Answer:
1. To reduce the company's tax bill, Jack uses total cost to value inventory instead of using product cost as required by law.
Competence: accounting records must follows applicable laws, regulations and standards, you must IRA and GAAP rules when preparing financial statements and tax reports.2. Since Emilie works in the accounting department, she is aware that profits are going to fall short of analysts' projections. She tells her aunt to sell stock in the company before the earnings release date.
Confidentiality: accounting records must b confidential unless you are authorized to disclose them, and you are not authorized to disclose the information to your aunt.3. Veronica pays a Mexican official a bribe of $50,000 to allow the company to locate a factory in that jurisdiction so that the company can take advantage of the cheaper labor costs. Without the bribe, the factory cannot be located in that location.
Integrity: you must abstain from performing illegal activities, and bribery is illegal.4. There is a failure in the company's backup system after a system crash. Month-end reports will be delayed. Kayla, the manager of the division experiencing the system failure, does not report this upcoming delay to anyone since she does not want to be the bearer of bad news.
Credibility: you must report all relevant and important information regardless of whether that information will make you bad or not.A 50-kilowatt gas turbine has an investment cost of $40,000. It costs another $14,000 for shipping, insurance, site preparation, fuel lines, and fuel storage tanks. The operation and maintenance expense for this turbine is $450 per year. Additionally, the hourly fuel expense for running the turbine is $7.50 per hour, and the turbine is expected to operate 3,000 hours each year. The cost of dismantling and disposing of the turbine at the end of its 8-year life is $8,000.
Required:
a. If the MARR is 15% per year, what is the annual equivalent life-cycle cost of the gas turbine?
b. What percent of annual life-cycle cost is related to fuel?
Answer:
The annual equivalent life-cycle cost (AW) of gas turbine = -$35,569.8
The percentage fuel cost = 63.25%
Explanation:
From the given information:
Let's start with the initial investment cost, which can be expressed by using the formula:
Initial investment cost = Investment cost of turbine + cost including shipping, insurance, site preparation, fuel lines, and fuel storage tanks.)
Initial investment cost = $40,000 + $14000
Initial investment cost = $54000
However, The annual fuel expense = hourly fuel expense for running turbine × total number of operating hour per year
The annual fuel expense = $7.50 × 3000
The annual fuel expense = $22,500
Therefore, the total operating cost per year = operating & maintenance cost per year + fuel expenses per year
the total operating cost per year = $(450 + 22500)
the total operating cost per year = $22,950
If the minimum acceptable rate of return MARR is 15%, then the number of years is 8 years
Therefore, the annual equivalent life-cycle cost (AC) of the gas turbine can be computed as follows:
AC(15%) = -54000 (A/P, 15%, 8) - $22950-$8000(A/F,15%,8)
where;
(A/P,15%,8) = annual worth factor of a present worth
(A/F,15%,8) = annual worth factor of future worth for 8 years and 15% interest rate.
If we use the discrete compounding table when i = 15%;
Value of (A/P,15%,8) = 0.229
Value of (A/F,15%,8) = 0.0729
∴
AC(15%) = -$54,000(0.2229) - $22,950 -$8000(0.0729)
AC(15%) = -$12,036.6 -$22950 -$583.2
AC(15%) = -$35,569.8
Therefore, the annual equivalent life-cycle cost (AW) of gas turbine = -$35,569.8
b.
The percentage of the annual life-cycle cost related to the fuel can be calculated by using the formula :
[tex]\mathbf{\% \ fuel \ cost = \dfrac{fuel \ cost \ per \ year}{total \ annual \ life \ cycle \ cost }\times 100\%}[/tex]
Replacing our values from above, we have:
[tex]\mathbf{\% \ fuel \ cost = \dfrac{\$22500}{\$35,569.8}\times 100\%}[/tex]
[tex]\mathbf{\% \ fuel \ cost = 0.6325\times 100\%}[/tex]
∴
The percentage fuel cost = 63.25%
Based on the given information, the annual equivalent life-cycle cost of the gas turbine is "$35,569.80," while the percent of the annual life-cycle cost is related to fuel is "65.87%."
This is based on the calculation below:
Given that: Initial investment cost => Investment cost of turbine + cost including shipping, insurance, site preparation, fuel lines, and fuel storage tanks.
Hence, we have the following:
Initial investment cost = $40,000 + $14,000;
=> Initial investment cost = $54,000.
On the other hand, The annual fuel expense = hourly fuel expense for running turbine × total number of operating hour per year;
Thus, we have the following:
The annual fuel expense = $7.50 × 3,000;
The annual fuel expense = $22,500.
Also, since, the total operating cost per year = operating & maintenance cost per year + fuel expenses per year;
We have the following:
the total operating cost per year = $(450 + 22,500);
the total operating cost per year = $22,950.
