Answer:
1. Dr Cash 700,000
Cr Common Stock 700,000
2. Dr Furnitures and fixtures 113,750
Cr Cash 45,500
Notes Payable 68,250
3. Dr Inventory 280,000
Cr Accounts Payable 280,000
4. Dr Accounts Receivable 476,000
Cr Sales Revenue 476,000
Dr Cost Of Goods Sold 238,000
Cr Inventory 238,000
5. Dr Rent Expense 6,500
Cr Cash 6,500
6. Dr Prepaid Insurace 3,360
Cr Cash 3,360
7. Dr Accounts Payable 202,300
Cr Cash 202,300
8. Dr Cash 95,200
Cr Accounts Receivable 95,200
9. Dr Dividends 7,000
Cr Cash 7,000
10. Dr Depreciation Expense 2,275
Cr Accumulated Depreciation 2,275
11. Dr Insurance Expense 280
Cr Prepaid Insurance 280
Explanation:
1. Based on the information given we were told that the company Issued 140,000 shares of common stock in exchange for the amount of $700,000 cash which means that the Journal entry will be recorded as:
Dr Cash 700,000
Cr Common Stock 700,000
2. Based on the information given we were told that the company Purchased furniture and fixtures at the amount of $113,750 in which the
amount of $45,500 was paid in cash and a note which means that the Journal entry will be:
Dr Furnitures and fixtures 113,750
Cr Cash 45,500
Notes Payable 68,250
(113,750-45,500)
3. Based on the information given we were told that the company Purchased inventory on account at the amount of $280,000 which means that the Journal entry will be:
Dr Inventory 280,000
Cr Accounts Payable 280,000
4. Based on the information given we were told that the Credit sales for the month was the amount of $476,000 while the cost of the goods sold was the amount of $238,000 which means that the Journal entry will be:
Dr Accounts Receivable 476,000
Cr Sales Revenue 476,000
Dr Cost Of Goods Sold 238,000
Cr Inventory 238,000
5. Based on the information given we were told that they Paid the amount of $6,500 for rent which means that the Journal entry will be:
Dr Rent Expense 6,500
Cr Cash 6,500
6. Based on the information given we were told that they paid the amount of $3,360 to an insurance company for fire and liability insurance which means that the Journal entry will be:
Dr Prepaid Insurace 3,360
Cr Cash 3,360
7. Based on the information given we were told that they paid the amount of $202,300 on account for the merchandise that was purchased in 3 which means that the Journal entry will be:
Dr Accounts Payable 202,300
Cr Cash 202,300
8. Based on the information given we were told that the amount of 95,200 was Collected from customers on account which means that the Journal entry will be:
Dr Cash 95,200
Cr Accounts Receivable 95,200
9. Based on the information given we were told that they paid shareholders a cash dividend of the amount of $7,000 which means that the Journal entry will be:
Dr Dividends 7,000
Cr Cash 7,000
10. Based on the information given we were told that they Recorded depreciation expense of the amount of $2,275 for the month on the furniture and fixtures which means that the Journal entry will be:
Dr Depreciation Expense 2,275
Cr Accumulated Depreciation 2,275
11. Based on the information given we were told that they recorded the amount of prepaid insurance that expired for the month which means that the Journal entry will be:
Dr Insurance Expense 280
(3,360/12)
Cr Prepaid Insurance 280
what are the reason why there is government revenue surplus?
Answer:
Impact on growth.
Explanation:
If the government is forced to increase taxes / cut spending to meet a budget surplus, it could have an adverse effect on the rate of economic growth. If government spending is cut, then it will negatively affect AD and could lead to lower growth. A budget surplus doesn't have to cause lower growth.
Dome Metals has credit sales of $522,000 yearly with credit terms of net 30 days, which is also the average collection period. Assume the firm adopts new credit terms of 2/10, net 30 and all customers pay on the last day of the discount period. Any reduction in accounts receivable will be used to reduce the firm's bank loan which costs 8 percent. The new credit terms will increase sales by 10% because the 2% discount will make the firm's price competitive.
a. If Dome earns 25 percent on sales before discounts, what will be the net change in income if the new credit terms are adopted? (Use a 360-day year.) Net change in income
b. Should the firm offer the discount?
Yes
NO
Answer:
a. $3,770 increase in net income
b. Yes, the firm should offer the discount because it will increase net income by increasing total sales and decreasing interest expenses.
Explanation:
the impact of new sales policy:
total credit sales increase by 10% to $574,200net earnings before discount is made = $574,200 x 25% = $143,550net earnings after discount = $143,550 - ($574,200 x 2%) = $132,066Sales discounts is a contra revenue account since it decreases total revenue.the net earnings before the new sales policy is carried out = $522,000 x 25% = $130,500
the change in net income due to higher sales = $132,066 - $130,500 = $1,566
also, this new policy should decrease average accounts receivable which will also decrease interest expenses:
average accounts receivable before new policy = (30 days x $522,000/360 days) = $43,500
average accounts receivable after new policy = (10 days x $574,200/360 days) = $15,950
the reduction in average accounts receivable = $27,550, which means that the company will spend $27,550 x 8% = $2,204 less on interest payments
total change in net income = $1,566 + $2,204 = $3,770
An informal communications network is known as a
Answer:
I think letter.........
