The evolving business environment and emergence of free agent workers affected have led to more rigorous processes before hiring workers.
What is Hiring?This is defined as the process of employing workers for different roles in an organization.
The increase in free agent workers and evolving business environment have led to more rigorous recruitment processes to get the best results.
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Provide one example of what the citizens of South Africa can do to uplift themselves
Answer:
Citizens of South Africa should endeavor to acquire skills that would make them financially independent.
Explanation:
Poverty and unemployment still remain major problems bedeviling African countries, South Africa inclusive. To uplift themselves, South African people should endeavor to acquire skills that would make them independent. Since the government cannot cater to the needs of everyone, learning a trade or two will help the teeming youths to be productively engaged.
This will go a long way to curb unemployment and its negative consequences such as crime perpetrated by young people. They could learn hard skills like fashion designing, Catering, Mechanized farming, etc. Soft skills would also help them to grow professionally.
An example of what the citizens of South Africa can do to uplift themselves is to develop their community and get the necessary skills and education.
In South Africa today, there are issues of inequality and poverty affecting the people. In order to tackle these issues, it's vital to focus on projects that can help the poor in society. This can be through the creation of jobs.Furthermore, it's vital for people to develop their skills. Skill courses and mentorship programs should be engaged in order for the people to improve their standard of living.Lastly, companies should be socially responsible and find ways through which they can help the poor.Read related link on:
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Adirondak Marketing Inc. manufactures two products, A and B. Presently, the company uses a single plantwide factory overhead rate for allocating overhead to products. However, management is considering moving to a multiple department rate system for allocating overhead.
Overhead Total Direct Labor Hours DLH per Product
A B
Painting Dept. $250,000 10,000 16 4
Finishing Dept. 75,000 12,000 4 16
Totals $325,000 22,000 20 20
Required:
Calculate the plantwide factory overhead rate for Adirondack Marketing Inc.
a. $6.25 per dlh
b. $14.77 per dlh
c. $0.07 per dlh
d. $25.00 per dlh
Answer:
Predetermined manufacturing overhead rate= $14.77 per direct labor hour
Explanation:
Giving the following information:
Estimated overhead cost for the period= $325,000
Estimated total direct labor hours for the period= 22,000
To calculate the predetermined manufacturing overhead rate we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 325,000 / 22,000
Predetermined manufacturing overhead rate= $14.77 per direct labor hour
U.S. currency is produced by the _____.
Answer:
Bereau of engraving and printing
Explanation:
Novak Company acquired a plant asset at the beginning of Year 1. The asset has an estimated service life of 5 years. An employee has prepared depreciation schedules for this asset using three different methods to compare the results of using one method with the results of using other methods. You are to assume that the following schedules have been correctly prepared for this asset using (1) the straight-line method, (2) the sum-of-the-years'-digits method, and (3) the double-declining-balance method.
Year Straight-Line Sum-of-the-Years'-Digits Double-Declining-Balance
1 $15,750 $26,250 $35,000
2 15,750 21,000 21,000
3 15,750 15,750 12,600
4 15,750 10,500 7,560
5 15,750 5,250 2,590
Total $78,750 $78,750 $78,750
Required:
a. What is the cost of the asset being depreciated?
b. What amount, if any, was used in the depreciation calculations for the salvage value for this asset?
c. Which method will produce the highest charge to income in Year 1?
d. Which method will produce the highest charge to income in Year 4?
e. Which method will produce the highest book value for the asset at the end of Year 3?
f. If the asset is sold at the end of Year 3, which method would yield the highest gain (or lowest loss) on disposal of the asset?
Answer:
a. What is the cost of the asset being depreciated?
the cost of the asset = $35,000 / 0.4 = $87,500
b. What amount, if any, was used in the depreciation calculations for the salvage value for this asset?
salvage value = $87,500 - (5 x $15,750) = $8,750
c. Which method will produce the highest charge to income in Year 1?
double declining results in the highest depreciation expense
d. Which method will produce the highest charge to income in Year 4?
straight line results in the highest depreciation expense
e. Which method will produce the highest book value for the asset at the end of Year 3?
straight line, book value = $87,500 - (3 x $15,750) = $40,250
f. If the asset is sold at the end of Year 3, which method would yield the highest gain (or lowest loss) on disposal of the asset?
double declining balance, since the carrying value is lowest = $87,500 - $35,000 - $21,000 - $12,600 = $18,900
e.g. if the assets is sold at $30,000, the gain = $11,100
under straight line method a $30,000 resale price would result in a loss(= $30,000 - $40,250 = -$10,250), while sum of years' digit would result in a gain = $30,000 - ($87,500 - $26,250 - $21,000 - $15,750) = $5,500
In its first month of operations, Vaughn Manufacturing made three purchases of merchandise in the following sequence:
(1) 340 units at $5,
(2) 440 units at $7, and
(3) 540 units at $8.
Assuming there are 240 units on hand at the end of the period, compute the cost of the ending inventory under
(a) the FIFO method and
(b) the LIFO method.
Vaughn Manufacturing uses a periodic inventory system.
