Answer:
A.$20,200
Explanation:
The computation of the cash amount which is to be reported is shown below:
= August bank statement balance - checks outstanding + deposit outstanding
= $22,400 - $4,500 + $2,300
= $20,200
The other items like NSF check, Note collected by the bank for the Colt Company, and Bank service fees are irrelevant. Hence, these are ignored and not be considered in the computation part
During 2020, $830000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. Waterway Industries's total manufacturing costs incurred in 2020 amounted to
Answer:
Waterway Industries's total manufacturing costs incurred in 2020 amounted to $2,140,000
Explanation:
The computation of the total manufacturing cost is shown below:
= Raw material + Direct labor cost + Manufactured overhead cost
= $830,000 + $670,000 + $640,000
= $2,140,000
Thus, the total manufacturing cost is comprised of direct raw material, direct labor cost, and the manufacturing overhead cost. That's why we add these three costs.
Concord Corporation uses a periodic inventory system. Details for the inventory account for the month of January 2017 are as follows:
Units Per unit price Total
Balance, 1/1/2017 240 $4.00 $960
Purchase, 1/15/2017 120 ..4.20 504
Purchase, 1/28/2017 120 ..4.40 528
An end of the month (1/31/2017) inventory showed that 190 units were on hand. If the company uses FIFO and sells the units for $8.00 each, what is the gross profit for the month?
Answer:
Gross profit= $1150
Explanation:
Giving the following information:
Beginning inventory: 240u*$4.00= $960
Purchase, (1/15/2017)= 120u*4.20= $504
Purchase, (1/28/2017)= 120u*4.40= $528
Ending inventory= 190u
The company uses FIFO (first in, first out).
Sale price= $8.00 each.
What is the gross profit for the month?
First, we need to calculate the number of units sold:
Sold units= Beginning inventory + purchase - ending inventory= 240 + 240 - 190= 290 units
Revenue= 290*8= $2320
Cost of goods sold= 240*$4 + 50*4.20= $1170
Gross profit= $1150
Beg. of Year
End of Year
Raw Materials Inventory
$26000
$30852
Work in process inventory
$35000
$32867
Finished goods inventory
$14000
$28862
Purchases of DM
$73000
Direct Labor
$41484
Indirect Labor
$40000
Insurance on plant
$10000
Depreciation - plant building and equipment
$12747
Repairs and maintenance - plant
$4869
Marketing expenses
$76000
General & administrative expenses
$27354
What is Cost of Goods Sold?
Answer: $164,519
Explanation:
Direct Material used = Beg. Raw Materials Inventory + Purchases of DM - End. Raw Materials Inventory
= $26000 + $73000 - $30852
= $68,148
Direct labor cost = $41,484
Manufacturing overhead = Indirect Labor + Insurance on plant + Depreciation - plant building and equipment + Repairs and maintenance - plant
= $40000 + $10,000 + $12747 + $4869
= $67,616
Total manufacturing cost = Direct Material used + Direct labor cost + Manufacturing overhead
= $68,148 + $41,484 + $67,616
= $177,248
Cost of goods manufactured:
= Total manufacturing cost + Beg. Work in process inventory - End. Work in process inventory
= $177,248 + $35000 - $32867
= $179,381
Cost of goods sold = Cost of goods manufactured + Beg. Finished goods inventory - End. Finished goods inventory
= $179,381 + $14000 - $28862
= $164,519
Which of the following is true about the U.S. labor force participation rate since 1950?
a. Since about 1990, females have participated at the same rates as males.
b. Female participation rates have risen steadily throughout the entire period.
c. Male participation rates have been falling throughout the period
d. Prior to the Great Recession, overall participation had been constant throughout the period
Answer:
b. Female participation rates have risen steadily throughout the entire period.
Explanation:
The involvement of women in the labor rate is oen of the main factor for the US economy grow for the period as their participation double between now and 1950.
At that point in history, women participation rate was of a third while now two third of the women work.
The rate at which women enter the job market risen throguth the entire period of the seconf half of the twentieth century
The most accurate statement regarding the U.S. labor force participation rate since 1950 is that male participation rates have been falling throughout the period. The female participation rate increased significantly from 1950s to about 2000, but has slightly decreased since then. Females have not yet participated at the same levels as males.
Explanation:The subject of your question is the labor force participation rate in the U.S. since 1950. The most accurate statement among the options provided is that the male participation rates have been falling throughout the period (Option c). This is because, historically, the labor force participation rate was largely driven by the male population. However, in the latter half of the 20th century, social and economic changes led to a decline in the male labor force participation rate, while the female rate rose.
As for the other options: it is not completely true that female participation rates have risen steadily throughout the entire period (Option b), nor that overall participation had been constant prior to the Great Recession (Option d). While it is true that the female labor force participation rate increased significantly from the 1950s to about 2000, it has slightly decreased since then. Lastly, it's important to note that females have not yet participated at the same rate as males (Option a), although the gap certainly lessened in the second half of the 20th century.
