Answer:
please give me brainlist and follow
Explanation:
Nature of Economic Theory: Economic theory involves generalisations which are statements of general tendencies or uniformities of relationships among various elements of economic phenomena. A generalisation is the establishment of a general truth on the basis of particular experiences.
Each of the situations below represents a negative outcome of one of Erik Erikson's Psychosocial Stages. Determine which psychosocial stage resulted in each set of behaviors described below; speculate as to what circumstances may have resulted in the negative outcome; and describe what behaviors would be indicative of a positive outcome of that same stage.
1) Jason is a 14-year-old seventh grader who moved to Saint Cloud this summer from another state. He has recently been referred to the school psychologist because of concerns about both his academic performance and school behavior. A review of his school records shows that Jason repeated kindergarten and third grade. His elementary school grades were primarily S's ("Satisfactory") and N's ("Needs Improvement"). His current teachers state that they are unsure of Jason's academic skills because he typically does not turn in assignments and appears to "clown around" and not take exams and assignments seriously.
2) Brenda is a 5th-year undergraduate student. She began her post-secondary education as a nursing major at a private college, but decided she wanted to pursue a career in special education, so she transferred to a state university with a large education program. After a year, she discovered that special education was not for her, so she transferred back to the college where she had first enrolled and registered for courses in the psychology major sequence. She is now a liberal studies major and will graduate in May. Brenda has thought about applying to law schools, but recently decided she really didn't want a career in law. At this point she has no firm career plans. Rather, she had decided to work as a waitress for at least a year, and after that, who knows?
3) Carrie is a 36-year-old woman who is currently being seen for counseling at the community mental health center. Her second marriage recently ended in divorce, and she has sought counseling so that she might "find" herself and get her life "back on track." Carrie married for the first time at age 18, but she and her husband grew increasingly apart and found they had little in common, other than their two children! She remarried shortly after her first divorce as she felt "empty" being alone and thought both she and her children needed a man in the house, but that marriage also proved unsuccessful. She is now thinking of attending college, and is trying to figure out what to do "with the rest of her life."
Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows:
Direct materials: 5 pounds at $9 per pound $45
Direct labor: 3 hours at $14 per hour 42
Variable overhead: 3 hours at $8 per hour 24
Total standard cost per unit $111
The planning budget for March was based on producing and selling 28,000 units. However, during March the company actually produced and sold 34,000 units and incurred the following costs:
a. Purchased 180,000 pounds of raw materials at a cost of $8.50 per pound. All of this material was used in production.
b. Direct laborers worked 69,000 hours at a rate of $15 per hour.
c. Total variable manufacturing overhead for the month was $565,200.
Required:
a. What raw materials cost would be included in the company's planning budget for March?
b. What raw materials cost would be included in the company's flexible budget for March?
c. What is the materials price variance for March?
Answer:
Preble Companya. The raw materials cost for the planning budget for March is:
= $1,260,000
b. The raw materials cost included in the company's flexible budget for March
= $1,530,000
c. The materials price variance for March is:
= $90,000
Explanation:
a) Data and Calculations:
Standard Cost Card Per Unit:
Direct materials: 5 pounds at $9 per pound $45
Direct labor: 3 hours at $14 per hour 42
Variable overhead: 3 hours at $8 per hour 24
Total standard cost per unit $111
Planning budget production and sales for March = 28,000 units
Actual production and sales for March = 34,000 units
Purchase of 180,000 pounds of raw materials / 5 = 36,000 units
Purchase cost = $8.50 per pound
Price variance = $0.50 per pound favorable ($9.00 - $8.50)
Total purchase cost = $1,530,000
Direct labor worked = 69,000
Standard labor hours = 34,000 * 3 = 102,000 hours
Direct labor volume variance = 33,000 hours (102,000 - 69,000)
Standard variable manufacturing overhead = $816,000 (34,000 * $24)
a. The raw materials cost for the planning budget for March is:
= $1,260,000 ($9 * 5 * 28,000)
b. The raw materials cost included in the company's flexible budget for March
= $1,530,000 ($9 * 5 * 34,000)
c. The materials price variance for March is:
= $90,000 ($9 - $8.50)180,000
Advanced Products Corporation has supplied the following data from its activity-based costing system:
Overhed Costs
Wages and salaries $300,000
Other overhead costs 100,000
Total overhead costs $400,000
Activity Cost Pool Activity Measure Total Activity
for the Year
Supporting direct labor Number of direct labor-hours 20,000 DLHs
Order processing Number of customer orders 400 orders
Customer support Number of customers 200 customers
Other This is an organization-
sustaining activity Not applicable
Distribution of Resource Consumption Across Activities
Supporting Direct Order Customer Other Total
Labor Processing Support
Wages and salaries 40% 30% 20% 10% 100%
Other overhead costs 30% 10% 20% 40% 100%
During the year, Advanced Products completed one order for a new customer, Shenzhen Enterprises. This customer did not order any other products during the year. Data concerning that order follow:
Data Concerning the Shenzhen Enterprises Order
Units ordered 10 units
Direct labor-hours 2 DLHs per unit
Selling price $300 per unit
Direct materials $180 per unit
Direct labor $50 per unit
1. Using Exhibit, prepare a report showing the first-stage allocations of overhead costs to the activity cost pools.
2. Using Exhibit, compute the activity rates for the activity cost pools.
3. Prepare a report showing the overhead costs for the order from Shenzhen Enterprises including customer support costs.
4. Using Exhibit, prepare a report showing the customer margin for ShenzhenEnterprises.
Answer:
1. Direct labor Support $150,000
Order processing $100,000
Customer Support $80,000
Other $70,000
Totals $400,000
2. Activity cost pool Activity rate
Supporting direct labor $ 7.50 per DLH
Order processing $ 250 per order
Customer Support $ 400 per customer
3. Overhead cost $800
4.$-100
Explanation:
1. Prepare of the report showing the first-stage allocations of overhead costs to the activity cost pools.
Direct labor Support Order processing Customer Support Other Totals
Wages and salaries $120,000 $90,000 $60,000 $ 30,000 $300,000
(40%*$300,000=$120,000)
(30%*$30,000=$90,000)
(20%*$300,000=$60,000)
(10%*$300,000=$30,000)
(100*$300,000=$300,000)
Other overheads cost $ 30,000 $10,000 $20,000 $ 40,000 $ 100,000
(30%*$100,000=$30,000)
(10%*$100,000=$10,000)
(20%*$100,000=$20,000)
(40%*$100,000=$40,000)
(100%*$100,000=$100,000)
TOTAL COST $150,000 $100,000 $80,000 $70,000 $400,000
Therefore the first-stage allocations of overhead costs to the activity cost pools are :
Direct labor Support $150,000
Order processing $100,000
Customer Support $80,000
Other $70,000
Totals $400,000
2. Computation for the activity rates for the activity cost pools.
Activity cost pool Activity rate
Supporting direct labor $ 7.50 per DLH
($150,000/20,000=$ 7.50)
Order processing $ 250 per order
($100,000/400=$250)
Customer Support $ 400 per customer
($80,000/200=$400)
Therefore the activity rates for the activity cost pools are:
Activity cost pool Activity rate
Supporting direct labor $ 7.50 per DLH
Order processing $ 250 per order
Customer Support $ 400 per customer
3. Preparation of a report showing the overhead costs for the order from Shenzhen Enterprises including customer support costs.
Activity cost pool ABC cost
Supporting direct labor $150
($7.50*2*10)
Order processing $250
($100,000/400=$250)
Customer Support $400
($100,000/200=$400)
Overhead cost $ 800
($150+$250+$400)
Therefore the overhead costs for the order from Shenzhen Enterprises including customer support costs is $800
4. Preparation of a report showing the customer margin for Shenzhen Enterprises
Shenzhen Enterprises
Customer Margin - ABC Analysis
Sales (10* $300) 3,000
Less Costs:
Direct materials (10*$180) $1,800
Direct labor (10 * $50) $ 500
Overhead cost $800
($150+$250+$400)
Total cost ($3,100)
Customer margin $-100
($3,000-$3,100)
Therefore the customer margin for Shenzhen Enterprises is $-100
Steven runs a small company that manufactures VCRs. In recent years, his sales and profits have been suffering. Steven knows that people are buying DVD players more than VCRs nowadays. However, he does not understand why people do not continue to purchase VCRs as well. After all, Blockbuster still rents VHS tapes and people still own VHS tapes. Steven refuses to begin manufacturing DVD players. He insists that his specialty lies in the production of VCRs. Steven is suffering from which of the following?
