Answer:
Net Income for 2017 - $40.920
Explanation:
Income Statement
Sales Service and Store $207.240
Cost of goods sold -$166.320
Gross Profit $40.920
Net Income $40.920
In 2010, Acme Foods produced 300,000 bags of pretzels, employing 12,000 hours of labor. In 2011, it produced 322,000 bags of pretzels, employing 14,000 hours of labor. Acme Foods productivity...
a. decreased by 8%.
b. was unchanged.
c. increased by 6.8%.
d. increased by 7.3%.
Answer: Option (a) is correct.
Explanation:
Given that,
In 2010,
Bags of pretzels produced = 300,000
Employing = 12,000 hours of labor
Acme Foods productivity = [tex]\frac{300,000}{12,000}[/tex]
= 25 bags of pretzels produced per labor hour
In 2011,
Bags of pretzels produced = 322,000
Employing = 14,000 hours of labor
Acme Foods productivity = [tex]\frac{322,000}{14,000}[/tex]
= 23 bags of pretzels produced per labor hour
Therefore,
Acme Foods productivity decreased by = [tex]\frac{Productivity\ in\ 2010\ - Productivity\ in\ 2011}{Productivity\ in\ 2010} \times100[/tex]
= [tex]\frac{25 - 23}{25} \times100[/tex]
= 8%
The December 31, 2015, balance sheet of Schism, Inc., showed $141,000 in the common stock account and $2,660,000 in the additional paid-in surplus account. The December 31, 2016, balance sheet showed $151,000 and $2,960,000 in the same two accounts, respectively. The company paid out $146,000 in cash dividends during 2016. What was the cash flow to stockholders for the year?
The cash flow for the year is ($164,000). Cash spent represents outflows, whereas cash received represents inflows.
A financial statement that tracks a company's sources and uses of cash over time is the cash flow statement.
Given,
Common stock = $141,000
Additional paid in surplus = $2,660,000
Calculate Total Equity for 2015:
Total equity for 2015 = Common stock + Additional paid in surplus
Total equity for 2015 = 141,000+2,660,000
= $2,801,000
Given,
Common stock = $151,000
Additional paid in surplus = $2,960,000
Calculate Total Equity for 2016:
Total equity for 2016 = Common stock + Additional paid in surplus
Total equity for 2016 = 151,000 + 2,960,000
= $3,111,000
Calculate Net New Equity:
Net New Equity = Total equity for 2016 - Total equity for 2015
= $3,111,000 - 2,801,000
=$310,000
Given,
Dividends paid = $146,000
Net new equity = $310,000
Calculate Cash Flow to stockholders:
Cash flow to stockholders = Dividends paid - Net new equity
= 146,000 - 310,000
=($164,000)
Thus, cash flow to stockholders is ($164,000).
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The cash flow to stockholders for the year is $164,000.
Explanation:To determine the cash flow to stockholders for the year, we need to consider the changes in the common stock account and the additional paid-in surplus account from 2015 to 2016, as well as the cash dividends paid out during 2016.
The increase in common stock from $141,000 to $151,000 indicates that $10,000 was received from issuing new shares of stock.
The increase in additional paid-in surplus from $2,660,000 to $2,960,000 suggests that $300,000 was received from investors in exchange for company stock.
Therefore, the cash flow to stockholders for the year is the sum of the new stock issuances and additional paid-in surplus, minus the cash dividends paid out:
(New stock issuances + Additional paid-in surplus) - Cash dividends = Cash flow to stockholders
Using the above calculation:
($10,000 + $300,000) - $146,000 = $164,000
So, the cash flow to stockholders for the year is $164,000.
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.
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.
Suppose selected comparative statement data for the giant bookseller Barnes & Noble are presented here. All balance sheet data are as of the end of the fiscal year (in millions). 2017 2016 Net sales $4,850 $5,401 Cost of goods sold 3,701 3,500 Net income 75 100 Accounts receivable 75 110 Inventory 1,150 1,250 Total assets 2,950 3,250 Total common stockholders’ equity 920 1,090 Compute the following ratios for 2017. (Round asset turnover to 2 decimal places, e.g 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 2.5%) (a) Profit margin % (b) Asset turnover times (c) Return on assets % (d) Return on common stockholders’ equity % (e) Gross profit rate %
Answer:
Please see details below:
Explanation:
2017 - 2016
Profit Margin 1,5% - 1,9% ===> Net Income/Sales
Assets Turnover Time 1,64 - 1,66 ===> Sales / Total Assets
Return on Assets 2,5% - 3,1 % ===> Net Income / Total Assets
Return on common stockholders’ equity 8,2% - 9,2% ===> Net Income / Stockholder's Equity
Gross Profit Rate 23,7% - 35,2% ===> Gross Margin (Sales-COGS) / Sales
To compute the requested ratios for Barnes & Noble in 2017, we can use the given data. The profit margin is 1.55%, the asset turnover is 1.64 times, the return on assets is 2.54%, the return on common stockholders' equity is 8.15%, and the gross profit rate is 23.77%.