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To retain its edge in the organic health food market, Natura has established a high-priority team comprised of senior executives from the company's production, marketing, and research divisions. These employees work together closely to study consumer attitudes about organic health foods and come up with a closely monitored development and marketing strategy for new products. This ensures that each division is informed of the specific needs, timelines, and expected outcomes of the strategy. It also makes Natura a company that adapts to changes in market trends swiftly. The team Natura uses here is of the ________ type.A) problem-solvingB) self-managed workC) cross-functionalD) traditionalE) departmental
Answer:
Cross-functional
Explanation:
It is a team composed of people with different skills necessary to complete the work.
A cross-functional device is one that:
As a whole it is self-sufficient.
He has the knowledge and skills necessary to build the part of the product that corresponds to him.
Each member's specialty can be complemented by some other team member.
In a multifunctional development team, speed and productivity are triggered because, not depending so much on other people to do the job, request information, resources or requests from different managers, much time is saved in the process.
Joe runs the Service Division for a car dealership. The overall dealership has profit of $10 million on sales of $100 million and costs of $90 million. Joe’ s division contributed $9 million in sales and $7 million in costs. If the Service Division is evaluated as a profit center, what dollar amount is most relevant to Joe?
Answer:
The $2 million dollar amount is most relevant to Joe
Explanation:
Profit center: It is a center in which the amount is recorded as a profit which is to be calculated by subtracting the total cost from the revenue.
Since we have to compute the dollar amount as a profit center and we know the profit equals to
= Sales Revenue - total cost
So, = $9 million - $7 million = $2 million
The other items which are mentioned in the question are irrelevant. Hence, it is ignored
Exotics Faucets and Sinks LTD., guarantees that its new infrared sensor faucet will save any household that has 2 or more children at least $30 per month in water costs beginning 1 month after the faucet is installed. If the faucet is under full warranty for 5 years, the minimum amount a family of four could afford to spend now on such a faucet at an interest rate of 1/2% per year, compounded monthly, is closest to(a) $149c) $1787(b) $1552d) $1890
Answer:
$1552
Explanation:
it will save 30 per month during 5 years.
we can calculate this as an annuity. So the value of the faucets will be the present value of the cash savings:
[tex]C \times \frac{1-(1+r)^{-time} }{rate} = PV\\[/tex]
C $30 saving per month
time 5 years x 12 month per year = 60 months
rate 0.5% = 0.5/100 = 0.005
[tex]30 \times \frac{1-(1+0.005)^{-60} }{0.005} = PV\\[/tex]
PV $1,551.7668
Rounding it will be closest to 1,552
Set up the 2015 balance sheet for Circle Corp. based on the following information: cash = $141,000; patents and copyrights = $630,000; accounts payable = $219,000; accounts receivable = $132,500; tangible net fixed assets = $1,655,000; inventory = $300,000; notes payable = $110,000; accumulated retained earnings = $1,250,000; long-term debt = $859,000. (Be sure to list the accounts in order of their liquidity. Do not round intermediate calculations.)
Answer:
Explanation:
Balance sheet: In the balance sheet, the assets, liabilities, and stockholder equity is recorded. In this the accounting equation is used which is shown below:
Total assets = Total liabilities + stockholder equity
The debit and credit side of the balance sheet should always be equal and balanced.
Moreover, it always is prepared on the specified date.
The common stock amount is not given in the question, so it is a balancing figure. It is computed by
= Total assets - total current liabilities - total long term liabilities - accumulated retained earning
= $2,858,500 - $329,000 - $859,000 - $1,250,000
= $420,500
The preparation of the balance sheet is presented in the spreadsheet. Kindly find the attachment below:
Which activity is not the responsibility of IT service continuity management?
A. Drawing up back-out scenarios
B. Analyzing risks
C. Testing back-out arrangements
D. Executing impact analyses of incidents related to the back-out facilities
Answer:
D. Executing impact analyses of incidents related to the back-out facilities
Explanation:
According to the ITIL manual, the activities for IT service continuity management are:
Identify services and assets,Identify risks and threats,Make contingency plans,Document the recovery plan
Chuck Sox makes wooden boxes in which to ship motorcycles. Chuck and his three employees invest a total of 20 hours per day making the 400 boxes. a) Their productivity = 20 boxes/hour (round your response to two decimal places). Chuck and his employees have discussed redesigning the process to improve efficiency. Suppose they can increase the rate to 600 boxes per day. b) Their new productivity = 30 boxes/hour (round your response to two decimal places). c) The unit increase in productivity is 10 boxes/hour (round your response to two decimal places). d) The percentage LOADING... increase in productivity is nothing% (enter your response as a percentage rounded to two decimal places).
