Fred and Wilma were divorced in year 1 (before 2019). Fred is required to pay Wilma $12,000 of alimony each year until their child turns 18. At that time, the payment will be reduced to $10,000 per year. In year 3, in accordance with the divorce agreement, Fred paid $6,000 directly to Wilma and $6,000 directly to the law school Wilma is attending. What amount of the payments received in year 3 is income to Wilma

Answers

Answer 1

Answer:

$10,000

Explanation:

There are various points that need to be considered as follows:

1. The person who is making alimony and have distinct payments for the maintenance purpose is eligible for the deductions

2. The person who received alimony and  have distinct payments for the maintenance purpose this must be involved in their gross income

So as per the given situation only $10,000 would be considered as the income for the year 3  


Related Questions

in 2001 an outbreak of hoof-and-mouth disease in europe led to the burning of millions of cattle carcasses. discuss the demand and supply implication caused by the outbreak, for an in-depth analysis of the discussion topic you may use all of the resources available to you. what impact would you expect on the supply of cattle hides, hide prices, the supply of leather goods, and the price of leather goods

Answers

Answer:

High demand

Low supply

High prices

Explanation:

The demand and supply of products, goods and services is heavily dependent on several factors ranging from economic, health and social factors. Disease and viral outbreaks have devastating effects on the market forces of demand and supply which in most cases will impact the market negatively with characteristically high prices and scarcity of products. The mouth and hoof outbreak in Europe was one which impacted the economy including farmers, leather and hides workers and all whose businesses and sustainability depends on cattles and its products. Due to the contagious nature of the disease and the ease at which it could spread if curtailment isn't effected on time, millions of cattles were slaughtered on sighting the symptoms and it's products including skins are burnt leading to losses in billions on the path of cattle rearers, shortage of lather, hides and skins, restriction in international product trade in other to avoid its spread to other parts of the world. These resulted in low supply and high demand of cattles and its products including leather goods meaning High prices for little available.

Pab Corporation decided to establish Sollon Company as a wholly owned subsidiary by transferring some of its existing assets and liabilities to the new entity. In exchange, Sollon issued Pab 30,000 shares of $6 par value common stock. The following information is provided on the assets and accounts payable transferred:

Cost Book Value Fair Value
Cash $44,000 $44,000 $44,000
Inventory 76,000 76,000 76,000
Land 79,000 79,000 109,000
Buildings 175,000 134,000 249,000
Equipment 90,000 76,000 121,000
Accounts Payable 63,000 63,000 63,000

Required:
Prepare the journal entry that Pab recorded for the transfer of assets and accounts payable to Sollon.

Answers

Answer:

Debit : Cash $44,000

Debit : Inventory  $76,000

Debit : Land $109,000

Debit : Buildings $249,000

Debit : Equipment  $121,000

Credit : Accounts Payable $63,000

Credit : Shares (30,000 x $6) $180,000

Credit ; Gain on Bargain Purchase $356,000

Explanation:

Assets and liabilities are acquired at their Fair Value Amounts instead of Cost or Book Value.

A transfer of some of the asset of a Company is referred as a Asset acquisition transaction instead of Business Combination (Acquirer obtains control of one or more businesses).

This is an asset Acquisition Transaction and no consolidated Financial Statements will be prepared.

The excess of Net Assets Acquired over the consideration is called Gain on Bargain Purchase and this amounts to $356,000.

E-Wisdom, a publishing company, implements a new business strategy to keep both talent and information within the organization by creating their own content instead of outsourcing it. In the given scenario, which of the following factors has most likely influenced the company's new business strategy?
a. The potential for role ambiguity
b. The potential for data loss
c. The potential for employee burnout
d. The potential for intragroup conflict

Answers

Answer:

B: poten of data loss

Explanation:

Elliot, Inc., uses the high-low method to analyze cost behavior. The company observed that at 20,000 machine hours of activity, total maintenance costs averaged $10.50 per hour. When activity jumped to 24,000 machine hours, which was still within the relevant range, the average total cost per machine hour was $9.75. On the basis of this information, the company's fixed maintenance costs were:

Answers

Answer:

$90,000

Explanation:

At the activity level of 20,000 machine hours:

total maintenance costs=20,000* $10.50=$210,000

At the activity level of 24,000 machine hours:

total maintenance costs=24,000*$9.75=$234,000

variable maintenance cost per hour=(total maintenance costs at higher activity level-total maintenance costs at lower activity level)/(higher activity level-lower activity level)

variable maintenance cost per hour=($234,000-$210,000)/(24000-20000)

variable maintenance cost per unit=$6

Using the higher activity level data:

total cost=fixed cost+(variable maintenance cost per unit*number of hours)

$234,000=fixed cost+($6*24000)

234,000=fixed cost+$144,000

fixed cost=$234,000-$144,000

fixed cost=$90,000

A firm with a net income of $30,000 and weighted average actual shares outstanding of 15,000 for the year also had the following two securities outstanding the entire year: (1) 2,000 options to purchase one share of stock for $12 per share. The average share price during the year was $20, (2) cumulative convertible preferred stock with an annual dividend commitment of $4,500. Total common shares issued on conversion are 2,900. Compute diluted EPS for this firm.

