Based on the following information:
- Estimated manufacturing overhead cost: $300,000
- Estimated direct labor cost: $150,000
- Actual direct labor cost for job 101: $80,000
To calculate the manufacturing overhead applied to job 101, follow these steps:
1. Calculate the predetermined overhead rate: Divide the estimated manufacturing overhead cost by the estimated direct labor cost.
Predetermined overhead rate = ($300,000) / ($150,000) = 2
2. Apply the predetermined overhead rate to the actual direct labor cost for job 101.
Manufacturing overhead applied to job 101 = Predetermined overhead rate x Actual direct labor cost for job 101
Manufacturing overhead applied to job 101 = 2 x $80,000 = $160,000
So, the manufacturing overhead applied to job 101 is $160,000.
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The manufacturing overhead applied to job 101 is $160,000.
To calculate the manufacturing overhead applied to job 101, we need to use the predetermined overhead rate formula, which is:
Predetermined overhead rate = Estimated manufacturing overhead cost / Estimated direct labor cost
Predetermined overhead rate = $300,000 / $150,000 = 2
This means that for every $1 of direct labor cost, $2 of manufacturing overhead cost is applied.
To calculate the manufacturing overhead applied to job 101, we need to multiply the actual direct labor cost for job 101 by the predetermined overhead rate:
Manufacturing overhead applied to job 101 = Actual direct labor cost for job 101 x Predetermined overhead rate
Manufacturing overhead applied to job 101 = $80,000 x 2
Manufacturing overhead applied to job 101 = $160,000
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Which of the following is NOT a means of transportation in the context of supply chain management?TruckAirRailroadElevator
Elevators are not used as a means of transportation in supply chain management. So, the answer to this question is elevator.
Trucks, air transport, and railroads are commonly used to move goods and products from one location to another in supply chain management. Trucks are commonly used for short distance transportation, while air transport is used for faster delivery of goods over long distances.
Railroads are often used for long distance transportation of heavy goods such as raw materials and bulk goods. However, elevators are not used as a means of transportation in supply chain management.
Elevators are used to move people or goods vertically within a building or structure. In supply chain management, the focus is on moving goods and products horizontally from one location to another, making elevator transportation irrelevant in this context.
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Julian operates his own food truck and is at his busiest during the lunch hour. What might be one task that Julian performs as part of his career?
Question 7 options:
preparing a list of vegetables to purchase
performing maintenance on restaurant ovens
writing a newspaper article about food safety
approving parking permits for food trucks
Answer:
preparing a list of vegetables to purchase
Explanation:
Answer:
Explanation:
Preparing a list of vegetables to purchase.
As the owner and operator of his own food truck, Julian is likely responsible for various tasks related to running his food truck business. One of these tasks could be preparing a list of vegetables to purchase. Julian needs to plan and stock up on fresh vegetables to be used as ingredients in the meals he serves in his food truck. This could involve checking inventory, estimating demand, and creating a list of vegetables to purchase from his suppliers or local markets to ensure he has enough ingredients to meet the demand of his customers during the busy lunch hour.
Harley-Davidson's user profile includes both thrill-seeking and affinity for a countercultural image. In addition to demographics, Harley-Davidson uses _______ segmentation to target markets.
Harley-Davidson uses psychographic segmentation to target markets in addition to demographics.
Psychographic segmentation is a marketing strategy that divides consumers into different groups based on their personality traits, values, interests, and lifestyles. By using this strategy, Harley-Davidson can tailor their marketing messages and products to appeal to specific groups of customers with similar psychographic profiles. These customers may also value independence, freedom, and nonconformity, which are all traits that Harley-Davidson's brand embodies.
Psychographic segmentation allows Harley-Davidson to create a strong emotional connection with their target audience and build brand loyalty among customers who share similar values and interests.
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In addition to demographics, Harley-Davidson uses psychographic segmentation to target markets.
This means that they consider factors such as personality, values, interests, and lifestyles when identifying and targeting their customers. Harley-Davidson's user profile includes thrill-seekers who value adventure, freedom, and independence, as well as individuals who identify with the countercultural image that the brand represents. By understanding these psychographic traits, Harley-Davidson can tailor their marketing messages and offerings to appeal to their target audience.
For example, they may create ads that showcase the excitement and sense of adventure that comes with riding a Harley-Davidson motorcycle or offer merchandise that reinforces the brand's rebellious and non-conformist image. Overall, by using psychographic segmentation, Harley-Davidson can effectively reach and engage with their target market.
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All of the following rules apply to qualifying agents EXCEPT the contractor acting as a qualifyging agent:nmust own the business. must have supervisory authority. for a business must apply to qualify additional businesses. must have final approval authority for all construction affairs,.
The rule that does not apply to qualifying agents is "must own the business." While a qualifying agent may be an owner of the business, it is not a requirement.
To conceal a theft involving receivables, a dishonest bookkeeper might charge which of the following accounts?
a) miscellaneous income
b) petty cash
c) miscellaneous expense
d) sales returns
To conceal a theft involving receivables, a dishonest bookkeeper might charge the b) miscellaneous expense account.