Answer: (d) 50%
Explanation:
Total hours invested per day = 20
Boxes produced in a day = 400 boxes
(a) Productivity per day (Old) = 20 boxes per hour
(b) Suppose they can increase the rate to 600 boxes per day, then,
New productivity per day = 30 boxes per hour
(c) Unit increase in productivity = 10 boxes per hour
(d) [tex]Percentage\ increase\ in\ productivity=\frac{New\ productivity-old\ productivity}{old\ productivity}\times100[/tex]
[tex]Percentage\ increase\ in\ productivity=\frac{30-20}{20}\times100[/tex]
= 50%
Final answer:
Chuck and his employees have a productivity of 20 boxes/hour. If they increase their production to 600 boxes per day, their new productivity would be 30 boxes/hour. The unit increase in productivity is 10 boxes/hour and the percentage increase is 50%.
Explanation:
a) The productivity of Chuck Sox and his three employees is calculated by dividing the number of boxes produced (400) by the total amount of time spent (20 hours). So the productivity is 20 boxes/hour.
b) If they can increase their production to 600 boxes per day, their new productivity would be calculated by dividing the number of boxes produced (600) by the same amount of time spent (20 hours). So the new productivity would be 30 boxes/hour.
c) The unit increase in productivity can be found by subtracting the initial productivity from the new productivity. In this case, it would be 30 - 20 = 10 boxes/hour.
d) The percentage increase in productivity can be calculated by dividing the unit increase in productivity by the initial productivity and multiplying by 100. In this case, it would be (10/20) × 100 = 50%.
Consider the following restaurants: Pizza Hut, Popeyes, and Taco Bell. When conducting a review on any business, the first thing that needs to completed is a SWOT Analysis (strengths, weaknesses, opportunities and threats). This analysis helps a business know where they excel at and where they need to work at, as well as, what they can take advantage of out in the environment, as well as threats they need to prepare for
Answer:
Strengths:
- Name recognition is the biggest strength.
- they offer variety of products than its competitors and the products are of good quality at an affordable price.
Weaknesses:
- As it is being run as full-fledged restaurant overhead cost is high. this means their overhead cost is higher.
- They mostly cover urban areas with a considerable population and customer segment.
Opportunities:
- They have further scope to increase their product line according to the location and increase the revenue.
- Their facilities can be made more attractive and innovative to engage more customers.
- the business can lend and promote discounts to increase the satisfaction level of the customer.
Threats:
- increasing competition.
- Raising raw material price, especially dairy products that costomers want/need.
the business should work on:
The company has to focus more on new product development. Further, it is recommended to customize the taste of the product according to the local needs. Also, if the overhead cost is reduced by implementing modern and more economical infrastructure facility. The company has to make sure that, the facility also attract more customers. This would be added advantage to provide more offers and discounts to the customer. Hence this would increase customer satisfaction and bring more loyal customers.
Explanation:
A SWOT analysis is a tool used in business to evaluate a company's strengths, weaknesses, opportunities, and threats.
Explanation:A SWOT analysis is commonly used in the field of business to evaluate the strengths, weaknesses, opportunities, and threats of a company or organization. It helps businesses identify their internal strengths and weaknesses, such as strong brand reputation or poor customer service, and external opportunities and threats, such as emerging market trends or intense competition. By conducting a SWOT analysis, businesses can gain insight into their current situation and make informed decisions on how to improve and capitalize on their strengths while addressing their weaknesses and threats.
What is the effect on the financial statements of recording depreciation on equipment? A. Net income and assets are decreased, but stockholders' equity is not affected. B. Assets are decreased, but net income and stockholders' equity are not affected. C. Net income is not affected, but assets and stockholders' equity are decreased. D. Net income, assets, and stockholders' equity are all decreased.
Answer: The answer is "D. Net income, assets, and stockholders' equity are all decreased.".
Explanation: This happens because the recording of the depreciation of equipment reflects the loss of value of the asset, which is a negative result that impacts the results, the value of the assets, and as a consequence in the stockholders' equity.
3. List and explain at least 3 strategies for successfully increasing diversity in the workforce.
Answer: To include diversity within the work environment, the following actions can be developed:
1- Establish a policy at the level of human resources to hire a specific number of women, mens, nationals and foreigners.
2- Dedicate one or several days a year to show the different cultures that remain in the company.
3- Place signs in the work area such as walls, wallpapers on the work site inherent in diversity.
Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales $ 315,000 Beginning merchandise inventory $ 21,000 Purchases $ 210,000 Ending merchandise inventory $ 10,500 Fixed selling expense $ ? Fixed administrative expense $ 12,600 Variable selling expense $ 15,750 Variable administrative expense $ ? Contribution margin $ 63,000 Net operating income $ 18,900 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit. 6. Which income statement format (traditional format or contribution format) would be more useful to managers in estimating how net operating income will change in responses to changes in unit sales?
Answer:
Instructions are listed below
Explanation:
Giving the following information:
Q=1000
Sales= $ 315,000
Beginning merchandise inventory= $21,000
Purchases= $210,000
Ending merchandise inventory= $10,500
Fixed selling expense= $ ?
Fixed administrative expense= $12,600
Variable selling expense= $15,750
Variable administrative expense= $ ?
