Stephen Company had the following partial list of account balances at year-end: Accounts Receivable: $9,000 Cost of Goods Sold: $34,100 Sales Revenue: $57,200 Accounts Payable: $7,500 Sales Discounts: $1,600 Merchandise Inventory: $5,900 Operating Expenses: $8,400 Sales Returns and Allowances: $4,300 The amount of Gross Profit shown on the income statement would be: A) $ 26,200 B) $ 8,800 C) $ 17,200 D) $ 8,200 E) $ 11,300

Answers

Answer 1

Answer:

The correct option is C) $17,200.

Explanation:

The amount of Gross Profit shown on the income statement can be calculated as follows:

Net sales revenue = Sales Revenue - Sales Discounts - ales Returns and Allowances = $57,200 - $1,600 - $4,300 = $51,300

Gross profit = Net sales revenue -  Cost of Goods Sold = $51,300 - $34,100 = $17,200

Therefore, the correct option is C) $17,200. That is, the amount of Gross Profit shown on the income statement would be $17,200.


Related Questions

Kuzio Corporation produces and sells a single product. Data concerning that product appear below: Per Unit Percent of Sales Selling price $ 150 100 % Variable expenses 60 40 % Contribution margin $ 90 60 % The company is currently selling 7,000 units per month. Fixed expenses are $214,000 per month. The marketing manager believes that a $7,500 increase in the monthly advertising budget would result in a 190 unit increase in monthly sales. What should be the overall effect on the company's monthly net operating income of this change? rev: 03_09_2018_

Answers

Answer:

Effect on income= $9,600 increase

Explanation:

Giving the following formula:

Unitary contribution margin= $90

The marketing manager believes that a $7,500 increase in the monthly advertising budget would result in a 190 unit increase in monthly sales.

To calculate the effect on income, we need to use the following formula:

Effect on income= increase in total contribution margin - increase in fixed costs

Effect on income= 190*90 - 7,500

Effect on income= 17,100 - 7,500

Effect on income= $9,600 increase

Use the following account balances from the adjusted trial balance of Flora Wholesalers:

Account Debit Balance Credit Balance
Cash $4,200
Accounts receivable $300
Accounts payable $1,100
H. Jones, Capital $4,400
H. Jones, Drawing $900
Fees revenue $13,200
Advertising expense $8,100
Travel expense $4,200
Shipping expense $300
Computer software expense $400

Required:
What accounts of Flora Wholesalers will have the same balance at the beginning of next year as it does presently on the adjusted trial balance?

Answers

Answer:

Flora Wholesalers:

The accounts of Flora Wholesalers that will have the same balance at the beginning of next year as they do presently on the adjusted trial balance are:

Assets:

Cash                             $4,200

Accounts receivable      $300

Liabilities and Equity:

Accounts payable       $1,100

H. Jones, Capital       $4,400

Explanation:

a) Data and Analysis:

Adjusted Trial Balance

Account                Debit Balance    Credit Balance

Cash                             $4,200

Accounts receivable      $300

Accounts payable                                  $1,100

H. Jones, Capital                                  $4,400

H. Jones, Drawing        $900

Fees revenue                                    $13,200

Advertising expense  $8,100

Travel expense         $4,200

Shipping expense       $300

Computer

software expense     $400

Assets:

Cash                             $4,200

Accounts receivable      $300

Liabilities and Equity:

Accounts payable       $1,100

H. Jones, Capital       $4,400

b) The above assets, liabilities, and equity accounts will have the same balances at the beginning of next year as they do presently on the adjusted trial balance.  They are called permanent accounts.  Only the temporary accounts do change their balances from the adjusted trial balances to the opening balances.  The only other account that is not included above is the Retained Earnings.  This account is adjusted with the differences in the temporary accounts.

Match each transaction with the appropriate journal in which it should be recorded.a. Sales journalb. Purchases journalc. Cash receipts journald. Cash disbursements journale. General journal____ 1. Borrowed $7,000 cash from the local bank.____ 2. A customer returned a $250 item purchased on account.____ 3. Purchased merchandise on account, $2,100.____ 4. Purchased equipment on account for $4,000.____ 5. Paid $15,000 cash in wages to employees.____ 6. Paid a telephone bill for $3,400 cash.____ 7. Purchased $1,150 of office supplies on account.____ 8. Recorded depreciation on office equipment of $2,000.____ 9. Returned defective inventory purchased on account, $2,550.____ 10. Recorded cash sales of $12,700.