By doing so, they can hide the theft by attributing it to a vague and less scrutinized account. Miscellaneous expense accounts often include a variety of unrelated costs, making it difficult to identify discrepancies.
Charging the theft to other accounts, like miscellaneous income or petty cash, would not be effective in hiding the theft. Miscellaneous income would increase the company's income, making it easier to detect irregularities. Petty cash is a small fund used for minor expenses, and any significant theft would be more noticeable in this account.
Sales returns would also not be an effective option, as this account represents goods returned by customers. Charging the theft to sales returns would create an imbalance between the physical inventory and financial records, potentially raising suspicions.
In summary, a dishonest bookkeeper attempting to conceal theft involving receivables would likely charge the miscellaneous expense account to make it less noticeable and more challenging to trace.
Therefore, the correct answer is b) miscellaneous expense
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The clerks at Forever Yours contribute to promotion through _____.
advertising .
sales promotions.
public relations/publicity.
personal selling
The clerks at Forever Yours are most likely to contribute to promotion through personal selling.
Personal selling refers to the process of communicating with potential customers through face-to-face interaction, phone calls, or other personalized communication methods.
In a retail setting like Forever Yours, clerks have direct contact with customers and can engage in personal selling by providing product information, making recommendations, and answering questions. They can also offer additional products or services to customers, which can increase sales and contribute to the store's promotion efforts.
While advertising, sales promotions, and public relations/publicity are also important promotion strategies, they typically involve broader, more strategic efforts beyond the daily interactions of clerks at a retail store.
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Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income Statement Net sales $ 9,000
Cost of goods sold (6,300)
Gross profit 2,700
Operating expenses (2,100) Interest expense (200)
Income tax expense (100)
Net income Bonds payable Common stock Retained earnings $ 300 Comparative Balance Sheets December 31
2024 2023
Assets $ 600 $ 500
Cash 600 400
Accounts receivable 800 600 Inventory 2,000 2,100
Property, plant, and equipment (net) $ 4,000 $ 3,600
Liabilities and Shareholders' Equity Current liabilities $ 1,100 $ 850
1,400 1,400
600 600 900 750
$ 4,000 $ 3,600 Required: Calculate the following ratios for 2024. Note: Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places. 1. Inventory turnover ratio _____ times 2. Average days in inventory ___ days
3. Receivables turnover ratio ___ times
4. Average collection period ___ days
5. Asset turnover ratio ___ 6. Profit margin on sales ____ %
7. Return on assets ____ %
8. Return on equity ____ %
9. Equity multiplier ___ times
10. Return on equity (using the DuPont framework) ____ %
The ratios calculated in this question are used to analyze the financial health and performance of a company.
Inventory turnover ratio = Cost of goods sold / Average inventory
Cost of goods sold = $[tex]6,300[/tex]
Average inventory = ($[tex]2,000[/tex]+ $[tex]2,100[/tex]) / [tex]2[/tex] = $[tex]2,050[/tex]
Inventory turnover ratio = $[tex]6,300[/tex]/ $[tex]2,050[/tex] = [tex]3.07[/tex]times
Average days in inventory =[tex]365[/tex] / Inventory turnover ratio
Average days in inventory = [tex]365[/tex] / [tex]3.07[/tex]= [tex]118.84[/tex]days
Receivables turnover ratio = Net sales / Average accounts receivable
Net sales = $[tex]9,000[/tex]
Average accounts receivable = ($[tex]800[/tex] + $[tex]600[/tex]) / 2 = $[tex]700[/tex]
Receivables turnover ratio = $[tex]9,000[/tex] / $[tex]700[/tex] = [tex]12.86[/tex] times
Average collection period = 365 / Receivables turnover ratio
Average collection period = [tex]365[/tex] / [tex]12.86[/tex] =[tex]28.38[/tex] days
Asset turnover ratio = Net sales / Total assets
Total assets = $[tex]4,000[/tex]
Asset turnover ratio = $[tex]9,000[/tex] / $[tex]4,000[/tex] = 2.25 times
Profit margin on sales = Net income / Net sales x 100%
Net income = $[tex]300[/tex]
Profit margin on sales = $[tex]300[/tex] / $[tex]9,000[/tex] x 100% = 3.33%
Return on assets = Net income / Total assets x 100%
Return on assets = $[tex]300[/tex]/ $[tex]4,000[/tex] x 100% = [tex]7.50[/tex]%
Return on equity = Net income / Shareholders' equity x 100%
Shareholders' equity = Common stock + Retained earnings = $900 + $750 = $1,650
Return on equity = $[tex]300[/tex] / $[tex]1,650[/tex] x [tex]100[/tex]% = 18.18%
Equity multiplier = Total assets / Shareholders' equity
Equity multiplier = $4,000 / $1,650 = 2.42 times
Return on equity (using the DuPont framework) = Profit margin x Asset turnover ratio x Equity multiplier
Return on equity = 3.33% x 2.25 times x 2.42 times = 19.14%
These ratios provide insight into the financial health of the company and can be used to evaluate its performance, profitability, and efficiency. The inventory turnover ratio indicates how efficiently the company is managing its inventory, while the average days in inventory show how long it takes to sell inventory.
