The amount of manufacturing overhead cost allocated to Work-in-Process Inventory during the year is $35,720, and the manufacturing overhead account is under-allocated by $260.
First, let's calculate the manufacturing overhead cost allocated to Work-in-Process Inventory during the year using the predetermined overhead allocation rate:
Predetermined overhead allocation rate = $4.75 per machine hour
Total machine hours used during the year = 7,520 hours
Manufacturing overhead cost allocated = Predetermined overhead allocation rate × Total machine hours used
Manufacturing overhead cost allocated = $4.75 × 7,520 hours
Manufacturing overhead cost allocated = $35,720
Now, let's calculate the actual manufacturing overhead costs incurred during the year:
Indirect materials = $5,200
Indirect labor = $3,750
Plant depreciation = $4,800
Plant utilities and insurance = $9,530
Other plant overhead costs = $12,700
Total actual manufacturing overhead costs = Indirect materials + Indirect labor + Plant depreciation + Plant utilities and insurance + Other plant overhead costs
Total actual manufacturing overhead costs = $5,200 + $3,750 + $4,800 + $9,530 + $12,700
Total actual manufacturing overhead costs = $35,980
Finally, let's determine if the manufacturing overhead account is under or over-allocated and by how much:
The difference in allocation = Total actual manufacturing overhead costs - Manufacturing overhead cost allocated
The difference in allocation = $35,980 - $35,720
Difference in allocation = $260
Since the difference is positive, the manufacturing overhead account is under-allocated by $260.
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Draper Corporation computed the physical flow of units for Department D for the month of December as follows: Units completed From work in process on December 19.000 From December production Total 74,000 93,000 Materials are added at the beginning of the process. Units of WIP at December 31 were 14,000. As to conversion costs, WIP at December 1 was 60 percent complete and WIP at December 31 was 60 percent complete. Using the FIFO method, what are the equivalent units of production for materials and conversion costs for the month of December, respectively?
Multiple Choice
A. 88,000; 90,000
B. 88,000; 93,000
C. 107,000; 90,000
D. 107,000; 93,000 E. None of the above
The equivalent units of production for materials and conversion costs for the month of December, respectively, using the FIFO method can be computed as follows.
Units completed from work in process on December 19 + Units from December production - Units of WIP at December 31 = 19,000 + 74,000 - 14,000 = 79,000 equivalent units of production for materials
Conversion costs:
Units completed from work in process on December 19 + Units from December production + Equivalent units of WIP at December 31 = 19,000 + 74,000 + (14,000 x 60%) = 19,000 + 74,000 + 8,400 = 101,400 equivalent units of production for conversion costs
None of the above since none of the choices match the computed equivalent units of production for both materials and conversion costs.
Your answer: A. 88,000; 90,000
To calculate the equivalent units of production for materials and conversion costs using the FIFO method, we first determine the units completed from the beginning work in process and then the units completed from December production.
1. For materials: Since materials are added at the beginning of the process, the equivalent units for materials are equal to the total units completed (93,000).
2. For conversion costs:
a. Beginning WIP: 19,000 units * 40% remaining to be completed = 7,600 equivalent units.
b. December production: 74,000 units * 100% = 74,000 equivalent units.
c. Ending WIP: 14,000 units * 60% completed = 8,400 equivalent units.
The total equivalent units for conversion costs are 7,600 + 74,000 = 81,600.
However, since ending WIP is not considered in the FIFO method, we subtract the equivalent units from ending WIP (8,400) to get the final equivalent units for conversion costs: 81,600 - 8,400 = 73,200.
Therefore, the equivalent units of production for materials and conversion costs for the month of December are 93,000 and 73,200, respectively. Since none of the answer choices match this result, the correct answer is E. None of the above.
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the difference between ending inventory using lifo and ending inventory using fifo is referred to as the group of answer choices fifo reserve. inventory reserve. lifo reserve. periodic reserve.
The difference between ending inventory using LIFO and ending inventory using FIFO is referred to as the LIFO reserve.