Answers

Answer and Explanation:

The matching is as follows:

1. Cash receipts journal - since cash is received

2. General journal - since the items is returned

3. Purchase journal - since purchase is done

4. Purchase journal - since purchase is done

5. Cash disbursement journal - since cash is paid

6. Cash disbursement journal - since cash is paid

7.  Purchase journal - since purchase is done

8. General journal - since expenses are recorded

9. General journal - since the items is returned

10. Cash receipts journal - since cash is received

April is studying finance in college. She wants to enter a career that will analyze the risk of for a company. Which career pathway would be best suited for this ?

Brokerage Clerk

Risk Management Specialist

Tax Preparer

Insurance Sales Agent

Answers

Answer:

Risk Management Specialist

Explanation:

this is because this person wants to be in a career that analyzie risk for the company which is a fit for Risk Management Specialist

Answer:

Risk Management Specialist

Explanation:

Risk management specialists specialize in manage and assess financial risks in a company.

Johnson is a volunteer fireman for Prince George's County. One evening, he responds to an alarm at a residence. Outside the house, Bob grabs Johnson by the shoulders and says: My little daughter is in the house. Please save her! I'll pay you $20,000.00 if you get her out alive! Johnson bravely rushes into the burning house and rescues the little girl. The next day, Johnson finds Bob and asks for his check. Bob refuses to pay. Under these facts

a. Johnson will lose based on the theory of preexisting duty.
b. Johnson will lose based on the theory of past consideration
c. Johnson will be awarded the money based on the theory of ordinary contract law
d. Johnson will be awarded the money based on the theory of necessity

Answers

Answer: a. Johnson will lose based on the theory of preexisting duty.

Explanation:

Based on the information given in the question, Johnson will lose based on the theory of preexisting duty.

According to the theory of preexisting duty, when an individual is under the pre-existing duty to perform ans.auch person is under a contract, there will not be any consideration when there's a modification of the contract and then the modification is void.

In this case, it is the duty of Johnson to save lives as a firefighter. Therefore, saving the daughter of Bob simply means that he's performing his duty and if Bob refuses to pay him, Johnson will lose based on the theory of preexisting duty.

g Bellingham Company produced 3,400 units of product that required 1.5 standard direct labor hours per unit. The standard fixed overhead cost per unit is $2.95 per direct labor hour at 5,500 hours, which is 100% of normal capacity. Determine the fixed factory overhead volume variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

Answers

Answer:

the fixed factory overhead volume variance is $1,180 unfavorable

Explanation:

The computation of the fixed factory overhead volume variance is shown below

= (Actual activity - normal activity)× fixed overhead cost per unit

= (3,400 × 1.5 - 5,500) × $2.95

= (5,100 - 5,500) × 2.95

= 400 × 2.95

= $1,180 unfavorable

Hence, the fixed factory overhead volume variance is $1,180 unfavorable

Simply we applied the above formula so that the correct amount could come  

Consider the economies of Sporon and Gribinez, both of which produce agricultural products using only land and labor. The following tables show the supply of land, population size, and real GDP for these two economies from 2020 to 2023. Calculate real GDP per capita for the two economies, and complete the last column of the following two tables.
Sporon
Year Land Population Real GDP Real GDP per Capita
(Acres)
2020 20,000 1,000 $15,000 $
2021 20,000 2,000 $28,000 $
2022 20,000 3,000 $36,000 $
2023 20,000 4,000 $40,000 $
Gribinez
Year Land Population Real GDP Real GDP per Capita
(Acres)
2020 20,000 500 $4,500 $
2021 20,000 1,000 $10,000 $
2022 20,000 1,500 $16,500 $
2023 20,000 2,000 $24,000 $
Rapid population growth tends to threaten economic growth in economies with land-to-labor ratios. Which of the following is a correct description of the effect of population growth on economic growth in Gribinez from 2020 to 2023?
a. *Real GDP per capita rose initially but eventually fell as population continued to expand.
b. *Real GDP per capita rose from 2011 to 2014 as population increased.
c. *Real GDP per capita fell in*Real GDP per capita fell from 2011 to 2014 as population increased.

