Answer:
budgeted costs for direct materials
$88,000budgeted direct manufacturing labor
$132,000budgeted manufacturing overhead
$18,480Explanation:
Direct materials costs are $4.00 per pool cue.
Direct manufacturing labor is $6.00 per pool cue.
Manufacturing overhead is $0.84 per pool cue.
total budgeted direct materials = 22,000 x $4 = $88,000
total budgeted direct labor = 22,000 x $6 = $132,000
total budgeted manufacturing overhead = 22,000 x $0.84 = $18,480
The information about the beginning and ending inventories is not relevant to this question since it only deals with budgeted or estimated costs which may or may not differ from actual costs.
Len contracts to work for Media Corporation during May for $4,500. On April 30, Media cancels the contract. Len declines a similar job with New Ads Inc., which would have paid $3,500. Len files a suit against Media. As compensatory damages, Len can recover:________.
a. $4,500.
b. $3,500.
c. $1,000.
d. $0.
Answer:
The correct answer is:
$3,500 (b.)
Explanation:
Compensatory damages are money paid to the plaintiff, to pay for losses incurred, injury or damages by negligence or unlawful conduct of the defendant in a civil court case. Before these compensations can be paid, the plaintiff has to prove in amount, the losses incurred and that these losses are directly related to the activity of the other party. Since the amount lost due to the choosing of the failed contract is $3,500, the plaintiff can file a suit for the compensation of the same amount.
On another hand, punitive damage may be compensation that is over and above the losses incurred by the plaintiff, and this is aimed mainly to provide an incentive against the repetition of such acts that caused the plaintiff such losses.
As the manager of Margarita Mexican Restaurant, you must deal with a variety of business transactions. Provide an explanation for the following transactions:
A. Debit Equipment and credit Cash.
B. Debit Dividends and credit Cash.
C. Debit Wages Payable and credit Cash.
D. Debit Equipment and credit Common Stock.
E. Debit Cash and credit Unearned Revenue.
F. Debit Advertising Expense and credit Cash.
G. Debit Cash and credit Service Revenue.
Answer:
A. Debit Equipment and credit Cash.
You purchase equipment and you pay in cash.B. Debit Dividends and credit Cash.
You paid cash dividends.C. Debit Wages Payable and credit Cash.
You paid wages that you owed to your employees. Generally wages are paid at the end of the week and not all months end on a weekend. So you must record wages payable until you actually pay the wages.D. Debit Equipment and credit Common Stock.
You received equipment in exchange for common stock.E. Debit Cash and credit Unearned Revenue.
You received cash in advance for some food that you will deliver in the future.F. Debit Advertising Expense and credit Cash.
You incurred in advertising costs and you paid them in cash.G. Debit Cash and credit Service Revenue.
You sold meals and your clients paid you in cash.An aging of a company's accounts receivable indicates that the estimate of uncollectible accounts totals $6,400. If Allowance for Doubtful Accounts has a $1,300 debit balance, the adjustment to record the bad debt expense for the period will require a
Answer:
Debit to Bad Debt Expense for $7,700
Explanation:
Based on the information given we were told that company's accounts receivable shows the estimate of uncollectible accounts totals of the amount of $6,400 while the Allowance for Doubtful Accounts has the amount of $1,300 as the debit balance. This means that the adjustment to record the bad debt expense for the period will require a
Debit to Bad Debt Expense for $7,700 Calculate as:
Dr Bad Debts 7700
(6300+1300)
Cr To Allowance for Doubtful Accounts 7700
_______ is a political strategy for managers to exercise power unobtrusively. Controlling uncertainty Being irreplaceable Generating resources Building alliances Relying on objective information
Answer:
Controlling uncertainty
Explanation:
Division A reported income from operations of $975,000 and total service department charges of $675,000. As a result, a.consolidated net income was $300,000 b.the gross profit margin was $300,000 c.income from operations before service department charges was $1,650,000 d.net income was $300,000
Answer:
c.income from operations before service department charges was $1,650,000
Explanation:
We can see from the information in the question, that income from operations and service department charges sum a total of $1,650,000
Gross income before service department charges = $975,000 + $675,000
= $1,650,000
Suppose the real rate is 2.1 percent and the inflation rate is 3.4 percent. What rate would you expect to see on a Treasury bill? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Answer:
5.57%
Explanation:
The real rate is 2.1 percent
The inflation rate is 3.4 percent
To find the rate which is to be expected on a treasury bill we have to apply the fishers equation
1+R= (1+r)(1+h)
Therefore, the rate on the treasury bill can be calculated as follows
1+R= (1+r)(1+h)
r= 2.1%
= 2.1/100
= 0.021
h= 3.4%
= 3.4/100
= 0.034
R= (1+r)(1+h)-1
= (1+0.021)(1+0.034)-1
= (1.021×1.034)-1
= 1.0557-1
= 0.0557×100
= 5.57%
Hence the rate expected on the treasury bill is 5.57%
Vaughn Manufacturing incurs the following costs to produce 10700 units of a subcomponent: Direct materials $8988 Direct labor 12091 Variable overhead 13482 Fixed overhead 16200 An outside supplier has offered to sell Vaughn the subcomponent for $2.85 a unit. If Vaughn accepts the offer, it could use the production capacity to produce another product that would generate additional income of $3600. The increase (decrease) in net income from accepting the offer would be
Answer:
Buying the subcomponent will increase income by $7,666.
