Answer:
Journal Entries
Date Account Titles & Explanation Debit Credit
Apr 5 Purchases $1,500
Accounts Payable $1,500
Apr 7 Freight-in $80
Cash $80
Apr 9 Accounts Payable $700
Purchase Returns and Allowances $700
Apr 10 Accounts receivable $1,420
Sales $1,420
Apr 10 Cost of goods sold $770
Inventory $770
Apr 12 Purchases $1,060
Accounts Payable $1,060
Apr 14 Accounts Payable $800
($1500-$700 )
Purchase Discounts $24
($800 * 3%)
Cash $776
Apr 17 Accounts Payable $60
Purchase Returns and Allowances $60
Apr 20 Accounts receivable $820
Sales $820
(To record credit sales)
Apr 20 Cost of goods sold $550
Inventory $550
Apr 21 Accounts Payable (1060-60) $1,000
Purchase Discounts $20
($1000 * 2%)
Cash $980
Apr 27 Sales Returns and Allowances $70
Accounts Receivable $70
Apr 30 Cash $1,370
Accounts Receivable $1,370
True Nutri Inc. sells performance enhancing foods and beverages for athletes and health-conscious people. In a recent product development meeting, Mike suggested that True Nutri Inc. should acquire a new technology developed by One Health Corp. for infusing vitamin and mineral blends into food. He believed it would be easier to acquire the technology directly from One Health Corp. Justin felt that the method of infusing blends into food should be developed within True Nutri Inc. itself. He knows it may take longer but feels that the competitive advantage it would provide was worth the wait. Lara suggested that True Nutri Inc. should use its resources and work jointly with One Health Corp. to develop an entirely new product.
Based on the scenario, which method of acquiring technology does Justin favor?
a. internal development
b. licensing
c. contracted development
d. franchising
e. research partnership
Answer: a. internal development
Explanation:
Internal development is a method of growth and development that is done by using the resources of the company instead of relying on takeovers or acquisitions.
Justin wants True Nutri Inc to develop the tech itself without acquiring it from One Health Corp so he has an Internal Development mindset. Benefits of Internal Development include the development of a competitive advantage and increased efficiency which Justin hopes can benefit the company.
Does anybody know if CPA is profitable. I have heard that it is an easy way to make a side income whilst at college. Even a full time income for some ?
Explanation:
not the best option in my opinion
Last year Electric Autos had sales of $190 million and assets at the start of the year of $330 million. If its return on start-of-year assets was 15%, what was its operating profit margin
Answer:
2.61%
Explanation:
The first step is to calculate the operating income
= ROE × assets
= 15/100 × $330,000,000
= 0.15 × $330,000,000
= $49,500,000
Therefore the operating profit margin can be calculated as follows
= operating income/sales
= $49,500,000/190,000,000
= 0.2605 × 100
= 2.61 %
When given one variable value, the value of other variables can be easily estimated. This applies to which type of graph? a. Line c. Scale b. Bar d. Both A and B
Answer: d.
Both A and B
Explanation: 100% EDGE
Answer:
d. both A and B
Explanation:
When given one variable value, the value of other variables can be easily estimated with a line and scale graph.
U.S. employees work harder now than ever before, and almost 75 percent report regularly experiencing job-related stress symptoms. Stress costs organizations an estimated $30 billion a year in lost productivity, and hundreds of billions a year if you include health care costs and absenteeism. This activity is important because managers can help to decrease unnecessary workplace stressors, and can help employees to experience fewer stress symptoms, if they are attuned to the sources from which workplace stress can manifest. The goal of this exercise is to challenge your knowledge of the six sources of work-related stress.
For each person, select the source of job-related stress that his or her example best depicts:
a. Demands created by individual differences
b. Individual task demands
c. Individual role demands
d. Worklife balance
e. group demands
f. Organizational demands
Answer:
1. Cedrick tends to worry about things in his life, regardless of what’s going on in his job or whether he is facing anything objectively stressful.
d. Worklife balance
2. Chien-Shiung has to miss his daughter’s softball game because he is committed to a work meeting.
d. Worklife balance
3. Lourdes works as a barista at a very busy campus Starbucks location.
c. Individual role demands
4. Danilo feels anxiety every morning on his commute to work thinking about the fact that he will be spending the next 8 hours with his coworkers who are neither kind nor helpful to one another.
a. Demands created by individual differences
5. Ang manages the front desk at a New York City hotel and has to pretend that he is happy and cheerful all day long, even when customers are rude to him or his employees.
