Answer:
First, update your knowledge of the company's product (especially at this development stage). The purpose is for a demonstration of general knowledge and not for you to provide all the technical details to the potential customers. So, try to stick to the claims about the product's performance and not the details.
Secondarily, request for the documentation of research and development activities. This will provide some literature for the sales and marketing efforts to be effective. Study the available data about the product development, customer requirements, and lifecycle.
Explanation:
In marketing newly developed products, the marketing personnel should bear in mind that effective communication of value to the potential customers is what is required at the initial stage, without too much details. The effort should be to convince customers of the value of the products under development.
The following cost data relate to the manufacturing activities of Black Diamond Ski Company during 2013:
Manufacturing Overhead Costs:
Property taxes, factory $ 3,000
Utilities, factory $ 5,000
Indirect labor $10,000
Depreciation, factory $24,000
Insurance, factory $ 6,000
Total Actual Manufacturing OH Costs $48,000 Other Costs Incurred: Purchases of raw materials $32,000 Direct labor costs $40,000 The Black Diamond Ski Company used 10,200 machine hours during the period. Inventories: Raw Materials, 1/1/13 $ 8,000 Raw Materials, 12/31/13 $ 7,000 Work in Process, 1/1/13 $ 6,000 Work in Process, 12/31/13 $ 7,500 The company uses normal costing to record product costs. The company budgeted for $52,500 in total overhead costs for the year. The cost driver associated with the overhead is machine hours and the company expected to use 10,500 machine hours.
REQUIRED:
1) Compute the amount of over-applied or under-applied overhead cost for the year.
2) Determine the cost of goods manufactured for the year.
Answer:
See Below
Explanation:
1.
= Actual manufacturing overhead cost - Budgeted total overhead
Actual manufacturing overhead cost = $48,000
Budgeted total overhead = $52,500
= $48,000 - $52,500
= $4,500
The above is under applied overhead since Budgeted overhead is more than the actual overhead expended.
2. Cost of goods manufactured
Inventories ; raw materials at the beginning
$8,000
Add purchases of raw materials
$32,000
Less direct materials ending
$7,000
Direct materials used
$33,000
Direct labor cost
$40,000
Manufacturing overhead cost
$77,000
Indirect labor
$10,000
Property tax
$3,000
Utilities factory
$3,000
Kenny, Inc., is looking at setting up a new manufacturing plant in South Park. The company bought some land six years ago for $7.7 million in anticipation of using it as a warehouse and distribution site, but the company has since decided to rent facilities elsewhere. The land would net $10.5 million if it were sold today. The company now wants to build its new manufacturing plant on this land; the plant will cost $21.7 million to build, and the site requires $920,000 worth of grading before it is suitable for construction. What is the proper cash flow amount to use as the initial investment in fixed assets when evaluating this project
Answer:
$33,120,000
Explanation:
Calculation for What is the proper cash flow amount to use as the initial investment in fixed assets when evaluating this project
Using this formula
Proper Cash Flow Amount = (Expected Cost of Selling + Cost of Building Manufacturing Plant + Cost of Grading)
Let plug in the formula
Proper Cash Flow Amount = ($10,500,000 + $21,700,000 + $920,000)
Proper Cash Flow Amount = $33,120,000
Therefore the proper cash flow amount to use as the initial investment in fixed assets when evaluating this project will be $33,120,000
Since Cate Langton was hired in the marketing department of a consumer products manufacturer, she has worked in its public relations department, she has worked in its advertising department, and she has worked to help design collateral sales material and point-of-purchase displays. Next week she will go out on the road as a salesperson. What method of training is Langton's employer using
Answer:
Job rotation
Explanation:
Analyzing the information above, it is possible to state that the training method that Langton's employer is using is job rotation. This method is used when an organization wants to expand the employee's learning through collaboration in different areas of the company, with the objective that the learning is maximized and the employee has a systemic and integrated view of the organization, as is the case. Langton, who worked in different departments of the company.
The job rotation can be advantageous for organizations, as it helps in the development of different skills in an employee, benefiting the company as a whole, by the greater ability to identify talents and potentials of an employee, increasing the interpersonal relationship, etc.