Answers

Answer:

$1.68

Explanation:

Diluted EPS = Earnings Attributable to Potential Ordinary Shareholders ÷ Weighted Average Number Ordinary Shareholders plus Potential Voting Rights

where,

Earnings Attributable to Potential Ordinary Shareholders = $30,000

and

Weighted Average Number Ordinary Shareholders plus Potential Voting Rights

Weighted average actual shares outstanding    = 15,000

Plus Potential voting rights of 2,000 options      =          1

Plus Potential voting right of  preferred stock     = 2,900

Total                                                                        = 17,901

therefore,

Diluted EPS = $30,000 ÷ 17,901

                    = $1.68

In coffee, cherry picking, the process of ________picking is the practice of harvesting only the ripe coffee cherries.

Answers

Answer:

Selective

Explanation:

Selective picking involves making numerous passes over coffee trees, selecting only the ripe cherries, then returning to the tree several times over a few weeks to pick remaining cherries as they ripen.

Lisa Hajak, CFA, specialized in research on real estate companies at Cornerstone Country Bank for the past twenty years. Hajak recently started her own investment research firm, Hajak Investment Advisory. One of her former clients at Cornerstone asks Hajak to update a research report she wrote on a real estate company when she was at Cornerstone. Hajak updates the report, which she had copied to her personal computer without the bank’s knowledge, and replaces references to the bank with her new firm, Hajak Investment Advisory. Hajak also incorporates the conclusions of a real estate study conducted by the Realtors Association that appeared in the Wall Street Journal. She references the Journal as her source in her report. She provides the revised report free of charge along with a cover letter for the bank’s client to become a client of her firm. Concerning the reissued research report, Hajak least likely violated the CFA Institute Standards of Professional Conduct because she: solicited the bank’s client. did not obtain consent to use the bank report. did not cite the actual source of the real estate study.

Answers

Answer:

solicited the bank’s client.

Explanation:

In order for Lisa to have committed solicitation and violated Standard VI(a), she must have actively searched for the bank's former client. The text states that a former client of the bank hired her, but it gives no indication that Lisa went after him. Also, Lisa is no longer working for the bank, if any of the bank's clients looks for her, she isn't doing anything wrong.

On January 1, 2021, Essence Communications issued $800,000 of its 10-year, 8% bonds for $700,302. The bonds were priced to yield 10%. Interest is payable semiannually on June 30 and December 31. Essence Communications records interest at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2021, the market interest rate for bonds of similar risk and maturity was 9%. The bonds are not traded on an active exchange. The decrease in the market interest rate was due to a 1% decrease in general (risk-free) interest rates.

Required:
a. Using the information provided, estimate the fair value of the bonds at December 31, 2021.
b. Prepare the journal entry to record interest on June 30, 2021 (the first interest payment).
c. Prepare the journal entry to record interest on December 31, 2021 (the second interest payment).
d. Prepare the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2021, balance sheet.

Answers

Answer:

A)

before decrease in rates: 706,483

   after rate decrease:            751,360

B)

interest expense 35,015.12

discount on BP 3,015.12

cash 32,000

--bonds first interest payment--

C)

interest expense 35,165.87

discount on BP       3,165.87

cash              32,000

--second interest payment--

D)

unrealized loss 44,877

  discount on bonds payable  44,877

--to adjust bonds valuation--

Explanation:

First, we solve for the present value of the bond to get the proceeds from the issuance.

[tex]C \times \frac{1-(1+r)^{-time} }{rate} = PV\\[/tex]

C 32,000

time 20

rate 0.05

[tex]32000 \times \frac{1-(1+0.05)^{-20} }{0.05} = PV\\[/tex]

PV $398,790.7310

[tex]\frac{Maturity}{(1 + rate)^{time} } = PV[/tex]  

Maturity   800,000.00

time   20.00

rate  0.05

[tex]\frac{800000}{(1 + 0.05)^{20} } = PV[/tex]  

PV   301,511.59

PV c $398,790.7310

PV m  $301,511.5863

Total $700,302.3173

Now, we do the table for the first year:

# / Principal/      paid /    interest /       Amort/End. P

1 700,302 32000 35015.12 3015.12 703,317

2 703,317 32000 35165.87 3165.87 706,483

Now, we have to redo the calculations for the bonds market value considering a decrease in the market rate to 9%

[tex]C \times \frac{1-(1+r)^{-time} }{rate} = PV\\[/tex]

C 32,000

time 18

rate 0.045

[tex]32000 \times \frac{1-(1+0.045)^{-18} }{0.045} = PV\\[/tex]

PV $389,119.7377

[tex]\frac{Maturity}{(1 + rate)^{time} } = PV[/tex]  

Maturity   800,000.00

time   18.00

rate  0.045

[tex]\frac{800000}{(1 + 0.045)^{18} } = PV[/tex]  

PV   362,240.30

PV c $389,119.7377

PV m  $362,240.2951

Total $751,360.0328

We adjust for: 751,360 - 706,483 = 44,877

This will be an unrealized loss as the liability increases but, will be realized on the redemption of the bonds or at the end of the bonds' life.

