Factory rent 3140
Company advertising 1070
Wages paid to assembly workers 31000
Depreciation for salespersons' vehicles 2180
Screws 580
Utilities for factory 870
Assembly supervisor's salary 3520
Sandpaper President's salary 135
Plastic tubing 5040
Paint 4170
Sales commissions 225
Factory insurance 1210
Depreciation on cutting machines 1100
Wages paid to painters 2130
Determine the total cost for each of the following:
a. Direct Materials
b. Direct Labor
c. Manufacturing Overhead
d. Prime Cost
e. Conversion Cost
f. Total Product Cost
Answer and Explanation:
The computation is shown below:
a. The direct material cost is
Screws $580
Sandpaper $135
Plastic Tubing $4170
Paint $225
Cost of Direct Material $5,110
b. The direct labor cost is
Wages paid to Assembly workers $31,000
Assembly Supervisors Salary $3,520
Wages paid to painters $8,200
Cost of Direct Labor $42,720
d. The Prime Cost is
= Direct Labor + direct material
= $42,720 + $5,110
= $47,830
c. The Manufacturing Overheads is
Factory Rent $3,140
Utilities for factory $870
Factory Insurance $1,100
Depreciation on cutting Machines $2,130
Manufacturing overhead cost $7,240
e. The conversion cost is
= Prime cost + manufacturing overhead
= $47,830 + $7,240
= $55,070
f. The total product cost is
= Conversion cost + Production cost + selling overhead
= $55,070 + $5,040 $1,070 + $2,180 + $1,210
= $64,570
During the current year, the company had the following summarized activities:
Purchased short-term investments for $8,000 cash.
Lent $6,300 to a supplier who signed a two-year note.
Purchased equipment that cost $24,000; paid $6,000 cash and signed a one-year note for the balance.
Hired a new president at the end of the year. The contract was for $95,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January 1 of next year.
Issued an additional 3,000 shares of $0.50 par value common stock for $11,000 cash.
Borrowed $16,000 cash from a local bank, payable in three months.
Purchased a patent (an intangible asset) for $1,400 cash.
Built an addition to the factory for $21,000; paid $7,800 in cash and signed a three-year note for the balance.
Returned defective equipment to the manufacturer, receiving a cash refund of $2,100.
Assuming that the beginning balances in each of the accounts are zero, complete T-accounts to summarize the transactions in (a)–(g).
Answer:
D
Explanation:
The FDA does all of the following EXCEPT
Provides standards and guidelines for poisonous substances
Provides food assistance programs such as food stamps and school lunch programs
Establishes labeling guidelines for products
Requires testing and approval of all new drugs
Kara files her income tax return 64 days after the due date of the return without obtaining an extension from the IRS. Along with the return, she remits a check for $15,400, which is the balance of the tax she owes. Note: Assume 30 days in a month.
Required:
Disregarding the interest element, enter Kara's penalty amount for each, failure to file and failure to pay.
Failure to pay________$
Failure to file________$
Answer:
failure to file :$2079
failure to pay:$231
Explanation:
given data
remits a check = $15,400
days in a month = 30
return = 64 days
solution
computation of Kara's penalty amount for failure to pay
failure to pay will be
failure to pay = 0.5% of tax owed × number of months .......................1
failure to pay = 0.5% × $15400 × 3
failure to pay = $231
and
Computation of Kara's penalty amount for failure to file
failure to file will be
failure to file = (5% of tax owed × number of months or part thereof) - failure to pay penalty .......................2
failure to file = (5% × $15400 × 3) - $231
failure to file = $2310 - $231
failure to file = $2079
A marketing researcher wants to estimate the mean amount spent (S) on Amazon.com by Amazon Prime member shoppers. Suppose a random sample of 100 Amazon Prime member shoppers who recently made a purchase on Amazon.com yielded a mean of $1,500.
a. Suppose the standard deviation of the amount spent ($) on Amazon.com is $200. Construct a 95% confidence interval estimate for the mean spending for all Amazon Prime member shoppers.
b. Suppose the standard deviation of the sample of 100 Amazon Prime member shoppers is $200. Construct a 95% confidence interval estimate for the mean spending for all Amazon Prime member shoppers.