Explanation:To compute the requested ratios for Barnes & Noble in 2017, we can use the given data.
Profit margin %: This ratio measures the profitability of the company. It is calculated by dividing net income by net sales and multiplying by 100. In this case, the profit margin is (75/4850) * 100 = 1.55%.Asset turnover times: This ratio measures how efficiently the company uses its assets to generate sales. It is calculated by dividing net sales by total assets. In this case, the asset turnover is 4850/2950 = 1.64 times.Return on assets %: This ratio shows how effectively the company generates profits from its assets. It is calculated by dividing net income by total assets and multiplying by 100. In this case, the return on assets is (75/2950) * 100 = 2.54%.Return on common stockholders' equity %: This ratio measures the return earned by the common stockholders. It is calculated by dividing net income by total common stockholders' equity and multiplying by 100. In this case, the return on common stockholders' equity is (75/920) * 100 = 8.15%.Gross profit rate %: This ratio shows the gross profit earned on sales. It is calculated by subtracting the cost of goods sold from net sales, dividing by net sales, and multiplying by 100. In this case, the gross profit rate is (4850 - 3701)/4850 * 100 = 23.77%.Learn more about Financial ratios here:https://brainly.com/question/31531442
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Which of the following statements is incorrect?
A) Two cost drivers often used in practice are: direct labor hours and machine hours.
B) The Work in Process inventory account is increased when manufacturing overhead is applied to production.
C) The predetermined overhead rate is multiplied by the budgeted cost driver level to determine the application of overhead to a particular job.
D) The formula to arrive at the predetermined overhead rate is budgeted total manufacturing overhead divided by budgeted activity level of the cost driver.
E) The calculation of the predetermined overhead rate is made at the beginning of the period under a normal costing system.
Answer:
C) The predetermined overhead rate is multiplied by the budgeted cost driver level to determine the application of overhead to a particular job.
Explanation:
The predetermined overhead rate is used to compute the application of overheads on actual basis, that is overhead rate is multiplied with actual hours and not the budgeted one, as for the budget the budgeted hours are taken.
The most common cost drivers are labor hours and machine hours.
As generally, work in process only includes direct material and labor, if production overheads will also be applied then it will increase the work in process cost.
Predetermined overheads rate is based on budgeted total cost and budgeted activity level.
The predetermined rate is always calculated in the beginning as it is the initial step for cost allocation.
On August 15, you purchased 110 shares of stock in the Cara Cotton Company at $26 a share and a year later you sold it for $22 a share. During the year, you received dividends of $2.00 a share. Compute your HPR and HPY on your investment in Cara Cotton. Use a minus sign to enter negative values, if any. Round your answer for HPR to three decimal places. Round your answer for HPY to one decimal place.
Answer:
HPR 7.692 %
HPY 7.7 %
Explanation:
Holding period return: return in one year
Holding period yield: until maturirty
are the same for this case, as the share was for 1 year only:
returns/ investment = HPR = HPY
return:
dividends $ 2
price variance -$ 4
net return -$ 2
Investment
purchase at $ 26
-2/ 26 = -1/13 = -0,0769230 = -7.692%
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
At a sales volume of 30,000 units, Carne Company's total fixed costs are $30,000 and total variable costs are $45,000. The relevant range is 20,000 to 40,000 units. If Carne Company were to sell 32,000 units, the total expected cost would be:
(A) $75,000
(B) $78,000
(C) $80,000
(D) $77,000
Answer:
(B) $78,000
Explanation:
The computation of the expected cost equals to
= Fixed cost + variable cost
where,
Fixed cost = $30,000
And, the variable cost = Variable cost × (estimated sales units ÷ given sales units)
= $45,000 × (32,000 units ÷ 30,000 units)
= $48,000
Now put these values to the above formula
So, the value would equal to
= $30,000 + $48,000
= $78,000
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
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.