The answer is Grapevine
In Year 1, Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Lee incurred $39,000 of other operating expenses on account. Lee paid $31,000 of the accounts payable. Lee acquired $40,000 cash from the issue of common stock. The company invested $21,000 cash in the purchase of land.
Required:
a. What amount of revenue will Lee report on the Year 1 income statement?
b. What amount of cash flow from revenue will be reported on the statement of cash flows?
c. What is the net income for the period?
d. What is the net cash flow from operating activities for the period?
e. What is the amount of net cash flow from investing activities?
f. What is the amount of net cash flow from financing activities?
g. What amounts of total assets, liabilities, and equity will be reported on the year-end balance sheet?
Answer:
Lee Inc.
a. Amount of revenue Lee will report on the Year 1 income statement:
= $62,000
b. Amount of cash flow from revenue to report on the statement of cash flows:
= $51,000
c. The net income for the period:
= $23,000
d. The net cash flow from operating activities for the period:
= $20,000
e. The amount of net cash flow from investing activities:
= ($21,000)
f. The amount of net cash flow from financing activities:
= $40,000
f. Amounts of total assets, liabilities, and equity on the year-end balance sheet:
Total assets = $71,000
Total liabilities = $8,000
Total Equity = $63,000
Explanation:
a) Data and Calculations:
Service Revenue = $62,000
Cash collection from customers $51,000
Outstanding (Accounts Receivable) $11,000 ($62,000 - 51,000)
Operating expense on account = $39,000
Cash paid on account 31,000
Outstanding (Accounts Payable) $8,000
Common Stock $40,000
Land $21,000
b) Cash Account:
Cash collection from customers $51,000
Cash paid on account (31,000)
Common Stock 40,000
Land (21,000)
Cash balance $39,000
c) Income Statement:
Service Revenue $62,000
Expenses (39,000)
Net Income $23,000
d) Assets:
Cash $39,000
Accounts Receivable 11,000
Land 21,000
Total $71,000
e) Liabilities:
Accounts Payable $8,000
Common Stock 40,000
Net Income 23,000
Total $71,000
f) Statement of Cash Flows:
Operating activities:
Cash collection from customers $51,000
Cash paid to suppliers (31,000)
Net cash from operating activities $20,000
Investing activities:
Land ($21,000)
Financing activities:
Common Stock $40,000
The answer to the given question would be as follows:
A] Revenue = 62000,
B] Cash flow from Revenue = 51000,
C] Net Income = 23000 ,
D] Net cash flow from Operating activities = 20000 , E &
E] Net cash flow from Investing activities = -21000
F). Net cash flow from Financing activities = 40000
G] Total assets [tex]= $71,000[/tex]$
Total liabilities [tex]= $8,000[/tex]
Total Equity [tex]= $63,000[/tex]
Find the total assets?A] Revenue is the total receipts (both cash and accrued) by sale. Here, total billings of $62000 are revenue.
B] Cash flow from revenue is the cash receipts from total sales. Here, the collected bill of $51000 is cash flow from revenue.
C] Net Income for the period is total receipts (both cash and accrued) less total expenses (both cash and accrued).
In this case, net income [tex]= 62000 - 39000[/tex] = $23000
D] Net cash flow from Operating activities denotes cash inflow and outflow due to the business' core operational activities.
In this case, it is cash revenue - cash operating expenses.
Further [tex]= 51000 - 31000 = $20000[/tex]$
E] Net cash flow from Investing activities denotes the cash inflow or outflow due to disposal or acquisition of assets. In this case, its is $-21000 paid for purchasing land
F]. Net cash flow from Financing activities denotes the cash inflow or outflow through the firm's owned or borrowed capital. In this case, it is the issue of common stock $40000.
G). The amount of total assets, liabilities, and equity is as follows:
Total assets [tex]= $71,000[/tex]$
Total liabilities [tex]= $8,000[/tex]
Total Equity [tex]= $63,000[/tex]
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The firm is currently in the process of forecasting sales, asset requirements, and required funding for the coming year. In the year that just ended, Fuzzy Button Clothing Company generated $300,000 net income on sales of $12,500,000. The firm expects sales to increase by 15% this coming year and also expects to maintain its long-run dividend payout ratio of 45%. Suppose Fuzzy Button’s assets are fully utilized. Using the additional funds needed (AFN) equation to determine the increase in total assets that is necessary to support a firm’s expected sales, it is projected that Fuzzy Button will require in additional assets. When a firm grows, some liabilities grow spontaneously along with sales. Spontaneous liabilities are a source of capital that the firm will generate internally, so they reduce the need for external capital. How much of the total increase in assets will be supplied by spontaneous liabilities for Fuzzy Button this year? $72,000 $54,000 $51,000 $60,000
Answer: $60,000
Explanation:
Sales are expected to grow by 15% so current Liabilities will also have to increase by 15% in order to fund the increase in Assets.
