The following is the inventory record of widgets for the ABC Company: Units Cost/Unit 1/1 Beginning Inventory 100 $ 10.00 4/15 Purchase 200 $ 11.00 8/24 Purchase 300 $ 12.00 11/27 Purchase 400 $ 13.00
At the end of the fiscal year, the physical inventory found 450 widgets on hand at 12/31. Total sales for the year were 500 widgets
REQUIRED:
a) Calculate the ending inventory value under each of the following inventory methods:
i. FIFO
ii. LIFO
iii. Weighted Average
b) Calculate the gross profit for each of the inventory methods.

Answers

Answer 1

Answer:

a-i. Ending inventory = $5,800

a-ii. Ending inventory = $5,000

a-iii. Ending inventory = $5,400

b-i. Gross profit = $3,800

b-ii. Gross profit = $3,000

b-iii. Gross profit = $3,400

Explanation:

Note: This question is not complete as the sentence for the Total sales is not complete. The complete sentence of the Total sales is therefore provided before answering the question as follows:

Total sales for the year were 500 widgets sold at a retail price of $20.00 per widget.

The explanation of the answers is now provided as follows:

a) Calculate the ending inventory value under each of the following inventory methods

Ending units of inventory = 450

Therefore, we have:

a-i. Calculate the ending inventory value under first in first out (FIFO) inventory method

Ending inventory = Cost of 400 units purchased on 11/27 + Cost 50 units from 300 units purchased on 8/24 = (400 * $13) + (50 *$12) = $5,800

a-ii. Calculate the ending inventory value under Last in first out (LIFO) inventory method

Ending inventory = Cost of 100 units Beginning Inventory on 1/1 + Cost of 200 units purchased on 4/15+ Cost 150 units from 300 units purchased on 8/24 = (100 * $10) + (200 * $11) + (150 * $12) = $5,000

a-iii. Calculate the ending inventory value under Weighted Average inventory method

Cost of goods available for sale = (100 * $10) + (200 * $11) + (300 * $12) + (400 * $13) = $12,000

Units available for sale = 100 + 200 + 300 + 400 = 1,000

Weighted Average cost per unit = Cost of goods available for sale / Total units available for sale = $12,000 / 1,000 = $12

Ending inventory = Ending units of inventory * Weighted Average cost per unit = 450 * $12 = $5,400

b) Calculate the gross profit for each of the inventory methods.

Units of inventory sold = 500

Retail price per widget or unit = $20.00

Sales revenue = Units of inventory sold * Retail price per widget or unit = 500 * $20.00 = $10,000

Cost of goods available for sale = (100 * $10) + (200 * $11) + (300 * $12) + (400 * $13) = $12,000

Therefore, we have:

b-i. Calculate the gross profit under first in first out (FIFO) inventory method

Ending inventory = $5,800

Cost of goods sold = Cost of goods available for sale - Ending inventory = $12,000 - $5,800 = $6,200

Gross profit = Sales revenue – Cost of goods sold = $10,000 - $6,200 = $3,800

b-ii. Calculate the gross profit under last in first out (LIFO) inventory method

Ending inventory = $5,000

Cost of goods sold = Cost of goods available for sale - Ending inventory = $12,000 - $5,000 = $7,000

Gross profit = Sales revenue – Cost of goods sold = $10,000 - $7,000 = $3,000

b-iii. Calculate the gross profit under Weighted Average inventory method

Ending inventory = $5,400

Cost of goods sold = Cost of goods available for sale - Ending inventory = $12,000 - $5,400 = $6,600

Gross profit = Sales revenue – Cost of goods sold = $10,000 - $6,600 = $3,400


Related Questions

Tolbotics Inc. is considering a three-year project that will require an initial investment of $44,000. If market demand is strong, Tolbotics Inc. thinks that the project will generate cash flows of $29,500 per year. However, if market demand is weak, the company believes that the project will generate cash flows of only $2,000 per year. The company thinks that there is a 50% chance that demand will be strong and a 50% chance that demand will be weak.
If the company uses a project cost of capital of 14%, what will be the expected net present value (NPV) of this project if the company is ignoring the timing option?
a. -$3,435
b. -$3,779
c. -$3,092
d. -$3,607

Answers

Answer:

Expected value NPV =$-,7434

Explanation:

The Expected Net present value (NPV) is the difference between the Present value (PV) of Expected value  cash inflows and the PV of cash outflows. A positive NPV implies a good and profitable investment project and a negative figure implies the opposite.  

