Answers
2nd one: furniture account credited
3rd one: loan account debited
4th: loan account credited
Matching the transactions to their relevant posting in the ledger are;
Business purchases furniture: furniture account debited
Business sells furniture: furniture account credited
Business takes a loan from the bank: loan account debited
Business pays off the loan: loan account credited
The three primary categories of ledgers are;
1) General ledger: This is where accounts are kept that match the income statement and balance sheet they are intended for.
2) Sales ledger or debtor's ledger: This displays the current balance of money owed by clients to you and your business.
3) The purchase ledger, often known as the creditor's ledger, is a list of the goods and services a business has purchased, together with the amounts that have been paid and still need to be paid.
To know more about ledger:
https://brainly.com/question/30449784
#SPJ2
Related Questions
Owners of a local restaurant are concerned about their ability to provide quality service as they continue to grow and attract more customers. They have collected data from Friday and Saturday nights, their busiest times of the week. During these time periods about 126 customers arrive per hour for service. Given number of tables and chairs, and the typical time it takes to serve a customer, the owners estimate they can serve on average about 121 customers per hour.
During these nights, are they in the zone of service, the critical zone , or the zone of non service?
A. zone of service
B. zone of non service
C. critical zone
Answers
Answer:
Option B Zone of non service
Explanation:
We can decide whether it will be one of each zone mentioned above by identifying whether the service rate is greater than the arrival rate or vice versa.
Zone of service = Service rate is greater than the mean arrival rate
Critical zone = Service rate equals to mean arrival rate
Zone of non service = Mean arrival rate is greater than the service rate
Calculation
Capacity utilization rate = Arrival rate / Number of customers they can serve
Capacity utilization rate = 126 / 121
Capacity utilization rate = 104%
Since the mean arrival rate is greater than the service rate Its would be a Zone of non service
Suppose a union successfully negotiates an increase in the wages of workers producing computer chips. This would lead to (a decrease, an increase) in the supply of computers, causing the price of computers to (rise, fall) . Because computers and computer software are (substitutes, complements) , this change in price would cause the demand for computer software to (increase, decrease) . However, computers and typewriters are (substitutes, complements) , so the change in the price of computers would (decrease, increase) the demand for typewriters.
Answers
Answer:
Decrease
rise
complements
decrease
substitutes
increase
Explanation:
As a result of the increase in wages would lead to an increase in the cost of production and as a result a fall in supply. As a result of the fall in supply, the price of computers would rise.
Complement goods are goods that can be used together. computers and computer software are used together. As a result of the rise in price of the computers, which would lead to fall in demand for computers, there would be less demand for the software. So, the demand for software would fall.
Substitute goods are goods that can be used in place of another good. A rise in price of computers would lead to a rise in demand for typewriters.
The following trial balance of Sheffield Co. does not balance.
SHEFFIELD CO. TRIAL BALANCE JUNE 30, 2020
Debit Credit
Cash $3,227
Accounts Receivable $2,874
Supplies 1,157
Equipment 4,157
Accounts Payable 3,023
Unearned Service Revenue 1,557
Common Stock 6,357
Retained Earnings 3,357
Service Revenue 2,737
Salaries and Wages Expense 3,757
Office Expense 1,297
Totals $14,799 $18,701
Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors.
1. Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750.
2. The purchase of a computer printer on account for $857 was recorded as a debit to Supplies for $857 and a credit to Accounts Payable for $857.
3. Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89.
4. A payment of $422 for telephone charges was recorded as a debit to Office Expense for $422 and a debit to Cash for $422
5. When the Unearned Service Revenue account was reviewed, it was found that service revenue amounting to $682 was performed prior to June 30 (related to Unearned Service Revenue)
6. A debit posting to Salaries and Wages Expense of $1,027 was omitted.
7. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260
8. A dividend of $932 was debited to Salaries and Wages Expense for $932 and credited to Cash for $932.
Required:
Prepare a correct trial balance.
Answers
Answer:
SHEFFIELD CO.
Corrected TRIAL BALANCE JUNE 30, 2020
Debit Credit
Cash $2,563
Accounts Receivable 2,694
Supplies 300
Equipment 5,014
Accounts Payable $2,557
Unearned Service Revenue 875
Common Stock 6,357
Retained Earnings 3,357
Service Revenue 4,220
Dividend 932
Salaries and Wages Expense 3,852
Office Expense 1,297
Explanation:
a) Data and Calculations:
SHEFFIELD CO. TRIAL BALANCE JUNE 30, 2020
Debit Credit
Cash $3,227 + 180 - $844
Accounts Receivable 2,874 - 180
Supplies 1,157 - 857
Equipment 4,157 + 857
Accounts Payable $3,023 - 466
Unearned Service Revenue 1,557 - 682
Common Stock 6,357
Retained Earnings 3,357
Service Revenue 2,737 + 801 + 682
Dividend 932
Salaries and Wages Expense 3,757 + 1,027 - 932
Office Expense 1,297
Totals $14,799 $18,701
Journal Entries to correct errors:
1. Debit Cash Account $180
Credit Accounts Receivable $180
To correct error of transposition.