Answer:
The answer is below
Explanation:
a)
Given that mean (μ) = $1500, standard deviation (σ) = $200, sample size (n) = 100
confidence (C) = 95% = 0.95
α = 1 - C = 1 - 0.95 = 0.05
α/2 = 0.05 / 2 = 0.025
The z score that corresponds with 0.475 (0.5 - 0.025) is 1.96. Therefore the margin of error (E) is:
[tex]E = z_\frac{\alpha}{2} *\frac{\sigma}{\sqrt{n} } \\\\E=1.96*\frac{200}{\sqrt{100} } =39.2\\[/tex]
The confidence interval = (μ ± E) = (1500 ± 39.2) = (1500 - 39.2, 1500 + 39.2) = (1460.8, 1539.2)
The confidence interval is between $1460.8 and $1539.2.
b) Given that mean (μ) = $1500, standard deviation for 100 samples = σ /√n = $200,
confidence (C) = 95% = 0.95
[tex]E = z_\frac{\alpha}{2} *\frac{\sigma}{\sqrt{n} } \\\\E=1.96*200=392\\[/tex]
The confidence interval = (μ ± E) = (1500 ± 392) = (1500 - 392, 1500 + 392) = (1108, 1892)
The confidence interval is between $1108 and $1892.
On January 1, year 8, Crimson Corp., a closely held corporation, issued 5% bonds with a maturity value of $90,000, together with 1,500 shares of its $3 par value common stock, for a combined cash amount of $121,800. The market value of Crimson’s stock is uncertain. If the bonds had been issued separately they would have sold at 102. What amount should Crimson report for additional paid-in capital (or paid-in capital—excess of par) upon issuing the stock?
Answer:
The amount Crimson should report for additional paid-in capital (or paid-in capital—excess of par) upon issuing the stock is $25,500.
Explanation:
Additional paid-in capital is the excess of market value of common stock over the face value of common stock. Therefore, the amount Crimson should report for additional paid-in capital can be calculated as follows:
Face value of common stock = Number of shares issued * Price per share = $1,500 * $3 = $4,500
Since if the bonds had been issued separately they would have sold at 102, this implies that the market value of the bonds is 102% of the face value of the bond. Therefore, we have:
Bonds market value = Bonds face value * 102% = $90,000 * 102% = $91,800
Market value of common stock = Combined cash amount - Bonds market value = $121,800 - $91,800 = $30,000
Therefore, we have:
Additional paid-in capital = Market value of common stock - Face value of common stock = $30,000 - $4,500 = $25,500
Therefore, the amount Crimson should report for additional paid-in capital (or paid-in capital—excess of par) upon issuing the stock is $25,500.
Emily recently quit her job at a major corporation because she saw little chance for advancement. Although she is still searching for a new position, Emily believes the economy is healthy and she hears that several firms are hiring people with her qualifications. Which of the following statements about Emily's current situation is most accurate?
a. not considered unemployed because she voluntarily quit her job.
b. an example of cyclical unemployment.
c.an example of frictional unemployment.
d. likely to find employment quickly if she seeks training in a different field
Answer:
C)an example of frictional unemployment
Explanation:
Frictional unemployment can be regarded as " search unemployment" and it's a type of unemployment which can be as a result of the individual circumstances, this is the period of time used between jobs by workers trying to search for jobs or moving from initial job to another.
This is to inform you that I will be leaving work early today.
This is to inform you that I will be leaving work early today. The grammar in this sentence is correct.
What is grammar?The grammar of a natural language is its set of structural constraints on speakers' or writers' composition of clauses, phrases, and words. The term can also refer to the study of such constraints, a field that includes domains such as phonology, morphology, and syntax, often complemented by phonetics, semantics, and pragmatics. There are currently two different approaches to the study of grammar: traditional grammar and theoretical grammar.
Fluent speakers of a language variety or lect have effectively internalized these constraints, the vast majority of which at least in the case of one's native languages are acquired not by conscious study or instruction but by hearing other speakers. Much of this internalization occurs during early childhood; learning a language later in life usually involves more explicit instruction.
The term grammar can also describe the linguistic behaviour of groups of speakers and writers rather than individuals.
Learn more about grammar, here:
https://brainly.com/question/2645316
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Your question is incomplete, but most probably the full question is:
Check the grammar of the sentence given below is correct or incorrect:
This is to inform you that I will be leaving work early today.
how does peer pressure influence the spread of stis
people will use peer pressure to make others have sex/sexual interactions which leads to still being caused from unclean or unsafe interactions. hope this is what you meant!
Which of the following directly generates revenue for a business?
