For each of the pairs below, determine whether they are positively correlated, negatively correlated, or uncorrelated.
A. Time spent studying and test scores: Positively correlated.
B. Vaccination and illness: Negatively correlated.
C. Soft drink preference and music preference:Uncorrelated.
D. Income and education: Positively correlated.

Answers

Answer 1

Answer and Explanation:

In case when there is an existence of the mutual relationship lies between the two variables so it can be said it is a correlation. In case when one variable rises, and the other is also rises so it is positive and in the case when one variable rises, and the other is fall so it is negative

Now the classification is as follows

a. Spent more time that results in more marks so positive correlation

b. In case when the vaccination rises, the illness decreased so negative correlation

c. No relation lies between the soft drink and the music paid so no correlation

d. Increase in education results more income so positive correlation


Related Questions


Identify the characteristics of a successful workplace culture. Select all that apply.

Answers

Answer:

employees agree with goals of the organization

employees want to support the goals of the organization

Explanation:

i did it on edgenuity

Net cash flow from operating activities for 2021 Altoona Corporation was $300,000. The following items are reported on the financial statements for 2021:
Depreciation and amortization $30,000
Cash dividends paid on common stock 18,000
Increase in accounts receivable 36,000
Based only on the information above, Graham’s net income for 2018 was:_______.
a. $501,000.
b. $429,000.
c. $441,000.
d. $489,000.

Answers

Answer:

$306,000

Explanation:

Calculation for Graham’s net income for 2018

Using this formula

NET INCOME=Net cash flow from operating activities+(Depreciation and amortization -

Increase in accounts receivable )

Let plug in the formula

NET INCOME=$300,000+($30,000-$36,000)

NET INCOME=$300,000+$6,000

NET INCOME=$306,000

Therefore Graham’s net income for 2018 will be $306,000

Which of the following costs is an example of product costs? A. selling commissionsB. nonfactory office salariesC. direct materialsD. advertising expense

Answers

Answer:

C

Explanation:

Product cost is the total cost expended in creating a product. They include direct labour, direct materials, production supplies, and factory overhead.

For example to produce a pencil, some of the product cost would include :

the wages of labour employed the raw materials used to make the pencil

Painter Corporation was organized by five individuals on January 1 of the current year. At the end of January of the current year, the following monthly financial data are available:Total revenues $ 299,000Total expenses (excluding income taxes) 192,000Income tax expense (all unpaid as of January 31) 33,200Cash balance, January 31 66,950Receivables from customers (all considered collectible) 33,200Merchandise inventory (by inventory count at cost) 95,700Payables to suppliers for merchandise purchased from them (will be paid during February current year) 27,350Common stock 94,700No dividends were declared or paid during January.Required1. Complete an Income Statement for Painter Corporation.2. Complete Painter Corporation's Balance Sheet.

Answers

Answer:

Painter Corporation

Income Statement

For the month ended January, 202x

Total revenues   $299,000

Total expenses  ($192,000)

EBIT                      $107,000

Income taxes       ($33,200)

Net income           $73,800

Painter Corporation

Balance Sheet

For the month ended January, 202x

Assets:

Cash $66,950

Accounts receivables $33,200

Merchandise inventory $95,700

Total assets                                                          $195,850

Liabilities:

Accounts payable $27,350

Stockholders' equity

Common stock $94,700

Retained earnings $73,800

Total stockholders' equity $168,500

Liabilities + stockholders' equity                           $195,850

The goal of the consumer in a market economy is to use his or her limited income to buy:________.A) The greatest number of goods and services possible.B) The goods and services that maximize profits for bussiness.C) The combination of goods and services which maximize their utility given a limited budget.D) Those goods and services with the lowest prices.

Answers

Answer:

C) The combination of goods and services which maximize their utility given a limited budget.

Explanation:

The goal of every consumer is to maximise utility. utility maximisation is the highest form of satisfaction a consumer can derive from consuming goods and services.