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.
1) Classify each of the following as being either primarily microeconomics or macroeconomics: a. How quickly demand reacts to the latest Apple advertising campaign. b. How the national unemployment rate will be affected by interest rate cuts. c. The price of gasoline in Denver d. An auto manufacturer decides to lay off 1,000 workers because of slow sales due to safety concerns in its latest models.
Answer:
a.- microeconomics
b.- macroeconomics
c.- microeconomics
d.- microeconomics
Explanation:
a.- is the campaign of a business it will have impact on that market.
b - this will impact the whole economy as the interest rate determinates projects profitability and unemployment change the labor supply, increasing or decreasing the labor cost
c.- is the price of a single product in a given city It don't impact the whole economy
d.- this is a decision for a given firm. it is not based on a fact from the economy it is being done based on internal decisions.
Financial information is presented below:
Operating expenses $ 56000
Sales returns and allowances 10000
Sales discounts 3000
Sales revenue 140000
Cost of goods sold 100000
The amount of net sales on the income statement would be
Answer:
Total Net Sales : $127.000
Explanation:
Income Statement
Sales 140.000
Sales Return and Allowance -10.000
Sales Discounts -3.000
Net Sales $127.000
Cost of goods sold -100.000
Gross Profit 27.000
Operating Expenses -56.000
Net Income BEFORE Taxes -29.000
Julia wanted to test out a new product for her company. She scheduled several small group lunches and learns with internal staff and then a few town hall meetings with external clients and the community. She wanted to make sure that product would meet the needs of the consumers, but also would be a product that the staff would be excited to produce. Because Julia chose to seek input from others, what type of managerial role do you think she prefers to play?
Answer: Informational
Explanation: These roles refers to the collection, dissemination and transmission of information by the manager. This role of the manager depicts how suitable a manager in decision making as the information collected is usually related to some important decision to be made.
In the given case, Julia tries to collect all the relevant information from different sources such as staff meetings. She collected all the information with objective of making the product suitable for customer needs and preferences.
Thus, we can conclude that Julia likes to play informational role.
Final answer:
Julia's method of product testing reveals her preference for a participative, democratic managerial role, valuing both team and consumer input, indicative of a transformational leadership style.
Explanation:
Julia's approach to product testing shows a preference for a managerial role that is participative and democratic. She values the input and feedback of both internal staff and external consumers, suggesting she seeks to be involved and collaborative rather than authoritative or distant. By organizing small group lunches and learns and town hall meetings, she facilitates open communication and seeks to understand the needs and opinions of those who will ultimately use and produce the product. Julia emphasizes the importance of aligning the product with consumer needs and staff capabilities, showing a holistic view of the product development process. Her style contrasts with that of the manager in the provided example who disregarded employee feedback, showing that Julia prefers an interactive and open management style that values the ideas and satisfaction of her team and clients.
The way Julia has structured her approach indicates that she might favor a management style often associated with transformational leadership, where leaders work with teams to identify needed change, creating a vision to guide the change through inspiration, and executing the change in tandem with committed members of the group. This reflects a modern approach to management that respects the diversity of insights in a team and the value of engaged, motivated employees.
During 2018, Raines Umbrella Corp. had sales of $720,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $498,000, $125,000, and $105,000, respectively. In addition, the company had an interest expense of $58,000 and a tax rate of 21 percent. (Ignore any tax loss carryforward provisions and assume interest expense is fully deductible.) Suppose the company paid out $62,000 in cash dividends. If net capital spending and net working capital was zero, and if no new stock was issued during the year, what is the net new long-term debt? (Do not round intermediate calculations.)
Final answer:
To determine the net new long-term debt of Raines Umbrella Corp., we calculate its net income and adjust for dividends paid. The company's net income comes out to be negative $53,820, and with dividends of $62,000 paid out, the net new long-term debt is a negative $115,820. This implies the company repaid more debt than it took on during the year.