O A. Assets
O B. Resources
O c. Output
O D. Capital
Answer:
Answer: C Output
Explanation:
Took the Test
Ultra Fine Furnishings is in the process of selling its peripheral businesses and focusing on its upscale clients. In conjunction with this reorganization, the dividend will be decreased by 10 percent for the next 3 years. After that, the dividend will resume increasing at an annual rate of 5 percent. The required return on this stock is 14 percent and the last dividend paid was $2.40 a share. What is one share of this stock worth today?
Answer:
$18.35
Explanation:
P0 = D1/(1+r)^1 + D2/(1+r)^2 + D3/(1+r)^3 + P3/(1+r)^3
D1 = $2.40 * 0.90 = $2.16
D2 = $2.16 * 0.90 = $1.944
D3 = $1.944 * 0.90 = $1.7496
P3 = D3*(1+g)/(r-g) = $1.7496*(1+0.05)/(0.14-0.05) = $20.412
P0 = D1/(1+r)^1 + D2/(1+r)^2 + D3/(1+r)^3 + P3/(1+r)^3
P0 = [$2.16/(1+0.14) + $1.944(1+0.14)^2 + $1.7496/(1+0.14)^3 + $20.412/(1+0.14)^3]
P0 = $18.35
Therefore, the worth of the stock today is $18.35.
Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $ 26,000 Accounts payable 2,400 Accrued liabilities payable 4,100 Notes payable (current) 26,000 Notes payable (noncurrent) 1,800 Common stock 53,000 Additional paid-in capital 94,000 Retained earnings 3,700 $ 16,000 2,700 6,200 44,000 9,900 89,100 43, 100
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $8,300 cash.
b. Lent $5,300 to a supplier who signed a two-year note.
c. Purchased equipment that cost $28,000; paid $5,000 cash and signed a one-year note for the balance.
d. Hired a new president at the end of the year. The contract was for $81,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January 1 of next year.
e. Issued an additional 2,100 shares of $0.50 par value common stock for $14,000 cash.
f. Borrowed $17,000 cash from a local bank, payable in three months.
g. Purchased a patent (an intangible asset) for $2,800 cash.
h. Built an addition to the factory for $25,000; paid $7,300 in cash and signed a three-year note for the balance.
i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,200.
1. & 2. Post the current year transactions to T-accounts for each of the accounts on the balance sheet. (Two items have been given in the cash T-account as examples).
Cash 26,000 Investments (short-term) 2,400 Beg. Bal. Beg. Bal. 8,300 (a) 5,300 (6) 5,000 (c) (d) End. Bal. 2,400 End. Bal. 7,400 Accounts Receivable 4,100 Inventory 26,000 Beg. Bal. Beg. Bal. End. Bal. 4,100 End. Bal. 26,000 Notes Receivable (long-term) 1,800 Equipment 53,000 Beg. Bal. Beg. Bal. End. Bal. L 1,800 End. Bal. 53,000
Answer:
Jaguar Plastics Company
T- Accounts:
Cash
Account Titles Debit Credit
Beginning balance $16,000
a. Short-term Investments $8,300
b. Note receivable (long-term) 5,300
c. Equipment 5,000
e. Common stock 1,050
e. Additional Paid-in Capital 12,950
f. Note payable (current) 17,000
g. Intangible 2,800
h. Factory Building 7,300
i. Equipment (refund) 1,200
Investments (short-term)
Account Titles Debit Credit
Beginning balance $2,700
a. Cash 8,300
Accounts receivable
Account Titles Debit Credit
Beginning balance $6,200
Inventory
Account Titles Debit Credit
Beginning balance $44,000
Notes receivable (long-term)
Account Titles Debit Credit
Beginning balance $ 9,900
b. Cash 5,300
Equipment
Account Titles Debit Credit
Beginning balance $89,100
c. Cash 5,000
c. Note Payable (short) 23,000
i. Cash (refund) $1,200
Factory building
Account Titles Debit Credit
Beginning balance $43,100
h. Cash 7,300
h. Note payable
(non-current) 15,700
Intangibles
Account Titles Debit Credit
Beginning balance $26,000
g. Cash $2,800
Accounts payable
Account Titles Debit Credit
Beginning balance $2,400
Accrued liabilities payable
Account Titles Debit Credit
Beginning balance 4,100
Notes payable (current)
Account Titles Debit Credit
Beginning balance 26,000
c. Equipment 23,000
f. Cash 17,000
Notes payable (noncurrent)
Account Titles Debit Credit
Beginning balance 1,800
h. Factory Building 15,700
Common stock
Account Titles Debit Credit
Beginning balance 53,000
e. Cash 1,050
Additional paid-in capital
Account Titles Debit Credit
Beginning balance 94,000
e. Cash 12,950
Retained earnings
Account Titles Debit Credit
Beginning balance 3,700
Explanation:
a) Data and Calculations:
Trial Balance as at December 31:
Debit Credit
Cash $16,000
Investments (short-term) 2,700
Accounts receivable 6,200
Inventory 44,000
Notes receivable (long-term) 9,900
Equipment 89,100
Factory building 43,100
Intangibles $26,000
Accounts payable 2,400
Accrued liabilities payable 4,100
Notes payable (current) 26,000
Notes payable (noncurrent) 1,800
Common stock 53,000
Additional paid-in capital 94,000
Retained earnings 3,700
Totals $211,000 $211,000
Presented below is information related to Swifty Corporation.