ExxonMobil reports total assets of $188 billion and total liabilities of $87 billion. Citigroup reports total liabilities of $1,300 billion and stockholders' equity of $90 billion. Amazon reports total assets of $2.7 billion and total stockholders' equity of $0.10 billion. Nike reports an increase in assets of $1.00 billion and an increase in liabilities of $0.5 billion. Kellogg's reports a decrease in liabilities of $0.44 billion and an increase in stockholders' equity of $0.04 billion. (Enter your answers in billions rounded to 2 decimal places. Negative amounts should be indicated by a minus sign.) Required: What is the amount of stockholders' equity of ExxonMobil
Answer:
$101 billion
Explanation:
The computation of the amount of stockholders' equity of ExxonMobil is shown below:
As we know that
Total assets = Total liabilities + stockholder equity
where,
total assets is $188 billion
And, the total liabilities is $87 billion
So, the stockholder equity is
= $188 billion - $87 billion
= $101 billion
On March 15, 2017, Frankel Construction contracted to build a shopping center at a contract price of $240 million. The schedule of expected (which equals actual) cash collections and contract costs follows: Year Cash Collections Cost Incurred 2017 $60 million $30 million 2018 100 million 80 million 2019 80 million 60 million Total $240 million $170 million Calculate the amount of net income for each of the three years 2017 through 2019 using the cost-to-cost method. ($ millions)
Answer: you need to sell 40 million in cars then add 30 million to savings go to a bank an take out a loan up to 500 grand and make sure to pay it back on time for better credit and start taking small increments out of your savings and invest in a company and get a good side job with good benefits for retirement when you age up enough retire and take all the money out of all your accounts and buy a island and build a house with a bunker full of food this does not explain anything to you i am just wasting your time.
Consider the production department of a manufacturer of laptop computers. Classify the cost of the factory maintenance manager's salary.
a. Period
b. Variable
c. Indirect
d. Fixed
e. Direct
f. Product
Answer:
c. Indirect
d. Fixed
f. Product
Explanation:
Cost of the factory maintenance manager's salary is a manufacturing cost. However, this manufacturing cost is an Indirect and fixed cost. Manufacturing costs are Product costs whereas Non-Manufacturing costs are Period Costs
Reamer Company uses a predetermined overhead rate based on machine hours to apply manufacturing overhead to jobs. The company has provided the following estimated costs for the next year: Direct materials - $1000, Direct labor - $3000, Sales commissions - $4000, Salary of production supervisor - $2000, Indirect materials - $400, Advertising expense - $800, Rent on factory equipment - $1000. Reamer estimates that 500 direct labor hours and 1000 machine hours will be worked during the year. The predetermined overhead rate per hour will be:__________
A. $6.80
B. $6.00
C. $3.00
D. $3.40
Answer:
D. $3.40
Explanation:
The computation of the predetermined overhead rate is shown below:
Predetermined overhead rate is
= Estimated manufacturing overhead ÷ estimated machine hours
= ($2,000 + $400 + $1,000) ÷ (1,000 machine hours)
= $3,400 ÷ $1,000 machine hours
= $3.40 per hour
During 2020, Concord Corporation acquired a mineral mine for $3700000 of which $395000 was ascribed to land value after the mineral has been removed. Geological surveys have indicated that 10 million units of the mineral could be extracted. During 2020, 1520000 units were extracted and 1300000 units were sold. What is the amount of depletion expense for 2020
Answer:
$429,650
Explanation:
Cost of Mineral Mine $3,700,000
Less: Ascribed Land Value $395,000
Depletionable Value $3,305,000
No of units can be extracted from Mine = 10,000,000 units
No of units Sold = 1,300,000 units
Depletion Value = $3,305,000/10,000,000 * 1,300,000
Depletion Value = $429,650
b. Why are the four primary service outputs of spatial convenience, lot size, waiting time, and product variety important to logistics management? Provide examples of competing firms that differ in the level of each service output provided to customers.
Answer:
The primary service outputs of the spatial convenience, lot size, waiting time, and product variety) are important to logistics management and these importance are highlighted below:
Spatial convenience provide customers the benefit of shopping with lesser time and efforts as they can easily locate the products and find their product needs at a single place or well organised to find out and identify.