Assume that an economy produces only two goods, pizza and wings, and that it is producing on its production possibilities frontier (PPF). If the economy can only produce two goods, which of the following ways would allow the economy to produce even more pizza?
a. growth in labor force.
b. improved wing making technology.
c. improved pizza-making technology.
d. some workers move to a country that produces only pizza.
e. more efficient use of existing production assets.

Answers

Answer:

Growth in labor force

Improved pizza-making technology

Explanation:

Production possibilities frontier (PPF) is the various ways or possible ways (combination) whereby two goods that can be produced in a certain period of time under the conditions of a given state of technology and well equipped resources. Productive efficiency of a goods is the condition where the maximum output is produced with the already laid down resources and technology available. It is said to be a curve that depicts the maximum quantity of one good that can be produced for each maximum number or quantity of another good produced.

What is a common product that would be affected by a market economy?

Answers

Most likely a shoe company

Derek will deposit $9,359.00 per year for 18.00 years into an account that earns 4.00%, The first deposit is made next year. He has $18,418.00 in his account today. How much will be in the account 49.00 years from today

Answers

Answer:

FV= $904,322.05

Explanation:

First, we will calculate the future value of the 18 deposits 19 years from now. Also the value of the $18,418 19 years from now.

FV= {A*[(1+i)^n-1]}/i

A= annual deposit= 9,359

n= 18

i= 0.04

FV= {9,359*[(1.04^18) - 1]} / 0.04

FV= $240,015.42

FV= PV*(1+i)^n

FV= 18,418*(1.04^19)

FV= $38,803.95

Total FV= 240,015.42 + 38,803.95= $278,819.37

Finally, the value of the account for the remaining 30 years:

FV= 278,819.37*(1.04^30)

FV= $904,322.05

a1. Lobo Company purchased equipment for $40,000 with a useful life of five years and no expected salvage value. Prepare the adjusting entry for the first year using the straight-line depreciation method. Omit explanations. If an amount box does not require, leave it blank. Page: 1 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 a1. fill in the blank 1de76e004042078_2 fill in the blank 1de76e004042078_3 1 2 fill in the blank 1de76e004042078_5 fill in the blank 1de76e004042078_6 2 a2. Lobo Company purchased equipment for $40,000 with a useful life of five years and no expected salvage value. Compute the book value at the end of the second year of the equipment's life. Book Value $fill in the blank b486c302c064055_1 b. Zip Company pays its employees every Friday. On January 4, 20--, the Company paid $2,200 for the 5 days beginning the previous Monday, December 31. Prepare the adjusting entry on December 31. Omit explanations. If an amount box does not require, leave it blank.

Answers

Answer:

a1. Dr Depreciation Expense $8,000

Cr Accumulated Depreciation $8,000

a2. $24,000

b2. December 31

Dr Wages Expenses $440

Cr Wages payable $440

Explanation:

a1. Preparation of the adjusting entry for the first year using the straight-line depreciation method.

Dr Depreciation Expense $8,000

Cr Accumulated Depreciation $8,000

($40,000/5 years)

a2. Computation of the book value at the end of the second year of the equipment's life.

First step is to calculate the First year Book value

First year Book value=$40,000/5 years

First year Book value=$8,000

Second step is to calculate the Second year Book value

Second year Book value=($40,000+$40,000)/5 years

Second year Book value=$80,000/5 years

Second year Book value=$16,000

Now let compute the book value at the end of the second year of the equipment's life.

Book value at the end of the second year=$8,000+$16,000

Book value at the end of the second year=$24,000

Therefore the Book value at the end of the second year will be $24,000

b1. Preparation of the adjusting entry on December 31

December 31

Dr Wages Expenses $440

Cr Wages payable $440

($2,200/5 years)

Presented below is information related to Sunland Company at December 31, 2017, the end of its first year of operations.
Sales revenue $327,980
Cost of goods sold 148,580
Selling and administrative expenses 52,100
Gain on sale of plant assets 30,840
Unrealized gain on available-for-sale investments 9,370
Interest expense 6,060
Loss on discontinued operations 11,970
Dividends declared and paid 5,190
Compute the following:
(a) Income from operations $
Entry field with incorrect answer now contains modified data
(b) Net income $
Entry field with correct answer
(c) Comprehensive income $
Entry field with incorrect answer
(d) Retained earnings balance at December 31, 2017 $
Entry field with incorrect answer