Explanation:
Giving the following information:
Units= 10,700
Production costs:
Direct materials $8,988
Direct labor $12,091
Variable overhead $13,482
An outside supplier has offered to sell Vaughn the subcomponent for $2.85 a unit.
Additional income= $3,600
To calculate which one is better, we need to determine the total cost of both options. We will not take into account the fixed costs.
Production:
Total cost= 8,988 + 12,091 + 13,482= $34,561
Buy:
Total cost= 10,700*2.85 - 3,600= $26,895
Buying the subcomponent will increase income by $7,666.
Rediger Inc., a manufacturing Corporation, has provided the following data for the month of June. The balance in the Work in Process inventory account was $40,000 at the beginning of the month and $26,000 at the end of the month. During the month, the Corporation incurred direct materials cost of $58,600 and direct labor cost of $33,400. The actual manufacturing overhead cost incurred was $54,800. The manufacturing overhead cost applied to Work in Process was $54,600. The cost of goods manufactured for June was:
Answer:
$160,600
Explanation:
The computation of the cost of goods manufactured is shown below:
= Direct material cost + direct labor cost + manufacturing cost applied + beginning work in process - ending work in process
= $58,600 + $33,400 + $54,600 + $40,000 - $26,000
= $160,600
Hence, the cost of goods manufactured for June is $160,600
Jasper makes a $25,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the collection of the note and interest at maturity should be: (Use 360 days a year.)
Answer: B) Debit Cash $25,437.50, credit Interest Revenue $437.50; credit Notes Receivable $25,000.
Explanation:
The interest revenue for the period of 90 days will be;
= 25,000 * 7% * [tex]\frac{90}{360}[/tex]
= $437.50
Total to be received
= 25,000 + 437.50
= $25,437.50
The entry to record will therefore be;
DR Cash $25,437.50
CR Interest Revenue $437.50
CR Notes Receivable $25,000
Abburi Company's manufacturing overhead is 55% of its total conversion costs. If direct labor is $45,900 and if direct materials are $27,200, the manufacturing overhead is:
Answer:
Manufacturing Overheads = $56100
Explanation:
The conversion cost defined simply is the cost involved in turning the raw material or direct material into the finished products. Conversion cost is calculated by adding the direct labor cost and the manufacturing overhead cost.
Conversion cost = Direct labor + Manufacturing overheads
As we know that the manufacturing overhead is 55% of conversion cost, then the direct labor cost is 45% of conversion cost.
If 45% of conversion cost is $45900, then the total conversion cost will be,
Conversion cost = 45900 * 100/45 = $102000
Manufacturing Overheads = 102000 - 45900 = $56100
Assume Highline Company has just paid an annual dividend of $ 1.03. Analysts are predicting an 10.5 % per year growth rate in earnings over the next five years. After then, Highline's earnings are expected to grow at the current industry average of 5.3 % per year. If Highline's equity cost of capital is 8.7 % per year and its dividend payout ratio remains constant, for what price does the dividend-discount model predict Highline stock should sell?