2. Debit Office Equipment $857
Credit Supplies $857
To correct error of commission (posting to the wrong account).
3. Debit Suspense $801
Credit Service Revenue $801
To correct error of understatement on one side of the ledger.
4. Debit Suspense $844
Credit Cash Account $844
To reverse an error of commission.
5. Debit Unearned Service Revenue $682
Credit Service Revenue $682
To recognize revenue for services performed.
6. Debit Salaries & Wages Expense $1,027
Credit Suspense Account $1,027
To correct error of omission.
7. Debit Accounts Payable $466
Credit Suspense $466
To correct error of commission
8. Debit Dividend $932
Credit Salaries and Wages Expense $982
To correct error of commission
explain PPP in 300 words
Answers
Record the journal entry for each transaction below. Reference each transaction by date:
a. On September 1, Pat Hopkins established Ona Cloud Corporation (OCC) as a provider of cloud computing services.
b. Pat contributed $15,000 for 1,500 shares of OCC.
c. On September 8, OCC borrowed $23,000 from a bank, promising to repay the bank in two years.
d. On September 10, OCC wrote a check for $20,500 to acquire computer equipment.
e. On September 15, OCC received $1,650 of supplies purchased on account and, on September 16, paid $2,250 for September rent. Through September 22, OCC provided its customers $10,250 of services, of which OCC collected $7,500 in cash.
f. On September 28, OCC paid $325 for Internet and phone service this month.
g. On September 29, OCC paid wages of $5,650 for the month.
Finally, on September 30, OCC submitted its electricity meter reading online and determined that the total charges for the month will be $730. This amount will be paid on October 14 through a preauthorized online payment.
Answers
Answer:
Ona Cloud Corporation (OCC)
Journal Entries:
a. September 1:
Establishment of Ona Cloud Corporation.
b. September 1:
Debit Cash Account $15,000
Credit Common Stock $15,000
To record the common stock contributed by Pat Hopkins.
c. September 8:
Debit Cash Account $23,000
Credit Notes Payable $23,000
To record the bank loan payable in two years' time.
d. September 10:
Debit Equipment $20,500
Credit Cash Account $20,500
To record the purchase of computer equipment.
e. September 15:
Debit Supplies $1,650
Credit Accounts Payable $1,650
To record the purchase of supplies on account.
e. September 16:
Debit Rent Expense $2,250
Credit Cash Account $2,250
To record the payment for September rent.
e. September 22;
Debit Cash $7,500
Debit Accounts Receivable $2,750
Credit Service Revenue $10,250
To record the provision of services through September 22.
f. September 28:
Debit Utilities Expense $325
Credit Cash Account $325
To record payment for internet and phone service for the month.
g. September 29:
Debit Wages Expense $5,650
Credit Cash Account $5,650
To record the payment of wages for the month.
i. September 30:
Debit Utilities Expense $730
Credit Utilities Payable $730
To accrue unpaid electric utilities bill for the month.
Explanation:
Ona uses the general journal to record its business transactions initially as they occur from one day to another. Journal entries identify the accounts involved in each transaction. It records the account to be debited and the account to be credited in the general ledger.
List four job advertisements can be found
Answers
Answer:
tropical smoothie cafe
mcdonalds
dunkin doughnuts
starbucks
Explanation:
theres a whole lot more!!!!
Consider the following scenario:
Cold Goose Metal Works Inc.’s income statement reports data for its first year of operation. The firm’s CEO would like sales to increase by 25% next year.
1. Cold Goose is able to achieve this level of increased sales, but its interest costs increase from 10% to 15% of earnings before interest and taxes (EBIT).
2. The company’s operating costs (excluding depreciation and amortization) remain at 70.00% of net sales, and its depreciation and amortization expenses remain constant from year to year.
3. The company’s tax rate remains constant at 40% of its pre-tax income or earnings before taxes (EBT).
4. In Year 2, Cold Goose expects to pay $300,000 and $2,306,475 of preferred and common stock dividends, respectively.
Complete the Year 2 income statement data for Cold Goose, then answer the questions that follow. Round each dollar value to the nearest whole dollar.
Cold Goose Metal Works Inc. Income Statement for Year Ending December 31
Year 1 Year 2 (Forecasted)
Net sales $30,000,000 $
Less: Operating costs, except depreciation and amortization 21,000,000
Less: Depreciation and amortization expenses 1,200,000 1,200,000
Operating income (or EBIT) $7,800,000 $
Less: Interest expense 780,000
Pre-tax income (or EBT) 7,020,000
Less: Taxes (40%) 2,808,000
Earnings after taxes $4,212,000 $
Less: Preferred stock dividends 200,000
Earnings available to common shareholders 4,012,000
Less: Common stock dividends 1,263,600
Contribution to retained earnings $2,748,400 $3,387,850
Answers
Answer:
Explanation:
See attached file .
Consider the following income statement for the Heir Jordan Corporation:_____.