Answers

Answer:

Sporon

2020 $15

2021   $14

2022  $12

2023  $10

Gribinez

2020 $9

2021  $10

2022  $11

2023  $12

Real GDP per capita rose from 2020 to 2023 as population increased.

Explanation:

Real Per capita GDP measures the standard of living of the people in a country. The higher the Real Per capita GDP, the higher the standard of living

Real Per capita GDP = Real GDP / population

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.

Sporon

2020 : $15,000 / 1000 = $15

2021:  $28,000 / 2000 =    $14

2022 :  $36,000 /3,000 =  $12

2023: $40,000/4000 =  $10

Gribinez

2020  : $4500 / 500= $9

2021 : $10,000 / 1000 = $10

2022 $16,500 / 1500=  $11

2023: $24,000 / 2000 =  $12

The real GDP per capita of Gribinez rose from 2011 to 2014 as population increased because the rate of increase of real GDP per capita was higher than the rate of increase in population

Rate of increase of population in 2022 = (1500 / 1000) - 1 = 0.5 = 50%

Rate of increase in Real GDP in 2022 = (16500 / 10,000) - 1 = 0.65 = 65%

For the previous month, the Bichsel Lounge served 1,500 customers with very few complaints. Their labor cost was $3,000; material cost was $800; energy cost was $200; and building lease cost was $1,500. They were open 26 days during the month, and the lounge has 20 seats. They are open six hours per day, and the average customer stay is one hour.

Required:
a. Calculate the single-factor productivities and the overall multiple-factor productivity. How could they improve the productivity?
b. Calculate the monthly capacity and the capacity utilization.

Answers

Based on the number of customers, the and the various costs, the single-factor productivities and monthly capacity are:

Labor productivity - 0.5.Material productivity - 1.88.Monthly capacity - 3,120 customers per month. Capacity utilization - 48%.

What is the labor productivity?

This can be found as:

= Number of customers / Labor cost

= 1,500 / 3,000

= 0.5

What is the material productivity?

= 1,500 / 800

= 1.88

What is the monthly capacity?

= (Number of seats x Days in a month x Hours in a day) / Customer times

= (20 x 26 x 6) / 1

= 3,120 customers per month

What is the capacity utilization?

= No. of customers / Monthly capacity

= 1,500 / 3,120

= 48%

Find out more on factor productivity at https://brainly.com/question/13214575.

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During its first year of operations, Swifty Corporation had these transactions pertaining to its common stock. Jan. 10 Issued 27,100 shares for cash at $6 per share. July 1 Issued 60,500 shares for cash at $7 per share. (a) Journalize the transactions, assuming that the common stock has a par value of $6 per share. (b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $3 per share.

Answers

Answer:

Swifty Corporation

Journal Entries:

a) Par value of $6 per share

Jan. 10

Debit Cash $162,600

Credit Common Stock $162,600

To record the issuance of 27,100 shares for cash at $6 per share.

July 1

Debit Cash $423,500

Credit Common Stock $363,000

Credit Additional Paid-in Capital $60,500

To record the issuance of 60,500 shares for cash at $7 per share.

b) Stock at no-par with a stated value of $3 per share:

Debit Cash $162,500

Credit Common Stock $81,300

Credit Additional Paid-in Capital $81,300

To record the issuance of 27,100 shares for cash at $6 per share.

July 1

Debit Cash $423,500

Credit Common Stock $181,500

Credit Additional Paid-in Capital $242,000

To record the issuance of 60,500 shares for cash at $7 per share.

Explanation:

a) Data and Analysis:

a) Par value of $6 per share

Jan. 10 Cash $162,600 Common Stock $162,600  27,100 shares for cash at $6 per share.

July 1 Cash $423,500 Common Stock $363,000 Additional Paid-in Capital $60,500

b) Stock at no-par with a stated value of $3 per share:

Cash $162,500 Common Stock $81,300 Additional Paid-in Capital $81,300

July 1 Cash $423,500 Common Stock $181,500 Additional Paid-in Capital $242,000

Both Aaria and Justin work with businesses. Aaria tries to sell them packages that will cover their employees in case of injury or illness. Justin helps the businesses to grow their money and assets. Which statement describes their careers?