Expected value NPV = PV of expected value  cash inflow - PV of cash outflow  

Present value of cash inflow:  

The expected cash in flows is the sum of the cash inflows multiplied by their respective probabilities. For Tolbotics it is calculated as follows:

Expected cash inflows=m (29,500× 0.5) + (2,000× 0.5)=15,750

NPV = 15,750× (1-1.14^(-3)/0.14) - 44,000=-7434.

Expected value NPV =$-7,434

what is the role of education to become a manager ?​

Answers

Answer:

There are several ways to become a Business Manager, but most organisations require a minimum of a bachelor's degree in business management.

These are usually 3-year courses covering topics such as management theory and practice, budgeting and planning, leadership skills and organisational behaviour.

Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $1,800. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $728 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remit sales taxes in January.

Required:
a. Record (in summary form) the S3,500 in gift cards sold (keeping in mind that, in actuality, the firm would record each sale of a gift card individually).
b. Record the S728 in gift cards redeemed.
c. Determine the balance in the Deferred Revenue account (remaining liability for gift cards).

Answers

Answer:

General Journal Debit Credit

1 Cash 2600  

Unearned revenue  2600

(To record gift cards sold)  

2 Unearned revenue 832  

Sales tax payable  32

Sales revenue  800

(To record gift cards redeemed)  

Transic Corporation has the following financial data for 2016 and 2017. 2017 2016 ASSETS Current Assets: Cash $ 48,000 $ 14,000 Marketable Securities 9,000 13,000 Accounts Receivable 35,000 24,000 Other Current Assets 15,000 18,000 Total Current Assets 107,000 69,000 Fixed Assets (net) 140,000 130,000 Total Assets $247,000 $199,000 LIABILITIES Current Liabilities $ 72,000 $ 52,000 Long-term Liabilities 50,000 37,000 Total Liabilities $122,000 $ 89,000 Total Stockholders' Equity $125,000 $110,000 Total Liabilities And Stockholders' Equity $247,000 $199,000 What is Transic's current ratio for 2017

Answers

Answer:

1.49

Explanation:

Calculation to determine Transic's current ratio for 2017

Using this formula

2017 Current ratio=2017 Total Current Assets /2017 Current Liabilities

Let plug in the formula

2017 Current ratio=$107,000/$ 72,000

2017 Current ratio=1.486

2017 Current ratio=1.49 (Approximately)

Therefore Transic's current ratio for 2017 is 1.49

Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $310,000 February 350,000 March 510,000 All sales are on account. 58% of sales are expected to be collected in the month of the sale, 37% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for January, February, and March.

Answers

Answer:

Results are below.

Explanation:

Giving the following information:

Sales:

January $310,000

February 350,000

March 510,000

58% of sales are expected to be collected in the month of the sale

37% in the month following the sale

5% in the second month following the sale

Cash collection January:

Cash from sales in account January= (310,000*0.58)= 179,800

Total cash collection= $179,800

Cash collection February:

Cash from sales in account January= (310,000*0.37)= 114,700

Cash from sales in account February= (350,000*0.58)= 203,000

Total cash collection= $317,700

Cash collection March:

Cash from sales in account January= (310,000*0.05)= 15,500

Cash from sales in account February= (350,000*0.37)= 129,500

Cash from sales in account March= (510,000*0.58)= 295,800

Total cash collection= $440,800

Hsung Company accumulates the following data concerning a proposed capital investment: cash cost $226,445, net annual cash flows $40,500, and present value factor of cash inflows for 10 years is 5.89 (rounded). (If the net present value is negative, use either a negative sign preceding the number eg -45 or parentheses eg (45).) Determine the net present value, and indicate whether the investment should be made.

Answers

Answer:

Hsung Company

a. The net present value is:

= $12,100.

b. Since the investment could yield a net present value of $12,100, the investment should be made.