Answers

Answer:

Part a

Income from operations calculation

Sales revenue                                                            $327,980

Less Cost of goods sold                                           ($148,580)

Gross Profit                                                                 $179,400

Less Operating Expenses

Selling and administrative expenses                        ($52,100)

Income from operations                                             $127,300

Part b

Net Income calculation

Income from operations                                                               $127,300

Non-Operating items

Gain on sale of plant assets                                        $30,840

Unrealized gain on available-for-sale investments      $9,370

Interest expense                                                          ($6,060)   $34,150

Net Income                                                                                   $161,450

Part c

Comprehensive income calculation

Net Income (from continuing activities)                   $161,450

Less Loss on discontinued operations                    ($11,970)

Comprehensive income                                           $149,480

Part d

Comprehensive income                                           $149,480

Less Dividends declared and paid                            ($5,190)

Retained Earnings                                                    $144,290

Explanation:

Income from Operations = Sales less Operating Expenses

Net Income = Income from Operations add or less Non Operating items

Comprehensive Income = Income from Continuing Activities + Income from discontinued Activities

Retained Income = Comprehensive Income less Dividends declared and paid.

Eager, a tipped employee, reported to his employer that he had received $320 in tips during March. On the next payday, April 4, he was paid his regular salary of $250.
a) The amount of OASDI taxes to withhold from Eager's pay is __________.
b) The amount of HI taxes to withhold from Eager's pay is __________.

Answers

Answer:

A. $35.34

B. $8.27

Explanation:

A. Calculation for The amount of OASDI taxes to withhold from Eager's pay

OASDI taxes to withhold =(320 + 250)*6.2%

OASDI taxes to withhold = $570 × 6.2%

OASDI taxes to withhold = $35.34

The amount of OASDI taxes to withhold from Eager's pay is $35.34

B. Calculation for amount of HI taxes to withhold from Eager's pay

HI taxes to withhold=(320 + 250)*1.45%

HI taxes to withhold =$570*1.45%

HI taxes to withhold= $8.27

Therefore The amount of HI taxes to withhold from Eager's pay is $8.27

At the end of August, Kaye Company had completed Jobs 40 and 42. Job 40 is for 1,000 units, and Job 42 is for 500 units.
The following data relate to these two jobs:
On August 4, raw materials were requisitioned for production as follows: 200 units for Job 40 at $24 per unit and 900 units for Job 42 at $18 per unit.
During August, Kaye Company accumulated 700 hours of direct labor costs on Job 40 and 1,000 hours on Job 42. The total direct labor was incurred at a rate of $24 per direct labor hour for Job 40 and $10 per direct labor hour for Job 42.
The predetermined factory overhead rate is $6.00 per direct labor hour.
a. Determine the balance on the job cost sheets for Jobs 40 and 42 at the end of August.
Job 40 $
Job 42 $
b. Determine the cost per unit for Jobs 40 and 42 at the end of August. If required, round your answers to the nearest cent.
Job 40 $
Job 42 $

Answers

Answer:

a.                                               Job 40                  Job 42

Direct material             200*24= $4,800     900*18=    $16,200

Direct labor                  700*24= $16,800    1000*10 = $10,000

Overhead applied       700*6=   $4,200      1000*6 =  $6,000

Total Job cost                             $25,800                    $32,200

b. Job 40  cost per unit = $25,800/1000 units

Job 40 cost per unit = $25.8 per unit

Job 42 cost per unit = $32,200/500 units

Job 42 cost per unit = $64.4 per unit

Billed Mercy Co. $2,400 for services performed.
how to journalize this?

Answers

When a business transaction requires a journal entry, we must follow these rules:

The entry must have at least 2 accounts with 1 DEBIT amount and at least 1 CREDIT amount.

The DEBITS are listed first and then the CREDITS.

The DEBIT amounts will always equal the CREDIT amounts.

For another example, let’s look at the transaction analysis we did in the previous chapter for Metro Courier (click Transaction analysis):

1. The owner invested $30,000 cash in the corporation. We analyzed this transaction by increasing both cash (an asset) and common stock (an equity) for $30,000. We learned you increase an asset with a DEBIT and increase an equity with a CREDIT. The journal entry would look like this:

2. Purchased $5,500 of equipment with cash. We analyzed this transaction as increasing the asset Equipment and decreasing the asset Cash. To increase an asset, we debit and to decrease an asset, use credit. This journal entry would be:

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Answer:

All the journal entries illustrated so far have involved one debit and one credit; these journal entries are called simple journal entries. Many business transactions, however, affect more than two accounts. The journal entry for these transactions involves more than one debit and/or credit. Such journal entries are called compound journal entries.