Answer:
The stock should sell for $40.04 today
Explanation:
The current price per share or the fair price can be calculated using the two stage growth model of DDM or Dividend Discount Model. The DDM values a stock based on the present value of the expected future dividends from the stock. The price today can be calculated as follows,
P0 = D1 / (1+r) + D2 / (1+r)^2 + ... + Dn / (1+r)^n + [Dn * (1+g2) / (r - g2)] / (1+r)^n
Where,
g1 is the initial growth rateg2 is the constant growth rateD1 is the dividend expected for the next period calculated as D0 * (1+g1)r is the required rate of returnP0 = 1.03 * (1+0.105) / (1+0.087) + 1.03 * (1+0.105)^2 / (1+0.087)^2 + .... +
1.03 * (1+0.105)^5 / (1+0.087)^5 +
[(1.03 * (1+0.105)^5 * (1+0.053)) / (0.087 - 0.053)] / (1+0.087)^5
P0 = $40.04
See the attached photo for the calculation of present values (PV) of dividend for year 1 to 5 dividends.
From the attached photo, we have:
Previous year dividend in year 1 = Dividend just paid = $1.03
Total of PV of dividends from year 1 to year 5 = $4.8973404048370
Year 5 dividend = $1.53562911214375
Therefore, we have:
Year 6 dividend = Year 5 dividend * (100% + Constant dividend growth rate) = $1.53562911214375 * (100% + 5.3%) = $1.61701745508737
Price at year 5 = Year 6 dividend / (Cost of capital - Constant dividend growth rate) = $1.61701745508737 / (8.7% - 5.3%) = $47.5593369143344
PV of price at year 5 = Price at year 5 / (100% + Cost of capital)^Number of years = $47.5593369143344 / (100% + 8.7%)^5 = $31.3392118720597
Therefore, we have:
Current stock price = Total of PV of dividends from year 1 to year 5 + PV of price at year 5 = $4.8973404048370 + $31.3392118720597 = $36.24
Therefore, the price the dividend-discount model predicts Highline stock should sell is the Current stock price of $36.24.
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Katie Simpson: Do you have time to meet this afternoon? Carl Mendoza: Sure. What’s up? Katie Simpson: We need to finalize the Bakersfield offer. 2:00? Carl Mendoza: 2:00 is perfect. I’ll come by your office then. Katie Simpson: Great. Thanks! Does the preceding IM transcript apply professional best practices? Yes No
Answer:
Yes
Explanation:
Based on the given details of the conversation that transpired between Katie Simpson and Carl Mendoza we can vividly say that the preceding IM transcript apply professional best practices reason been that Katie Simpson who is the caller went straight to point to the main reason why she called the receiver which is Carl Mendoza, And during the course of the preceding TRANSCRIPT the proper use of grammers and words , spelling, full stop, exclamation mark and question mark were on point and accurate.
Answer the question on the basis o the amounts of all nonlabor resources are fixed.
No. of workers Units of output
0 0
1 40
2 90
3 126
4 150
5 165
6 180
Assume that Number of Us Out Diminishing marginal returns become evident with the addition of the:________,
A) sixth worker.
B) fourth worker.
C) third worker.
D) second worker
Answer:
B
Explanation:
Dinmishing marginal returns occurs when as more units of labour is added, marginal output declines.
marginal output is change in total output as more units of labour are employed.
Marginal output = total output 2 - total output 1
total output = number of workers x units of output
The aggregate demand and aggregate supply model is a useful simplification of the macroeconomy used to explain short-run fluctuation in economic activity around its long-run trend.
a) The vertical axis of a diagram of the aggregate demand and aggregate supply curves measures which of the following?
A. An economy's price level.
B. The amount of a particular representative good produced in the economy.
C. The price of a particular representative good produced in the economy.
b) Which of the following are reasons that the short-run aggregate supply curve slopes upward?
A. As the price level rises, firms expand their production because they can sell their output for more money.
B. As the price level rises, firms find it more profitable to hire workers at any given wage.
C. As the price level rises, firms decrease their investment, because it is more expensive to purchase capital.
Answer:
The correct answers are:
a) A. An economy's price level.
b) A. As the price level rises, firms expand their production because they can sell their output for more money.
Explanation:
On the one hand, in this type of economic model, the aggregate supply and demand represent the economy's price and quantity level regarding the output of the country as a whole. Therefore that in the vertical axis of the diagram the curves measures the price level of the economy and in the horizontal axis the curves measure the output that the economy produces at that given price.