Explanation:

a) Data and Calculations:

Cash cost of proposed capital investment = $226,445

Net annual cash inflows = $40,500

Present value factor of cash inflows for 10 years = 5.89 (rounded)

Present value of net annual cash inflows = $238,545 ($40,500 * 5.89)

The net present value of the proposed capital project = Present value of net annual cash inflows minus the initial investment cost

= $12,100 ($238,545 - $226,445)

Answer:

12100

Explanation:

40500*5.89=238545

238545-226445=12100

12100

The financial information for Pear Company is provided below: Sales $2.8 million Cost of goods sold $2.3 million Purchases $2.1 million Average receivables $0.6 million Average inventory $0.5 million Average payables $0.2 million The company's cash conversion cycle is closest to: (Choose the closest one.) Select one: A. 122 days B. 192 days C. 129 days D. 114 days

Answers

Answer:

A. 122 days

Explanation:

The computation of the cash conversion cycle is shown below:

= DAys sales outstanding + days inventory outstanding - days payable outstanding

where

Days sales outstanding is

= 365 ÷ $2.8 ÷ $0.6

= 78.16 days

The days inventory oustandings is

= 365 ÷ $2.3 ÷ $0.5

= 79.35 days

And, the days payable outstanding is

= 365 ÷ $2.1 ÷ $0.2

= 34.76 days

Now the cash conversion cycle is

= 78.16 days + 79.35 days - 34.76 days

= 122.75 days

= 122 days

Heidi (age 57) invested $4,000 in her Roth 401(k) on January 1, 2012. This was her only contribution to the account. On July 1, 2020, when the account balance was $6,000, she received a nonqualified distribution of $4,500. What is the taxable portion of the distribution and what amount of early distribution penalty will Heidi be required to pay on the distribution

Answers

Answer:

$450

Explanation:

For a ROTH 401 (k) qualified distribution to be non-taxable, either of the following conditions should be met:

1. Individual should be more 59 and a half years old or more.

2. Has held the account for 5 years or more.

In this case, Heidi invested at the age of 57 and received distribution of $4,500 after 8 years. So she meets both criteria but the type of distribution she received is a non-qualified one. So, $4,500 is subject to tax as per ordinary income at 10% that is $450 (0.1*4,500).

Heidi is not subject to any amount if early distribution penalty as she meets both criteria.

Dwyer Company reported the following results for the year ended December 31, 2007, its first year of operations: 2007 Income (per books before income taxes) $ 1,500,000 Taxable income 2,400,000 The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2008. What should Dwyer record as a net deferred tax asset or liability for the year ended December 31, 2007, assuming that the enacted tax rates in effect are 40% in 2007 and 35% in 2008?

Answers

Answer: $315,000 deferred tax asset

Explanation:

The amount that Dwyer should record as a net deferred tax asset or liability for the year ended December 31, 2007 will be calculated thus:

= ($2400000 – $1500000) × 35%

= $900000 × 35%

= $900000 × 35/100

= $900000 × 0.35

= $315000.

Therefore, the answer is $315,000 deferred tax asset

Advanced Enterprises reports year−end information from 2019 as​ follows: Sales​ (160,250 units) ​$969,000 Cost of goods sold ​(641,000) Gross margin ​328,000 Operating expenses ​(268,000) Operating income ​$60,000 Advanced is developing the 2020 budget. In 2020 the company would like to increase selling prices by​ 13.5%, and as a result expects a decrease in sales volume of​ 10%. All other operating expenses are expected to remain constant. Assume that cost of goods sold is a variable cost and that operating expenses are a fixed cost. What is budgeted cost of goods sold

Answers

Answer:

Cost of goods sold = $576,900

Explanation:

The budgeted cost of goods sold will be the sales volume in 2020 multiplied by cost per unit .

Sales volume in year 2020= (100-10)% ×  sales figure for 2019

                                            = 90% × 160,250=  144,225  

Cost of goods sold per unit =  cost of goods sold in 2019/Sales units in 2019

                                              = 641,000/160250=$4

Cost of goods sold =  $4× 144,225 =  $576,900

Cost of goods sold = $576,900

Prepare a corrected trial balance by changing incorrect amounts and placing each amount in the proper column.