c. Individual role demands
6. Norman works a full-time 8 to 5 job but also does consulting work on the side. He is stressed trying to decide whether he should take two days off from his full-time job, thus putting himself behind on tasks, in order to take advantage of a lucrative consulting opportunity.
b. Individual task demands
7. Teri’s direct supervisor often ignores subordinates’ concerns, manipulates others to get ahead, and engages in unethical behavior.
a. Demands created by individual differences
8. Violeta’s office feels overly stimulating to her. There are too many people crammed into the space, the overhead fluorescent lighting causes her daily headaches, and there are no walls to provide any quiet or privacy for employees.
e. group demands
9. Ahmed’s company expects its employees to be available 24 hours a day. Last week he spent the weekend hiking with friends but was on his phone responding to emails half the time. He knew that if he ignored the emails his boss would reprimand him on Monday.
f. Organizational demands
10. Farrah is always on the go. She keeps a to-do list for everything, speed walks between meetings, and often feels impatient.
b. Individual task demands
11. Devisha’s manager tends to assign projects without giving much explanation for how employees’ performance will be evaluated. Devisha is experiencing work stress because she has no idea whether she is performing well or not and won’t be sure until her annual evaluation.
b. Individual task demands
12. Philip and his spouse just adopted a baby. Philip is taking a month of paternity leave, and because of this he knows he will likely miss out on being assigned to a project that he was looking forward to working on.
d. Worklife balance
Explanation:
a. Demands created by individual differences: These differences arise by virtue of the fact that humans have different personalities and behaviors that might make us clash with them or misunderstand them.
b. Individual task demands: These problems arise when employees are unsure of the changes that might occur in the jobs given them to accomplish.
c. Individual role demands: These stress issues occur by virtue of the position the employee holds.
d. Worklife balance: This occurs when individuals try to balance life both at home and at work.
e. Group demands: Are stress-related issues that arise due to an employee having to work with others.
f. Organizational demands: Are the stress that arises because of the demands imposed by the company an employee works with.
The Butler-Perkins Company (BPC) must decide between two mutually exclusive projects. Each costs $6,750 and has an expected life of 3 years. Annual project cash flows begin 1 year after the initial investment and are subject to the following probability distributions:
Project A Project B
Probability Cash Flows Probability Cash Flows
0.2 $6,000 0.2 $0
0.6 $6,750 0.6 $6,750
0.2 $7,500 0.2 $17,000
BPC has decided to evaluate the riskier project at 11% and the less-risky project at 8%.
What is each project's expected annual cash flow?
A. Project A. B. Project B. Project B's standard deviation (?B) is $5,444 and its coefficient of variation (CVB) is 0.73. What are the values of (?A) and (CVA)?
Answer:
Explanation:
Project A Project B
Probability Cash Flows Probability Cash Flows
0.2 $6,000 0.2 $0
0.6 $6,750
Humana Hospital Corporation installed a new MRI machine at a cost of $780,000 this year in its medical professional clinic in Cedar Park. This state-of-the-art system is expected to be used for 5 years and then sold for $100,000. Humana uses a return requirement of 24% per year for all of its medical diagnostic equipment. As a bioengineering student currently serving a Co-op semester on the management staff of Humana Corporation in Louisville, Kentucky, you are asked to determine the minimum revenue required each year to realize the expected recovery and return.
a. What is your answer?
b. If the AOC is expected to be $80,000 per year, what is the total revenue required to provide for recovery of capital, the 25% return, and the annual expenses?
c. Write the spreadsheet functions to display your answers.
Answer:
A) $277824
B) $357824
C) 80000 - PMT(25%,5,780000,0) + PMT ( 25%,5,0, - 100000 )
Explanation:
MRI machine cost = $780000
Salvage value of the MRI machine = $100000
Return requirement = 25% per year
A) Determine the the minimum revenue required each year to realize the expected recovery and return
Principal cost ( p )= $780000
salvage value ( S ) = $100000
i = 25%
n = 5 years
Minimum revenue per year
CR = - 780000 ( A / P , 25%,5 ) + 100000( A/P , 24%,5)
= - 780000 ( 0.3718 ) + 100000 ( 0.1218 )
= - 290004 + 12180 = -$277824
which means the minimum revenue required each year = $277824
B) If AOC = $80000
The total revenue required = $80000 + $277824
= $357824
C) spreadsheet functions to display answers
80000 - PMT(25%,5,780000,0) + PMT ( 25%,5,0, - 100000 )
Assume that you are part of the accounting team for Logan Digital. The company currently expects to sell 362 units for total revenue of $16,300 each month. Logan Digital estimates direct materials costs of $3,150, direct labor costs of $4,200, variable overhead costs of $2,100, and variable selling and administrative costs of $1,050. Fixed costs of $4,800 are also expected, which includes fixed overhead and selling and administrative costs. Using this information, complete the contribution margin income statement shown below.