The difference between ending inventory using LIFO and ending inventory using FIFO is referred to as the LIFO reserve. The LIFO reserve is a component of the inventory reserve, which is the amount of money set aside to cover any losses that may arise from inventory obsolescence, damage, or theft. The LIFO reserve is a type of periodic reserve, which is the difference between the ending inventory value under one inventory method and the value under another inventory method, calculated at the end of each accounting period.
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Sears revolutionized catalog (mail order) sales but failed to make the e-commerce leap. Amazon capitalized on this technology. What concept underlies Amazon’s success?
Multiple Choice
first-mover advantage
disruptive innovation
focused price leadership
red ocean strategy
The concept that underlies Amazon's success in this context is disruptive innovation. Disruptive innovation is a term coined by Harvard Business School professor Clayton Christensen.
Disruptive innovations typically target a new or underserved market segment with a simpler, cheaper, or more convenient product or service that appeals to customers who are either priced out of the existing market or dissatisfied with the current offerings. Disruptive innovations often start as niche products with limited features or performance compared to existing products, but as they improve and gain market acceptance, they can disrupt the established market and drive out incumbent competitors. This can happen because the incumbents are often focused on serving their existing customers and maintaining their current profit margins, while the disruptors are able to innovate and adapt more quickly to changing market conditions.
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A decrease in the quantity demanded of a product is the result of a change in: a fall in the price of the product. a fall in the demand for the product. a rise in the price of the product. a decrease in consumer incomes.
A decrease in the quantity demanded of a product is the result of a change in a fall in the demand for the product.
A decrease in the quantity demanded of a product is the result of a change in a fall in the demand for the product. While a fall in the price of the product may result in an increase in the quantity demanded, a decrease in the quantity demanded suggests that there has been a shift in the demand curve. This could be due to factors such as changes in consumer preferences, substitutes becoming more attractive, or a decrease in consumer incomes, all of which result in a decrease in demand for the product.
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You have been asked to balance a flow shop assembly operation to achieve an output rate of 96 units over two nine-hour shifts. Task times and precedence relationships are shown in the table below: Task Predecessor Time (minutes) A ... 10 B А 4 C B 5 D B, C 10 E C, D 8 F E 9
What is the cycle time_____ minutes.
The cycle time for the flow shop is 11.25 minutes. In order to calculate the cycle time, we need to first calculate the total time required to produce 96 units over two nine-hour shifts.
First, let's calculate the total production time available and determine the cycle time.
Step 1: Calculate the total production time available.
Two nine-hour shifts = 2 x 9 hours = 18 hours
Convert hours to minutes: 18 hours x 60 minutes/hour = 1080 minutes
Step 2: Determine the desired output rate.
You want to achieve an output rate of 96 units over the total production time available.
Step 3: Calculate the cycle time.
Cycle time = Total production time available / Desired output rate
Cycle time = 1080 minutes / 96 units
Cycle time = 11.25 minutes
Therefore, the cycle time for the flow shop assembly operation is 11.25 minutes.
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If there is a cloud on the title to a property, the best means of eliminating it isA suit to quiet titleA quiet transfer of the propertyWaiting 7 years for the issue to expireTransferring the property with general warranty deed
If there is a cloud on the title to a property, the best means of eliminating it is through a suit to quiet title (option A).
This legal action helps to remove any disputes or conflicting claims on the property title. A quiet transfer of the property may not necessarily address the issue of the cloud on the title and waiting 7 years for the issue to expire is not a reliable solution.
Transferring the property with a general warranty deed can provide some protection to the buyer, but it does not necessarily eliminate the cloud on the title.
Therefore, option A. is correct, a suit to quiet title is the best option to clear any issues with the property title.
The best means of eliminating a cloud on the title to a property is by initiating a suit to quiet title. A suit to quiet title is a legal action taken to resolve any disputes or issues with the property's title, ultimately removing any clouds on the title and ensuring a clear and marketable title.
This process is more effective than a quiet transfer of the property, waiting 7 years for the issue to expire, or transferring the property with a general warranty deed, as it directly addresses and resolves the title issue.