On the other hand, the slope of the aggregate supply is upward because of the same reason as it is in the supply curve, because of the law of the supply, that states that there is a direct relationship between the price of the good an its quantity offered. Thefore that when the price level rises the firms will produce more because they can sell their production at a higher price.
If a firm raises capital by selling new bonds, it could be called the "issuing firm," and the coupon rate is generally set equal to the required rate on bonds of equal risk.
1. True
2. False
Answer: True
Explanation:
An issuing firm is an organization which registers, and then sells security like bonds and stocks on the primary market.
It should be noted that when a firm raises capital through the sale of new bonds, they can be also referred to a the issuing firm, and the coupon rate is usually set to be equal to the required rate on bonds of equal risk.
Wolverine Company financial statements included the effects of these errors: Reported Net Income for Year 1 was $20,000. Reported Net Income for Year 2 was $18,000. Indicate the error in 12/31/2 Retained Earnings:
Answer:
Net income year 2 = $21,300
Explanation:
I looked for the missing information and found this:
Year Depreciation overstated Prepaid expense omitted
1 $2,500 $2,000
2 $4,000 $2,700
If your question doesn't include the same values, just adjust the answer.
Year 2's net income = net income (year 2) + overstated depreciation (year 2) + omitted prepaid expenses (year 1) - omitted prepaid expenses (year 2) = $18,000 + $4,000 + $2,000 - $2,700 = $21,300
In terms of the global value system, when Kodak shifted manufacturing to China, what position did China then take in the system, relative to the U.S.
Answer: b. Upstream
Explanation:
The Upstream part of a company's value chain is the part closest to the suppliers and the raw materials they supply to the firm while the downstream relates to how the goods are distributed and sold after produced.
As such, the firm's manufacturing plants are closer to its Upstream value chain portion. When Kodak therefore shifted manufacturing to China, it made China more upstream than the United States as China now dealt more with Kodak suppliers and inputs than the US, who were now more downstream as the consumers.
Wolford Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city areas. At the end of the company’s fiscal year on November 30, 2017, these accounts appeared in its adjusted trial balance.
Accounts Payable $34,304
Accounts Receivable 22,016
Accumulated Depreciation's Equipment 87,040
Cash 10,240
Common Stock 44,800
Cost of Goods Sold 786,304
Freight-Out 7,936
Equipment 200,960
Depreciation Expense 17,280
Dividends 15,360
Gain on Disposal of Plant Assets 2,560
Income Tax Expense 12,800
Insurance Expense 11,520
Interest Expense 6,400
Inventoryv 33,536
Notes Payable 55,680
Prepaid Insurance 7,680
Advertising Expense 42,880
Rent Expense 43,520
Retained Earnings 18,176
Salaries and Wages Expense 149,760
Sales Revenue 1,157,120
Salaries and Wages Payable 7,680
Sales Returns and Allowances 25,600
Utilities Expense 13,568
Additional data: Notes payable are due in 2021.
Required:
Prepare a multiple-step income statement. (List other revenues before other expenses.)
Answer:
Wolford Department Store
Income Statement
For the year ended November 30. 2017
Sales Revenue
Total sales $1,157,120
Less Sales return $25,600
Net Sales Revenue $1,131,520
Less : Cost of goods sold $786,304
Gross Profit $345,216
Operating Expenses
Selling Expenses
Freight out $7,936
Advertising expenses $42,880
Administrative expenses
Depreciation Expenses $17,280
Salaries and wages Expenses $149,760
Rent Expenses $43,520
Utilities Expenses $13,568
Insurance Expenses $11,520
Total Operating Expenses $286,464
$58,752
Other Income and Expenses
Gain on disposal of equipment $2,560
Less: Interest Expenses $11,520
Net Other Income and Expenses -$8,960
Less: Income Tax Expenses $12,800
Net Income $36,992
10. You recently sold 200 shares of Apple stock to your brother. The transfer was made through a broker, and the trade occurred on the NYSE. This is an example of:
Answer:
A secondary market transaction
Explanation:
Secondary market transaction: In this transaction, the transaction which is already issued to the public are sold by another investors.
In this type market, the investors buy and sell securities which are theirs . It is what most people typically think of as the "stock market," though stocks are also sold on the primary market when they are first issued.
So in the question, the transfer was made through a broker which implies it deals in the secondary market.
Primary market transaction: In this transaction, the company directly sells the new stocks, bonds, etc to the public for the first time.