Lot size is important in logistics as larger lot size leads to more costs for storage and transportation and risks associated while smaller lots leads to faster service and delivery and lesser payments compared to bigger lot sizes.
Waiting time is important to logistics as the customers expect faster and efficient service in buying goods with less time for billing and purchasing the products. It improves the quality of service and indicates better management for customer convenience and satisfaction.
Product variety in logistics management helps to provide customers more value for their product and time and greater scope of satisfying their needs through different product options and wide range of products.
On January 1, 2020, Marigold Corp. purchased a machine costing $355000. The machine is in the MACRS 5-year recovery class for tax purposes and has an estimated $74000 salvage value at the end of its economic life. It's based on half year convention. Assuming the company uses the general MACRS approach, the amount of MACRS deduction for tax purposes for the year 2020 is
Answer:
$71,000
Explanation:
Note: The MARCS Table is attached below
Depreciation for 2020 = Cost*Rate%
Depreciation for 2020 = $355000*20%
Depreciation for 2020 = $71,000.
Note: MACRS depreciation disregards the salvage value and depreciates the asset to zero over the life of the asset.
Equivalent-unit calculations are necessary to allocate manufacturing costs between: Multiple Choice cost of goods manufactured and beginning work in process. cost of goods manufactured and cost of goods sold. beginning work in process and units completed. units sold and ending work in process. units completed and ending work in process.
Answer:
units completed and ending work in process.
Explanation:
Process costing can be defined as a cost accounting method used for assigning manufacturing or production costs to the units of goods produced by a business firm over a specific period of time. It is mostly used by firms that produce a large quantity of homogeneous or similar products on a continuous basis. Process costing typically uses more than one Work in Process Inventory account because costing at each stage of production or manufacturing process.
Basically, when manufacturing overhead costs of a business firm or company are applied to the cost of production in a process costing system, they are debited to the Work-in-Process inventory account.
In the manufacturing process, partially or partly completed goods that are still in the process of being converted into a finish product are defined as work-in-process inventories.
Generally, the work-in-process inventories include the following raw materials cost, direct labor cost and factory overhead cost.
The equivalent-unit calculations is done by multiplying the number of partially completed physical goods by the percentage of completion.
Hence, equivalent-unit calculations are necessary to allocate manufacturing costs between units completed and ending work in process.
acc 440 There were no changes during 2021 in the number of common shares, preferred shares, or convertible bonds outstanding. There is no treasury stock. The company also has common stock options (granted in a prior year) to purchase 81,900 shares of common stock at $20 per share. (a) Compute basic earnings per share for 2021.
Answer:
a. $1,32
Explanation:
Hi, I have attached the full question as pdf below !
Basic Earning per Share = Earnings attributable to Common Stockholders ÷ Weighted Average Number of Common Stocks outstanding
Workings
Basic Earning per Share = [$1,230,000 - ($1,990,000 x 7% x 80%) - ($4,110,000 x 7%)] ÷ 627,000 =
Diluted Earning per Share = Adjusted Earnings attributable to Common Stockholders ÷ Adjusted Weighted Average Number of Common Stocks outstanding
The residents of cities A, B, C, D and E consume wi-fi routers, with consumption in each city is 150 routers (see the map below). The firm that produces routers must decide how to set-up production. It could set up five factories, dispersed across each city, with each factory producing 150 routers and supplying to its own local city market. In this case, the firm incurs no cost for shipping output. Alternatively, the firm could locate its factory at centrally located city C, and supply routers to the entire region. The single factory in city C must then produce 750 routers, 600 of which are shipped to the cities A, B, D and E for a shipping cost of $6 per router.
A E
C
B D
(a) Suppose the average cost of producing a router is AC (Q) = 1500/Q, where Q is the number of routers produced in a factory. Calculate AC with Q = 150 and Q = 750, respectively. Note and explain how this production process exhibit economies of scale.
(b) Based on the AC function from part (a), find the optimal arrangement of production for the firm (one central factory or five dispersed factories). The optimal arrangement minimizes total cost for the firm, where total cost is the sum of production cost and shipping cost. Clearly write down all your calculations.
(c) Now suppose the average cost of producing a router is AC = 14000/(Q+1250). Now, repeat the calculation of AC with Q = 150 and Q = 750.