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Jack works for a large lumber company. Although he chose not to join the union for personal reasons, he is still required to pay union dues. Jack's company is represented by which form of union? a) agency shop b) closed shop c open shop d) union shop
The scenario outlined in the question, in which Jack is not a union member but is forced to pay union dues, raises the possibility that his employer is covered by a "agency shop" union.
An agency shop is a location of business where union membership is not a requirement for employment. They must still pay union dues or a comparable charge, though, to offset the expense of the collective bargaining efforts the union makes on their behalf. A collective bargaining agreement between the union and the employer is frequently used to accomplish this.
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An entry wedge, according to the text, is a type of entrepreneurial strategy firms can use to exit markets. True or False
The statement that 'An entry wedge, according to the text, is a type of entrepreneurial strategy firms can use to exit markets' is false rather it is used to enter markets.
An entry wedge is not a type of entrepreneurial strategy firms use to exit markets. An entry wedge is actually a strategy used by firms to enter new markets or industries by identifying and exploiting a competitive advantage or an opportunity in the market.
An entry wedge involves identifying a small and accessible segment of a larger market and targeting it with a unique product or service, with the goal of eventually expanding into the larger market. This strategy typically involves overcoming barriers to entry and gaining a foothold in the market to establish a presence and compete with existing firms. Hence, the statement is false.
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Below is the simplified balance sheet of Gorgonzolan commercial banks at some point in time Assets Liabilities
Currency ( reserves) 200,000 Deposits 600,000 Loans 400,000 Assume that the Gorgonzolan commercial banks desire to hold reserves of 25 percent of deposits and that the public holds no currency long term. Instructions: Enter your responses as whole numbers. a. Given the data in the balance sheet, the Gorgonzolag commercial banks want to hold b. The Gorgonzolan commercial banks currently have in reserves. in extra reserves that they would like to lend out.
c. assuming that no additional reserves enter the Sorgonzolan banking system, the final values of bank reserves, loans, and deposits are: Final consolidated balance sheet Assets Liabilities Currency Final value of bank ___ Deposits ___
reserves
Loans ___
Bank reserves are the sums of money that a nation's central bank mandates that banks keep in reserve. These reserves are normally kept as cash in the bank's vaults or as deposits with the central bank.
The goal of bank reserves is to guarantee that banks have enough money to fulfil their obligations and keep the banking system stable.
Reserves assist banks in managing their ongoing liquidity requirements. Banks can use them as a reserve of funds to cover consumer withdrawals or payment commitments.
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splish inc. issued $4,590,000 par value, 7onvertible bonds at 99 for cash. if the bonds had not included the conversion feature, they would have sold for 95. Prepare the journal entry to record the issuance of the bonds.
The journal entry to record the issuance of the bonds for Splish Inc. would be:
Cash: $4,551,100 (calculated as $4,590,000 x 0.99)
Discount on Bonds Payable: $38,900 (calculated as $4,590,000 x (1-0.99))
Bonds Payable: $4,590,000
The company received cash of $4,551,100 from the sale of the bonds. Since the bonds were sold at a discount (99 instead of 100), a Discount on Bonds Payable account is created to reflect this. The discount is calculated as the difference between the par value and the selling price.
Finally, the Bonds Payable account is credited for the full par value of the bonds, which represents the company's obligation to repay the bondholders.
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1. Pertaining to cash dividends, on which date is retained earnings decreased and liabilities increased? a. date of declaration. b. ex-dividend date. c. date of record. d. date of payment.
Pertaining to cash dividends, retained earnings are decreased and liabilities are increased on the date of declaration. The correct option is (a).
1. The board of directors declares a cash dividend on the declaration date. This is when the decision to distribute a dividend to shareholders is made.
2. On the declaration date, the company's retained earnings account is decreased by the total amount of the declared dividend. This is because the company is setting aside a portion of its profits to be distributed to shareholders.
3. Simultaneously, a liability is created in the form of dividends payable, which represents the company's obligation to pay the declared dividends to its shareholders. This increases the company's liabilities.
4. The ex-dividend date, date of record, and date of payment are important dates in the dividend process, but they do not affect retained earnings or liabilities directly. The ex-dividend date determines when a stock begins trading without the dividend; the date of record identifies the shareholders eligible to receive the dividend, and the date of payment is when the dividend is actually paid to shareholders.In summary, the date of declaration is when retained earnings are decreased and liabilities are increased due to cash dividends.