Answer:
[tex]Ending\ Inventory = \$1920[/tex] --- FIFO
[tex]Ending\ Inventory = \$1200[/tex] -- LIFO
Explanation:
Solving (a):
FIFO method
This means that the first items to be listed were sold out and only 240 of the last item is left
This implies that the following units were sold
340 units at $5; 440 units at $7 and (540 - 240) units at $8
So: We're left with
[tex]Ending\ Inventory = 240 * \$8[/tex]
[tex]Ending\ Inventory = \$1920[/tex]
Solving (b):
LIFO method
This means that the last items to be listed were sold out and only 240 of the fist item is left
This implies that the following units were sold
540 units at $8; 440 units at $7 and (340 - 240) units at $5
So: We're left with
[tex]Ending\ Inventory = 240 * \$5[/tex]
[tex]Ending\ Inventory = \$1200[/tex]
What are the characteristics of a successful entreprenuer
Answer:
Planning
Empathy. ...
A sense of fairness. ...
Transferable values. ...
Willingness to work hard. ...
Knowing what they don't know. ...
Listening carefully. ...
Vision for what they can build.
Explanation:
Answer:
Explanation:
Empathy
A sense of fairness
willingness to work hard
listening carefully
they invest in themselves
they make big decisions carefully
constantly learning
not afraid of risks
Hoped this helped!
In its Department R, Recyclers, Inc., processes donated scrap cloth into towels for sale in local thrift shops. It sells the products at cost. The direct materials costs are zero, but the operation requires the use of direct labor and overhead. The company uses a process costing system and tracks the processing volume and costs incurred in each period. At the start of the current period, 300 towels were in process and were 60 percent complete. The costs incurred were $576.
During the month, costs of $10,800 were incurred, 2,700 towels were started, and 150 towels were still in process at the end of the month. At the end of the month, the towels were 20 percent complete.
Required:
a. Prepare a production cost report; the company uses FIFO process costing.
b. Show the flow of costs through T-accounts.
Answer:
Units to be accounted for:
beginning 300 units
started 2700 units
total 3,000 units
Equivalent units
physical materials conversion
beginning 300 300 (60%) 240
start-comp 2,550 2,550 2,550
ending 150 150 (20%) 30
total 3,000 2,700 2,640
Cost to be accounted for:
materials conversion
beginning 0 576
incurred 0 10,800
Total zero 11,376
Equivalent unis cost
materials zero
conversion: $10,800 / 2,640 = 4.09
Cost assigned for:
beginning inventory
576 + 60 x 4.09 =
576 + 245.40 = 821,4
transferred units
2,550 units x 4.09 = 10,429.5
ending units
30 units x 4.09 = 122,70
total cost assigned for 11.373,6
(the difference between this amount and the total cost to be accounted for is due to rounding)
Explanation:
We count the physical units
then, we solve for the equivalent untis
(started and completed + completed ending + missing beginning
then, we solve for equivalent unit cost:
cost incurred during the period divided among equivalent units
last, we made the cost assignment.
Which description of the parts of the compound interest expression is correct? P(1 + )nt P = principal; r = number of times interest is compounded per year; n = annual interest rate; t = time in years P = principal; r = annual interest rate; n = number of times interest is compounded per year; t = time in number of compounding periods P = principal; r = monthly interest rate; n = number of times interest is compounded per year; t = time in number of compounding periods P = principal; r = annual interest rate; n = number of times interest is compounded per year; t = time in years
Answer:
P = principal; r = annual interest rate; n = number of times interest is compounded per year; t = time in years
Explanation:
Given the formula P(1 + r)^nt,
P = principal; r = annual interest rate; n = number of times interest is compounded per year; t = time in years
Compound interest is defined as interest on a loan, deposit or investment that is calculated on the basis of the principal invested, deposited or borrowed and the accumulated interest from previous periods.
Answer:
P = principal; r = annual interest rate; n = number of times interest is compounded per year; t = time in years
Explanation:
The Cavy Company estimates that the factory overhead for the following year will be $644,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 16,100 hours. The machine hours for the month of April for all of the jobs were 1,620. If the actual factory overhead for April totaled $65,837,
a. determine the over- or underapplied amount for the month.
b. determine the total factory overhead amount applied.
c. prepare the journal entry to close factory overhead into Cost of Goods Sold.
Answer:
A. $1,037 underapplied
B. Total factory overhead 64,800
C.Dr Factory overhead $1,037
Cr Cost of Goods Sold $1,037
Explanation:
a. Calculation to determine the over- or underapplied amount for the month.
First step to find the Predetermined Overhead rate using this formula
Predetermined Overhead rate = Predetermined Overhead / Machine Hours
Predetermined Overhead rate=$644,000/16,100
Predetermined Overhead rate= $ 40 per hour
Second step is to find the Overhead Applied using this formula
Overhead Applied = Predetermined Overhead rate * machine hours for April
Overhead Applied=1,620 hours ×$ 40 per hour
Overhead Applied=64,800
Last step is to calculate for Over- or underapplied amount
Over- or underapplied amount =$65,837-64,800
Over- or underapplied amount=$1,037 underapplied
b. Calculation to determine the total factory overhead amount applied.
First step to find the Predetermined Overhead rate using this formula
Predetermined Overhead rate = Predetermined Overhead / Machine Hours
Predetermined Overhead rate=$644,000/16,100
Predetermined Overhead rate= $ 40 per hour
Now let calculate for the total factory overhead
Total factory overhead=1,620 hours ×$ 40 per hour
Total factory overhead=64,800
c. preparation of the journal entry to close factory overhead into Cost of Goods Sold.