Logan Digital is examining cost behavior patterns. Your recommendation is to first determine the break-even point in units. First, calculate the contribution margin (CM) per unit (rounded to the nearest dollar).
Next, complete the formula below to determine the break-even units.
Total Fixed Costs / Contribution Margin per Unit = Units
A profit-volume graph helps managers to visualize the relationship between profits and units sold. The data for Logan Digital has been used to construct the profit-volume graph below. The purple points (diamond symbols) plot the profit line. The operating loss is the shaded area bordered by the red points (cross symbols). The operating profit is the area bounded by the green points (triangle symbols). Graph the correct profit-value graph.
APPLY THE CONCEPTS: Effect of Changes to Sales Price, Variable Costs and Fixed Costs
Now consider each of the following scenarios for Logan Digital. Calculate the contribution margin (CM) per unit, rounded to nearest dollar, and the new break-even point in units, rounded to the nearest whole unit, for each scenario separately.
Scenario 1 Scenario 2 Scenario 3
Logan will dispose of a machine in the factory. The depreciation on that equipment is $500 per month. After some extensive market research, Logan has determined that a sales price increase of $2 per unit will not affect the sales volume and will be effective immediately. Logan has been experiencing quality problems with a materials supplier. Changing suppliers will improve the quality of the product but will cause direct materials costs to increase by $1 per unit.
Full question attached
Answer and Explanation:
Please find attached
If the economy is on the production possibilities frontier, which of the following might allow the economy to increase its capacity?
Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.
a
Increase consumption and decrease government spending
b
Decrease exports
c
Decrease imports
d
Increase government spending
Answer:
The Correct Answer is A
Increase consumption and decrease government spending
Explanation:
In macroeconomics, the PPF is the tip at which a nation's economy is most efficiently manufacturing its multiple services and goods, therefore designating its sources in the best means possible.
In a market report, the production possibility frontier is a curve representing the different amounts of two commodities that can be created both depend on the same measurable resources.
Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following:
Common stock, $6 par value, 120,000 shares authorized
Preferred stock, 11 percent, par value $13 per share, 5,000 shares authorized
During the year, the following transactions took place in the order presented:
a. Sold and issued 21,900 shares of common stock at $26 cash per share.
b. Sold and issued 2,800 shares of preferred stock at $30 cash per share.
c. At the end of the year, the accounts showed net income of $41,600. No dividends were declared.
Required:
Prepare the stockholders’ equity section of the balance sheet at the end of the year.
Answer and Explanation:
The preparation of the stockholder equity section is presented below:
Tandy Company
Balance Sheet (Partial)
Stockholders Equity :
Contributed Capital :
Common stock (21,900 shares × $6) $131,400
Preferred stock (5,000 shares × $13) $65,000
Additional Paid in Capital - Common stock (21,900 shares × $20) $438,000
Additional Paid in Capital - Preferred stock (5,000 shares × $17) $85,000
Total Contributed Capital $719,400
Add: Retained Earnings $41,600
Total Stockholders Equity $761,000
An error understated Power Corporation's December 31, 2018, ending inventory by $54,000. What effect will this error have on total assets and net income for 2018?
Answer:
•The total Assets will be under stated by $54,000 in 2018.
•The Net income will also be understated by $54,000 in 2018.
Explanation:
In computing income statement, beginning inventory is usually added to net purchases, then minus ending inventory to arrive at cost of goods sold.
The cost of goods sold can also be computed as ;
Cost of goods sold = Beginning inventory + Net purchases - Ending inventory. What the above means is that if ending inventory is understated, then the cost of goods sold will be overstated.
The gross profit is arrived at by deducting cost of goods sold from net sales. So, if cost of goods sold is overstated, then the gross profit will be understated by same amount, whereas an overstated gross profit , will also over state net profit.
Inventory is an asset. When an inventory is understated, then the overall asset would also be understated by same amount.
Price Shares (millions) 1/1/16 1/1/17 1/1/18 Douglas McDonnell355 $86 $91 $103 Dynamics General455 55 52 66 International Rockwell270 84 73 87 a. Calculate the initial value of the index if a price-weighting scheme is used.