a. Slide-rule syndrome
b. Majority Fallacy
c. Marketing myopia
d. SWOT
e. Product champion
Answer:
c. Marketing myopia
Explanation:
Marketing myopia occurs when a company focuses only on its needs and capabilities and not on the needs of their customers. Obviously, this will result in decreasing sales volumes and lower profits, and could eventually result in a business failure. In this case, Steven doesn't want to realize that VCRs are no longer wanted by consumers (nor DVDs nowadays).
Based on the information given, Steven is suffering from marketing myopia.
Marketing myopia simply means when a company focuses only on its needs and not what the customers need.
Based on the information given, Steven focuses on his needs alone. Thus brought about the reduction in sales and revenue. Therefore, Steven is suffering from marketing myopia.
Read related link on:
https://brainly.com/question/23863404
What is a disadvantage of merging cells? Merging cells combines formatting styles. Once cells are merged the process cannot be reversed. Multiple cells can be combined into one reference. Data functions in multiple cells may not be recognized.
Answer: Data functions in multiple cells may not be recognized.
Explanation:
When cells are merged on Excel, the data functions that were on the different cells that were merged may not be recognized in the merged cell so they will need to be inputted again.
This presents its own problem if the merged cells contained functions that had been used to calculate different things. The question then shifts to which function should stay in the merged cell out of the various functions that the composite cells had.
Suppose a Geographic Information Systems (GIS) research firm is approached by the state legislature and asked to provide data about vehicle movement within the state for all cars that can be tracked with direct GPS or through the owner's smartphone. Based on the movement of the cars (and phones) over a certain time, the police can decide when a car was speeding. They intend on using this data to send speeding tickets to those who moved too far, too fast. Also, if an underage driver spends too long parked by an adult only establishment, police will be notified to investigate. If you are the research firm, would you supply the data?
Answer:
No. I would not supply the data.
Explanation:
Was the GIS research firm commissioned by the state legislature? The state lacks the authority to demand the GIS information. Moreover, the data subjects did not give their consent for the information to be used for this purpose. It will be a violation of data privacy rules to provide the data when the consents of the data subjects were not obtained.
Your credit card statement had your interest rate at 16.5%. When you open your statement the rate went up to 18.2%. Can the credit card company do that without notifying you?
Answer:
Definitely not
Explanation:
I mean, it's YOUR account; they can't just do that, to my inderstanding.
If a company's current ratio increases from 1.2 to 1.4 from one year to the next, and its quick ratio decreases from 0.2 to 0.15 over the same time period, this indicates: a. the current liabilities have decreased. b. the inventory management should be further examined. c. the liquidity must have increased. d. the accounts receivable have decreased.
Answer: b. the inventory management should be further examined.
Explanation:
The Quick ratio is calculated by deducting inventory from the current assets and then dividing that amount by current liabilities while the Current ratio is simply dividing the current assets by the current liabilities.
If the Current ratio increased, it means that the company has more current assets per current liabilities from last year. The fact that the quick ratio dropped however, points to most of the current asset increase being the inventory which means that the company is carrying a lot of inventory.
Their management of inventory such that they are carrying such amounts therefore needs to be further examined before a decision is made on their liquidity.
How does the company’s focus on recruiting accountants and related services give Accountingfly a competitive advantage?
In order for a company to make a profitable growth, it must have good terms of accounts and finance people.
The services that may lead the company to focus on competitive advantage are the benefits of hiring those accounts that are honest, hard-working and work with deadlines. The company recruitment can make a competitive advantage by taking in top-notch accountants and giving large pays thereby attracting more clients. It also does this by working with the approved rules, standards, and regulations.Hence the option D is correct.