(d) Based on the AC function from part (c), now repeat your calculations to find the cost-minimizing arrangement of production in the case. (e) Explain intuitively the difference is results between responses to part (b) and (d).
(f) Suppose now production costs are those given in part (a) but let shipping cost per router be given by t (in the preceding discussion, we had t = 6, now we assume we don’t know the cost of shipping). What value of t would make the two arrangements for production (centralized versus separate factories) equivalent in terms of cost? i.e. what value of t would make the firm indifferent between a centralized versus a dispersed set-up?
Answer:
a. The production process shows that the more the quantity produced, the less the average cost of production. It proves that there are advantages arising from economies of scale.
AC with Q = 150 = $10 ($1,500/150) and
AC with Q = 750 = $2 ($1,500/750)
b. The optimal arrangement is (centralized production) to produce the 750 routers at city C and ship to the 4 other cities.
c. AC with Q = 150 = $10 (14000/(150+1250) and
AC with Q = 750 = $7 (14000/(750+1250)
d. The cost-minimizing arrangement of production in this case is decentralized production.
e. The average cost of producing 150 units at the various cities has remained unchanged while the average cost of producing the 750 units at city C has increased from $2 to $7.
f. Suppose now production costs are those given in part (a) but let shipping cost per router be given by t (in the preceding discussion, we had t = 6, now we assume we don’t know the cost of shipping).
The value of t that would make the two arrangements for production (centralized versus separate factories) equivalent in terms of cost is:
t = $10 per router
Therefore, centralized production cost will be equal to $7,500 ($1,500 + ($10 * 600), and decentralized production cost will remain at $7,500 (750 * $10).
Explanation:
a) Data and Calculations:
Cities with consumers of wi-fi routers = A, B, C, D and E
Demand for routers by each city = 150
Total number of routers required = 750 (150 * 5)
b) Suppose the average cost of producing a router is AC (Q) = 1500/Q, where Q is the number of routers produced in a factory:
Therefore AC with Q = 150 = $10 ($1,500/150) and
AC with Q = 750 = $2 ($1,500/750)
Cost of Production of routers in city C:
cost of producing 750 routers at $2 per router = $1,500
Shipping cost of 600 routers to 4 cities at $6 per router = $3,600
Total cost of producing at city C = $5,100 ($1,500 + $3,600)
Total cost of producing 750 routers at 5 cities = $7,500 ($1,500/150 * 750)
c) Suppose the average cost of producing a router is AC = 14000/(Q+1250):
Therefore, AC with Q = 150 = $10 (14000/(150+1250) and
AC with Q = 750 = $7 (14000/(750+1250)
Cost of Production of routers in city C:
cost of producing 750 routers at $7 per router = $5,250
Shipping cost of 600 routers to 4 cities at $6 per router = $3,600
Total cost of producing at city C = $8,850 ($5,250 + $3,600)
Total cost of producing 750 routers at 5 cities = $7,500 ($1,500/150 * 750)
d) $7,500 = $1,500 + tQ
where Q = 600 (150 * 4)
Therefore, $7,500 - $1,500 = t600
simplifying
t600 = $6,000
t = $6,000/600 = $10
The GAP is a global clothing retailer for men, women, children, and babies. The following information is taken from The Sap's fiscal 2015 annual report. Selected Balance Sheet Data ($ millions)20152014 Inventories$1,918$1,844 Accounts Payable1,1571,128 a. The Gap purchased inventories totaling $10,438 million during fiscal 2015. Use the financial statement effects template to record cost of goods sold for The Sap's fiscal year ended 2015. (Assume accounts payable is used only for recording purchases of inventories and all inventories are purchased on credit.) b. What amount did the company pay to suppliers during the year
Answer:
The GAP
a. Cost of goods sold = $10,364
b. Cash paid to suppliers = $10,409
Explanation:
a) Data and Calculations:
Selected Balance Sheet Data
($ millions) 2015 2014
Inventories $1,918 $1,844
Accounts Payable 1,157 1,128
Purchases during 2015 = $10,438 million
b) Cost of goods sold:
Beginning inventory $1,844
Purchases 10,438
Goods available $12,282
Ending inventory (1,918)
Cost of goods sold $10,364
c) Accounts Payable:
Beginning balance $1,128
Purchases 10,438
Less ending balance 1,157
Cash paid to suppliers $10,409
The conceptual framework indicates the desired fundamental and enhancing qualitative characteristics of accounting information. Several constraints impede achieving these desired characteristics. Answer each of the following questions related to these characteristics and constraints.