HEIR JORDAN CORPORATION
Income Statement
Sales $ 48,200
Costs 34,000
Taxable income $ 14,200
Taxes (23%) 3,266
Net income $ 10,934
Dividends $ 3,600
Addition to retained earnings 7,334
The balance sheet for the Heir Jordan Corporation follows. Based on this information and the income statement, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not. (Leave no cells blank - be certain to enter "0" whenever the item is not a constant percentage of sales. Enter each answer as a percent rounded 2 decimal places, e.g., 32.16.)
Answers
Answer:
The rest of the question and the answer are attached.
To get the percentages, the following formula was used;
= (Account/ Sales) * 100
For instance, for the Fixed Assets it was;
= (37,200/48,200) * 100
= 77.18%
What type of business organization offers many benefits and is specific to
the United States?
A. Corporations
B. Limited liability companies
C. Sole proprietors
D. Partnerships
Answers
The kind of business organization offers many benefits and is specific to the United States is Sole proprietors. Thus, option C is correct.
What is Sole Proprietors?A Sole proprietor is an individual who owns an unincorporated business on his or her own. If you are the lone member of a domestic limited liability company (LLC), you are not considered a sole owner if you choose to handle the LLC as a corporation.
The key advantages of a sole proprietorship are the pass-through tax benefit, simplicity of formation, and inexpensive formation and maintenance expenses. You also don't have to fill out a lot of paperwork with a sole proprietorship, such as licensing with your state.
Sole Proprietors are a type of company structure that has several advantages and is unique to the United States. As a result, option C is correct.
Learn more about Sole Proprietors here:
https://brainly.com/question/14280034
#SPJ5
Question 2 Week 8 (7 marks)
The P Ltd acquires all issued capital of the S Ltd for a consideration of $1,000,000 cash and 800,000 shares each
valued at $1.50. The summary statement of the financial position of the subsidiary company immediately
following the acquisition is:
Fair value of assets acquired $2,640,000
Fair value of liabilities acquired $720,000
Total shareholders’ equity of the subsidiary company $800,000
Retained earnings of the subsidiary company $1,120,000
Required:
(a) Pass the necessary journal entry to record the acquisition (2 marks)
(b) Determine the amount of goodwill (or bargain purchase) arising out of the acquisition (2 marks)
(c) Pass the necessary consolidation entry to eliminate the subsidiary by the parent company (2 marks)
(d) Determine the amount of goodwill (or bargain purchase) arising out of the acquisition if the purchase
consideration paid was $1,000,000 cash and 400,000 shares each valued at $1.50 (1 marks)
Answers
Answer: See explanation
Explanation:
a. Pass the necessary journal entry to record the acquisition.
Check the attachment. Note that common shares was calculated as:
= $800,000 × 1.5
= $1,200,000
b. Determine the amount of goodwill (or bargain purchase) arising out of the acquisition.
Fair value of assets acquired = $2,640,000
Less: fair value of liabilities = (720,000)
Net asset of S. LTD = 1,920,000
Purchase consideration = 1,000,000 + 1,200,000 = 2,200,000
Goodwill on acquisition will be:
= $2,200,000 - $1,920,000
= $280,000
c. Pass the necessary consolidation entry to eliminate the subsidiary by the parent company
Check the attachment
d. Determine the amount of goodwill (or bargain purchase) arising out of the acquisition if the purchase
consideration paid was $1,000,000 cash and 400,000 shares each valued at $1.50.
Fair value of assets acquired = $2,640,000
Less: fair value of liabilities = (720,000)
Net asset of S. Ltd = 1,920,000
Purchase consideration = (1,000,000 + 400,000) × 1.5 = 1,600,000
Bargain purchase on the acquisition will be:
= 1,920,000 - 1,600,000
= $320,000
Sandals Company is preparing the annual financial statements dated December 31. Ending inventory information about the four major items stocked for regular sale follows:Product Line Quantity on Hand Unit Cost When Acquire(FIFO) Market Value at Year-EndAir Flow 35 $ 15 $ 17 Blister Buster 75 38 36 Coolonite 34 65 60 Dudesly 35 30 35 Required:1. Compute the amount that should be reported for the ending inventory using the LCM rule applied to each item.Ending Inventory 2. How will the write-down of inventory to lower of cost or market affect the company’s expenses reported for the year ended December 31?Cost of goods sold will be by
Answers
Answer:
1) $6,315
2) since the ending inventory decreased in value (by $320), cost of goods sold will increase by that same amount. Since COGS increases, income will decrease. The adjusting journal entry should be:
December 31, 202x, LCM inventory adjustment
Dr Cost of goods sold 320
Cr Inventory 320
Explanation:
Product Line Quantity Unit Cost Market Value Total
Air Flow 35 $15 $17 $525
Blister Buster 75 $38 $36 $2,700
Coolonite 34 $65 $60 $2,040
Dudesly 35 $30 $35 $1,050
total $6,315
When you use the lower of cost or market value, you must report your inventory using the lowest cost between purchase price and current market value (or replacement cost). Air Flow and Dudesly should be reported at purchase cost, while Coolnite and Blister Buster should be reported at market value.