Future market transaction: This is the transaction which occurs in the near future to buy some specific quantities at the future price.
We want to send all of our high-value customers a special VIP gift. We are defining high-value customers as those who have made at least 1 order with a total value (not including the discount) equal to $10,000 or more. We only want to consider orders made in the year 2016. Who would we send the gift to? (Show customer ID, name, the order, and the total order amount.)
Answer:
Customer ID HANAR
Customer Name Hanari Carnes
Order ID 10981
Total Amount 15810.00
Explanation:
Companies focus on Customer retention policies for high valued customers. The companies do not want to upset their high valued clients and lose a great part of their sales from these customers. In this question all the high valued customers are sent gifts by the company who has shop for $10,000 or more from the company this year. From the given list we have sorted the high valued customers based on this criteria.
Find an example of a company's aggregate planning strategy. You can use the strategy from the firm where you currently work or where you have worked in the past; you can conduct an Internet search or use the Hunt Library resources.
Explanation:
An aggregate planning strategy can be defined as the implementation of new strategic action plans used in a company whose objective is to balance supply and demand through the implementation of material resources, sales, promotions, products, etc.
This planning occurs in the short term, and is usually carried out when a company has the capacity to meet a certain market offer, such as consumer demand for an innovative product.
Aggregated planning is a good strategy when the company considers maximizing its profits, so in order to achieve the expected result, market demand must be thoroughly analyzed, the company's operational capacity, risks, budget and other essential variables.
A soft drink factory for example can carry out a promotional campaign in the style buy 1 light 2 to increase its demand, therefore you must be aware that your productive force will be able to meet the demand, in addition to analyzing the strategic results in order to ascertain the effectiveness planning.
calculate the net present value of a business deal that cost $2500 today and will return $1500 at the end of this year. use interest rate of 13%
Answer:
NPV= -$1,172.57
Explanation:
Giving the following information:
Initial investment= $2,500
Cash flow= $1,500
Discount rate= 13%
To calculate the net present value (NPV), we need to use the following formula:
NPV= -Io + ∑[Cf/(1+i)^n]
NPV= -2,500 + (1,500/1.13)
NPV= -1,172.57
Identity which of the following are project resources that can be managed: (choose all that apply)
buildings the company owns
cash from the company
team member skills
problems the team encounters
the finished product
Answer: 1,2,3
Explanation:
According to the project resources that can be managed are buildings the company owns, cash from the company, and team member skills.
Project resources are components required for the proper completion of a project.
They include people, equipment, money, time, and knowledge - in short, whatever you would need from project planning through project delivery.
These are divided into three categories: work, materials, and expenses.
The project manager defines resource needs to determine the resources required to complete the project's task.
Therefore, the correct option is as follows:
Buildings the company ownsCash from the companyTeam member skillsTo know more about the project resources, visit:
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The valuation of marketable securities on the balance sheet requires the securities on the balance sheet requires the separation of investment securities into three categories: held to maturity: trading securities and securities available for sale trading and securities available for sale.
a. True
b. False
Answer: True
Explanation:
The valuation of marketable securities on the balance sheet requires the securities on the balance sheet requires the separation of investment securities into three categories.
The categories are held to maturity which are the securities that are bought and then kept until they mature; the trading securities and then the securities that are available for sale.
School Days Furniture, Inc., manufactures a variety of desks, chairs, tables, and shelf units which are sold to public school systems throughout the midwest. The controller of the company's Desk Division is currently preparing a budget for the third quarter of the year.
The following sales forecast has been made by the division's sales manager.
July 5,000 desk-and-chair sets
August 6,000 desk-and-chair sets
September 7,500 desk-and-chair sets
Each desk-and-chair set requires 10 board feet of pine planks and 1.5 hours of direct labor. Each set sells for $60. Pine planks cost $0.60 per board foot, and the division ends each month with enough wood to cover 10 percent of the next month's production requirements.
The division incurs a cost of $21.00 per hour for direct-labor wages and fringe benefits. The division ends each month with enough finished-goods inventory to cover 20 percent of the next month's sales.
Required:
Complete the following budget schedules.