Answer:
The full question is "The following three defense stocks are to be combined into a stock index in January 2013 (perhaps a portfolio manager believes these stocks are an appropriate benchmark for his or her performance): Price Shares (millions) 1/1/13 1/1/14 1/1/15 Douglas McDonnell 355 $ 86 $ 91 $ 103 Dynamics General 455 55 52 66 International Rockwell 270 84 73 87 a. Calculate the initial value of the index if a price-weighting scheme is used. (Index value) b. What is the rate of return on this index for the year ending December 31, 2013? For the year ending December 31, 2014?"
a. Initial value for Index = Sum of prices / Number of stocks
Initial value for Index = ($86+$55+$84)/3
Initial value for Index = $225/3
Initial value for Index = $75
b. For the year ending December 31, 2013
Index value at the end of 2013 = ($91+$52+$73)/3
Index value at the end of 2013 = $216/3
Index value at the end of 2013 = 72
Rate of Return = (Ending price - Beginning price) / Beginning price
Rate of Return = (72-75)/75
Rate of Return = -3/75
Rate of Return = -0.04
Rate of Return = -4%
For the year ending December 31, 2014
Index value at the end of 2014 = ($103+$66+$87)/3
Index value at the end of 2014 = $256/3
Index value at the end of 2014 = $85.33
Rate of Return = (Ending price - Beginning price) / Beginning price
Rate of Return = (85.33-72)/72
Rate of Return = 13.33/72
Rate of Return = 0.1851
Rate of Return = 18.51%
Case ScenarioOver the past four years, the LSS organization, a nonprofit organization headquartered in Minneapolis, MN, has become renowned nationally for its Camp Noah project. Following floods, tornadoes or other weather emergencies, children lose their daily routine, their schools and oftentimes their homes. Parents are often stressed and unavailable during emergencies, and children have few resources to help them understand their situation. In Camp Noah, volunteers with skills in child psychology and counseling meet in a two day support group environment with children in flood ravaged areas. They encourage the children to share their stories and develop important resiliency skills and learn how to cope emotionally with the disaster.Due to the need for such services, LSS has developed a training system that lets them partner with resource organizations located near flood or tornado areas. They have partnered with many local organizations around the U.S. to train, equip and empower volunteers to staff local camps attended by children during their summer vacation. LSS also provides pre-packaged Camp Noah supplies that range from workbooks, crayons and puppets to a quilt for each child.Recently, powerful rainstorms in southeastern France triggered flash flooding that displaced more than 1000 families, and left 200,000 people without electricity for more than two weeks. City officials in France called the LSS Director of Camp Noah Services, Chris Walker, and asked if she could provide training and equip 20 volunteers in southeastern France to deliver the Camp Noah curriculum to up to 500 children. The French officials have asked that a decision to proceed be made within 2 weeks, and that the training and they want the equipment be delivered 6 weeks after the decision is made. Chris Walker wants to help but isn’t sure how to start. Currently, Camp Noah supplies are all written in English, and the counselor training documents are only written in English as well. The floods occurred in an area of France that has few English speakers.You are a contract employee who has been engaged to help LSS because you speak French fluently and because you are an expert, experienced project manager with great interpersonal skills. Your job is to assist the director, Chris Walker, during project initiation. If the project is approved, you may be asked to lead the remainder of the project as well. You and Chris have been in meetings together all day discussing the opportunity for a French Camp Noah. You’ve been listening very carefully and asking dozens of questions about the potential effort. Now, you’re ready to get started and put your considerable project management skills and knowledge to work.Questions based on above scenario and answer need to be 1/2 page long:1. Is this (or will this be) a project or operations? Justify your choice.2. What process group is this project currently in? How do you know?3. As an experienced project manager, you are aware that analyzing the environment in which a project operates is critically important. Select two (2) OPA and two (2) EEF that you believe are important to understand for this project. Apply these to the case scenario and justify why the four items you selected are important. 4. Once the decision is made to proceed with the project, Chris Walker, the director, will need to select a project manager. You know that LSS is a strong-matrix org. What does this mean in terms of how the project will be conducted and the role of the project manager? (5. You and Chris Walker, the director, will work on trying to define what project success will look like as you define the project objectives. What should you keep in mind about the process of writing objectives? Why are good statements of project objectives important to project success?
Answer and Explanation:
1. This is a project because it is carefully planned and follows a series of tasks to achieve a particular goal
2. Project is at initiation stage. It is yet to be approved and discussions are still on
3. Two organizational process assets (OPA) are : checklist, lessons database. Two Enterprise environmental factors(EEF): Organization management, group performance. EEF enable project managers understand their environment and factors that influence the project which may be beyond their control. OPAs here will enable organization learn from the knowledge base and everything other thing already acquired by management that can be used in the project or from projects initially executed by organization
4. Since LLS is a matrix organization(answering to both functional head and project manager), employees involved in the project would answer to project manager and project manager reports to functional head
5. The important to have in mind while writing project objectives is the goal of the project while considering threats and opportunities surrounding reaching the goal of the project. Clear objectives are important as they form guidelines to achieving project goal.