1. Which component would allow a large company to record the purchase of a $120 printer as an expense rather than capitalizing the printer as an asset?
2. Donald Kirk, former chairman of the FASB, once noted that " . . . there must be public confidence that the standard-setting system is credible, that selection of board members is based on merit and not the influence of special interests . . ." Which characteristic is implicit in Mr. Kirk's statement?
3. Allied Appliances, Inc., changed its revenue recognition policies. Which characteristic is jeopardized by this change?
4. National Bancorp, a publicly traded company, files quarterly and annual financial statements with the SEC. Which characteristic is relevant to the timing of these periodic filings?
5. In general, relevant information possesses which qualities?
6. When there is agreement between a measure or description and the phenomenon it purports to represent, information possesses which characteristic?
7. Jeff Brown is evaluating two companies for future investment potential. Jeff's task is made easier because both companies use the same accounting methods when preparing their financial statements. Which characteristic does the information Jeff will be using possess?
8. A company should disclose information only if the perceived benefits of the disclosure exceed the costs of providing the information. Which constraint does this statement describe?
Answer:
1)Materiality
2)Reliability
3)Consistency
4)periodicity
5)Predictive Value, Confirmatory value, and/or Materiality
6)Faithful representation
7)Comparability
8)Cost effectiveness
Explanation:
1)Materiality can be regarded the cost or asset that is been considered having a great influence on the company. It is the relevancy of information as well as work of transaction as regards financial statement of the company.
2)Reliability in Accounting can be regarded as trustworthiness in a financial statements. It helps to know if a financial information is eligible to be utilized by investors as well as creditors ending up with the same results.
3)Consistency can be regarded as when the company follows accounting principles in subsequent years when presenting and presenting financial statements as well as internal working.
4)periodicity explained that financial results of a company can be reported within a designated periods of time. This could be on basis of monthly, quarterly as well as annual.
5)Predictive Value, Confirmatory value, and/or
Materiality
A relevant information are ones that has data from occured event i.e it is CONFIRMATORY. It should also encompass data as regards to the future I.e
PREDICTIVE.Relevant information helps in decision making
6)Faithful representation can be regarded as a concept that explained that financial statements of a company should be able to display the condition of a business accurately
7)Comparability can be regarded as the extent to which financial statements information can be compared in different firms as well as time period
8)Cost effectiveness can be regarded as when greatest benefits are recorded with a comparatively low price
Joe wants to open a restaurant and feels his best chance of being successful would be to purchase the rights to a well-known restaurant concept. This form of restaurant ownership is known as which of the following?
Food service corporation
Food service franchise
Independent food service operation
Food service chain
Answer:
Food-service franchise
Explanation:
A food-service franchise is a business arrangement where an established and successful restaurant allows the opening of an independent branch under its brand name. The new branch will be similar to the other existing branches in terms of appearance, products and services, operations, and pricing.
For an entrepreneur to open a food service franchise, they need to purchase a license from the franchisor. The franchise license increases the chances of success as customers are already familiar with the brand.
What are types of promotion.
Your family is expanding in number, and so you decide to sell your current home and upgrade to a larger home. You estimate that you can sell your current home for $100,000 and can buy a larger home for $475,000. You plan to use the entire $100,000 sale proceeds as a down payment on the new home and will finance the remainder for 15 years at 4% nominal annual interest compounded monthly. What is your estimated monthly mortgage payment
Answer:
The Estimated Monthly Mortgage Payment
= $2,810.81
Explanation:
Data and Calculations:
House price = $475,000
Down payment = $100,000
Percentage of down payment = 21.05% ($100,000/$475,000 * 100)
Finance period = 15 years = 180 months (15 * 12)
Nominal annual interest compounded monthly = 4%
The estimated monthly mortgage payment using an online finance calculator:
Monthly Pay: $2,810.81
House Price $475,000.00
Loan Amount $380,000.00
Down Payment $95,000.00
Total of 180 Mortgage Payments $505,946.54
Total Interest $125,946.54
Mortgage Payoff Date Jan. 2036
Each tile provides an investor’s tax bracket along with the tax-free yield of a bond the investor purchased. Use the formula to determine the taxable equivalent yields of the investments, and then order the investments from least to greatest return.
