Nichols Fruits leased farm equipment from King Machinery on January 1, 2021. The present value of the lease payments discounted at 10% was $40 million. Ten annual lease payments of $6 million are due at the beginning of each year beginning January 1, 2021. King had constructed the equipment recently for $33 million. With this lease agreement, control is considered to be transferred to the lessee at the beginning of the lease. What amount of interest revenue from the lease should King report in its 2021 income statement?
A. $3.4 million.
B. $6.0 million.
C. $17.0 million.
D. $10.4 million.

Answers

Answer 1

Answer:

A. $3.4 million

Explanation:

Calculation for What amount of interest revenue from the lease should King report in its 2021 income statement

Interest revenue = 10% * [$40 - $6])

Interest revenue = 10% *$34

Interest revenue = $3.4 million

Therefore the amount of interest revenue from the lease that King should report in its 2021 income statement will be $3.4 million


Related Questions

Grimaldi Chocolates projects its factory rent to be $8,000 in July when 4,000 pounds of candy are expected to be produced. If rent is a fixed cost, and if production is expected to increase to 6,000 units in August, what is the expected cost of rent in August

Answers

Answer:

$8,000

Explanation:

With regards to the above information, the expected cost of rent in August is $8,000. This is because the $8,000 is fixed in total.

We know that fixed costs are those costs that do not vary with the level of output. Invariably, it means they remained the same as activity level or output changes.

Although, production increases to 6,000 units in August from 4,000 candy pounds of candy that are expected to be produced in March, yet, the fixed cost of $8,000 would remain the same whether or not production increases or decreases.

You would like to lock in the selling price on 50,000 bushels of wheat, which you plan to harvest and deliver to the market in September. The September futures price quote is currently 899?4. If you write September futures contracts on your wheat, you will be guaranteed a total price of ________ for your crop. Each contract is quoted in cents and 1/8ths of a cent per bushel with a contract size of 5,000 bushels.
a. $45.637.50.
b. 50 $541650.00.
c. $449750.00.
d. $297700.50.
e. $2.971.000.

Answers

Answer:

c. $449750.00.

Explanation:

1/8 of 10 lots of bushels of 5,000 per lot = 1.25

Therefore, the price quote of 899'4 cents is written as 899'4+1.25 = $8.995

Total value = Wheat(bushels) * Price Quote

Total value = 50,000 * $8.995

Total value = $449,750

You are analyzing a large stable company. For the year ending 12/31/2015 the company reported earnings of $58,900 and book value at the end of 2015 was $371,700. You expect earnings to grow at 5% a year in perpetuity, and the dividend payout ratio of 70% to continue. The company borrows at 8%, and has a cost of equity of 12%. The company has 25,000 shares outstanding. What is your estimate of price per share using the dividend discount model at 12/31/2015

Answers

Answer:

$24.74

Explanation:

Total earnings for the year ending 12/31/2015= $58,900

dividend payout ratio=70%

current year total dividends= $58,900*70%

current year total dividends=$41,230.00

current dividend per share=current year total dividends/shares outstanding

current dividend per share=$41,230.00/25,000

current dividend per share=$1.6492

expected dividend=current dividend per share*(1+growth rate)

growth rate of dividends forever=5%

expected dividend=$1.6492*(1+5%)

expected dividend=$1.73166

share price=expected dividend/(cost of equity-growth rate)

cost of equity=12%

share price=$1.73166/(12%-5%)

share price=$24.74  

Which of the following statements is most accurate regarding sufficient and appropriate documentation?
A. Audit documentation is the property of the client, and sufficient and appropriate copies should be retained by the auditor for at least 5 years.
B. Sufficient and appropriate documentation should include evidence that it has been reviewed.
C. Accounting estimates are not considered sufficient and appropriate documentation.
D. If additional evidence is required to document significant findings or issues, the original evidence is not considered sufficient and appropriate and therefore should be deleted from the working papers.