Learn more about the company’s focus on recruiting accountants.
brainly.com/question/13234529.
in damselflies a basal quadrangular cell in the wing venation is called
In the month of March, Baldwin corporation received orders of 169 units at a price of $15 for the product boat. Baldwin uses the accrual method of accounting and offers 30 day credit terms. Baldwin delivers 112 units in March and the balance of 56 units in April. They receive payments of 56 units in March, 56 units in April, and 56 units in May. How much revenue is recognized on the March income statement from this order how much
Answer: $1,680
Explanation:
According to the Accrual method, revenue from sales is recognized when the obligations of the sale have been fulfilled. In other words, when the goods are delivered.
In March, Baldwin delivers 112 units so this is the units that will be recognized for revenue:
= 112 * 15 per unit
= $1,680
Using information from the news article you read and your knowledge of economics, compose a paragraph in response to the article. Your comment on the article should state your opinion on government intervention. Use economic analysis to guide your opinions. In your writing, be sure to use proper grammar as well as a topic sentence and introductory and concluding statements.
Answer:
I commend the governments of Peachtree City and Fayette County for their recent intervention, which will be beneficial to our economy. Earlier, the city reduced the water level in the lake so that people who live on the lake could maintain the shoreline. When the council started to refill the lake, city staff noted problems with the dam and spillway and brought it to the attention of Fayette County. There were financial constraints to completing this project, but the Peachtree City government decided to spend additional money to finish the project. That was the right course of action. The residents’ properties (and property values) have been restored, and the lake will once again draw visitors to the town to enjoy the lake and spend money in our town’s businesses.
Explanation:
PLATO word for word, just in case <3
As a long-term investment at the beginning of the 2018 fiscal year, Florists International purchased 25% of Nursery Supplies Inc.'s 16 million shares for $59 million. The fair value and book value of the shares were the same at that time. During the year, Nursery Supplies earned net income of $36 million and distributed cash dividends of $2.25 per share. At the end of the year, the fair value of the shares is $55 million.
Required:
a. Prepare the appropriate journal entries from the purchase through the end of the year.
b. Record the investment revenue in Nursery Supplies shares
c. Record the cash dividends received from Nursery Supplies shares
Answer: Please find answers in explanation column
Explanation:
To record investment in Nursery Supplies
Account title and explanation Debit Credit
Investment in Nursery supplies common stock $59 million
Cash $59 million
2. To record share in net income by Nursery supplies
Account title and explanation Debit Credit
Investment in Nursery supplies common share $9 million
Investment Revenue $9 million
Calculation
25% x net income of $36 million =$9 million
3.To record share in dividends received from Nursery Supplies
Account title and explanation Debit Credit
Cash $9 million
Investment in Nursery supplies common share $9 million
Calculation
16 million shares x 25% x $2.25per share=$9 million
Suppose that an initial $20 billion increase in investment spending expands GDP by $20 billion in the first round of the multiplier process. Also assume that GDP and consumption both rise by $18 billion in the second round of the process. Instructions: Round your answers to 1 decimal place. a. What is the MPC in this economy
Answer: 0.9
Explanation:
The marginal propensity to consume (MPC) is calculated by using the formula:
= Change in consumption / Change in income
where,
Change in consumption = $18 billion
Change in income = $20 billion
MPC = Change in consumption / Change in income
= $18 billion / $20 billion
= 0.9
Therefore, MPC is 0.9.
Residual Income The operating income and the amount of invested assets in each division of Otte Industries are as follows: Operating Income Invested Assets Retail Division $ 8,000,000 $40,000,000 Commercial Division 12,750,000 75,000,000 Internet Division 270,000 1,800,000 Assume that management has established a 10% minimum acceptable rate of return for invested assets. a. Determine the residual income for each division. Retail Division Commercial Division Internet Division Operating income $8,000,000 $12,750,000 $270,000 Minimum acceptable operating income as a percent of invested assets fill in the blank 1 fill in the blank 2 fill in the blank 3 Residual income $fill in the blank 4 $fill in the blank 5 $fill in the blank 6
Answer: See explanation
Explanation:
The residual income for each division will be calculated as follows:
Retail division:
Operating income = $8,000,000
Less: Minimum acceptable operating income as a percentage of invested assets = 10% × $40,000,000 = $4,000,000
Residual income = $4,000,000
Commercial division:
Operating income = $12,750,000
Less: Minimum acceptable operating income as a percentage of invested assets = 10% × $75,000,000 = $7,500,000
Residual income = $5,250,000
Internet division:
Operating income = $270,000
Less: Minimum acceptable operating income as a percentage of invested assets = 10% × $1,800,000 = $180,000
Residual income = $90,000
From the information above, we can also see that the commercial division has the highest residual value.