Contribution margin= $63,000
Net operating income= $18,900
First, we have to calculate the variable administrative expense:
Contribution margin= sales - cost of goods sold - variable selling expense - variable administrative expense
63000= 315000 - (beginning inventory + purchase - ending inventory) - 15750 - variable administrative expense
variable administrative expense= 315000 - (21000+210000-10500)-15750-63000
variable administrative expense= $15750
Now, we can calculate the fixed selling expense:
Net operating income= contribution margin - fixed selling expense - fixed administrative expense
18900= 63000 - fixed selling expense - 12600
fixed selling expense= 63000-12600-18900
fixed selling expense= 31500
A)Sales= 315,000
Variable costs:
Cost of good sold= 220,500
Variable selling expense= 15,750
Variable administrative expense= 15,750
Total variable cost= 252,000
Contribution margin=$63000
Fixed costs:
Fixed selling expense= 31,500
Fixed administrative expense= 12,600
Total fixed cost= $44,100
Net profit= $18,900
B) Revenue= 315,000
COGS= 220,500 (-)
Gross porfit= 94500
Selling expense= (15750+31500)= 47,250
Administrative expense= (15750+12600)= 28,350
EBITDA= 18,900
C) Selling price per unit= 315,000/1000= $315
D) Variable cost per unit= total variable cost/q= 252000/1000= $252
E) Contribution margin per unit= 63000/1000= $63
F) The contribution format income statement, because you can easily analyze the effect of each unit in the cost structure and net income.
To address the student's request, prepare both a contribution format and traditional format income statement using the provided figures, calculate the selling price, variable cost, and contribution margin per unit. The contribution format is more useful for managerial decision-making as it differentiates between fixed and variable costs.
Explanation:The student's question requires generating several components of income statements, calculating pricing and costs per unit, and understanding which income statement format is more useful for managerial decision-making.
Contribution Format Income Statement
To prepare a contribution format income statement, we will segregate fixed and variable costs and calculate the missing variable administrative expense using the given contribution margin:
Traditional Format Income Statement:
For the traditional format income statement, costs will be categorized into COGS (beginning inventory + purchases - ending inventory) and operating expenses, and profit will be calculated accordingly.
Selling Price and Variable Cost Per Unit:
Selling price per unit would be Sales divided by the number of units sold. The variable cost per unit can be determined by calculating the total variable costs and dividing by the number of units.
Contribution Margin Per Unit:
The contribution margin per unit is the difference between the selling price per unit and the variable cost per unit.
The contribution format income statement is generally more useful for managers when estimating changes in net operating income due to changes in unit sales because it clearly distinguishes between fixed and variable costs.
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Ashley and Benjamin are the sole owners of Super Corporation. Ashley owns 40% of the stock and Benjamin owns 60%. Several years after the creation of the corporation, Ashley contributes an additional $20,000 in cash and Benjamin contributes additional property with a fair market value of $30,000 and an adjusted basis of $25,000.
What amount of income is recognized by Super Corporation as a result of these contributions?
Answer:
NONE
Explanation:
The corporation do not recognize income from the contribution of partners. Dong so, will false the revenue recognition as it would be generated at will fom the partners and then distribute as "dividends" while in fact they are moving cash form one place to another
The difference in the property fair value and the adjusted basis will be a gain on Benjamin not for the Partnership
In addition, the balance of common stock at the beginning of the year was $650,000, and the balance of retained earnings was $50,000. During the year, the company issued additional shares of common stock for $34,000 and paid dividends of $28,000. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash $ 54,400 Accounts payable $ 15,600 Supplies 12,700 Utilities payable 6,000 Prepaid rent 33,000 Salaries payable 5,300 Land 290,000 Notes payable 33,000 Required: 1. Prepare a statement of stockholders’ equity. 2. Prepare a balance sheet.
Answer:
Assets Liabilies
Cash 54,400 Account Payable 15,600
Supplies 12,700 Salaries Payable 5,300
Prepaid Rent 33,000 Utilities payable 6,000
Total Current Assets 100,100 Note Payable 33,000
Land 290,000 Total liabilities 59,900
Common Stock 684,000
RE -353,800(A)
Total Equity 330,200
Total Asets 390,100 Liab + SE 390,100
Common Stock Retained Earings Total
Balance Jan 1 650,000 50,000 700,000
Net Loss -375,800(B) -375,800
Dividends -28,000 -28,000
Stock issued 34,000 34,000
Balance, Dec 31 684,000 -353,800 330,200
Explanation:
(A)
We calcualte RE ending balance using the accounting equation:
Assets = Liabilities + Equity
390,100 = 59,900 + Common stock + RE
390,100 = 59,900 + (650,000 + 34,000) + RE
RE = 390,000 -59,900 - 684,000
RE = -353,800
Then we construct the Stockholders equity statement
(B)
net loss will be:
begining RE + income + dividend = ending RE
50,000 + income - 28,000 = -353,800
income= -353,800 +28,000 - 50,000 = -375,800 net loss as it is negative.