Explanation:

1.  The owner invested $30,000 cash in the corporation.  We analyzed this transaction by increasing both cash (an asset) and common stock (an equity) for $30,000. We learned you increase an asset with a DEBIT and increase an equity with a CREDIT

2.  Purchased $5,500 of equipment with cash.  We analyzed this transaction as increasing the asset Equipment and decreasing the asset Cash.  To increase an asset, we debit and to decrease an asset, use credit.

3. Purchased a new truck for $8,500 cash.   We analyzed this transaction as increasing the asset Truck and decreasing the asset Cash.  To increase an asset, we debit and to decrease an asset, use credit.

4.  Purchased $500 in supplies on account.  We analyzed this transaction as increasing the asset Supplies and the liability Accounts Payable.  To increase an asset, we debit and to increase a liability, use credit.

5.  Paid $300 for supplies previously purchased.  Since we previously purchased the supplies and are not buying any new ones, we analyzed this to decrease the liability accounts payable and the asset cash.  To decrease a liability, use debit and to decrease and asset, use debit.

6.  Paid February and March Rent in advance for $1,800.  When we pay for an expense in advance, it is an asset.  We want to increase the asset Prepaid Rent and decrease Cash.  To increase an asset, we debit and to decrease an asset, use credit.

7.  Performed work for customers and received $50,000 cash.  We analyzed this transaction to increase the asset cash and increase the revenue Service Revenue.  To increase an asset, use debit and to increase a revenue, use credit.

8.  Performed work for customers and billed them $10,000.  We analyzed this transaction to increase the asset accounts receivable (since we have not gotten paid but will receive it later) and increase revenue.  To increase an asset, use debit and to increase a revenue, use credit.

9.  Received $5,000 from customers from work previously billed.  We analyzed this transaction to increase cash since we are receiving cash and we want to decrease accounts receivable since we are receiving money from customers who we billed previously and not new work we are doing.  To increase an asset, we debit and to decrease an asset, use credit.

10 Paid office salaries $900.  We analyzed this transaction to increase salaries expense and decrease cash since we paid cash.  To increase an expense, we debit and to decrease an asset, use credit.

11. Paid utility bill $1,200.  We analyzed this transaction to increase utilities expense and decrease cash since we paid cash.  To increase an expense, we debit and to decrease an asset, use credit.

Devon Harris Company sells 10% bonds having a maturity value of $2,000,000 for $1,855,816. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1. Set up a schedule of interest expense and discount amortization under the straight-line method

Answers

Answer:

Devon Harris Company

Schedule of Interest Expense and Discount Amortization under the straight-line method:

Time    Cash Interest      Interest Expense  Amortization  Carrying Amount

0             N/A                         N/A                     N/A               $1,855,816

1           $200,000                $228,836.80     $28,836.80   $1,884,652.60

2          $200,000                $228,836.80     $28,836.80   $1,913,489.40

3          $200,000                $228,836.80     $28,836.80   $1,942,326.20

4          $200,000                $228,836.80     $28,836.80   $1,971,163.00

5          $200,000                $228,836.80     $28,837.00   $2,000,000

Explanation:

a) Data and Calculations:

10% Bonds' maturity value = $2,000,000

Bonds sales value = $1,855,816

Total discount = $144,184

Annual Interest = $200,000 ($2,000,000 * 10%)

Maturity period = 5 years (January 1, 2020 to January 1, 2025)

Annual amortization of discount = $28,836.80 ($144,184/5)

Total interest cost with amortized discount each year = $228,836.80

b) Under the straight line method, the premium or discount on the bond is amortized in equal amounts over the life of the bond, as demonstrated above.

Based on the information given, it should be noted that the Cash Interest, Discount amortized and Interest Expenses will be  $20,000, $28836.80, and $228836.80 respectively.

Interest expense

From the information given, the following can be calculated:

Discount on issue = $2000000 - $1855816 = $144184

Discount to be amortized on each interest date = $144184 / 5 = $28836.80

Cash interest annual = $2000000 * 10% = $200000

Therefore, the Cash Interest, Discount amortized and Interest Expenses from 2020 to 2025 will be  $20,000, $28836.80, and $228836.80 respectively.

Learn more about interest on:

https://brainly.com/question/25545513

Barnett Products manufactures three types of remote-control devices: Economy, Standard, and Deluxe. The company, which uses activity-based costing, has identified five activities (and related cost drivers). Each activity, its budgeted cost, and related cost driver is identified below.

Activity Cost Cost Driver
Material handling $225,000 Number of parts
Material insertion 2,475,000 Number of parts
Automated machinery 840,000 Machine hours
Finishing 170,000 Direct labor hours
Packaging 170,000 Orders shipped
Total $3,880,000

The following information pertains to the three product lines for next year:

Economy Standard Deluxe
Units to be produced 10,000 5,000 2,000
Orders to be shipped 1,000 500 200
Number of parts per unit 10 15 25
Machine hours per unit 1 3 5
Labor hours per unit 2 2 2

Required:
a. What is Barnett's pool rate for the material-handling activity?
b. Under Barnett's activity-based costing system, what is the per-unit overhead cost of Economy?