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Two Different Products. Which Costing Method (Job-Order Or Process) Would Be The Best Method To Use For Each Project? I. Fred Puetz Manufactures Fred's Wine Cooler. Fred Once Made The Statement, "People Can Have Any Flavor Of Fred's Wine Cooler They Want As Long It's Boysenberry." II. Ahmad
The following examples briefly describe the manufacture of two different products. Which costing method (job-order or process) would be the best method to use for each project?
I. Fred Puetz manufactures Fred's Wine Cooler. Fred once made the statement, "People can have any flavor of Fred's Wine Cooler they want as long it's boysenberry."
II. Ahmad Aerondonetics is manufacturing three space shuttles for the country of Kricherra. Each shuttle is slightly different and production will last approximately two years.
I II
a. Process Process
b. Job-order Job-Order
c. Process Job-Order
d. Job-Order Process
The most noticeable difference from a consumer standpoint is that thermoelectric (aka Peltier) coolers are cheap and silent or nearly silent, often with just quite large fan to spread the heat out. Compressors, on the other hand, have traditionally been quite loud, and get louder as they age (though recent improvements have made compressors much quieter), and the bulk and larger number of moving parts makes them more prone to failure. Thermoelectric is capable of maintaining a very constant local temperature, much like actual cellaring, whereas compressors cycle on and off and therefore temps rise and fall several degrees in either direction all the time.
Which is the best project?
I. Job-Order - Since Fred's Wine Cooler only comes in one flavor (boysenberry), it would be more appropriate to use job-order costing method as the production process would be specific to that particular product.
II. Process - Since Ahmad is manufacturing three different space shuttles, each slightly different from the other, it would be more appropriate to use the process costing method. This method would allow for the cost to be accumulated for each process and then divided by the total number of units produced.
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the 0.9 percent medicare tax applies to: a.earned income b.gain on the sale of a principal residence c.ira distributions d.tax exempt income
The 0.9 percent Medicare tax and which type of income it applies to. The options given are: a. Earned income, b. Gain on the sale of a principal residence, c. IRA distributions, and d. Tax-exempt income.
The 0.9 percent Medicare tax applies to: a. Earned income.
This tax is specifically applied to earned income that exceeds certain thresholds, which are $200,000 for single filers, $250,000 for married filing jointly, and $125,000 for married filing separately.
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what part of the offered deal is the interest rate? (1 point) 2 year term up to $40,000 6% compounded annually $500 up-front payment
The interest rate for a $500 down payment, a 2-year term up to $40,000, and 6% yearly compounding is 6%.
When revenue from an asset, such as interest or capital gains, is reinvested to produce more income over time, the process of compounding takes place. Earnings from the investment will be generated by the initial principal of the investment as well as the cumulative returns from earlier periods, which are calculated using exponential functions.
Linear growth is different from compounding in that only the principal earns interest every cycle.The term "compounding" refers to the process by which interest is accrued on an asset's principle as well as cumulative interest. Compound interest is a phenomenon that directly relates to the temporal value of money (TMV) theory.
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Gearty's adjusted basis in Worthington Company, a partnership, was $18,000 at the time Gearty received the following proportionate nonliquidating distributions of partnership property:
Cash $6,000
Land Adjusted basis 14,000
Fair market value 12,000
Inventory Adjusted basis 7,000
Fair market value 10,000
What is Gearty's tax basis in the land received from the partnership?
a.$0
b.$5,000
c.$12,000
d.$14,000
Since this is a nonliquidating distribution, the loss cannot be recognized until Gearty disposes of their partnership interest.
Gearty's tax basis in the land received from the partnership is $0.
Explanation:
According to the information provided, Gearty received a proportionate nonliquidating distribution of partnership property, which means the partnership did not liquidate or terminate. Gearty's adjusted basis in the partnership was $18,000, and the total value of the distributions received was $28,000 ($6,000 cash + $12,000 land FMV + $10,000 inventory FMV).