To prepare a statement of stockholders’ equity, calculate the ending balance of common stock by adding the beginning balance of common stock and the additional shares issued, and then subtracting the dividends paid. To prepare a balance sheet, list the assets and liabilities on December 31 and calculate the equity by subtracting the total liabilities from the total assets.
Explanation:To prepare a statement of stockholders’ equity, we need to consider the changes in common stock, retained earnings, additional shares issued, and dividends paid.
1. Beginning balance of common stock: $650,000
2. Beginning balance of retained earnings: $50,000
3. Additional shares of common stock issued: $34,000
4. Dividends paid: $28,000
To calculate the ending balance of common stock, we add the beginning balance and the additional shares issued, and subtract the dividends paid: $650,000 + $34,000 - $28,000 = $656,000
Therefore, the statement of stockholders’ equity shows an ending balance of common stock of $656,000.
To prepare a balance sheet, we list the assets and liabilities as of December 31:
Cash: $54,400Accounts payable: $15,600Supplies: $12,700Utilities payable: $6,000Prepaid rent: $33,000Salaries payable: $5,300Land: $290,000Notes payable: $33,000To calculate the equity, we subtract the total liabilities from the total assets: $54,400 + $12,700 + $33,000 + $290,000 - $15,600 - $6,000 - $33,000 - $5,300 = $340,200
Therefore, the balance sheet shows total assets of $397,400 and total liabilities and equity of $357,800.1
Ace Inc. has 10,000 shares of 5%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2014. What is the annual dividend on the preferred stock?a. $50 per shareb. $50,000 in totalc. $5,000 in totald. $0.50 per share
Answer:
b. $50,000 in total
Explanation:
Preference shareholders: The preference shareholders are that shareholders who receive the divided before equity shareholders
The computation of the annual dividend is shown below:
= Number of shares × price per share × rate
= 10,000 shares × $100 × 5%
= $50,000
The annual dividend for preference shareholders will be computed by applying the number of shares, the price per share, and the rate.
The process for converting present values into future values is called . This process requires knowledge of the values of three of four time-value-of-money variables. Which of the following is not one of these variables?
(A) The interest rate (I) that could be earned by deposited funds
(B) The present value (PV) of the amount deposited
(C) The duration of the deposit (N)
(D) The trend between the present and future values of an investment
(E) All other things being equal, the numerical difference between a present and a future value corresponds to the amount of interest earned during the deposit or investment period.
Final answer:
The process for converting present values into future values is called compounding and does not require the trend between present and future values as a variable.
Explanation:
The process for converting present values into future values is known as compounding. In this context, the necessary variables include the interest rate (I), the present value (PV) of the amount deposited, and the duration of the deposit (N). The option that is not required for this process is (D) The trend between the present and future values of an investment. The relationship between the future and present values is inherently defined by the compounding formula, not a separate variable to be considered.
Accounting Cycle Review Do IT 0-10a Cullumber Company shows the following balances in selected accounts of its adjusted trial balance. Supplies $30,080 Supplies Expense 5,640 Accounts Receivable 11,280 Dividends 20,680 Retained Earnings 65,800 Service Revenue 101,520 Salaries and Wages Expense 37,600 Utilities Expense 7,520 Rent Expense 16,920 Prepare the remaining closing entries at December 31. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered.
Answer:
Service Revenue 101,520 debit
Income Summary 101,520 credit
to close revenue account
Income Summary 67,680 debit
Supplies expense 5,640 credit
Salaries and Wages Expense 37,600 credit
Utilities Expense 7,520 credit
Rent Expense 16,920 credit
to close expenses account
Income Summary 20,680 debit
Dividends 20,680 credit
to close dividends
Income Summary 13,160 debit
Retained Earnings 13,160 credit
to close income summary agains retained earnings
Explanation:
we will close the temporary account against income summary.
The temporary accounts will be dividends, revenues and expense account.
Then we will close income summary balance against retained earings.
Income Summary balance:
credit 101,520
debit 67,680
debit 20,680
Balance: 13,160
Your friend, Suzie Whitson, has designed a new type of outdoor toy that helps children learn basic concepts such as colors, numbers, and shapes. Suzie’s product will target two groups: day care centers in warm climates and home school programs. Her company is Jiffy Jet and costs for last month follow:
Factory rent $ 3,030
Company advertising 1,060
Wages paid to assembly workers 31,400
Depreciation for salespersons’ vehicles 2,140
Screws 595
Utilities for factory 825
Assembly supervisor’s salary 3,640
Sandpaper 125
President’s salary 5,050
Plastic tubing 4,080
Paint 240
Sales commissions 1,330
Factory insurance 1,010
Depreciation on cutting machines 2,120
Wages paid to painters 8,000
Assume that Suzie Whitson has decided to begin production of her outdoor children’s toy.
Required:
1 and 2. Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and also identify each of the preceding costs as variable or fixed cost.