Davenport's European Tours Trial Balance October 31, 20--
Account Title Debit Credit
Cash 15,560
Accounts Receivable 406
Supplies 246
Prepaid Insurance 589
Equipment 24,450
Accounts Payable 6,012
Davenport, Capital 30,500
Davenport, Drawing 1,800
Repair Fees 9,274
Wages Expense 4,250
Rent Expense 1,300
Advertising Expense 290
Utilities Expense 495
47,586 47,586

Answers

hii can you please mark me brainliest !! I need it ans the answer is 17,729

Sheila and Jim live in an island where they are the only two workers. Sheila can either catch 10 fish or gather 40 pounds of berries each day, and Jim can either catch 8 fish or gather 24 pounds of berries each day. Both of them work 200 days per year. At current world prices 1 fish trades for 3.5 pounds of berries. Who has the comparative advantage in producing berries

Answers

Answer:

SHEILA

Explanation:

A person has comparative advantage in production if it produces at a lower opportunity cost when compared to other people.

Sheila's opportunity cost in producing berries = 10/40 = 0.25

Jim's opportunity  cost in producing berries = 8/24 = 0.33

Sheila has a lower opportunity cost in the production of berries and thus has a comparative advantage in the production of berries

Tomorrow Publications collects magazine subscriptions from customers at the time subscriptions are sold. Subscription revenue is recognized over the term of the subscription. Tomorrow Publications collected $20 million in subscription sales during its first year of operations. At December 31, the average subscription was one-fourth expired. When Tomorrow Publications collects the subscriptions from customers, which of the following account will be credited?
a. Subscriptions Expense.
b. Unearned Subscriptions Revenue.
c. None of the other three answers is correct.
d. Cash

Answers

Answer:

b. Unearned Subscriptions Revenue.

Explanation:

In the case when the tomorrow publications wants to collect the subscriptions from customers so the following journal entry to be recorded

Cash Dr $20

             To Unearned Subscriptions Revenue $20

(Being collection is recorded)

Here cash is debited as it increased the assets and credited the Unearned Subscriptions Revenue as it also increased the liabilities

Therefore the option b is correct

Rooney Corporation is considering the elimination of one of its segments. The segment incurs the following fixed costs. If the segment is eliminated, the building it uses will be sold. Advertising expense $ 81,000 Supervisory salaries 170,000 Allocation of companywide facility-level costs 65,000 Original cost of building 118,000 Book value of building 62,000 Market value of building 84,000 Maintenance costs on equipment 73,000 Real estate taxes on building 12,000 Required Determine the amount of avoidable cost associated with the segment.

Answers

Answer: $420000

Explanation:

The amount of avoidable cost associated with the segment will be calculated thus:

Advertising expense = $81000

Add: Supervisory sales = $170000

Add: Market value of the building = $84000

Add: Maintenance costs on equipment = $73000

Add: Real estate taxes on the building = $12000

Avoidable cost = $420000

Kaspar Industries expects credit sales for January, February, and March to be $203,400, $267,600, and $317,300, respectively. It is expected that 75% of the sales will be collected in the month of sale, and 25% will be collected in the following month. Compute cash collections from customers for each month.

Answers

Answer:

January = $152,550

February = $251,550

March = $304,875

Explanation:

To Compute cash collections from customers follow the given collection history closely :

Month`s receipts = Cash Collected in Month of Sale (75%) + Cash Collected in Month After Sale

Cash Collection Schedule

Month                                               January     February    March

In Month of Sales                           $152,550  $200,700  $237,975

Month After Sale                                    $0       $50,850   $66,900

Total                                                $152,550   $251,550  $304,875

On April 1, 2020, Wildhorse Company assigns $539,700 of its accounts receivable to the Third National Bank as collateral for a $304,400 loan due July 1, 2020. The assignment agreement calls for Wildhorse to continue to collect the receivables. Third National Bank assesses a finance charge of 3% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type).

Required:
a. Prepare the journal entry for Rasheed's collection of $350,000 of the accounts receivable during the period from April 1, 2014, through June 20, 2020.
b. On July 1, 2020, Rasheed paid Third National all that was due from the loan it secured on April 1, 2020. Prepare the journal entry to record this payment.