Therefore, given that the minimum acceptable rate of return MARR is 15%, then the number of years is 8 years.
Then, the annual equivalent life-cycle cost (AC) of the gas turbine is measured as:
AC (15%) = -54,000 (A/P, 15%, 8) - $22,950 - $8,000 (A/F,15%,8);
Here, we have the following details;
(A/P,15%,8) = annual worth factor of a present worth;
(A/F,15%,8) = annual worth factor of future worth for 8 years and 15% interest rate.
This, given that we use the discrete compounding table when i = 15%;
We have the following:
Value of (A/P,15%,8) = 0.229;
Value of (A/F,15%,8) = 0.0729.
AC (15%) = -$54,000 (0.2229) - $22,950 -$8,000 (0.0729);
AC(15%) = -$12,036.60 -$22,950 -$583.20;
AC(15%) = -$35,569.80.
Hence, the annual equivalent life-cycle cost (AW) of gas turbine = $35,569.80.
Similarly, the percent of the annual life-cycle cost is related to fuel is measured as = ($35,569.8 ÷ $54,000) × 100
=> 65.87%.
Hence, in this case, it is concluded that the lifecycle cost is essential when measuring the productivity of a project.
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A (Static) Using T accounts to record all business transactions. LO 3-1, 3-2, 3-4
The following accounts and transactions are for Vincent Sutton, Landscape Consultant.
Transactions:
Sutton invested $90,000 in cash to start the business.
Paid $6,000 for the current month’s rent.
Bought office furniture for $10,580 in cash.
Performed services for $8,200 in cash.
Paid $1,250 for the monthly telephone bill.
Performed services for $14,000 on credit.
Purchased a computer and copier for $18,000; paid $7,200 in cash immediately with the balance due in 30 days.
Received $7,000 from credit clients.
Paid $2,800 in cash for office cleaning services for the month.
Purchased additional office chairs for $5,800; received credit terms of 30 days.
Purchased office equipment for $22,000 and paid half of this amount in cash immediately; the balance is due in 30 days.
Issued a check for $9,400 to pay salaries.
Performed services for $14,500 in cash.
Performed services for $16,000 on credit.
Collected $8,000 on accounts receivable from charge customers.
Issued a check for $2,900 in partial payment of the amount owed for office chairs.
Paid $725 to a duplicating company for photocopy work performed during the month.
Paid $1,280 for the monthly electric bill.
Sutton withdrew $5,500 in cash for personal expenses.
Post the above transactions into the appropriate T accounts.
Analyze:
What liabilities does the business have after all transactions have been recorded?
Complete this question by entering your answers in the tabs below.
Transactions
Analyze
Post the above transactions into the appropriate T accounts.
Cash Accounts Receivable
Bal.
Bal.
Office Furniture Office Equipment
Bal. Bal.
Accounts Payable Vincent Sutton, Capital
Bal.
Bal.
Vincent Sutton, Drawing Fees Income
Bal.
Bal.
Rent Expense Utilities Expense
Bal. Bal.
Salaries Expense Telephone Expense
Bal. Bal.
Miscellaneous Expense
Bal.
Complete this question by entering your answers in the tabs below.
What liabilities does the business have after all transactions have been recorded?
Liabilities
Answer:
It is very difficult to record T accounts since there is not a lot of room here and things get complicated very easily. So I used an excel spreadsheet to post the accounts on an accounting equation format.
Assets increase when they are debited and they decrease when they are credited. The opposite happens to liabilities and equity, they increase when they are credited and decrease when they are debited. Service revenue is credited, while all expenses are debited.
The reason why the drawings account has a negative balance is that even though it is an equity account, it has a debit balance since it decreases capital.
In order for the equation to balance, you have to close the accounts, but that was not a requirement of the question.
What liabilities does the business have after all transactions have been recorded?
the only liability account is accounts payable with a credit balance of $24,700
Green Cabinets is a custom cabinet builder. They recently completed a set of kitchen cabinets (Job Number 1478), as summarized below Job Number:1478 Date Started: 4/07/20x8 Date Completed: 4/22/20x8 Description: Cherry kitchen cabinets Applied Manufacturing Overhead Hours Direct Materials Direct Labor Req No Ticket 128 Amount Hours Amount Rate Amount $375 235 385 18 414 130 588 391 25 395 140 133 9 243 401 215 52 Total 965 Total $1,244 Cost Summary Direct Material Cost 965 Direct Labor Cost 1,244 Applied Manufacturing Overhead Total Cost Green Cabinets applies overhead to jobs at a rate of $12 per direct labor hour.
(a) How much overhead would be applied to Job Number 1478 Applied Manufacturing Overhead
(b) What is the total cost of Job Number 1478?