Answer:
Factory rent $ 3,030: Product - MOH - Fixed
Company advertising 1,060: Period - Variable
Wages paid to assembly workers 31,400: Product - DL - Variable
Depreciation for salespersons’ vehicles 2,140: Period - Fixed
Screws 595: Product - DM - Variable
Utilities for factory 825: Product - MOH - Variable
Assembly supervisor’s salary 3,640: Product - MOH - Fixed
Sandpaper 125: Product - MOH - Variable
President’s salary 5,050: Period - Fixed
Plastic tubing 4,080: Product - MOH - variable
Paint 240: Product - DM - Variable
Sales commissions 1,330: Period - Variable
Factory insurance 1,010: Product - MOH - fixed
Depreciation on cutting machines 2,120: Product - MOH - Fixed
Wages paid to painters 8,000: Product - DL - Variable
Explanation:
- Direct materials are those materials and supplies that are consumed during the manufacture of a product, and which are directly identified with that product.
- Direct labor is production or services labor that is assigned to a specific product, cost center, or work order.
- Manufacturing overhead refers to indirect factory-related costs that are incurred when a product is manufactured.
- Period costs are not directly tied to the production process. Overhead or sales, general, and administrative (SG&A) costs are considered period costs. SG&A includes costs of the corporate office, selling, marketing, and the overall administration of company business.
- Product costs are the direct costs involved in producing a product. A manufacturer, for example, would have production costs that include: Direct labor, Raw materials, Manufacturing supplies, Overhead that's directly tied to the production facility such as electricity.
- Variable cost is a corporate expense that changes in proportion to production output.
- Fixed cost is a cost that does not change with an increase or decrease in the amount of goods or services produced or sold.
In this exercise:
Factory rent $ 3,030: Product - MOH - Fixed
Company advertising 1,060: Period - Variable
Wages paid to assembly workers 31,400: Product - DL - Variable
Depreciation for salespersons’ vehicles 2,140: Period - Fixed
Screws 595: Product - DM - Variable
Utilities for factory 825: Product - MOH - Variable
Assembly supervisor’s salary 3,640: Product - MOH - Fixed
Sandpaper 125: Product - MOH - Variable
President’s salary 5,050: Period - Fixed
Plastic tubing 4,080: Product - MOH - variable
Paint 240: Product - DM - Variable
Sales commissions 1,330: Period - Variable
Factory insurance 1,010: Product - MOH - fixed
Depreciation on cutting machines 2,120: Product - MOH - Fixed
Wages paid to painters 8,000: Product - DL - Variable
Compute Emily's 2018 taxable income on the basis of the following information. Her filing status is single. Salary $85,000 Interest income from bonds issued by Xerox 1,100 Alimony payments received (divorce finalized in 2014) 6,000 Contribution to traditional IRA 5,500 Gift from parents 25,000 Capital gain from stock investment, held for 7 months 2,000 Amount lost in football office betting pool 500 Age 40
Answer:
The Emily's 2018 taxable income is $76,600
Explanation:
The computation of the taxable income for the year 2018 is shown below:
= Salary + interest income from bonds issued by Xerox + Alimony payments received + Capital gain from stock investment, held for 7 months - Contribution to traditional IRA - standard deduction
= $85,000 + $1,100 + $6,000 + $2,000 - $5,500 - $12,000
= $76,600
The standard deduction for married and single tax payers is $12,000
And, the Gift from parents is not taxable & Amount lost in football office betting pool is not allowed for deduction as it is come under gambling.
Emily’s taxable income for 2018 is determined by adding her salary, interest, alimony, and short-term capital gains, then subtracting her deductible IRA contribution, which results in a total taxable income of $88,600.
However, the gift from her parents and her losses in the football pool do not affect her taxable income.
Explanation:To calculate Emily's taxable income in 2018, we need to add up all her taxable incomes and subtract any deductions.
Emily's salary of $85,000 is fully taxable.The interest income from the bonds of $1,100 is taxable.Because Emily's divorce finalized in 2014, her alimony payments of $6,000 are taxable.The capital gain of $2,000 from her stock investments could is taxable as it was held for less than a year.Subtract any deductions:
Emily made a $5,500 contribution to a traditional IRA which is deductible.Gifts are not considered income for the recipient, and likewise, so the $25,000 gift from her parents isn't included in taxable income.The $500 Emily lost in the football pool is unfortunately not a deductible loss.Therefore, her taxable income will be $85,000 (salary) + $1,100 (interest) + $6,000 (alimony) + $2,000 (capital gain) - $5,500 (IRA Contribution) = $88,600.
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Harriet operates a coffee shop. One of her customers wants to buy two kinds of beans: Arabian Mocha and Colombian Decaf. If she wants twice as much Arabian Mocha as Colombian Decaf, how much of each can she buy for a total of $144.00144.00? (Prices are listed to the right.)