1. Sales budget:
2. Production budget (in sets):
3. Raw material purchases:
4. Direct-labor budget:
Answer:
Production Budget ( July August September) 5200, 6300, 9000
Sales Budget ( July August September) $ 300,000 $ 360,000 $ 450,000
Direct Materials Budget ( July August September) $ 31860 $ 39,420 $ 48,600
Direct Materials Units Budget ( July August September) 53,100 65,700 81,000
Direct Labor Budget ( July August September) $ 163,800 $ 198450 $ 283,500
Direct Labor Hours Budget ( July August September)7800 9450 13500
Explanation:
The formula used are
1) Production Budget = Sales + Desired Ending Inventory Less Opening Inventory
2) Sales Budget= Sales * Price Per unit
3) Raw Materials Budget = Production + Desired Ending Inventory Less Opening Inventory
Raw Materials Costs= Raw Materials Budget * Costs
4) Direct Labor Hours Budget = Production * Direct Labor Hours
Direct Labor Budget = Direct Labor Hours Budget* Wages Per Hour
School Days Furniture, Inc.
Production Budget
July August September
Sales 5000 6000 7500
+ Desired
Ending Inventory 1200 1500 ------(assuming zero inv)
Less Opening
Inventory 1000 1200 1500
Production Budget 5200 6300 9000
Production Budget = Sales + Desired Ending Inventory Less Opening Inventory
School Days Furniture, Inc.
Sales Budget
July August September
Sales 5000 6000 7500
Price Per unit $ 60 $60 $ 60
Sales Budget $ 300,000 $ 360,000 $ 450,000
Sales Budget= Sales * Price Per unit
School Days Furniture, Inc.
Raw Materials Budget
July August September
Production Budget 5200 6300 9000
+ Desired
Ending Inventory 630 900 ------(assuming zero inv)
Less Opening
Inventory 520 630 900
Materials Requiremnt 5310 6570 8100
Board (feet) 10 10 10
Direct Materials 53,100 65,700 81,000
Plank Costs 0.60 0.60 0.60
Direct Materials $ 31860 $ 39,420 $ 48,600
Raw Materials Budget = Production + Desired Ending Inventory Less Opening Inventory
Raw Materials Costs= Raw Materials Budget * Costs
School Days Furniture, Inc.
Direct Labor Budget
July August September
Production Budget 5200 6300 9000
Direct Labor hours 1.5 1.5 1.5
Direct Labor Hours 7800 9450 13500
Wages Per hour $ 21 $ 21 $21
Direct Labor Budget $ 163,800 $ 198450 $ 283,500
Direct Labor Hours Budget = Production * Direct Labor Hours
Direct Labor Budget = Direct Labor Hours Budget* Wages Per Hour
The following formulas should be used:
1) Production Budget = Sales + Desired Ending Inventory - Opening Inventory
2) Sales Budget= Sales × Price Per unit
3) Raw Materials Budget = Production + Desired Ending Inventory -Opening Inventory
Raw Materials Costs= Raw Materials Budget × Costs
4) Direct Labor Hours Budget = Production × Direct Labor Hours
Direct Labor Budget = Direct Labor Hours Budget × Wages Per Hour
School Days Furniture, Inc.
Production Budget
July August September
Sales 5000 6000 7500
+ Desired
Ending Inventory 1200 1500
Less Opening
Inventory 1000 1200 1500
Production Budget 5200 6300 9000
School Days Furniture, Inc.
Sales Budget
July August September
Sales 5000 6000 7500
Price Per unit $ 60 $60 $ 60
Sales Budget $ 300,000 $ 360,000 $ 450,000
School Days Furniture, Inc.
Raw Materials Budget
July August September
Production Budget 5200 6300 9000
+ Desired
Ending Inventory 630 900
Less Opening
Inventory 520 630 900
Materials Requirement 5310 6570 8100
Board (feet) 10 10 10
Direct Materials 53,100 65,700 81,000
Plank Costs 0.60 0.60 0.60
Direct Materials $ 31860 $ 39,420 $ 48,600
School Days Furniture, Inc.
Direct Labor Budget
July August September
Production Budget 5200 6300 9000
Direct Labor hours 1.5 1.5 1.5
Direct Labor Hours 7800 9450 13500
Wages Per hour $ 21 $ 21 $21
Direct Labor Budget $ 163,800 $ 198450 $ 283,500
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At the beginning of the current fiscal year, the balance sheet of Hughey Inc. showed stockholders' equity of $523,000. During the year, liabilities increased by $28,000 to $232,000; paid-in capital increased by $37,000 to $174,000; and assets increased by $259,000. Dividends declared and paid during the year were $46,000.