Answers

Answer:

A. Dr Cash $350,000

Cr Accounts receivable $350,000

B. Dr Notes payable $304,400

Dr Interest expense $7,610

Cr Cash $312,010

Explanation:

A.Preparation of the journal entry for Rasheed's collection of $350,000 of the accounts receivable

Dr Cash $350,000

Cr Accounts receivable $350,000

(To record collection of accounts receivable )

B. Preparation of the journal entry to record the payment.

Dr Notes payable $304,400

Dr Interest expense $7,610

(10%*$304,400*3/12)

Cr Cash $312,010

($304,400+$7,610)

(To record payment)

At year-end, Yates Company estimates that $1,500 of its accounts receivable balance is uncollectible. Yates uses the allowance method to account for bad debts. The entry to record this adjusting entry would include a: Multiple choice question. debit to Allowance for Doubtful Accounts and credit to Bad Debts Expense debit to Accounts Receivable and credit to Bad Debts Expense debit to Bad Debts Expense and credit to Accounts Receivable debit to Bad Debts Expense and credit to Allowance for Doubtful Accounts

Answers

Answer:

debit to Bad Debts Expense and credit to Allowance for Doubtful Accounts

Explanation:

The journal entry needed to record the adjusting entry by using the allowance method is given below:

Bad debt expense    

                 To Allowance for doubtful debts

(Being bad debt expense is recorded)

Here the bad debt expense is debited as it increased the expense and credit the allowance as it decreased the assets

TB MC Qu. 13-81 (Algo) A customer has requested that ABC Corporation... A customer has requested that ABC Corporation fill a special order for 2,800 units of product S47 for $32 a unit. While the product would be modified slightly for the special order, product S47's normal unit product cost is $17.70: Direct materials $ 5.20 Direct labor 3.00 Variable manufacturing overhead 2.30 Fixed manufacturing overhead 7.20 Unit product cost $ 17.70 Assume that direct labor is a variable cost. The special order would have no effect on the company's total fixed manufacturing overhead costs. The customer would like modifications made to product S47 that would increase the variable costs by $1.30 per unit and that would require an investment of $16,000.00 in special molds that would have no salvage value. This special order would have no effect on the company's other sales. The company has ample spare capacity for producing the special order. The annual financial advantage (disadvantage) for the company as a result of accepting this special order should be:

Answers

Answer:

Financial advantage $40,560

Explanation:

A special order request is financially worthy if the sales revenue from the special order is over and above the relevant cost of producing it.

The relevant variable cost will be determined as follows

Unit variable cost =5.20+  3 +2.30+ 1.30= 11.8

Special machine= 16,000

                                                                              $

Sales from special order  (2,800× $32) =      89,600

Variable cost ( 2800 × $11.8)= (30,000 )        (33,040)

Investment in special machine                       (16,000)

Financial advantage                                        40,560

Note that the fixed manufacturing overheads were not included in the analysis, simply because they are not relevant. In other words, whether or not the special order is accepted these fixed costs  would be concurred either way.  

Financial advantage $40,560

When following up with a customer it is important to ___.
a. make the process easy on the employee
b. make the process a little unpleasant
c. keep it in the store's best interest
d. use a method suited to the customer

Answers

Answer:

When following up with a customer it is important to ___.

d. use a method suited to the customer

Explanation:

To ensure a great customer experience, it is important that follow-up steps are followed.  In the first place, following up with a customer improves their overall experience with the company.  Customer follow-up helps to solve problems a long time before they become an unmanageable issue.   It endears the customer to the entity and its products and services.  It enriches a trusty relationship, engendering great customer's experience and service.

Fill in the missing numbers for the following income statement. (Input all amounts as positive values. Do not round intermediate calculations.)
Sales Costs Depreciation EBIT Taxes (22%) Net income 747,300 582,600 89,300
a. Calculate the OCF. (Do not round intermediate calculations.)
b. What is the depreciation tax shield? (Do not round intermediate calculations.)
a. OCF
b. Depreciation tax shield

Answers

Answer: See explanation

Explanation:

Sales = 747300

Less: Costs = 582600

Less: Depreciation = 89300

EBIT = 75400

Less: Taxes at 22% = 22% × 75400 = 16588

Net income = EBIT - Taxes = 75400 - 16588 = 58812

a. Calculate the OCF.