The Dougherty Furniture Company manufactures tables. In March, the two production departments had budgeted allocation bases of 4,000 machine-hours in Department 100 and 8,000 direct manufacturing labor-hours in Department 200. The budgeted manufacturing overheads for the month were $57,500 and $62,500, respectively. For Job A, the actual costs incurred in the two departments were as follows:
Department 100 Department 200
Direct materials purchased on account $110,000 $177,500
Direct materials used 32,500 13,500
Direct manufacturing labor 52,500 53,500
Indirect manufacturing labor 11,000 9,000
Indirect materials used 7,500 4,750
Lease on equipment 16,250 3,750
Utilities 1,000 1,250
Job A incurred 800 machine-hours in Department 100 and 300 manufacturing labor-hours in Department 200. The company uses a budgeted overhead rate for applying overhead to production.
Required:
a. Determine the budgeted manufacturing overhead rate for each department.
b. Prepare the necessary journal entries to summarize the March transactions for Department 100.
c. What is the total cost of Job A?
Answers
Answer:
a. Manufacturing overhead rate - Department 100 = $57,500 / 4,000 hours = $14.375 per machine hours
Manufacturing overhead rate - Department 200 = $62,500/8,000 hours = $7.8125 per machine hours
b. Journal Entries
S/N Account Titles Debit Credit
1 Inventory - Raw material $110,000
Account Payable $110,000
2 Work in process $32,500
Manufacturing overhead $7,500
Inventory - Raw materials $40,000
3 Work in process $52,500
Manufacturing overhead $11,000
Materials control $63,500
4 Manufacturing overhead $17,250
Leasehold payable $16,250
Utilities payable $1,000
5. WIP Control (14,375*800) $11,500
Manufacturing overhead allocation $11,500
c. Particulars Dep 100 Dep 200 Total
Direct materials $32,500 $13,500 $46,000
Direct labour $52,500 $13,500 $106,000
Manufacturing overhead $35,750 $18,750 $54,500
(11,000+7,500+16,250+1,000
+9,000+4,750+3,750+1,250)
Total Cost of Job A $120,750 $85,750 $206,500
Michael’s Bookshelf specializes in used, rare, and out-of-print books. The store has a large base of repeat customers who purchase books on 30-day accounts. At 15 days overdue, each customer gets a phone call from Michael requesting payment. Michael has experienced a high success rate with this collection effort. Michael’s CPA is preparing year-end financial statements and has asked him for his estimate of uncollectible accounts. Michael has a balance of $65,000 in the Accounts Receivable account at the end of the year. He has analyzed his uncollectible accounts using an aging of the accounts receivable. He estimates that only 2.5 percent of his accounts receivable balance will not be collected. The Allowance for Doubtful Accounts has a credit balance of $210 in the trial balance.
Required:
a. Prepare the journal entry to record the bad debt expense at year end.
b. Show the balance sheet presentation of the receivable account.
c. What is the amount of bad debt expense that appears on the income statement? How is this amount classified?
d. What would be the justification, if any, for Michael to use the direct write-off method for accounting for uncollectible accounts?
Answers
Answer:
A. Dr Bad Debt Expense 1,415
CrAllowance for Doubtful Accounts 1,415
B. $63,375
C. $1,415
The bad debt amount of 1,415 will be written in
income statement below selling expenses because the amount is an operating expense amount.
D. The justification is that In a situation where the amount is said to be immaterial to total sales amount he may decide not to record the bad debt amount using the allowance method.
Explanation:
A. Preparation of the journal entry to record the bad debt expense
Dr Bad Debt Expense 1,415
CrAllowance for Doubtful Accounts 1,415
[(2.5%*65,000)-210]
=1,625-210
=1,415
(To record estimated uncollectible accounts)
B. The balance sheet presentation of the receivable account will be :
CURRENT ASSSETS
Accounts Receivable $65,000
Less: Allowance for Uncollectible Accounts 1,625 (2.5%*65,000)
Receivable account $63,375
C.The amount of bad debt expense that will appears on the income statement is 1,415
Calculated as :
Bad debt=[(2.5%*65,000)-210]
Bad debt =1,625-210
Bad debt =1,415
B.The amount of bad debt expense that will appears on the income statement is 1,415
Calculated as :
Bad debt=[(2.5%*65,000)-210]
Bad debt =1,625-210
Bad debt =1,415
The bad debt amount of 1,415 will be written in
income statement below selling expenses because the amount is an operating expense amount.
D. Based on the information given Michael’s bad debts percentage is 2.5 percent of his accounts receivable balance which means that in a situation where the amount is said to be immaterial to total sales amount he may decide not to record the bad debt amount using the allowance method.
Halliburton and Schlumberger compete in the oil field services sector. Refer to the following 2018 financial data for the two companies to answer the requirements.
$ millions HAL SLB
Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $23,995 $32,815
Cost of sales and services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,009 28,478
Average accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,135 7,983
Average inventory. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,712 4,028
Average accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,786 10,130
Marginal tax rate 22% 19%
Return on equity 18.56% 5.86%
a. Compute return on net operating assets (RNOA) for each company.
b. Disaggregate RNOA into net operating profit margin (NOPM) and net operating asset turnover (NOAT) for each company.