Answer:
B
Explanation:
Green Cabinets is a custom cabinet builder. They recently completed a set of kitchen cabinets (Job Number 1478), as summarized below Job Number:1478 Date Started: 4/07/20x8 Date Completed: 4/22/20x8 Description: Cherry kitchen cabinets Applied Manufacturing Overhead Hours Direct Materials Direct Labor Req No Ticket 128 Amount Hours Amount Rate Amount $375 235 385 18 414 130 588 391 25 395 140 133 9 243 401 215 52 Total 965 Total $1,244 Cost Summary Direct Material Cost 965 Direct Labor Cost 1,244 Applied Manufacturing Overhead Total Cost Green Cabinets applies overhead to jobs at a rate of $12 per direct labor hour.
Listed below in scrambled order are 11 income statement categories. Rank these categories below in the order they should appear on a multiple-step income statement.
( ) Discontinued operations.
( ) Cost of goods sold.
( ) Other revenues and gains/Other expenses and losses.
( ) Net income.
( ) Income taxes.
( ) Sales revenue.
( ) Gross profit on sales.
( ) Income from operations.
( ) Income from continuing operations before income taxes.
( ) Operating expenses.
( ) Income from continuing operations.
Answer:
1. Sales Revenue
Always first in an Income Statement.
2. Cost of Goods Sold
Subtracted from Revenue to find Gross Profit.
3. Gross Profit on Sales
Profit net of Cost of Goods sold.
4. Operating expenses
Expenses from the company's operations including wages and depreciation. Subtracted from Gross Profit to find Operating income.
5. Income from operations
Gross profit net of operating expenses.
6. Other revenues and gains
Added to Operating Income.
7. Income from continuing operations before income taxes
8. Income taxes
Subtracted to find income from continuing operations.
9. Income from continuing operations
10. Discontinued operations
Income from divisions and activities that have been discontinued.
11. Net Income
The shoe buyer plans to promote flip-flop sandals at $24.99. The buyer needs to purchase10,000 flip flops for the event. 6,000 flip-flop sandals have been purchased at a cost of $11.50. The planned markup for the event is 59.0%. What will be the average cost of the remaining sandals?
Answer:
$22.04
Explanation:
Sales price per sandal = $24.99
Sales price of 10,000 sandals = $24.99*10,000 = $249,900
Markup percentage = 59%
Cost of 10,000 sandals = $249,900 / 1 + 59%
Cost of 10,000 sandals = $249,900 / 1.59
Cost of 10,000 sandals = $157169.81
Cost of 10,000 sandals = $157,169.81
Less: Cost of 6000 sandals = $69,000 ($11.5*6,000)
Cost of the remaining 4,000 $88,169.81
Average cost of the remaining sandals = $88,169.81/4,000 sandals
Average cost of the remaining sandals = $22.0424525
Average cost of the remaining sandals = $22.04
Assume that in the short run a firm is producing 500 units of output, has average total costs of $300, and has average variable costs of $220. The firm's total fixed costs are. Select one: a. $40,000. b. $6.25. c. $0.16. d. $80.
Answer:
Total fixed costs= $40,000
Explanation:
First, we need to calculate the total variable cost and total cost:
Total cost= 500*300= $150,000
Total variable cost= 500*220= $110,000
Now, we can calculate the total fixed costs:
Total fixed costs= total cost - total variable cost
Total fixed costs= 150,000 - 110,000
Total fixed costs= $40,000
Chelene had been a caregiver for Marta’s elderly mother, Janis, for nine years. Shortly before Janis passed away, Chelene convinced her to buy Chelene’s house for Marta. Janis died before the papers were signed, however. Four months later, Marta used her inheritance to buy Chelene’s house without having it inspected. The house was built in the 1950s, and Chelene said it was in "perfect condition." Nevertheless, one year after the purchase, the basement started leaking. Marta had the paneling removed from the basement walls and discovered that the walls were bowed inward and cracked. Marta then had a civil engineer inspect the basement walls, and he found that the cracks had been caulked and painted over before the paneling was installed. He concluded that the "wall failure" had existed "for at least thirty years" and that the basement walls were "structurally unsound." Using the information presented in the chapter, answer the following questions.
1. Can Marta avoid the contract on the ground that both parties made a mistake about the condition of the house? Explain. 2. Can Marta sue Chelene for fraudulent misrepresentation? Why or why not? What element (or elements) might be lacking?. 3. Now assume that Chelene knew that the basement walls were cracked and bowed and that she hired someone to install paneling before offering to sell the house. Did she have a duty to disclose this defect to Marta? Could a court find that Chelene's silence in this situation constituted misrepresentation? Explain.
Answer and Explanation:
1. Marta cannot avoid the contract on the basis of a mistake of buying the house because she was supposed to inspect the house she was buying
2. Marta cannot sue Chelene for fraudulent misrepresentation because Chelene was not aware of the condition of the house. The elements in fraudulent misrepresentation are lacking : no intention to deceive, no misrepresentation of material facts
3. It would be Chelene's duty to reveal that there is defect in the house and if not the court would see this as misresprentation.