Dr Factory overhead $1,037
Cr Cost of Goods Sold $1,037
Santana Rey, owner of Business Solutions, decides to diversify her business by also manufacturing computer workstation furniture.
Required
1. Classify the following manufacturing costs of Business Solutions as (a) variable or fixed and (b) direct or indirect.
2. Prepare a schedule of cost of goods manufactured for Business Solutions for the month ended January 31, 2018.
Direct materials: $2,900
Factory overhead: $530
Direct labor: $900
Beginning work in process: none (December 31, 2017)
Ending work in process: $520 (January 31, 2018)
Beginning finished goods inventory: none (December 31, 2017)
Ending finished goods inventory: $350 (January 31, 2018)
3. Prepare the cost of goods sold section of a partial income statement for Business Solutions for the month ended January 31, 2018.
Answer:
Instructions are below.
Explanation:
Giving the following information:
Direct materials: $2,900 VARAIBLE
Factory overhead: $530 MIXED (ussually)
Direct labor: $900 VARIABLE
Beginning work in process: none (December 31, 2017)
Ending work in process: $520 (January 31, 2018)
Beginning finished goods inventory: none (December 31, 2017)
Ending finished goods inventory: $350 (January 31, 2018)
To calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 0 + 2,900 + 900 + 530 - 520
cost of goods manufactured= $3,810
Now, we can determine the cost of goods sold:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
beginning finished inventory= 0
cost of goods manufactured= 3,810
ending finished inventory= (350)
Cost of goods manufactured= $3,460
Brine, a concentrated aqueous salt solution, is frequently applied to the roads to pre-treat when snow is forecasted. It is known to be more effective when compared with solid ice melting products. Based on your understanding of the concept of freezing point depression, select all the reasons that explain why it is better to use the anti-icing agent brine than using solid ice melting products. It will be helpful to think about storage and dispersion when taking costs into account for the brine and solid ice melting products.
a. Applying brine on roadways accelerates the melting process because salt needs to be moist to be effective.
b. Solids may lead to land pollution while brine does not.
c. Snow storms sometimes start as rain which may wash away the solid ice melting products.
d. The salt in brine sticks to the roadway after the water part evaporates preventing the salt from being blown off by vehicles driving on the road.
e. The cost per ton is higher for solid ice melting products than it is for brine
Answer:
Applying brine on roadways accelerates the melting process because salt needs to be moist to be effective.
The cost per ton is higher for solid ice melting products than it is for brine
The salt in brine sticks to the roadway after the water part evaporates preventing the salt from being blown off by vehicles driving on the road.
Snow storms sometimes start as rain which may wash away the solid ice melting products
Explanation:
Brine is a concentrated salt solution used to remove ice from roads during winter. It functions by lowering the melting point of ice. Since brine is a solution, it works faster and accelerates the melting process because brine needs to be moist to be effective.
Similarly, it does not easily wash off roads as solid melting products does. It tends to stick better on roads even after the water evaporates.
Brine is a concentrated salt solution that is used to melt ice on roads in the winter. It works by reducing the ice's melting point. Because brine must be damp to be effective. it works faster and accelerates the melting process because it is a solution.
So, Option A is correct as it is the correct reason to use brine.
The other options are incorrect as:
Option B is incorrect as solid does not lead to land pollution and brine accelerates the melting process.Option C is incorrect as snowstorms do not wash away the solid ice melting products.Option D is incorrect as salts do not stick to the roadways it just needs to be moist and effective.Option E is incorrect as the cost is not higher.Thus Option A is the correct reason to use brine.
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The manager of a supermarket meat department finds she has 200 lb of round steak, 800 lb of chuck steak, and 150 lb of pork in stock on Saturday morning. She will use these to make three products: hamburger meat, picnic patties, and meatloaf. The demand for each of these items always exceeds the supermarket supply. Therefore, she will be able to sell off all of however much of her current meat ingredients as she wants to. Hamburger meat must consist of at least 20 percent round steak and at least 50 percent chuck steak by weight. Picnic patties must consist of at least 20 percent pork and at least 50 percent chuck steak by weight. Meatloaf must consist of at least 10 percent round steak, 30 percent pork, and 40 percent chuck. In each product, the remainder is an inexpensive filler, and the supermarket has an unlimited supply of it. The manager wants to know how much of each product she should produce so that the total amount of leftover meat ingredients that need to be carried over can be minimized. Solve this problem using Linear Programming.
a. Production quantity of hamburger meat: ______________
b. Production quantity of picnic patties: _______________
c. Production quantity of meatloaf: ___________________
d. The total quantity of leftover meat: _________________
Answer:
a. Production quantity of hamburger meat: 850 lbs
b. Production quantity of picnic patties: 750 lbs
c. Production quantity of meatloaf: 0 lbs
d. The total quantity of leftover meat: 30 lbs of sound steak
You must also remember that a pound of hamburger meat and picnic patties both have 30% of a filler. So 1,120 pounds of meat can really produce 1,120 / 0.7 = 1,600 pounds of processed meat products.