Do not round until your final answer. Round answers to two decimal places (percentage example: 0.12345 = 12.35%).
HAL SLB
RNOA
NOPM
NOAT
Answers
Answer:
a. Return of Net Operating Asset for each company
Amount$
Particulars HAL SLB
Net Operating Profits after tax
Net Income (after tax) 1,657 2,177
Marginal Tax Rate 22% 19%
Net Income (before tax) 2,124 2,688
(Net Income (after tax)*100/(100-Tax Rate)
Add : Pre tax net non operating Expense 653 426
Net Operating Income before tax 2,777 3,114
Marginal Tax Rate 22% 19%
Less Tax Expense (Net Operating Income) -611 -592
(before tax*Marginal Tax Rate)
Net Operating Income after tax $2,166 $2,522
Average Net Operating Assets HAL SLB
Average Operating Assets 23,361 67,836
Average Operating Liability 5,888 16,499
Average Net Operating Assets 17,473 51,337
RNOA = Net Operating Income after tax / Average Net Operating Assets (A/B)
HAL = 2,166 / 17,472 = 12.40%
SLB = 2,522 / 51,337 = 4.91%
b. Net Operating Profit Margin = (Net Operating Profits after tax/ Total Revenue *100)
Particulars HAL SLB
Net Operating Income after tax (Refer A) 2,166 2,522
Total Revenue 23,995 32,815
Net Operating Profit Margin 9.03% 7.69%
(Net Operating Profits after tax/ Total Revenue *100)
Net Operating Asset Turnover = (Total Revenue/ Average Net Operating Assets)
Particulars HAL SLB
Total Revenue 23,995 32,815
Average Net Operating Assets (Refer B) 17,473 51,337
Net Operting Asset Turnover 1.37times 0.64times
(Total Revenue/ Average Net Operating Assets)
At the end of the fiscal year, the following adjusting entries were omitted:
a. No adjusting entry was made to transfer the $3,000 of prepaid insurance from the asset account to the expense account.
b. No adjusting entry was made to record accrued fees of $500 for services provided to customers.
Assuming that financial statements are prepared before the errors are discovered, indicate the effect of each error, considered individually, by inserting the dollar amount in the appropriate spaces.
Answers
Answer:
Error AAssets will be Overstated by $3,000
Asset was never subtracted from assets so assets are overstated
Liabilities - No effect
Net Income - Overstated by $3,000
As insurance expense was not deducted from Net Income
Retained Earnings - Overstated by $3,000
As insurance expense was not deducted from Net Income
Error BAssets - Understated by $500
Accrued revenue is an asset and so not recording it understates assets
Liabilities - No effect
Net Income - Understated by $500
This is revenue so not recording it would reduce net income.
Retained Earnings - Understated by $500
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,192,500 in manufacturing overhead cost at an activity level of 559,000 machine-hours. The company spent the entire month of January working on a large order for 12,300 custom-made machined parts. The company had no work in process at the beginning of January. Cost data relating to January follow:
a. Raw materials purchased on account, $322,000.
b. Raw materials used in production, $258,000 (80% direct materials and 20% indirect materials).
c. Labor cost accrued in the factory, $159,000 (one-third direct labor and two-thirds indirect labor).
d. Depreciation recorded on factory equipment, $63,100.
e. Other manufacturing overhead costs incurred on account, $85,000.
f. Manufacturing overhead cost was applied to production on the basis of 40,720 machine-hours actually worked during the month.
g. The completed job for 12,300 custom-made machined parts was moved into the finished goods warehouse on January 31 to await delivery to the customer. (In computing the dollar amount for this entry, remember that the cost of a completed job consists of direct materials, direct labor, and applied overhead.)
Required:
1. Prepare journal entries to record items (a) through (f) above (ignore item (g) for the moment).
2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant items from your journal entries to these T-accounts.
3. Prepare a journal entry for item (g) above.
4. Compute the unit product cost that will appear on the job cost sheet.
Answers
Answer:
Explanation:
Answer:
1.Dr. Raw Material $322,000
Cr. Account Payable $322,000
Dr. Work in process (80/100× 258,000)=$206400
Dr. Manufacturing overheads (20/100× 258,000)= $51600
Cr. Account Payable 258,000
Dr. Work in process 60000(1/3×159,000)=$53000
Dr. Manufacturing overheads
(2/3×159,000)=106,000
Cr. Account Payable 159,000
Dr. Raw Material 63,100
Cr. Account Payable 63,100
Dr. Manufacturing overheads 85,000
Cr. Account Payable 85,000
Dr. Work in process 814400
Cr. Manufacturing overheads 814400
7.5*40,720=$305400
Predetermined Overhead rate can be calculated as = Total Budgeted Overhead cost/ Total budgeted machine hours
$4,192,500/559,000
= $7.5/Machine Hours
2. Dr. -----.------------------------------------ Cr.
Manufacturing overhead
account payable (material)$51600
account payable (labor)106,000
account payable (other)85,000
C/f balance= $305400
$305400
Dr. ----------------------------------------------Cr.