4. There was no undue influence from Chelene in selling the house and so Marta and Janis even she was alive cannot revoke the contract on this basis
Lovely Lotion Inc. produces three different lotions: hand, body, and foot. The lotions are produced jointly in a mixing process that costs a total of $250 per batch. At the split-off point, one batch produces 80, 40, and 25 bottles of hand, body, and foot lotion, respectively. After the split-off point, hand lotion is sold immediately for $2.50 per bottle. Body lotion is processed further at an additional cost of $0.25 per bottle and then sold for $5.75 per bottle. Foot lotion is processed further at an additional cost of $0.85 per bottle and then sold for $4.00 per bottle. Assume that body and foot lotion could be sold at the split-off point for $3.00 and $3.20 per bottle, respectively.
1. Using the market value at split-off method, allocate the joint costs of production to each product.
2. A lotion manufacturing company produces three types of lotions. After the split-off point the company continues to sell the body lotion and makes $0.25 profit per bottle. The foot lotion generates $0.05 loss per bottle. Which lotion should be continued after the split-off point?
A. Hand lotion.
B. Body lotion.
C. Foot lotion.
D. Body and foot lotion.
3. Allocate the joint costs of production to each product using the net realizable value method.
Answer:
1) Hand lotion : Joint cost = $250
body lotion : joint cost = $250
foot lotion : Joint cost = $250
2) Body lotion
The joint costs of production for each product is : $250
Explanation:
cost per batch = $250
At spit off point
one batch produces : 80 bottles of hand lotion, 40 body lotions, 25 foot lotion
After spit-off point : Hand lotion is $2.5 per bottle
cost of further processing of body lotion = $0.25
value of body lotion = $5.75
cost of further processing of foot lotion = $0.85
market value of foot lotion = $4.00
Assuming that body and foot lotion could be sold at the split-off point for $3.00 and $3.20 per bottle, respectively.
1 ) using the market value at split-off method to allocate the joint costs of production to each product
Hand lotion : Joint cost = $250
body lotion : joint cost = $250
foot lotion : Joint cost = $250
this is because the joint cost of producing each product in every batch is the same
2) The lotion that should be continued after split-off is
Body lotion because the market value after split-off - cost for further production is better off other lotions ( highest market value after split-off)
i.e : $5.75 - $0.25 = $ 5.50
The joint costs of production for each product is : $250
Record the following transactions related to purchases for Horston’s Art Supplies using the general journal form provided below. Assume Horston’s uses a periodic inventory system. Omit transaction descriptions from entries.
Date Transaction
Sept. 1 Purchased $8,000 of merchandise on account, FOB destination, n/30.
3 Returned $1,000 of merchandise purchased on September 1 due to defects.
7 Purchased $1,500 of merchandise on account, terms FOB shipping point, 2/10, n/30.
Prepaid freight of $75 was added to the invoice.
14 Paid for the merchandise purchased on September 7, less discount.
20 Paid for merchandise purchased on September 1, less return.
Answer:
Sept. 1
Merchandise $8,000 (debit)
Accounts Payable $8,000 (credit)
Merchandise purchased on credit
Sept. 3
Accounts Payable $1,000 (debit)
Merchandise $1,000 (credit)
Merchandise Returned to Suppliers
Sept. 7
Merchandise $1,500 (debit)
Accounts Payable $1,500 (credit)
Merchandise purchased on credit
Sept. 14
Accounts Payable $1,500 (debit)
Cash $1,470 (credit)
Discount received $30 (credit)
Payment of amounts due and recognition of cash discount
Sept. 20
Accounts Payable $7,000 (debit)
Cash (credit)
Payments of Amount due
Explanation:
Journal Entries and their narrations have been prepared above.
Bill and Ted are deciding what musical instruments they want to learn pick between the guitar, keyboard, and the drums to play for their band. They can They both want to have a good band, but also each has a preference over what to play. Both like the guitar over all else. However, Bill likes the keyboard more than the drums and Ted likes the drums more than the keyboard. What is crucial is that each chooses a different instrument, otherwise the band is pretty terrible. The actual combination does not affect the quality of the band. One night, Bill and Ted simultaneously reveal to each other what instrument they have bought and learned to play. Since they bought AND learned to play the instru- are committed to it! Given the information above, answer the following: ment they
1. Does either Bill or Ted have a dominant/dominated strategy? Explain
2. If Bill picks the keyboard, is it a best response for Ted to pick the drums? Explain
3. If Ted picks the guitar, is it a best response for Bill to pick the keyboard? Explain
4. Can there exist a Nash equilibrium in which Bill picks the drums and Ted picks the keyboard? Explain
5. Can there exist a Nash Equlibrium in which Bill picks the guitar and Ted picks the drums? Explain
Answer and Explanation:
1. There is no dominant strategy as each person has to respond with a different strategy like using a different instrument depending on the instrument chosen by the other to achieve best payoff
2. If Bill picks keyboard then it would be best for Ted to pick guitar as this is his preferred instrument which would bring best payoff
3. If Ted picks guitar, then bull should pick keyboard which he prefers and would be the best payoff
4. A nash equilibrium would not exist here since Ted should choose guitar if bull chooses drums and bill should choose guitar if Ted chooses keyboard