Answers

Solution :

Particulars                        Economy       Standard        Delux               Total

Units produced (a)              10000             5000           2000               17000

Orders shipped (b)              1000                 500            200                  1700

No. of orders per unit (c)       10                      15               25

Total no. of parts (c)x(a)     100000           75000         50000             225000

Machine hrs per unit (d)           1                     3                  5

Total machines hrs (d)x(a)    10000            15000         10000                 35000

Lab hrs per unit (e)                   2                      2               2

Total lab hrs (e)x(a)               20000             10000       4000               34000

Pool rate for material handling activity [tex]$=\frac{\text{total material handling cost}}{\text{total no. of parts produced}}$[/tex]

                                                                [tex]$=\frac{225000}{225000}$[/tex]

                                                               = $ 1

a). Material handling cost per part [tex]$=\frac{\text{total material handling cost}}{\text{total no. of parts produced}}$[/tex]

                                                                [tex]$=\frac{225000}{225000}$[/tex]

                                                               = $ 1

b). Material insertion cost per part [tex]$=\frac{\text{total material insertion cost}}{\text{total no. of parts produced}}$[/tex]

                                                          [tex]$=\frac{2475000}{225000}$[/tex]

                                                          = $ 11

c). Cost per machine hours [tex]$=\frac{\text{total machine cost}}{\text{total machine hours}}$[/tex]

                                            [tex]$=\frac{840000}{35000}$[/tex]

                                            = $ 24

d). Cost per labor hours [tex]$=\frac{\text{total finishing cost}}{\text{total labor hours}}$[/tex]

                                       [tex]$=\frac{170000}{34000}$[/tex]

                                        = $ 5

e). Cost per unit shipped [tex]$=\frac{\text{total packaging cost}}{\text{total no. of units shipped}}$[/tex]

                                        [tex]$=\frac{17000}{1700}$[/tex]

                                        = $ 10

Cost per unit overhead = (1 x 10) + (11 x 10) + (24 x 1) + (5 x 2) + (10 x 1)

                                       = $ 164

A human resource manager who is trying to find the best ways to help employees deal with stress might use concepts from which discipline

Answers

Answer:

A. Medicine

Explanation:

Stress is a condition that affects the mental health of employees and is a challenge for human resources professionals in the workplace. Generally, work stress is caused by high workloads, pressure, conflicts, etc.

Therefore, it is necessary that HR be able to implement solutions to deal with stress in an organization, with the objective of maintaining the mental health and productivity of employees. For this, HR can use concepts from medicine, such as implementing health programs -being, improving physical fitness, labor gymnastics, etc. All of these concepts that promote well-being will assist in promoting a positive organizational culture and aimed at developing the skills and competences of each employee.

In December of this year, Paul, who is single, redeemed qualified Series EE U.S. Savings Bonds. The proceeds were used to help pay for his daughter's college tuition. Paul received proceeds of $10,000 representing principal of $7,000 and interest of $3,000. The qualified higher educational expenses he paid this year totaled $6,000. Paul has other adjusted gross income of $85,350. What is the amount of interest income Paul can exclude from his income this year

Answers

Answer:

$1,800

Explanation:

The computation of the amount of interest income that should be excluded is as follows:

Given that

Proceeds received $10,000  

Principle $7,000  

Interest   $3,000  

Qualified Higher Educational expenses $6,000

Now the amount excluded is  

= $3,000 ×($6,000 ÷ ($7,000 + $3,000))  

= $1,800

You discover that your supervisor/team leader stole a password and she has been secretly logging into the computer of another team leader to get information about their team’s funding sources. She is aware that you caught her and tells you that this information has helped your team stay competitive and get ahead. She prefers that you keep her secret. How would you handle this situation?

Answers

Answer:

I would probably tell him/her that I wouldn't really keep it a secret if she keeps doing the same things over and OVER again the first time I would keep it a secret though if she does it again I'll have to tell someone right away.

Explanation:

Lucas Diving Supplies Company, in its first year of business, had labor costs of $57,000, overhead costs of $88,000, materials purchases of $25,000, and ending Materials and Work-in-Process Inventories of $3,000 and $5,000, respectively. What is the amount of cost of goods manufactured in the first year of operations

Answers

Answer:

$162,000

Explanation:

The amount of cost of goods manufactured is computed as

= Labor cost + Direct materials purchased + overhead costs - ending balance of materials - ending balance of work in process

= $57,000 + $25,000 + $88,000 - $3,000 - $5,000

= $162,000

Hence, the cost of goods manufactured is $162,000

Check the correct category for each of the following items. Note: for purposes of this exercise, consider cash in and out for this couple regardless of whether the item is for personal or business use. Cash In/Income Cash Out/Expense Cost of business trip State tax liability Clothing purchases Once expenses have been identified, they can be categorized as either fixed expenses or variable expenses. For example, your mortgage would be considered a expense, because . Conversely, grocery bills would be considered , because the actual amount is

Answers

Answer:

1. The correct category for each of the following items:

Cash In/Income:

Personal income

Business Income

Cash Out/Expense:

Cost of business trip = variable

State tax liability = fixed

Clothing purchases = variable

2. For example, your mortgage would be considered a fixed expense, because the total amount does not vary.  Conversely, grocery bills would be considered variable, because the actual amount is not fixed but varies.