Work in process
account payable (material)$206400
account payable (labor)$53000
account payable (other)$30540
C/f balance= 289940
3.Dr. Finished Goods 289940
Dr. Work in process 289940
4.Unit product Cost = 289940/12,300
= $23.5
A work group of 10 workers in a certain month produced 7200 units of output working 8 hr/day for 22 days in the month. Determine the labor productivity ratio using:
Units of output per worker-hour and per worker-month.
For each of these, determine the productivity index for the next month using the prior month as a base. Then, suppose that in the next month, the same work group produced 6800 units but, there were only 20 workdays in the month.
Answers
Answer:
The answer is below
Explanation:
Given that unit of output is 7200,
Working hours/day = 8hrs
Working days/month = 22 days
Hence,
a. units of output per worker-hour
=> LPR = 7200 ÷ (10 * 8 * 22)
=> 7200 ÷ 1760 = 4.091 units/wo-hr
b. units of output per worker-month
=> LPR = 7200 ÷ (10 * 1) = 720 units/wo-month
c. determine the productivity index for the next month using the prior month as a base.
Supposing that unit of output is 6800,
Working hours/day = 8hrs
Working days/month = 20 days
LPR = 6800 ÷ ( 10*8*20) =
=> 6800 ÷ 1600 = 4.25 units/wo-hr
Hence, LPI for (a) = 4.25 ÷ 4.091 = 1.039 = 103.9%
LPR = 6800 / (10*1) = 680 units/wo-month
Hence, LPI for (b) = 680 / 720 = 0.944 = 94.4%
The income statement of Cullumber Company for the month of July shows net income of $2,490 based on Service Revenue $7,100, Salaries and Wages Expense $2,930, Supplies Expense $920, and Utilities Expense $760. In reviewing the statement, you discover the following:
1. Insurance expired during July of $490 was omitted.
2. Supplies expense includes $340 of supplies that are still on hand at July 31.
3. Depreciation on equipment of $240 was omitted.
4. Accrued but unpaid wages at July 31 of $400 were not included.
5. Service performed but unrecorded totaled $730.
Prepare a correct income statement for July 2017.
Answers
Answer and Explanation:
The correct income statement for July 2017 is shown below:-
Cullumber Company
Income Statement
For the month of July
Particulars Amount
Service Revenue $7,830
($7,100 + $730)
Expenses
Salaries and Wages Expense $6,930
($2,930 + $400)
Supplies Expense $580
($920 - $340)
Utilities Expense $760
Insurance Expense $490
Depreciation Expense $240
Total expense $9,000
Net loss $1,170
Which qualities would be best for someone working in Support Services?
patience for performing repetitive tasks, accuracy in performing lab work, and critical-thinking skills
social awareness, integrity for knowledge of patient confidentiality, and hand steadiness
knowledge of nutrition, social awareness, and patience for performing repetitive tasks
integrity, stress-management skills, and specialized knowledge of medical care
Answers
Answer:
patience for performing repetitive tasks, accuracy in performing lab work, and critical-thinking skills
Explanation:
Support Services are those service providers that exist within a corporation that render services to the other businesses.
Examples of support services include:
Maintenance, Repair, etc.
Therefore, the qualities that would be best for someone working in Support Services would be option A.
Answer:
A, the correct answer is A
Explanation:
List and describe five potential strategies for conflict resolution in teams. Which methods have been found to be most effective in teams? Which method is likely to be most successful if your manager likes to be involved in every decision?
Answers
Explanation:
Some efficient strategies for resolving conflicts in teams can be: assessing the situation, improving communication, providing feedback, redesigning work, collaboration, including employees in the decision.
The most effective methods are usually those that integrate several factors that act directly on the central motivator that is generating the conflicts, so it is necessary to analyze the situation, improve an effective communication about the team's objectives, provide feedback so that team members feel motivated to develop their skills in the best way, redesigning the work so that each employee is exercising the function that best suits their skills and the inclusion of employees in the team's decision-making processes, which creates a sense greater appreciation of work.
In the case of managers who are involved in all decisions, it is more appropriate to use the collaborative method, actively participating in the team's challenges, providing help and assisting subordinates in their demands in favor of the team's success.
The U.S. Department of Transportation provides estimated number of miles that residents of large metropolitan areas travel per day in a car. In a random sample of 50 City A residents the mean was 22 miles with a standard deviation of 4 miles, and in a random sample of 50 City B residents the mean was 28 miles with a standard deviation of 8 miles. You want to know if the mean difference in number of miles travelled per day between City A and City B is different from zero in the population.
a. One sample t test
b. Paired samples t test
c. Independent samples t test
d. One-way analysis of variance (ANOVA)
Answers
Answer:
c. Independent samples t test
Explanation:
An independent samples t test is used in the above case. Independent samples t test are employed when comparison is between two independently groups. Independent samples t test compares the mean of two independent groups as in above to determine if there is a statistically significant difference between them for the purpose of making a decision. For example in the above scenario if there is a difference in the means, we can conclude that City A and city B residents do not travel same distance in miles
Rusties Company recently implemented an activity-based costing system. At the beginning of the year, management made the following estimates of cost and activity in the company’s five activity cost pools:
Activity Cost Pool Activity Measure Expected Overhead Cost Expected Activity
Labor-related Direct labor-hours $16,380 1,260 DLHs
Purchase orders Number of orders $1,920 640 orders
Product testing Number of tests $4,275 285 tests
Template etching Number of templates $805 35 templates
General factory Machine-hours $42,600 7,100 MHs
Required:
Compute the activity rate for each of the activity cost pools.