Answer:
it will purchase
96 dollars of Arabian Mocha
and 48 dollars of Colombian Decaf
Explanation:
we build the equation system:
[tex]144 = x + y \\ x = 2y[/tex]
we replace the second expression on the first and solve for y
144 = (2y) + y
144 = 2y + 1y
144= 3y
144/3 = y
48 = y
now we solve for x
x= 2y
x= 2 times 48 = 96
The stage of the capital budgeting process that distinguishes which types of capital expenditure projects are necessary to accomplish organization objectives is the:
a. identification stage
b. search stage
c. information-acquisition stage
d. selection stage
Answer: The stage of the capital budgeting process that distinguishes which types of capital expenditure projects are necessary to accomplish organization objectives is the identification stage.
Explanation: It is the cover in which different types of capital expenditure projects are distinguished and which are necessary to achieve the objectives of the organization.
Molander Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the next month’s budget appear below: Selling price per unit $ 29 Variable expense per unit $ 14 Fixed expense per month $ 12,450 Unit sales per month 980 Required: 1. What is the company’s margin of safety? (Do not round intermediate calculations.) 2. What is the company’s margin of safety as a percentage of its sales? (Round your percentage answer to 2 decimal places (i.e. 0.1234 should be entered as 12.34).)
Answer:
a) $4,350 b) 15.31%
Explanation:
a) Units sold per month = 980
Unit selling price = $29
Variable cost per unit = $14
Monthly fixed cost= $12,450
The formula for Margin of safety
= Actual sales –Break-even sales
Total monthly sales = 980 * $29 = $28,420
Break-Even sales (units) = FC / (SP- VC) FC = Fixed cost
= $12,450/ (29-14) SP - Selling price
= $12,450 / 15 VC = Variable cost
= 830 units
Break-even sales in $ = 830 * $29 = $24,070
Margin of safety = Actual sales –Break-even sales
= $ 28,420 - $24,070
= $ 4,350
b) Margin of safety as a % of sales
= ($ 4,350 / $ 28,420) * 100
= 15.31%
To determine the margin of safety for Molander Corporation, subtract break-even sales from total sales and then calculate the margin of safety as a percentage. For Doggies Paradise Inc. and AAA Aquarium Co., calculate the revenue, cost metrics, and sketch appropriate curves to find the profit maximizing quantities.
Explanation:The Molander Corporation is looking to understand its margin of safety and the margin of safety as a percentage of its sales. The margin of safety is the difference between actual or budgeted sales and the sales level at the break-even point. It represents the amount by which sales can drop before reaching the break-even point. To calculate this:
Total Sales = Unit Sales per Month x Selling Price per Unit = 980 x $29Break-Even Sales = Fixed Expense per Month / (1 - (Variable Expense per Unit / Selling Price per Unit))Subtract the Break-Even Sales from the Total Sales to find the margin of safety. To calculate the margin of safety as a percentage of sales, divide the margin of safety by the Total Sales and multiply by 100.
For Doggies Paradise Inc., to find the profit maximizing quantity, we calculate total revenue, marginal revenue, total cost, and marginal cost for all levels of output, then sketch the related curves.
For AAA Aquarium Co., we perform similar calculations to determine the profit-maximizing quantity and sketch revenue and cost curves.
Which of the following statements is true of global agnostics?
a. They are in favor of buying global brands that signal prestige and cachet.
b. They are skeptical about whether global brands deliver higher-quality goods.
c. They are most likely to lead anti-globalization demonstrations.
d. They may not be able to afford, but nevertheless admire, global brands.
Answer:
C. They are most likely to lead anti-globalization demonstrations.
Explanation:
A. Are global citizens. Favours international brands.
B. This refers to Antiglobals. Doesn't like international brands because of their skepticism towards their quality.
C. Refers to Global Agnostics. Prefers national and local brands.
D. Are global dreamers. Favours international brands.
Ms. Pike, who lives in California, traveled to Oregon to purchase gold jewelry for $16,000. California has a 7.5 percent sales and use tax, while Oregon has no sales and use tax. Compute the use tax that Ms. Pike owes to California on the jewelry purchased in Oregon. Compute the use tax that Ms. Pike owes to California if she purchased the jewelry in New Mexico and paid that state’s 5.125 percent sales tax on the transaction.
Answer:
Pike owes $1200 in taxes is she the purchase $16,000 in Oregon and owes $820 in transactions if she purchase $16,000 in Oergon.
Explanation:
Re call that the total tax is the rate tax time the purchase amount.
T= R * P
Then the use tax that Pike owe to California for the purchase of $16,000 in Oregon Tc taking a rate of 7.5 percent is:
Tc = 0.075 * $16,000 = $ 1,200
The use tax that Pike owe to California for the purchase of $16,000 in New Mexicon Tn dont take into account the sales but the transaction rate of 5.125 percent:
Tn = 0.05125 * $16,000 = $820
For gold jewelry purchased in Oregon, Ms. Pike owes California a use tax of $1,200. If the jewelry was purchased in New Mexico, after paying the New Mexico sales tax, she would owe a use tax of $380 to California.