OCF will be calculated as:

= Net income + Depreciation

= 58812 + 89300

= 148,112

b. What is the depreciation tax shield?

Depreciation tax shield will be:

= Depreciation × Tax rate

= 89300 × 22%

= 89300 × 0.22

= 19646

P11-1A Tidal Corporation was organized on January 1, 2017. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year: Jan. 10 Issued 70,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 12,000 shares of preferred stock for cash at $53 per share. May 1 Issued 120,000 shares of common stock for cash at $6 per share. Sept. 1 Issued 5,000 shares of common stock for cash at $5 per share. Nov. 1 Issued 3,000 shares of preferred stock for cash at $56 per share. Instructions: Journalize the transactions.

Answers

Answer:

1. Jan. 10

Dr Cash $280,000

Cr Common Stock $70,000

Cr AdditionalPaid-in Capital-Common $210,000

Mar. 1

Dr Cash $636,000

Cr Preferred Stock $600,000

Cr Additional Paid-in Capital-Preferred $36,000

May 1

Dr Cash $720,000

Cr Common Stock $120,000

Cr Additional Paid-in Capital-Common $600,000

Sept. 1

Dr Cash $25,000

Cr Common Stock $5,000

Cr Additional Paid-in Capital-Common $20,000

Nov. 1

Dr Cash $168,000

Cr Preferred Stock $150,000

Cr Additional Paid-in Capital-Preferred $18,000

Explanation:

Preparation of the journal entries

1. Jan. 10

Dr Cash (70,000x$4) $280,000

Cr Common Stock (70,000x$1) $70,000

Cr AdditionalPaid-in Capital-Common $210,000

($280,000-$70,000)

Mar. 1

Dr Cash (12,000x$53) $636,000

Cr Preferred Stock (12,000x$50) $600,000

Cr Additional Paid-in Capital-Preferred $36,000

($636,000-$600,000)

May 1

Dr Cash (120,000x$6) $720,000

Cr Common Stock (120,000x$1) $120,000

Cr Additional Paid-in Capital-Common $600,000

($720,000-$600,000)

Sept. 1

Dr Cash (5,000x$5) $25,000

Cr Common Stock (5,000x$1) $5,000

Cr Additional Paid-in Capital-Common $20,000

($25,000-$5,000)

Nov. 1

Dr Cash (3,000x$56) $168,000

Cr Preferred Stock(3,000x$50) $150,000

Cr Additional Paid-in Capital-Preferred $18,000

($168,000-$150,000)

For February, sales revenue is $700,000, sales commissions are 5% of sales, the sales manager's salary is $96,000, advertising expenses are $90,000, shipping expenses total 2% of sales, and miscellaneous selling expenses are $2,500 plus 1/2 of 1% of sales. Total selling expenses for the month of February area.$161,000b.$235,000c.$241,000d.$237,500

Answers

Answer:

C. $241,000

Explanation:

Sales commission = $35,000              (5% of $ 700,000)

Salary of sales manager = $96,000

Advertising expenses = $90,000

Shipping expenses = $14,000               (2% of $ 700,000)

Miscellaneous selling expenses = $6,000          

($ 2,500 add 1/2 * 1% * $ 700,000)

Total = $241,000

Classify each of the following based on the macroeconomic definitions of saving and investment.
Saving Investment
Edison purchases a certificate of deposit at his bank.
Maria purchases stock in NanoSpeck, a biotech firm.
Hilary purchases new ovens for her cupcake-baking business.
Kevin takes out a loan and uses it to build a new cabin in Montana.

Answers

Answer: See explanation

Explanation:

Savings is the income that's not spent by an economic agent. Savings relates to banking.

Investment is when capital goods are bought in order to produce further goods.

Based on the definition above, then the following are classified below:

a. Edison purchases a certificate of deposit at his bank = Savings

b. Maria purchases stock in NanoSpeck, a biotech firm. = Savings

This is savings as it wasn't a capital good that was bought.

c. Hilary purchases new ovens for her cupcake-baking business. = Investment

This is an investment as she purchases a capital good what will be used for her business.

d. Kevin takes out a loan and uses it to build a new cabin in Montana = Investment

This is an investment as the money isn't saved but rather invested for productive use.

