Change in working
capital:
Bank $90,000
Inventory (24,000)
Net operating cash $82,000
Reconciliation with cash:
Cash balance $82,000
Explanation:
a) Data and Calculations:
Hopkins CPAs
Cash account:
Bank loan $90,000
Service revenue 50,000
Salaries expense (32,000)
Balance = $108,000
Trial balance
Cash $108,000
Bank Loan $90,000
Service Revenue 50,000
Salaries expense 32,000
Totals $140,000 $140,000
Sports Clothing:
Cash account:
Bank loan $90,000
Inventory (50,000)
Sales revenue 50,000
Operating expense (8,000)
Balance = $82,000
Trial balance
Cash $82,000
Bank Loan $90,000
Inventory 24,000
Cost of goods sold 26,000
Sales Revenue 50,000
Operating expense 8,000
Totals $140,000 $140,000
You make $13.00 Per Hour. You work 40 hrs. a week for 5 weeks this month. Total Hrs. Worked = _____
What is your monthly income? ____
Answer:
assuming that this month was extraordinarily long, and had more days than any other month in history, you worked a total of 5 x 40 = 200 hours
Also, due to length of the month, you will earn 200 hours x $13 = $2,600
Generally months tend to have between 20-23 labor days
Mansfield, Inc., has two production departments, Assembly and Packaging. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The predetermined overhead rate in the Assembly Department is based on machine hours (MHs) and it is based on direct labor-hours (DLHs) in the Packaging Department. At the beginning of the year, the company made the following estimates Packaging Assembly 5,200 68, 400 Direct labor-hours Machine-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per DLH Variable manufacturing overhead per MH 62,000 11,900 $419,000 $ 3.75 $390,000 $ 3.00
1 What is the estimated total manufacturing overhead in the Assembly Department?
a. $595,20o
b. $651,600
c. $809.000
d. $1,246,700
2 What is the predetermined overhead rate for the Packing Department?
a. $8.70 per DLH
b. $9.61 per DLH
c. $10.51 per DLH
d. $18.28 per DLH
Answer:
1. a. $595,200
2. c. $10.51 per DLH
Explanation:
The computation is shown below;
1.. Estimated total manufacturing overhead
Total Fixed Manufacturing Overheads $390,000
Add: Total Variable Manufacturing Overheads $205,200
(68400 × 3.00 per MH)
Total Estimated Manufacturing Overheads $595,200
2. The predetermined overhead rate is
Variable Manufacturing Overheads $3.75
Fixed manufacturing Overheads per DLH $6.76 ($419,000 ÷ 62,000)
Pre-determined Oh rate per DLH 10.51
1. mouldboard
2. sickle
a metal plow that could be used to
dig deep ridges in an agricultural field
a long, curved blade used in
agriculture
a device used in harvesting that
separates the husk from the grain
3. thresher
What is a periodic adjustment cap?
O A. A limit on how many times the rate can be adjusted
B. A limit on how much an ARM's interest rate can change at each
adjustment period
O C. A limit on a loan's initial interest rate
OD. A limit on how many years a loan can be for
Answer: B. A limit on how much an ARM’s interest rate can be changed at each adjustment period
Explanation:
Prepare the issuer's journal entry for each of the following separate transactions.
a. On March 1, Atlantic Co. issues 49,500 shares of $4 par value common stock for $318,500 cash.
b. On April 1, OP Co. issues no-par value common stock for $84,000 cash.
c. On April 6, MPG issues 3,400 shares of $20 par value common stock for $53,000 of inventory, $150,000 of machinery, and acceptance of a $103,000 note payable.
Answer:
a.
March 1
Debit : Cash $318,500
Credit : Common Stock $198,000
Credit : Excess of Par $120,500
Being Issue of Par value Shares for $318,500 cash
b.
April 1
Debit : Cash $84,000
Credit : Common Stock $84,000
Being Issue of no Par value shares for $84,000 cash
c.
April 6
Debit : Inventory $53,000
Debit : Note Receivable $103,000
Credit : Common Stock $68,000
Credit : Excess of Par $88,000
Being Issue of Par value Shares for Inventory and Note Receivable
Explanation:
Note: We are instructed to prepare journals from the issuer`s point of view and this needs to be followed.
When shares are issued, the Common Stock increases :
a. For par value Common Stocks, any price paid in excess of par value is accounted in Excess of Par Reserve.
b. For no par value shares, there is no Excess of Par Reserve, we simply record the increase in Common Stock at the price paid for.
The Marchetti Soup Company entered into the following transactions during the month of June:
(a) purchased inventory on account for $245,000 (assume Marchetti uses a perpetual inventory system);
(b) paid $60,000 in salaries to employees for work performed during the month;
(c) sold merchandise that cost $160,000 to credit customers for $300,000;
(d) collected $280,000 in cash from credit customers; and
(e) paid suppliers of inventory $225,000.
Prepare journal entries for each of the above transactions.
Answer:
The Marchetti Soup Company
Journal Entries:
a) Debit Inventory $245,000
Credit Accounts Payable $245,000
To record the purchase of inventory on account.
b) Debit Salaries Expense $60,000
Credit Cash $60,000
To record the payment of salaries for the month.
c) Debit Accounts Receivable $300,000
Credit Sales Revenue $300,000
To record the sale of inventory on account
Debit Cost of Goods Sold $160,000
Credit Inventory $160,000
To record the cost of goods sold.
d) Debit Cash $280,000
Credit Accounts Receivable $280,000
To record the receipt of cash from customers.
e) Debit Accounts Payable $225,000
Credit Cash $225,000
To record the payment to suppliers on account.