taxable equivalent yield = 
tax bracket: 18%
tax-free yield: 3%
tax bracket: 24%
tax-free yield: 6%
tax bracket: 32%
tax-free yield: 3%
tax bracket: 22%
tax-free yield: 5%
tax bracket: 32%
tax-free yield: 4%
Answer:
tax bracket: 18%
tax-free yield: 3%
<
tax bracket: 32%
tax-free yield: 3%
<
tax bracket: 32%
tax-free yield: 4%
<
tax bracket: 22%
tax-free yield: 5%
<
tax bracket: 24%
tax-free yield: 6%
Explanation:
correct on plato/edmentum
Tax bracket And tax-free yield (18%, 3%) < (32%, 3%) < (32% , 4%) < (22% , 5%) < (24% , 6%) .
Taxable equivalent yield based problem:Taxable equivalent yield = Tax-free yield / (100 - Tax bracket)
Taxable equivalent yield = 3 / (100 - 18) = 0.03659
Taxable equivalent yield = 6 / (100 - 24) = 0.07895
Taxable equivalent yield = 3 / (100 - 32) = 0.04412
Taxable equivalent yield = 5 / (100 - 22) = 0.06410
Taxable equivalent yield = 4 / (100 - 32) = 0.05882
Find out more information about 'Tax bracket'.
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Vaughn Manufacturing has 11500 shares of 5%, $100 par value, non-cumulative preferred stock and 46000 shares of $1 par value common stock outstanding at December 31, 2020. There were no dividends declared in 2019. The board of directors declares and pays a $138000 dividend in 2020. What is the amount of dividends received by the common stockholders in 2020
Answer:
$23,000
Explanation:
Total dividends = $138,000 (Paid in 2020)
Common stock outstanding = 46,000 shares
Preferred dividend = Number of shares × Par value × 5%
= 11,500 × $100 × 5%
= $57,500
Dividends received by common stock holders in 2020 is;
= Total dividends - Preferred dividend
= ($138,000 × 1) - ($57,500 × 2)
= $138,000 - $115,000
= $23,000
How can a manager use a value chain to improve a company?
To improve a company's value chain, its value chain management team identifies each part of its production process and where improvements can be made. These improvements can either reduce costs or improve production capacity.
Suppose that the North American Free Trade Agreement (NAFTA) resulted in a single large market for wheat instead of three separate markets in Canada, the United States, and Mexico. The demand schedule below shows the number, In billions, of bushels of wheat demanded per year by each country at four different prices per bushel.
Complete the demand schedule for wheat by solving for the quantity of wheat demanded in the new North American market. U.S. Mexico North American Market.
Price Canada U.S Mexico North Americain market
$10 6 25 5
8 9 28 7
6 11 32 9
4 13 35 12
Answer:
North American Free Trade Agreement (NAFTA)
Demand Schedule for Wheat in the new North American Market
(Number in billions of bushels of wheat, demanded per year)
Price Canada U.S Mexico North American market
$10 6 25 5 36
8 9 28 7 44
6 11 32 9 52
4 13 35 12 60
Explanation:
a) Data and Calculations:
Demand Schedule (number in billions of bushels of wheat)
Price Canada U.S Mexico North American market
$10 6 25 5 36
8 9 28 7 44
6 11 32 9 52
4 13 35 12 60
b) The result shows the aggregate demand of bushels of wheat in the three markets when they become a single market. This large market size will encourage wheat farmers to produce and supply more wheat and even reduce the price to $4 per bushel in order to reach the equilibrium demand of 60 billion bushels of wheat per year. This huge market will engender economic growth in the market for wheat and its related industries.
Bernson Corporation is using a predetermined overhead rate that was based on estimated total fixed manufacturing overhead of $492,000 and 30,000 machine-hours for the period. The company incurred actual total fixed manufacturing overhead of $517,000 and 28,300 total machine-hours during the period. The amount of manufacturing overhead that would have been applied to all jobs during the period is closest to: (Round your intermediate calculations to 2 decimal places.)