Aaria is in Business Financial Management Services and Justin is in Financial and Investment Planning.

Aaria is in Financial and Investment Planning Services and Justin is in Business Financial Management.

Aaria is in Business Financial Management and Justin is in Insurance Services.

Aaria is in Insurance Services and Justin is in Business Financial Management.

Answers

Answer:

D.Aaria is in Insurance Services and Justin is in Business Financial Management.

Explanation:

This is what people in business finacial management do, they sell their clients a cover package to help with any cases such as injurys and illness.

Answer:

D

Explanation:

i took it and got it right

plz give brainliest

Match the terms with their corresponding descriptions.

a. Firms' costs associated with changing their prices
b. When workers respond, not to the purchasing power of their wage, but to the face value of their wage or salary
c. An event that changes the existing productivity and therefore changes the extent to which economic growth occurs
d. Given flexible prices and the existing factors of production, a measure of how much the economy grows
e. Variations in the growth rate from the long-run rate of economic growth real shock business fluctuations

1. Menu Cost
2. Transaction
3. Real
4. Natural Rate of Unemployment
5. Nominal Wage
6. Business Fluctuations
7. Slow Growth Rate
8. Purchasing power Discrepancies

Answers

Answer:

a. Menu cost.

b. Nominal wage of confusion.

c. Real shock.

d. Solow Growth Rate

e. Business Fluctuations.

Explanation:

a. Menu cost: Firms' costs associated with changing their prices.

b. Nominal wage of confusion: When workers respond, not to the purchasing power of their wage, but to the face value of their wage or salary.

c. Real shock: An event that changes the existing productivity and therefore changes the extent to which economic growth occurs.

d. Solow Growth Rate: Given flexible prices and the existing factors of production, a measure of how much the economy grows.

The Solow Growth Model, developed by Robert Solow, a Nobel Prize winning economist. It was the first neoclassical growth model which was was built upon the Keynesian Harrod-Domar model. The modern theory of economic growth is given by the Solow Model.

The equation below gives us the change in capital stock per worker with population growth at rate n;

Δk = sf(k) – (δ + n)k.

Where k: capital stock per worker in period t

s: savings rate

δ: rate of depreciation of capital

n: labor or number of workers

sf(k): savings per capita multiplied by a fraction of income saved.

e. Business Fluctuations: Variations in the growth rate from the long-run rate of economic growth real shock business fluctuations.

haraldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 5.2 ounces $ 5.00 per ounce $ 26.00 Direct labor 0.9 hours $ 14.00 per hour $ 12.60 Variable overhead 0.9 hours $ 5.00 per hour $ 4.50 The company reported the following results concerning this product in June. Originally budgeted output 4,400 units Actual output 4,600 units Raw materials used in production 25,000 ounces Purchases of raw materials 20,100 ounces Actual direct labor-hours 7,200 hours Actual cost of raw materials purchases $ 42,900 Actual direct labor cost $ 14,400 Actual variable overhead cost $ 4,200 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for June is:

Answers

Answer:

8,967

Explanation:

Swifty Corporation gathered the following reconciling information in preparing its October bank reconciliation: Cash balance per books, 10/31 $12800 Deposits in transit 500 Notes receivable and interest collected by bank 2600 Bank charge for check printing 60 Outstanding checks 6100 NSF check 520 The adjusted cash balance per books on October 31 is

Answers

Answer:

See photo. I show how to balance but your format may be different. Hopefully you can use this info to fill out the format you learn in school.

Explanation:

Pratt is ready to graduate and leave College Park. His future employer (Ferndale Corp.) offers the following four compensation packages from which Pratt may choose. Pratt will start working for Ferndale on January 1, year 1. Benefit Description Option 1 Option 2 Option 3 Option 4 Salary $ 60,000 $ 50,000 $ 45,000 $ 45,000 Health insurance No coverage $ 5,000 $ 5,000 $ 5,000 Restricted stock 0 0 1,000 shares 0 NQO's 0 0 0 100 options Assume that the restricted stock is 1,000 shares that trade at $5 per share on the grant date (January 1, year 1); shares are expected to be worth $10 per share on the vesting date at the end of year 1; and no 83(b) election is made. Assume that the NQOs (100 options) each allows the employee to purchase 10 shares at $5 exercise price. The stock trades at $5 per share on the grant date (January 1, year 1) and is expected to be worth $10 per share on the vesting date at the end of year 1, and the options are exercised and sold at the end of the year. Also assume that Pratt spends on average $3,000 on health-related costs that will be covered by insurance if he had coverage or is an after-tax expense if he isn't covered by insurance (treat this as a cash outflow). Assume that Pratt’s marginal tax rate is 35 percent. (Ignore FICA taxes and time value of money considerations). What is the after-tax value of each compensation package for year 1? If Pratt’s sole consideration is maximizing after-tax value for year 1, which scheme should he select?

Answers

Answer:

A. Option 1 After-tax value Compensation Package $36,000

Option 2 After-tax value Compensation Package $32,500

Option 3 After-tax value Compensation Package $35,750

Option 4 After-tax value Compensation Package $35,750

B. Option 1

Explanation:

Calculation to determine the after-tax value of each compensation package for year 1

OPTION 1 COMPENSATION PACKAGE

Salary $60,000

Add Restricted Stock$0

Taxable Total $60,000

($60,000+$0)

Tax Rate 35%

Less Tax Paid ($21,000)

($60,000*35%=$21,000)

After-tax cash value$39,000

($60,000-$21,000)

NQO’s$0

Less Health care expenses ($3,000)

After-tax value $36,000

($39,000-$3,000)

Therefore Option 1 After-tax value Compensation Package is $36,000

OPTION 2 COMPENSATION PACKAGE

Salary $50,000

Add Restricted Stock$0

Taxable Total $50,000

($50,000+$0)

Tax Rate 35%

Less Tax Paid ($17,500)

(35%*$50,000=$17,500)

After-tax cash value $32,500

($50,000-$17,500)

NQO’s$0

Less Health care expenses ($0)

After-tax value $32,500

($32,500-$0)

Therefore Option 2 After-tax value Compensation Package is $32,500

OPTION 3 COMPENSATION PACKAGE

Salary $45,000

Restricted Stock$ 10,000

Taxable Total $55,000

($45,000+$10,000)

Tax Rate 35%

Less Tax Paid ($19,250)

($35%*$55,000)

After-tax cash value$35,750

($55,000-$19,250)

NQO’s$0

Less Health care expenses ($0)

After-tax value $35,750

($35,750-$0)

Therefore Option 3 After-tax value Compensation Package is $35,750

OPTION 4 COMPENSATION PACKAGE

Salary $45,000

NQO’s $10,000

Taxable Total $55,000

($45,000+$10,000)

Tax Rate 35%

Less Tax Paid ($19,250)

($55,000*35%)

After-tax cash value $35,750

($55,000-$19,250)

Less Health care expenses ($0)

After-tax value $35,750

($35,750-$0)

Therefore Option 4 After-tax value Compensation Package is $35,750

b. Based on the above calculation assuming his sole consideration is maximizing after-tax value for year 1, the scheme that he should select is OPTION 1 with the amount of $36,000 reason been that OPTION 1 tend to maximizes after-tax value for year 1.

At the end of May, the following adjustment data were assembled.
Analyze and use these data to complete Part 6.
a. Merchandise inventory on May 31$570,000
b. Insurance expired during the year12,000
c. Store supplies on hand on May 314,000
d. Depreciation for the current year14,000
e. Accrued salaries on May 31:
Sales salaries $7,000
Office salaries 6,60013,600
f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of merchandise sold.

Answers

Answer: Top line=debits, bottom line=credits

part 4

2019          

May 31  

(Debits) Cost of Merchandise Sold  13,950

       (Credits) Merchandise Inventory      13,950

         

May 31  

Insurance Expense   12,000

      Prepaid Insurance               12,000

     

May 31  (labels correct, dollar amount unknown)

Store Supplies Expense   ??

Store Supplies    ??  