5. A Nash equilibrium can exist here since Ted should choose drums when bill chooses guitar.
The purpose of environmental forecasting is to ______. Multiple choice question. collect and interpret data on competitors follow trends in a firm's external environment monitor the external environment predict change
Answer:
predict change.
Explanation:
Environmental forecasting can be defined as a strategic process which typically involves the management predicting the future characteristics of an external environment of the organization for good decisions making.
Hence, the purpose of environmental forecasting is to predict change.
Environmental forecasting is a management strategy that focuses on systematically acquiring informations about occasions, trends, events or patterns through surveys and analysis of these information in an organisation's external and internal environment. The informations acquired through environmental scanning is then used by the executive management in strategically planning the organisation's future and exploitation of available opportunities for the success of the organization.
Generally, the environmental forecasting gives an overview of the opportunities in the market as well as potential threats to an organization.
Hence, the following are descriptive of an environmental forecasting;
1. Used as a tool for corporations to avoid strategic surprise.
2. Used to monitor, evaluate, and disseminate information relevant to the organizational development of strategy.
3. Used to determine a firm's competitive advantage.
4. Used as a tool to ensure a corporation's long-term health.
Which of these is a placeholder in a document into which variable data is inserted during the process of a mail merge?
O data source
O main document
merge field
O none of the above
Answer:
ITS C merge field
Explanation:
HOPE THIS HELPS?
Answer:
c. merge field
Explanation:
Merge field - serves as a placeholder for the variable data that will be inserted into the main document during a mail merge procedure.
not Data source because its a list of information that is merged with a main document during a mail merge procedure.
not Main document because its a document used in a mail merge process with standard information that you personalize with recipient information.
Use the following information to answer question. Madelyn owns a small pottery factory. She can make 1,000 pieces of pottery per year and sell them for $100 each. It costs Madelyn $20,000 for the raw materials to produce the 1,000 pieces of pottery. She has invested $100,000 in her factory and equipment: $50,000 from her savings and $50,000 borrowed at 10 percent (assume that she could have loaned her money out at 10 percent, too). Madelyn can work at a competing pottery factory for $40,000 per year.
The accounting profit at Madelyn's pottery factory is:______
a. $35,000.
b. $75,000.
c. $30,000.
d. $70,000.
e. $80,000.
World Company expects to operate at 80% of its productive capacity of 67,500 units per month. At this planned level, the company expects to use 32,400 standard hours of direct labor. Overhead is allocated to products using a predetermined standard rate of 0.600 direct labor hour per unit. At the 80% capacity level, the total budgeted cost includes $68,040 fixed overhead cost and $408,240 variable overhead cost. In the current month, the company incurred $472,000 actual overhead and 29,400 actual labor hours while producing 51,000 units.
Required:
a. Compute the overhead volume variance.
b. Compute the overhead controllable variance.
Answer:
1. $3,780 Unfavorable
2. $453,600 Overhead controllable variance
Explanation:
Req. 1
Fixed Overhead Applied
Fixed OH per DL hr. ($68,040 ÷ $32,400) = 2.1
Standard DL hours = 0.60 * $51,000 = $30,600
Fixed OH applied = 2.1 * $30,600 = $64,260
Volume variance.
Total fixed OH applied $64,260
Total budgeted fixed OH $68,040
Fixed OH volume variance $3,780 Unfavorable
Req. 2
Overhead controllable variance.
Total actual overhead $ 472,000
Flexible budget overhead
Variable = $408,240 ÷ $32,400 = 12.6
=> $30,600 * 12.6 = $385,560
Fixed. $68,040
Total $453,600 Overhead controllable variance
Tulip Company produces two products, T and U. The indirect labor costs include the following two items:
Plant supervision $700,000
Setup labor (indirect) 300,000
Total indirect labor $1,000,000
The following activity-base usage and unit production information is available for the two products:
Number of setups Direct Labor Hours Units
Product T 200 20,000 900
Product U 200 30,000 1,100
Total 400 50,000 2,000
(a) Determine the single plantwide factory overhead rate, using direct labor hour as the activity base.
(b) Determine the factory overhead cost per unit for Products T and U, using the single plantwide factory overhead rate.