Required:
Calculate net income or loss for the year.
Stockholders’ Equity
Assets = Liabilities + PIC + RE
Beginning = + + $260,000 SE
Changes 130,000 = 11,000 + 20,000 +
Ending = $116,000 + $90,000 +
Answer:
net income = $240,000
Explanation:
beginning stockholders' equity $523,000
beginning liabilities $204,000, ending liabilities $232,000 ($28,000 increase)
beginning paid in capital $137,000, ending $174,000 ($37,000 increase)
assets increased by $259,000
dividends $46,000
assets = liabilities + equity
beginning assets = $204,000 + $523,000 = $727,000
ending assets = $727,000 + $259,000 = $986,000
ending equity = ending assets - ending liabilities = $986,000 - $232,000 = $754,000
beginning equity = beginning paid in capital + retained earnings
beginning retained earnings = $523,000 - $137,000 = $386,000
ending equity = ending paid in capital + retained earnings
ending retained earnings = $754,000 - $174,000 = $580,000
ending retained earnings = beginning retained earnings + net income - dividends
$580,000 = $386,000 + net income - $46,000
net income = $580,000 + $46,000 - $386,000 = $240,000
Green Moose Industries is a company that produces iBooks, among several other products. Suppose that Green Moose Industries considers replacing its old machine used to make iBooks with a more efficient one, which would cost $1,800 and require $250 annually in operating costs except depreciation. After-tax salvage value of the old machine is $600, while its annual operating costs except depreciation are $1,100. Assume that, regardless of the age of the equipment, Green Moose Industries’s sales revenues are fixed at $3,500 and depreciation on the old machine is $600. Assume also that the tax rate is 40% and the project’s risk-adjusted cost of capital, r, is the same as weighted average cost of capital (WACC) and equals 10%.
Based on the data, net cash flows (NCFs) before replacement are___________ and they are constant over four years.
Answer:
Based on the data, net cash flows (NCFs) before replacement are $1,680 and they are constant over four years.
Explanation:
annual operating costs before replacement = $1,100
sales revenue = $3,500
depreciation of old machine = $600
tax rate = 40%
net cash flow = [(revenues - current cost - depreciation) x (1 - tax rate)] + depreciation = [($3,500 - $1,100 - $600) x (1 - 40%)] + $600 = $1,680 per year
Wanda contracted to sell Mike 100 boxes of ball bearings.The contract did not specify a place of delivery.The ball bearings now reside at Wanda's place of business.Wanda refuses to ship the 100 boxes to Mike,and Mike refuses to come to Wanda's place of business to pick them up.Who is right? Why?
Answer:
Wanda is right since the contract did not specify a place of deliveryExplanation:
Wanda is right, since the contract did not specify the place of delivery or whether Wanda is expected to deliver the bearing to Mikes place.
If it is in Wanda terms of business that normally boxes above 100 when purchased, delivery is free and he defaults, then he is wrong, but in this case it was not specified who will bear the cost of shipping, and it is not in Wanda terms of business that delivery is free, so Wanda is right in my own opinion.
The Apple stock’s price is $112.92 on 8/1/15 and becomes $110.30 on 9/1/15. In August, Apple gives a dividend of $0.52 per share. What is the holding period monthly return for Apple in August?
Answer:
The holding period monthly return for Apple in August is -2.00%.
Explanation:
Holding period return (HPR) refers to total return that is received by an investor when he holds an asset or portfolio of assets over a period of time.
The holding period return is generally expressed as a percentage can be estimated using the following formula:
HPR = [Income + (P1 - Po)] / Po ....................... (1)
Where;
Income = Dividend = $0.52
P1 = End-of-period value = $110.30
Po = Initial value = $112.92
Substituting the values into equation (1), we have:
HPR = [$0.52 + ($110.30 - $112.92)] / $112.92
HPR = [$0.52 - $2.62] / $112.92
HPR = -$2.10 / $112.92
HPR = -0.02, or -2.00%
Therefore, the holding period monthly return for Apple in August is -2.00%.
James is an agreeable and emotionally stable person. A _______ , he inspires his employees to believe in the changes he wants to make to the organization.
a) transformational leader
b) transactional leader
Answer:
transformational leader