On June 30, 2021, Georgia-Atlantic, Inc. leased a warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $464,149 over a four-year lease term, payable each June 30 and December 31, with the first payment at June 30, 2021. Georgia-Atlantic's incremental borrowing rate is 8%, the same rate IC uses to calculate lease payment amounts. Amortization is recorded on a straight-line basis at the end of each fiscal year. The fair value of the equipment is $3.2 million. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)Required:1. Determine the present value of the lease payments at June 30, 2021 that Georgia-Atlantic uses to record the right-of-use asset and lease liability.2. What pretax amounts related to the lease would Georgia-Atlantic report in its balance sheet at December 31, 2021?3. What pretax amounts related to the lease would Georgia-Atlantic report in its income statement for the year ended December 31, 2021?(For all requirements, enter your answers in whole dollars and not in millions. Round your final answers to the nearest whole dollar.)
Answer:
A) = $3,249,995
B) pretax amount for for liability = $2,433,131
Depreciation amount for right of use = = $406,249
C) pretax amount for interest expense = $111,434
pretax amount for amortization expense = $406,249
Explanation:
1) Determining the present value of the lease payments at June 30 2021
semi-annual payments = $464149 for 4 - year lease term
total payments = 2 * 4 = 8
Yearly incremental borrowing = 8%
semi-annual incremental borrowing = 8/2 = 4%
hence present value of the lease payments
= semi annual lease payments * cumulative PV factor of annuity for the period
= $464149 * 7.00205 = $3,249,995
2) Determining The pretax amounts related to the lease would Georgia-Atlantic report in its balance sheet at December 31 2021
first we calculate the pretax amount of liability on 30.06.2021
= present value of lease payments - semi annual lease payments
= $3,249,995 - $464,149 = $2,785,846
next we calculate the Interest expense for 31.12.2021
= pretax amount * semi-annual incremental borrowing
= $2,785,846 * 4% = $111,434
Semiannual lease payment on 31.12.2021 = semiannual lease payment on 30.06.2021 which is = $464,149
Pre tax amount for liability for 31.12.2021
= pretax amount of liability + interest expense - semi annual lease payment
= $2,785,846 + $111,434 - $464,149 = $2,433,131
Depreciation on right to use assets for 2021
= present value of lease payments / 4 * ( 6/12 )
= ($3,249,995 / 4) * (6/12) = $406,249
Pre tax amount of right to use asset to be reported for 2021
= (present value of lease payments) - (depreciation on right to use assets)
= $3,249,995 - $406,249 = $2,843,746
3) Determine pretax amounts related to the lease would Georgia-Atlantic report in its income statement for the year ended December 31, 2021
Pre tax amount of interest expense Georgia Atlantic Inc. reports in its income statement will be
semi-annual lease payments * semi-annual incremental borrowing
= $2,785,846 * 4% = $111,434
Pre tax amount of amortization expenses Georgia Atlantic Inc. reports in its income statement will be
= (present value of lease payments / 4) * (6/12)
= $3,249,995 / 4 * 6/12 = $406,249
The readings suggest there are certain strategies for pricing new products, which is decidedly more difficult than adjusting prices to existing products. The new product pricing approaches are:SkimmingPenetrationEveryday low pricesThe pricing approaches discussed for existing products are:Cost plusMarkupMarkdownOdd-even pricingPrestige pricingPrice liningDemand backward pricingLeader pricingSealed bid pricingGoing-rate pricingPrice bundlingCaptive pricingProduct mix pricingTwo-part pricingPromotional pricingThere is no shortage of pricing approaches, and as customers, we are exposed to all of them at some time or another in our purchasing processes.Choose one of the pricing approaches and discuss the product, the pricing approach, and why you think it is the most appropriate approach for that particular product given your consumer characteristics. Be sure you understand the definition of your approach before tackling this topic.Many of you will be tempted to use promotional pricing since it is the easiest to demonstrate. So promotional pricing is not "for sale" (pun intended). Pick one of the other approaches for this topic.
Explanation:
Penetration Pricing:
It is the marketing approach that consists of a strategy to insert a new product in the market offering lower prices.
This strategy would help a new company, for example, to enter the market and already achieve good demand for its products and services, in addition to this strategy being a barrier of entry for new competitors.