To determine Gearty's tax basis in the land, we need to compare its adjusted basis with its fair market value at the time of distribution. The land's adjusted basis was $14,000, which is greater than its fair market value of $12,000. Therefore, Gearty must use the fair market value of the land as their basis, which is $12,000.
Since the fair market value of the land is less than Gearty's adjusted basis in the partnership, Gearty will have a capital loss of $2,000 ($14,000 - $12,000) on the distribution of the land. However, since this is a nonliquidating distribution, the loss cannot be recognized until Gearty disposes of their partnership interest.
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If you were constructing a 99% confidence interval of the population mean based on a sample of n-25 where the standard deviation of the sample S-0.05, the critical value oft will be A. 2.7969 B. 2.7874 C. 2.4922 D. 2.4851 3.
The critical value of t for constructing a 99% confidence interval of the population mean with a sample size (n) of 25 and a standard deviation (S) of 0.05 is A. 2.7969.
To find the critical value of t, you need to consider the degrees of freedom, which is calculated as (n-1). In this case, with n=25, the degrees of freedom would be (25-1)=24.
Next, look up the t-value in a t-distribution table for 99% confidence and 24 degrees of freedom. The table will give you the critical value of t, which is 2.7969.
This value is used to calculate the confidence interval for the population mean using the sample mean, sample standard deviation, and sample size.
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An investment company pays 8% compounded semiannually. You want to have $24,000 in the future. How much should you deposit now to have that amount 5 years from now? Pos (Do not round until the final answer. Then round to two decimal places as needed)
Deposit approximately $15,237.98 now to have $24,000 in 5 years with an investment company that pays 8% compounded semiannually.
To find out how much you should deposit now, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the future amount you want to have ($24,000)
P = the principal amount (what you need to deposit now)
r = the annual interest rate (8%)
n = the number of times interest is compounded per year (semiannually, so n = 2)
t = the number of years (5)
Plugging in these values, we get:
$24,000 = P(1 + 0.08/2)^(2*5)
Simplifying the right side of the equation:
$24,000 = P(1.04)^10
To isolate P, divide both sides by (1.04)^10:
P = $24,000 / (1.04)^10
P ≈ $15,237.98
Therefore, you should deposit approximately $15,237.98 now to have $24,000 in 5 years with an investment company that pays 8% compounded semiannually.
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T/F if the marginal propensity to save is 0.35, the multiplier is 2.86.
The statement is false. The multiplier is not directly determined by the marginal propensity to save (MPS) alone.
What is Marginal Propensity?
Marginal propensity refers to the change in consumption or saving that occurs in response to a change in income. It is a concept in economics that measures the relationship between changes in income and changes in spending or saving.
The multiplier is a concept in economics that measures the change in output or income resulting from an initial change in autonomous spending (such as government spending or investment) or consumption spending.
The formula for the multiplier is:
Multiplier = 1 / (1 - MPC)
where MPC is the marginal propensity to consume, which is the fraction of additional income that is spent on consumption. MPS, on the other hand, is the fraction of additional income that is saved.
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A best seller titled Retire Rich convinces the public to increase the percentage of its income devoted to saving. Increase Decrease - consumption - income- interest rate - investment
A best seller titled "Retire Rich" convinces the public to increase the percentage of its income devoted to saving. This decision by the public has several economic implications.
Firstly, as people allocate a higher percentage of their income to savings, consumption will decrease. This is because individuals now have less disposable income to spend on goods and services.
Secondly, the overall income level in the economy may also be affected. With decreased consumption, businesses may experience lower revenues and potentially reduced profits. This could lead to a slowdown in economic growth and may impact income levels.
Thirdly, as more people save, the supply of loanable funds in the market will increase. This excess supply of funds may result in a decrease in the interest rate, making borrowing cheaper for both individuals and businesses.
Lastly, a decrease in interest rates can encourage investment. As the cost of borrowing decreases, businesses may be more inclined to take on loans for expansion and capital improvements. This could lead to increased investment in the economy.
In conclusion, the best seller "Retire Rich" convinces the public to increase the percentage of its income devoted to saving, which may lead to decreased consumption, potential changes in income levels, a decrease in interest rates, and an increase in investment.