Answer: $464,120
Explanation:
Find the predetermined overhead rate:
= Estimated fixed manufacturing overhead / estimated machine hours
= 492,000/30,000
= $16.40
The actual machine hours for the period was 28,300 hours.
Manufacturing overhead applied would be:
= Predetermined rate * actual machine hours
= 16.4 * 28,300
= $464,120
When using the Copy to Purchase Order feature from within an Estimate , where do you need to turn on USE Purchase orders?
Answer: From expenses within the Accounts & settings.
Explanation:
When using the copy to purchase order feature within an estimate, to turn on USE purchase orders you navigate to expenses under accounts and settings. When you get to the accounts and settings you would see the feature that shows "Expenses" tab. In the Purchase orders section, select the edit icon. Turn on the Use purchase orders options.
Answer:account and settings, expenses, purchase order
Explanation:
Michelle operates a food truck. Indicate the amount (if any) that she can deduct as an ordinary and necessary business deduction in each of the following situations and explain your solution.
A. Michelle was stopped for speeding. She paid a fine of $125 for speeding, including $80 for legal advice in connection with the ticket.
B. Michelle paid $795 to reserve a parking place for her food truck for the fall football season outside the local football arena. Michelle also paid $140 for tickets to a game for her children.
C. Michelle provided a candidate with free advertising painted on her truck during the candidate’s campaign for city council. Michelle paid $680 to have the ad prepared and an additional $380 to have the ad removed from the truck after the candidate lost the election.
Answer:
A. $80
B. $795
C. $0
Explanation:
Only expenses that can be directly attributed to the business are deductible.
Personal expenses will not be deductible.
A. Here the only deductible amount is the legal fees of $80. The speeding will not be charged to the business because it was as a result of personal negligence. The legal fees affect the business because the speeding related to a business asset.
B. Only the amount paid to reserve a spot will be deductible because it relates to expenses for the business to make profit. The money she spent on her children is a personal expense.
C. There is no deductible here. These activities were of a personal nature and in no way related to the operations of the business of operating the food truck.
Peach Company uses a weighted-average process-costing system. Company records disclosed that the firm completed 84,000 units during the month and had 18,700 units in process at month-end, 50% complete. Conversion costs associated with the beginning work-in-process inventory amounted to $248,000, and amounts that relate to the current month totaled $990,000. If conversion is incurred uniformly throughout manufacturing, Peach's equivalent-unit cost is:
Answer:
the equivalent unit cost is $13.26
Explanation:
The computation of the equivalent unit cost is shown below:
Calculation of Peach Equivalent-unit cost is
= Total Cost ÷ Units
= ($990,000 + $248,000) ÷ (84,000 units + (18,700 units × 50% completion)
= ($1,238,000) ÷ (93,350 units)
= $13.26 per unit
Hence, the equivalent unit cost is $13.26
Hours of labor or number of workers are common ways of measuring a company’s...
Answer:
productivity
Explanation:
The "productivity" of employees in a company is essential because it affects the company's profit. In order to measure or calculate the individual employee's productivity, you have to consider the hours of labor and the number of workers.
You have to divide the total output to the hours of labor in order to get the amount that your company is generating per hour of work.You have to divide the total output to the number of workers in order to get the the amount that every employee produced for your company per week.Scott Bennett is preparing his balance sheet and income and expense statement for the year ending June 30, 2016. He is having difficulty classifying six items and asks for your help. Which, if any, of the following transactions are assets, liabilities, income, or expense items?
a. Scott rents a house for $1,350 a month.
b. On June 21, 2016, Scott bought diamond earrings for his wife and charged them using his MasterCard. The earrings cost $900, but he hasn’t yet received the bill.
c. Scott borrowed $3,500 from his parents last fall, but so far, he has made no payments to them.
d. Scott makes monthly payments of $225 on an installment loan; about half of it is interest, and the balance is repayment of principal. He has 20 payments left, totaling $4,500.
e. Scott paid $3,800 in taxes during the year and is due a tax refund of $650, which he hasn’t yet received.
f. Scott invested $2,300 in some common stock.