Explanation:
To calculate the net new long-term debt for Raines Umbrella Corp., we need to first calculate the net income and then apply the necessary cash flows. Here is the breakdown of the calculation:
Sales: $720,000
Cost of Goods Sold: $498,000
Administrative and Selling Expenses: $125,000
Depreciation Expense: $105,000
Interest Expense: $58,000
First, we calculate earnings before interest and taxes (EBIT):
EBIT = Sales - Cost of Goods Sold - Administrative and Selling Expenses - Depreciation Expense
EBIT = $720,000 - $498,000 - $125,000 - $105,000
EBIT = $-8,000
Next, we calculate the net income:
Net Income = EBIT - Interest Expense x (1 - Tax Rate)
Net Income = $-8,000 - $58,000 x (1 - 0.21)
Net Income = $-8,000 - $58,000 x 0.79
Net Income = $-8,000 - $45,820
Net Income = $-53,820
Since the company paid out cash dividends and had no capital spending or changes in working capital, the change in the long-term debt equals net income minus dividends paid:
Change in Long-Term Debt = Net Income - Dividends Paid
Change in Long-Term Debt = $-53,820 - $62,000
Change in Long-Term Debt = $-115,820
Therefore, the net new long-term debt is a negative $115,820, which indicates that more debt was repaid than was taken on during the year.
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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Inventory records for Dunbar Incorporated revealed the following:
Date Transaction Number ofUnits Unit Cost
Apr. 1 Beginning inventory 500 $2.13
Apr. 20 Purchase 310 2.63
Dunbar sold 620 units of inventory during the month. Ending inventory assuming LIFO would be (Do not round your intermediate calculations. Round your answer to the nearest dollar amount):
Answer:
Ending inventory= $404.7
Explanation:
Giving the following information:
Date Transaction Number of Units Unit Cost
Apr. 1: Beginning inventory 500units at $2.13
Apr. 20 Purchase 310 units at $2.63
Dunbar sold 620 units of inventory during the month.
What is the ending inventory assuming LIFO (last in, first out)?
Ending inventory (in units)= beginning inventory + purchase - sold units
Ending inventory (in units)= 500 + 310 - 620= 190 units
Ending inventory ($)= 190*2.13= $404.7
A sample of 28 time shares in the Orlando, Florida, area revealed the following daily charges for a one-bedroom suite. For convenience the data are ordered from smallest to largest. Construct a box plot to represent the data. Comment on the distribution. Be sure to identify the first and third quartiles and the median. $116 $121 $157 $192 $207 $209 $209 229 232 236 236 239 243 246 260 264 276 281 283 289 296 307 309 312 317 324 341 353
Answer: Median = 253, lower Quartile = 219, Upper quartile = 301.5
Explanation:
Minimum = 116
Mean = 253 = mean is the average daily charge. It is calculated by taking the total sum Of charges and divide it by the number of days.
Q1 = 219 = lower Quartile. Lower quartile represents the lower 25% of data
Q2 = 253= Median. Median represents the middle score/number. Median is used as a measure of central tendency of data.
Q3 = 301.5=Upper quartile. Upper Quartile represents 75% of data.
Maximum= 353
The box and whisker graph is a graph that groups data into Quartiles.
The median is $253, that daily charge of $253 for the Bedroom suite Divides the data (Charges per day) into two halves namely the lower half and the upper half, $253 charge is in the middle.
The median is $253, The Lower quartile is $219 and the upper quartile 301.5, these values are painting a clear picture which shows us that that 75% of the Daily Charges for the Bedroom suite were about $219. The Box and Whisker Graph depicts that in most days the Charges were above $219 and higher, Hence the lower whisker is much longer than the upper whisker.
The mean charge for one bedroom suite is equal to the median. The mean is also $253 meaning on average the cost of occupying the one bedroom suite was $253, with the Mean of $253 we can conclude that most daily charges for the bedroom suite are distributed around the mean of $253 hence the box and whisker graph is skewed towards the right side (the upper side) because with median of $253 already 50% of the daily charges are above $253
Final answer:
To construct a box plot and comment on the distribution of daily charges for a one-bedroom suite in Orlando, the dataset's first quartile (Q1) is $219, the median is $253, and the third quartile (Q3) is $301.5. The box plot would illustrate a moderate spread of prices, with a higher concentration towards the lower end.
Explanation:
To construct a box plot for the provided sample of daily charges for a one-bedroom suite in the Orlando, Florida, area, we first need to calculate the quartiles and median of the dataset. We have 28 observations that have been ordered from smallest to largest: $116, $121, $157, $192, $207, $209, $209, $229, $232, $236, $236, $239, $243, $246, $260, $264, $276, $281, $283, $289, $296, $307, $309, $312, $317, $324, $341, $353.