Oct. 1 Diane Lexington begins business as a real estate agent with a cash investment of $21,688 in exchange for common stock.
2 Hires an administrative assistant.
3 Purchases office furniture for $2,494, on account.
6 Sells a house and lot for N. Fennig; bills N. Fennig $3,904 for realty services performed.
27 Pays $922 on the balance related to the transaction of October 3.
30 Pays the administrative assistant $2,711 in salary for October.
Date Account Titles Ref. Debit Credit
Oct. 1
2
3
6
27
30
Answer:
1) Oct 1
Dr Cash $21,688
Cr Common stock $21,688
2. No entry
3. Oct 3
Dr Cost of real estate service $2,494
Cr Accounts payable $2,494
4. Oct 1
Dr Accounts receivable $3,904
Cr Reality service revenue $3,904
5. Oct 27
Dr Accounts payable $922
Cr Cash $922
6. Oct 30
Dr Cost of real estate service $2,711
Cr Cash $2,711
Explanation:
Preparation of the debit-credit analysis for each transaction.
1) Oct 1
Dr Cash $21,688
Cr Common stock $21,688
[Being to record Issued common stock to properties]
2. No entry
3. Oct 3
Dr Cost of real estate service $2,494
Cr Accounts payable $2,494
[Being to record Purchased on account office furniture]
4. Oct 1
Dr Accounts receivable $3,904
Cr Reality service revenue $3,904
[Being to record Sold reality estate and bill raised]
5. Oct 27
Dr Accounts payable $922
Cr Cash $922
[Being to record paid dues of Oct 3 in part]
6. Oct 30
Dr Cost of real estate service $2,711
Cr Cash $2,711
[Being to record Salary paid to administrative staff]
A colleague from the plant in Germany has arrived at the Chicago plant to share insights on a recent product line changeover implemented in Germany. This changeover has saved thousands of euros at the German facility, but Jim does not think it will work in the United States. Jim feels that there is a completely different attitude towards work and innovation in the U.S., and in fact, thinks the German facility is technologically behind his plant. Additionally, the colleague often mispronounces words when he speaks English, and doesn't dress appropriately for the U.S. office. He showed up to work on the plant floor in a formal suit and tie, with dress shoes that had a slippery sole. However, the colleague is a guest, and it is important that Jim pretends to be interested.
Identify the listening barriers. Check all that apply.
Psychological barriers
Thought speed
Grandstanding
Nonverbal distractions
Faking attention
Identify tips that would help Jim listen more effectively to what his international colleague has to say about the production process. Check all that apply.
Control his surroundings
Provide feedback
Focus on nonverbal signals
keep an open mind Judge ideas, not appearances
Answer:
1. Psychological barriers, Nonverbal distraction, Faking attention
As Jim is not much interested in listening to German colleague where he is paying attention upon the nonverbal distraction such as dressing sense, words pronunciation etc.
2. Provide feedback, Keep an open mind, Judge ideas, not appearances
Listening barriers can be overcome if Jim, keep an open mind towards the conversation, to remain engaged, provide feedback and judge the ideas put forward by the colleague.