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A good impression on a tour group from the Security Officer is very important because you are often their first impression of the client
The given statement, "A good impression on a tour group from the Security Officer is very important because you are often their first impression of the client." is True because as a security officer, you are often the first point of contact for visitors and tour groups.
As a security officer, you are often the first person that visitors and tour groups encounter when they arrive at a site. Whether it is a museum, office building, hotel, or other facility, the way you present yourself and interact with visitors can have a significant impact on their first impression of the client.
A professional and friendly demeanor can help to put visitors at ease and make them feel welcome. This can be especially important if they are visiting an unfamiliar place or if they have concerns about safety or security.
-----------The given question is incomplete, the complete question is:
A good impression on a tour group from the Security Officer is very important because you are often their first impression of the client. True or false?"----------
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Development is the planned search for new knowledge with the hope that such knowledge will be useful in developing a new product or process.
True or False?
The answer for the statement ''Development is the planned search for new knowledge with the hope that such knowledge will be useful in developing a new product or process'' is True.
Development is a deliberate and purposeful effort to find and acquire new knowledge with the expectation that such knowledge will enable the creation of new products, processes, or services that will be of value to society.
This search for knowledge is often guided by a specific goal or objective, and may involve a range of activities, such as research, experimentation, and testing.
By systematically pursuing new knowledge, organizations can improve their ability to innovate, compete, and adapt to changing market conditions, and thereby enhance their long-term viability and success.
In essence, development is the driving force behind progress and growth, both for individuals and for society as a whole.
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An ad in a subway for a local Mexican restaurant is an example of
A. free-form advertising.
B. aerial advertising.
C. transit advertising.
D. specialty advertising.
E. a sales promotion.
Transit advertising is a type of out-of-home advertising that targets commuters using public transportation. C. Transit advertising.
Subway ads are a form of transit advertising, which involves placing ads on various modes of transportation, including buses, trains, and subways, to reach a large and diverse audience. The ad for a local Mexican restaurant on the subway is an example of transit advertising since it is placed on a mode of transportation.
It includes ads on buses, trains, taxis, and subways. These ads can reach a large and diverse audience and are often used by local businesses to target specific neighborhoods or areas. Transit advertising can be especially effective for promoting local restaurants or stores to people who live or work nearby. Subway ads, like the one in question, are a common form of transit advertising and can be seen by millions of people each day.
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ture or false basic financial statements consist of government-wide financial
The statement basic financial statements consist of government-wide financial is false because all governmental and business-type activities will be covered by the new government-wide financial statements, but fiduciary activities WILL NOT BE.
Accordingly, Trust and Agency Funds won't be listed on the government-wide declarations. A comprehensive breakdown of all the major government funds, their expenditures, and remaining funds can be found in a government-wide financial statement. This declaration details every expenditure made by the government and, if any, how much money is still available.
Since fiduciary resources cannot be utilized to support the entity's programs or other services, fiduciary funds and fiduciary component units are expressly omitted from the government-wide statements.
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The procedure of transferring journal entries to the ledger accounts is called:
a. journalizing.
b. analyzing.
c. reporting.
d. posting.
The procedure of transferring journal entries Posting is the procedure of moving the debits and credits from the ledger accounts to the journal entries. After all accounting transactions have been journalized, the posting procedure begins. The correct answer is d. posting.
Keeping a record of all your business dealings and tracking them in chronological order is the practise of journalizing transactions. This record typically includes the date, the account that is being debited or credited, and a brief explanation of the transaction that occurred.
After being recorded in the journal, transactions are next posted to the ledger, which is the primary book.Moving journal entries to the proper ledger accounts is a process known as ledger posting. Posting is the method through which information is allegedly transferred from a journal to a ledger.Only when transactions are purported to have been documented in the journal is Ledger Posting known to have taken place. Keep in mind that following that, it is placed in the main book called the "Ledger!" Ledger posting.
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the ________ act is the most relevant piece of hr legislation for addressing doubled overtime rates and out-of-sequence production practices in boeing’s facilities.