     

May 31  

Depreciation Expense   14,000

Accumulated Depreciation

-Store Equipment             14,000

     

May 31  

Sales Salaries Expense   7,000

Office Salaries Expense   6,600  

Salaries Payable                         13,600

         

May 31  

Sales     60,000

    Customer Refunds Payable   60,000

         

May 31  

Estimated Returns Inventory   35,000  

              Cost of Merchandise Sold      35,000

S. S. Sarkar (S.S.S.), a real estate investment company, is considering investing in a shopping center. The sale price is $5,000,000 and S.S.S. expects to have positive after-tax and after-mortgage payment cash flows from rents of $400,000 for the next three years. S.S.S. can obtain a mortgage with a downpayment of $3,000,000. At the end of the third year, S.S.S. anticipates selling the shopping center for a net after-tax gain on sale of $4,500,000. If S.S.S.'s required return is 30%, should S.S.S. go ahead and purchase the shopping center?

Answers

Answer:

S. S. Sarkar (S.S.S)

S.S.S. should not purchase the shopping center.

It will generate a negative NPV.

Explanation:

a) Data and Calculations:

Selling price of a shopping center = $5,000,000

Expected annual positive after-tax and after-mortgage payment cash flows form rents = $400,000

Down Payment = $3,000,000

Net after-tax gain on sale after three years = $4,500,000

S.S.S.'s required return = 30%

Annuity value factor for 3 years at 30% = 1.816

Present value factor for 3 years at 30% = 0.455

NPV:                      Cash Flows         PV

Down payment    $3,000,000   ($3,000,000)

Annual rent            $400,000        $726,400 ($400,000 * 1.816)

After-tax gain      $4,500,000       2,041,500 ($4,500,000 * 0.455)

NPV =                                             ($226,100)

Help! Which tasks commonly are performed in Management and Entrepreneurship jobs? Check all that apply.

packaging products
managing budgets
predicting future results
tracking inventory
hiring and supervising workers
visiting customers’ homes
setting goals and strategies
help me i am being help hostage to do homework

Answers

Hello There! The Answer to this problem is: B, C, E, G

Explanation:

Answer:bceg

Explanation:

Test completed

The records of Flounder’s Boutique report the following data for the month of April.
Sales revenue $103,300
Purchases (at cost) $52,100
Sales returns 2,200
Purchases (at sales price) 95,200
Markups 9,000
Purchase returns (at cost) 2,200
Markup cancellations 1,600
Purchase returns (at sales price) 3,200
Markdowns 9,500
Beginning inventory (at cost) 29,725
Markdown cancellations 3,100
Beginning inventory (at sales price) 50,100
Freight on purchases 2,600
Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)
Ending inventory using conventional retail inventory method

Answers

Answer:

See below

Explanation:

COST RETAIL

Beginning inventory

Add:

Purchases

Additionally, as the price level rises, the impact on the domestic interest rate will cause the real value of the dollar torise in foreign exchange markets. The number of domestic products purchased by foreigners (exports) will thereforefall , and the number of foreign products purchased by domestic consumers and firms (imports) willrise . Net exports will thereforefall , causing the quantity of domestic output demanded tofall . This phenomenon is known as theexchange rate effect

Answers

Answer:

rise, fall, rise, fall, fall, exchange rate

Explanation:

When there is a change in the level of price it will cause the real value to change as well. This is due to the fact that real value is basically relative price i.e., nominal value adjusted by inflation.

This rise in price effects the demand for exports, which in return falls due to higher goods rates. And the effect is opposite for imports which would now rise. The combination effect of imports and exports results in the change in the net exports which would also fall due to rise in imports and fall in the exports. Overall, this effect is known as the exchange rate effect.

Which statement best conveys the bad news of the refusal?
a.We were able to save valuable resources that otherwise might have been spent on keeping out-of-warranty gear in working order and on missing peripherals such as monitors, keyboards, and mice.
b.To ensure compatibility, proper software licensing, and the same useful life of the equipment, we decided to accept only new and complete systems.
c.We regret to inform you that we cannot accept your used computing equipment as much as we appreciate your offer.

Answers

Answer: B

Explanation:proof

Ace Racket Company manufactures two types of tennis rackets, the Junior and Pro Striker models. The production budget for July for the two rackets is as follows:

Junior Pro Striker
Production budget 7,400 units 18,600 units

Both rackets are produced in two departments, Forming and Assembly. The direct labor hours required for each racket are estimated as follows:

Forming Department Assembly Department
Junior 0.2 hour per unit 0.4 hour per unit
Pro Striker 0.35 hour per unit 0.7 hour per unit

The direct labor rate for each department is as follows:

Forming Department $14 per hour
Assembly Department $12 per hour

Required:
Prepare the direct labor cost budget for July.