Last year Kruse Corp had $410,000 of assets (which is equal to its total invested capital), $403,000 of sales, $28,250 of net income, and a debt-to-total-capital ratio of 39%. The new CFO believes the firm has excessive fixed assets and inventory that could be sold, enabling it to reduce its total assets and total invested capital to $252,500. The firm finances using only debt and common equity. Sales, costs, and net income would not be affected, and the firm would maintain the same capital structure (but with less total debt). By how much would the reduction in assets improve the ROE? Do not round your intermediate calculations. Question 2 options: 7.05% 6.69% 6.41% 7.26% 7.82%
Answer:
a. 7.05%
Explanation:
ROE before reduction in assets:
Total assets = $410,000
Debt to total capital ratio = 39%
Equity to total capital ratio = 1 - 39% = 61%
Equity = 410000 * 61% = $250,100
Net Income = $28,250
ROE = Net Income / Equity = 28250 / 250100 = 11.2955%
After reduction in assets:
Total assets = $252,500
Net Income is not affected and is same at = $28,250
Capital structure is same.
New Equity = 252500 * 61% = $154,025
New ROE = 28250 / 154025 = 18.3412%
Improvement in ROE = 18.3412% - 11.2955%
Improvement in ROE = 7.05%
Top hedge fund manager Sally Buffit believes that a stock with the same market risk as the S&P 500 will sell at year-end at a price of $49. The stock will pay a dividend at year-end of $3.00. Assume that risk-free Treasury securities currently offer an interest rate of 2.1%. Average rates of return on Treasury bills, government bonds, and common stocks, 1900–2017 (figures in percent per year) are as follows. Portfolio Average Annual Rate of Return (%) Average Premium (Extra return versus Treasury bills) (%) Treasury bills 3.8 Treasury bonds 5.3 1.5 Common stocks 11.5 7.7
Answer:
a. 9.80%
b. $47.36
Explanation:
a. Discount rate
Discount rate on stock = Risk free rate + Average risk premium on stock
= 2.1% + 7.7%
= 9.80%
b. The price today will be the present value of the stock given the future price and the expected dividends.
= (Future price + dividends) / ( 1 + rate) ^ No. of periods
= (49 + 3) / (1 + 9.8%)
= 52 / 1.098
= $47.36
Required information Skip to question [The following information applies to the questions displayed below.] Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the first process. During November, the first process transferred 780,000 units of product to the second process. Additional information for the first process follows. At the end of November, work in process inventory consists of 185,000 units that are 50% complete with respect to conversion. Beginning work in process inventory had $188,175 of direct materials and $196,313 of conversion cost. The direct material cost added in November is $1,259,325, and the conversion cost added is $3,729,937. Beginning work in process consisted of 76,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 76,000 were from beginning work in process and 704,000 units were started and completed during the period. Required: For the first process: 1. Determine the equivalent units of production with respect to direct materials and conversion.
Answer:
Direct materials = 965,000 units Conversion = 872,500 units
Explanation:
a. Direct materials
Direct materials are added at the beginning of the process so ending EUP is 100% in respect to EUP.
EUP Direct materials = Finished goods + Closing EUP
= 780,000 + 185,000
= 965,000 units
b. Conversion
= Finished goods + Closing EUP
= 780,000 + (0.50 * 185,000)
= 780,000 + 92,500
= 872,500 units
0
Of these common educational requirements for Law, Public Safety, and Security careers, which are you most
interested in achieving? Check all that apply.
high school diploma
traditional two- or four-year college degree
advanced degree after a traditional four-year college degree
specialized technical certificate or degree, such as a certificate for expertise in a software program
on their training eynerience
Answer:
There is no right or wrong answer, it is based off of your own opinion
Explanation:
:) Hope I cleared the confusion (:
Answers
traditional two- or four-year college degree
advanced degree after a traditional four-year college degree
specialized technical certificate or degree, such as a certificate for expertise in a software program
Bocelli Co. purchased $120,000 of 6%, 20-year Sanz County bonds on May 11, Year 1, directly from the county, at their face amount plus accrued interest. The bonds pay semiannual interest on April 1 and October 1. On October 31, Year 1, Bocelli Co. sold $30,000 of the Sanz County bonds at 99 plus $150 accrued interest less a $100 brokerage commission. Provide journal entries for the following:
a. The purchase of the bonds on May 11 plus 40 days of accrued interest; assume a 360-day year.
b. Semiannual interest on October 1.
c. Sale of the bonds on October 31.
d. Adjusting entry for accrued interest of $1,365 on December 31, Year 1.