The median (or second quartile) divides the dataset into two equal halves and is the average of the 14th and 15th terms, which are $246 and $260, giving us a median of $(246+260)/2 = $253.
The first quartile (Q1) is the median of the first half of the data, which is the average of the 7th and 8th terms, giving us $(209+229)/2 = $219. The third quartile (Q3) is the median of the second half of the data, which is the average of the 21st and 22nd terms, giving us $(296+307)/2 = $301.5.
Now, we can represent this data through a box plot which will have the following characteristics:
Minimum value = $116First quartile (Q1) = $219Median (Q2) = $253Third quartile (Q3) = $301.5Maximum value = $353The distribution indicates a moderate spread with a higher concentration of prices towards the lower end, as shown by the proximity of Q1 and Q2 compared to Q3 and the maximum value. This analysis helps in understanding the distribution of daily charges for a one-bedroom suite in the Orlando area.
Rent for the month of January has expired. Supplies remaining at the end of January total $4,100. By the end of January, $4,175 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $4,890. 2. Record the adjusting entries on January 31 for the above transactions
The student’s question is related to the recording of adjusting entries for supplies, prepaid services, and unpaid salaries. The adjusting entries would record expenses or recognize revenue if services were provided and increase liabilities for unpaid salaries.
The question involves the recording of adjusting entries at the end of the month for a business's accounting records. The adjustments pertain to expired rent, remaining supplies, advanced payment for services, and unpaid salaries.
Adjusting Entries on January 31
Expired Rent: Rent expense should be recorded in the period which it relates, but since the question doesn't mention the rent amount, we can't record it.
Supplies: If the beginning balance was higher than $4,100, record the difference as a Supplies Expense and decrease Supplies. Without the beginning balance, we only note the current Supplies balance.
Advanced Payment for Services: $4,175 received in advance is recognized as unearned revenue at the time of payment. Upon providing the services, this unearned revenue is adjusted to earned revenue. The entry would be a debit to Unearned Revenue and a credit to Service Revenue for $4,175.
Unpaid Salaries: Salaries payable will increase by $4,890. The entry is a debit to Salary Expense and a credit to Salaries Payable for $4,890.
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
Luthan Company uses a plantwide predetermined overhead rate of $23.40 per direct labor-hour. This predetermined rate was based on a cost formula that estimated $257,400 of total manufacturing overhead cost for an estimated activity level of 11,000 direct labor-hours. The company incurred actual total manufacturing overhead cost of $249,000 and 10,800 total direct labor-hours during the period. Required: Determine the amount of manufacturing overhead cost that would have been applied to all jobs during the period.
Answer:
$252,720
Explanation:
As for the provided details:
Predetermined overhead rate is based on 11,000 direct labor hours.
The rate identified as $23.40
Since the actual activity is less than the standard labor hours, that is actual labor hours = 10,800
Thus, actual overheads to be applied based on predetermined rate shall be = Rate determined [tex]\times[/tex] actual hours
= $23.40 [tex]\times[/tex] 10,800 = $252,720
Manufacturing overhead cost is referred to as the total sum of the amount that includes all the indirect costs incurred in the manufacturing of the products. This cost is added to the products of the company in order to determine all the direct and indirect labor costs.
Amount of manufacturing overhead cost= $252,720
The predetermined overhead rate is based on 11,000 direct labor hours.
The rate identified = $23.40
Since the actual activity is less than the standard labor hours, that is actual labor hours = 10,800
Thus, actual overheads to be applied based on predetermined rate shall be = Rate determined actual hours
= [tex]\$23.40\times10,800 = \$252,720[/tex]
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Consider the market for hamburgers in an economy where the market equilibrium is characterized by a quantity of hamburgers of 50 million and a price of $5.00 per hamburger. Suppose that currently 50 million hamburgers are being produced and sold at a price of $5.00. This outcome in the market for hamburgers is economically because: Some hamburgers produced incur opportunity costs of production that exceed their value or marginal benefit to consumers. The opportunity cost of producing the last hamburger equals the marginal benefit of consumption. Some hamburgers that are valued more highly by consumers than their opportunity cost of production are not being produced and sold
Answer:
The correct answer is: the opportunity cost of producing the last hamburger equals the marginal benefit of consumption.
Explanation:
The equilibrium quantity of hamburgers is 50 million.
