provides the benchmark that can be use to evaluate markets while
Perfect competitionis a form of market in which there are a large number of buyers and sellers competing with each other in the purchase and sale of goods, respectively and no individual buyer or seller has any influence over the price.
hope this help!
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)
Ahmed runs a bakery that sells two kinds of pies. Ahmed knows the bakery must make at least 6 and at most 48 batches of the Chocolate Decadence. The bakery must also make between 3 and 42 batches of the Mint Breezes. The batches of Chocolate Decadence take 7 minutes in the oven, while batches of Mint Breezes require 8 minutes in the oven. The bakery only has 392 minutes in the oven available. If batches of Chocolate Decadence generate $2.56 in income, and batches of Mint Breezes generate $1.29, how many batches of the pies should Ahmed have the bakery make to get the most income
Answer:
Ahmed must bake 48 Chocolate Decadence pies and 7 Mint Breezes pies in order to get the maximum possible profit = $131.91
Explanation:
let x = chocolate decadence
let y = mint breezes
maximize revenue equation = 2.56x + 1.29y
the constraints are:
7x + 8y ≤ 392
x ≥ 6
x ≤ 48
y ≥ 3
y ≤ 42
using solver, profits are maximized when 48x + 7y = $131.91
Carmelita Inc., has the following information available:
Costs from Beginning Inventory Costs from Current Period
Direct materials $4,500 $26,500
Conversion costs 5,600 149,400
At the beginning of the period, there were 400 units in process that were 40% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 4,700 units were started and completed. Ending inventory contained 400 units that were 34% complete as to conversion costs and 100% complete as to materials costs. Assume that the company uses the FIFO process cost method. Round cost per unit figures to two cents, i.e., $2.22, when calculating total costs. The total costs that will be transferred into Finished Goods for units started and completed were:___________
Answer:
$162,761
Explanation:
beginning WIP:
400 units 100% complete for materials, so 0% will be added during the period
400 units 40% complete for conversion, so 60% will be added during the period = 240 equivalent units
units started and completed:
4,700 units 100% complete for materials and conversion
ending WIP:
400 units 100% complete for materials = 400 equivalent units
400 units 34% complete for conversion = 136 equivalent units
materials cost per equivalent unit = $26,500 / (4,700 + 400) = $5.20
conversion cost per equivalent unit = $149,400 / (4,700 + 240 + 136) = $29.43
total costs per equivalent unit = $34.63
total costs for units started and completed during the period = 4,700 x $34.63 = $162,761
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.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.
You are the founder and CEO of Home Water Designs, Inc., a company that custom designs and builds expensive residential pools. You only use the best components, and receive all of your concrete for building pools from Jake, a concrete supplier. Jake has reliably delivered high quality concrete to you for nearly ten years. Jake has learned that your demand for concrete varies, and has customized his business to ensure response to your orders. In response to a wealthy client's quick demand for a new pool, you ask Jake for a fast delivery of 500 bags of concrete. Jake agrees to deliver, but due to a rare disruption in his own supplies, he is only able to deliver 400 bags on time. As a result, your wealthy client is disappointed with your work, and you suffer some damages. Your attorney informs you that you have a possible claim of breach of contract against Jake. Considering the legal and business implications, discuss whether you should declare a breach of contract claim against Jake seeking damages.
In this case, Minor breach of contract claim against the Jake seeking damages. This contract arises in the situation.
What is Minor Breach of Contract?Minor Breach of Contract defines as it occurs when the contract is deliverable is eventually received by the other party, but the party did not fulfill its commitment regarding the breach.
Minor breach of contract is void contract. Under this circumstances, you will not sue for the damages for the breach of such contract that may happened.
It may also include the contract of service where the contract was entered into by the minor himself. A minor breach will not affect the overall purpose of the contract.
Therefore, the company cannot sue against the Jake because it comes under the minor breach of contract.
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Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $241,200 and 6,200 estimated direct labor-hours. Actual manufacturing overhead for the year amounted to $243,000 and actual direct labor-hours were 5,100. The applied manufacturing overhead for the year was closest to: (Round your intermediate calculations to 2 decimal places.)
Answer:
$198,390
Explanation:
Calculation for the applied manufacturing overhead for the year
First step is to find the predetermined overhead rate using this formula
Let plug in the formula
Predetermined overhead rate=Estimated overhead/Estimated direct labor hours
Predetermined overhead rate=(241,200/6,200)
Predetermined overhead rate=$38.90 per direct labor hour
Second step is to calculate for the applied manufacturing overhead using this formula
Applied manufacturing overhead=Predetermined overhead rate×Actual direct labor-hours
Let plug in the formula
Applied manufacturing overhead=($38.90*5,100 hours)
Applied manufacturing overhead=$198,390
Therefore the applied manufacturing overhead for the year was closest to:$198,390
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.