Increase in Spontaneous liabilities = Increase in sales * Current Liabilities
= 15% * (Accounts Payable + Accrued Liabilities)
= 15% * (250,000 +150,000)
= $60,000
The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances:
Account Title Debits Credits
Cash 33,200
Accounts receivable 10,500
Equipment 16,000
Accumulated depreciation 4,800
Salaries payable 6,250
Common stock 41,500
Retained earnings 7,150
Total 59,700 59,700
The following is a summary of the transactions for the year:
Service revenue, $104,000, of which $31,200 was on account and the balance was received in cash.
Collected on accounts receivable, $22,300.
Issued shares of common stock in exchange for $8,000 in cash.
Paid salaries, $37,750 (of which $6,250 was for salaries payable at the end of the prior year).
Paid miscellaneous expense for various items, $20,400.
Purchased equipment for $10,500 in cash.
Paid $2,475 in cash dividends to shareholders.
Accrued salaries at year-end amounted to $755.
Depreciation for the year on the equipment is $1,600.
Required:
1. Prepare the summary, adjusting and closing entries for each of the transactions listed.
2. Post the transactions, adjusting and closing entries into the appropriate t-accounts.
3. Prepare an unadjusted trial balance.
4. Prepare an adjusted trial balance.
5-a. Prepare an income statement for 2021.
5-b. Prepare a balance sheet as of December 31, 2021.
6. Prepare a post-closing trial balance.
Answer:
1)
Service revenue, $104,000, of which $31,200 was on account and the balance was received in cash.
Dr Cash 72,800
Dr Accounts receivable 31,200
Cr Service revenue 104,000
Collected on accounts receivable, $22,300.
Dr Cash 22,300
Cr Accounts receivable 22,300
Issued shares of common stock in exchange for $8,000 in cash.
Dr Cash 8,000
Cr Common stock 8,000
Paid salaries, $37,750 (of which $6,250 was for salaries payable at the end of the prior year).
Dr Wages expense 31,500
Dr Wages payable 6,250
Cr Cash 37,750
Paid miscellaneous expense for various items, $20,400.
Dr Miscellaneous expenses 20,400
Cr Cash 20,400
Purchased equipment for $10,500 in cash.
Dr Equipment 10,500
Cr Cash 10,500
Paid $2,475 in cash dividends to shareholders.
Dr Dividends 2,475
Cr Cash 2,475
Accrued salaries at year-end amounted to $755.
Dr Wages expense 755
Cr Wages payable 755
Depreciation for the year on the equipment is $1,600.
Dr Depreciation expense 1,600
Cr Accumulated depreciation 1,600
Dr Service revenue 104,000
Cr Income summary 104,000
Dr Income summary 54,255
Cr Wages expense 32,255
Cr Miscellaneous expenses 20,400
Cr Depreciation expense 1,600
Dr Income summary 49,745
Cr Retained earnings 49,745
Dr Retained earnings 2,475
Cr Dividends 2,475
2)
Cash Accounts receivable
debit credit debit credit
33,200 10,500
72,800 31,200
22,300 22,300
8,000 19,400
37,750
20,400
10,500
2,475
65,175
Equipment Wages payable
debit credit debit credit
11,200 6,250
10,500 6,250
1,600 755
20,100 755
Common stock Retained earnings
debit credit debit credit
41,500 7,150
8,000 49,745
49,500 2,475
54,420
Service revenue Wages expense
debit credit debit credit
104,000 31,500
104,000 755
0 0 32,255
0 0
Miscellaneous expense Dividends
debit credit debit credit
20,400 2,475
20,400 2,475
0 0 0 0
Depreciation expense Income summary
debit credit debit credit
1,600 104,000
1,600 54,255
0 0 49,745
0 0
3 and 4) Karlin Company
Trial Balance Sheet
For the year ended December 31, 2021
Debit Credit
Cash $65,175
Accounts receivable $19,400
Equipment $20,100
Wages payable $755
Common stock $49,500
Retained earnings $7,150
Service revenue $104,000
Wages expense $32,255
Miscellaneous expense $20,400
Depreciation expense $1,600
Dividends $2,475
Totals $161,405 $161,405
5.a. Karlin Company
Income Statement
For the year ended December 31, 2021
Service revenue $104,000
Expenses:
Wages expense $32,255Miscellaneous expense $20,400Depreciation expense $1,600 ($54,255)Net income $49,745
5.b. Karlin Company
Balance Sheet
For the year ended December 31, 2021
Assets:
Cash $65,175
Accounts receivable $19,400
Equipment $20,100
Total assets $104,675
Liabilities:
Wages payable $755
Total liabilities $755
Stockholders' equity
Common stock $49,500
Retained earnings $54,420
Total stockholders' equity $103,920
Total liabilities + equity $104,675
6) Karlin Company
post-closing Trial Balance Sheet
For the year ended December 31, 2021
Debit Credit
Cash $65,175
Accounts receivable $19,400
Equipment $20,100
Wages payable $755
Common stock $49,500
Retained earnings $54,420
Totals $104,675 $104,675
Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18 $ 24,400 Beginning Raw Materials, 1/1/18 35,800 Beginning Work in Process, 1/1/18 110,600 Direct Labor for 2018 275,600 Ending Finished Goods, 12/31/18 22,700 Ending Raw Materials, 12/31/18 40,400 Ending Work in Process, 12/31/18 120,900 Material Purchases for 2018 304,500 (including $16,500 of indirect material) Required:
1. Compute direct material used. 2. Compute applied overhead if the company applies overhead at a rate of 0.78 (78%) of direct labor cost. 3. Compute total manufacturing cost. 4. Compute cost of goods manufactured. 5. Compute cost of goods sold.