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which of the following can the owners of small businesses do to cope with variations in demand? group of answer choices hire permanent workers during peak periods avoid subcontracting production avoid carrying complementary products, such as winter and summer items use inventory buildups to smooth out operations
The owners of small businesses can do to cope with variations in demand is hire permanent workers during peak periods.
What are the strategies to cope with variations in demand?Small business owners can use several strategies to cope with variations in demand.
One option is to hire permanent workers during peak periods. This can ensure that there is enough staff to handle an increase in demand without relying on temporary or subcontracted workers.
Another strategy is to avoid subcontracting production, which can help maintain consistency in product quality and delivery timelines.
Small business owners can also avoid carrying complementary products, such as winter and summer items, which can reduce the need for excess inventory and free up space for other products.
Finally, using inventory buildups to smooth out operations can help maintain consistent levels of product availability and avoid stockouts during periods of high demand.
By implementing these strategies, small business owners can better manage variations in demand and maintain a stable and profitable business.
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natalie heads the operations of lumia corp. she detests the method of getting things done through a hierarchical system. she displays high levels of flexibility and maintains a good working relationship with her co-workers. this implies that natalie applies ___________ in her organization. A. Earnings leadership B. Democratic leadership C. Operational leadership D. Lateral leadership
Natalie applies lateral leadership in her organization.
Lateral leadership involves working collaboratively with co-workers and stakeholders across different levels and departments of an organization. It is a leadership style that values flexibility, creativity, and the ability to adapt to change.
Natalie's dislike of the hierarchical system, along with her ability to maintain good working relationships with her co-workers, suggests that she fosters a culture of open communication, mutual respect, and trust within her team.
This approach can lead to increased innovation, improved decision-making, and a more inclusive workplace culture. By prioritizing lateral leadership, Natalie is able to leverage the strengths and perspectives of her colleagues to achieve the goals of the organization.
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Your company is planning to purchase a new log splitter for its lawn and garden business. The new splitter has an initial investment of $148,000. It is expected to generate $20,000 of annual cash flows, provide incremental cash revenues of $161,884, and incur incremental cash expenses of $120,000 annually. What is the payback period and accounting rate of return (ARR)? Round your answers to 1 decimal place. Payback period X years ARR X % Feedback Check My Work The annual cash flows can be used to determine the number of years. The net income amount is used, along with the initial investment, to determine the accounting rate of return.
The payback period for the new log splitter is 7.4 years, and the accounting rate of return is 28.3%.
The payback period and accounting rate of return (ARR) for the new log splitter can be calculated as follows:
Payback Period:
Initial Investment: $148,000
Annual Cash Flows: $20,000
Payback Period = Initial Investment / Annual Cash Flows
Payback Period = $148,000 / $20,000
Payback Period = 7.4 years
Accounting Rate of Return (ARR):
Incremental Cash Revenues: $161,884
Incremental Cash Expenses: $120,000
Net Income = Incremental Cash Revenues - Incremental Cash Expenses
Net Income = $161,884 - $120,000
Net Income = $41,884
ARR = (Net Income / Initial Investment) * 100
ARR = ($41,884 / $148,000) * 100
ARR = 28.3%
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the key role of a(n)____is defining how to reestablish operations at the location where the organization usually operates.
The key role of a Business Continuity Planner is defining how to reestablish operations at the location where the organization usually operates.
The key role of a business continuity planner is defining how to reestablish operations at the location where the organization usually operates. Business continuity planners are responsible for creating a plan that outlines the steps to take in the event of a disaster or other business interruption, including how to restore critical systems and services, communicate with employees and stakeholders, and manage resources effectively. This plan is crucial for ensuring that the organization can continue to function in the face of unexpected challenges and minimize the impact of disruptions on operations, customers, and the bottom line.
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The key role of a disaster recovery or business continuity specialist is defining how to re-establish operations at the location where the organization usually operates.
The process by which a company prepares for and responds to technological disasters is known as disaster recovery. Any business' IT systems could abruptly fail because of unforeseeable catastrophes like power outages, calamities, or security problems. Data loss, flooding, natural disasters, power outages, ransomware, server failure, site-wide outages, and other problems must all be addressed by the DRP with a step-by-step plan. Make sure to include these essential aspects in any template for an IT disaster recovery strategy.
Data and computer processing must be replicated at an off-premises location unaffected by the incident for disaster recovery to work. A business must restore lost data from a backup location when servers go down due to a natural disaster, equipment malfunction, or cyberattack. In order to maintain operations, a company should be able to move its computer processing to that distant site as well.
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1.
Define Eurobond, Zero-coupon bond. and Equipment obligation
bond.
We can define them as a Eurobond is a debt security issued in a currency other than the issuer's home currency, a zero-coupon bond is a bond that does not pay periodic interest but is redeemed at face value upon maturity, and an equipment obligation bond is a bond issued to finance the purchase or lease of equipment, with the equipment serving as collateral.