You are the project manager for the KLN Project. You had 19 stakeholders on this project. You have added three team
members to the project. How many more communication channels do you have now than before?
out of
O a. 171
O b. 60
O c. 1
O d. 231
C Corporation is investigating automating a process by purchasing a machine for $808,200 that would have a 9 year useful life and no salvage value. By automating the process, the company would save $141,000 per year in cash operating costs. The new machine would replace some old equipment that would be sold for scrap now, yielding $22,800. The annual depreciation on the new machine would be $89,800. The simple rate of return on the investment is closest to (Ignore income taxes.): Multiple Choice 11.28% 5.28% 6.52% 16.88%
Answer:
6.52%
Explanation:
According to the scenario, computation of the given data are as follows,
New machine cost = $808,200
Scrap sold = $22,800
Cost of investment = $808,200 - $22,800 = $785,400
Saving from new machine = $141,000
Annual depreciation of machine = $89,800
Net operating income = $141,000 - $89,800 = $51,200
Now we can calculate the rate of return by using following formula,
Simple rate of return = Net operating income ÷ Cost of Investment
= $51,200 ÷ $785,400
= 6.52%
What is the economic result of too much money being in circulation?
A. Inflation
B. Deflation
C. Recession
D. Price hikes
Paid $54,000 cash to replace a motor on equipment that extends its useful life by four years. Paid $270 cash per truck for the cost of their annual tune-ups. Paid $216 for the monthly cost of replacement filters on an air-conditioning system. Completed an addition to a building for $303,750 cash. 1. Classify the above transactions as either a revenue expenditure or a capital expenditure. 2. Prepare the journal entries to record the four transactions from part 1.
Answer:
see explanation
Explanation:
revenue expenditure is cost that improves a capital asset
capital expenditure is cost incurred to maintain daily operations
On January 1, 2017, Alexis Company purchased a delivery truck for $60,000. They estimated the useful life of the truck to be 6 years, and the salvage value to be $12,000. On July 1, 2022, they sold the truck for a loss of $1,200. Assuming the company uses straight line depreciation, what was the selling price of the truck
Answer:
$14,800
Explanation:
The computation of the selling price of the truck is shown below:
The depreciation expense is
= ($60,000 - $12,000) ÷ 6 years
= $8,000
Now the depreciation for 5.5 years is
= $8,000 × 5.5 years
= $44,000
Now book value is
= $60,000 - $44,000
= $16,000
ANd, finally the selling price of the truck is
= $16,000 - $1,200
= $14,800
Recording Entries for an Installment Note Payable On January 1, 2020, a borrower signed a long-term note, face amount, $70,000; time to maturity, three years; stated rate of interest, 8%. The market rate of interest of 10% determined the cash received by the borrower. The note will be paid in three equal annual installments of $27,162 each December 31 (which is also the end of the accounting period for the borrower). Required a. Compute the cash received by the borrower and prepare a debt amortization schedule. Note: Round your answer to the nearest whole dollar.
Answer:
A. $56,000
B. Jan 1, 2020 $70,000
Dec 31, 2020
$27,162 $5,600 -$21,562 $48,438
Dec 31, 2021
$27,162 $3,875 -$23,287 $25,150
Dec 31, 2022
$27,162 $2,012 -$25,150 $0
Total $81,486 $11,487, $70,000
B. Jan 1, 2020
Dr Cash $56,000
Dr Discount on Note Payable $14,000
Cr Note Payable $70,000
Dec 31, 2020
Dr Interest Expense $5,600
Dr Note Payable $21,562
Dr Cash $27,162
Dec 31, 2021
Dr Interest Expense Dr $3,875
Dr Note Payable Dr $23,287
Cr To Cash $27,162
Dec 31, 2022
Dr Interest Expense $2,012
Dr Note Payable $25,150
Cr To Cash $27,162
Explanation:
A. Computation for the cash received by the borrower
Cash received by the borrower=70000*8%/10%
Cash received by the borrower=$56,000
Therefore The Cash received by the borrower is $56,000
B.Preparation of a debt amortization schedule.