Answer:
1. $283,400
2. $214,968
3. $790,468
4. $780,168
5. $781,868
Explanation:
Material used = Beginning Materials + Purchases - Ending Materials
= $35,800 + $304,500 - $40,400
= $299,900
Then,
Direct Materials Used = Total Materials Used - Indirect Material
= $299,900 - $16,500
= $283,400
Applied overhead = Application Rate × Actual Activity
= 78% × $275,600
= $214,968
Calculation of Total Manufacturing Costs
Direct Materials $283,400
Direct Labor $275,600
Overheads Applied $214,968
Indirect Materials $16,500
Total Manufacturing Costs $790,468
Cost of Goods Manufactured = Beginning Work in Process Inventory + Manufacturing Costs - Ending Work in Process Inventory
= $110,600 + $790,468 - $120,900
= $780,168
Cost of goods sold = Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory
= $ 24,400 + $780,168 - $22,700
= $781,868
On January 1, 2021, Pence Airlines issued $400,000 of its 20-year, 8% bonds. The bonds were priced to yield 10%. Interest is payable semiannually on June 30 and December 31. Pence Airlines records interest at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2021, the fair value of the bonds was $335,000 as determined by their fair value in the market. Show ALL calculations.
Required:
1. Determine the price of the bonds at January 1, 2021, and prepare the journal entry to record their issuance.
2. Prepare the journal entry to record interest on June 30, 2021 (the first interest payment).
3. Prepare the journal entry to record interest on December 31, 2021 (the second interest payment).
4. Prepare the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2021, balance sheet.
Answer:
1) the price of the bonds can be determined by calculating the PV of the face value and coupon payments:
PV of face value = $1,000 / 1.05⁴⁰ = $142.05
PV of coupon payments = $40 x 17.159 (PV annuity factor, 5%, 40 periods) = $689.36
PV of each bond = $831.41 x 400 = $332,564
January 1, 2021, bonds issued at a discount
Dr Cash 332,564
Dr Discount on bonds payable 67,436
Cr Bonds payable 400,000
2) amortization of bond discount = (332,564 x 5%) - 16,000 = $628.20 ≈ $628
June 30, 2021, first coupon payment
Dr Interest expense 16,628
Cr Cash 16,000
Cr Discount on bonds payable 628
3) amortization of bond discount = (333,192 x 5%) - 16,000 = $659.60 ≈ $660
December 31, 2021, first coupon payment
Dr Interest expense 16,660
Cr Cash 16,000
Cr Discount on bonds payable 660
4) bonds carrying value on December 31, 2021 = $333,852 - $335,000 = $1,148
December 31, 2021, adjusting entry for bonds' fair market value
Dr Unrealized loss on bonds' fair value 1,148
Cr Fair value adjustment 1,148
Ideally, capital budgeting analysis should take cash flows into account . Understanding the nature of projects Capital budgeting analysis often involves decisions related to expansion projects and/or replacement projects. Based on your understanding of expansion and replacement projects, answer the following: A rental car company bought a new fleet of midsize cars and sold off its old midsize cars because they had too many miles on them. Which type of project would this be considered
Answer:
Replacement project
Explanation:
A Replacement project is a project where to initial investment is disposed of and new investments are made to replace the investments disposed of.
Here the old cars are replaced with new ones. So, it is a replacement project
An expansion project is a project undertaken to increase the capacity or reach of a firm.
a sound pulse takes 0.06s to reach the far end of the room and come back. what is the length of the room if the speed of sound is 330 m/s?
give one example of a conflict that might occur due to individualism and collectivism.
Answer:
Individualism is the theory that postulates that through individual, almost selfish action, a greater economic and social progress can be obtained for the person. In turn, collectivism postulates that it is solidarity and group collaboration that allows greater economic and social progress.