Explanation:When Ms. Pike purchased the jewelry in Oregon, where there is no sales tax, she would owe California, her home state, a use tax equivalent to what the sales tax would have been had she made the purchase in California. This is calculated by converting the California sales tax percentage to a decimal (0.075) and multiplying by the purchase price:
$16,000 x 0.075 = $1,200
So, Ms. Pike would owe $1,200 in use tax to the state of California for the jewelry purchased in Oregon.
If Ms. Pike traveled to New Mexico and purchased the same jewelry there, paying New Mexico's 5.125 percent sales tax, she would still owe California a use tax. However, in this case, the use tax owed is the difference between the California tax and the tax already paid in New Mexico. First, calculate the tax paid in New Mexico:
$16,000 x 0.05125 = $820
Then, subtract this amount from the California tax:
$1,200 - $820 = $380
So, if the jewelry was purchased in New Mexico, Ms. Pike would owe $380 in use tax to the state of California.
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On January 1 of the current year, Chuy Company paid $ 1 comma 800 in rent to cover six months (January - June). Chuy recorded this transaction as follows: LOADING...(Click the icon to view the transaction.) Chuy's adjusting entry at the end of February included a debit to Rent Expense in the amount of $ 300. What effect does the adjusting entry have on Chuy's net income for February? A. Net income will increase by $ 300 B. Net income will decrease by $ 600 C. Net income will decrease by $ 300 D. Net income will increase by $ 600
Answer:
C. Net income will decrease by $ 300
Explanation:
rent expense 300 debit
prepaid rent 300 credit
the entry decrease the prepaid expense (asset) and recognize the accrued expense for the period (rent of February)
As this entry recognzie an expense, the net income decreases by this amount as it decrases the net proceeds from revenues
Shoe Shine is a local retail shoe store located on the north side of Centerville. Annual demand for a popular sandal is 500 pairs, and John Dirk, the owner of Shoe Shine, has been in the habit of ordering 100 pairs at a time. John estimates that the ordering cost is $10 per order. The cost of the sandal is $5 per pair. For John's ordering policy to be correct, what would the carrying cost as a percentage of the unit cost have to be? If the carrying cost were 10% of the cost, what would the optimal order quantity be?
Answer:
The optimal order will be of 100 units
Explanation:
We will solve this using the EOQ (economic order quantity) formula:
[tex]Q_{opt} = \sqrt{\frac{2DS}{H}}[/tex]
D = annual demand 500 units
S= setup cost = ordering cost = 50.00 dollars
H= Holding Cost = 5.00 dollars
[tex]Q_{opt} = \sqrt{\frac{2\times 500 times 50}{5}}[/tex]
EOQ = 100
Classify each item as an asset, liability, common stock, revenue, or expense. (a) Issuance of ownership shares. select the correct category (b) Land purchased. select the correct category (c) Amounts owed to suppliers. select the correct category (d) Bonds payable. select the correct category (e) Amount earned from selling a product. select the correct category (f) Cost of advertising. select the correct category
Answer:
The classified list of items is as follows:
(a) Issuance of ownership shares - Common stock
(b) Land purchased - Asset
(c) Amounts owed to suppliers - Liability
(d) Bonds payable - Liability
(e) Amount earned from selling a product - Revenue
(f) Cost of advertising - Expense
Hence, all the items are classified as asset, liability, revenue, common stock and expense.
Schwert Corp. shows the following information on its 2019 income statement: sales = $235,000; costs = $147,000; other expenses = $7,900; depreciation expense = $17,500; interest expense = $13,500; taxes = $17,185; dividends = $10,500. In addition, you’re told that the firm issued $5,000 in new equity during 2019 and redeemed $3,500 in outstanding long-term debt. (Do not round intermediate calculations.) a. What is the 2019 operating cash flow? b. What is the 2019 cash flow to creditors? c. What is the 2019 cash flow to stockholders? d. If net fixed assets increased by $20,000 during the year, what was the addition to net working capital (NWC)?
Answer:
a. $62,915
b. $17,000
c. $5,500
d. $2,915
Explanation:
a. The operating cash flow is shown below:
= EBIT + Depreciation - Income tax expense
where,
EBIT = Sales - cost of good sold - other expenses - depreciation expense
= $235,000 - $147,000 - $7,900 - $17,500
= $62,600
And all other items would remain same
Now put these values to the above formula
So, the value would equal to
= $62,600 + $17,500 - $17,185
= $62,915
b. The computation of the cash flow to creditors is shown below:
= Interest expense - ending balance of long term debt + beginning balance of long term debt
= $13,500 - (-$3,500)
= $17,000
c. The computation of the cash flow to stockholder is shown below:
= Dividend expense - new equity
= $10,500 - $5,000
= $5,500
d. Computation of the addition to the net working capital is shown below:
The computation of the cash flow from assets = cash flow to creditors + cash flow to stockholders
= $17,000 + $5,500
= $22,500
Now addition to NWC = Operating cash flow - cash flow from assets - net capital spending
= $62,915 - $22,500 - ($20,000 + $17,500)
= $2,915