Utility is the total satisfaction derived from consuming goods and services.

Human wants are unlimited and the resources available to them are limited. So, consumers have to choose the combination of goods within their limited budget that would maximise utility

Wolfpack Construction has the following account balances at the end of the year.Equipment $25,500Accounts payable 2,900Salaries expense 32,500Common stock 10,000Land 17,500Notes payable 19,500Service revenue 38,500Cash 5,900Retained earnings ?Required:Prepare a balance sheet for Wolfpack Construction.

Answers

Answer:

Total Assets $48,900

Total liabilities and stockholders' Equity $48,900

Explanation:

Preparation for the balance sheet pf Wolfpack Construction.

WOLFPACK CONSTRUCTION

Balance Sheet

December 31

ASSETS LIABILITIES

Cash $5,900 Accounts payable $2,900

Land $17,500 Notes payable $19,500

Equipment $25,500

Total Assets $48,900

($5,900+$17,500+25,500)

Total liabilities $22,400

($2,900+$19,500)

STOCKHOLDER'S EQUITY

Common stock $10,000

Retained earnings $16,500

Total stockholders' equity $26,500

Total Assets $48,900

Total liabilities and stockholders' Equity $48,900($22,400+$26,500)

Calculation for Retained earnings

Using this formula

Retained earnings= Total assets - Total liabilities - Common stock

Let plug in the formula

Retained earnings= $48,900-$22,400-$10,000

Retained earnings= $16,500

Therefore Total Assets will be $48,900 while

Total liabilities and stockholders' Equity will be $48,900

Tell me about the first job you’ve ever had. What did you do to learn the ropes?

Answers

Answer:

Explanation: talked to my coworkers

Which component of consumption has a negative or indirect relationship with consumption?

Answers

Answer:

Interest rates

Explanation:

Here are the options to the question : o Interest rates o Real income Real income o Expected future income o Wealth

Disposable income is either saved or consumed. When interest rates fall, savings would fall as returns on investment would be lower and consumption would increase.When interest rates rise, savings would increase and consumption would fall

Collection of a $1,000 Accounts Receivablle:_____________.
a. increases an asset $1,000; decreases an asset $1,000.
b. increases an asset $1,000; decreases a liability $1,000.
c. decreases a liability $1,000; increases stockholders' equity $1,000.
d. decreases an asset $1,000; decreases a liability $1,000.

Answers

Answer: a. increases an asset $1,000; decreases an asset $1,000.

Explanation: If an individual asset is increased, then it is possible there could be an equal decrease in another asset. Accounts receivable is the total monetary amount owed to a financial entity due to debts arising from sales on credit or on account. A collection of a $1,000 Accounts Receivable increases an asset $1,000; decreases an asset $1,000.

Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31, 2017.Cash $ 5,900 Accounts receivable 27,500 Office supplies 7,590 Trucks 196,000 Accumulated depreciation—Trucks $ 40,376 Land 48,000 Accounts payable 9,900 Interest payable 7,000 Long-term notes payable 63,000 Common stock 15,000 Retained earnings 172,347 Dividends 29,000 Trucking fees earned 126,000 Depreciation expense—Trucks 26,043 Salaries expense 64,722 Office supplies expense 17,000 Repairs expense—Trucks 11,868 Totals $433,623 $ 433,623

Answers

Answer:

.............................................. Wilson Trucking Company ......................................

................................................ Classified Balance Sheet ......................................

....................................................... December 31, 2017.........................................