On January 1, 2018, Alamar Corporation acquired a 45 percent interest in Burks, Inc., for $196,000. On that date, Burks's balance sheet disclosed net assets with both a fair and book value of $350,000. During 2018, Burks reported net income of $81,000 and declared and paid cash dividends of $20,000. Alamar sold inventory costing $28,000 to Burks during 2018 for $41,000. Burks used all of this merchandise in its operations during 2018. Prepare all of Alamar's 2018 journal entries to apply the equity method to this investment.
Answer:
1. Dr Investment in Burks Inc $196,000
Cr Cash $196,000
2. Dr Investment in Burks Inc $42,300
Cr Investment income in Burks Inc $42,300
3. Dr Cash $9,000
Cr Investment income in Burks Inc $9,000
Explanation:
Preparation for Journal entries
1. Dr Investment in Burks Inc $196,000
Cr Cash $196,000
2. Dr Investment in Burks Inc $42,300
Cr Investment income in Burks Inc $42,300
3. Dr Cash $9,000
Cr Investment income in Burks Inc $9,000
CALCULATION for Journal entry (2)
Unadjusted Net income $81,000
Profit from sale of inventory to burks $13,000
(41,000-28,000)
Adjusted Net Income $94,000
Share of Alamar 45%
Share of Alamar in Burks Inc income $42,300
(94,000*45%)
CALCULATION for Journal entry (3)
Cash dividends $20,000
Share of Alamar 45%
Share of Alamar in Burks Inc dividends $9,000
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%
Jennifer has been highly unproductive at work for the last few weeks and is counseled regarding organizational policies and rules by her supervisor. She is then asked to identify solutions to prevent further problems and write them down. When her supervisor feels that these activities are not helping her, she is given a paid day off to prepare an action plan that would help her work on her productivity issues. This best exemplifies the __________ discipline approach.
a. dictatorial
b. positive
c. progressive
d. authoritative
Answer: positive
Explanation:
Based on the happening in he question, the method used is the positive discipline approach
This approach seeks ways to help an employee when the employee isn't being productive at his or her workplace. The positive actions are being seeked and necessary ways to bring the worker back to his or her feet will be utilized.
This is the method used in order to being Jennifer back on track and.make her productive again.
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
An informal communications network is known as a
Answer:
I think letter.........
The answer is Grapevine
What are the two key criteria for Amazon to chose the location? Why do you think these elements are the most important ones? Location is very crucial decision for companies like Amazon. According to you, what are some of the important factors that the author omitted in her analysis? Do you agree with the author selection or you think that Amazon will pick another location?
Explanation:
Amazon is one of the most valuable companies in the world, with a very high demand, the retailer needs a location strategy that meets two main criteria, they are: places where the company's business can be successful and well-located distribution centers in large metropolitan areas.
The company uses the push marketing strategy, so this selection of Amazon locations is essential for the company to create a sensation in the consumer of the easy availability of its products, capable of meeting demand in a faster time, which encourages sales and keeps the company competitive in the market.
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.
White & Checker is releasing a new power drill that requires the manufacturing of a new part.They are considering whether they should manufacture the part in-house or outsource it from a supplier.The demand forecast is 1,355 units.They calculate the break-even quantity as 1,750 parts.What decision should White & Checker make? A) The product should not be released,as the demand is not high enough. B) A percentage of the product should be manufactured in-house,and the rest should be outsourced. C) The part should be outsourced. D) The part should be manufactured in-house.
Answer:
A
Explanation:
Breakeven quantity is the number of units produced and sold at which net income is zero
The product should not be released because the demand is less than breakeven quantity. If the product is released, the firm would earn losses
Outline and describe the main types of Communication in your own words. Give one practical example for each type to support your discussion.
Answer:
There are four main types of communication: verbal, nonverbal, written, and visual.
1. Verbal communication involves the use of words to convey a message. This can be done through spoken or written language. Verbal communication can be formal or informal, and it is often used in face-to-face conversations, meetings, presentations, and interviews. A practical example of verbal communication is a teacher giving a lecture to a classroom full of students.