Explanation:
200 lb of round steak
800 lb of chuck steak
150 lb of pork
hamburger meat:
20% of round steak
50% of chuck steak
picnic patties:
20% of pork
50% of chuck steak
meatloaf:
10% of round steak
30% of pork
40% of chuck steak
x₁ = round steak
x₂ = chuck steak
x₃ = pork
hamburger = 0.2x₁ + 0.5x₂
patties = 0.5x₂ + 0.2x₃
meatloaf = 0.1x₁ + 0.4x₂ + 0.3x₃
you have to maximize the total amount of meat used
M = 0.3x₁ + 1.5x₂ + 0.8x₃
x₁ ≤ 200
x₂ ≤ 800
x₃ ≤ 150
x₁ ≥ 0
x₂ ≥ 0
x₃ ≥ 0
using solver, the solution is:
850 pounds of hamburger meat and 750 pounds of picnic patties
170 pounds of round steak will be used800 pounds of chuck steak 150 pounds of porkYou must also remember that a pound of hamburger meat and picnic patties both have 30% of a filler. So 1,120 pounds of meat can really produce 1,120 / 0.7 = 1,600 pounds of processed meat products.
In its Department R, Recyclers, Inc., processes donated scrap cloth into towels for sale in local thrift shops. It sells the products at cost. The direct materials costs are zero, but the operation requires the use of direct labor and overhead. The company uses a process costing system and tracks the processing volume and costs incurred in each period. At the start of the current period, 300 towels were in process and were 60 percent complete. The costs incurred were $576. During the month, costs of $10,800 were incurred, 2,700 towels were started, and 150 towels were still in process at the end of the month. At the end of the month, the towels were 20 percent complete.
Required:
A. Prepare a production cost report; the company uses weighted-average process costing.
RECYCLERS, INC.
Production Cost Report—FIFO
Flow of Production Units Compute Equivalent Units
Physical Units Conversion Costs
Units to be accounted for:
Beginning WIP inventory 300
Units started this period
Total units to be accounted for 300
Units accounted for:
Units completed and transferred out:
From beginning inventory
Started and completed currently
Units in ending WIP inventory
Total units accounted for 0 0
Costs Total Costs Conversion Costs
Costs to be accounted for:
Costs in beginning WIP inventory
Current period costs
Total costs to be accounted for $0 $0
Cost per equivalent unit:
Conversion costs
Costs accounted for:
Costs assigned to units transferred out:
Costs from beginning inventory
Current costs added to complete beginning WIP inventory:
Conversion costs
Total costs from beginning inventory $0
Current costs of units started and completed:
Conversion costs
Total costs of units started and completed $0
Total costs of units transferred out $0
Costs assigned to ending WIP inventory:
Conversion costs
Total ending WIP inventory $0
Total costs accounted for $0 $0
B. Show the flow of costs through T-accounts. Assume that current period conversion costs are credited to various payables.
Work in Process Various Payables
Beginning inventory Beg.bal.
This period's costs: End.bal.
Ending inventory
Finished Goods Inventory
Beg.bal.
End.bal.
Answer:
Units to be accounted for:
Beg WIP 300 units
started 2700 units
Total 3,000 units
Equivalent units
physical materials conversion
tranferred 2,850 2,850 2,850
ending 150 150 (20%) 30
total 3,000 2,700 2,880
Cost to be accounted for:
materials conversion
beg WIP 0 576
incurred 0 10,800
Total 0 11,376
Equivalent unis cost
materials zero
conversion: $11,376 / 2,880 = $3.95
Cost assigned for:
Transferred units
2,850 units x 3.95 = 11,257.5
ending work in process units
30 units x 3.95 = 118.5
Total cost to be assigned for 11,376
Notice: Total cost to be asisgned for and assigned cost are the same.
Explanation:
1) We count the physical units
2) Then, we solve for the equivalent units which, under weighted average are:
transferred units + completion on ending work in process.
3) Now, we solve for equivalent unit cost:
for materials, this is zero are there is no cost associaed with.
4) Finally, we made the cost assignment which, should match the beginning WP cost and the incurred cost during the period.
Prepare the financial statements for Smart Touch Learning for the month of December. Remember that the business started operations this month so all beginning balances were zero. For the Statement of Retained Earnings and the Balance Sheet, enter any decreases with a minus sign or parentheses.