DEBT AMORTIZATION SCHEDULE
Date Cash Interest Expense Reduction in N.P Carrying Value
Jan 1, 2020 $70,000
Dec 31, 2020
$27,162 $5,600 -$21,562 $48,438
($70,000*8%=$5,600)
($27,162-$5,600=21,562)
($70,000-$21,562=$48,438)
Dec 31, 2021
$27,162 $3,875 -$23,287 $25,150
(8%*$48,438=$3,875)
($27,162-$3,875=$23,287)
($48,438-$23,287=$25,150)
Dec 31, 2022
$27,162 $2,012 -$25,150 $0
(8%*$25,151=$2,012)
($27,162-$2,012=$25,150)
($25,151-$25,150)
Total
Jan 1, 2020 $70,000
Dec 31, 2020
$27,162 $5,600 -$21,562 $48,438
Dec 31, 2021
$27,162 $3,875 -$23,287 $25,150
Dec 31, 2022
$27,162 $2,012 -$25,150 $0
Total $81,486 $11,487, $70,000
b. Preparation of the required entries for the borrower for the issuance of the note on January 1, 2020, and the interest payments in 2020, 2021, and 2022
Jan 1, 2020
Dr Cash $56,000
Dr Discount on Note Payable $14,000
($70,000-$56,000)
Cr Note Payable $70,000
Dec 31, 2020
Dr Interest Expense $5,600
Dr Note Payable $21,562
Dr Cash $27,162
($21,562+$5,600)
Dec 31, 2021
Dr Interest Expense Dr $3,875
Dr Note Payable Dr $23,287
Cr To Cash $27,162
($3,875+$23,287)
Dec 31, 2022
Dr Interest Expense $2,012
Dr Note Payable $25,150
Cr To Cash $27,162
($2,012+$25,150)
Vanguard is evaluating new potential investments to add to their international investment fund. Their current fund composition boasts returns that, on average, exceed the S&P 500 at 8.5%. They take a conservative approach by allowing capital investments to be recovered within a decade following each purchase. Vanguard is considering adding the Hungarian firm, Kimco & Company, a new technology firm developing automation software for the automotive industry, to their fund.
Estimated details regarding the Kimco & Co. investment are as follows:
Potential investment Payback period Return on investment (ROI) Net present value (NPV) Internal rate of Return (IRR)
Kimco & co. 7 years 0.079 0 0.085
Required:
As an analyst at Vanguard, would you recommend adding Kimco & co. to their international fund?
Answer:
No, I would NOT recommend adding Kimco & co. to their international fund.
Explanation:
The following analyses have to be considered first before making a recommendation:
1. The decision rule for Payback period is to accept a project if its estimated payback period is less than the benchmark payback period. In this question, the estimated Potential investment Payback period of 7 years is less than the 10 years provided by conservative approach. Therefore, the project should be accepted based on Payback period.
2. The decision rule for Return on investment (ROI) is to reject a project if its estimated ROI is less than the average returns. In this question, the estimated ROI of 7.90% is less than the average returns of 8.50%. Therefore, the project should be rejected based on ROI.
3. The decision rule for Net present value (NPV) is to reject a project if its NPV is positive and reject if negative. In this question, the NPV is not neither positive nor negative but zero. Therefore, decision cannot be taken based on NPV.
4. The decision rule for Internal rate of Return (IRR) is to reject a project if its IRR is less than its associated average returns. In this question, the estimated IRR is not less than the average returns because they are both equal to 8.5%. Therefore, decision cannot be taken based on IRR.
Recommendation
No, I would NOT recommend adding Kimco & co. to their international fund based on the ROI.
Although the project should be accepted based on Payback period, but the ROI will still be less than the average return despite that estimated Potential investment Payback period of 7 years is less than the 10 years provided by conservative approach.