Assets

Current assets  

Cash .................................................... $5,900  

Account receivable ............................ $27,500  

Office supplies..................................... $7,590

Total current assets ............................................. $40,990

Non current assets  

Land ......................................................................... $48,000

Truck ..................................................... $196,000  

Less: Accumlated depreciation - Truck  $(40,376) $155,624

Total Non current assets ......................................... $203,624

Total Assets ............................................................... $244,614

Liabilities

Current Liabilities  

Account payable................................. $9,900  

Interest payable ................................. $7,000  

Total current liabilities............................................... $16,900

Long term liabilities  

Long term notes payable.......................................... $63,000

Total liabilities............................................................. $79,900

Stockholder's equity

Common Stock ................................... $15,000  

Retained earnings............................... $149,714  

Total Stockholder's equity......................................... $164,714

Total liabilities and stockholder's equity.................. $244,614

Retained Earnings

= Opening retained earnings + Net Income - Dividends

Net Income

= Revenue - Expenses

= 126,000 (Trucking fees earned ) - 26,043 - 64,722 - 17,000 - 11,868

= $6,367

Retained earnings

= 172,347 + 6,367 - 29,000

= $149,714

Which of the following statements about tax rate structures is true? A. Regressive rate structures are illegal in the United States. B. A tax with a graduated rate structure must be either regressive or progressive. C. A proportionate rate structure is the only structure resulting in vertical equity. D. None of the above is true.

Answers

Answer:

D

Explanation:

Regressive tax system is a tax system where those that earn lower income pay more tax and those that earn higher income pay less tax.

A graduated income tax is also known as progressive tax

A proportionate tax taxes everyone the same regardless of the amount earned.

A progressive tax ensures vertical equity.

A progressive tax is a tax structure where those who earn higher income are taxed more and those that earn less pay less amount of tax.  

In order for the economy to be strong, individuals must a. produce goods and pay workers b. provide labor and pay workers c. produce goods and buy goods d. provide labor and buy goods. PLEASE HURRY

Answers

d. Provide labor and buy goods

EconomyAn economy is a domain that includes the production, distribution, and trading of products and services, as well as the consumption of those goods and services by various agents. It is defined broadly as "a social domain emphasizing the activities, discourses, and material expressions linked with the creation, use, and management of finite resources."Individuals must d. provide labor and purchase things in order for the economy to be robust.

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Answer: D

Explanation: E2020

Southern Atlantic Distributors began operations in January 2016 and purchased a delivery truck for $40,000. Southern Atlantic plans to use straight-line depreciation over a four-year expected useful life for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2016, 30% in 2017, and 20% in 2018. Pretax accounting income for 2016 was $300,000, which includes interest revenue of $40,000 from municipal bonds. The enacted tax rate is 40%. Required: Assuming no differences between accounting income and taxable income other than those described above: 1. Prepare the journal entry to record income taxes in 2016. 2. What is Southern Atlantic’s 2016 net income?

Answers

Answer:

1) December 31, 2016, income tax expense

Dr Income tax expense 104,000

    Cr Income taxes payable 100,000

    Cr Deferred tax liability 4,000

2) net income = $196,000

Explanation:

Southern Atlantic's taxable income = $300,000 (pretax income) - $40,000 (interests on municipal bonds) = $260,000

income tax expense = $260,000 x 40% = $104,000

income taxes payable = $104,000 - deferred tax liability = $104,000 - $4,000 = $100,000

deferred tax liability = accounting depreciation expense x tax rate = ($40,000 x 25%) x 40% = $10,000 x 40% = $4,000

net income = total income - income tax expense = $300,000 - $104,000 = $196,000

There is little relationship between CSR behaviors and consumer reaction to the products and services of the firm according to survey results listed in the Harvard Business Review.a. Trueb. False

Answers

Answer: false

Explanation:

CSR behavior are simply behavioral aspects of CSR. According to the definition of corporate social responsibility, companies should conduct their business in a way that gives back to the society at large.

The statements that there' little relationship between CSR behaviors and consumer reaction to the products and services of the firm according to survey results listed in the Harvard Business Review is not true.

A company's overhead rate is 60% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used.