(c) Determine the activity rate for plant supervision and setup labor, assuming that the activity base for supervision is direct labor hours and the activity base for setup is number of setups.
(d) Determine the factory overhead cost per unit for Products T and U, using activity-based costing.
(e) Why is the factory overhead cost per unit different for the two products under the two methods?
Answer: See explanation
Explanation:
a. Total factory overhead = $1,000,000
Total direct labor hours = 50,000
Rate per hour = $1,000,000/50,000
= $20
Number of labor hours, product T = 20,000
Factory overhead = 20,000 × $20 = $400,000
Number of labor hours, product U = 30,000
Factory overhead = 30,000 × $20 = $600,000
b. Product T, factory overhead = $400000
Units = 900
Per unit factory overhead = $400,000/900
= 444.44
Product T, factory overhead = $600000
Units = 1100
Per unit factory overhead = $600,000/1100
= 545.46
c. Supervision = $700,000
Direct labor hours = 50000
Supervision rate per hour = $700000/50000
= $14
Set up labor = $300,000
Number of setup = 400
Supervision rate per hour = $300000/400
= $750
d. For product T:
Plant Supervision = 20,000 × 14 = 280,000
Set-up labor = 200 × 750 = 150,000
Total cost = 430,000
Number of unit = 900
Factory overhead per unit = 430,000/900 = 477.8
For product U:
Plant Supervision = 30,000 × 14 = 420,000
Set-up labor = 200 × 750 = 150,000
Total cost = 570,000
Number of unit = 1100
Factory overhead per unit = 570,000/1100 = 518.2
e. For the first part, the factory overhead is being divided using direct labor hours.
For the second part, the factory overhead is being aportioned using activity based costing.
The following information is available for Moiz Company:________.
Debit Credit
Common Stock $30,000
Retained Earnings 20,000
Dividends $30,000
Sales Revenue 510,000
Sales Returns and Allowances 20,000
Sales Discounts 7,000
Cost of Goods Sold 310,000
Freight-Out 2,000
Advertising Expense 15,000
Interest Expense 19,000
Salaries and Wages Expense 55,000
Utilities Expense 18,000
Depreciation Expense 7,000
Interest Revenue 23,000
Using the above information, prepare the closing entries for Moiz Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Answer and Explanation:
1. Interest Revenue $23,000
Sales Revenue $510,000
To Income Summary $533000
(Being closing of revenues accounts are closed)
2. Income Summary $453,000
To Sales returns $20,000
To Sales Discounts $7,000
To Cost Of goods sold $310,000
To Freight out $2,000
To Advertise Exp $15,000
To Interest Exp $19,000
To Salaries & Wages $55,000
To Utility $18,000
To Depreciation $7,000
(Being closing of expenses accounts are closed)
3. Income Summary $80,000
To Retained Earning $80,000
(Being profit is recorded)
4. Retained Earning $30,000
To Dividends $30,000
(Being closing of dividend is recorded)
a. Fethe's Funny Hats is considering selling trademarked, orange-haired curly wigs for University of Tennessee football games. The purchase cost for a 2-year franchise to sell the wigs is $20,000. If demand is good (40% probability), then the net cash flows will be $27,000 per year for 2 years. If demand is bad (60% probability), then the net cash flows will be $6,000 per year for 2 years. Fethe's cost of capital is 13%. What is the expected NPV of the project?
b. If Fethe makes the investment today, then it will have the option to renew the franchise fee for 2 more years at the end of Year 2 for an additional payment of $20,000. In this case, the cash flows that occurred in Years 1 and 2 will be repeated (so if demand was good in Years 1 and 2, it will continue to be good in Years 3 and 4). Write out the decision tree. Note: The franchise fee payment at the end of Year 2 is known, so it should be discounted at the risk-free rate, which is 4%. Use decision-tree analysis to calculate the expected NPV.
Answer:
A) initial outlay = $20,000
expected cash flows = (40% x $27,000) + (60% x $6,000) = $14,400
NPV = -$20,000 + $14,400/1.13 + $14,400/1.13² = $4,020.68
B) Fethe acquires franchise $20,000
things go bad, NPV = -$20,000 + $6,000/1.13 + $6,000/1.13² = -$9,991.39. The project is abandoned after the first 2 years.things go well, NPV = -$20,000 + $27,000/1.13 + $27,000/1.13² = $25,038.77. The franchise is renewed for 2 more years.⇒ since the project continues, the present value of the cash flows are:
year 0 = -$20,000
year 1 = $27,000/1.13 = $23,893.81
year 2 = $27,000/1.13² - $20,000/1.04² = $5,482.03
year 3 = $27,000/1.13³ = $18,712.35
year 4 = $27,000/1.13⁴ = $16,559.61
NPV = $44,647.80
To determine how students at a particular college feel about cigarette smoking in public places, all students in the college who chose to have their email address published in the college directory were sent an email with a link to an online survey. What is wrong with this sampling method?