Penetration pricing is the most appropriate marketing strategy for companies that need to reach a market place and reach a large number of people, which is achieved when offering a product with quality and benefits that can create consumer needs for customers, which makes it possible for the company to fulfill its objective and then be able to establish itself in the market and then increase prices so that the demand for the products is maintained.
This strategy is generally used by retailers and organizations that offer products offered in bulk, such as food, cosmetics, automobiles, etc.
Indicate what components of GDP (if any) each of the following transactions would affect.
Transaction Consumption Investment Government Net Exports
Purchases
You buy a new Toshiba computer
Ford manufactures a Focus and sells it to Avis, the car rental company
Dell sells a desktop computer from Its inventory to the Johnson family
Aunt Jane buys a new house from a local builder.
The federal government sends your grandmother a Social Security check.
Texas hires public mlddie school teachers
You pay a domestic plumber for fixing a leak in your bathroom.
Uncle Paul pays a domestic contractor for renovating hlis home Save & Continu Grade
It Now Continue without saving
Answer:
It will fall under Consumption if it is a commodity or non-capital good purchased.
It will fall under Investment if it is a capital good that was sold or purchased.
It will fall under Government Spending if the Government bought or paid for it.
It will fall under Net Exports if it involves the purchase of goods from another country or the sale of goods to another country.
You buy a new Toshiba computer - CONSUMPTION AND NET EXPORTS.
Toshiba is a Japanese Company.
Ford manufactures a Focus and sells it to Avis, the car rental company. INVESTMENT.
It becomes a capital good to Avis.
Dell sells a desktop computer from its inventory to the Johnson family . - CONSUMPTION and INVESTMENT.
The Desktop is considered a capital good as it can be an investment by the family to produce goods or services.
Aunt Jane buys a new house from a local builder. INVESTMENT
Housing is a capital good.
The federal government sends your grandmother a Social Security check. - TRANSFER PAYMENT which means it is not to be included in GDP.
Texas hires public middle school teachers . - GOVERNMENT SPENDING.
Texas will be spending to pay teacher's salaries.
You pay a domestic plumber for fixing a leak in your bathroom. - CONSUMPTION.
Uncle Paul pays a domestic contractor for renovating his home - CONSUMPTION.
This is housing but it involves buying goods to change the appearance of the house not buying the house itself.
On June 30, 20X1, a tornado damaged Jensen Corporation’s warehouse and factory, completely destroying the work-in-process inventory. Neither the raw materials nor finished goods inventories were damaged. A physical inventory taken after the tornado revealed the following valuations:
Raw materials $87,000
Work-in-process 0
Finished goods 151,000
$238,000
The inventory of January 1, 20X1, consisted of the following:
Raw materials $41,000
Work-in-process 128,000
Finished goods 173,000
$342,000
A review of the books and records disclosed that the gross profit margin historically approximated 28% of sales. The sales total for the first six months of 20X1 was $405,000. Raw material purchases totaled $150,000. Direct labor costs for this period were $112,000, and manufacturing overhead has historically been applied at 50% of direct labor.
Required:
Compute the value of the work-in-process inventory lost at June 30, 20X1.
Answer:
$130,400
Explanation:
Raw material transferred to WIP = Beginning balance + Purchase - Closing balance = $41,000 + $150,000 - $87,000 = $104,000
Cost of Goods manufactured = Closing balance + Cost of goods sold - Beginning balance
Cost of Goods manufactured = $151,000 + $405,000*70% - $173,000 = $151,000 + $291,600 - $173,000
Cost of Goods manufactured = $269,000
Ending Work in Process = Beginning balance + Direct material + Direct labor - Manufacturing overheads - Cost of goods manufactured
Ending Work in Process = $128,000 + $104,000 + $112,000 + $112,000*50% - $269,600
Ending Work in Process = $128,000 + $104,000 + $112,000 + $56,000 - $269,600
Ending balance of Work in Process = $130,400
Linda Williams is the new owner of Linda’s Computer Services. At the end of July 2022, her first month of ownership, Linda is trying to prepare monthly financial statements. She has the following information for the month.
1. At July 31, Linda owed employees $1,950 in salaries that the company will pay in August.
2. On July 1, Linda borrowed $18,000 from a local bank on a 12-year note. The annual interest rate is 10%.
3. Service revenue unrecorded in July totaled $1,600.
Prepare the adjusting entries needed at July 31, 2022. (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. Do not indent manually.)