The equilibrium price of each unit of hamburgers is $5.
The economy is producing at 50 million output and $5 price.
This implies that the economy is in equilibrium. At equilibrium, the cost of producing will be equal to benefit. Thus we can say that the economy is producing at efficient level.
In case the cost is higher than the marginal benefit, it implies that production is inefficient.
This outcome in the market for hamburgers is economic because the opportunity cost of producing the last hamburger equals the marginal benefit of consumption. Thus option B is correct.
What is a market?A market is made up of various structures, organizations, procedures, and processes that allow people to exchange goods and services.
At a $5 price and a 50,000,000 turnover, the economy is in full swing. This suggests that there is economic equilibrium. The gain will match the production costs at equilibrium. As a result, we can conclude that the economy operates efficiently. When the cost exceeds the marginal benefit, wasteful production is implied.
Since the marginal benefit of consuming equals the relative value of creating the final hamburger, this event in the markets for hamburgers is economically sound. Therefore, option B is the correct option.
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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
A farmer divided his piece of land into 4 equivalent groups. The quality of the soil is the same across the 4 groups of land. He planted the same crop in all 4 groups of land and recorded the yield of the crop in all 4 groups for a 4 week period. Is the study observational or experimental? If it is an experiment, what is the controlled factor?
Final answer:
The student's scenario describes an experimental study where the controlled factors are the quality of the soil and other possible conditions like water, sunlight, and type of crop planted. Control groups, which do not receive the experimental treatment, are a vital component of such studies to isolate the effects of the independent variable.
Explanation:
The study described by the student, wherein a farmer divides his land into 4 equivalent groups and plants the same crop across all groups to record yield over a period of 4 weeks, is an example of an experimental study. The reason it is experimental and not observational is that the farmer is actively controlling the conditions under which the crop is grown, as opposed to simply observing them without intervention.
In this experiment, the controlled factors include the quality of the soil, assumed to be the same across the four groups, and possibly other factors such as the amount of water, plant food, sunlight, and the type of crop planted, all of which are not explicitly stated but are implied to be controlled. The controlled factor is crucial in an experimental setup because it allows the researcher to isolate the effects of a specific variable they are testing (the independent variable) on the outcome of the study (the dependent variable), such as the yield of the crop.
An important aspect of experimental studies is the presence of a control group. This group would not receive the experimental treatment, which in the context of the provided scenarios could be the presence or absence of fertilizer, ensuring that any differences in outcome could be attributed to the fertilizer application.
The study described is an experimental study. The farmer is actively manipulating the conditions by planting the same crop in all 4 groups of land and then observing the outcomes, which in this case is the yield of the crop over a 4-week period.
In an experimental study, there is at least one controlled factor and at least one manipulated factor.
The controlled factor in this experiment is the quality of the soil, which is kept constant across all 4 groups of land. This ensures that any differences in the yield of the crop cannot be attributed to differences in soil quality.
Additionally, the farmer is controlling the type of crop planted and the time period of growth (4 weeks), ensuring that these factors do not vary between the groups.
The manipulated factor in this experiment is likely the specific treatment or condition applied to each of the 4 groups, although the question does not specify what these treatments are.
For example, the farmer might be testing the effect of different fertilizers, irrigation methods, or planting densities on the yield of the crop.
Each group would receive a different treatment, and by comparing the yields, the farmer could determine the effect of each treatment on crop production.
In summary, the study is experimental because the farmer is applying different treatments to the groups of land and controlling for other variables that could affect the yield.
The controlled factors include the quality of the soil, the type of crop, and the duration of the growth period.
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
When treasury stock is purchased for more than the par value of the stock and the cost method is used to account for treasury stock, what account(s) should be debited?
a. Treasury stock for the par value and paid-in capital in excess of par for the excess of
the purchase price over the par value.
b. Paid-in capital in excess of par for the purchase price.
c. Treasury stock for the purchase price.
d. Treasury stock for the par value and retained earnings for the excess of the purchase
price over the par value.
Answer:
c. Treasury stock for the purchase price
Explanation:
At purchase Treasury Stock will be debited by the amount of the purchase
And cash credited by the same amount
Then, when selling this Stock a difference in price betwene the sales price and the purchase price will be adjusted using additional paid-in treasury stock. But this accounts is not used when the purchase is made, neither common stock.