1. Eurobond: A Eurobond is a type of debt security that is denominated in a currency other than the issuer's home currency and is issued and traded internationally. It allows borrowers to access a larger pool of investors and raise capital in different currencies, while investors can diversify their portfolios with exposure to foreign issuers and currencies.
2. Zero-coupon bond: A zero-coupon bond is a debt security that does not pay periodic interest (coupons) to its bondholders. Instead, it is sold at a significant discount to its face value and redeemed at its full face value upon maturity. The difference between the purchase price and the face value represents the interest earned by the bondholder.
3. Equipment obligation bond: An equipment obligation bond is a type of debt security issued by a corporation to finance the purchase or lease of specific equipment. The equipment itself serves as collateral for the bond, which means that if the issuer fails to make the required payments, the bondholders can take possession of the equipment to recover their investment.
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maya, owner of a small craft shop, inadvertently sold decorative wall hangings that included hazardous lead-based paint. the paint was a very small part of the finished product, and the crafts were intended to hang well above the reach of small children and pets. nonetheless, when maya learned that the crafts contained the hazardous paint, she contacted each buyer, took back the crafts she had sold them, and replaced them with products that did not contain the hazardous paint. she acted as a mature businessperson with good moral character by using the approach to ethical decision making.
The statement "unethical managerial behavior does indeed contribute to creating a toxic work environment that negatively impacts the entire organization" is True, it is essential for managers to uphold ethical standards
When managers engage in unethical practices such as favoritism, dishonesty, harassment, or unfair treatment of employees, it leads to a deterioration of trust and morale among team members. This toxic environment not only hampers productivity but also results in higher employee turnover, as individuals are more likely to leave an organization where they feel mistreated or undervalued.
Furthermore, unethical behavior by managers can harm the company's reputation, making it more difficult to attract new talent and retain customers. It may also expose the organization to legal liabilities and financial losses.
In summary, it is essential for managers to uphold ethical standards and promote a healthy work environment to ensure the well-being of employees and the overall success of the organization.
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Complete question:
Unethical managerial behavior helps create a toxic work environment that negatively impacts the entire organization.
Group of answer choices
true
false
A project has earnings before interest and taxes of $6,500, fixed costs of $40,000, a selling price of $12 a unit, and a sales quantity of 10,000 units. Depreciation is $8,500. What is the variable cost per unit? Multiple Choice a, $6.75 b. $7.25 c. $6.50 d. $6.25
To determine the variable cost per unit, the total variable costs are needed and then divide by the sales quantity. There are some steps for these.
Here are the steps:
1. Calculate Earnings Before Interest, Taxes, and Depreciation (EBITD): EBITD = Earnings Before Interest and Taxes (EBIT) + Depreciation
EBITD = $6,500 + $8,500
EBITD = $15,000
2. Calculate Total Variable Costs: Total Variable Costs = EBITD - Fixed Costs
Total Variable Costs = $15,000 - $40,000
Total Variable Costs = -$25,000 (Since this value is negative, it indicates a loss, but we will proceed with the calculation.)
3. Calculate Variable Cost per Unit: Variable Cost per Unit = Total Variable Costs / Sales Quantity
Variable Cost per Unit = -$25,000 / 10,000
Variable Cost per Unit = -$2.50
Therefore, the variable cost per unit is $2.50. None of the multiple-choice options match the correct answer.
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Tasty Time Cafeteria operates cafeteria food services in public buildings in the Midwest. Tasty Time is contemplating a major change in its cost structure. Currently, all of their cafeteria lines are staffed with hourly wage employees who hand serve the food to customers. Benson Riggs, Tasty Time’s owner, is considering replacing the employees with an automated self-service system. However, before making the change, Benson would like to know the consequences of the change, since the volume of business varies significantly from location to location. Shown below are the CVP income statements for each alternative.
Personal Service
System Automated Self-Service
System
Sales $2,820,000 $2,820,000
Variable costs 2,115,000 1,410,000
Contribution margin $705,000 $1,410,000
Fixed costs 141,000 846,000
Net Income $564,000 $564,000
Determine the degree of operating leverage for each alternative. (Round answers to 2 decimal places, e.g. 15.25.)
The degree of operating leverage for the Personal Service System is 1.25 and that for the Automated Self-Service System is 2.50.
The degree of operating leverage (DOL) is a measure of how sensitive a company's net income is to changes in sales. It is calculated as follows:
DOL = Contribution Margin / Net Income
For the Personal Service System:
1. Calculate the DOL:
DOL = $705,000 / $564,000
2. DOL = 1.25 (rounded to 2 decimal places)
For the Automated Self-Service System:
1. Calculate the DOL:
DOL = $1,410,000 / $564,000
2. DOL = 2.50 (rounded to 2 decimal places)
So, the degree of operating leverage for the Personal Service System is 1.25, and for the Automated Self-Service System, it is 2.50.
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If you were told the output of goods and services produced in Tajikistan, a former Soviet Republic had Increased by eight percent in 2006, you would correctly refer to this increase as:
a. economic growth
b.growth standardization
c. an example of recessionary growth
d.nationalized growth
e. output maximization
Economic growth refers to an increase in the production of goods and services within an economy over a period of time, typically measured in terms of gross domestic product (GDP).