Answers
Answer:
a. Labor Cost Rate= 13 $ per DLH
b. Purchase orders Rate= $ 3 per order
c. Product testing Rate = $ 15 per test
d. Template etching Rate = $ 23 per template
e. General factory Rate= $ 6 per MHs
Explanation:
Data
Activity Activity Expected Overhead Expected
Cost Pool Measure Cost Activity
Labor-related Direct labor-hours $16,380 1,260 DLHs
Purchase orders Number of orders $1,920 640 orders
Product testing Number of tests $4,275 285 tests
Template etching Number of templates $805 35 templates
General factory Machine-hours $42,600 7,100 MHs
The activity rate can be obtained by dividing the total cost of each activity with the total cost of the driver allocated to it.
Calculations
Activity Rate = Expected Overhead Cost/ Expected Activity
a. Labor Cost Rate= $16,380 / 1,260 DLHs= 13 $ per DLH
b. Purchase orders Rate= $1,920/ 640 orders= $ 3 per order
c. Product testing Rate = $4,275 /285 tests= $ 15 per test
d. Template etching Rate = $805 /35 templates= $ 23 per template
e. General factory Rate= $42,600/ 7,100 MHs= $ 6 per MHs
Harry loves both hot dogs and hamburgers. He receives about the same satisfaction from eating one hamburger as he does from eating one hot dog, and the two goods fill the same need in Harry's life. The price of hot dogs has been extremely volatile for the past several years, and this year is no exception. Hot dog prices tremendously this month. Assuming hot dogs and hamburgers are substitutes for Harry, what will happen to Harry's demand for hamburgers?
Required:
Using the line drawing tool, depict the effect on Harry's demand for hamburgers due to the in the price of hot dogs. Properly label this line. Carefully follow the instructions above and only draw the required object.
Answers
Answer: Harry's demand for hamburgers will increase.
Explanation:
Substitutes are goods that can be used to replace one another because they both serve thesame purpose. In this case, hot dogs and hamburgers are substitutes.
Since the price of hotdogs has risen, Harry will reduce its demand for hotdogs and shift its demand to buying more hamburger. This means Harry's demand for hamburgers will increase.
Concord Windows manufactures and sells custom storm windows for three-season porches. Concord also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Concord enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,360 and chooses Concord to do the installation. Concord charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $620. The customer pays Concord $1,920 (which equals the standalone selling price of the windows, which have a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Concord completes installation on October 15, 2020, and the customer pays the balance due.
Prepare the journal entries for Geraths in 2020. (Round amounts to nearest dollar.)
Answers
Answer:
Concord enters into the following contract on July 1, 2020, with a local homeowner for a price of $2,360.
There will be no Journal entry
On September 1, 2020
Windows = $1,920
Installation = $620
Total = $2,540
Particulars Amount
Installation $576
($620/ $2,540) * $2,360
Windows $1,784
($1,920 / $2,540) * $2,360
Revenue recognized $2,360
Date Account details Debit$ Credit$
Sep 1,2020 Cash 1,920
Account receivable 440
Unearned service revenue 576
Sales revenue 1,784
Cost of goods sold 1100
Inventory 1100
15 Oct,2020 Cash 440
Unearned service revenue 576
Service revenue (installation) 576
Account receivable 440
(Revenue recognized after service provided)
Which of the following is NOT an example of a professional degree?
O Master of Science
O Doctor of Medicine
O Master of Divinity
O Juris Doctor
Answers
Answer:
Juris Doctor
Explanation:
Please mark as brainlist answers
Juris Doctor is NOT an example of a professional degree. Hence, option D is correct.
What is a professional degree?A professional degree, usually referred to as a first-professional degree, is a degree that helps you get ready for a specific career. Law degrees (J.D.s) and medical degrees are the two most typical instances of professional degrees (M.D.s). There are plenty others, though.
A professional degree is a higher education program created to get you ready to work in a particular industry, like law or medicine. Professional degrees are regarded as terminal degrees, or the greatest degree you may obtain in a field, similar to advanced academic degrees like doctorates and certain master's.
The completion of professional degrees typically requires more time than academic degrees. Additional eligibility requirements for professional degrees may include trainee programs, licensure exams, and bar exams. The two terms "professional bachelor's degree" and "bachelor's degree" are not synonymous.
Thus, option D is correct.