SMART TOUCH LEARNING
Adjusted Trial Balance
December 31, 2016
Balance
Account Title Debit Credit
Cash 42,310
Accounts Receivable 2,400
Office Supplies 420
Prepaid Insurance 900
Furniture 13,300
Accumulated Depreciation
- Furniture 400
Salaries Payable 1,100
Unearned Revenue 4,200
Common Stock 41,500
Dividends 2,200
Service Revenue 20,400
Salaries Expense 3,300
Depreciation Expense
- Furniture 400
Insurance Expense 300
Utilities Expense 390
Rent Expense 1,600
Supplies Expense 80
Total 67,600 67,600
Answer:
SMART TOUCH LEARNING
Income Statement
December 31, 2016
Service Revenue 20,400
Salaries Expense 3,300
Depreciation Expense
- Furniture 400
Insurance Expense 300
Utilities Expense 390
Rent Expense 1,600
Supplies Expense 80 6,070
Net Income 14,330
Statement of Retained Earnings
December 31, 2016
Net Income 14,330
Dividends (2,200)
Balance, December 31, 2016 12,130
Balance Sheet
December 31, 2016
Assets:
Cash 42,310
Accounts Receivable 2,400
Office Supplies 420
Prepaid Insurance 900
Total current assets $46,030
Furniture 13,300
Accumulated
Depreciation (400) 12,900
Total assets $58,930
Liabilities + Equity:
Salaries Payable 1,100
Unearned Revenue 4,200
Common Stock 41,500
Retained Earnings 12,130
Total Liabilities + Equity $58,930
Explanation:
a) Data:
SMART TOUCH LEARNING
Adjusted Trial Balance
December 31, 2016
Balance
Account Title Debit Credit
Cash 42,310
Accounts Receivable 2,400
Office Supplies 420
Prepaid Insurance 900
Furniture 13,300
Accumulated Depreciation
- Furniture 400
Salaries Payable 1,100
Unearned Revenue 4,200
Common Stock 41,500
Dividends 2,200
Service Revenue 20,400
Salaries Expense 3,300
Depreciation Expense
- Furniture 400
Insurance Expense 300
Utilities Expense 390
Rent Expense 1,600
Supplies Expense 80
Total 67,600 67,600
A taxpayer purchases real estate rental property for $150,000. She pays $25,000 cash and obtains a mortgage for $125,000. She pays closing costs of $8,000, which includes $4,000 in points on the mortgage and $4,000 for closing fees and title costs. The basis in the property is:
a. $33,000 depreciation , $125,000 amortization
b. $158,000 depreciation only
c. $154,000 depreciation, $4,000 amortization
d. $150,000 depreciation, $8,000 Amortization
Answer:
c. $154,000 depreciation, $4,000 amortization
Explanation:
The basis of the rental real estate property = purchase price + closing costs (excluding the cost of mortgage points) = $150,000 + $4,000 = $154,000
You can amortize the cost of the closing points for a period equal to the length of the mortgage loan (or up to 30 years if the length of the loan is longer).
The Rivera's owned and operated a small pharmacy in New York. They spoke to Hyman a representative of CVS Pharmacy,inc. Hyman told them that for 25,000 CVS would build them a store and stock it for them. The Rivera's gave up their store and bought a lot on which CVS was to build the store. CVS then told them the price went up to 35,000. The Rivera's borrowed the extra money, but then CVS told them the cost would be 50,000. Negotiations broke off and the Rivera's sued.
(1) Is there a contract?
(2) and if there is not is there another way the Rivera's can recover any money?
Answer:
1. There is no contract between the two parties as the negotiation broke in the middle and no offer and acceptance were there during the entire process.
2. The principle of restitution of unjust enrichment can be used by the plaintiff in order to recover the amount that was invested by the plaintiff. As per this principle, the arrangement made for the proposed contract that broke during the negotiation, the other party has to pay the amount spent in the development of the infrastructure required in the contract.
A list of concepts are provided below. Select the appropriate description for the concept.
1. Cash-basis accounting. select the appropriate description for the concept
2. Fiscal year. select the appropriate description for the concept
3. Revenue recognition principle. select the appropriate description for the concept
4. Expense recognition principle. select the appropriate description for the concept
Answer:
1. Cash-basis accounting - Companies record revenues when they receive cash and record expenses when they pay out cash.
Unlike in Accrual basis accounting, here revenue is recognized when the money is paid regardless of if the payment for services comes after a year. The same goes for expenses. Tax authorities use the Cash basis.
2. Fiscal year - An Accounting time period that is one year in length.
This is the Accounting period for a firm. It runs for 12 months and depends on when they started business or when they want to report financials.
3. Revenue recognition principle - Recognize revenue in the accounting period in which a performance obligation is satisfied
This falls under the Accrual basis of accounting. It is recommended by GAAP. Revenue should be recognized only when the service has been accomplished regardless of when actual payment is made.
4. Expense recognition principle - Efforts (expenses) should be matched with accomplishments (revenues).
Follows the same premise as the Revenue recognition principle. Recognize expenses when incurred and should be matched to revenues.
Asonia Co. will pay a dividend of $4.50, $8.60, $11.45, and $13.20 per share for each of the next four years, respectively. The company will then close its doors. If investors require a return of 10.5 percent on the company's stock, what is the stock price?
Answer:
$28.50
Explanation:
Stock price = Future dividends*Present value of discounting factor(10.5%,time period)
Stock price = $4.50/1.105 + $8.60/1.105^2 + $11.45/1.105^3 + $13.20/1.105^4
Stock price = $4.50/1.105 + $8.60 / 1.2210 + $11.45/1.3492 + $13.20/1.4909
Stock price = $4.0724 + $7.0434 + $8.4865 + $8.8537
Stock price = $28.456
Stock price = $28.50
Select the examples that best demonstrate likely tasks for Professional Support Services workers. Check all than
apply.
O Leon gives psychological tests to students and assesses their results.
O Helen sets goals, and creates rules and policies for a school.
O Alexander helps high-school students decide which classes to take.
O Ebony helps children find books and magazines in a school library.
O Kyle teaches a kindergarten class that prepares students for first grade.
O Francisca is a parent who donates money to a school program.