Explanation:
Journal entries enable the identification of accounts involved in each transaction. They are used to make the initial record into the accounting books before they are posted to the general ledger. They show the accounts to be debited and the ones to be credited.
Define the term agency
Answer:
a business or organization providing a particular service on behalf of another business, person, or group.
Explanation:
Xavier and Yolanda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%, salary allowances of $27,000 and $18,000 respectively, and the remainder equally. How much of the net income of $40,000 is allocated to Xavier?
A) $22,000
B) $32,000
C) $0
D) $20,000
Answer:
A) $22,000
Explanation:
The computation of the net income allocated to Xavier is shown below:
Particulars Xavier Yolanda Total
Capital $50,000 $100,000
Interest at 10% $5,000 $10,000 $15,000
Allowances $27,000 $18,000 $45,000
Now the net income allocated to xavier is
= $5,000 + $27,000 + ($40,000 - $15,000 - $45,000) × 50%
= $32,000 - $10,000
= $22,000
Employability skills are "general skills that are necessary for success in the labor market at all employment levels and in all sectors."
True
False
Answer:
true
Explanation:
Oriole Industries collected $106,000 from customers in 2020. Of the amount collected, $25,600 was for services performed in 2019. In addition, Oriole performed services worth $38,100 in 2020, which will not be collected until 2021. Oriole Industries also paid $71,500 for expenses in 2020. Of the amount paid, $29,900 was for expenses incurred on account in 2019. In addition, Oriole incurred $43,400 of expenses in 2020, which will not be paid until 2021.
A. Compute 2020 cash-basis net income.
B. Compute 2020 accrual-basis net income.
Answer:
A. 2020 cash-basis net income = $34,500
B. 2020 accrual-basis net income = $33,500
Explanation:
A. Compute 2020 cash-basis net income.
Cash-basis net income is computed by deducting the cash paid from cash received in an accounting period, i.e. 2020, as follows:
2020 cash-basis net income = Cash collected in 2020 - Expenses paid in 2020 = $106,000 - $71,500 = $34,500
B. Compute 2020 accrual-basis net income.
Accrual-basis net income is computed by deducting total expenses incured in the period from the total income earned in the period regardless of whether or mot cash is paid or received in period, i.e. 2020, as follows:
2020 accrual-basis net income = Cash collected for services performed in 2020 + Service performed on account in 2020 but to be collected in 2021 - Cash paid for expenses incurred in 2020 - Expenses incurred on account in 2020 but to be paid in 2021
2020 accrual-basis net income = ($106,000 - $25,600) + $38,100 - ($71,500 - $29,900) - $43,400 = $33,500
Charles Lackey operates a bakery in Idaho Falls, Idaho. Because of its excellent product and excellent location, demand has increased by 55% in the last year. On far too many occasions, customers have not been able to purchase the bread of their choice. Because of the size of the store, no new ovens can be added. At a staff meeting, one employee suggested ways to load the ovens differently so that more loaves of bread can be baked at one time. This new process will require that the ovens be loaded by hand, requiring additional manpower. This is the only thing to be changed. (Productivity remains the same.) The bakery makes 1,500 loaves per month with a labor productivity of 2.344 loaves per labor-hour, how many workers will lackey need to add? (hint: each worker works 160 hours per month).
Answer:
Charles Lackey Bakery
The number of workers that Lackey will need to add is:
= 2.
Explanation:
a) Data and Calculations:
Increase in demand for bread = 55%
Units of bread produced per month = 1,500 loaves
Expected increase in production = 625 loaves
Total units of bread to be produced with the increase = 2,125 loaves
Labor productivity = 2.344 loaves per labor-hour
Labor hours by each worker per month = 160 hours
Total loaves produced by a worker = 375 (160 * 2.344) loaves
Number of workers currently engaged = 4 (1,500/375)
Number of workers needed to produce 2,325 (1,500 * 1.55) loaves with same labor productivity = 2,325/375 = 6.2
Number of workers that Lackey will add = 2 (6 - 4).
b) The labor productivity shows the output per labor-hour. If a worker, who works for 160 hours a month, can produce 375 loaves of bread, it implies that 6 workers, working the same labor-hours each will be able to produce 2,325 approximately, which equals the expected total output caused by the 55% increase in demand from 1,500 loaves of bread per month.
Which phrase best completes the list?
Characteristics of the U.S. Economy
Free market with some government regulation
Competition between businesses encouraged
A. No centralized banking system
B. Banks owned mostly by the government
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Ο Ο
C. Tax rates set by private companies
D. Individuals and businesses given economic freedom
Answer:
d
Explanation:
I took the quiz
Smith Company reported pretax book income of $406,000. Included in the computation were favorable temorary differences of $51,200, unfavorable temporary differences of $40,600. Smith's deferred income tax expense or benefit would be:
Answer:
$3,604
Explanation:
Calculation for what Smith's deferred income tax expense or benefit would be:
Using this formula
Deferred income tax expense =(favorable temporary difference-unfavorable temporary difference)*Tax rate
Let plug in the formula
Deferred income tax expense =($51,200-$40,600)*21%
Deferred income tax expense =$10,600*34%
Deferred income tax expense =$3,604
Therefore Smith's deferred income tax expense or benefit would be:$3,604
A survey was conducted from 1000 people about what they like the most? By looking at graph how many people enjoyed grapes and bananas?
Answer: 270 people
Explanation:
Looking at the graph you can tell that: 20% of the people enjoyed grapes and 7% enjoyed bananas.
The percentage of people who enjoy both bananas and grapes is:
= 20 + 7
= 27%
1,000 people were interviewed. The number of people who enjoy both bananas and grapes is:
= 27% * 1,000
= 270 people