Answers

Answer and Explanation:

The preparation of the direct labor cost budget for July month is as follows:

Particulars               Forming Dept             Assembly Dept

Production                    7,400 units               18,600 units

Hours required junior    1,480                            2,960

                                       (7,400 units × 0.2)   (7,400 units × 0.4)

Hours required pro       6,510                         13,020

                                       (18,600 units × 0.35)   (18,600 units × 0.7)

Total hours                      7,990                         15,980

Total hours rate                $14                           $12

Total direct labor cost     $111,860                     $191,760

At year-end, Chief Company has a balance of $22,000 in accounts receivable of which $2,200 is more than 30 days overdue. Chief has a credit balance of $220 in the allowance for doubtful accounts before any year-end adjustments. Using the aging of accounts receivable method, Chief estimates that 1.0% of current accounts and 12% of accounts over thirty days are uncollectible. What is the amount of bad debt expense

Answers

Answer:

$242

Explanation:

If a company has a balance of $22,000 in accounts receivables of which $2,200 is more than 30days overdue, amount of receivables below 30days overdue

= $22,000 - $2,200

= $19,800

Allowance for doubtful debt

= (1.0% × $19,800 + 12% × $2,200)

= $198 + $264

= $462

Additional allowance required

= $462 - $220

= $242

This is the amount t of bad debts as the credit could be posted to allowance for

doubtful debt and the debit to bad debt account

Metlock Corporation owns machinery that cost $25,600 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,072 per year, resulting in a balance in accumulated depreciation of $10,752 at December 31, 2020. The machinery is sold on September 1, 2021, for $13,440. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale

Answers

Answer:

journal entries to :

(a) update depreciation for 2021

Debit : Depreciation expense $2,048

Credit : Accumulated depreciation $2,048

(b) record the sale

Debit :  Cash $13,440

Credit : Cost $25,600

Explanation:

First update the depreciation then do the sale journal

List five developmental issues common to most LDCs.

Answers

Answer:

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

Pension data for Barry Financial Services Inc. include the following: ($ in thousands) Discount rate, 7% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, 2021 $ 340 January 1, 2021: Projected benefit obligation 2,450 Accumulated benefit obligation 2,150 Plan assets (fair value) 2,550 Prior service cost—AOCI (2021 amortization, $40) 340 Net gain—AOCI (2021 amortization, $6) 360 There were no changes in actuarial assumptions. December 31, 2021: Cash contributions to pension fund, December 31, 2021 275 Benefit payments to retirees, December 31, 2021 300 Required: 1. Determine pension expense for 2021. 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2021.

Answers

Answer:

1. Pension expense $291

2.A. Pension expense

Dr Pension expense $291

Dr Plan assets (expected plan assets) $255

Dr Net gain -aoci6

Cr Prior service cost- oci 40

Cr PBO $512

B. Gains and losses

Dr Loss-oci 25

Dr Plan assets 25

(c) funding

Dr Plan assets $275

Cr cash 275

D. retiree benefits for 2021.

Dr PBO 300

Cr Plan assets 300

Explanation:

1. Calculation to determine the Pension Expense

PENSION EXPENSE

Service cost (given) $340

Add Interest cost $172

Less Expected return on plan assets ($255)

Add Prior service cost $40

Less Net gain or (loss) (6))

PENSION EXPENSE $291

2. Preparation of the journal entries to record

(a) pension expense

Dr Pension expense $291

Dr Plan assets (expected plan assets) $255

Dr Net gain -aoci6

Cr Prior service cost- oci 40

Cr PBO (service cost + interest cost)$512

($340+$172)

b. gains and losses

Dr Loss-oci 25

Dr Plan assets 25

(c) funding

Dr Plan assets $275

Cr cash 275

D. retiree benefits for 2021.

Dr PBO 300

Cr Plan assets 300

Working :