Answer: the answer is A, C, D
Explanation:
Answer:
Answer is A, C, D doing the instruction vidio right now just wanted to help some people. ;D
Explanation:
Rafael Company produces pipes for concert-quality organs. Each job is unique. In April 2013, it completed all outstanding orders, and then, in May 2013, it worked on only two jobs, M1 and M2:Job M1: Direct materials $78,000, Direct manufacturing labor $273,000Job M2: Direct materials $51,000, Direct manufacturing labor $208,000Direct manufacturing labor is paid at the rate of $26 per hour. Manufacturing overhead costs are allocated at a budgeted rate of $20 per direct manufacturing labor-hour. Only Job M1 was completed in May.Requirements:A) Calculate the total cost for Job M1.B) 1,100 pipes were produced for Job M1. Calculate the cost per pipe.C) Prepare the journal entry transferring Job M1 to finished goods.D) What is the ending balance in the Work-in-Process Control account?
Answer and Explanation:
The computation is shown below:-
A. the total cost for Job M1
Labor hour used in Job M1 = Direct manufacturing labor ÷ Direct manufacturing labor per hour
= $273,000 ÷ $26
= 10,500
Manufacturing overhead costs of Job M1 = Labor hour used in Job M1 × Predetermined overhead rate
= 10,500 × $20
= $210,000
Total cost for Job M1 = Direct materials + Direct manufacturing labor + Manufacturing overhead costs
= $78,000 + $273,000 + $210,000
= $561,000
B. the cost per pipe
Cost per pipe = Total cost for Job M1 ÷ No of unit produced
= $561,000 ÷ 1,100
= $510
C. The Journal entry is shown below:-
Finished Goods Dr, $561,000
To Work in Process $561,000
(Being the transfer is recorded)
D. Ending balance in the Work-in-Process Control account
Labor hour used in Job M2 = Direct manufacturing labor ÷ Direct manufacturing labor per hour
= $208,000 ÷ $26
= 8,000
Manufacturing overhead costs of Job M2 = Labor hour used in Job M2 × Predetermined overhead rate
= 8,000 × $20
= $160,000
Ending balance in the Work-in-Process Control account = Direct materials of Job M2 + Direct manufacturing labor of Job M2 + Manufacturing overhead costs of Job M2
= $51,000 + $208,000 + $160,000
= $419,000
Marilyn County operates on a calendar-year basis. It uses a Capital Projects Fund to account for major capital projects and a Debt Service Fund to accumulate resources to pay principal and interest on general obligation debt. It does not use encumbrance accounting in the Capital Projects Fund. The following transactions occur:
1. On January 1, 2019, Marilyn County issues general obligation bonds in the amount of $1,000,000 to build a community center. The debt will be paid off in 20 equal semiannual installments of $50,000 over a 10-year period commencing October 1, 2019, with interest of 4 percent per annum paid on the outstanding debt.
2. The county realizes that the community center will cost more than it originally anticipated. On May 1, the county transfers $20,000 from its General Fund to its Capital Projects Fund to help meet project costs.
3. Construction is completed on July 1, 2019, and the community center is ready for occupancy. The county pays the contractor a total of $1,020,000 on July 1. The county anticipates that the community center will have a useful life of 20 years.
4. On September 30, 2019, the General Fund transfers an amount to the Debt Service Fund that is sufficient to pay the first debt service installment, which is due October 1.
5. The county pays the debt service due on October 1.
Required:
Prepare the journal entries to record these transactions in the Capital Projects Funds, the General Funds and the Debit Service Fund.
Answer:
The Capital Fund Entries include;Jan 1, 2019
DR Cash $1,000,000
CR Other Financing Source - long term debt $1,000,000
May 1
DR Cash $20,000
CR Transfer in from General Fund $20,000
July 1
DR Expenditures - Capital Outlay $1,020,000
CR Construction contracts payable $1,020,000
DR Construction contracts payable $1,020,000
CR Cash $1,020,000
The General Fund Entries are;May 1,
DR Transfer to Capital Projects Fund $20,000
CR Cash $20,000
September 30
DR Transfer to Debt Service Fund $80,000
CR Cash $80,000
Entries to the Debt Service FundSeptember 30
DR Cash $80,000
CR Transfer in from General Fund $80,000
October 1,
DR Expenditure - Bond Principal $50,000
Expenditure - Interest $30,000
CR Matured Bond Principal Payable $50,000
Matured Bond Interest Payable $30,000
October 1
DR Matured Bond Principal Payable $50,000
Matured Bond Interest Payable $30,000
CR Cash $80,000
Interest on debt = 4% * 1,000,000 = $40,000 semi annual
= 40,000 * 2 = $80,000
Principal = $50,000 so Interest = $30,000
On January 1, 2021, Madison Products issued $40 million of 6%, 10-year convertible bonds at a net price of $40.8 million. Madison recently issued similar, but nonconvertible, bonds at 99 (that is, 99% of face amount). The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 30 shares of Madison’s no par common stock. Madison records interest by the straight-line method. On June 1, 2023, Madison notified bondholders of its intent to call the bonds at face value plus a 1% call premium on July 1, 2023. By June 30, all bondholders had chosen to convert their bonds into shares as of the interest payment date. On June 30, Madison paid the semiannual interest and issued the requisite number of shares for the bonds being converted.
Required:
1. & 2. Prepare the journal entries for the issuance of the bonds by Madison and interest payment for June 30, 2021.
3. Prepare the journal entries for the June 30, 2023, interest payment by Madison and the conversion of the bonds (book value method).