2. Nonverbal communication involves the use of body language, facial expressions, and other nonverbal cues to convey a message. This can include gestures, eye contact, posture, and tone of voice. Nonverbal communication is often used in conjunction with verbal communication to reinforce a message or convey meaning. A practical example of nonverbal communication is a job interview, where the interviewer may use body language to convey their interest or disinterest in a candidate.
3. Written communication involves the use of written words to convey a message. This can include emails, memos, reports, and letters. Written communication is often used in business and academic settings, where a permanent record of the communication is required. A practical example of written communication is a business proposal that is sent to a potential client.
4. Visual communication involves the use of images, graphics, and other visual aids to convey a message. This can include charts, diagrams, videos, and photographs. Visual communication is often used in advertising, marketing, and design, where visual impact is important. A practical example of visual communication is a billboard that advertises a new product.
In summary, each type of communication has its own strengths and weaknesses, and they are all important in different contexts. Effective communication requires a combination of these four types, depending on the situation and the message that needs to be conveyed.
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
What is one advantage corporations have over other types of businesses?
A. Corporations limit risk and liability for shareholders.
B. Corporations are the simplest businesses to get started.
C. Corporations have few government regulations.
D. Corporations allow one person to keep all profits.
Answer:
A. Corporations limit risk and liability for shareholders.
Explanation:
have the limited liability feature that distinguishes the business liabilities from owners. The benefit of having limited liability is that it protects the shareholders' properties from being interfered with should the company fail in meeting its obligations.
The law limits the risk of shareholders of a corporation up to the level of share contribution. In case of liquidation and the company's assets are not sufficient to cater to the liabilities, the shareholder's losses are limited to the amount of capital contribution.
Answer:
A. Corporations limit risk and liability for shareholders.
Explanation:
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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In each of the following transactions (a) through (c) for Romney's Marketing Company, use the three-step process to record the adjusting entry at the end of the current year. The process includes (1) determining if revenue was earned or an expense was incurred, (2) determining whether cash was received or paid in the past or will be received or paid in the future, and (3) computing the amount of the adjustment.
a. Estimated electricity usage at $210 for December; to be paid in January of next year.
b. On September 1 of the current year, loaned $5,700 to an officer who will repay the loan principal and interest in one year at an annual interest rate of 14 percent.
c. Owed wages to 18 employees who worked three days at $180 each per day at the end of the current year. The company will pay employees at the end of the first week of next year.
Answer:
Romney's Marketing Company
Adjusting Journal Entries:
a. Debit Utilities (Electric) Expense $210
Credit Utilities Payable $210
To record December electricity expense.
b. Debit Interest Receivable $266
Credit Interest Revenue $266
To record Interest revenue for 4 months.
c. Debit Wages Expense $9,720
Credit Wages Payable $9,720
To record unpaid wages (18 * 3 * $180)
Explanation:
An expense was incurred for December electricity and this must be accrued in December since $210 will be paid in January.
Interest revenue was earned for September to December and $266 will be received in the future. The interest due is computed as $266 = ($5,700 * 14% * 4/12).
Wages expense was incurred after receiving the services of 18 workers who worked for 3 days at $180 each per day. The expense will be paid in January.
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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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
Steady As She Goes Inc. will pay a year-end dividend of $3.80 per share. Investors expect the dividend to grow at a rate of 6% indefinitely. a. If the stock currently sells for $38.00 per share, what is the expected rate of return on the stock? (Do not round intermediate calculations. Enter your answer as a whole percent.) b. If the expected rate of return on the stock is 18.50%, what is the stock price? (Do not round intermediate calculations. Enter your answers rounded to 2 decimal places.)
Answer:
a. 16%
b. $30.40
Explanation:
a. Using the Gordon Growth model, the value of a share is;
Value = Next dividend/ ( Expected return - growth rate)
So;
38 = 3.80 / ( Rate - 6%)
Rate - 6% = 3.80/38
Rate = 3.80/38 + 6%
= 16%
b. Value = Next dividend/ ( Expected return - growth rate)
= 3.80/ ( 18.50% - 6%)
= $30.40
A physician unfairly bills a patient. What tort violation is this?
A.
negligence
B.
abuse
C.
assault
D.
battery
E.
malpractice
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
Vail Resorts, Inc., owns and operates 11 premier year-round ski resort properties (located in the Colorado Rocky Mountains, the Lake Tahoe area, the upper midwest, Vermont, and Australia). The company also owns a collection of luxury hotels, resorts, and lodging properties. The company sells lift tickets, ski lessons, and ski equipment. The following hypothetical December transactions are typical of those that occur at the resorts.