Answer:
a. Expense
b. Expense and Liability
c. Assets and Liability
d. Expense and Liability
e. Expense and Asset
f. Assets
Explanation:
Assets are resources held or controlled by the entity as a results of a past event, for which future economic benefits are expected to flow to the entity, liabilities are present obligations of an entity as a result of a past event for which future economic benefits would flow out of the entity. Income and expense are elements of the income statements while the assets and liabilities are elements of balance sheet along with equities. Considering the lines
a. Scott rents a house for $1,350 a month - This is an expense except for when paid for in advance then it becomes an asset.
b. On June 21, 2016, Scott bought diamond earrings for his wife and charged them using his MasterCard. The earrings cost $900, but he hasn’t yet received the bill. - This represents both expense and a liability as he is yet to receive the bill.
c. Scott borrowed $3,500 from his parents last fall, but so far, he has made no payments to them. - This is an asset (cash) and a liability since he is yet to pay.
d. Scott makes monthly payments of $225 on an installment loan; about half of it is interest, and the balance is repayment of principal. He has 20 payments left, totaling $4,500 - The interest element is an expense while the amount left is a liability
e. Scott paid $3,800 in taxes during the year and is due a tax refund of $650, which he hasn’t yet received. - The amount paid in taxes is an expense while the amount to be received back is an asset
f. Scott invested $2,300 in some common stock - This is an assets
On November 1, Year 2, Stokes Company paid Eastport Rentals $32,000 for a 12-month lease on warehouse space. Required Record the deferral and the related December 31, Year 2, adjustment for Stokes Company in the accounting equation. Record the deferral and the related December 31, Year 2, adjustment for Eastport Rentals in the accounting equation.
Answer:
At receipt of payment on November 1, Year 2, entries required
Dr Cash $32,000 (Asset)
Cr Deferred rental revenue $32,000 (Liabilities)
On December 31, adjustment required
Dr Deferred rental revenue $5,333.33 ( Liabilities)
Cr Rental revenue $5,333.33 (Equity)
Hence the accounting equation becomes
$32,000 = $26,666.67 + $5,333.33
Assets (Cash) = Liabilities (Deferred rental revenue) + Equity (Rental revenue)
Explanation:
The accounting equation is given as
Assets = ,Equity + Liabilities
Given that Stokes Company paid Eastport Rentals $32,000 for a 12-month lease on warehouse space, the monthly income to Eastport Rentals
= $32,000/12
= $2,666.67
Hence between November 1, Year 2 and December 31, Year 2, the income earned
= $2,666.67 * 2
= $5,333.33
The amount unearned (or deferred) at December 31, Year 2
= $32,000 - $5,333.33
= $26,666.67
At receipt of payment on November 1, Year 2, entries required
Dr Cash $32,000 (Asset)
Cr Deferred rental revenue $32,000 (Liabilities)
On December 31, adjustment required
Dr Deferred rental revenue $5,333.33 ( Liabilities)
Cr Rental revenue $5,333.33 (Equity)
Assume that a financial asset gives its owner the following cash flows which are invested using the compound interest method: year zero, 15,041 dollars outflow; year one, 44,780 dollars inflow; year two, 15,784 dollars inflow; year three, 52,390 dollars inflow; year four: 13,458 dollars inflow. Given that the current yield required for similar financial assets is 6% per year, compute the value of this asset at time 3 taking into account past and future cash flows. (note: round your answer to the nearest cent and do not include spaces, currency signs, or commas)
Answer:
$114,218.
Explanation:
Year 0, cash outflow = $15,041
Year 1, cash inflow = $44,780
Year 2, cash inflow = $15,784
Year 3, cash inflow = $52,390
Year 4, cash inflow = $13,458
R = 6%
Value of the asset in year 3 = -15,041*(1+6%)^3 + 44,780*(1+6%)^2 + 15,784*(1+6%) + 52,390 + 13,458/(1+6%)
Value of the asset in year 3 = -15,041*1.191016 + 44,780*1.1236 + 15,784*1.06 + 52,390 + 13,458/1.06
Value of the asset in year 3 = -17,914.07 + 50,314.81 + 16,731.04 + 52,390 + 12,696.23
Value of the asset in year 3 = $114,218.01