Goods in Process Inventory Finished Goods Inventory
Beg. bal 100,800 Beg. bal 118,200
DM? 324,800 301,000
D.L?
O.H? F.G?
End Bal. 131.040 End Bal. 142,000


Factory Overhead
93,240 90,720

Answers

Answer:

Materials used during the period $ 113,120

Explanation:

The credit side of the Factory overhead is the applied overhead

Thus: 90,720 os 60% of labor: 90,720 / 0.6 = 151,200

Good in Process

Beginning Balance 100,800

Materials                            X

Labor                        151,200

Overhead                 90,720  

Transferred-out             (Y)  

Ending Balance      131,040

Finished Goods

The debit of 324,800 represents the amount transferred out from Goods in Process. Having this, we can solve for direct materials

Beginning Balance    100,800

Materials                                X

Labor                            151,200

Overhead                     90,720  

Transferred-out      (324,800)  

Ending Balance           131,040

material = 131,040 + 324,800 - 90,720 - 151,200 - 100,800 = 113,120

Donna Bader, Globalization opponent Donna Bader spent her final year at college studying the effect of various economic factors on the economy of developing nations. Based on the results of her study, she concluded that globalization does these countries more harm than good. Upon what assumption does Donna's conclusion rest? Donne assumes that ________.

a. there are no factors other than globalization which influence the economic conditions of a country
b. the welfare of individuals matters less than the economic prosperity of a nation
c. globalization does not affect the employment rate of developed and developing countries
d. the wages paid to all individuals within developed countries are equal

Answers

Answer: there are no factors other than globalization which influence the economic conditions of a country

Explanation:

Globalization is the movement of goods, services, human beings, technologies, capital etc around the world. Globalization promotes interactions between people in different parts of the world.

Since Donna Bader, whom is a globalization opponent believes that globalization does more harm than good to countries, her conclusion could have been gotten from the assumption that "there are no factors other than globalization which influence the economic conditions of a country".

In this scenario, such economy are only influenced by globalization and in a case whereby there's trade dispute or war between the country and other countries which could impede imports or affect communication or other things which can disrupt globalization to effectively take place, such economy can be affected.

You are a manager of a soft drinks company that is planning to go head to head with Coca-Cola to increase market share. Your strategy is to increase your product ranges that you plan to offer to Mass Market. Along with the extension of the products and product lines, you want to be responsive to the different geographic regions you plan to serve. So, your main focus is to balance the extended product categories along with the responsiveness to the geographic regions to serve. Currently you have a functional structure which may not be suitable for maintaining Products along with Geographic Responsiveness. So, you are required to IDENTIFY which Organizational Structure (For Example: PRODUCT BASED DIVISION, REGION BASED DEVISIONS, MATRIX STRUCTURE, etc.) would be best suitable if your strategy intends to: a. Lowering cost b. Increasing responsiveness c. or both

Answers

Answer:

Explanation:

Organizational structure is what is best for

1. lowering cost:

what would be most suitable here is the product based division structure. this is because the main goal is the launching of new product lines and also getting ranges that are in existence to be bigger. the divisions are smaller here, which is given to each single product line which may have their own R&D and response divisions. Efficiency is increased, product development cycle is reduced and so also is cost lowered.

2. increasing responsiveness:

what is best here is region/geographic based structure. this is as divisions that are smaller are given to distinct areas. this increases region specificness as well as the fact that it takes care of any grievances. the team here have good knowledge of the needs of the specific region and their socio cultural background.

3. both

the matrix structure is best when their is a goal to lower cost and at the same time increase responsiveness. the divisions are of two dimensions, primary and secondary. this therefore increases sharing of resources and also cost reduction. it uses both if these goals to enhance efficiency.

In JIT manufacturing, each operation produces
A) only what is necessary for the succeeding operations.
B) all that it can to offset fixed costs.
C) a fixed percentage in excess of orders to ensure adequate quality stock.
D) all that it can in order to build inventories.

Answers

Answer:

A) only what is necessary for the succeeding operations.

Explanation:

JIT manufacturing is a system in which it focused to reduced the time with respect to the producton system and the feedback time arises from the suppliers and from the customer

It is to be developed for meeting out the demand not for the any kind of surplus or the advance requirement

Therefore in the given case, the option A is correct as it shows the necessity to be used for the coming operations

A manager of a taco stand is interested in advertising to get more lunch time customers, but doesn’t know how much time it takes to process a single customer. The amount of time it takes to process a single customer will help the manager determine the maximum amount of customers they can process in the lunch hour. On average during lunch hour there are 12 people in line to approach the window. 4 people per minute leave the taco stand after receiving their food.
Fill in the blanks below.
I =________
R =_______
On average how long do customers wait in line? Calculate you answer in minutes. (Enter the value only. Do not enter text.)

Answers

Answer:

R = 4 customers per minute

I = 12 customers in line

average time (T) = 3 minutes per customer

Explanation:

if we follow Little's Law and its assumptions: L = λW

L = average number of clients in line = 12λ = arrival or departure rate = 4 per minuteW = average waiting time

W = L / λ

average waiting time = average number of clients in line / average number of clients arriving (or departing) = 12 / 4 = 3 minutes

Little's Law can also be written as I = RT

I = L

R = λ

Zenith Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Retained Earnings; Dividends; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.
Transactions
Mar.1 Paid rent for the month, $4,000.
3 Paid advertising expense, $1,350.
5 Paid cash for supplies, $1,800.
6 Purchased office equipment on account, $11,500.
10 Received cash from customers on account, $8,600.
15 Paid creditor on account, $3,180.
27 Paid cash for miscellaneous expenses, $700.
30 Paid telephone bill for the month, $550.
31 Fees earned and billed to customers for the month, $37,200.
31 Paid electricity bill for the month, $830.
31 Paid dividends, $2,000.
Journalize the preceding selected transactions for March 2018 in a two-column journal. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
Zenith Consulting Co.
General Ledger
ASSETS
11 Cash
12 Accounts Receivable
13 Supplies
14 Office Equipment
LIABILITIES
21 Accounts Payable
EQUITY
31 Common Stock
32 Retained Earnings
33 Dividends
REVENUE
41 Fees Earned
EXPENSES
51 Rent Expense
52 Advertising Expense
53 Utilities Expense
54 Miscellaneous Expense

Answers

Answer:

Date        Account Title and Explanation     Debit       Credit

Mar-01     Rent expenses                               $4,000

                     Cash                                                          $4,000

               (To record payment of rent for the month)

Mar-03    Advertising expenses                    $1,350

                      Cash                                                         $1,350

                (To record payment advertising expenses for the month)  

Mar-05     Supplies                                         $1,800

                       Cash                                                          $1,800

                 (To record payment for supplies)  

Mar-06     Office equipment                           $11,500  

                        Accounts payable                                   $11,500

                 (To record purchase of office equipment on account)  

Mar-10      Cash                                              $8,600

                        Accounts receivable                              $8,600

                (To record cash receipt from customers on account)  

Mar-15       Accounts payable                        $3,180  

                         Cash                                                        $3,180

                (To record payment to creditors on account)

Mar-27      Misc. expenses                             $700

                        Cash                                                         $700

                 (To record payment for misc. expenses)

Mar-30      Utilities expenses                         $550

                        Cash                                                          $550

               (To record payment for telephone expenses for the month)  

Mar-31       Accounts receivable                    $37,200  

                        Fees earned                                             $37,200

               (To record fee earned and billed to customer for the month)  

Mar-31       Utilities expenses                         $830

                         Cash                                                          $830

                (To record payment for electricity bill for the month)  

Mar-31      Dividends                                         $2,000  

                         Cash                                                           $2,000

                (To record payment of dividends)  

Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows:
Inventory,by Product Category Quantity Per Unit Cost Net Realizable Value
Tools:
Hammers 120 $5.50 $6.00
Saws 250 10.50 9.50
Screwdrivers 350 2.50 3.10
Paint products:
1-gallon cans 550 6.50 5.50
Paint brushes 120 4.50 5.00
Required:
1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory.
2. Assuming inventory write-downs are common for Almaden, record any necessary year-end adjustment amount for each of the LCNRV applications in requirement 1.

Answers

Answer:

Product category        units           cost          NRV   year-end inventory

Tools:

Hammers             120            $5.50        $6.00            $660Saws                    250           $10.50       $9.50          $2,375Screwdrivers       350            $2.50        $3.10             $875

Paint products:

1-gallon cans       550            $6.50        $5.50         $3,025 Paint brushes      120             $4.50        $5.00            $540

1) carrying value of year-end inventory:

Tools:                        

Hammers               $660 Saws                    $2,375 Screwdrivers          $875sub-total               $3,910

Paint products:        

1-gallon cans      $3,025Paint brushes        $540sub-total             $3,565

Total                            $7,475

2) adjustment to tools:

Dr Cost of goods sold 250

    Cr Inventory: tools 250

adjustment to paint products:

Dr Cost of goods sold 550

    Cr Inventory: paint products 550

or total adjustment to inventory account:

Dr Cost of goods sold 800

    Cr Inventory 800

Inventory is the part of current assets held by the business organization to perform their business operations. The inventory is the working current asset as it keeps on moving with the sale of goods. There are various methods to determine the value of inventory such as FIFO, LIFO, and many more.

1. The carrying value of the inventory at year-end is $7,475

It is computed in the image attached below.

2. The journal entries for the adjustment amount of the year-end for each LCNRV is attached in the image below:

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Tetra Pak Ltd. is one of the leading business organization in packaging industry of Pakistan, and is currently assessing the commercial risk of its new project. The project which it currently want to peruse is introduction of new packaging material and system that is more of ecological and environmental friendly. This project would require Tetra Pak ltd. to establish new industrial plant in extension of the existing one, so to produce that new packaging material that could be sold to different industries for their packaging (such as beverages industry). Requirement: Assuming that you are part of project risk management team, how would you assess all of the key operating risk and revenue risk of the project (under commercial risk assessment and management)? As well as how would you assess which of the revenue risk management techniques would be appropriate for this project among offtake contracts, concession agreement, and hedging contract (provide rational for your choice for any one or mix approach for protecting organizational revenue).

Answers

Answer:

Poor implementation risk

Process risk

Equipment failure risk

Demand risk

Quality risk

Reputation risk

Explanation:

The new process implementation will require capital expense. There is high risk that the new packaging is not accepted by the customers. There can be quality check required to ensure that new packaging is not compromising quality of the product. There can be demand decline risk as the new packaging is rejected by the customers then the company can loose large amount of revenue. There will be heavy cost incurred for the extension of existing plant but if the implementation and management is poor then the new packaging will not be up to the mark and this may hit the brand reputation.

Calculate the AT- WACC with a 60% debt and 40% equity financing structure.

Answers

Answer: 9.9%

Explanation:

The Weighted Average Cost of Capital (WACC) represents the cost of financing the business through debt and capital.

It is calculated as;

= (Weight of stock * cost of stock) + ( Weight of debt * after-tax cost of debt)

After tax cost of debt;

= debt interest *  ( 1 - tax rate)

= 10% * ( 1 - 35%)

= 6.5%

WACC = (40% * 15%) + ( 60% * 6.5%)