Answer:
1. Date General Journal Debit Credit
Jan 1 Cash $40,800,000
Convertible bond payable $40,000,000
Premium on bond payable $800,000
Jun 30 2021 Interest expenses $1,160,000
Premium on bond payable $40,000
(800,000/10 * 1/2)
Cash $1,200,000
(40,000,000 * 6% * 1/2)
2. Date General Journal Debit Credit
June 30 Interest Expenses $1,160,000
2023 Premium on bond payable $40,000
Cash $1,200,000
($40,000,000 *6%*1/2)
June 30 Convertible bonds payable $40,000,000
2023 Premium on bond payable $600,000
($800,000 - ($40,000*5)
Common stock $40,600,000
Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS At the beginning of March, Mendez Company had two jobs in process, Job 86 and Job 87, with the following accumulated cost information:
Job 86 Job 87
Direct materials $4,800 $1,600
Direct labor 1,200 3,000
Applied overhead 888 2,220
Balance, March 1 6,888 $6,820
During March, two more jobs (88 and 89) were started. The following direct materials and direct labor costs were added to the four jobs during the month of March:
Job 86 Job 87 Job 88 Job 89
Direct materials $3,000 $7,000 $2,100 $1,500
Direct labor 800 6,000 900 500
At the end of March, Jobs 86, 87, and 89 were completed. Only Job 87 was sold. On March 1, the balance in Finished Goods was zero.
Required:
a. Calculate the overhead rate based on direct labor cost.
b. Prepare a brief job-order cost sheet for the four jobs. Show the balance as of March 1 as well as direct materials and direct labor added in March.
Answer:
1. Overhead rate based on direct labor cost = Overhead applied * 100/Direct labor cost
Overhead rate = 888 * 100/1200
Overhead rate = 74% of direct labor cost
2. Preparation of the brief job-order cost sheet for the four jobs.
Job 86 Job 87 Job 88 Job 89
Beginning balance, March 1 6,888 6,820
Direct materials 3,000 7,000 2,100 1,500
Direct labor 800 6,000 900 500
Applied overhead 592 4440 666 370
Total Balance March 31 11,280 24,260 3,666 2,370
Carr Company produces a single product. During the past year, Carr manufactured 29,010 units and sold 23,900 units. Production costs for the year were as follows: Direct materials $214,674 Direct labor $121,842 Variable manufacturing overhead $243,684 Fixed manufacturing overhead $319,110 Sales were $1,159,150 for the year, variable selling and administrative expenses were $126,670, and fixed selling and administrative expenses were $205,971. There was no beginning inventory. Assume that direct labor is a variable cost. Under variable costing, the company's net operating income for the year would be:______.
a. $56,210 lower than under absorption costing.
b. $30,149 lower than under absorption costing.
c. $56,210 higher than under absorption costing.
d. $30,149 higher than under absorption costing.
Answer:
Net income under variable costing is $56,210 lower than absorption costing.
Explanation:
The difference between absorption costing and variable costing methods is that the first one includes fixed manufacturing overhead as a product cost.
When there isn't beginning inventory, and there are units in ending inventory, the net income will be higher in absorption costing.
The difference is fixed manufacturing overhead allocated in ending inventory units.
Fixed overhead in ending inventory= 5,110units*(319,110/29,010)
Fixed overhead in ending inventory=$56,210
Net income under variable costing is $56,210 lower than absorption costing.
19. An investment costs $290,000 and will generate the following cash flows: Year 1 - +$132,000; Year 2 - +$100,000; Year 3 - +$150,000. The required rate of return is 15%. What is the IRR?
Answer:
14.80%
Explanation:
Calculation of the IRR using a financial calculator is as follows :
($290,000) CFj
+$132,000 Cfj
+$100,000 Cfj
+$150,000 Cfj
Shift IRR/YR 14.80%
Therefore, the IRR is 14.80%.
There is a large steel factory next to a private lake owned by a single individual. Pollution from the factory contaminates the lake, reducing the stock of fish and other aquatic animals. The pollution runoff affects only the owner's private lake. The marginal benefit to the steel factory of pollution is M B = 400 − 2 Q MB = 400 - 2Q MB=400−2Q, where Q Q Q is the amount of water pollution in tons. The marginal cost to the lake owner is M C = 3 Q MC = 3Q MC=3Q. Assume that the amount of pollution damage is measurable, benefit and cost curves are known with certainty, and that there are no transaction costs for negotiation. With this information, answer the following questions:______
A. What is the efficient quantity of pollution? Illustrate on a graph.
B. Recall the Coase Theorem, which indicates that the assignment of property rights to one party or the other is irrelevant when determining the efficient allocation of resources. First assume that owner of the lake has the property rights. Calculate the net gains or loses for both the owner and the factory. What is the total net social welfare?
C. Now assume that the steel factory has the pollution rights. Calculate the net gains or loses for both the owner and the factory. What is the total net social welfare?How does this result compare to answer?