Under the cost method of treasury stock accounting, the treasury stock account is debited for the entire purchase price of the stock, regardless of its par value. Therefore, answer (c) Treasury stock for the purchase price, is correct.
Explanation:When treasury stock is purchased for more than the par value of the stock and the cost method is used to account for treasury stock, the account that should be debited is the Treasury Stock for the purchase price. This means the correct answer is (c) Treasury stock for the purchase price.
The Cost Method of treasury stock accounting involves recording the repurchase of treasury stock at the total cost at which the stock is procured without considering the stock's par value. This entire cost is debited to the treasury stock account and credit is given to cash or equivalent for the purchase value. When the stock is subsequently resold, it will be credited for the initial cost plus credited or debited with the gain or loss on its resale.
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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.
Computing Straight-Line and Double-Declining-Balance Depreciation On January 2, Reed Company purchases a laser cutting machine for use in fabrication of a part for one of its key products. The machine cost $75,000, and its estimated useful life is five years, after which the expected salvage value is $5,000. For both parts (a) and (b) below: (1) Compute depreciation expense for each year of the machine's five-year useful life under that depreciation method. (2) Use the financial statements effects template to show the effect of depreciation for the first year only for that method. (a) Straight-line $Answer per year Use negative signs with answers below, when appropriate. Balance Sheet Transaction Cash Asset + Noncash Assets = Liabilities + Contributed Capital + Earned Capital Record first year depreciation Answer Answer Answer Answer Answer Income Statement Revenue - Expenses = Net Income Answer Answer Answer (b) Double-declining Year Depreciation Expense 1 $Answer 2 $Answer 3 $ Answer 4 $Answer 5 $Answer Use negative signs with answers below, when appropriate. Balance Sheet Transaction Cash Asset + Noncash Assets = Liabilities + Contributed Capital + Earned Capital Record first year depreciation Answer Answer Answer Answer Answer Income Statement Revenue - Expenses = Net Income Answer Answer Answer
Answer:
Compute depreciation expense for each year of the machine's five-year useful life under that depreciation method
Use the financial statements effects template to show the effect of depreciation for the first year only for that method
Explanation:
value 75000
Life 5 years
Salvage value 5000
Depreciable amount 70000
Annual deo rate 100%/5 years 20,00%
Year 1 70000 40% 28.000,0 42.000,0
Year 2 42000 40% 16.800,0 25.200,0
Year 3 25200 40% 10.080,0 15.120,0
Year 4 15120 40% 6.048,0 9.072,0
Year 5 9072 40% 3.628,8 5.443,2
first year
Assets=Liabilities+equity
assets(Accumulate depreciation)= lianilities (0)+ equity ( net income( revenue-expenses)
-Accumulate depreciation = expense
=-42000=-42000
In the month of June, a department had 20,000 units in beginning work in process that were 70% complete. During June, 80,000 units were transferred into production from another department. At the end of June there were 10,000 units in ending work in process that were 40% complete. Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. How many units were transferred out of the process in June? Question 1 options: 80,000 units 70,000 units 90,000 units 100,000 units
Answer: Option (c) is correct.
Explanation:
Given that,
Beginning work in process = 20,000 units and 70% completed
So, Units transferred = 20,000 × 30%
= 6,000
Direct transferred = 80,000 units
Ending work in process = 10,000 × 40%
= 4,000
Therefore,
Units were transferred out of the process in June:
= Beginning WIP transferred + Direct transferred + Ending work in process
= 6,000 + 80,000 + 4,000
= 90,000 units
Final answer:
To find the number of units transferred out of the process in June, we add the beginning units to the units transferred in and subtract the units still in process at the end of June, resulting in 90,000 units transferred out.
Explanation:
The question asks how many units were transferred out of the process in June. To find this, we start with the total units at the beginning and added during June, subtract the units still in process at the end of June, and adjust for the percentage completion where necessary. The calculation is straightforward:
Beginning units (already 70% complete): 20,000 unitsUnits transferred in during June: 80,000 unitsUnits in process at end of June (40% complete): 10,000 units
The units transferred out equals the beginning units plus units transferred in minus ending units in process, without needing to adjust for completion percentages because materials are added at the beginning, and the question implicitly focuses on the units themselves, not the degree of completion for costs. Therefore, the units transferred out are simply:
20,000 + 80,000 - 10,000 = 90,000 units.
So, 90,000 units were transferred out of the process in June.