Answer:
S/n General journal Debit Credit
a Investment in Sanz County bonds $120,000
Interest $800
(120,000*6%*40/360)
Cash $120,800
(The purchase of the bonds on May 11 plus 40 days of accrued
interest; assume a 360-day year.)
b. Cash $3,600
Interest receivable $800
Interest revenue $2,800
(Semiannual interest on October 1)
c. Cash(150* (99%*30,000) - $100) $29,750
Loss on sale of investments $400
Investment in Sanz County bonds $30,000
Interest revenue $150
(Sale of the bonds on October 31)
d. Interest receivables $1,365
Interest revenue $1,365
(Adjusting entry for accrued interest of $1,365 on
December 31, Year 1.)
Efficiency and effectiveness (Connect, Perform)
Read the scenario and then complete the sentence with the correct tom.
Your parents are hosting the huge annual family reunion this year, and they have determined that quite a bit of work needs to be done before all the relatives show up. They ask if you will repair the leaking faucets and replace the rec room carpet. They ask your sister to rid the lawn of weeds and reseed the bare patches, and they ask your brother to rent tents, a huge barbeque grill, and other equipment. They want the family to feel comfortable and have fun.
Thanks to your family's excellent planning, the reunion achieves high efficiency. No one is stressed out or exhausted, spending came in under budget, and everyone had a good time.
Rick is a student at Capstone College. He developed a schedule that he thought would let him spend the minimum amount of time studying while still getting good grades, Rick is following his schedule, but he's not getting the grades he hoped he would get what is the best way to describe Rick's approach to studying?
A. Neither effective nor efficient.
B. Efficient but not effective.
C. Effective but not efficient.
D. Both effective and efficient.
Answer:
Rick's approach to studying is:
B. Efficient but not effective.
Explanation:
Rick achieved efficiency by reducing the amount of time he spends studying so that he could have personal time and still make good grades. But, according to the scenario, he kept to his schedule but could not make his targeted grades. This implies that his efficient schedule is not producing the required results. It is merely efficient but not effective. Effectiveness deals strictly with the production of results or output and not with planning.
Cozelle, Inc., purchased inventory costing $125,000 and sold 80% of the goods for $200,000. All purchases and sales were on account. Cozelle later collected 25% of the accounts receivable. Assume that sales retums are nonexistent.
a. Journalize these transactions for Cozelle, which uses the perpetual inventory system
b. For these transactions, show what Cozelle will report for inventory, revenues, and expenses on its financial statements at the end of the month.
Required:
For theseâ transactions, show what will report forâ inventory, revenues, and expenses on its financial statements at the end of the month.
Answer:
A. Dr Inventory 125,000
Cr Accounts Payable 125,000
B. Dr Accounts Receivable 200,000
Cr Sales Revenue 200,000
C. Dr Cost of Goods Sold 100,000
Cr Inventory 100,000
D. Dr Cash 50,000
Cr Accounts Receivable 50,000
2. BALANCE SHEET $25,000
INCOME STATEMENT $100,000
Explanation:
Preparation of the journal entry
A. Preparation of the journal entry for the purchase of inventory.
Dr Inventory 125,000
Cr Accounts Payable 125,000
(Being to record the purchase of inventory)
B. Preparation of the journal entry for sale
Dr Accounts Receivable 200,000
Cr Sales Revenue 200,000
(Being to record sale revenue)
C. Preparation of the journal entry to
Record the cost of goods sold portion of the sale.
Dr Cost of Goods Sold 100,000
Cr Inventory 100,000
(80%*125,000)
(Being to record cost of goods sold portion of the sale)
D. Preparation of the journal entry to Record the collection of 30% of the accounts receivable.
Dr Cash 50,000
Cr Accounts Receivable 50,000
(25%*200,000)
(Being to record the collection of 25% of the accounts receivable)
2. Calculation to Determine what the company will report on the balance sheet
BALANCE SHEET
Current Assets:
Inventory $25,000
(125,000-100,000)
Therefore the company will report $25,000 on the balance sheet
Calculation to Determine what the company will report on the income statement:
INCOME STATEMENT
Sales revenue 200,000
Less Cost of Goods Sold 100,000
Gross profit $100,000
Therefore the company will report $100,000 on the income statement
Consider the market for _____.
Suppose the price of increases from $ to $ per . As a result, the demand for decreases from to _____. Using the midpoint formula, what is the cross-price elasticity of demand for ? _____. (Enter a numeric response using a real number rounded to two decimal places. Don't forget the minus sign.) Suppose the cross-price elasticity of demand for with respect to the price of is . In this instance, and are ________ substitutes complements .