Projected benefit obligation ($2,450) x Discount rate (.07) = $172 Interest cost

Plan assets (fair value) ($2,550) x Expected return on plan assets (.10) = $255

Plan assets (fair value) ($2,550) x Actual return on plan assets (.09) =$230

Gain or (loss on plan assets) $255-$230 = ($25) loss

Service cost (given) =$340

Prior service cost (given)= 40

Benefit payments to retirees, December 31, 2013= $300

Cash contributions to pension fund, December 31, 2021 (given)= 275

Net gain or (loss) (given) = (6)Net gain–AOCI (2021 amortization

The client Circuit City is considering the introduction of private label brands into their superstores. Private label brands are unbranded products made by an OEM (original equipment manufacturer). Is there any value in this product line? If yes, what are the sources of value of this program? What are the potential downside risks associated with introducing private label products?

Answers

Answer:

Following are the responses to the given question:

Explanation:

Please find the complete question.

Yes, value exists. Their price is lower and therefore more competition and benefit are higher. Its value is reduced. Further competition among producers leads to higher production and lower prices. Further good product feedback will increase profitability after their use by consumers. Based on buyers' requirements, drugs can also be added. The drawback is that the output and performance depend more on the producer. Initially, the gain can be very low due to lower prices. Because they are typically replicas of premium products, a distinctive identity becomes difficult to have. Besides, customers get less trust and this problem is worse from the outset.

On January 1, 2010, Desert Company purchased a machine for $820,000. At the time, management estimated the useful life to be 20 years with a salvage value of $80,000 and will use straight-line depreciation. On January 1, 2020, the company reviewed the asset for impairment and determined that its future net cash flows totaled $420,000 and its fair value was $360,000. Desert has decided to continue to use the machine. What is the amount of depreciation expense Desert will record for this machine in 2020 after accounting for any potential impairment?

Answers

Answer:

$42,000

Explanation:

Straight line depreciation charges a fixed amount of depreciation for the period the asset is used in the business.

Depreciation Expense = Cost - Salvage Value ÷ Estimated Useful Life

January 1, 2020

Carrying Amount

Cost - Accumulated depreciation = $450,000

Recoverable Amount :

Higher of Fair Value and Future Cash Flows

Recoverable Amount = $420,000

Impairment loss incurs when Carrying Amount > Recoverable Amount

therefore,

Impairment loss = $30,000

December 31 , 2020

Depreciation expense = New Depreciable Amount ÷ Remaining useful life

                                     = $420,000 ÷ 10

                                     = $42,000

what is money placed in a checking account called

Answers

Answer:

bank account

Explanation:

I believe it’s called balance

The Duerr Company manufactures a single product. All raw materials used are traceable to specific units of product. Current information for the Duerr Company follows:

Beginning raw materials inventory $27,000
Ending raw materials inventory 30,000
Raw material purchases 104,000
Beginning work in process inventory 39,000
Ending work in process inventory 49,000
Direct labor 129,000
Total factory overhead 104,000
Beginning finished goods inventory 79,000
Ending finished goods inventory 59,000

The company's cost of raw materials used, cost of goods manufactured and cost of goods sold is:________

Answers

Answer:

Results are below.

Explanation:

First, we need to calculate the direct material used:

Direct material used= beginning inventory + purchases - ending inventory

Direct material used= 27,000 + 104,000 - 30,000

Direct material used= $101,000

Now, the cost of goods manufactured:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured=  39,000 + 101,000 + 129,000 + 104,000 - 49,000

cost of goods manufactured= $324,000

Finally, the cost of goods sold:

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 79,000 + 324,000 - 59,000

COGS= $344,000

the baldwin Company currently has the following balances on their balance sheetTotal Assets $225,232 Total Liabilities136,748 Retained Earnings $36,493 Suppose next year the Baldwin Company generates $44,200 , pays $12,000 in , assets increase by $55,000, and total liabilities remain unchanged. What will ending Baldwins balance in Common Stock be next year

Answers

Answer:

see below

Explanation:

Common stock = Assets - Liabilities - Retained earnings

Assets next year = $225,232 + $55,000 = $280,232

Liabilities remain unchanged

Retained earnings = Opening retained earnings + Net income - Dividends

= $36,493 + $44,200 - $12,000

= $68,693

Common stock next year

= $280,232 - $136,748 - $68,693

= $74,791

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