This increase indicates an expansion in the economy and reflects positive changes in the overall economic health of a country. Economic growth is often seen as a key objective for policymakers, as it is associated with higher levels of employment, improved living standards, and increased opportunities for businesses and individuals.
Various factors can contribute to economic growth, including increased investment, improvements in technology and infrastructure, expansion of trade, and government policies aimed at promoting growth. However, economic growth can also have negative consequences, such as environmental degradation, increased income inequality, and unsustainable resource use.
Overall, economic growth is an important measure of a country's economic progress and can have significant impacts on the well-being of its citizens.
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your company is considering the purchase of a new machine. the original cost of the old machine was $25,000; it is now five years old, and it has a current market value of $10,000. the old machine is being depreciated over a 10-year life toward a zero estimated salvage value on a straight-line basis, resulting in a current book value of $12,500 and an annual depreciation expense of $2,500. the old machine can be used for six more years but has no market value after its depreciable life is over. management is contemplating the purchase of a new machine whose cost is $20,000 and whose estimated salvage value is zero. expected before-tax cash savings from the new machine are $3,500 a year over its full macrs depreciable life. depreciation is computed using macrs over a five-year life, and the cost of capital is 13 percent. assume a 21 percent tax rate. what will the year 1 operating cash flow for this project be? multiple choice $3,080 $984 $1,200 $5,000
The year 1 operating cash flow for this project will be $5,000 (D). This is because the expected before-tax cash savings from the new machine are $3,500 a year and the tax rate is 21%.
We know that annual before-tax cash savings is $3,500. Meanwile, the depreciation expense for the new machine in year 1 using MACRS 5-year life (depreciation rate of 20%) is:
= $20,000 x 20%
= $4,000
Tax savings from depreciation is:
= $4,000 x 21%
= $840
After-tax cash savings is:
= $3,500 x (1 - 21%)
= $2,765
Total operating cash flow in year 1 is:
= After-tax cash savings + Tax savings from depreciation
= $2,765 + $840
= $5,000
Therefore, The year 1 operating cash flow for this project will be $5,000. Option D holds true.
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If you plan to take money out of the bank frequently, what type of account should you get? A. A savings account B. A checking account C. An interest account D. An investment account Please select the best answer from the choices provided A B C D Mark this and return
If you plan to take money out of the bank frequently, the best type of account to get is a checking account. Option B.
A checking account is designed for everyday transactions and typically offers easy access to funds through methods such as ATM withdrawals, debit card transactions, and online bill payments.
This type of account also usually has lower fees and fewer restrictions on the number of transactions you can make compared to a savings account.
A checking account is the best choice for frequent withdrawals and everyday transactions, while a savings account, interest account, and investment account are better suited for different financial goals and objectives.
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Solare Company acquired mineral rights for $252,000,000. The diamond deposit is estimated at 21,000,000 tons. During the current year, 3,450,000 tons were mined and sold. a. Determine the depletion rate. per ton b. Determine the amount of depletion expense for the current year, C. Journalize the adjusting entry to recognize the depletion expense. If an amount box does not require an entry, leave it blank, Dec. 31
The depletion rate per ton is $12; the depletion expense for the current year is $41,400,000; and, the adjusting entry can be journalized by including details of depletion expense (debit) and accumulated depletion (credit).
a. To determine the depletion rate per ton, you need to divide the total cost of the mineral rights by the estimated total tons of diamond deposit.
Depletion rate per ton = Total cost of mineral rights / Estimated total tons of diamond deposit
Depletion rate per ton = $252,000,000 / 21,000,000 tons
Depletion rate per ton = $12
b. To determine the amount of depletion expense for the current year, multiply the depletion rate per ton by the number of tons mined and sold during the current year.
Depletion expense for the current year = Depletion rate per ton * Tons mined and sold during the current year
Depletion expense for the current year = $12 * 3,450,000 tons
Depletion expense for the current year = $41,400,000
c. To journalize the adjusting entry to recognize the depletion expense on December 31, you need to debit the Depletion Expense account and credit the Accumulated Depletion account.
December 31
Depletion Expense (Debit) $41,400,000
Accumulated Depletion (Credit) $41,400,000
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Stand Per Suit is 12 LBS at 12 per LB Made 22 suits Brought 150 LBS at 12.50 Per LB Used 135 LBS 1. Find the price var 2. Find the efficiency var 3. Find the quantity variance
The actual quantity produced was lower than expected, the quantity variance is negative. Therefore, the quantity variance is -1778 suits. The price variance is 255 dollars and efficiency variance is -129 pounds.
1. To find the price variance, we need to compare the actual cost of the materials used to the expected cost based on the standard price. The standard price per pound is 12 dollars, so the expected cost for 135 pounds would be:
12 * 135 = 1620 dollars
The actual cost was 150 pounds at 12.50 dollars per pound:
12.50 * 150 = 1875 dollars
To calculate the price variance, we subtract the expected cost from the actual cost:
1875 - 1620 = 255 dollars
Therefore, the price variance is 255 dollars.