Answer:
Note: The full question is attached as picture below
Cross price elasticity of demand = (P1 + P2)/(Q1 + Q2) x (Q2 - Q1)/(P2 - P1)
P1 = $1.5 , P2 = $1.75 (syrup)
Q1 = 292, Q2 = 272 (pancakes)
CPE (pancakes) = 3.25/564 x (-20/0.25)
CPE (pancakes) = -0.46
If the CPE of demand for pancakes w.r.t. the price of syrup is -0.15, pancakes and syrup are complements (complements have negative cross price elasticity).
What initial costs are associated with renting an apartment?
Answer:
security deposit, first month's rent and utility hook ups
Explanation:
Sevenbergen Corporation makes one product and has provided the following information to help prepare the master budget for the next four months of operations:
Budgeted selling price per unit $92
Budgeted unit sales (all on credit)
July 9,000
August 11,300
September 10,400
October 10,800
Raw materials requirement per unit of output 4 pounds
Raw materials cost $1.00 per pound
Direct labor requirement per unit of output 2.8 direct labor hours
Direct labor wage rate $22.00 per direct labor hour
Variable selling and administrative expense $1.50 per unit sold
Fixed selling and administrative expense $70,000 per month
Credit sales are collected:
40% in the month of the sale
60% in the following month
Raw materials purchases are paid:
30% in the month of purchase
70% in the following month
The ending finished goods inventory should equal 20% of the following month's sales. The ending raw materials inventory should equal 30% of the following month's raw materials production needs.
If 41,920 pounds of raw materials are required for production in September, then the budgeted raw material purchases for August is closest to:__________
A. 57,056 pounds
B. 44,480 pounds
C. 43,712 pounds
D. 70,400 pounds
If 41,920 pounds of raw materials are required for production in September, then the budgeted cost of raw material purchases for August is closest to:__________
A. $57,056
B. $43,712
C. $44,480
D. $70,400
The estimated direct labor cost for August is closest to:____________
A. $465,000
B. $684,992
C. $31,136
D. $244,640
Answer and Explanation:
The computation is shown below:
Production Unit For August
= 11300 + (10400 × 20%) - (11300 × 20%)
= 11120 Units
Now Raw material purchase is
= (11120 × 4) + (41920 × 30%) - (11120 × 4*30%)
= 43712 Pounds
Raw material purchase Cost is
= 43712 × 1
= $43,712
The Direct labor cost is
= 11120 × 2.8 × 22
= $684,992
Trek Company has the following production data for April: units transferred out 41,400, and ending work in process 5,620 units that are 100% complete for materials and 40% complete for conversion costs. If unit materials cost is $6 and unit conversion cost is $10. Determine the costs to be assigned to the units transferred out and the units in ending work in process.
Answer and Explanation:
The computation of the cost assigned is given below:
For units transferred out
= 41,400 units × ($6 + $10)
= $662,400
For ending work in units
= 5,620 units × $6 + 5,620 units × 40% × $10
= $33,720 + $22,480
= $56,200
Hence, the costs to be assigned to the units transferred out and the units in ending work in process is $662,400 and $56,200 respectively
Using your knowledge of technical security programs, give what you consider to be the best example of a situation where you found a solution to a practical problem. Indicate the nature of the problem, who was affected by the problem and in what way, and the results or benefits of your solution.
Answer:
The description of the topic would be summarized throughout the explanation segment following the table.
Explanation:
Information technology security initiatives were also infrastructure presents challenges which help psychical safety systems operate effectively.
An illustration about the use of analytical information security has been the authentication protocol during an education institution to significantly reduce the likelihood of either proxy participation or imitation by a teaching assistant on multiple occasions of a bona fide applicant.ABC Information systems seem to be a corporation that always operates computer-based assessments on multiple occasions of certain educational institutions that don't have an adequate foundation to manage such assessments on a fee-based basis.Throughout the very first phase, this same bar code allows each student to gain entry into the testing facility. Throughout the second phase, this same sophisticated surveillance system complemented the signatures and perhaps even the infrared camera including its examiner with either the information gathered from either the college. These same two treatments took several minutes to accomplish, as well as the actual evidence of inaccuracy has been fully functional.The surveillance system has led to an increase throughout zero case scenarios of manipulation throughout the last 2 decades. Even as the corporation would be the one to incorporate that very framework, it was capable of attracting numerous potential subscribers thru all the productivity as well as generosity.Jim recently joined the Austin Barter Club, an organization that facilitates the exchange of services between its members. This year Jim provided lawn-mowing services to other club members. Jim received the following from the barter club. Determine the amount, if any, Jim should include in his gross income in each of the following situations: (Leave no answers blank. Enter zero if applicable.)
a. Jim received $275 of car repair services from another member of the club.
b. Jim received a S150 credit that gave him the option of receiving a season pass at a local ski resort from another member of the club. However, he forgot to request the pass by the end of the ski season and his credit expired.
c. Jim received a S450 credit that can only be applied for goods or services from club members next year.