Therefore, Kimco & co. should NOT be added to their international fund.
1. Which of categories are Internal controls are grouped?
A. Effective operations, financial reporting, and compliance.
B. Efficient operations, financial analysis, and compliance.
C. Efficient operations, financial analysis, and management reporting.
D. Production and operations, financial reporting, and management reporting
Answer: A. Effective operations, financial reporting, and compliance.
Explanation:
Internal controls are meant to promote the effectiveness of operations in a company so as to bring about maximum profitability.
Internal controls also fall under financial reporting because they are sometimes done to ensure that the information presented by a company is accurate and complete.
There are compliance controls as well to ensure that the company is complying with the various regulations that apply to them be it federal, state, local or private.
When you undertook the preparation of the financial statements for Oriole Company at January 31, 2021, the following data were available: At Cost At Retail Inventory, February 1, 2020 $83,470 $99,500 Markdowns 35,200 Markups 64,000 Markdown cancellations 19,200 Markup cancellations 9,000 Purchases 226,000 286,500 Sales revenue 310,000 Purchases returns and allowances 4,900 5,900 Sales returns and allowances 9,400 Compute the ending inventory at cost as of January 31, 2021, using the retail method which approximates lower of cost or market. Ending inventory at cost
Answer:
See below
Explanation:
Cost Retail
Beginning inventory 83,470 99,500
Add: Purchases 226,000 286,500
Less:
Purchases return (4,900) (5,900)
Add:
Net markups
(64,000 - 9,000) ---------- 55,000
Balance 304,570 380,100
Cost to retail percentage 80%
304,570/380,100
Less:
Net markdowns
(35,200 - 19,200) ----------- (16,000)
Goods available for sale 304,570 364,100
Less: Net sales
(310,000 - 9,400) ------- (300,600)
Estimated ending inventories at retail prices ---------- 63,500
Estimated ending inventory at cost
(63,500 × 80%) (50,800) ---------
Estimated cost of goods sold 253,770
Ending inventory at cost using the retail method is $50,800
Prepare general journal entries to record the following transactions.Omit explanations.
Jan.
3 Paid office rent, $1,600.
4 Bought a truck costing $50,000, making a down of $7,000
6 Paid wages, $3,000.
7 Received $1 6,000 cash from customers for services performed.
10 Paid $4,100 owed on last month's bills.
12 Billed credit customers, $5,300
17 Received $1 ,800 from credit customers.
19 Taylor Gordon, the owner, withdrew $1,700.
23 Paid $700 on amount owed for truck
29 Received bill for utilities expense, $255.
Answer:
Jan 3
Debit : Rent $1,600
Credit : Cash $1,600
Explanation:
if there is no immediate payment of cash raise a liability - accounts payable
A hospital needs 2,900 units of a medicine throughout the year. The purchasing cost varies with the size of the order. If the number of units of the medicine that the hospital orders is below 100, the supplier charges $30 per unit; if it is between 100 and 499, the price is $27 each; and if they order 500 units and above, it is $26 per unit. The holding cost per unit per year is $30, as the medicine must be kept in a special device to prevent spoilage. The ordering cost is $10.
Required:
a. How many units of medicine should the hospital order to minimize their total annual cost?
b. What is the minimum annual total cost?
Answer:
a. 100 units are ordered
b. Minimum Total annual cost = 80090
Explanation:
Given that,
D=2900.
C = $30 IF q<100
= $27 IF 100<Q<499.
= $26 IF Q>500.
C(H) = $30
C(O) = $10.
EOQ = √(2*D*C(O)/C(H))
= √( 2*2900*10/30)
= √( 1933.3333)
= 43.97
TAC if 44 units are ordered = (2*D*C(O)*C(H))+D*C
= 2*2900*10*30+ 2900*30
= 1319.09+ 87000 = 88319.09
TAC if 100 units are ordered = 2900/100*10+ 100/2*30+ 2900*27
= 29*10+ 50*30+2900*27
= 290+1500+78300
= 1790 + 78300 = 80090
if 500 units are ordered = 2900/500*10+ 500/2*30+2900*26
= 58+ 7500+75400= 82958.