2. To find the efficiency variance, we need to compare the actual amount of materials used to the expected amount based on the standard usage. The standard usage is 12 pounds per suit, so the expected usage for 22 suits would be:
12 * 22 = 264 pounds
The actual usage was 135 pounds, so the efficiency variance can be calculated as follows:
264 - 135 = 129 pounds
Since the actual usage was lower than expected, the efficiency variance is negative. Therefore, the efficiency variance is -129 pounds.
3. To find the quantity variance, we need to compare the actual amount of materials used to the expected amount based on the standard quantity. The standard quantity is 12 suits per pound, so the expected quantity for 150 pounds would be:
12 * 150 = 1800 suits
The actual quantity produced was 22 suits, so the quantity variance can be calculated as follows:
1800 - 22 = 1778 suits
Since the actual quantity produced was lower than expected, the quantity variance is negative. Therefore, the quantity variance is -1778 suits.
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QS 16-24 Recording costs of labor LO P2 Prepare Journal entries to record the following production activities for Hotwax. 1. Incurred $90,000 of direct labor in its Mixing department and $60,000 of direct labor In its Shaping department (credit Factory Wages Payable). 2. Incurred indirect labor of $13,500 (credit Factory Wages Payable). 3. Total factory payroll of $163,500 was paid in cash.
The journal entries to record the production activities for Hotwax:
1. Direct labor costs in Mixing and Shaping departments:
Debit: Work in Process - Mixing $90,000
Debit: Work in Process - Shaping $60,000
Credit: Factory Wages Payable $150,000
2. Indirect labor costs:
Debit: Manufacturing Overhead $13,500
Credit: Factory Wages Payable $13,500
3. Total factory payroll paid in cash:
Debit: Factory Wages Payable $163,500
Credit: Cash $163,500
These journal entries record the direct labor costs in the Mixing and Shaping departments, the indirect labor costs, and the payment of the total factory payroll.
1. To record the direct labor costs incurred in the Mixing and Shaping departments:
Debit: Work-in-Process Inventory - Mixing Department $90,000
Debit: Work-in-Process Inventory - Shaping Department $60,000
Credit: Factory Wages Payable $150,000
The direct labor costs are debited to the appropriate work-in-process inventory accounts and credited to the Factory Wages Payable account.
2. To record the indirect labor costs incurred:
Debit: Manufacturing Overhead $13,500
Credit: Factory Wages Payable $13,500
The indirect labor costs are debited to the Manufacturing Overhead account, which is a control account for all manufacturing costs that cannot be directly traced to a particular job or product. The credit is to the Factory Wages Payable account.
3. To record the payment of the factory payroll:
Debit: Factory Wages Payable $163,500
Credit: Cash $163,500
The Factory Wages Payable account is debited to reflect the payment of the factory payroll, and the Cash account is credited to show the actual cash outlay.
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The members who make up our government work together to keep things safe and take care
of our needs. Each person does their part to make sure things run smoothly. How do each of
the different pathways in the Government and Public Administration work together to help?
In this activity, you will create a mind map showing the different pathways that can be found
in the Government & Public Administration cluster. A mind map is a sketch or diagram that
you can design yourself to organize your ideas. It could look like a tree with different
branches or a park with different paths! Whatever you decide, you will put each pathway on a
different spot on your mind map
Under each pathway, you will give one example of a job found in each pathway.
Write a short note beside the job, explaining where you might find this person
List at least one task that they accomplish to keep things running for us.
When you have completed your mind map, take a photo of it and upload to your instructor
Government & Public Admin cluster has paths like Governance, National Security, Planning, etc. Example jobs: Mayor, Governor.
What is the pathways about?They oversee government entities and ensure their proper administration. National Security: Intel Analyst, Diplomat, Military Officer.
They work to protect the country from any form of foreign as well as that of domestic threats. Positions include Ambassador, Consular Officer, and Foreign Service Officer in the Foreign Service.
They promote diplomacy and international relations for their country. They work in urban, regional, and transportation planning. Improve quality of life planners. Tax assessor, revenue agent, budget analyst. They ensure government has funds for services
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The philosophy that states management should focus attention on significant deviations from expectations is management by ________
The philosophy that states management should focus attention on significant deviations from expectations is management by exception.
This approach to management involves monitoring performance and only intervening when there are significant variations from expected results. It enables managers to prioritize their efforts and focus on areas that require attention rather than micromanaging all aspects of the organization.
By identifying and addressing exceptions promptly, managers can prevent minor issues from becoming major problems. Management by exception also promotes accountability and responsibility among employees, as they are aware of the standards they need to meet and the consequences of failing to meet them.
Overall, this approach enhances organizational efficiency and effectiveness by allowing managers to devote their resources to areas that need the most attention.
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"
"A balanced system is
A. one where all four management systems are equal
B. logistics expenses are equal to cost of goods sold
C. another name for supply chain management
D. inbound and outbound flows are nearly equal
The correct answer is D. A balanced system is inbound and outbound flows are nearly equal.