B. Sarbanes- Oxley Act- is the most relevant piece of HR legislation for addressing doubled overtime rates and out-of-sequence production practices in Boeing’s facilities.
What is the purpose of Sarbanes-Oxley Act?The Sarbanes-Oxley Act of 2002, a piece of federal legislation, created stringent financial and auditing standards for publicly traded firms.
The Act was designed by lawmakers to assist shield the public from accounting fraud and financial misdeeds and to aid shareholders, employees, and the general public.
Hence, the Sarbanes- Oxley act is the most pertinent component of HR law for tackling high overtime rates and out-of-sequence production techniques in Boeing's plants.
Therefore, option B. is the right choice.
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Complete question is-
The ________ act is the most relevant piece of hr legislation for addressing doubled overtime rates and out-of-sequence production practices in Boeing’s facilities.
A. Civil Rights Act,
B. Sarbanes- Oxley Act
C. Consolidated Omnibus Reconciliation
D. Occupational Safety and Health.
(Financial statement analysis) The T. P. Jarmon Company manufactures and sells a line of exclusive sportswear. The firm's sales were $599,900 for the year just ended, and its total assets exceeded $500,000. The company was started by Mr. Jarmon just 10 years ago and has been profitable every year since its inception. The chief financial officer for the firm, Brent Vehlim, has decided to seek a line of credit from the firm's bank totaling $90,000. In the past, the company has relied on its suppliers to finance a large part of its needs for inventory. However, in recent months tight money conditions have led the firm's suppliers to offer sizable cash discounts to speed up payments for purchases. Mr. Vehlim wants to use the line of credit to supplant a large portion of the firm's payables during the summer, which is the firm's peak seasonal sales period. The firm's two most recent balance sheets were presented to the bank in support of its loan request. In addition, the firm's income statement for the year just ended was provided. These statements are found in the following tables: 9. Jan Fama, associate credit analyst for the Merchants National Bank of Midland, Michigan, was assigned the task of analyzing Jarmon's loan request.• T. P. Jarmon's average collection period is days. (Round to one decimal place.)
The average collection period for T. P. Jarmon Company is 43.6 days (rounded to one decimal place).
What is Collection Period?
Collection period, also known as days sales outstanding (DSO), is a financial metric that measures the average number of days it takes a company to collect its accounts receivable balance from its customers. It is a measure of the efficiency of a company's credit and collections policies.
From the income statement, we know that the company's sales for the year just ended were $599,900. We can calculate the average accounts receivable balance using the two most recent balance sheets provided by the company:
Average Accounts Receivable = (Accounts Receivable at Beginning of Year + Accounts Receivable at End of Year) / 2
Balance Sheet as of December 31, 20X2:
Accounts Receivable = $74,900
Balance Sheet as of December 31, 20X1:
Accounts Receivable = $68,300
Average Accounts Receivable = ($68,300 + $74,900) / 2 = $71,600
Accounts Receivable Turnover Ratio = $599,900 / $71,600 = 8.3868
Next, we can calculate the average collection period:
Average Collection Period = 365 days / Accounts Receivable Turnover Ratio
Average Collection Period = 365 days / 8.3868 = 43.55 days
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In Sage 50, which account contains summary information about the total cost of merchandise on hand and available for sale?
a. Payroll checking account
b. Supplies Inventory
c. Merchandise Inventory
d. Accounts Payable
e. Accumulated Depreciation
In Sage 50, the account that contains summary information about the total cost of merchandise on hand and available for sale is the (c) Merchandise Inventory account.
This account is an essential part of managing and tracking the inventory levels and costs in a business. It represents the value of goods that the company has purchased for resale, and it's constantly updated as inventory is bought, sold, or adjusted.
The Merchandise Inventory account plays a vital role in determining the company's financial health by helping to calculate gross profit and cost of goods sold. This information is crucial for making strategic decisions and analyzing the company's overall performance.
The other accounts mentioned, such as Payroll Checking Account (a), Supplies Inventory (b), Accounts Payable (d), and Accumulated Depreciation (e), serve different purposes within the business accounting system. Payroll Checking Account is used to manage employee salaries and wages, Supplies Inventory holds the value of consumable items, Accounts Payable tracks the amounts owed to suppliers, and Accumulated Depreciation accounts for the decrease in value of long-term assets over time. While each account is important, the Merchandise Inventory is the one specifically related to the cost of merchandise on hand and available for sale in Sage 50.