In the field of business, a possible conflict between individualism and collectivism can occur in company boards, when the president of these tries to make decisions based on his particular criteria, while the rest of the board seeks to make decisions based on the consensus.
Thus, for example, a president who does not take into account the opinions of his board of directors can be a source of conflict, since he puts his individual interest over the collective interest.
Cultural differences does trigger conflicts. Example:
Isreal was having a problem with his neighbor next door. He decided to seek advice from his friend on the matter. Angel his friend suggested that he express the problem openly right away, and, if that wouldn’t help, to take the neighbor to the court. Mane, on the other hand, warned him not to get too serious, and recommended him to write a letter which talks about their good memories in the past and how pleasant their neighborhood was.From the above, an individualistic will focused on the issue at hand and pursues a direct approach
From a collectivism approach, they are more concerned about the relationship and look into the indirect/accommodating method to handle the situation.
Conclusively, Individualist and collectivist have their own way of approaching conflict and resolving it. The ways may differs.
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Balance sheets usually classify assets into at least two major categories: current assets and
property, plant, and equipment assets true or false
Answer:
False
Explanation:
Balance sheets relate to balance and expenditure over a period.
Balance sheets usually classify assets into at least two major categories: current assets and property, plant, and equipment assets. The statement is False.
What is a Balance sheet?A balance sheet is referred as a statement that helps to determine the position of the company in the market by assessing the assets and liabilities as well as shareholders' equity of the business.
A balance sheet helps to calculate the financial stability of any company. When asset exceeds liabilities it means the company is in good financial condition and vice versa.
The balance sheet classifies the assets into two main categories as current assets and noncurrent assets under which tangible and nontangible assets are written along with goodwill.
Therefore, the given statement is false
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Q. Which investor type most likely uses a family office to manage their investments?
A. Retail investors
B. Endowment funds
C. Ultra-high-net-worth investors
Answer:
The best answer would be C. Ultra-high-net-worth investors. Can I get brainliest
Would the outcome have been different if the roles of board chairman and CEO in BP had been combined, as in many large American public companies?
[tex]\huge \text{Answer:}[/tex]
In many companies, the chief executive officer (CEO), who holds the top management position in the company, also serves as chairman of the board. This is often the case with companies that have grown rapidly and still retain the initial founder in those roles.
You have a loan outstanding. It requires making 3 annual payments of $1000 each at the end of 3 the next years. Your bank has offered to restructure the loan so that instead of making the 3 payments as originally agreed, you will make only one final payment in 3 years. If the interest rate on the loan is 5%, what final payment will the bank require you to make so that it is indifferent to the two forms of payment? The final payment the bank will require you to make is? (Round to the nearestdollar.)
Answer: $3,153
Explanation:
The amount that will make you indifferent is the future value of the 3 payments at the end of those 3 years at 5%.
Future value of Annuity = Annuity * Future Value interest factor, 3 years, 5%
= 1,000 * 3.1525
= $3,153
Bank will require a final payment of $3,153 for you to be indifferent.
Selected balance sheet information for the Wolf Company at November 30, and December 31, 2021, is presented below. The company uses the perpetual inventory system and all sales to customers are made on credit.
Nov. 30 Dec. 31
Debits Credits Debits Credits
Accounts receivable 9,700 2,700
Prepaid insurance 4,700 7,200
Inventory 6,700 5,700
Accounts payable 11,700 14,700
Salaries payable 4,700 2,700
The following cash flow information also is available: Cash collected from credit customers, $77,000. Cash paid for insurance, $4,700. Cash paid to suppliers of inventory, $57,000 (the entire accounts payable amounts relate to inventory purchases). Cash paid to employees for salaries, $9,700.
Required:
a. Determine the following for the month of December:
b. Prepare summary journal entries to record the month’s sales and cost of those sales.
Answer:
A.
(i) 70,000
(ii) 61,000
(iii) 2200
(iv) 7700
Explanation:
To calculate the sales revenue we will add cash collected from customers and we will deduct the opening balance in the closing balance. To calculate the cost of goods sold we will add a decrease in inventory and an increase in account payable in the cash payment for purchases.