Answer and Explanation:
The Journal entries are shown below:-
1. Salaries expenses Dr, $1,950
To Salary payable $1,950
(Being salaries expense is recorded)
2. Interest expense Dr, $150
To Interest payable $150
(Being interest expense is recorded)
3. Accounts receivable Dr, $1,600
To Service revenue $1,600
(Being sales revenue is recorded)
One of the Justices on the Supreme Court, stated that in this decision, the Supreme Court gave up power to gain power. What do you think this means?
Answer:
the judicial power shall be vested in one suprene court and in such lower courts as may be established by law.
suppose that we are in butter market and the government implements an excise tax on butter. the price elasticity of demand for butter equals 2 and the price elasticity of supply for butter equals 2. what is the portion of the tax that consumers will be burdened with? is this realistic given the market we are in?
Answer:
Portion of tax burden shared by buyers (consumers) & sellers will be equal, ie half half each.
Explanation:
When an indirect tax, whose burden & incidence are on different people, (like excise tax) is levied : Its burden is borne more by buyers if demand is relatively more inelastic (or less elastic), & more by sellers if supply is relatively less inelastic (or less elastic).
Given, price elasticity of demand & supply both = 2 respectively. So, excise tax burden is shared by both buyer & sellers equally, as both demand & supply are equally price elastic.
The balance sheet for Appalachian Corporation at the end of the current year includes the following:
Bonds payable, 6% $5,000,000 6%
Preferred stock, $100 par 1,000,000
Common stock, $10 par 2,000,000
Net income was $565,000 and income tax expense for the current year amounted to $285,000.
Cash dividends paid on common stock were $200,000, and the common stock was selling for $28 per share at the end of the year.
There were no ownership changes during the year. Determine each of the following:
a. Number of times bond interest charges are earned;
b. Number of times preferred dividends are earned;
c. Earnings per share on common stock;
d. Price-earnings ratio;
e. Dividends per share of common stock; and
f. Dividend yield.
According to the question, the answer should be the Number of times preferred dividends are earned. Therefore option B is correct.
What is a dividend?A dividend is a payment made by a corporation to its shareholders that is decided by the board of directors. Dividend payments are frequently made quarterly and might take the form of cash payments or stock reinvestments.
The dividend yield, which is the dividend per share, is expressed as a percentage of the share price of a company, for example, 2.5%. If a common shareholder of a dividend-paying company owns the stock on the ex-dividend date or earlier, they are eligible to receive a distribution.
By using their voting powers, shareholders must approve dividends. Despite the fact that stock dividends are less prevalent than cash dividends, they are still a possibility. Different exchange-traded funds (ETFs) and mutual funds also provide dividends.
To learn more about dividends follow the link.
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Jake borrowed $18,000 from his father to purchase a camper. Jake paid back $25,000 to his father at the end of 6 years. What was the average annual compound rate of interest on Jake's loan from his father
Answer:
5.63%
Explanation:
The annual compound rate of interest on Jake's loan from his father is calculated as :
PV = $18,000
N = 6
P/yr = 1
Pmt = $ 0
FV = - $25,000
i = ?
Using a financial calculator to input the values as shown above, the annual compound rate of interest is 5.6277 % or 5.63%
Discuss MSOs corporate governance. Has the company been able to separate the ownership and managerial control
Answer:
The corporate governance of Martha Stewart Living Omnimedia MSO has failed.
Explanation:
The reason for failure of corporate governance at MSO was the lack of transparency. The owner of the company was the largest shareholder. There was lack of separation of ownership and control in the company. The management of the company has not been effective in managing the operations and there were lack of internal controls in place. The company has gone to produce lower category products such as cleaning fluid and so, this has lead the company to deteriorate its brand image.
Suppose that per-unit costs for Alpha-Zeta Co. are $25 when they are producing 50,000 units. Now suppose that the firm increases production to 50,100 units and total costs are $2,000,000 at that level of production. Question: What is occurring as the firm increases production from 50,000 to 50,100 units?
Answer:
Diseconomies of scale due to the fact that per unit cost increased from $25 to $39.92
Explanation:
Economies is scale is when a larger production is a product leads to reduced cost of production.
For example if production of 1,000 units of a good costs $20 per unit, but production of 1,500 units goes for $17. The cost of production per unit reduces. So there is economies of scale.
In the given scenario production of 5,000 units is at $25 per unit.
While at 5,100 units it is (2,000,000 ÷ 50,100) = $39.92
So this is a diseconomies of scale.
For each of the following, is the business a price-taking producer?
which practice would you recommend that an inventory manager use for successful inventory planning?
Answer:
C
Explanation:
Plato/Edmentum
HELP ME ASAP!!
_______ is the design of buildings and creation of building plans, or
blueprints.