Explanation:

Variable cost or expense has a fixed cost per unit, with the total amount varying, depending on the units or quantities consumed.  Fixed cost does have a fixed total amount within the relevant range, but the cost per unit varies.

The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded.

1. On December 1, 2020, the company paid its annual fire insurance premium of $7,200 for the year beginning December 1 and debited prepaid insurance.
2. On August 31, 2020, the company borrowed $115,000 from a local bank. The note requires principal and interest at 8% to be paid on August 31, 2021.
3. Mazzanti owns a warehouse that it rents to another company. On January 1, 2021, Mazzanti collected $26,400 representing rent for the 2021 calendar year and credited deferred rent revenue.
4. Depreciation on the office building is $19,200 for the fiscal year.
5. Employee salaries for the month of June 2021 $19,500 will be paid on July 20, 2021.

Required:
Prepare the necessary year-end adjusting entries at the end of June 30, 2018, for the above situations.

Answers

Answer:

1. Dr Insurance expense 1,800

Cr Prepaid insurance 1,800

2. Dr Interest expense 2,300

Cr Interest payable 2,300

3. Dr Deferred rent revenue 6,600

Cr Rent revenue 6,600

4. Dr Depreciation expense 4,800

Cr Accumulated depreciation—building 4,800

5. Dr Salaries and wages expense 19,500

Cr Salaries and wages payable 19,500

Explanation:

Preparation of the necessary year-end adjusting entries at the end of June 30, 2018, for the above situations

1. Dr Insurance expense 1,800

Cr Prepaid insurance 1,800

($7,200 × 3/12)

2. Dr Interest expense 2,300

Cr Interest payable 2,300

($115,000× 8% × 3/12)

3. Dr Deferred rent revenue 6,600

Cr Rent revenue 6,600

($26,400 × 3/12)

4. Dr Depreciation expense 4,800

Cr Accumulated depreciation—building 4,800

($19,200 × 3/12)

5. Dr Salaries and wages expense 19,500

Cr Salaries and wages payable 19,500

Presented below are a number of operational guidelines and practices that have developed over time. Select the assumption, principle, or constraint that most appropriately justifies these procedures and practices.

a. Fair value changes are not recognized in the accounting records.
b. Financial information is presented so that investors will not be misled.
c. Intangible assets are amortized over periods benefited.
d. Agricultural companies use fair value for purposes of valuing crops.
e. Each enterprise is kept as a unit distinct from its owner or owners.
f. All significant post-balance-sheet events are disclosed.
g. Revenue is recorded when the product is delivered.

Answers

Answer:

a. Fair value changes are not recognized in the accounting records.

Appropriate Selection: Historical Cost Principle

b. Financial information is presented so that investors will not be misled.

Appropriate Selection: Full Disclosure Principle

c. Intangible assets are amortized over periods benefited.

Appropriate Selection: Expense Recognition Principle

d. Agricultural companies use fair value for purposes of valuing crops.

Appropriate Selection: Measurement Principle

e. Each enterprise is kept as a unit distinct from its owner or owners.

Appropriate Selection: Economic entity assumption

f. All significant post-balance-sheet events are disclosed.

Appropriate Selection: Full Disclosure Principle

g. Revenue is recorded when the product is delivered.

Appropriate Selection: Revenue Recognition Principle

Searls Corporation, a merchandising company, reported the following results for July: Number of units sold 2,700 units Selling price per unit $664 per unit Unit cost of goods sold $405 per unit Variable selling expense per unit $48 per unit Total fixed selling expense $56,500 Variable administrative expense per unit $13 per unit Total fixed administrative expense $118,200 Cost of goods sold is a variable cost in this company. The contribution margin for July is: Group of answer choices $534,600 $699,300 $359,900 $1,453,400

Answers

Answer:

$534,600

Explanation:

Contribution margin = Sales - Variable Costs

where :

Sales = 2,700 units x $664 = $1,792,800

Variable Costs = Costs of Goods Sold + Variable Selling Costs + Variable Administrative Cots

                        = 2,700 units x $405 + 2,700 units x $48 + 2,700 units x $13

                        = $1,258,200

therefore,

Contribution margin = $1,792,800 - $1,258,200 = $534,600

The amount of denim used daily by the Southwest Apparel Company in its manufacturing process to make jeans is normally distributed with an average of 4000 yards of denim and a standard deviation of 600 yards. The lead time required to receive an order of denim from the textile mill is a constant 7 days. Determine the: a. safety stock b. reorder point if the company wants to limit the probability of a stockout and work stoppage to 5% and c. what level of service would a safety stock of 2000 yards provide?