Solution :
a). In the context, Jim received $ 275 for the car repairing services form some member from the club. In this exchange of the services, an income is been received in amount of a value of the services received ( the gross income includes receipt of the services and also the money and goods). Therefore, Jim is being taxed on an amount of $275 for the car repair services.
b). The issue in this case is whether a "credit" represents the valuable right. As the right can be redeemed for the that is property worth of $150, then under the constructive receipt, Jim must recognize an income of $150.
c). Jim received an credit of $450 to be applied for the next year. If the credit can be redeemed or used for any future services, the taxpayer then can argue that the realization has not yet occurred. But, it has be included in Jim's gross income for the next year when his credit amount becomes the valuable right.
Leasing companies purchase capital equipment, like airplanes or trucks, and then lease the equipment to the firms that actually use them. On its face, it is hard to see why this is a wealth-creating transaction since the end users could borrow money and purchase their own equipment. The answer is that banks, due to the way they are regulated, are more willing to lend to companies with less debt. By leasing equipment, a company moves debt off its balance sheet, which makes it easier to borrow more heavily. The enhanced borrowing ability of low-debt companies makes leasing more valuable than borrowing and buying. In the fall of 2015, one such truck leasing company was having trouble making money. The company purchased over-the-road trucks for $92,000 and then leased them to various transport companies, ranging from small owner-operators to large publicly owned firms with fleets of over hundred trucks. Salespeople who negotiated the leases were paid a commission of $2,000 for every truck they leased.
1. Why is the leasing company losing money? Explain.
2. How do we fix this situation and turn the company to a profitable one?
Explanation:
the reason the leasing company is losing money is because the people in sales are paid their commission for every equipment not regarding the amount of profit that was made. This brought about leasing of so many equipments as they could without thinking if it would have a positive or negative impact on the company. they could lease as many equipments as they could because they were charging low rates to leasing companies.
2. How do we fix this situation and turn the company to a profitable one
The company can fix this by figuring out a much better way to pay incentives to the people in sales. Incentives should be paid out of the profits of the business in such a way that if the lease rate is reduced the performance of those in sales is reduced also.
The next three questions are based on the following information: Demand for an item is 1000 units per year. A processing fee of $10 will be charged for each order placed. The purchasing cost of the item is $20. The annual cost to carry an item in inventory is 20% of the item costs. What is the unit inventory holding cost
Answer:
$4.00
Explanation:
The cost of purchasing 1000 units per year is computed thus:
the annual cost of purchase=annual demand*cost per unit
annual demand=1000
cost per unit=$20
the annual cost of purchase=1,000*$20
the annual cost of purchase=$20,000
The cost of carrying or holding the inventory for one year is 20% of cost of purchase
Annual holding cost=20%*$20,000
Annual holding cost=$4,000
the unit inventory holding cost=annual holding cost/annual demand
the unit inventory holding cost=$4,000/1000
the unit inventory holding cost=$4.00
Ambiguity can arise as to whether receivables have been sold or instead are being used as collateral for a loan whenever certain obligations, duties, or rights regarding the transferred receivables are retained by the transferor. In distinguishing between sales and collateralized borrowings using receivables, the critical issue:________
a. is whether the transferor surrenders control over the receivables.
b. comes down to how clearly the rights, etc. being retained are specified in the transfer agreement.
c. is whether any gain or loss related to the transfer is recognized in earnings.
d. is whether the terms regarding the transfer were initiated by the transferor or transferee.
Answer:
is whether the transferor surrenders control over the receivables
Explanation:
In Sales of Receivables and Collateralized Borrowing,.companies do not want to wait for payments to arrive as they simply quickens cash collection with help of bank or financing company and also factoring and collateralized borrowings are various means to speed up cash collections. In Collateralized borrowing, receivables are simply collateral. Company gets cash from bank and is saddle with the responsibility for repaying loan.
Issues regarding collateralized borrowing are the sales of receivables had the purchaser is called a factor, borrowing using receivables as collateral and accounts receivable is not wipe off from seller's books.