O Construction
O Marketing
O Architecture
O Drafting
Answer:
Architecture
:):)
Explanation:
hope I help!!:)
Im learning same thing and just completed that, I know its Architecture!!!!
An injunction is a court order for a party to a contract to
Answer:
do something agreed to under an original contract.
Explanation:
An injunction is an order compelling one party to a contract to fulfill their obligations as agreed in the original contract. Therefore, an injunction is a remedy available to any party engaged in the contract should there a breach of the contract.
All valid contracts are enforceable by law. An aggrieved party has the right to go to court and seek orders to compel the other party to fulfill their duty as per the contact. The orders given are the court injunctions.
Joy is looking into many different career choices. She is leaning toward the Information Technology cluster. Why
would this be a better career choice than some of the other options she was looking into?
O IT jobs are projected to increase fourteen percent between 2010 and 2020.
O IT jobs are projected to increase twenty-two percent between 2010 and 2020.
O IT jobs are projected to increase thirty-five percent between 2010 and 2020.
O IT jobs are projected to increase forty-seven percent between 2010 and 2020.
Answer:
B
Explanation:
Because I took the unit test review on edge and got it right
Answer:
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Explanation:
MHM Bank currently has $700 million in transaction deposits on its balance sheet. The current reserve requirement is 8 percent, but the Federal Reserve is increasing this requirement to 10 percent.
a. Show the balance sheet of the Federal Reserve and MHM Bank if MHM Bank converts all excess reserves to loans, but borrowers return only 70 percent of these funds to MHM Bank as transaction deposits. (Enter your answers in millions. Do not round intermediate calculations. Round your "Panel B" answers to 3 decimal places. (e.g., 32.161))
Panel A: Initial balance sheets
Federal Reserve Bank
Assets Liabilities
(Click to select)LoansReserve deposits at FedReserve accountsSecuritiesTransaction deposits $ million (Click to select)SecuritiesLoansReserve accountsTransaction depositsReserve deposits at Fed $ million
MHM Bank
Assets Liabilities
(Click to select)SecuritiesReserve accountsTransaction depositsReserve deposits at FedLoans $ million (Click to select)SecuritiesTransaction depositsReserve accountsReserve deposits at FedLoans $ million
(Click to select)Transaction depositsSecuritiesReserve accountsLoansReserve deposits at Fed $ million Panel B: Balance sheet after all changes
Federal Reserve Bank
Assets Liabilities
(Click to select)LoansReserve accountsReserve deposits at FedTransaction depositsSecurities $ million (Click to select)Reserve deposits at FedSecuritiesReserve accountsLoansTransaction deposits $ million
MHM Bank
Assets Liabilities
(Click to select)Reserve deposits at FedSecuritiesReserve accountsTransaction depositsLoans $ million (Click to select)Reserve accountsLoansReserve deposits at FedSecuritiesTransaction deposits $ million
(Click to select)LoansSecuritiesTransaction depositsReserve accountsReserve deposits at Fed $ million b. Show the balance sheet of the Federal Reserve and MHM Bank if MHM Bank converts 70 percent of its excess reserves to loans and borrowers return 90 percent of these funds to MHM Bank as transaction deposits. (Enter your answers in millions. Do not round intermediate calculations. Round your "Panel B" answers to 3 decimal places. (e.g., 32.161))
Panel A: Initial balance sheets
Federal Reserve Bank
Assets Liabilities
(Click to select)Reserve deposits at FedSecuritiesReserve accountsLoansTransaction deposits $ million (Click to select)Transaction depositsReserve deposits at FedSecuritiesReserve accountsLoans $ million
MHM Bank
Assets Liabilities
(Click to select)Transaction depositsReserve accountsLoansReserve deposits at FedSecurities $ million (Click to select)LoansReserve accountsSecuritiesReserve deposits at FedTransaction deposits $ million
(Click to select)SecuritiesTransaction depositsLoansReserve deposits at FedReserve accounts $ million
Panel B: Balance sheet after all changes
Federal Reserve Bank
Assets Liabilities
(Click to select)SecuritiesTransaction depositsReserve accountsLoansReserve deposits at Fed $ million (Click to select)Transaction depositsLoansSecuritiesReserve accountsReserve deposits at Fed $ million
MHM Bank
Assets Liabilities
(Click to select)SecuritiesReserve deposits at FedLoansTransaction depositsReserve accounts $ million (Click to select)SecuritiesReserve accountsReserve deposits at FedLoansTransaction deposits $ million
(Click to select)Transaction depositsReserve accountsReserve deposits at FedLoansSecurities $ million
Question attached
Answer and Explanation:
Please find attached