Requirement A:
SALES REVENUE
Closing Balance 2700
Add:
Cash collected from customer 77,000
Less:
Opening balance (9700)
Sales revenue 70,000
COST OF GOODS SOLD:
Cash payment for purchase 57000
Add:
Decrease in inventory (6700-5700) 1000
Add:
Increase in account payable (14700-11700) 3000
Cost of goods sold 61,000
INSURANCE EXPENSES :
Insurance expenses = 4700 + 4700 - 7200
Insurance expenses = 2200
SALARIES AND WAGES EXPENSES :
Salaries and wages expenses = 2700+9700-4700
Salaries and wages expenses = 7700
Requirement B: JOURNAL ENTRIES
To record sales revenue
DEBIT CREDIT
Income summary 70,000
Sales revenue 70,000
To record the cost of sales
DEBIT CREDIT
Cost of goods sold 61,000
Insurance expenses 2200
Salaries and wages expense 7700
Income summary 70,900
A company has two products: standard and deluxe. The company expects to produce 43,681 Standard units and 39,390 Deluxe units. It uses activity-based costing and has prepared the following analysis showing budgeted cost and cost driver activity for each of its three activity cost pools. Budgeted Activity of Cost Driver Budgeted Standard Deluxe OH Cost $ 93,000 2,500 Purchases 5,250 Purchases Activity 1: Purchasing Activity 2: Designing $ 92,000 4,500 Designs 5,500 Designs Activity 3: Shipping $ 87,000 3,000 Orders 2,800 Orders
Required: Make a Job Cost Sheet for the Standard Units.
Answer:
The following information was missing, so I looked it up:
Direct materials for standard units = $6,940 / 43,681 units = $0.1589Direct labor for standard units = $7,738 / 43,681 units = $0.1771Budgeted OC Standard Deluxe
Purchasing $93,000 2,500 5,250
cost per purchase $12 $30,000 $63,000
Designing $92,000 4,500 5,500
cost per design $9.20 $41,400 $50,600
Shipping $87,000 3,000 2,800
cost per order $15 $45,000 $42,000
Job cost sheet for standard units
Cost per unit Total costs (43,681 units)
Direct materials per unit $0.1587 $6,940
Direct labor per unit $0.1770 $7,738
Purchase costs $0.6866 $30,000
Design costs $0.9476 $41,400
Shipping costs $1.0301 $45,000
Total $3 $131,078
Laura's boss, Erik, constantly uses sexually explicit language while communicating with his female subordinates. Though many female employees were bothered with this behavior, no one ever complained for fear of negative repercussions. However, Laura files a complaint against Erik with the Equal Employment Opportunity Commission (EEOC). Will this be considered as discriminatory behavior? Why or why not? Explain the prohibitions under Title VII for related behavior with examples.
Answer:
I shouldn't believe or think this will be viewed as offensive conduct because he doesn't threaten any lady throughout particular. A further explanation is given below.
Explanation:
Complaining about discrimination based on private orientation as either a misconduct action throughout Title VII of the 1964 civil rights legislation including 29 C.F.R. including its Federal EEO Action Process Portion 1614.Instead of repeatedly being told by the organization that the allegations of private identity are usually processed within sections 1614 unless specifically requested by the complainant to use a different litigation procedure.A physician unfairly bills a patient. What tort violation is this?
A.
negligence
B.
abuse
C.
assault
D.
battery
E.
malpractice
To help job attitudes, an employer should:
Answer:
To help job attitudes, an employer should: Encourage employees to develop personal interest n work. T/F Instrumental values help you reach your goals, while terminal values are those goals.
Explanation:
Data concerning a recent period’s activity in the Prep Department, the first processing department in a company that uses process costing, appear below:
Materials Conversion
Equivalent units in ending work in process inventory 2,080 930
Cost per equivalent unit $15.66 $6.23
A total of 21,700 units were completed and transferred to the next processing department during the period.
Required:
a. Compute the cost of ending work in process inventory for materials, conversion, and in total.
b. Compute the cost of the units completed and transferred out for materials, conversion, and in total.
Answer and Explanation:
a. The computation of cost of ending work in process inventory for materials, conversion, and in total is shown below:-
For material = 2,080 × $15.66
= $32,572.80
For conversion = 930 × $6.23
= $5,793.90
For total cost of work in process inventory = $32,572.80 + $5,793.90
= $38,366.70
b. The computation of cost of the units completed and transferred out for materials, conversion, and in total is shown below:-
For material = 21,700 × $15.66
= $339,822
For Conversion = 21,700 × $6.23
= $135,191
For total cost of completed and transferred units = $339,822 + $135,191
= $475,013
When Holly entered the competition, she had a __percent chance of winning.
When Holly entered the competition, she had a __percent chance of losing.
When Lefty entered the competition, he had a __percent chance of winning.
When Lefty entered the competition, he had a __percent chance of losing.
By the October 6 and 7 round, Holly had ___percent chance of winning.
By the October 8 round, Holly had a ___percent chance of winning.