A balanced system is a system where inbound and outbound flows are nearly equal. This means that the amount of goods and materials coming into the system is roughly the same as the amount leaving the system. This is important for maintaining efficiency and avoiding bottlenecks or delays in the supply chain.
A balanced system refers to a system where the inflow and outflow of resources, materials, or products are approximately equal. In the context of logistics and supply chain management, a balanced system means that the inbound and outbound logistics flows are in balance. This balance helps to ensure that the supply chain operates efficiently, minimizing waste, reducing costs, and improving customer satisfaction.
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select all that apply bad debt expense . (check all that apply.) multiple select question. is a cost of extending credit to customers should exceed the revenue generated from incurring the cost is an estimate is based on actual events and does not require estimation
Bad Debt Expense is a cost of extending credit to customers. The correct option is A.
Bad Debt Expense can be defined as follows:Bad Debt Expense is a cost of extending credit to customers. It occurs when a business provides goods or services to customers on credit, and some of those customers fail to pay their outstanding balances.
This expense is a necessary risk when offering credit, as it allows businesses to increase sales and reach a larger customer base. However, it also requires careful management and estimation to minimize losses.
To account for potential non-payments, businesses use an allowance method, which involves estimating the amount of bad debt that will be incurred. This means that (b) Bad Debt Expense is not based on actual events and does require estimation. By using historical data and industry standards, a company can reasonably predict the amount of credit sales that will not be collected.
It is essential for businesses to strike a balance between extending credit and managing bad debt. While (c) Bad Debt Expense should not exceed the revenue generated from incurring the cost, it's important to recognize that some level of bad debt is expected and normal in the course of business.
In summary, Bad Debt Expense (a) is a cost of extending credit to customers, (b) is based on estimations rather than actual events, and (c) should not exceed the revenue generated from incurring the cost. It serves as an estimate for potential non-payments and requires careful management to minimize losses.
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Complete question:
Bad Debt Expense _____ (multiple)
a. is a cost of extending credit to customers
b. is based on actual events and does not require estimation
c. should exceed the revenue generated from incurring the cost
d. is an estimate
To help with organization and complexity, a project manager will break a project up into:a) Variablesb) Business processesc) Subprojectsd) Infrastructuree) Work
To help with organization and complexity, a project manager will break a project up into subprojects (c) and work (e). This approach allows for easier management and a more structured approach to achieving the project's goals.
Subprojects (c) are smaller, manageable parts of the larger project, each with a specific focus and objectives. By dividing the project into subprojects, the project manager can allocate resources and assign tasks more efficiently, monitor progress, and manage risks.
Subprojects often have their own timelines, budgets, and milestones, which help track progress and ensure timely completion.
Work (e) refers to the tasks and activities that need to be carried out to achieve the objectives of the subprojects and the overall project. Breaking down the work into smaller tasks allows the project manager to distribute responsibilities among team members, ensuring that each person has a clear understanding of their role and expectations.
This approach also facilitates communication and collaboration, as team members can easily see how their work contributes to the project's success.
By breaking a project up into subprojects and work, a project manager can effectively manage the complexity and organization of the project, ensuring successful completion on time and within budget.
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June 1 The owner invested $150,000 cash into the business to start a new restaurant. The owner also invested in addition to the $150,000 cash some furniture worth $25,000, a cash register worth $5,000 and kitchen equipment worth $40,000.
June 2 The owner purchased some more kitchen equipment for $90,000. The owner paid a $26,000 cash deposit and paid for the remainder by going to the bank and getting a loan for the rest of the amount needed to buy the equipment.
June 4 The business paid $1,200 cash for rent for the month of June for the restaurant. The business will pay rent every month until he can find a building to purchase or rent long term.
June 8 Purchased food for $9,200 for cash. (Assume the food will all be sold by the end of June) and drinks for $6,500 on credit. (Assume all of the drinks will also be sold by the end of June).
June 9 The owner purchases kitchen supplies on credit for $900. The supplies will be enough to use for 6 months.
June 12 The business paid $300 cash for general expenses for the business.
June 15 Sales of food and drink for the first half of the month were $10,600 on credit and $11,200 for cash.
June 16 The business paid $8,900 cash for wages for the second half of the month.
June 18 The business paid $860 cash for electricity for the month of June.
June 19 The owner withdrew $450 cash from the business for personal use.
June 21 The business paid the amount owing for the supplies purchased on the 9th of June.
June 22 The business purchased more food on credit for $4,000 (assume the business will sell of the food by the end of June).
June 23 The business repaid $1,200 cash for the loan on the equipment purchased on the 2nd of June.
June 24 Received $1,000 cash from customers who owe money for sales of food on the 15th of June.
June 26 Paid the full amount owing for food purchased on the 8th of June.
The business is paying for the drinks purchased on credit on the 8th of June, not the food (which was purchased for cash)
June 27 The business paid the telephone expense for June for $280 cash.
June 28 Sales of food and drink for the second half of the month were $12,600 for cash and $9,400 on credit.
June 30 The business paid $8,900 cash for wages for the second half of the month.