A. Nothing, since students could go online to give their opinion.
B. Only smokers should have been surveyed.
C. They should have only sent the email to every 5th student in the directory.
D. The sampling method would result in a sample size that is too large.
E. Not all students would have an email listed in the student directory.
Answer:
b only smokers should have surveyed
Explanation:
because they actually smoke
Answer:
B
Explanation:
HOPE THIS HELP
Telecomp is a U.S.-based manufacturer of cellular telephones. It is planning to build a new manufacturing and distribution facility in either South Korea, China, Taiwan, Poland, or Mexico. The cost of the facility will differ between countries and will even vary within countries depending on the economic and political climate, including monetary exchange rates. The company has estimated the facility cost (in $ millions) in each country under three different future economic/political climates as follows.Economic/Political Climate Country Decline Same Improve South Korea 21.7 19.1 15.2 China 19.0 18.5 17.6 Taiwan 19.2 17.1 14.9 Poland 22.5 16.8 13.8 Mexico 25.0 21.2 12.5 Determine the best decision using the following decision criteria. (Note that since the payoff is cost, the maximax criteria becomes minimax and maximin becomes minimax.)
a. Maximin
b. Minimax
c. Hurwicz ( 0.40)
d. Equal likelihood
Answer:
a. Maximin = 19.0
b. Minimax = 17.6
c. Hurwicz ( 0.40) = Taiwan
d. Equal likelihood = Taiwan
Explanation:
Remember, we are told to: Note that since the payoff is cost, the maximax criteria becomes minimax and maximin becomes minimax
a) Maximin: Since the payoff is cost, we begin by determining the maximum cost for each alternative and then selecting the one which gives the minimum of these maximums. (minimax)
b) Minimax: Since the payoff is cost, we begin by determining the minimum cost for each alternative and then selecting the one which gives the maximum of these minimums. (maximin).
c) Hurwicz (0.40): In this method, we add and multiply each payoff value by alpha (0.4).
South Korea = 15.2 (0.4) + 21.7 (0.6) = 19.1 ( remember, in $ millions)
China = 17.6 (0.4) + 19.0 (0.6) = 18.44
Taiwan = 14.9 (0.4) + 19.2 (0.6) = 17.48
Poland = 13.8 (0.4) + 22.5 (0.6) = 19.02
Mexico = 12.5 (0.4) + 25.0 (0.6) = 20
From the values above we select the minimum outcome since the company is looking at saving cost. Which is Taiwan; having the lowest cost of $17.48 million.
d) Using the formula [tex]\frac{P_{1} +P_{2}+P_{3}...P_{n} }{n}[/tex] where P = payoffs value, n = number of events.
South Korea = 15.2 + 21.7 + 19.1 /3 = 18.66
China = 17.6 + 19.0 + 18.5 /3 = 18.36
Taiwan = 14.9 + 19.2 +17.1 /3 = 17.06
Poland = 13.8 + 22.5 + 16.8 /3 = 17.7
Mexico = 12.5 + 25.0 + 21.2 /3 = 19.56
Taiwan should be selected since it has the lowest cost of $17.06 million.
there is no important
4. you follow the advice of your friend to be flexible especially
if you intend to open a retail business what PECS do
you
demonstrate?
Open to feedback
......................
The maintenance director has grown to value your insights and thoughtful questions when preparing bid packets to support her team's best work. As it turns out, her predecessor verbally modified the LED lights' model ordered by your employer when the original, awarded bid reponse included the model number for LEDs noted by the maintenance staff--that were not compatible with the fixtures of the company buildings/structures. When the maintenance director asks your opinion about her plan to amend the existing contract with the LED supplier to the model numbers actually used, as opposed to the ones listed in the contract that are not compliant with the existing features. That's what they have been doing so you should probably amend the contract as the director suggests, and you will save more time (no rebidding) and money (no additional modifications to the facility) than rebidding.
a. True
b. False
Is cost minimization equivalent or identical the concept of product maximization. True of False. Explain
Answer:
True
Explanation:
Given a certain production level, cost minimization is equal to product maximization. Cost minimization refers to the production level where average total cost per unit is lowest. On the other hand, production maximization refers to maximizing product output given certain restraints, e.g. amount of raw materials, number of labor hours, etc. Product maximization basically refers to the efficiency of production.
If someone can achieve product maximization and cost minimization, they should be maximizing profit.
MullerB Company’s employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately, meaning an employee is entitled to the pay even if employment terminates. During 2018, total wages paid to employees equaled $909,000, including $9,000 for vacations actually taken in 2018, but not including vacations related to 2018 that will be taken in 2019. All vacations earned before 2018 were taken before January 1, 2018. No accrual entries have been made for the vacations.