Answer:
PERCENT CHANCE = ((No of Probable Outcome) / (Total no of population)) * 100
1. When Holly entered the competition , she had a _____ percent chance of winning.
No of probable outcomes = 1
Total no of population = 8
Percent chance = (1/8) * 100 = 12.5%
2. When Holly entered the competition , she had a _____ percent chance of losing.
No of probable outcomes = 7
Total no of population = 8
Percent chance = (7/8) * 100 = 87.5%
3. When Lefty entered the competition , he had a _____ percent chance of winning.
No of probable outcomes = 1
Total no of population = 8
Percent chance = (1/8) * 100 = 12.5%
4. When Lefty entered the competition , he had a _____ percent chance of losing.
No of probable outcomes = 7
Total no of population = 8
Percent chance = (7/8) * 100 = 87.5%
5. By the October 6 & 7 round, Holly had _____ percent chance of winning.
No of probable outcomes = 1
Total no of population = 4
Percent chance = (1/4) * 100 = 25%
6. By the October 8 round, Holly had _____ percent chance of winning.
No of probable outcomes = 1
Total no of population = 2
Percent chance = (1/2) * 100 = 50%
Below is the complete list of accounts of Sooner Company and the related balance at the end of April. All accounts have their normal debit or credit balance. Cash, $2,800; Prepaid Rent, $6,300; Accounts Payable $3,200; Common Stock, $29,000; Service Revenue, $24,300; Salaries Expense, $7,100; Accounts Receivable, $5,000; Land, $49,000; Deferred Revenue, $1,750; Retained Earnings, $20,250; Supplies Expense, $8,300.
Required:
Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders' equity, revenues, and expenses.
Answer and Explanation:
The preparation of the trial balance is presented below:
Particulars Debit Credit
Cash $2,800
Prepaid Rent $6,300
Account receivable $5,000
Land $49,000
Account payable $3,200
Deferred revenue $1,750
Common stock $29,000
Retained earnings $20,250
Service revenue $24,300
Salaries expense $7,100
Supplies expense $8,300
Total $78,500 $78,500
Which of these are fixed expenses?
car insurance, rent, student loan payments
Health insurance, pet needs, entertainment
O Mortgage household items, clothing
Public transportation costs, gifts, medical Bills
Answer:
car insurance, rent, student loan payments
Explanation:
Fixed expenses or fixed costs remain constant throughout a financial period. In the year under consideration, fixed expenses will have the same figures regardless of the production level. Fixed costs contrast variable costs, which vary depending on the level of business activities.
From the list provided, car insurance, rent, student loan payments will likely remain the same in the financial period. The other expenses, such as pet needs, entertainment, public transportation costs, and gifts, are bound to be determined by production volumes.
Car insurance, rent, and student loan payments are fixed expenses. Thus, list 1 is the correct one to match fixed expenses.
During a fiscal period, fixed costs or expenses are constant. No of the amount of output in the year under review, fixed costs will have the same numbers. In contrast to variable costs, which fluctuate based on the volume of company activity, there are fixed expenses.
Car insurance, rent, and student loan payments are anticipated to be the same over the financial term, according to the list supplied. Other expenditures, like those for entertainment, presents, pet care, and public transportation, are inevitably influenced by productivity levels.
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The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below.
Accounts Debit Credit
Cash $8,800
Accounts Receivable 13,800
Prepaid Rent 5,760
Supplies 2,800
Deferred Revenue $1,800
Common Stock 10,000
Retained Earnings 4,800
Service Revenue 43,560
Salaries Expense 29,000
$60,160 $60,160
At year-end, the following additional information is available:
a. The balance of Prepaid Rent, $5,760, represents payment on October 31, 2021, for rent from November 1, 2021, to April 30, 2022.
b. The balance of Deferred Revenue, $1,800, represents payment in advance from a customer. By the end of the year, $450 of the services have been provided.
c. An additional $600 in salaries is owed to employees at the end of the year but will not be paid until January 4, 2022.
d. The balance of Supplies, $2,800, represents the amount of office supplies on hand at the beginning of the year of $1,100 plus an additional $1,700 purchased throughout 2021. By the end of 2021, only $680 of supplies remains.
Required:
Update account balances for the year-end information by recording any necessary adjusting entries.
Answer and Explanation:
The Journal entry is shown below:-
1. Rent expense Dr, $1,920 ($5,760 × 2 ÷ 6)
To Prepaid rent $1,920
(Being rent expense is recorded)
2. Unearned revenue Dr, $450
To Service revenue $450
(Being service revenue is recorded)
3. Salary expense Dr, $600
To Salary payable $600
(Being salary expense is recorded)
4. Supplies expense Dr, $2,120 ($1,100 + $1,700 - $680)
To Supplies $2,120
(Being supplies expense is recorded)
Which two careers would have a stage as a workplace? A/V technology and the performing arts the visual arts and telecommunications journalism and printing technology the performing arts and telecommunications
Answer:
A/V and performing arts hope this helps
Explanation:
A/V technology and the performing arts careers would have a stage as a workplace.
What are performing arts?The performing arts include disciplines like music, dance, and theater that are presented live for a crowd. They are distinct from the visual arts, which include the creation of tangible or static works of art using paint, canvas, or other materials.
Theater, music, and dance are just a few of the many artistic forms that are presented live in front of an audience as performing arts.
All human cultures include theater, music, dance, object manipulation, and other forms of performance.
While circus abilities have a longer history, dating at least to Ancient Egypt, music and dance have their roots in prehistoric periods. Professional performances of many performing arts are common.
