On April 17, 2021, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled $6,000,000. The company expects to extract 1,000,000 tons of coal during a four-year period. During 2021, 250,000 tons were extracted and sold immediately. Required: 1. Calculate depletion for 2021. 2. Is depletion considered part of the product cost and included in the cost of inventory?

Answers

Answer 1

Answer:

The Loadstone Mining Company

1. The depletion for 2021 is:

= $1,500,000.

2. Depletion is considered part of the product cost and included in the cost of inventory.

Explanation:

a) Cost of rights to a coal mine = $6,000,000

Expected tons of coal to be extracted = 1,000,000 tons

Duration of the coal mine = 4 years

Depletion rate per ton = $6 ($6,000,000/1,000,000)

2021 depletion = $6 * 250,000 = $1,500,000

b) Depletion is like depreciation.  While depreciation spreads the cost of a tangible asset over its estimated useful life, depletion measures the cost of extracting natural resources based on the number of units extracted vis-a-vis the total quantity available.  Amortization is another related term but relates to intangible assets.  It is the deduction of the value of an intangible asset over its useful life.


Related Questions

The four career pathways in Finance are

Banking and Related Services, Insurance Services, Retail Sales, and Business Financial Management.

Securities Law, Insurance Services, Financial and Investment Planning, and Business Financial Management.

Banking and Related Services, Retail Sales, Securities Law, and Business Financial Management.

Banking and Related Services, Insurance Services, Financial and Investment Planning, and Business Financial Management.

Answers

Answer:

Banking and Related Services, Insurance Services, Financial and Investment Planning, and Business Financial Management.

Answer: A.

Explanation:

difference between real flows and monetary flows​

Answers

Real flows refer to the flow of the actual goods or services, while money flows refer to the payments for the services (wages, for example) or consumption payments.

On January 1, 2021, the Allegheny Corporation purchased equipment for $150,000. The estimated service life of the equipment is 10 years and the estimated residual value is $18,000. The equipment is expected to produce 240,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 2. Double-declining-balance.

Answers

Answer:

Results are below.

Explanation:

Giving the following information:

Purchase price= $150,000

Useful life= 10 years

Salvage value= $18,000

To calculate the depreciation expense under the double-declining balance, we need to use the following formula:

Annual depreciation= 2*[(book value)/estimated life (years)]

2021:

Annual depreciation= 2*[(150,000 - 18,000) / 10]

Annual depreciation= $26,400

2022:

Annual depreciation= 2*[(132,000 - 26,400) / 10*

Annual depreciation= $21,120

A public good rev: 04_09_2018 Multiple Choice generally results in substantial negative externalities. can never be provided by a nongovernmental organization. costs essentially nothing to produce and is thus provided by the government at a zero price. cannot be provided to one person without making it available to others as well.

Answers

Answer:

cannot be provided to one person without making it available to others as well.

Explanation:

A public good is a good that is non excludable and non rivalrous. It cannot be  provided to one person without making it available to others as well. If one person is using it, it does not stop other people from using it also. An example of a public good is roads.

Public goods contrasts with club goods and private goods

A club good is a type of public good. It is excludable but non-rivalrous. For example paid streaming services are an example of a club good. Those who do not subscribe are excluded from using the service. But all subscribers have equal assess to the service

A private good is a good that is excludable and rivalrous.e.g. a privately owned car

The Finishing Department had 6,800 incomplete units in its beginning Work-in-Process Inventory which were 100% complete as to materials and 40% complete as to conversion costs. 18,600 units were received from the previous department. The ending Work-in-Process Inventory consisted of 3,800 units which were 50% complete as to materials and 40% complete as to conversion costs. The Finishing Department uses first-in, first-out (FIFO) process costing. How many units were started and completed during the period

Answers

Answer:

14,800 units

Explanation:

To understand units started and completed principle, ask yourself, "Out of the units Started during the year, how many units were Completed?"

Since we are using FIFO the units in Inventory will be worked on first followed by the units introduced in process during the year.

So this can be calculated out of units completed as follows :

Units started and completed = Units Started - Units in Ending Work in Process

therefore,

Units started and completed = 18,600 - 3,800 = 14,800 units

Conclusion :

Units started and completed during the period were 14,800 units.

Essence of Skunk Fragrances Calculate the average collection period. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) What is the receivables turnover? (Use 365 days a year. Do not round intermediate calculations and round your answer to 3 decimal places, e.g., 32.161.) What is the amount of the company’s average receivables? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Answers

Answer:

1. Average collection period 41.25 days

2. Receivable Turnover 8.84848485

3. Average Receivable $521,558.22

Explanation:

1. Calculation for Average collection period

First step is to calculate the Percentage of customers not receiving discounts

Percentage of customers not receiving discounts = 100% - 65%

Percentage of customers not receiving discounts= 35%

Now let calculate Average collection period

Average collection period = (65% * 15) + (35% *90)

Average collection period = 9.75 + 31.5

Average collection period= 41.25 days

Therefore the Average collection period is 41.25 days

2. Calculation to determine the Receivable Turnover using this formula

Receivable Turnover = 365 / Average collection period

Let plug in the formula

Receivable Turnover = 365/41.25

Receivable Turnover = 8.84848485

Therefore the Receivable Turnover is 8.84848485

3. Calculation to determine the amount of the company’s average receivables

First step is to calculate the Total Credit Sales

Total Credit Sales = $6,500 * $710

Total Credit Sales= $4,615,000

Now let calculate the Average Receivable using this formula

Average Receivable =Credit sales / Receivable turnover

Let plug in the formula

Average Receivable= $4,615,000 /8.84848485

Average Receivable= $521,558.22

Therefore Average Receivable is $521,558.22

Pitney Co. purchased an office building, land, and furniture for $639,300 cash. The appraised value of the assets was as follows:

Land $136,043
Building 179,004
Furniture 400,969
Total $716,016

Required:
a. Compute the amount to be recorded on the books for each asset.
b. Show the purchase in a horizontal statements.
c. Prepare the general journal entry to record the purchase.

Answers

Solution :

a). Amount to be recorded on the books for each of the assets.

                          Working                                                  Allocated cost($)

Land        (639,300 / 716,016 )x 136,043                                 121467

Building   (639,300 / 716,016 )x 179,004                                 159825

Furniture   (639,300 / 716,016 )x 400,969                              358008

Total                                                                                          639,300

b). Statement model

Assets : Cash + Land + Building + Furniture

            639,300 + 121,467 +  159825 + 358008

Cash flow = 639,300

c). Journal entry

General journal                        Debit($)           Credit($)

Land                                        121,467

Building                                   159,825

Furniture                                  358,008

Cash                                                             639,300  

impact of increasing number on social grants may have on teenage mothers ​

Answers

Answer:When the number of social grants to teen mothers are increased, their social lives are impacted negatively. These teen mothers see themselves as pariahs and burdens to the society. They are likely to withdraw from social life due to the shame and low self-esteem they often experience.

Explanation:

This leads to more employment and reduces the employment rates. 3) Free education grant , especially for poor children enable them to get educated and work to earn money. Hence, unemployment is reduced.

The impact of social grants on teenage mothers is one that has brought about laziness and dependency of them on the government.

This social grant have motivated a lot of teenagers to become carefree and pregnant and there is a lot of teen mothers who drop out of school since there is social grant to answer for their needs.

What impact of social grants might have on teenage mothers?

Due to the increase in the use of social grants a lot of teen mothers are said to be on the increased also.

The social lives of these teens are been impacted negatively. These teen mothers are said to be lazy and do not work and they parties and become burdens to the society.

Learn more about social grants from

https://brainly.com/question/4869427

What is an example of an asset class?

A.
dividends

B.
inflation

C.
common stocks

D.
compounding interest

Answers

Answer: coming stocks

Explanation: just took test

Common stocks are an example of an asset class. Hence, option C is correct.

What is Common stocks?

The most accessible form of a company's shares, known as common stock, is what you would most usually come across when trading equities on an exchange. These shares normally have voting privileges but are paid out last in the order of preference if a corporation goes bankrupt.

Common stocks are securities that indicate a person's ownership in a particular firm and their right to share in the venture's profits. Such a stock option grants people the right to vote for the company's board of directors and also gives them the ability to influence business policy.

The primary distinction between preferred and common stock is that common stock grants stockholders voting rights, whilst preferred stock does not.

Thus, option C is correct.

For more information about Common stocks, click here:

https://brainly.com/question/13762106

#SPJ2

Billions of Dollars

Investment 80
Capital consumption allowance (depreciation) 45
Exports 40
Imports 15
Government purchases 160
Consumption 375
Indirect business taxes 35
Social insurance taxes 5
Corporate profit taxes 4
Undistributed corporate profits 6
Transfer payments 50
Personal taxes 110
Compensation of employees 455
Corporate profits 90
Rental income (of persons) 5
Net interest 25
Proprietors' income 25
Income earned from the rest of the world 80
Income earned by the rest of the world 40

The five components of GDP from the table that together sum to national income are ___________, ____________, ___________, and ______________

Answers

Answer:

Note: Some words are missing and are attached as picture below

The 5 components of GDP from the table that together sum to national income are:

a. Compensation of employees

b. Corporate profits

c. Net interest

d. Proprietors' income

e. Rental income

Disposable Income = Personal Income - Personal Taxes

Personal Income = Disposable Income + Personal Taxes

Personal Income = 525 + 110

Personal Income = 635

National income = Personal Income + Social Insurance Tax + Corporate Profit Taxes + Undistributed Corporate Profits - Transfer Payments

National income = 635 + 5 + 4 + 6 - 50

National income = 600

what is an example of a one-to-many relationship

Answers

Answer:

Owners-Pets.

Explanation:

The one-to-many relationship in database is when each record in Table A have several linked record in Table B. But in Table B, it has only one link in Table A.

An example of a one-to-many relationships is owners-pets relationship. In such databases, pet will have one owner but one owner may have many pets.

Therefore, owners-pets is an example of one-to-many relationship.

Superior Developers sells lots for residential development. When lots are sold, Superior recognizes income for financial reporting purposes in the year of the sale. For some lots, Superior recognizes income for tax purposes when the cash is collected. In 2020, Superior sold lots for $40 million for which no cash was collected at the time of the sale. This cash will be collected equally over 2021 and 2022. The enacted tax rate was 40% at the time of the sale. In 2021, a new tax law was enacted, revising the tax rate from 40% to 25% beginning in 2022. Calculate the total amount by which Superior should change its deferred tax liability in 2021. (Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).)

Answers

Answer:

$11 million

Explanation:

Calculation for the total amount by which Superior should change its deferred tax liability in 2021

Deferred tax liability 12/31/2020 $16.0

($40 future taxable amt. × 40%)

Less Deferred tax liability 12/31/2021 (5.0)

($40/2 equally future taxable amt. × 25%)

Reduction needed to achieve desired balance $11

($16.00-$5.00)

Therefore the total amount by which Superior should change its deferred tax liability in 2021 is by reducing it to $11 million:

Parking lot staff budget Adventure Park is a large theme park. Staffing for the theme park involves many different labor classifications, one of which is the parking lot staff. The parking lot staff collects parking fees, provides directions, and operates trams. The staff size is a function of the number of daily vehicles. Adventure Park has determined from historical experience that a staff member is needed for every 200 vehicles. Adventure Park estimates staff for both school days and nonschool days. Nonschool days are higher attendance days than school days. The number of expected vehicles for each day is as follows:

School Days Nonschool Days
Number of vehicles per day 3,000 8,000
Number of days per year 165 200

Parking fees are $10 per vehicle. Each parking lot employee is paid $110 per day.

Required:
a. Determine the annual parking lot staff budget for school days, nonschool days, and total.
b. Determine the parking revenue for school days, nonschool days, and total.
c. If depreciation expense and other expenses for running the parking lot were estimated to be $2 million per year, determine the parking lot's budgeted profit.

Answers

Answer: See explanation

Explanation:

a. Determine the annual parking lot staff budget for school days, nonschool days, and total.

For school days:

Number of staff required per day = 3000/20 = 15

Number of staff days per year = 15 × 165 = 2475

Annual parking lot staff budget = 2475 × $110 = $272250

For non school days:

Number of staff required per day = 8000/20 = 40

Number of staff days per year = 40 × 200 = 8000

Annual parking lot staff budget = 800 × $110 = $880,000

Total annual parking lot staff budget = $272250 + $880000 = $1152250

b. Determine the parking revenue for school days, nonschool days, and total.

For school days:

Total number of vehicles per year = 3000 × 165 = 495000

Parking revenue = 495000 × $10 = $4950000

For non school days:

Total number of vehicles per year = 8000 × 200 = 1600000

Parking revenue = 1600000 × $10 = $16000000

Total parking revenue = $4950000 + $16000000 = $20950000

c. If depreciation expense and other expenses for running the parking lot were estimated to be $2 million per year, determine the parking lot's budgeted profit.

Parking revenue = $20,950,000

Less: Parking lot staff payroll = $1152250

Less: Depreciation and other expenses = $2000000

Budgeted profit = $177977500

Myriad Solutions, Inc. issued 12% bonds, dated January 1, with a face amount of $350 million on January 1, 2021, for $312,921,210. The bonds mature on December 31, 2030 (10 years). For bonds of similar risk and maturity the market yield is 14%. Interest is paid semiannually on June 30 and December 31. 1. What would be the net amount of the liability Myriad would report in its balance sheet at December 31, 2021

Answers

Answer:

Myriad Solutions, Inc.

The net amount of the liability that Myriad would report in its balance sheet at December 31, 2021 is:

= $314,793,494

Explanation:

a) Data and Calculations:

Face value of bonds = $350 million

Discounted value (Cash receipt) = $312,921,210

Total amount of discount = $37,078,790

Bond's interest rate = 12%

Market yield = 14%

June 30, 2021:

Cash payment for interest = $21 million ($350 m * 6%)

Bonds' Interest expense = $21,904,485 ($312,921,210 * 7%)

Amortization of bond discount = $904,485 ($21,904,485 - $21 million)

Bond book value = $313,825,695 ($312,921,210 + $904,485)

Dec. 31, 2021:

Cash payment for interest = $21 million ($350 m * 6%)

Bonds' Interest expense = $21,967,799 ($313,825,695 * 7%)

Amortization of bond discount = $967,799 ( $21,967,799 - $21 million)

Bond book value = $314,793,494 ($313,825,695 + $967,799)

Molo Oil Company produces gasoline, home heating oil, and jet fuel from crude oil in a joint processing operation. Joint processing costs up to the split-off point total $385,000 per month. For financial reporting purposes, the company allocates these costs to the joint products on the basis of their relative sales value at the split-off point. Unit selling prices and total output at the split-off point are as follows: Product Selling Price Monthly Output Gasoline $ 27.00 per gallon 14,400 gallons Heating Oil $ 21.00 per gallon 22,400 gallons Jet Fuel $ 33.00 per gallon 5,600 gallons Each product can be processed further after the split-off point. Additional processing requires no special facilities. The additional processing costs (per quarter) and unit selling prices after further processing are given below: Product Additional Processing Costs Selling Price Gasoline $ 89,220 $ 32.80 per gallon Heating Oil $ 129,170 $ 27.80 per gallon Jet Fuel $ 60,160 $ 41.80 per gallon Required: 1. What is the financial advantage (disadvantage) of further processing each of the three products beyond the split-off point

Answers

Answer:

Molo Oil Company

The financial advantage of further processing of each of the three products beyond the split-off point is:

= $182,430

(which is the additional profit gained from the further processing).

Explanation:

Joint processing costs = $385,000 per month

Product      Selling Price             Monthly Output     Sales Value

Gasoline     $ 27.00 per gallon   14,400 gallons     $388,800 ($27*14,100)

Heating Oil $ 21.00 per gallon  22,400 gallons       470,400 ($21*22,400)

Jet Fuel     $ 33.00 per gallon     5,600 gallons       184,800 ($33*5,600)

Total sales value = $1,044,000

Joint costs =               385,000

Profit =                     $659,000

Allocation of joint processing costs of $385,000

Gasoline =  $143,379 ($388,800/$1,044,000 * $385,000)

Heating Oil    173,471 ($470,400/$1,044,000 * $385,000)

Jet Fuel          68,150 ($184,800/$1,044,000 * $385,000)

Total cost $385,000

Total costs:

                                                Additional

                     Joint Cost      Monthly Cost     Total Costs

Gasoline         $143,379             $29,740        $173,119

Heating Oil        173,471               43,057        216,528

Jet Fuel              68,150              20,053          88,203

Total costs    $385,000           $92,850      $477,850

Product          Additional Processing        Selling Price

                        Costs (per quarter)

Gasoline               $ 89,220             $ 32.80 per gallon

Heating Oil          $ 129,170              $ 27.80 per gallon

Jet Fuel                $ 60,160               $ 41.80 per gallon

Product          Additional Processing    Selling Price

                        Costs (per month)

Gasoline                  $ 29,740             $ 32.80 per gallon

Heating Oil             $ 43,057              $ 27.80 per gallon

Jet Fuel                  $ 20,053              $ 41.80 per gallon

Determination of profit after further processing:

Product      Selling Price             Monthly Output  Sales Value

Gasoline     $ 32.80 per gallon   14,400 gallons  $462,480 ($32.80*14,100)

Heating Oil $ 27.80 per gallon  22,400 gallons   622,720 $27.80*22,400)

Jet Fuel      $ 41.80 per gallon     5,600 gallons   234,080 ($41.80*5,600)

Total sales revenue = $1,319,280

Total costs =                    477,850

Profit =                           $841,430

Financial advantage

Profit after further processing = $841,430

Profit with Joint processing =      659,000

Financial advantage =                 $182,430

Clinicke Inc. sells merchandise of $800,000 in 2020 that includes a two-year limited warranty against manufacturing defects as part of the selling price. Warranty costs are estimated to be 1% of sales. If the company incurred $2,200 of actual costs in responding to warranty claims in 2020 (related to 2020 sales), how much should Clinicke record in warranty expense for 2020

Answers

Answer:

the amount recorded in the warranty expense is $8,000

Explanation:

The computation of the amount recorded in the warranty expense is shown below:

= Sale value of merchandise inventory × estimated percentage

= $800,000 × 1%

= $8,000

hence, the amount recorded in the warranty expense is $8,000

So the above formula should be applied

Mike and Marianne pulled their resources together to open a coffee place. They each put $20,000 and also took a bank loan of $20,000. Interest rate the bank charges is 8% and estimated tax rate is 30% for their business. If they both want a 12% return on their investment, what is the weighted average cost of capital

Answers

Answer:

WACC= 9.8%

Explanation:

The weighted Average cost of Capital is the average cost of capital for the different sources of long-term capital available to a firm weighted according to the proportion each source of finance bears to the total capital in the pool.

After-tax cost of debt = (1- tax rate) × before tax cost of debt  

= (1-0.3)× 8% = 5.6%

Total Equity = 20,000× 2= 40,000.

Bank loan = 20,000

Total value fund = 40,000 + 20,000 = 60,000

WACC= 5.5%× (2/6)  + 12%× (4/6) = 9.8%

WACC= 9.8%

     

Eclipse Motor Company manufactures two types of specialty electric motors, a commercial motor and a residential motor, through two production departments, Assembly and Testing. Presently, the company uses a single plantwide factory overhead rate for allocating factory overhead to the two products. However, management is considering using the multiple production department factory overhead rate method. The following factory overhead was budgeted for Eclipse:

Assembly Department $280,000
Testing Department 800,000
Total $1,080,000

Direct machine hours were estimated as follows:

Assembly Department 4,000 hours
Testing Department 5,000
Total 9,000 hours

In addition, the direct machine hours (dmh) used to produce a unit of each product in each department were determined from engineering records, as follows:

Commercial Residential
Assembly Department 1.5 dmh 1.0 dmh
Testing Department 3.0 2.0
Total machine hours per unit 4.5 dmh 3.0 dmh

Required:
a. Determine the per-unit factory overhead allocated to the commercial and residential motors under the single plantwide factory overhead rate method, using direct machine hours as the allocation base.
b. Determine the per-unit factory overhead allocated to the commercial and residential motors under the multiple production department factory overhead rate method, using direct machine hours as the allocation base for each department.

Answers

Answer:

A. Commercial 540

Residential 360

B. Commercial 585

Residential 390

Explanation:

a) Calculation to Determine the per-unit factory overhead allocated to the commercial and residential motors .

First step is to calculate the Plantwide overhead rate using this formula

Plantwide overhead rate =Estimated overhead /Esimated machine hours

Let plug in the formula

Plantwide overhead rate = 1080000/9000

Plantwide overhead rate = $ 120 per MH

Now let Determine the per-unit factory overhead allocated to the commercial and residential motors

Using this formula

Per -unit factory overhead allocated=Actual MH per unit *Plantwide overhead rate

Let plug in the formula

Per -unit factory overhead allocated to COMMERCIAL=4.5 dmh*120

Per -unit factory overhead allocated to COMMERCIAL=540

Per -unit factory overhead allocated to RESIDENTIAL=3.0 dmh*120

Per -unit factory overhead allocated to RESIDENTIAL=360

Therefore the per-unit factory overhead allocated to the commercial and residential motors under the single plantwide factory overhead rate method will be:

Commercial 540

Residential 360

b. Calculation to Determine the per-unit factory overhead allocated to the commercial and residential motors

First step is to calculate the Departmental overhead rate

ASSEMBLY TESTING

Estimated overhead 280,000 800,000

÷Estimated machine hours each department 4,000 5,000

=Departmental overhead rate 70 160

Now calculation the per-unit factory overhead allocated to the commercial and residential motors

COMMERCIAL RESIDENTIAL

Assembly 1.5 dmh*70=105 1.0 dmh*70=70

Testing 3.0*160= 480 2.0*160= 320

Per -unit factory overhead allocated 585 390

(105+480=585)

(70+320=390)

Therefore the per-unit factory overhead allocated to the commercial and residential motors under the multiple production department factory overhead rate method will be:

Commercial 585

Residential 390

If you travel a lot for work and use cash to pay for most purchases, which type of financial institution would you probably have your
account at?
O credit union
O national or regional bank

Answers

The correct answer is national or regional bank

Journalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $9,500.00 Employee Federal Income Tax Payable 960.00 United Way Contributions Payable 150.00 Earnings subject to Social Security tax 8,800.00 Use Social Security 6.2% and Medicare 1.45% as specified in the text. 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent.

Answers

Answer:

Social Security tax

= Social security tax rate * Earnings subject to Social security tax

= 6.2% * 8,800

= $‭545.6‬0

Medicare taxes.

These will be on the total earnings as there is no limit to the amount it can be applied to:

= 1.45% * 9,500

= $‭137.75‬

What is the main goal of career and technical student organizations (CTSOs)? How do they help students achieve their goals?

Answers

Answer:

This is a two part question and therefore has been answered in two separate headings below.

Explanation:

Main Goal of CTSOs

Career and technical student organizations (CTSOs) goal is to strengthen student learning by using methods such as real-life applications, text book instructions, personal and leadership development skills.  

This means that their work forms as an essential part of the classroom syllabus and guide, which in return helps to build student's career skills and  views through taking part in these sessions and applying them in real life scenarios and/or work experience through Career program.

Help Students to Achieve their Goals

Career and technical student organizations (CTSOs) helps students achieve their goals by providing them a career path, study program and opportunities in order to gain the knowledge, skills and abilities that are needed to be successful in their career by way of CTSOs programs, events and activities.

Furthermore, they create opportunities for the students to participate in leadership level positions at local, state and national level and to take part in conferences of leadership development in order to interact with other students as wells as professionals and experienced individuals.  

Answer:

The guy above is correct

Explanation:

Have a nice day man, be safe.

. Calculate the estimated sales, by month and in total, for the third quarter. 2. Calculate the expected cash collections, by month and in total, for the third quarter. 3. Calculate the estimated quantity of beach umbrellas that need to be produced in July, August, September, and October. 4. Calculate the quantity of Gilden (in feet) that needs to be purchased by month and in total, for the third quarter. 5. Calculate the cost of the raw material (Gilden) purchases by month and in total, for the third quarter. 6. Calculate the expected cash disbursements for raw material (Gilden) purchases, by month and in total, for the third quarter.

Answers

Question Completion:

Milo Company manufactures beach umbrellas. The company is preparing detailed budgets for the third quarter and has assembled the following information to assist in the budget preparation: The Marketing Department has estimated sales as follows for the remainder of the year (in units): July 38,500 October 28,500 August 87,000 November 15,000 September 56,000 December 15,500 The selling price of the beach umbrellas is $14 per unit. All sales are on account. Based on past experience, sales are collected in the following pattern: 30% in the month of sale 65% in the month following sale 5% uncollectible Sales for June totaled $504,000. The company maintains finished goods inventories equal to 15% of the following month’s sales. This requirement will be met at the end of June. Each beach umbrella requires 4 feet of Gilden, a material that is sometimes hard to acquire. Therefore, the company requires that the ending inventory of Gilden be equal to 50% of the following month’s production needs. The inventory of Gilden on hand at the beginning and end of the quarter will be: June 30 91,550 feet September 30 ? feet Gilden costs $0.60 per foot. One-half of a month’s purchases of Gilden is paid for in the month of purchase; the remainder is paid for in the following month. The accounts payable on July 1 for purchases of Gilden during June will be $49,290. Required: 1.

Answer:

Milo Company

                                           July            Aug.             Sept.           Total

1. Estimated sales       $539,000   $1,218,000    $784,000   $2,541,000

2. Cash collections     $489,300     $715,750 $1,026,900   $2,231,950

                                          July      Aug.         Sept.      Oct.  

3. Production units       45,775   72,350    51,875    26,475

                                                July            Aug.             Sept.           Total

4. Quantity of Gilden (feet)  236,250      248,450      156,700     641,400

5. Cost of Purchases          $141,750    $149,070     $94,020    $384,840

6. Cash disbursements for raw

     material purchases     $120,165     $145,410     $121,545    $387,120

Explanation:

a) Data and Calculations:

Selling price of the beach umbrellas = $14 per unit

                  June      July      Aug.         Sept.      Oct.         Nov.      Dec.

Estimated

sales                     38,500   87,000   56,000   28,500  15,000    15,500

Sales    $504,000 539,000 1,218,000 784,000 399,000 210,000  217,000

Sales Collection:

                                    June       July          Aug.             Sept.           Total

Sales on credit                         539,000   1,218,000    784,000   $2,541,000

Sales Collection:

30% month of sale                    161,700     365,400      235,200     762,300

65% month following              327,600     350,350       791,700   1,469,650

5% uncollectible

Total collections                   $489,300    $715,750 $1,026,900  $2,231,950

                                        July       August     September    October

Beginning Inventory  $75,600   $80,850      $182,700     $117,600

Ending Inventory         80,850     182,700         117,600       59,850

Sales                         539,000   1,218,000        784,000    399,000

Finished Goods Inventory:

                      June      July        Aug.        Sept.      Oct.         Nov.       Dec.

Estimated

sales           36,000   38,500   87,000   56,000   28,500   15,000   15,500

Ending           5,775    13,050     8,400      4,275      2,250

Available      41,775    51,550   85,400   60,275    30,750

Beginning    5,400      5,775    13,050     8,400       4,275

Production 36,375    45,775   72,350    51,875    26,475

Raw materials inventory:

                                     June        July         Aug.         Sept.         Oct.  

Production units        36,375    45,775     72,350     51,875      26,475

Production needs    145,500   183,100  289,400  207,500    105,900

Ending inventory       91,550   144,700   103,750    52,950

Available materials 237,050  327,800   393,150  260,450

Beginning inventory                  91,550   144,700   103,750      52,950

Purchases                               236,250  248,450   156,700

Cost of Purchases                 $141,750 $149,070  $94,020

Payment for purchases:

Accounts payable                  $49,290

50% month of purchase          70,875    74,535      47,010

50% following purchase                          70,875     74,535

Total payments                     $120,165 $145,410  $121,545

Required information Skip to question [The following information applies to the questions displayed below.] The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Debit Credit Cash $ 10,400 Accounts Receivable 134,000 Prepaid Rent 4,400 Supplies 22,000 Equipment 240,000 Accumulated Depreciation $ 119,000 Accounts Payable 10,400 Salaries Payable 9,400 Interest Payable 3,400 Notes Payable (due in two years) 24,000 Common Stock 140,000 Retained Earnings 44,000 Service Revenue 340,000 Salaries Expense 240,000 Rent Expense 12,000 Depreciation Expense 24,000 Interest Expense 3,400 Totals $ 690,200 $ 690,200 Required: 1. Prepare an income statement for the year ended December 31, 2021.

Answers

Answer and Explanation:

The preparation of the income statement is presented below:

Service Revenue 340,000

Less:

Salaries Expense 240,000

Rent Expense 12,000

Depreciation Expense 24,000

Interest Expense 3,400

Net income $60,600

Hence, we simply deduct the expenses from the service revenue so that we get the net income

Another company has been offered a four-year contract to supply the computing requirements for a local bank. Assume a 14% discount rate. The working capital will be released at the end of the contract. The cash flow information is as follows: Cost of computer equipment $250,000 Working capital required $20,000 Equipment upgrade in 2 years $90,000 Equipment salvage value in 4 years $10,000 Annual net cash inflow $120,000 What is the net present value of the contract with the local bank

Answers

Answer:

$28,155.81

Explanation:

Summary of Cash flows :

Year 0 = - ($250,000 + $20,000) = - $270,000

Year 1 = $120,000

Year 2 = $120,000 - $90,000 = $30,000

Year 3 = $120,000

Year 4 = $120,000 + $10,000 + $20,000 = $150,000

Using the CFj Function of a financial calculator we have :

- $270,000      CFj 0

$120,000         CFj 1

$30,000          CFj 2

$120,000         CFj 3

$150,000         CFj 4

I/yr = 14%

Thus, the net present value of the contract with the local bank is $28,155.81

Oakwood Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows:
March $132,700
April 124,700
May 113,500
Depreciation, insurance, and property taxes represent $28,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in June. 73% of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month.
Prepare a schedule indicating cash payments for selling and administrative expenses for March, April, and May.

Answers

Answer:

Results are below.

Explanation:

First, we must deduct the depreciation expense from each month. Depreciation is not a cash disbursement, and insurance and taxes are paid once a year.

March= 132,700 - 28,000= 104,700

April= 124,700 - 28,000= 96,700

May= 113,500 - 28,000= 85,500

Now, the cash disbursements for each month:

March:

Selling and administrative costs from March= 104,700*0.73= 76,431

Total cash disbursement= 76,431

April:

Selling and administrative costs from March= 104,700*0.27= 28,269

Selling and administrative costs from April= 96,700*0.73= 70,591

Total cash disbursement= $98,860

May:

Selling and administrative costs from May= 85,500*0.73= 62,415

Selling and administrative costs from April= 96,700*0.27= 26,109

Total cash disbursement= $88,524

Answer each questions.

1. Do internet search enhance our knowledge in animal/fish raising?

2. Search in the internet a picture that demonstrates a skill in harvesting/capturing animal/fish?. Paste the picture below.​

Answers

Answer:

1.  Yes.

2.  The answer is in the attached picture

Explanation:

Yes, it is TRUE that internet searches enhance our knowledge in animal/fish raising. Due to the latest technology in gathering information through the web searches such as góóglé, people can easily find knowledge about the cultivating and harvest of animal or fish farming.

This is proven by easily getting a picture that depicts the skills in harvesting a fish in a pond or river

Choose, define, and restrict a topic based on a problem or issue you might deal with in one of the following divisions of a company: a. IT b. human resources/diversity c. security d. marketing e. accounting f. health care/health risks g. energy/utilities h. animal rights i. transportation j. environment Discuss the steps you took to narrow the topic, the audience you would be writing for, and the types of questions that audience may have.

Answers

Answer:

Human resource department is the one of the most important department in any organization. It has to deal with the concerns and problems of all the employees and satisfy them positively.

Explanation:

Human resource department is the first go to department for any employee when he faces some problem related to discrimination, demotivation, stressed or low pay. It is responsibility of human resource department to solve the problems that employees are facing. They have to resolve any issues that an employee is facing and assure him that his concerns will be dealt with pure justice.

Unbanked Partner #1
1. I've had terrible customer service at the banks I've been into, so I don't like them and I
don't trust them. I'm certainly not leaving my money with them,

Answers

Being unbanked has become an increasingly common situation for many individuals in recent years. An unbanked person is someone who has no financial account with any institution. Individuals may choose to be unbanked for a variety of reasons, including a lack of trust in banks due to poor customer service or a negative experience.

A person may have experienced a bad encounter with a bank employee and choose to leave the bank and seek other banking options. They may also be unable to maintain a minimum balance in their bank account, and banks may impose fees for accounts that fall below a certain amount. It can be inconvenient to have to travel to a bank to withdraw money, especially if the nearest bank is far away. Additionally, the time spent waiting in line at a bank can be tedious, and it can be difficult to fit into a busy schedule.

There are alternatives to traditional banks that may be more convenient and better suit the needs of unbanked individuals. Credit unions, for example, offer similar services as banks but are often smaller and more focused on serving the community. Mobile banking apps have also become increasingly popular, offering services such as depositing checks and transferring money.

The use of prepaid debit cards is another option that allows for the convenience of a card without the need for a traditional bank account. The unbanked may also benefit from budgeting tools and financial literacy resources, which can help them make informed financial decisions and take control of their finances. Overall, being unbanked does not mean that an individual cannot access financial services or manage their money effectively.

For more such questions on unbanked

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Patients use a self-serve kiosk to confirm their arrival at an outpatient clinic. They then proceed to the receptionist to update any personal information. After that, a nurse will record the patient's vital signs. A physician will then consult with the patient and prescribe appropriate treatments. The patient will then visit the checkout station to settle payment and schedule the next appointment, if needed. Processing times and other information on the process are presented in the table below:

Resource Process Processing time (minutes per patient) Number of workers Wage rate ($per hour)
Self-service Check in 1 n/a n/a
Receptionist Update information 5 2 15
Nurse Record vital signs 10 3 30
Physician Treat patient 30 5 100
Checkout Collect payment 10 2 15

Required:
What is the labor content?

Answers

The labor content will be  55 minutes per patient.

What is labor?

In an economy, labor is related to the tangible, intellectual, and psychological effort required to generate goods and services.

The utilization of labor is done in four processes which include-

information updaterecording vital signstreating the patientpayment collection

The calculation of labor content is based on the above-mentioned process time done by workers.

Labor content =5+10+30+10

                        =55  minutes

Therefore, labor content will be 55 minutes per patient.

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Production costs chargeable to the Finishing Department in May at Kim Company are materials $7,700, labor $19,700, overhead $18,289, and transferred-in costs $66,801. Equivalent units of production are materials 20,300 and conversion costs 18,900. Kim uses the FIFO method to compute equivalent units. Compute the unit costs for materials and conversion costs. Transferred-in costs are considered materials costs. (Round answers to 2 decimal places, e.g. 2.25.) Materials cost per unit $ 5.54 Conversion cost per unit $

Answers

Answer and Explanation:

The computation of the unit cost for material and conversion cost is shown below:

Material Cost per Unit is

= Total Material Cost ÷  Equivalent Units for Materials

,= ($7,700 +  $66,801) ÷ (20,300 units)

= $3.67 per unit

And, the conversion cost per unit is

= (labor cost + overhead cost) ÷ equivalent units for conversion

= ($19,700 + $18,289) ÷ 18,900 units

= $2.01 per unit

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