Therefore, the correct answer is (c) Merchandise Inventory.
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brazee company has the following paid-in capital: preferred stock, 6%, $5 par value, 100,000 shares authorized, 40,000 shares issued and outstanding$ 2,000,000common stock, $9 par value, 300,000 shares authorized, 220,000 shares issued and outstanding$ 1,980,000if the company pays a $10,000 dividend, and the preferred stock is cumulative, with nothing currently in arrears, what is the amount the preferred stockholders will receive?
The amount the preferred stockholders will receive in dividends is $12,000.
Brazee Company has preferred stock with a 6% dividend rate, $5 par value, 100,000 shares authorized, 40,000 shares issued and outstanding, and common stock with a $9 par value, 300,000 shares authorized, and 220,000 shares issued and outstanding.
Given that the preferred stock is cumulative and there is nothing currently in arrears, the preferred stockholders are entitled to receive all accumulated dividends before any dividends are paid to common stockholders.
To calculate the amount the preferred stockholders will receive in dividends, we need to multiply the dividend rate by the par value and the number of shares outstanding. The formula is;
Preferred Stock Dividends = Dividend Rate × Par Value × Number of Shares Outstanding
In this case, the dividend rate is 6%, the par value is $5, and the number of shares outstanding is 40,000.
Preferred Stock Dividends = 6% × $5 × 40,000
Preferred Stock Dividends = 0.06 × $5 × 40,000
Preferred Stock Dividends = $12,000
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A sudden decrease in the market demand in a competitive industry leads to
a. demand creating supply.
b. new firms being attracted to the industry.
c. losses in the short run and average profits in the long run.
d. above-average profits in the short run and average profits in the long run.
A sudden decrease in the market demand in a competitive industry leads to losses in the short run and average profits in the long run. When market demand decreases, businesses in the industry experience a reduction in sales, leading to short-term losses.
In the short run, firms will not be able to quickly adjust their output levels to match the decreased demand, resulting in excess supply and lower prices. In other words, firms may continue to produce at their previous levels despite the decrease in demand. This will lead to losses for firms.
In the long run, some firms may exit the industry, reducing supply and allowing the remaining firms to earn average profits. Losses in the short run and average profits, in the long run, is a plausible outcomes.
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Powell Company had income of $1.158.300 under variable costing Beginning and ending finished goods inventories were 7800 units and zero unlts. respectively, Fred overhead cost was 54 per unit for the beginning finished goods inventory. Income under absorption costing is Multiple Choice $158300 $4155.900 $1150.700 $51327100 $188700
Negative income is not possible, so the income under absorption costing would be $1,158,300 + $421,200 = $1,579,500.
Therefore, the correct answer is $1150.700.
The answer is $1150.700.
Variable costing is a method of cost accounting that includes only variable costs in product costs, while fixed costs are treated as period expenses. On the other hand, absorption costing is a method of cost accounting that includes both variable and fixed costs in product costs.
In the given question, the income under variable costing is $1.158.300, which means that this amount only includes variable costs. The beginning finished goods inventory had 7800 units, and the fixed overhead cost was $54 per unit. Therefore, the total fixed overhead cost for the beginning finished goods inventory was $421,200 (7800 units x $54). This cost is a fixed cost and is not included in the variable costing income.
To calculate the income under absorption costing, we need to include the fixed overhead cost in the product cost. The total cost of the beginning finished goods inventory under absorption costing would be $1,579,500 ($421,200 fixed overhead cost + $1,158,300 variable cost). Since there were no ending finished goods inventories, the cost of goods sold would be equal to the cost of the beginning finished goods inventory. Therefore, the income under absorption costing would be $1,158,300 - $1,579,500 = -$421,200. However, negative income is not possible, so the income under absorption costing would be $1,158,300 + $421,200 = $1,579,500.
Therefore, the correct answer is $1150.700.here
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