Performances can take place outdoors on stages at festivals or in specially constructed structures like theaters and opera houses.
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The following transactions occurred during 2017. Assume that depreciation of 10% per year is charged on all machinery and 5% per year on buildings, on a straight-line basis, with no estimated salvage value. Depreciation is charged for a full year on all fixed assets acquired during the year, and no depreciation is charged on fixed assets disposed of during the year.
Jan. 30 A building that cost $139,920 in 2000 is torn down to make room for a new building. The wrecking contractor was paid $5,406 and was permitted to keep all materials salvaged.
Mar. 10 Machinery that was purchased in 2010 for $16,960 is sold for $3,074 cash, f.o.b. purchaser’s plant. Freight of $318 is paid on the sale of this machinery.
Mar. 20 A gear breaks on a machine that cost $9,540 in 2009. The gear is replaced at a cost of $2,120. The replacement does not extend the useful life of the machine but does make the machine more efficient.
May 18 A special base installed for a machine in 2011 when the machine was purchased has to be replaced at a cost of $5,830 because of defective workmanship on the original base. The cost of the machinery was $15,052 in 2011. The cost of the base was $3,710, and this amount
was charged to the Machinery account in 2011.
June 23 One of the buildings is repainted at a cost of $7,314. It had not been painted since it was constructed in 2013.
Required:
Prepare general journal entries for the transactions.
Answer: See explanation
Explanation:
The following can be further found in the journal attached:
On January 30th:
Accumulated depreciation on building:
= 139,920 × 5% × 17years
= 139,920 × 0.05 × 17
= 118932
On 10th March:
Accumulated depreciation on machinery:
= 16960 × 10% × 7
= 16960 × 0.1 × 7
= $11872
Cash: 3074 - 318 = $2756
Loss of disposal on plants asset:
= 16960 - (11872 + 2756)
= 16960 - 14628
= 2332
On 18th May:
Accumulated depreciation machinery:
= $3710 × 10% × 6 years
= $3710 × 0.1 × 6
= $2226
Loss of disposal on assets:
= 3710 - 2226
= $1484
The journal has been attached.
discuss the costs and benefits associated with statistical versus judgmental forecasts for labor supply. under what condition might either of these technique be infeasible? under what conditions might both be feasible, but one more desirable than the other?
Answer:
The two methods used to forecasting labor demand and supply are: Statistical Method and Judgmental Method.
The Statistical method collects previous historic data regarding company's demand and supply for qualified employees and provides forecasting for the particular period. It is feasible when other factors remain same in the organisation. It is not feasible when the organisation changes its objectives, mission and vision etc
Cost and Benefit
It prevents future shortage of qualified employees
It avoids disruption over operation
The Judgmental method is when the company follow judgmental method, that is it is based on manager's experience of conducting survey to estimate employees requirements on future operation.
It is feasible for small and medium size organisation for short term forecast. It
Cost and Benefit
It avoids short-run shortage of employees
It avoids short-run surplus of employees.
Question 14 Swifty Company uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department D, direct labor hours in Department E, and machine hours in Department K. In establishing the predetermined overhead rates for 2020, the following estimates were made for the year.
Department D Department E Department K
Manufacturing overhead $1,240,000 $1,500,000 $720,000
Direct labor costs $1,550,000 $1,250,000 $450,000
Direct labor hours 100,000 125,000 40,000
Machine hours 400,000 500,000 120,000
During January, the job cost sheets showed the following costs and production data.
Department D Department E Department K
Direct materials used $210,000 $189,000 $117,000
Direct labor costs $180,000$1 65,000 $56,250
Manufacturing overhead incurred $148,500 $168,000 $118,500
Direct labor hours 12,000 16,500 5,250
Machine hours 51,000 67,500 10,410
Required:
Compute the predetermined overhead rate for each department.
Answer:
Dept. D = 80%
Dept. E = $12
Dept. K = $6
Explanation:
The computation of the predetermined overhead rate for each department is shown below:-
Department D = Manufacturing overhead ÷ Direct labor costs
= $1,240,000 ÷ $1,550,000
= 80%
Department E = Manufacturing overhead ÷ Direct labor hours
= $1,500,000 ÷ 125,000
= $12
Department K = Manufacturing overhead ÷ Machine hours
= $720,000 ÷ 120,000
= $6
In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $58 million. Taxable income is $220 million in 2021. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Suppose the deferred portion of the rent collected was $116 millon at the end of 2022 Taxable Income is $1,360 million.
Required:
Prepare the appropriate journal entry to record income taxes Iin 2022.
Answer:
Appropriate entry with workings
Explanation:
Income tax will be debited because it is in expense in nature and the deferred tax is credited because it is a deferred tax asset the remaining amount will be credited because income tax payable is a liability in nature.
DEBIT CREDIT
Income tax Expense 325.5
Deferred tax 14.5m
(58m -116m) x 25%
Income tax payable 340m
(1360m x 25%)