Answers

Answer:

a) safety stock is 2611 yards

b) Reorder point is 30611 yards

c) Z = 0.8962 or 89.62%

Explanation:

Given that;

jeans is normally distributed with an average of 4000 yards.

standard deviation is 600 yards

the company wants to limit the probability of a stock out and work stoppage to 5%

so ∝ = 1 - 5% = ( 1 - 5/100) = 0.95

from table;  z value = 1.645

lead time = 7 days

now;

a) safety stock

safety stock is determined using the following;

⇒ Z-score × standard × √lead time

so we substitute

safety stock = 1.645 × 600 × √7

= 2611.3565 ≈ 2611 yards

b)  reorder point

reorder point is determined using the following;

⇒ demand × lead time + safety stock

we substitute

reorder point = (4000 × 7) + 2611

reorder point = 30611 yards

c)  level of service would a safety stock of 2000 yards provide

safety stock = Z√lead time × standard deviation

we substitute

2000 = Z × √7 × 600

Z = 2000 / ( 600 × √7 )

Z = 1.25988 ≈ 1.26

FROM table; Z = 0.8962 or 89.62%

Primare Corporation has provided the following data concerning last month's manufacturing operations
Purchases of raw materials $30,000
Indirect materials included in manufacturing overhead $4,900
Direct labor $58,500
Manufacturing overhead applied to work in process $88,500
Underapplied overhead $4,170
Inventories Beginning Ending
Raw materials $11,100 $18,200
Work in process $55,100 $68,400
Finished goods $34,100 $42,200
1. Prepare a schedule of cost of goods manufactured for the month.
2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.

Answers

Answer:

Primare Corporation

1. A Schedule of Cost of Goods Manufactured for the month:

Beginning WIP           $55,100

Raw materials used     18,000

Direct labor                 58,500

Manufacturing o/h      88,500

Ending Balance         (68,400)

                                $151,700

2. A Schedule of Cost of Goods Sold for the month:

Finished goods inventory   $34,100

Cost of manufacturing         151,700

Ending Finished goods       (42,200)

Underapplied overhead          4,170

Cost of goods sold            $147,770

Explanation:

a) Data and Calculations:

Purchases of raw materials $30,000

Indirect materials included in manufacturing overhead $4,900

Direct labor $58,500

Manufacturing overhead applied to work in process $88,500

Underapplied overhead $4,170

Inventories           Beginning       Ending

Raw materials          $11,100       $18,200

Work in process    $55,100      $68,400

Finished goods     $34,100      $42,200

Raw materials

Beginning Balance   $11,100

Purchase                  30,000

Manufacturing overhead         $4,900

Work in process                        18,000

Ending Balance                       $18,200

Work in process

Beginning Balance   $55,100

Raw materials             18,000

Direct labor                58,500

Manufacturing o/h    88,500

Finished goods                      $151,700

Ending Balance                      $68,400

Finished goods

Beginning Balance   $34,100

WIP                            151,700

Cost of goods sold              $143,600

Ending Balance                     $42,200

Assume that you have graduated and have gotten a good job. You are conscientious and want to begin a savings account. You are paid monthly and have authorized your bank to automatically withdraw $300 from each paycheck. The bank made the first withdrawal on August 1, 2007 and you instruct them to make the last withdrawal on July 1, 2037. The withdrawals are invested at a nominal interest rate of 10% and compounded monthly. What will be the balance of the account on July 1, 2037

Answers

Answer:

The balance of the account on July 1, 2037 will be $677,846.38.

Explanation:

Since the withdrawals are made the beginning of each month, the relevant formula to use is the formula for calculating the Future Value (FV) of an Annuity Due is employed as follows:

FV = M * (((1 + r)^n - 1) / r) * (1 + r) ................................. (1)

Where,

FV = Future value or the balance of the account on July 1, 2037 =?

M = Monthly withdrawal = $300

r = Monthly interest rate = nominal interest rate / 12 = 10% / 12 = 0.10 / 12 = 0.00833333333333333

n = Number of months from August 1, 2007 to July 1, 2037 = 359

Substituting the values into equation (1), we have:

FV = $300 * (((1 + 0.00833333333333333)^359 - 1) / 0.00833333333333333) * (1 + 0.00833333333333333)

FV = $300 * 2,240.81447087212 * 1.00833333333333333

FV = $677,846.38

Therefore, the balance of the account on July 1, 2037 will be $677,846.38.

What are the good and bad effects of loyalty? ​

Answers

Explanation:

if you hold a big trust with someone, or if its fake

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