= 9.9%

Zenith Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Retained Earnings; Dividends; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.TransactionsMar. 1 Paid rent for the month, $4,000. 3 Paid advertising expense, $1,350. 5 Paid cash for supplies, $1,800. 6 Purchased office equipment on account, $11,500. 10 Received cash from customers on account, $8,600. 15 Paid creditor on account, $3,180. 27 Paid cash for miscellaneous expenses, $700. 30 Paid telephone bill for the month, $550. 31 Fees earned and billed to customers for the month, $37,200. 31 Paid electricity bill for the month, $830. 31 Paid dividends, $2,000.Journalize the preceding selected transactions for March 2018 in a two-column journal. CHART OF ACCOUNTS Zenith Consulting Co. General LedgerASSETS11 Cash12 Accounts Receivable13 Supplies14 Office EquipmentLIABILITIES21 Accounts PayableEQUITY31 Common Stock32 Retained Earnings33 Dividends

Answers

Answer:

Since there is not enough room here, I used an excel spreadsheet. I also assigned account numbers to fees earned account and expense accounts.

Empire Company is a manufacturer of smartphones. Its controller resigned in October 2017.
An inexperienced assistant accountant has prepared the following income statement for the month of October 2017.
EMPIRE COMPANY
Income Statement
For the Month Ended October 31, 2017
Sales Revenue $780,000
Less: Operating Expenses
Raw materials purchases $264,000
Direct labor costs 190,000
Advertising expense 90,000
Selling and administrative salaries 75,000
Rent on factory facilities 60,000
Depreciation on sales equipment 45,000
Depreciation on factory equipment 31,000
Indirect labor cost 28,000
Utilities expense 12,000
Insurance expense 8,000 803,000
Net loss ($23,000)
Prior to October 2017, the company had been profitable every month. The company's president is concerned about the accuracy of the income statement. As her friend, you have been asked to review the income statement and make necessary corrections. After examining other manufacturing cost data, you have acquired additional information as follows.
1. Inventory balances at the beginning and end of October were:
October 1 October 31
Raw materials $18,000 $29,000
Work in process 20,000 14,000
Finished goods 30,000 50,000
2. Only 75% of the utility expense and 60% of the insurance expense apply to factory operations. The remaining amounts should be charged to selling and administrative activities.
Instructions:
a. Prepare a schedule of cost of goods manufactured for October 2017.
b. Prepare a correct income statement for October 2017.

Answers

Answer:

a. Schedule of cost of goods manufactured for October 2017.

Raw materials costs  ($264,000  + $18,000 - $29,000)   $253,000

Direct labor costs                                                                 $190,000

Depreciation on factory equipment                                      $31,000

Indirect labor cost                                                                  $28,000

Rent on factory facilities                                                        $60,000

Utilities expense $12,000  × 75%                                            $9,000

Insurance expense $8,000 × 60%                                         $4,800

Add Opening Work in process Inventory                            $20,000

Less Closing Work in process Inventory                             ($14,000)

Cost of goods manufactured                                               $581,800

b. Income statement for October 2017.

Sales Revenue                                                                     $780,000

Less Cost of Goods Sold :

Opening Finished goods Inventory                $30,000

Add Cost of goods manufactured                 $581,800

Less Closing Finished goods Inventory        ($50,000)   ($561,800)

Gross Profit                                                                           $218,200

Less Expenses :

Advertising expense                                        $90,000

Selling and administrative salaries                  $75,000

Depreciation on sales equipment                   $45,000

Utilities expense 12,000  × 25 %                        $3,000

Insurance expense 8,000 × 40 %                      $3,200   ($216,200)

Net Profit / Loss                                                                       $2,000

Explanation:

First, Prepare the cost of goods manufactured for October 2017 and include the amount in the calculation of cost of goods sold.

In the cost of goods manufactured schedule, include only the costs that are factory related.

Then, Prepare the income statement for October 2017, making sure to adjust the Utilities and Insurance expenses appropriately.

Is Darby doing anything wrong? If so, what? What ethics traps is she facing?