Answers

Answer:

A

Explanation:

Hudson has two job offers when he graduates from college. Hudson views the offers as identical, except for the salary terms. The first offer is at a fixed annual salary of $45,000. The second offer is at a fixed salary of $25,000 plus a possible bonus of $40,000. Hudson believes that he has a 50-50 chance of earning the bonus. If Hudson takes the offer that maximizes his expected utility and he is risk-neutral, then A) he will take the first offer

Answers

Answer:

B. he will take the second offer

Explanation:

Based on the information given in a situation where he takes the offer that help maximizes his expected utility which is the satisfaction he will derived from the service he want to rendered to his employer in which the offer is also risk-neutral due to the likely gain he will derived from rendering service then HE WILL TAKE THE SECOND OFFER reason been that the second offer has fixed salary of the amount of $25,000 including a possible bonus of the amount of $40,000 compare to the first offer which had only a fixed annual salary of the amount of $45,000.

Which of the following is true about specification ?

a. A specification is defined as the value separating acceptable from unacceptable performance.
b. Specifications should not be set arbitrarily. If you set a specification to loosely, the customer will be dissatisfied or upset with the performance of what you provided, even though it meets the specification.
c. The specification is set to tightly; you will spend more resources than you should to perform within the overly narrow goals.

Answers

Answer:

b. Specifications should not be set arbitrarily. If you set a specification to loosely, the customer will be dissatisfied or upset with the performance of what you provided, even though it meets the specification.

Explanation:

Specification is defined as a set of requirements that needs to be met when producing a product. They give a value that seperate this product from others in performance.

Specification should be narrowly defined as this will help effectively meet the customer needs.

When specifications are too loosely defined the product might not meet customer needs.

For example if a developer requires a laptop with high processing power and the company decides to provide a more generic and lower processing power, the target customer will not be satisfied

19. What are conflicting responsibilities? Why do conflicts arise in professions?​

Answers

Because you will always have conflicts

Answer:  being in the military

Explanation:  reason is, because if your in the military you get to miss out on holidays , birthdays and even extra time with family and thats a big problem

List at least one of each transaction related to all of the following business events:

a. Purchase of goods or services for cash
b. Providing services for cash
c. Providing services on account
d. Purchase of goods or services on account
e. Payment of a previously recorded expense
f. Receipt of a previously recorded revenue earned

Answers

Answer:

a. Purchase of goods or services for cash

Transaction: Cash paid towards the dresses and shoes for security guards.

Accounts affected: Cash and Purchases

b. Providing services for cash

Transaction: Cash received against Bill raised towards Security services to M/s Major Computers for November month

Accounts affected: Cash and Service Revenues

c. Providing services on account

Transaction: Bill raised towards Security services to M/s Prime innovators for November month

Accounts affected: Accounts Receivables and Service Revenues

d. Purchase of goods or services on account

Transaction: Purchases the dresses and shoes for security guards on credit form M/s Immediate Dress.

Accounts affected: Accounts Payable and Purchases

e. Payment of a previously recorded expense

Transaction: Payment of bill raised by M/s Immediate Dress towards purchase of security guards dresses and shoes last month.

Accounts affected: Accounts Payable and Cash

f. Receipt of a previously recorded revenue earned

Transaction: Received payments towards Bill raised to M/s Prime innovators for Security services for November month

Accounts affected: Accounts Receivables and Cash

Exchanged all of the securities for shares of preferred stock, which were not mandatorily redeemable. Market values at the date of the exchange were for the securities and per share for the preferred stock. The shares were retired immediately. What journal entries should record in connection with this transaction?

Answers

Answer:

The full question is as follows "The following accounts were among those reported on Good Corp.'s balance sheet at December 31, year 1: Available-for-sale securities (market value $140,000) $80,000 Preferred stock, $20 par value, 20,000 shares issued and outstanding 400,000 Additional paid-in capital on preferred stock 30,000 Retained earnings 900,000 On January 20, year 2, Good exchanged all of the available-for-sale securities for 5,000 shares of Good's preferred stock. Market values at the date of the exchange were $150,000 for the available-for-sale securities and $30 per share for the preferred stock. The 5,000 shares of preferred stock were retired immediately after the exchange. Prepare the general journal entry, without explanation, to record this event."

Date    General Journal Entry                                  Debit             Credit

            Preferred stock A/c                                   $100,000

             (5000*$20)          

            Add. paid-in capital on preferred stock   $7,500

             (30000 * 1/ 4)          

            Retained earnings                                     $42,500

                  Trading securities A/c                                               $140,000

                  Gain on exchange of securities                                $10,000

The balanced scorecard: Multiple Choice Fails to reflect environmental and social effects of the firm's operations. Helps focus managers' attention to bottom line profits. Is not comprehensive, since it doesn't include all the critical success factors which contribute to competitive success. Is forward looking, stressing nonfinancial measures that can lead to benefits in the future. Is heavily weighted toward the financial critical success factors.

Answers

Answer:

Is forward looking, stressing nonfinancial measures that can lead to benefits in the future.

Explanation:

Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.

In Financial accounting, Horizontal analysis can be defined as an analysis and evaluation of a financial statement which illustrates or gives information about changes in the amount of corresponding financial statement items, benchmarks or financial ratio over a specific period of time. It is one of the most important technique that is used to measure how a business is doing financially.

Hence, the balanced scorecard is forward looking, stressing nonfinancial measures that can lead to benefits in the future and as such it is a strategic management planning technique.

2. Efficiency and effectiveness (Connect, Perform) Read the scenario and then complete the sentence with the correct term. Management in Life Your parents are hosting the huge annual family reunion this year, and they have determined that quite a bit of work needs to be done before all the relatives show up. They ask if you will repair the leaking faucets and replace the rec room carpet. They ask your sister to rid the lawn of weeds and reseed the bare patches, and they ask your brother to rent tents, a huge barbeque grill, and other equipment. They want the family to feel comfortable and have fun. To achieve greater , your dad decides to mount speakers around the backyard so people can listen to music streaming from his Rhapsody account. This will be less expensive than hiring a live band. In your first day as a driver for Road-O-Rama Freight, you realize that something just isn’t right. Trucks go out half full, and drivers often get the wrong addresses so freight doesn’t arrive at its destination. When telling a friend about your new job, how would you describe this company’s operations? Both effective and efficient Effective but not efficient Efficient but not effective Neither effective nor efficient

Answers

Answer:

When telling a friend about your new job, how would you describe this company’s operations?

Neither effective nor efficient

Explanation:

The company's operations will be considered effective if they achieve objectives.  But they do not produce the desired results because drivers often get the wrong addresses, making freights not to arrive at their destinations.  Similarly, the company's operations cannot be described as efficient because trucks go out half full with wrong addresses.  This is a waste of time, money, and efforts, and the performance competence of the company is questionable.  Efficient operations accomplish results with the least amount of resources.  Effective operations achieve desired results successfully.

Ayala Inc. has conducted the following analysis related to its product lines, using a traditional costing system (volume-based) and an activity-based costing system. Both the traditional and the activity-based costing systems include direct materials and direct labor costs.
Products Sales Revenue Traditional ABC
Product 540X $195,000 $56,000 $46,600
Product 137Y 158,000 55,000 37,000
Product 249S 84,000 10,000 37,400
Instructions
a) For each product line, compute operating income using the traditional costing system.
b) For each product line, compute operating income using the activity-based costing system
c) Using the following formula, compute the percentage difference in operating income for each of the product lines of Ayala:{Operating Income (ABC)-Operating Income traditional cost)]divided operating Income (traditional cost)(round the percentage to two decimals).

Answers

Answer:

a. Operating income of Product 540X under traditional costing system: Operating income = Revenue - Operating cost = $195,000 - $56,000 = $139,000

Operating income of Product 137Y under traditional costing system: Operating income = Revenue - Operating cost = $158,000 - $55,000 = $103,000

Operating income of Product 249S under traditional costing system: Operating income = Revenue - Operating cost = $84,000 - $10,000 = $74,000

b. Operating income of Product 540X under  activity-based costing system: Operating income = Revenue - Operating cost = $195,000 - $46,600 = $148,400

Operating income of Product 137Y under  activity-based costing system: Operating income = Revenue - Operating cost = $158,000 - $37,000 = $121,000

Operating income of Product 249S under  activity-based costing system: Operating income = Revenue - Operating cost = $84,000 - $37,400 = $46,600

c. % of the difference between the operating income of Product 540X under traditional costing system and ABC system = Operating Income (ABC) - [Operating Income (Traditional cost)/Operating Income (Traditional cost)] * 100

= $148,400 - $139,000/$139,000 * 100

= $9,400/$139,000 * 100

= 0.0676258992805755 * 100

= 6.76%

% of the difference between the operating income of Product 137Y under traditional costing system and ABC system = Operating Income (ABC) - [Operating Income (Traditional cost)/Operating Income (Traditional cost)] * 100

= $121,000 - $103,000/$103,000 * 100

= $18,000/$103,000*100

= 0.1747572815533981 * 100

= 17.48%

% of the difference between the operating income of Product 249S under traditional costing system and ABC system = Operating Income (ABC) - [Operating Income (Traditional cost)/Operating Income (Traditional cost)] * 100

= $46,600 - $74,000/$74,000 * 100

= -$27,400/$74,000 * 100

= -0.3702702702702703 * 100

= -37.03%

On April 1, Cyclone Co. purchases a trencher for $280,000. The machine is expected to last five years and have a salvage value of $40,000. Exercise 8-12 Double-declining-balance, partial-year depreciation LO C2 Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double-declining-balance method. (Enter all amounts as positive values.)

Answers

Answer:

Year 1 = $84,000Year 2 = $78,400

Explanation:

Double declining means that the asset is depreciating at double the rate that it would with straight method:

Straight line depreciation = 280,000 / 5 years

= $56,000

Rate = 56,000 / 280,000 = 20%

Double declining will be:

= 20 * 2 = 40%

Year 1 Depreciation:

= 40% * 280,000 * 9/12 months

= $84,000

Year 2 Deprecation:

= 40% * Net book value

= 40% * (280,000 - 84,000)

= $78,400

Assume the following adjustment data.

a. Supplies on hand at October 31 total $520.
b. Expired insurance for the month is $120.
c. Depreciation for the month is $135.
d. As of October 31, services worth $950 related to the previously recorded unearned revenue had been performed.
e. Services performed but unbilled (and no receivable has been recorded) at October 31 are $250.
f. Interest expense accrued at October 31 is $75.
g. Accrued salaries at October 31 are $1,520.

Required:
Prepare the adjusting entries for the items above.

Answers

Answer:

a.

Debit : Balance Sheet $520

Credit : Supplies $520

b.

Debit : Insurance expense $120

Credit : Prepaid Insurance $120

c.

Debit : Depreciation expense $135

Credit : Accumulated depreciation expense $135

d.

Debit : Unearned Revenue $950

Credit : Revenue Earned $950

e.

Debit : Trade Receivable $250

Credit : Service Revenue $250

f.

Debit : Interest expense $75

Credit : Note Payable $75

g.

Debit : Salaries expense $1,520

Credit : Accounts Payables $1,520

Explanation:

So adjusting entries are done at the end of the reporting period, in this case it is the end of October.

For most of these entries we recognize expenses and a corresponding decrease in assets or increase in liabilities.

As for revenue previously unearned, we have to recognize the revenue portion now earned.

The board of directors of a corporation:________.
a) Are elected by the corporate registrar.
b) Are responsible for day-to-day operations of the business.
c) Do not have the power to bind the corporation to contracts, due to lack of mutual agency.
d) May not also be executive officers of the corporation, due to the separate entity principle.
e) Are responsible for and have final authority for managing corporate activities.

Answers

Answer:

e) Are responsible for and have final authority for managing corporate activities.

Explanation:

A corporation can be defined as a corporate organization that has facilities and owns or controls assets used for the production of goods and services in at least one country other than its headquarter (home office) located in its home country.

This ultimately implies that, a corporation is a corporate organization that owns or controls its business in two or more countries.

Some examples of multinational firms are Ap-ple, Volkswagen, Go-ogle, Shoprite, Nestlé, Accenture, Shell BP, Chevron etc.

An owner of a corporation is known as a stockholder and he or she can decide to sell the corporation through stocks or shares as a publicly traded firm.

Basically, the board of directors who are representing the stockholders of a corporation are responsible for and have final authority for managing corporate activities because they are typically considered to be a governing body saddled with oversight functions and responsibilities.

A local partnership is liquidating and has only two assets (cash of $10,000 and land with a cost of $35,000). All partnership liabilities have been paid. All partners are personally insolvent. The partners have capital balances and share profits and losses as follows. Brown, capital (40%) $ 25,000 Fish, capital (30%) 15,000 Stone, capital (30%) 5,000 If the land is sold for $25,000, how much cash does each partner receive in a final settlement

Answers

Answer:

The amount of cash that each partner receives in a final settlement is as follows:

Brown  = $14,000

Fish =     $10,500

Stone =  $10,500

Explanation:

a) Data and Calculations:

Partnership assets:

Cash = $10,000

Land (cost) = $35,000

Capital balances and sharing of profits and losses:

Brown, capital (40%) $ 25,000

Fish, capital (30%) 15,000

Stone, capital (30%) 5,000

Cash realized from land = $25,000

Total cash available for distribution = $35,000 ($10,000 + $25,000)

Distribution:

Brown (40%) = $14,000 (40% of $35,000)

Fish (30%) =     $10,500 (30% of $35,000)

Stone (30%) =  $10,500 (30% of $35,000)

Total                $35,000

b) When a partnership is liquidated, the partners share the net assets of the partnership in their profit and loss sharing ratios.  If the net assets are negative, they also share the balance in their profit and loss sharing ratios and make the required contributions.

Counselors of Mableton purchased equipment on January 1, 2017, for $37,000. Counselors of Mableton expected the equipment to last for five years and have a residual value of $4,500. Suppose counselors of Mableton sold the equipment for $25,200 on December 31, 2018, after using the equipment for two full years. Assume depreciation 2018 has been recorded. Journalize the sale of equipment, assuming straight-line depreciation was used

Answers

Answer:

Dr cash $25,200

Dr accumulated depreciation $13,000

Cr equipment $37,000

Cr profit on disposal $1,2000

Explanation:

The yearly depreciation expense on the equipment is computed thus:

depreciation=(cost-residual value)/useful life

cost=$37000

residual value=$4,500

useful life= 5 years

depreciation=($37000-$4500)/5

depreciation=$6,500

accumulated depreciation for 2 years=$6,500*2=$13,000

Cash proceeds from disposal=$25,200

Upon disposal, we would debit cash with $25,200 as well as accumulated depreciation with $13,000 while the equipment account is credited with the original cost of $37,000

Total debits=$25,200+$13,000=$38,200

total credit=$37,000

profit on disposal=$38,200-$37000=$1,200

Catherine Jones has determined the following information about her own financial situation. Her checking account is worth $750 and her savings account is worth $1,900. She owns her own home that has a market value of $91,000. She has furniture and appliances worth $11,000 and a laptop worth $3,300. She has a car worth $11,500. She has recently purchased a mutual fund worth $5,500 and she has a retirement account worth $37,000. What is the total value of her assets

Answers

Answer:

$150,450

Explanation:

With regards to the above, her assets are: checking account, savings account, Home, furniture and appliances, laptop, mutual fund, car and retirement account.

= $750 + $1,900 + $91,000 + $11,000 + $3,300 + $5,500 + $37,000

= $150,450

Therefore, the total value of her asset is $150,450

Return to questionItem 4 Required information Skip to question Retained earnings at the beginning of the period was $300. During the period, Kilgore Company earned revenue of $1,100 and incurred expenses of $400. Assuming dividends paid to stockholders were $200, the ending balance in retained earnings must have been:

Answers

Answer:

$800

Explanation:

The first task here is to determine the amount of net income recognized in the year which is the earned revenue minus incurred expenses as shown thus:

net income=earned revenue-incurred expenses

earned revenue= $1,100

incurred expenses=$400

net income=$1,100-$400=$700

retained earnings for the period=net income-dividends paid

dividends paid=$200

retained earnings for the period=$700-$200=$500

ending balance of retained earnings=beginning retained earnings+retained earnings for the period

beginning retained earnings=$300

ending balance of retained earnings=$300+$500=$800

During its first year of operations, Fisher Plumbing Supply Co. had sales of $480,000, wrote off $7,700 of accounts as uncollectible using the direct write-off method, and reported net income of $52,800. Determine what the net income would have been if the allowance method had been used, and the company estimated that 1 1/2% of sales would be uncollectible.

Answers

Answer:

Sales                                       $480,000

Less: Expenses (Bal Figure)  $419,500

Less: Write Off Account         $7,700    

Net Income                             $52,800

If Allowance Method Is Used  

Sales                                                                 $480,000

Less: Expenses                                                $419,500

Less: Write Off Account (1.5% of 480,000)    $7,200

Net Income                                                       $53,300

Prepare a journal entry for the purchase of office equipment on February 19 for $31,700, paying $7,600 cash and the remainder on account. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Answers

Answer:

Dr Office equipment 31,700

Cr cash 7,600

Cr Accounts payable 24,100

Explanation:

Preparation of the journal entry for the purchase of office equipment on February 19

Based on the information given the if asset was purchased on February 19 for the amount of $31,700 in which the company paid the amount of $7,600 cash and the remainder on account which means that the journal entry will be:

February 19

Dr Office equipment 31,700

Cr cash 7,600

Cr Accounts payable 24,100

(31,700-7,600)

Jia is considering whether to go out to dinner at a restaurant with her friend. The meal is expected to cost $40, Jia typically leaves a 20% tip, and an Uber will cost $5 each way. Jia values the restaurant meal at $25. Jia enjoys her friend s company and is willing to pay $30 just to spend an evening with her. If Jia does not go out to the restaurant, she will eat at home, using groceries that cost her $8.
a. Calculate Jia's cost associated with going out to dinner with her friend.
b. Calculate Jia's benefits associated with going out to dinner with her friend.

Answers

Answer:

a. Jia's cost associated with going out to dinner with her friend

= $58

b. Jia's benefit associated with going out to dinner with her friend

= $47

Explanation:

a) Data and Calculations:

Expected cost of meal =  $40

Tips (20%)                             8

Transport to & from =         10

Total cost of going out = $58

Benefits with going out:

Value of restaurant meal =     $25

Amount Jia is willing to pay = $30

Less of eating at home            ($8)

Total benefits with going out $47

Stevens Company's inventory on March 1 and the costs charged to Work in Process—Department B during March are as follows:

Beginning work in process, 12,000 units, 60% completed $62,400
From Department A, 55,000 units started this period
Direct materials added 115,500
Direct labor incurred 384,916
Factory overhead incurred 138,000

During March, all direct materials were transferred from Department A, the units in process at March 1 were completed, and of the 55,000 units entering the department, all were completed except 6,000 units that were 70% completed. Inventories are costed by the first-in, first-out method.

Required:
Prepare a cost of production report for March.

Answers

Solution :

 Particulars                                                         Direct materials   Conversions

Cost per equivalent unit              

Total costs for month March in Department B          115500              522915

Total equivalent units                                                   55000              58000

Cost per equivalent unit                                                 2.10               9.0158

So, total conversion cost for March in the Department B

= 384915 + 138000

= $ 522915

Costs charged to production:

                                                 Direct Materials    Conversion      Total cost

                                                Costs                        costs            

Inventory in process, March 1                                                              62400

Cost incurred in March                                                                         638415

Total costs accounted by the department                                          700815

Therefore, the cost incurred in March = 115500 + 384915 + 138000

                                                                = $ 638415

Lucky Strike Mine (LLC) purchased a silver deposit for $1,500,000. It estimated it would extract 500,000 ounces of silver from the deposit. Lucky Strike mined the silver and sold it, reporting gross receipts of $1.8 million, $2.5 million, and $2 million for Years 1 through 3, respectively. During Years 1 through 3, Lucky Strike reported net income (loss) from the silver deposit activity in the amount of ($100,000), $400,000, and $100,000, respectively. In Years 1 through 3, Lucky Strike actually extracted 300,000 ounces of silver as follows: Ounces extracted per year Year 1 Year 2 Year 3 50,000 150,000 100,000 What is Lucky Strike's depletion deduction for Year 2 if the applicable percentage depletion for silver is 15 percent

Answers

Answer:

$375,000

Explanation:

depletion rate musts equal the lesser between:

net income = $400,000

or

15% of gross revenues = $2,500,000 x 15% = $375,000

in this case, $375,000 is the smallest amount.

The percentage of depletion is used by extraction companies, e.g. oil & gas companies or mining companies.

Street Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows:
Engine parts $740,000
Shop direct labor 500,000
Shop and repair equipment depreciation 40,000
Shop supervisor salaries 133,000
Shop property taxes 22,000
Shop supplies 10,000
Advertising expense 20,000
Administrative office salaries 71,400
Administrative office depreciation expense 6,000
Total costs and expenses $1,542,400
The average shop direct labor rate is $20 per hour.
Determine the predetermined shop overhead rate per direct labor hour.

Answers

Answer:

$8.20/Direct Labor hours

Explanation:

Cost of performing engine repair work = Shop and repair equipment depreciation + Shop supervisor salaries + Shop property taxes + Shop supplies

Cost of performing engine repair work = $40,000 + $133,000  + $22,000 + $10,000

Cost of performing engine repair work = $205,000

Direct Labor Hours = Direct Labor/Direct Labor rate

Direct Labor Hours = 500,000/$20 per hour

Direct Labor Hours = 25,000 hours

Predetermined shop overhead rate per direct labor hour = $205,000 / 25,000 Hours = $8.20/Direct Labor hours

1.Which of the following products would it not be necessary to develop HACCP flow chart?
A)Caesar salad
B)Tuna salad
C)Seafood salad
D)Citrus fruit salad

2. Which of the following criteria is least important when determining a food operation’s need for a particular piece of equipment? Will the equipment:

A)Produced a significant saving in labor and material?
B)Make the facility more attractive to customers?
C)Result in improved quality of food?
D)Improve sanitation?

Answers

Answer:

1. The product which is not necessary to develop HACCP flow chart for is:

A) Caesar salad

2. The least important criterion when determining a food operation's need for a particular piece of equipment is whether the equipment will:

B) Make the facility more attractive to customers?

Explanation:

These two regulatory bodies run the HACCP programs.  The Food and Drug Administration (FDA)regulates the program for juice, while the United States Department of Agriculture (USDA) regulates the program for meat.  Their purposes are to ensure food safety and protect public health.  A HACCP flow chart diagrammatically depicts the process flow of a food operation, starting from the incoming materials to the end product for the customer.

Answer:

A) Caesar salad is necessary to develop HACCP flow chart.

B) Will the equipment make the facility more attractive to customers? is the least important criteria when determining a food operation’s need for a particular piece of equipment

Explanation:

1.

A HACCP flow chart refers to a graphical representation of the complete manufacturing process of the business of food. This chart contains information regarding the raw material, serving the finished products, etc.

Caesar salad is necessary to develop a HACCP flow chart.

2.

To determine a need for food operation for a particular piece of equipment, it's not necessary to check if the equipment can make the facility more attractive to customers

For more information:

https://brainly.com/question/19676572?referrer=searchResults


The clear, broad, underlying industry category or market sector of an organization's offering defines its
O shareholders.
O objectives
O culture
Ο Ο
business

Answers

Explanation:

thats difficult

You've selected the formula for the turmeric shake. You now need to decide on the best packaging style. Your design team has come up with three options for the pre-mixed shakes. Based on what you learned from your focus group, what is the best packaging style

Answers

Answer:

Drink Pouch - 12 ounces drink pouch with screw top that are resealable, portable and light weight. The pouches are fairly inexpensive.

Explanation:

Customer prefer the packaging style which is easy to store. Turmeric shakes, juices and bottled energy drinks are preferred in small packaging which has one serving. This packaging is easy to store and consume by one person. The pouches are easy to be carried in bag as they are light weight and portable. The price is also low which is a plus for customers.

GenX Furnishings Company manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows:
Fabric $24,900
Polyester filling 7,500
Lumber 55,800
Glue 2,400
The materials purchased during June are summarized from the receiving reports as follows:
Fabric $121,300
Polyester filling 168,600
Lumber 332,400
Glue 11,500
Materials were requisitioned to individual jobs as follows:
Fabric Polyester Filling Lumber Glue Total
Job 601 $43,700 $55,100 $147,300 $246,100
Job 602 33,600 59,900 128,900 222,400
Job 603 31,000 40,600 71,700 143,300
Factory overhead-indirect materials $5,700 5,700
Total $108,300 $155,600 $347,900 $5,700 $617,500
The glue is not a significant cost, so it is treated as indirect materials (factory overhead).
a. Journalize the entry to record the purchase of materials in June.
b. Journalize the entry to record the requisition of materials in June.
c. Determine the June 30 balances that would be shown in the materials ledger accounts.

Answers

Answer:

a. Date     Account Titles and Explanation               Debit         Credit

  June 1   Raw materials inventory - Fabric A/c       $121,300

                Raw materials inventory - Polyster A/c    $168,600

                Raw materials inventory - Lumber A/c     $332,400

                Raw materials inventory - Glue A/c          $11,500

                      To account payable                                               $633,800

                (Being recorded for the purchase of materials in June)

b. Date     Account Titles and Explanation                  Debit        Credit

   June 3  Work in process - Job 601 A/c                   $222,400

                    Raw materials inventory - Fabric A/c                        $43,700

                    Raw materials inventory - Polyster A/c                     $55,100

                    Raw materials inventory - Lumber A/c                      $147,300

              Work in process - Job 602 A/c                     $143,300

                    Raw materials inventory - Fabric A/c                         $31,000

                    Raw materials inventory - Polyster A/c                      $40,600

                    Raw materials inventory - Lumber A/c                       $71,700

               Work in process - Job 603 A/c                   $222,400

                    Raw materials inventory - Fabric A/c                        $33,600

                    Raw materials inventory - Polyster A/c                     $59,900

                    Raw materials inventory - Lumber A/c                      $128,900

                 Factory Overhead A/c                                  $5,700

                        To Raw materials inventory - Glue A/c                   $5,700

c. Particulars                            Fabrics    Polyster    Lumber      Glue

Beg. Inventory June 1             $24,900   $7,500      $55,800    $2,400

Add: Purchases                       $121,300  $168,600   $332,400  $11,500

                                                 $146,200 $175,100   $388,200 $13,900    

Less: Issued to production     $108,300  $155,600  $347,900  $5,700

End. Inventory June 30         $37,900   $20,500    $40,300   $8,200

Suppose the demand function for good X is given by: where is the quantity demanded of good X, is the price of good X, and is the price of good Y, which is related to good X. Using the midpoint method, if the price of good X is constant at $10 and the price of good Y decreases from $10 to $8, the cross price elasticity of demand is about:_________

Answers

Answer:

Quantity demanded is -0.4

Explanation:

Quantity demanded is -0.4 if the prices decline from $8 to $10. The cross price elasticity is the change in quantity demanded for the goods when the price of other goods changes. The price change can be minor and the quantity demanded change can be high.

Other Questions
The concentration of urea in a solution prepared by dissolving 16 g of urea in 20 g of H2OH2O is ________% by mass. The molar mass of urea is 60.0 g/mol. The concentration of urea in a solution prepared by dissolving 16 g of urea in 20 g of is ________% by mass. The molar mass of urea is 60.0 g/mol. 44 80 0.80 0.48 0.44 Caitlyn purchased a ring for her jewelry store at the wholesale price of $220 and marked up the price 35%. What is the list price of the ring? Sams parents agreed to pay 25 percent of the cost of a new bike is Sam paod the rest. If Sams parents paid, $65, what was the price of Sams new bike? how do we make a acount Solve the equation -3x - 5 =16 What does x =?? Answer the following questions in Spanish using the hace que construction and the time period in parentheses. Find the dimensions of the rectangle of maximum area with sides parallel to the coordinate axes that can be inscribed in the ellipse 4x^2 16y^2 To continue in the tradition of American poetry, what types of language should your poem include?a. words with Latin or Greek rootsb. concrete details that create imagesc. obscure, little known wordsd. vague, abstract language A line passes through the point (3,1) and has a slope of 2.what is the y-intercept? This scientist looked at cork and used the term "cells" to describe what he saw * A 16-oz bottle of parmesan cheese costs $5.78, while an 8-oz bottle costs $3.97. Which is the better buy? Roundyour answer to the nearest cent if necessary. which letter would be the most meaningful variable for this problem situation? the distance a bike travels divided by 3! HELP I NEED HELP ASAP Use Antiquity in a sentence.! what's the number line shows the solution to n > 0 15 points will mark brainliestttt HELP ME PLEASE!!! I DON'T UNDERSTAND! Monique rolls a six-sided number cube labeled 1 to 6. Find the probability of rolling a 4. Find P(rolling a 4) What is the name of the ionic compound with the formula:AlF3 1. What is 8 turbo jets raised to the power of 4?*