For more information about a professional degree, click here
https://brainly.com/question/17747959
#SPJ6
Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list price of $118,660. The seller agreed to allow a 4.25 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,640. Southwest Milling had to hire a specialist to calibrate the loader. The specialists fee was $1,160. The loader operator is paid an annual salary of $18,160. The cost of the companys theft insurance policy increased by $2,040 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $14,000.RequiredDetermine the amount to be capitalized in the asset account for the purchase of the front-end loader. Round your answers to the nearest whole dollar. Amounts to be deducted should be indicated with minus sign.Cost that are to be capitilized AnswerList Price _______Either ADD or Less: Discount _______Either ADD or Less: Discount _______Either ADD or Less: Discount _______Total Costs $0
Answers
Answer:
$117,417
Explanation:
Calculation to Determine the amount to be capitalized in the asset account
Costs that are to be capitalized:
List price $118,660
Less: Discount ($5,043)
($118,660*4.25%)
Freight cost $2,640
Specialist fee $1,160
Total costs $117,417
Therefore the amount to be capitalized in the asset account will be $117,417
what are the objectives of business
Answers
Answer:
Defination-
A business objective is a result that a company aims to achieve.
10 Most Important Business Objectives
1. Getting and Staying Profitable
2. Productivity of People and Resources
3. Excellent Customer Service
4. Employee Attraction and Retention
5. Mission-driven Core Values
6. Sustainable Growth
7. Maintaining a Healthy Cash Flow
8. Dealing with Change
9. Reaching the Right Customers
10. Staying Ahead of the Competition
On November 1, 2021, Jamison Inc. adopted a plan to discontinue its barge division, which qualifies as a separate component of the business according to GAAP regarding discontinued operations. The disposal of the division was expected to be concluded by April 30, 2022. On December 31, 2021, the company's year-end, the following information relative to the discontinued division was accumulated:
Operating loss Jan. 1–Dec. 31, 2021 $67 million
Estimated operating losses, Jan. 1 to April 30, 2022 99 million
Excess of fair value, less costs to sell, over book value at Dec. 31, 2021 16 million
In its income statement for the year ended December 31, 2021, Jamison would report a before-tax loss on discontinued operations of:
a. $150 million.
b. $166 million.
c. $51 million.
d. $67 million.
Answers
Answer:
d. $67 million.
Explanation:
The asset is not impaired because the fair value is higher than the book value. Therefore, the only operating loss of $67,000,000 can be reported.
Particulars Amount
Operating Loss(Jan 1 to 31 Dec 2021 $67,000,000
Before Tax loss on discontinued operation $67,000,000
Hence, Jamison would report a before-tax loss on discontinued operations of $67,000,000.
Indicate how you think each of the following would shift demand in the indicated market:
a. The income of buyers in the market for Adirondack vacations increase.
b. Buyers in the market for pizza read a study linking pepperoni consumption to heart disease.
c. Buyers in the market for gas-powered cars learn of an increase in the price of electric cars (a substitute for gas-powered cars).
d. Buyers in the market for electric cars learn of an increase in the price of electric cars.
Answers
Answer:
An increase in the income of buyers in the market for Adirondack vacations would increase the demand for vacations. As a result there would be a rightward shift of the demand curve for Adirondack vacations.
b. As a result of the study, less people would be willing to eat pizza. As a result, there would be a leftward shift of the demand curve for pizza
c. If the price of electric cars increase, there would be an increase in the demand of gas powered cars. As a result, the demand curve for gas-powered cars would shift to the right
d. An increase in price of electric cars would lead to a reduction in the demand for electric cars. As a result, there would be a leftward shift of the demand curve for electric cars
Explanation:
Substitute goods are goods that can be used in place of another good. If the price of a good increases, the demand for the substitute good increases.
With the snow season fast approaching us, Jack Frost, age 15, is considering his income-generating alternatives. Jack runs a snow removal business. He employs his friends at $10.00 per hour to clear sidewalks and driveways for neighbors, family friends, and fellow townsfolk. Last year, he had ten regular customers whose walks were shoveled 14 times each over the course of the winter. All told, Jack paid his friends $2,100 for their work for him this winter. Jack is considering the purchase of a used snowblower, which he believes will reduce the amount of time it takes his crew to complete a job to only 45 minutes. The snowblower will cost $1,176 (and will probably be worthless after one year of use), and will consume about $0.50 worth of gasoline and oil per use (per snow removal job). Given that Jack had no fixed costs, what was Jack's total cost function for last year?a. TC = 15Q b. TC = 100 c. TC = 11760 d. TC=0.5Q
Answers
Answer:
a. TC = 15Q
Explanation:
The cost function must include all the costs incurred by a business. Generally it includes a variable part and a fixed part. In this case, since Jack had no fixed costs, his costs are only variable: labor = $10 per hour
in total, Jack's business shoveled 10 x 14 = 140 walks, since he paid his friends $2,100 in total, the variable cost of shoveling one walk = $2,100 / 140 = $15
that means that last years cost function = $15 x number of walks shoveled, or
TC = 15Q (where Q is the number of walks shoveled)