June 30 Received $1,200 cash from customers who owe money for sales of food made on credit on the 28th of June.
June 30 The business repaid $1,600 cash for the food purchased on credit on the 22nd of June.
Required:
(a) Record the journal entries for the events above on pages 4 to 6 of this document (General Journal).
(20 Marks)
(b) Complete the ledger accounts which are on pages 5 to 7 of this document (ledger accounts).
(8 Marks)
(c) Complete the trial balance on page 8 of this document.
(3 Marks)
(d) Prepare an Income Statement and Balance Sheet for the period ending 30th June on pages 9 and 10 of the document.
The task involves recording journal entries, completing ledger accounts, preparing a trial balance, income statement, and balance sheet for a restaurant business for the month of June.
Various transactions such as investments, purchases, payments, and sales need to be recorded and processed.
(a) Journal entries:
June 1:
Cash 150,000
Furniture 25,000
Cash register 5,000
Kitchen equipment 40,000
Capital 220,000
June 2:
Kitchen equipment 90,000
Cash 26,000
Loan payable 64,000
June 4:
Rent expense 1,200
Cash 1,200
June 8:
Food expense 9,200
Cash 9,200
Drinks expense 6,500
Accounts payable 6,500
June 9:
Kitchen supplies expense 900
Accounts payable 900
June 12:
General expenses expense 300
Cash 300
June 15:
Accounts receivable 10,600
Cash 11,200
Sales revenue 21,800
June 16:
Wages expense 8,900
Cash 8,900
June 18:
Electricity expense 860
Cash 860
June 19:
Drawing 450
Cash 450
June 21:
Accounts payable 900
Cash 900
June 22:
Food expense 4,000
Accounts payable 4,000
June 23:
Loan payable 1,200
Cash 1,200
June 24:
Cash receivable 1,000
Cash 1,000
June 26:
Accounts payable 6,500
Cash 6,500
June 27:
Telephone expense 280
Cash 280
June 28:
Cash 12,600
Accounts receivable 9,400
Sales revenue 22,000
June 30:
Wages expense 8,900
Cash 8,900
Cash receivable 1,200
Cash 1,200
Accounts payable 4,000
Cash 4,000
(b) Ledger accounts:
Cash:
Date Description Debit Credit Balance
Jun 1 Owner's investment 150,000 150,000
Jun 1 Furniture and equipment 70,000 220,000
Jun 4 Rent expense 1,200 218,800
Jun 8 Food expense 9,200 209,600
Jun 15 Sales revenue 11,200 220,800
Jun 16 Wages expense 8,900 211,900
Jun 18 Electricity expense 860 211,040
Jun 19 Drawing 450 210,590
Jun 21 Payment for kitchen supplies 900 211,490
Jun 22 Food expense 4,000 207,490
Jun 23 Loan repayment 1,200 206,290
Jun 24 Cash received for sales 1,000
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Frito-Lay is using ________ when offering free in-store samples of Doritos for the express purpose of getting people
Frito-Lay is using the marketing technique of "sampling" when offering free in-store samples of Doritos for the express purpose of getting people to try the product and hopefully make a purchase.
Sampling is a commonly used tactic in the food and beverage industry to increase brand awareness, drive sales, and generate consumer interest. By allowing consumers to try a product before making a purchase, Frito-Lay is giving them an opportunity to experience the taste and quality of the product, which can help to build trust and loyalty among consumers. Additionally, offering free samples can create a sense of excitement and urgency, encouraging consumers to act quickly and make a purchase.
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Sally purchased a Ford Fusion for $25,000 in 2018. Today, Sally sold the car to Darien for
$18,000. How does this affect the CURRENT GDP?
The sale of a used car between private parties like Sally and Darien does not affect the current GDP (Gross Domestic Product) since GDP only includes the value of final goods and services produced within a country's borders during a given period, typically a year.
GDP does not include the sale of used goods or financial transactions such as the purchase of stocks or bonds.
GDP is a measure of the size and growth of an economy, and it is calculated by adding the value of all goods and services produced within a country during a given period, including consumption, investment, government spending, and net exports. The sale of a used car, in this case, does not contribute to the current GDP since it is not a newly produced good or service.
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Which of the following costs is NOT a relevant cost for a one-time special order decision? Assume idle capacity exists to the extent of special order.direct manufacturing labor costsDirect material costsVariable manufacturing overhead costVariable marketing costs
The cost that is not a relevant cost for a one-time special order decision is the variable marketing costs. The correct option is variable marketing costs.
This is because marketing costs are not directly related to the production of the special order product, but instead are focused on promoting and selling products to customers. Therefore, these costs would not change based on whether or not the special order is accepted.
On the other hand, direct manufacturing labor costs, direct material costs, and variable manufacturing overhead costs are all relevant costs for a one-time special order decision because they are directly related to the production of the special order product. These costs would change based on whether or not the special order is accepted and would need to be taken into consideration when determining the profitability of the special order.
It is important for businesses to carefully evaluate all relevant costs when making one time special order decisions in order to ensure that they are making a profitable and informed decision. The correct option is variable marketing costs.
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