Answer:
1. 80
Explanation:
MB = 400-2Q
Mc = 3Q
MB = Mc
= 400-2Q = 3Q
400=5Q
Q= 400/5
Q=8
Check attachment for diagram
3. The lake owner would be paying for the reduction in pollution. Mc = 0. He will be unwilling to make any offer that exceed this amount. The steel company would be unwilling to take anything below $400 since that is what he gets if nothing is produced. The lake owner would suffer a loss since the steel plant would continue production of 80 tons of pollution
Suppose that France and Austria both produce jeans and stained glass. France's opportunity cost of producing a pane of stained glass is 3 pairs of jeans while Austria's opportunity cost of producing a pane of stained glass is 11 pairs of jeans. By comparing the opportunity cost of producing stained glass in the two countries, you can tell that has a comparative advantage in the production of stained glass and has a comparative advantage in the production of jeans. Suppose that France and Austria consider trading stained glass and jeans with each other. France can gain from specialization and trade as long as it receives more than of jeans for each pane of stained glass it exports to Austria. Similarly, Austria can gain from trade as long as it receives more than of stained glass for each pair of jeans it exports to France.Based on your answer to the last question, which of the following prices of trade (that is, price of stained glass in terms of jeans) would allow both Austria and France to gain from trade?
a. 4 pairs of jeans per pane of stained glass
b. 1 pair of jeans per pane of stained glass
c. 11 pairs of jeans per pane of stained glass
d. 7 pairs of jeans per pane of stained glass
Answer:
By comparing the opportunity cost of producing stained glass in the two countries, you can tell that FRANCE has a comparative advantage in the production of stained glass and AUSTRIA has a comparative advantage in the production of jeans.
France can gain from specialization and trade as long as it receives more than 3 of jeans for each pane of stained glass it exports to Austria. Similarly, Austria can gain from trade as long as it receives more than 1/11 of stained glass for each pair of jeans it exports to France.
Based on your answer to the last question, which of the following prices of trade (that is, price of stained glass in terms of jeans) would allow both Austria and France to gain from trade?
a. 4 pairs of jeans per pane of stained glass d. 7 pairs of jeans per pane of stained glassThe price range that allows both countries to gain from trade is more than 3 but less than 11 pairs of jeans per pane of stained glass.
Lexington Garden Supply pays $ 280,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $ 93,000 , the building's current market value is $ 186,000 , and the equipment's current market value is $ 31,000. Prepare a schedule allocating the purchase price of $ 280,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price.
Required:
Prepare a schedule allocating the purchase price of $ 280,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets.
Answer:
total purchase cost $280,000
land with FMV of $93,000
building with FMV of $186,000
equipment with FMV of $31,000
total FMV = $310,000
we will allocate purchase cost using the weighted average method:
land = ($280,000 / $310,000) x $93,000 = $84,000
building = ($280,000 / $310,000) x $186,000 = $168,000
equipment = ($280,000 / $310,000) x $31,000 = $28,000
total = $280,000
Dr Equipment 28,000
Dr Building 168,000
Dr Land 84,000
Cr Cash 280,000
Suppose that nominal GDP was $9000000.00 in 2005 in Midland County Texas. In 2015, nominal GDP was $11500000.00 in Midland County Texas. The price level rose 3.00% between 2005 and 2015, and population growth was 3.50%. Calculate the following figures for Midland County Texas between 2005 and 2015. Give all answers to two decimals.
Answer:
Calculate the following figures for Midland County Texas between 2005 and 2015. a. Nominal GDP growth, b. Economic growth, c. Inflation, d. Real GDP growth, e. Per capita GDP growth, f. Real per capita GDP growth.
Nominal GDP(current year) = $11,750,000
Nominal GDP(base year) = $9,000,000
Inflation = 3%
Population growth = 3.50%
a. Nominal GDP growth: = [(Nominal GDP(current year) - Nominal GDP(base year)) / Nominal GDP(base year) ]* 100
= (11,500,000.00 - 9,000,000) / 9000000 * 100
= [2,500,000 / 900,000,000} * 100
= 0.2778
= 27.78%
b. Economic growth = [(GDP(current year) / GDP(base year)) – 1] * 100
= [11,500,000.00 / 9,000,000 - 1] * 100
= 1.27777 - 1 * 100
= 0.27777 * 100
= 27.78%
c. Inflation is when there is increase in the general price level of the goods and service. The price level rise by 3%, hence. the inflation become 3%.
d. Real GDP growth = Nominal GDP growth - Inflation
= 27.78% - 3%
= 24.78%
e. Per capita GDP growth = Nominal GDP growth - Population growth
= 27.78% - 3.50%
= 24.28 %
f. Real per capita GDP growth: = Real GDP growth - Population growth
= 24.78% - 3.50%
= 21.28%
Harbert, Inc. had a beginning balance of $12,000 in its Accounts Receivable account. The ending balance of Accounts Receivable was $10,500. During the period, Harbert collects $72,000 of its accounts receivable. Harbert incurred $63,000 of cash expenses during the accounting period.
Required
a. Based on the information provided, determine the amount of revenue recognized during the accounting period.
b. Based on the information provided, determine the amount of net income earned during the accounting period.
c. Based on the information provided, determine the amount of cash flow from operating activities.
Answer:
a. $70,500
b. $7,500
c. $9,000
Explanation:
a. The computation of the amount of revenue is shown below:-
Amount of revenue = Ending balance of accounts receivable + Cash collected - Beginning balance of accounts receivable
= $10,500 + $72,000 - $12,000
= $70,500
b. The computation of net income earned during the accounting period is shown below:-
Net income = Revenue generated - Expenses
= $70,500 - $63,000
= $7,500
c. The computation of amount of cash flow from operating activities is shown below:-
Net cash flow from operating activities = Cash collection - Amount paid for operating expenses
= $72,000 - $63,000
= $9,000