Borrowed $2,300,000 from the bank on December 1, signing a note payable due in six months.
Purchased a new snowplow for $98,000 cash on December 31.
Purchased ski equipment inventory for $35,000 on account to sell in the ski shops.
Incurred $62,000 in routine repairs expense for the chairlifts; paid cash.
Sold $390,000 of January through March season passes and received cash.
Sold a pair of skis from inventory in a ski shop to a customer for $700 on account. (The cost of the skis was $400). (Hint: Record two entries.)
Sold daily lift passes in December for a total of $320,000 in cash.
Received a $3,500 deposit on a townhouse to be rented for five days in January.
Paid half the charges incurred on account in (c).
Received $400 on account from the customer in (f).
Paid $245,000 in wages to employees for the month of December.
Required:
1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2. Assume that Vail Resorts had a $1,000 balance in Accounts Receivable at the beginning of December. Determine the ending balance in the Accounts Receivable account at the end of December based on transactions (a) through (k).
Answer:
A.
a. Dr Cash $2,300,000
Cr Notes payable $2,300,000
b. Dr Equipment $98,000
Cr Cash $98,000
c.Dr Inventory $35,000
Cr Accounts payable $35,000
D. Dr Repair expense $62,000
Cr Cash $62,000
e. Dr Cash $390,000
Cr Unearned revenue $390,000
f. Dr Accounts receivable $700
Cr Sales revenue $700
Dr Cost of of goods sold $400
Cr Inventory $400
g. Dr Cash $320,000
Cr Sales revenue $320,000
h. Dr Cash $3,500
Cr Unearned revenue-deposit $3,500
i. Dr Accounts payable $17,500
Cr Cash $17,500
j. Dr Cash $400
Cr Accounts receivable $400
k. Dr Wages expense $245,000
Cr Cash $245,000
B. $1,300
Explanation:
A. Preparation of Journal entries
a. Dr Cash $2,300,000
Cr Notes payable $2,300,000
[To record cash borrowed from bank]
b. Dr Equipment $98,000
Cr Cash $98,000
[To record purchase of snowplow]
c.Dr Inventory $35,000
Cr Accounts payable $35, 000
[To record purchase of inventory on account]
D. Dr Repair expense $62,000
Cr Cash $62,000
[To record payment of repair expense]
e. Dr Cash $390,000
Cr Unearned revenue $390,000
[To record sale of season passes]
f. Dr Accounts receivable $700
Cr Sales revenue $700
[To record credit sales]
Dr Cost of of goods sold $400
Cr Inventory $400
[To record cost of goods sold]
g. Dr Cash $320,000
Cr Sales revenue $320,000
[To record sales ]
h. Dr Cash $3,500
Cr Unearned revenue-deposit $3,500
[To record customer deposits]
i. Dr Accounts payable $17,500
[35,000 x 1/2]
Cr Cash $17,500
[To record cash paid for accounts payable]
j. Dr Cash $400
Cr Accounts receivable $400
[To record collections from customers]
k. Dr Wages expense $245,000
Cr Cash $245,000
[To record payment of wages]
B. Calculation to Determine the ending balance in the Accounts Receivable account at the end of December
Beginning Accounts Receivable 1,000
Add: Sales on account 700
Less: Cash received on account -400
Ending balance in Accounts Receivable $1,300
Therefore the ending balance in the Accounts Receivable account at the end of December will be $1,300
Tache Corporation uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 17,450 units in its beginning work in process inventory that were 20% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $7,840. An additional 89,900 units were started into production during the month and 92,900 units were completed in the Welding Department and transferred to the next processing department. There were 14,450 units in the ending work in process inventory of the Welding Department that were 90% complete with respect to conversion costs. A total of $203,300 in conversion costs were incurred in the department during the month. The cost per equivalent unit for conversion costs for the month is closest to:___________
a. $2.010
b. $2.245
c. $1.994
d. $2.319
Answer: c. $1.994
Explanation:
Cost per Equivalent Unit of Production (EUP) for Conversion = Total Conversion costs/ EUP
Total Conversion cost
= Conversion cost for beginning work in process inventory + Conversion cost incurred in the month
= 7,840 + 203,300
= $211,140
EUP = Units completed + Percentage of ending Units completed with regards to conversion
= 92,900 + (90% * 14,450)
= 105,905 units
Cost per Equivalent Unit of Production (EUP) for Conversion = 211,140 / 105,905
= $1.9936
= $1.994
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.