Required:
Prepare the appropriate adjusting entry for vacations earned but not taken in 2018.
Answer and Explanation:
The journal entry is shown below:-
Vacation benefits expense Dr, $13,500
To Vacation benefits payable $13,500
(Being vacation benefits expense is recorded)
Vacation benefits payable = Actual vacation benefit - Vacation actually taken in 2018 but not includes vacation related to 2018
= (($909,000 - $9,000) × (1 ÷ 40)) - $9,000
= ($900,000 × 0.025) - $9,000
= $13,500
Obtain estimates of daily relatives for the number of customers at a restaurant for the evening meal, given the following data.
Day Number Served Day Number Served
1 80 15 84
2 75 16 78
3 78 17 83
4 95 18 96
5 130 19 135
6 136 20 140
7 40 21 44
8 82 22 87
9 77 23 82
10 80 24 88
11 94 25 99
12 131 26 144
13 137 27 144
14 42 28 48
a. Use the centered moving average method. (Hint: Use a seven-day moving average.) (Round your intermediate calculations and final answers to 4 decimal places.) X⎯⎯⎯ 1's 2's 3's 4's 5's 6's 7's
b. Use the SA method. (Round your intermediate calculations to 3 decimals and final answers to 4 decimals.) SA Index 1's 2's 3's 4's 5's 6's 7's
Answer and Explanation:
Please find answer and explanation attached
For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (I), government purchases (G), exports (X), or imports (M). Check all that apply.Transaction C |I |G| X |M|The Federal Aviation Administration expands the runways at Philadelphia International Airport, which is just a few miles from Antonio and Caroline's house.Dmitri buys a new set of tools to use in his plumbing business.Caroline buys a new BMW, which was assembled in Germany.Antonio's employer assigns him to provide consulting services to an Australian firm that's opening a manufacturing facility in China.Caroline gets a haircut.
Answer:
The given transactions categorised as being parts of C / I / G / X - M, from GDP
Explanation:
Federal Aviation Administration expands the runways at Philadelphia International Airport, which is just a few miles from Antonio and Caroline's house : Government Purchase
Dmitri buys a new set of tools to use in his plumbing business : Investment
Caroline buys a new BMW, which was assembled in Germany : Imports
Antonio's employer assigns him to provide consulting services to an Australian firm that's opening a manufacturing facility in China : Export
Caroline gets a haircut : Consumption
Player Corporation purchased 100 percent of Scout Company's common stock on January 1, 20X5, and paid $28,000 above book value. The full amount of the additional payment was attributed to amortizable assets with a life of eight years remaining at January 1, 20X5. During 20X5 and 20X6, Scout reported net income of $33,000 and $6,000 and paid dividends of $15,000 and $12,000, respectively. Player uses the equity method in accounting for its investment in Scout and reported a balance in its investment account of $161,000 on December 31, 20X6.Required:Compute the amount paid by Player to purchase Scout shares.
Answer:
$156,000
Explanation:
The computation of the amount paid by Player to purchase Scout shares is shown below:-
Particulars Amount
Investment Balance on Dec. 31, 2016 $161,000
Increase Account Balance during 2015
Less : Income of 2015 ($33,000)
Add : Amortized Difference
amount ($28,000 × 8 years) $3,500
Add : Dividend of 2015 $15,000 ($14,500)
Decrease Account Balance during 2016 :-
Less : Income of 2016 ($6,000)
Add : Amortized Difference Amount
($28,000 ÷ 8 years) $3,500
Add : Dividend of 2015 $12,000 $9,500
Investment Balance on Date of purchase $156,000
Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.)
Answer:
The information about inventory and sales is missing, so I looked for a similar question:
Beginning inventory, January 1: 390 units at $3.80 Purchase January 9: 90 units at $4.00 Purchase January 25: 120 units at $4.10 Sale January 26: 430 units Ending inventory, January 31: 170 unitsBeginning inventory on January 1: 390 $3.80 = $1,482
Purchase on January 9: 90 $4.00 = $360
Purchase on January 25: 120 $4.10 = $492
total number of units = 600
total value = $2,334
average cost per unit = $3.89
cost of goods sold = 430 units x $3.89 = $1,672.70
ending inventory = 170 units x $3.89 = $661.30
Help me please!!!!
Explain possible circumstances under which an adult child may
have undue influence in a relationship with an elderly parent.
Answer:
i think seeing their grand parent arguing with a parent, probably would make them question a lot, and they might evem stay away from them for a while, though, i may have took your question wrong, very sorry
Explanation:
if your meaning a situation where the child either wants to get away from them or they feel apart from them, this might help.
plz mark me as brainlist
Answer:
first start following me then i will mark you as brainlist
Answer:
You have to answer questions and have the most accurate answer out of two responses in order to be Brainlisted.
Explanation: