Panarin Company entered into two contracts on the same date with Hjalmarsson Corporation. Pana has provided the following analysis of price and cost for the contracts: Hjalmarsson, the customer, may cancel both contracts if either of them is not fulfilled by Panarin in a timely manner. Stand-alone prices are typically $120,000 for the goods in Contract A and $80,000 for the goods in Contract B.
Required:
1. Should the two contracts be combined for purposes of applying the 5-step revenue recognition model?
2. What amount of revenue should Panarin associate with each of the contracts?
3. When should revenue be recognized on each of the contracts?

Answers

Answer 1

Here are some missing parts of your question.

contract price for a = 125,000, for b = 80,000

cost of related goods for a = 70,000 for b = 55,000

Explanation:

1. Both contracts should be combined  for the the purpose of applying this model. so the answer is yes

2.

120000 + (5000 x 60%)

= 120000 + 3000

= $123000

80000  (5000 x 40%)

= 80000 + 2000

= $82000

from the question we were told that prices for Contract A is $120,000 while prices for Contract B is $80,000. the Contract price of Contract A put  to be $125,000. so we have $5,000 more that should be shared between the contracts a and b. so the obligations for goods from A is calculated to be  $123,000 and tht of contract B is $82,000.

c.

when control of goods is shifted to customer then the revenue has to be recognized


Related Questions

Fact Pattern: Dori Castings, a job-order shop, uses a full-absorption, standard-cost system to account for its production costs. The O/H costs are applied on a direct-labor-hour basis.
The amount of fixed factory O/H that Dori will apply to finished production is the:_______.
A. Standard allowed direct labor hours for the actual units of finished output times the standard fixed factory O/H rate per direct labor hour.
B. Actual fixed factory O/H cost per direct labor hour times the standard allowed direct labor hours.
C. Actual direct labor hours times the standard fixed factory O/H rate per direct labor hour.
D. Standard units of output for the actual direct labor hours worked times the standard fixed factory O/H rate per unit of output.

Answers

Answer:

A)Standard allowed direct labor hours for the actual units of finished output times the standard fixed factory O/H rate per direct labor hour.

Explanation:

Production cost are all cost that producer used to produce his/her goods, it could be labor cost , and other expenses.bit can be calculated by dividing the total unit produced by the cost . Or the summation of all cost such direct labor, overhead cost.

Hence, The amount of fixed factory O/H that Dori will apply to finished production is the: ""Standard allowed direct labor hours for the actual units of finished output times the standard fixed factory O/H rate per direct labor hour."" Which is option A

A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise (its cost is $2,400) to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is to record the cost part.
Date Account Title Debit Credit
April 4 selectMerchandise InventoryAccounts ReceivableCashCost of Goods SoldSales select2,4002,5002,6005,000 select2,4002,5002,6005,000
selectMerchandise InventoryAccounts ReceivableCashCost of Goods SoldSales select2,4002,5002,6005,000 select2,4002,5002,6005,000
selectMerchandise InventoryAccounts ReceivableCashCost of Goods SoldSales select2,4002,5002,6005,000 select2,4002,5002,6005,000
selectMerchandise InventoryAccounts ReceivableCashCost of Goods SoldSales select2,4002,5002,6005,000 select2,4002,5002,6005,000

Answers

Answer:

1. Dr Accounts Receivable $5,000

Cr Sales for $5,000

2. Dr Cost of Goods Sold for $2,400

Cr Merchandise Inventory for $2,400

Explanation:

1.,Preparation of the journal entry to record the revenue part of the transaction

Based on the information given we were told that on April they sells the amount of $5,000 in merchandise which means that the Journal entry will be :

Dr Accounts Receivable for $5,000

Cr Sales for $5,000

2. Preparation of Journal entry to record the cost part

Based on the information given we were told that the its cost the amount of $2,400 which means that the Journal entry will be :

Dr Cost of Goods Sold for $2,400

Cr Merchandise Inventory for $2,400

If the economy is on the production possibilities frontier, which of the following might allow the economy to increase its capacity?
Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.
a
Increase consumption and decrease government spending
b
Decrease exports
c
Decrease imports
d
Increase government spending

Answers

Answer:

The Correct Answer is A

Increase consumption and decrease government spending

Explanation:

In macroeconomics, the PPF is the tip at which a nation's economy is most efficiently manufacturing its multiple services and goods, therefore designating its sources in the best means possible.

In a market report, the production possibility frontier is a curve representing the different amounts of two commodities that can be created both depend on the same measurable resources.

Help me please!!!!
Explain possible circumstances under which an adult child may
have undue influence in a relationship with an elderly parent.

Answers

Answer:

i think seeing their grand parent arguing with a parent, probably would make them question a lot, and they might evem stay away from them for a while, though, i may have took your question wrong, very sorry

Explanation:

if your meaning a situation where the child either wants to get away from them or they feel apart from them, this might help.

plz mark me as brainlist

Answers

Answer:

first start following me then i will mark you as brainlist

Answer:

You have to answer questions and have the most accurate answer out of two responses in order to be Brainlisted.

Explanation:

Ryan Terlecki organized a new Internet company, CapUniverse, Inc. The company specializes in baseball-type caps with logos printed on them. Ryan, who is never without a cap, believes that his target market is college and high school students. You have been hired to record the transactions occurring in the first two weeks of operations.

a. Issued 2,700 shares of $0.01 par value common stock to investors for cash at $27 per share.
b. Borrowed $68,000 from the bank to provide additional funding to begin operations; the note is due in two years.
c. Paid $1,150 for the current month's rent of a warehouse and another $1,150 for next month's rent.
d. Paid $1,800 for a one-year fire insurance policy on the warehouse (recorded as a prepaid expense).
e. Purchased furniture and fixtures for the warehouse for $10,000, paying $3,000 cash and the rest on account. The amount is due within 30 days.
f. Purchased for $3,200 cash The University of Pennsylvania, Notre Dame, The University of Texas at Austin, and Michigan State University baseball caps as inventory to sell online.
g. Placed advertisements on Google for a total of $250 cash.
h. Sold caps totaling $2,300, half of which was charged on account. The cost of the caps sold was $1,500. (Hint: Make two entries.)
i. Made full payment for the furniture and fixtures purchased on account in (e).
j. Received $250 from a customer on account.

Required:
For each of the transactions, prepare journal entries.

Answers

Answer:

Entries and their narrations are posted below

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

a. Issued 2,700 shares of $0.01 par value common stock to investors for cash at $27 per share

Dr Cash (2700 x $27)            72,900

Cr Common stock                     27

Cr Additional paid-in capital   72,873

b. Borrowed $68,000 from the bank to provide additional funding to begin operations; the note is due in two years.

Dr Cash                        $68,000

Cr Notes payable       $68,000

c. Paid $1,150 for the current month's rent of a warehouse and another $1,150 for next month's rent.

Dr Warehouse rent   $1,150

Dr Prepaid rent          $1,150

Cr  Cash                     $2,300

d. Paid $1,800 for a one-year fire insurance policy on the warehouse

Dr  Prepaid insurance    $1,800

Cr  Cash                           $1,800

e. Purchased furniture and fixtures for the warehouse for $10,000, paying $3,000 cash and the rest on account.

Dr furniture and fixture     $10,000

Cr  Cash                               $3,000

Cr  Account payable           $7,000

f. Purchased inventory  for $3,200 cash

Dr Inventory  $3,200

Cr  Cash         $3,200

g. Placed advertisements on Google for a total of $250 cash.

Dr Advertisement expense  $250

Cr Cash                                  $250

h. Sold caps totaling $2,300, half of which was charged on account. The cost of the caps sold was $1,500.

Dr Cash                           $1,150

Dr Account receivable  $1,150

Cr Caps revenue            $2,300

Dr Cost of goods sold $1,500

Cr Inventory                  $1,500

i. Made full payment for the furniture and fixtures purchased on account

Dr account payable $7,000

Cr Cash                         $7.000

j. Received $250 from a customer on account.

Dr cash $250

Cr account receivable $250

Listed below in scrambled order are 11 income statement categories. Rank these categories below in the order they should appear on a multiple-step income statement.


( ) Discontinued operations.
( ) Cost of goods sold.
( ) Other revenues and gains/Other expenses and losses.
( ) Net income.
( ) Income taxes.
( ) Sales revenue.
( ) Gross profit on sales.
( ) Income from operations.
( ) Income from continuing operations before income taxes.
( ) Operating expenses.
( ) Income from continuing operations.

Answers

Answer:

1. Sales Revenue

Always first in an Income Statement.

2. Cost of Goods Sold

Subtracted from Revenue to find Gross Profit.

3. Gross Profit on Sales

Profit net of Cost of Goods sold.

4. Operating expenses

Expenses from the company's operations including wages and depreciation. Subtracted from Gross Profit to find Operating income.

5. Income from operations

Gross profit net of operating expenses.

6. Other revenues and gains

Added to Operating Income.

7. Income from continuing operations before income taxes

8. Income taxes

Subtracted to find income from continuing operations.

9.  Income from continuing operations

10. Discontinued operations

Income from divisions and activities that have been discontinued.

11. Net Income

For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (I), government purchases (G), exports (X), or imports (M). Check all that apply.Transaction C |I |G| X |M|The Federal Aviation Administration expands the runways at Philadelphia International Airport, which is just a few miles from Antonio and Caroline's house.Dmitri buys a new set of tools to use in his plumbing business.Caroline buys a new BMW, which was assembled in Germany.Antonio's employer assigns him to provide consulting services to an Australian firm that's opening a manufacturing facility in China.Caroline gets a haircut.

Answers

Answer:

The given transactions categorised as being parts of C / I / G / X - M, from GDP

Explanation:

Federal Aviation Administration expands the runways at Philadelphia International Airport, which is just a few miles from Antonio and Caroline's house : Government Purchase

Dmitri buys a new set of tools to use in his plumbing business : Investment

Caroline buys a new BMW, which was assembled in Germany : Imports

Antonio's employer assigns him to provide consulting services to an Australian firm that's opening a manufacturing facility in China : Export

Caroline gets a haircut : Consumption

Assume that in the short run a firm is producing 500 units of output, has average total costs of $300, and has average variable costs of $220. The firm's total fixed costs are. Select one: a. $40,000. b. $6.25. c. $0.16. d. $80.

Answers

Answer:

Total fixed costs= $40,000

Explanation:

First, we need to calculate the total variable cost and total cost:

Total cost= 500*300= $150,000

Total variable cost= 500*220= $110,000

Now, we can calculate the total fixed costs:

Total fixed costs= total cost - total variable cost

Total fixed costs= 150,000 - 110,000

Total fixed costs= $40,000

Answer the following questions about prepaid​ expenses:
a. On ​1, Tree Service prepaid for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year.
b. On ​1, Tree Service paid for supplies. At ​31, has of supplies on hand. Make the required journal entry at 31. Then post all amounts to the accounts and show their balances at 31. Assume no beginning balance in supplies.
c. On ​1, Tree Service prepaid for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year. Prepare the adjusting journal entry to record the rent expense at 31.

Answers

Answer:

the numbers are missing, so I looked for a similar question:

a. On ​1, Tree Service prepaid $7,200 for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year.

Dr Rent expense 1,200 (= $7,200 / 6)

    Cr Prepaid rent 1,200

Balances:

Prepaid rent 6,000

Rent expense 1,200

b. On ​1, Tree Service paid $1,050 for supplies. At ​31, has $400 of supplies on hand. Make the required journal entry at 31. Then post all amounts to the accounts and show their balances at 31. Assume no beginning balance in supplies.

Dr Supplies expense 650 (= $1,050 - $400)

    Cr Supplies 650

Balances:

Supplies 400

Supplies expense 650

c. On ​1, Tree Service prepaid for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year. Prepare the adjusting journal entry to record the rent expense at 31.

SAME AS QUESTION A

Your father is 50 years old and will retire in 10 years. He expects to live for 25 years after he retires until he is 85. He wants a fixed retirement income that has the same purchasing power at the time he retires as $45,000 has today. (The real value of his retirement income will decline annually after he retires.) His retirement income will begin the day he retires, 10 years from today, at which time he will receive 24 additional annual payments. Annual inflation is expected to be 5.5%. He currently has $100,000 saved, and he expects to earn 9% annually on his savings. How much must he save during each of the next 10 years (end-of-year deposits) to meet his retirement goal?

Answers

Answer:

Explanation:.

If a company paid $6,000 in advance for a year's worth of insurance, how
much money would need to be adjusted after one month?
O A. $500
B. $6,000
O C. $1,000
O D. $3,000

Answers

Answer:

A.

Explanation:

because 500x12 = 6,000 if you need to pay 500 every month then you need to pay 6,000 every year because they are 12 months each year and 500x12 = 6,000

Answer:

A

Explanation:

Record the following transactions related to purchases for Horston’s Art Supplies using the general journal form provided below. Assume Horston’s uses a periodic inventory system. Omit transaction descriptions from entries.
Date Transaction
Sept. 1 Purchased $8,000 of merchandise on account, FOB destination, n/30.
3 Returned $1,000 of merchandise purchased on September 1 due to defects.
7 Purchased $1,500 of merchandise on account, terms FOB shipping point, 2/10, n/30.
Prepaid freight of $75 was added to the invoice.
14 Paid for the merchandise purchased on September 7, less discount.
20 Paid for merchandise purchased on September 1, less return.

Answers

Answer:

Sept. 1

Merchandise $8,000 (debit)

Accounts Payable $8,000 (credit)

Merchandise purchased on credit

Sept. 3

Accounts Payable $1,000 (debit)

Merchandise $1,000 (credit)

Merchandise Returned to Suppliers

Sept. 7

Merchandise $1,500 (debit)

Accounts Payable $1,500 (credit)

Merchandise purchased on credit

Sept. 14

Accounts Payable $1,500 (debit)

Cash $1,470 (credit)

Discount received $30 (credit)

Payment of amounts due and recognition of cash discount

Sept. 20

Accounts Payable $7,000 (debit)

Cash (credit)

Payments of Amount due

Explanation:

Journal Entries and their narrations have been prepared above.

Read the rejection follow-up letter, and answer the following question. Dear Ms. Gonzalez: Although I am disappointed to hear that you have selected another candidate for the marketing position, I appreciate your prompt and courteous communication. Because I believe I have the organizational and technical skills needed to work in a growing company like EdCo, I hope you will keep my résumé in your active file. My desire to work for your company remains strong. I enjoyed meeting with you, and I appreciate your thorough explanation of your company's growth and future goals. To enhance my qualifications, I have enrolled in a course on Intercultural Communication in the Workplace at ZSU. If you have an opening for a position I am qualified for, please contact me at (345) 435-3532. I will contact you in the next month to discuss employment possibilities. Sincerely, Janet Havasu What is effective about the letter? It uses memo format. It asks specific questions about the position. It refers to specifics in the applicant's interview. When writing a letter turning down a job offer, what guideline should you follow? Include specific reasons why you didn't like the job. Compose your message on personal stationery. Express gratitude and best wishes for the future.

Answers

Answer:

Rejection Follow-up Letter

1. What is effective about the letter?

It refers to specifics in the applicant's interview.

2. When writing a letter turning down a job offer, what guideline should you follow?

Express gratitude and best wishes for the future.

Explanation:

Follow-up letters or notes are important in job interviews situations.  They are used to express gratitude to the interviewer for the opportunity to interview for the position.  Even when a job is not offered to a candidate, it is still good practice to write, expressing gratitude for being informed of the latest development.  This creates the chance for the candidate to position herself as a person who possesses employable personality.  A candidate, who rejects a job offer, should also express gratitude for the offer.  She should not delve into the reasons for not accepting the offer, as this is not considered appropriate.

The purpose of environmental forecasting is to ______. Multiple choice question. collect and interpret data on competitors follow trends in a firm's external environment monitor the external environment predict change

Answers

Answer:

predict change.

Explanation:

Environmental forecasting can be defined as a strategic process which typically involves the management predicting the future characteristics of an external environment of the organization for good decisions making.

Hence, the purpose of environmental forecasting is to predict change.

Environmental forecasting is a management strategy that focuses on systematically acquiring informations about occasions, trends, events or patterns through surveys and analysis of these information in an organisation's external and internal environment. The informations acquired through environmental scanning is then used by the executive management in strategically planning the organisation's future and exploitation of available opportunities for the success of the organization.

Generally, the environmental forecasting gives an overview of the opportunities in the market as well as potential threats to an organization.

Hence, the following are descriptive of an environmental forecasting;

1. Used as a tool for corporations to avoid strategic surprise.

2. Used to monitor, evaluate, and disseminate information relevant to the organizational development of strategy.

3. Used to determine a firm's competitive advantage.

4. Used as a tool to ensure a corporation's long-term health.

The maintenance director has grown to value your insights and thoughtful questions when preparing bid packets to support her team's best work. As it turns out, her predecessor verbally modified the LED lights' model ordered by your employer when the original, awarded bid reponse included the model number for LEDs noted by the maintenance staff--that were not compatible with the fixtures of the company buildings/structures. When the maintenance director asks your opinion about her plan to amend the existing contract with the LED supplier to the model numbers actually used, as opposed to the ones listed in the contract that are not compliant with the existing features. That's what they have been doing so you should probably amend the contract as the director suggests, and you will save more time (no rebidding) and money (no additional modifications to the facility) than rebidding.

a. True
b. False

Answers

It was false I have read the same thing before have a nice day.

MullerB Company’s employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately, meaning an employee is entitled to the pay even if employment terminates. During 2018, total wages paid to employees equaled $909,000, including $9,000 for vacations actually taken in 2018, but not including vacations related to 2018 that will be taken in 2019. All vacations earned before 2018 were taken before January 1, 2018. No accrual entries have been made for the vacations.

Required:
Prepare the appropriate adjusting entry for vacations earned but not taken in 2018.

Answers

Answer and Explanation:

The journal entry is shown below:-

Vacation benefits expense Dr, $13,500

       To Vacation benefits payable $13,500

(Being vacation benefits expense is recorded)

Vacation benefits payable = Actual vacation benefit - Vacation actually taken in 2018 but not includes vacation related to 2018

= (($909,000 - $9,000) × (1 ÷ 40)) - $9,000

= ($900,000 × 0.025) - $9,000

= $13,500

Which of these is a placeholder in a document into which variable data is inserted during the process of a mail merge?
O data source
O main document
merge field
O none of the above

Answers

Answer:

ITS C merge field

Explanation:

HOPE THIS HELPS?

Answer:

c. merge field

Explanation:

Merge field - serves as a placeholder for the variable data that will be inserted into the main document during a mail merge procedure.

not Data source because its a list of information that is merged with a main document during a mail merge procedure.

not Main document because its a document used in a mail merge process with standard information that you personalize with recipient information.

For each of the following actions, identify whether the method of risk assessment motivating the action is due to the value at risk or the standard deviation of an underlying probability distribution.A. You buy life insurance (Standard Deviation / Value At risk)B. You hire an investment advisor who specializes in international diversification in stock portfolios. ((Standard Deviation / Value At risk)C. In your role as a central banker, you provide emergency loans to illiquid intermediaries. ((Standard Deviation / Value At risk)D. You open a kiosk at the mall selling ice cream and hot chocolate. (Standard Deviation / Value At risk)

Answers

Answer:

Value at Risk is used to measure just how much is expected to be lost resulting from an investment over a period of time.

Standard Deviation is used to measure the risk of volatility in the returns of investments. It can measure idiosyncratic risk which is the risk inherent in an investment.

A. You buy life insurance. Value At risk.

Insurance has to do with Value at Risk to measure how much would have to be paid out.

B. You hire an investment advisor who specializes in international diversification in stock portfolios. Standard Deviation.

Diversification is based on the risk of stock volatility and is done to reduce idiosyncratic risk so this has to do with Standard deviation.

C. In your role as a central banker, you provide emergency loans to illiquid intermediaries. Value At Risk.

These illiquid intermediaries might be unable to pay back so the assessment needs to find out how much could potentially be lost.

D. You open a kiosk at the mall selling ice cream and hot chocolate. Standard Deviation.

These products will be sold in alternating seasons to ensure profitability is maintained. The idiosyncratic risk of selling only one of these was therefore targeted making this an example of Standard Deviation based risk assessment.

Obtain estimates of daily relatives for the number of customers at a restaurant for the evening meal, given the following data.
Day Number Served Day Number Served
1 80 15 84
2 75 16 78
3 78 17 83
4 95 18 96
5 130 19 135
6 136 20 140
7 40 21 44
8 82 22 87
9 77 23 82
10 80 24 88
11 94 25 99
12 131 26 144
13 137 27 144
14 42 28 48
a. Use the centered moving average method. (Hint: Use a seven-day moving average.) (Round your intermediate calculations and final answers to 4 decimal places.) X⎯⎯⎯ 1's 2's 3's 4's 5's 6's 7's
b. Use the SA method. (Round your intermediate calculations to 3 decimals and final answers to 4 decimals.) SA Index 1's 2's 3's 4's 5's 6's 7's

Answers

Answer and Explanation:

Please find answer and explanation attached

Chelene had been a caregiver for Marta’s elderly mother, Janis, for nine years. Shortly before Janis passed away, Chelene convinced her to buy Chelene’s house for Marta. Janis died before the papers were signed, however. Four months later, Marta used her inheritance to buy Chelene’s house without having it inspected. The house was built in the 1950s, and Chelene said it was in "perfect condition." Nevertheless, one year after the purchase, the basement started leaking. Marta had the paneling removed from the basement walls and discovered that the walls were bowed inward and cracked. Marta then had a civil engineer inspect the basement walls, and he found that the cracks had been caulked and painted over before the paneling was installed. He concluded that the "wall failure" had existed "for at least thirty years" and that the basement walls were "structurally unsound." Using the information presented in the chapter, answer the following questions.
1. Can Marta avoid the contract on the ground that both parties made a mistake about the condition of the house? Explain. 2. Can Marta sue Chelene for fraudulent misrepresentation? Why or why not? What element (or elements) might be lacking?. 3. Now assume that Chelene knew that the basement walls were cracked and bowed and that she hired someone to install paneling before offering to sell the house. Did she have a duty to disclose this defect to Marta? Could a court find that Chelene's silence in this situation constituted misrepresentation? Explain.

Answers

Answer and Explanation:

1. Marta cannot avoid the contract on the basis of a mistake of buying the house because she was supposed to inspect the house she was buying

2. Marta cannot sue Chelene for fraudulent misrepresentation because Chelene was not aware of the condition of the house. The elements in fraudulent misrepresentation are lacking : no intention to deceive, no misrepresentation of material facts

3. It would be Chelene's duty to reveal that there is defect in the house and if not the court would see this as misresprentation.

4. There was no undue influence from Chelene in selling the house and so Marta and Janis even she was alive cannot revoke the contract on this basis

4. you follow the advice of your friend to be flexible especially
if you intend to open a retail business what PECS do
you
demonstrate?​

Answers

Open to feedback

......................

Use the following information to answer question. Madelyn owns a small pottery factory. She can make 1,000 pieces of pottery per year and sell them for $100 each. It costs Madelyn $20,000 for the raw materials to produce the 1,000 pieces of pottery. She has invested $100,000 in her factory and equipment: $50,000 from her savings and $50,000 borrowed at 10 percent (assume that she could have loaned her money out at 10 percent, too). Madelyn can work at a competing pottery factory for $40,000 per year.

The accounting profit at Madelyn's pottery factory is:______

a. $35,000.
b. $75,000.
c. $30,000.
d. $70,000.
e. $80,000.

Answers

Answer; a. $35,000.



sorry if wrong

The following information is available for Moiz Company:________.
Debit Credit
Common Stock $30,000
Retained Earnings 20,000
Dividends $30,000
Sales Revenue 510,000
Sales Returns and Allowances 20,000
Sales Discounts 7,000
Cost of Goods Sold 310,000
Freight-Out 2,000
Advertising Expense 15,000
Interest Expense 19,000
Salaries and Wages Expense 55,000
Utilities Expense 18,000
Depreciation Expense 7,000
Interest Revenue 23,000
Using the above information, prepare the closing entries for Moiz Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Answers

Answer and Explanation:

1. Interest Revenue $23,000  

 Sales Revenue $510,000  

              To Income Summary $533000

(Being closing of revenues accounts are closed)

2. Income Summary $453,000

  To Sales returns $20,000

      To Sales Discounts  $7,000

     To Cost Of goods sold $310,000

     To Freight out $2,000

      To Advertise Exp $15,000

      To Interest Exp  $19,000

      To Salaries & Wages $55,000

      To Utility  $18,000

      To Depreciation $7,000

(Being closing of expenses accounts are closed)

3. Income Summary $80,000

      To Retained Earning $80,000

(Being profit is recorded)

4. Retained Earning $30,000

        To Dividends  $30,000

(Being closing of dividend is recorded)

there is no important​

Answers

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Player Corporation purchased 100 percent of Scout Company's common stock on January 1, 20X5, and paid $28,000 above book value. The full amount of the additional payment was attributed to amortizable assets with a life of eight years remaining at January 1, 20X5. During 20X5 and 20X6, Scout reported net income of $33,000 and $6,000 and paid dividends of $15,000 and $12,000, respectively. Player uses the equity method in accounting for its investment in Scout and reported a balance in its investment account of $161,000 on December 31, 20X6.Required:Compute the amount paid by Player to purchase Scout shares.

Answers

Answer:

$156,000

Explanation:

The computation of the amount paid by Player to purchase Scout shares is shown below:-

Particulars                                                          Amount

Investment Balance on Dec. 31, 2016              $161,000

Increase Account Balance during 2015

Less : Income of 2015                 ($33,000)

Add : Amortized Difference

amount ($28,000 × 8 years)       $3,500  

Add : Dividend of 2015                $15,000          ($14,500)

Decrease Account Balance during 2016 :-  

Less : Income of 2016                  ($6,000)  

Add : Amortized Difference Amount

($28,000 ÷ 8 years)                      $3,500  

Add : Dividend of 2015                   $12,000        $9,500

Investment Balance on Date of purchase         $156,000

Tulip Company produces two products, T and U. The indirect labor costs include the following two items:
Plant supervision $700,000
Setup labor (indirect) 300,000
Total indirect labor $1,000,000
The following activity-base usage and unit production information is available for the two products:
Number of setups Direct Labor Hours Units
Product T 200 20,000 900
Product U 200 30,000 1,100
Total 400 50,000 2,000
(a) Determine the single plantwide factory overhead rate, using direct labor hour as the activity base.
(b) Determine the factory overhead cost per unit for Products T and U, using the single plantwide factory overhead rate.
(c) Determine the activity rate for plant supervision and setup labor, assuming that the activity base for supervision is direct labor hours and the activity base for setup is number of setups.
(d) Determine the factory overhead cost per unit for Products T and U, using activity-based costing.
(e) Why is the factory overhead cost per unit different for the two products under the two methods?

Answers

Answer: See explanation

Explanation:

a. Total factory overhead = $1,000,000

Total direct labor hours = 50,000

Rate per hour = $1,000,000/50,000

= $20

Number of labor hours, product T = 20,000

Factory overhead = 20,000 × $20 = $400,000

Number of labor hours, product U = 30,000

Factory overhead = 30,000 × $20 = $600,000

b. Product T, factory overhead = $400000

Units = 900

Per unit factory overhead = $400,000/900

= 444.44

Product T, factory overhead = $600000

Units = 1100

Per unit factory overhead = $600,000/1100

= 545.46

c. Supervision = $700,000

Direct labor hours = 50000

Supervision rate per hour = $700000/50000

= $14

Set up labor = $300,000

Number of setup = 400

Supervision rate per hour = $300000/400

= $750

d. For product T:

Plant Supervision = 20,000 × 14 = 280,000

Set-up labor = 200 × 750 = 150,000

Total cost = 430,000

Number of unit = 900

Factory overhead per unit = 430,000/900 = 477.8

For product U:

Plant Supervision = 30,000 × 14 = 420,000

Set-up labor = 200 × 750 = 150,000

Total cost = 570,000

Number of unit = 1100

Factory overhead per unit = 570,000/1100 = 518.2

e. For the first part, the factory overhead is being divided using direct labor hours.

For the second part, the factory overhead is being aportioned using activity based costing.

Lovely Lotion Inc. produces three different lotions: hand, body, and foot. The lotions are produced jointly in a mixing process that costs a total of $250 per batch. At the split-off point, one batch produces 80, 40, and 25 bottles of hand, body, and foot lotion, respectively. After the split-off point, hand lotion is sold immediately for $2.50 per bottle. Body lotion is processed further at an additional cost of $0.25 per bottle and then sold for $5.75 per bottle. Foot lotion is processed further at an additional cost of $0.85 per bottle and then sold for $4.00 per bottle. Assume that body and foot lotion could be sold at the split-off point for $3.00 and $3.20 per bottle, respectively.
1. Using the market value at split-off method, allocate the joint costs of production to each product.
2. A lotion manufacturing company produces three types of lotions. After the split-off point the company continues to sell the body lotion and makes $0.25 profit per bottle. The foot lotion generates $0.05 loss per bottle. Which lotion should be continued after the split-off point?
A. Hand lotion.
B. Body lotion.
C. Foot lotion.
D. Body and foot lotion.
3. Allocate the joint costs of production to each product using the net realizable value method.

Answers

Answer:

1) Hand lotion :  Joint cost = $250

body lotion : joint cost = $250

foot lotion : Joint cost = $250

2) Body lotion

The joint costs of production for each product is : $250

Explanation:

cost per batch = $250

At spit off point

one batch produces : 80 bottles of hand lotion, 40 body lotions, 25 foot lotion

After spit-off point : Hand lotion is $2.5 per bottle

cost of further processing of body lotion  = $0.25

value of body lotion = $5.75

cost of further processing of foot lotion = $0.85

market value of foot lotion = $4.00

Assuming that body and foot lotion could be sold at the split-off point for $3.00 and $3.20 per bottle, respectively.

1 ) using the market value at split-off method to allocate the joint costs of production to each product

Hand lotion :  Joint cost = $250

body lotion : joint cost = $250

foot lotion : Joint cost = $250

this is because the joint cost of producing each product in every batch is the same

2) The lotion that should be continued after split-off is  

      Body lotion because the market value after split-off - cost for further production  is better off other lotions ( highest market value after split-off)

i.e : $5.75 - $0.25 = $ 5.50

The joint costs of production for each product is : $250

$370,000, at 9% annual interest, from Interest is paid when the loan matures one year from the issue date. What is the adjusting entry for accruing interest that

Answers

Answer and Explanation:

The adjusting entry is shown below:

Interest Expense $2,775

         To Interest Payable$2,775

(being interest expense is recorded)

The computation is shown below:

The calculation is

= $370,000 × 9% ÷ 12 months

= $2,775

Here the interest expense is debited as it increased the expenses and credited the interest payable as it also increased the liabilities

Deitz Corporation is projecting a cash balance of $33,300 in its December 31, 2019, balance sheet. Deitz’s schedule of expected collections from customers for the first quarter of 2020 shows total collections of $205,350. The schedule of expected payments for direct materials for the first quarter of 2020 shows total payments of $47,730. Other information gathered for the first quarter of 2020 is sale of equipment $3,330; direct labor $77,700, manufacturing overhead $38,850, selling and administrative expenses $49,950; and purchase of securities $15,540. Deitz wants to maintain a balance of at least $27,750 cash at the end of each quarter. Prepare a cash budget for the first quarter.

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Answer:

Deitz Corporation

Cash Budget

For the Quarter ended March 31, 2020:

Beginning balance                              $33,300

Cash Collections From Customers   205,350

Sale of Equipment                                   3,330

Total available cash                          $241,980

Cash Payments:

Direct materials               $47,730

Direct labor                        77,700

Manufacturing overhead  38,850

Selling & Administrative   49,950

Purchase of Securities      15,540  $(229,770)

Ending Balance                                   $12,210

Minimum Balance                                27,750

Shortfall                                              $15,540

Explanation:

Deitz Corporation uses this Cash Budget which it has prepared to understand its financial needs for the next quarter.  For example, with the minimum balance of $27,750 most likely based on past experience the corporation will start making arrangements for some outside funds to the tune of $15,540 or more to meet its cash needs for the first quarter.

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