If an adjusting entry is not made for an accrued expense,
a. expenses will be overstated,
b. liabilities will be understated.
c. net income will be understated.
d. equity will be understated.​

Answers

Answer:

c. net income will be understated.

You are comparing two companies in the same industry. You have determined that Gore Corp. depreciates its plant assets over a 40-year life, whereas Ross Corp. depreciates its plant assets over a 20-year life. Discuss the implications this has for comparing the results of the two companies.

Answers

Answer:

Gore Corp. is depreciating over a longer term than Ross Corp. This means that on a yearly basis, they will have less depreciation expenses. This would give them a higher net income than Ross Corp but as a result they will then have to pay a higher tax.

Ross Corp on the other hand will be depreciating over a shorter term so this would mean that they are recognizing a higher depreciation expense per year. This would mean that their net income will be lower and by extension their taxes will be lower as well.

Fill in the blanks to complete the sentence. A manufacturing company has budgeted production at 5,000 units for May and 4,400 units in June. Each unit requires 3 pounds of materials at a cost of $10 per pound. On May 1, there are 2,750 pounds of materials on hand. The company desires an ending inventory of 60% of the next month's materials requirements. The total cost of direct materials purchases for May will be $ .

Answers

Answer:

Direct material purchases in May = 21,670× $10= $216,700

Explanation:

Material purchase budget is determined by adding the closing inventory of material to the material usage budget less the opening inventory.

Material budgets for May will be prepared as follows:

Materials needed for May production = 5,500 × 3 = 16,500

Materials needed for June production = 4,400× 3= 13,200

Closing inventory of raw material in May =60% × June requirement = 60% × 13,200 =7,920

 Material purchase budget for February = Usage budget + closing inventory - opening inventory

= 16,500 + 7,920- 2,750=21,670

Direct material purchases in May = 21,670× $10= $216,700

Trainees are put through a two-month school. The fixed cost of running one session of this school is $150,000. Any number of sessions can be run during the year but must be scheduled so that the airline always has enough flight attendants. The cost of having excess attendants is simply the salary that they receive, which is $15,000 per month. How many sessions of the school

Answers

Answer:

The airline training school can run maximum of 10 sessions.

Explanation:

There can be 10 sessions which can be held at the training school. The airline school needs to have enough attendants so that they do not run a session in spare capacity. If a session is run with few attendants then it will cost $15,000 per session which is an additional cost burden for the airline training school.

Pina Company has the following two temporary differences between its income tax expense and income taxes payable.

2020 2021 2022
Pretax financial income $864,000 $917,000 $909,000
Excess depreciation expense on tax return (30,400) (38,500) (9,800 )
Excess warranty expense in financial income 19,400 10,100 8,300
Taxable income $853,000 $888,600 $907,500

The income tax rate for all years is 20%.

a. Assuming there were no temporary differences prior to 2017, prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, 2018, and 2019.
b. Indicate how deferred taxes will be reported on the 2019 balance sheet. Martinezâs product warranty is for 12 months.
c. Prepare the income tax expense section of the income statement for 2019, beginning with the line "Pretax financial income."

Answers

Answer:

multiply ur answer by 0.2 if you want to solve for the income tax rate

Explanation:

Teecorp Company provides the following ABC costing information: Activities Total Costs Activity-cost drivers Labor $320,000 8,000 hours Gas $36,000 6,000 gallons Invoices $40,000 2,500 invoices Total costs $396,000 The above activities used by their three departments are: Lawn Department Bush Department Plowing Department Labor 2,500 hours 1,200 hours 4,300 hours Gas 1,700 gallons 800 gallons 3,500 gallons Invoices 1,600 invoices 400 invoices 500 invoices How much of the labor cost will be assigned to the Bush Department

Answers

Answer:

7000,000

Explanation:

Why is a bank more likely to offer you credit if you have a co-singer with good credit?

Answers

Answer:

They can see that you have had a good credit record and they will be more likely to offer you credit.

:)

Explanation:

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