∴ we get
100 units are ordered
Minimum Total annual cost = 80090.
Use the following information to compute the cost of direct materials used for the current year. (Assume no indirect materials.)
January 1 December 31.
Inventories Raw materials inventory $ 6,900 $ 11,600
Work in process inventory 12,600 12,000
Finished goods inventory 9,700 7,400
Activity during current year
Materials purchased $ 133,500
Direct labor 104,000
Factory overhead 46,500
Cost of Direct Material Used is Computed as:________
Answer:
$128,800
Explanation:
Open a Direct Materials T - Account to calculate the Cost of Direct Material Used.
Direct Materials T - Account
Debit :
Beginning Materials Inventory $ 6,900
Materials Purchases $ 133,500
Total $140,400
Credit :
Materials Used (Balancing figure) $128,800
Ending Materials Inventory $ 11,600
Total $140,400
Therefore,
Cost of Direct Material Used is $128,800
Commercial paper. Criss-Cross Manufacturers will issue commercial paper for a short-term cash inflow. Criss-Cross must raise $, and the paper will have a maturity of days. If this paper has a maturity value of $ and is selling at an annual interest rate of , what are the proceeds from each paper; that is, what is the discount rate on the commercial paper? What is the discount rate on the commercial paper? nothing% (Round to two decimal places.)
Answer:
Proceeds from Commercial paper $48,035.92
Discount rate on commercial paper 3.93%
Explanation:
Calculation to determine the proceeds from eachpaper
First step is to calculate 182 days rate
182 days rate = 0.082 * 182/365
182 days rate= 0.040887671
Now let calculate the Proceeds from Commercial paper using this formula
Proceeds from Commercial paper = Par value * 1/(1+i for time of issue)
Let plug in the formula
Proceeds from Commercial paper =$50,000 *1/(1+0.040887671)
Proceeds from Commercial paper=$48,035.92
Therefore The proceeds from commercial paper is $48,035.92
Calculation to determine the discount rate on the commercialpaper
First step is to calculate the Discount
Discount = $50,000-$48035.92
Discount=$1,964.02
Now let calculate the Discount rate on commercial paper
Discount rate on commercial paper =$1964.02./50000
Discount rate on commercial paper = 0.039282*100
Discount rate on commercial paper= 3.93%
Therefore the Discount rate on commercial paper is 3.93%
During the year, Walt who is self-employed travels from Seattle to Tokyo, Japan, on business. His time was spent as follows: two days travel (one day each way), two days business, and two days personal. His expenses for the trip were as follows (meals and lodging reflect only the business portion): Airfare $3,000 Lodging 2,000 Meals 1,000 Presuming no reimbursement, Walt's deductible expenses are: a.$3,500. b.$6,000. c.$4,500. d.$5,500.
Answer:
d.$5,500.
Explanation:
The computation of the deductible expense is shown below:
= Airfare + lodging + 50% of meals
= $3,000 + $2,000 + 50% of $1,000
= $3,000 + $2,000 + $500
= $5,500
hence, the deductible expense is $5,500
Here we take 100% of airfare & lodging but we took 50% for the meals
hence, the option d is correct
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Metlock, Inc. enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $34,500 and sales taxes $1,725. 2. Carla Vista Co. does not segregate sales and sales taxes. Its register total for April 15 is $24,804, which includes a 6% sales tax. Prepare the entries to record the sales transactions and related taxes for Metlock, Inc. and Carla Vista Co..
Answer:
1. Metlock, Inc.
Dr Cash $36,225
Cr Sales revenue $34,500
Cr Sales Tax Payable $1,725
2. Carla Vista Co
Dr Cash $24,804
Cr Sales revenue $24,082
Cr Sales Tax Payable $722
Explanation:
Preparation of the entries to record the sales transactions and related taxes for Metlock, Inc. and Carla Vista Co..
1. Metlock, Inc.
Dr Cash $36,225
($34,500+$1,725)
Cr Sales revenue $34,500
Cr Sales Tax Payable $1,725
2. Carla Vista Co
Dr Cash $24,804
Cr Sales revenue $24,082
($24,804/1.06)
Cr Sales Tax Payable $722
($24,804-$24,082)