Answers

Answer:

Hello your  question is incomplete attached below is a screenshot of the question

Answer: i) Darby is doing something wrong

              ii) Ethic traps are : Money and Rationalization

Explanation:

Darby is doing something wrong because she is taking the benefits of H associates company for personal purposes. and this totally unethical behavior been exhibited by Darby

The ethics trap faced by Darby are :

Money ; Money is the most influential trap that makes employees engage in most unethical activities because Human beings want more money always

Rationalization : Darby is using the company's facilities for personal use because she feels that her usage of the facilities for personal use won't affect the company negatively

In order for a managerial team to develop an effective strategy, they first need to assess the conditions under which the organization is operating under and existing in. There are several tools available to managers to accomplish this end. One of these tools, Porter's Five Competitive Forces, allows managers to assess the level of competitiveness within a particular industry. According to strategy expent Michael Porter, business-level strategies originate within the five primary competitive forces of threats of new entrants, bargaining power of suppliers, bargaining power of buyers, threats of substitute products or services, and rivalry among competitors. This exercise will test your knowledge of Porter's Five Competitive Forces. However each term or phrase and read the description. Next, drag and drop the term or phrase into the correct position to correspond with the related competitive force from Porter's Five Competitive Forces. 1. Internet 2. Investments 3. Music4. Glass 5. Advertisement A. Threat of New EntrantsB. Bargaining Power of Suppliers C. Bargaining Power of BuyersD. Threat of Substitute Products or Services E. Rivalry Among Competitors

Answers

Answer:

1. Internet - Bargaining power of buyers

With the internet buyers are much more knowledgeable about goods and services as well as having access to many more vendors. The internet has therefore increased the bargaining power of buyers.

2. Investments - Threat of Substitute Products or Services

Investment into an industry could mean that other companies are being financed to provide the goods and services that the other companies in the industry already create. This is a threat of substitute products and services.

3. Music - Threat of New Entrants

Music is dynamic and keeps evolving such that new entrants are a constant happening. These new musicians could attract the audiences of other musicians so it is a threat to entry.

4. Glass - Bargaining Power of Suppliers

If the specific kind of glass is not easy to get or is sold by one or few companies, this would mean that the bargaining power of suppliers is high due to the scarcity of the glass.

5. Advertisement - Rivalry Among Competitors

Advertisement is a way of telling consumers to buy a product from the company advertising instead of its customers. Advertising is therefore a medium of expression for rivalry amongst competitors.

A production possibilities frontier (PPF) is bowed outward as a result of:____.1) constant opportunity costs.2) increasing opportunity costs.3) decreasing opportunity costs.4) scarcity.5) choice.

Answers

Answer: 2) increasing opportunity costs

Explanation:

The Production Possibilities Frontier (PPF) measures how much of one good an economy would have to give up to be able to produce more of another good.

Resources in the economy are scarce so a trade-off needs to be made to determine how much resources would go into one good and how much into the other. This is why when more resources go to one good, less of the other is produced.

This is what the PPF shows. As we produce one more of one good, we produce less of the other good meaning the opportunity cost ( not producing the other good) of producing more of one good increases as we keep producing it.

The applicable tax rate for s corporations is based on the:_______a. Corporate tax rateb.Stockholder's individual tax rates

Answers

Answer:

b.Stockholder's individual tax rates

Explanation:

The application rate for S corporation should not be taxed as the C corporation.So in this case, it should not be applied in the S corporation profits and it should be passed with the help of stockholders and the income should be reported at the time of filing the return

Therefore in the given case, the correct option is B. and the same is to be considered

Employees do a better job of selling when they are happy at work. You make sure that you check in with employees frequently, addressing any of their concerns as soon as they arise.This is called__________.a. Classical Management theoryb. Humanistic Management theoryc. Contingency Theoryd. Management Science

Answers

Answer: b. Humanistic Management theory

Explanation:

The idea of the Humanistic Management theory is totally centralized on a belief that humans are not an economic asset . Humans have value and some needs in any organisation, so management of employees is a major concern to get expecting results.

So by checking employees frequently, addressing any of their concerns are the actions to manage them.

This is called Humanistic Management theory.

Hence, the correct option is b.

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