Answer: High inflation and high unemployment in the United States undermined the Phillips hypothesis.
Explanation:
In the year the 1970s, there is high inflation and high unemployment in the United States that undermined the Phillips hypothesis.
What happened in the 1970s?Since the Phillips curve was first recommended by the description of the relationship that lies between inflation and unemployment.
So based on this, we can say that In the year the 1970s, there is high inflation and high unemployment in the United States that undermined the Phillips hypothesis.
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Parking lot staff budget Adventure Park is a large theme park. Staffing for the theme park involves many different labor classifications, one of which is the parking lot staff. The parking lot staff collects parking fees, provides directions, and operates trams. The staff size is a function of the number of daily vehicles. Adventure Park has determined from historical experience that a staff member is needed for every 200 vehicles. Adventure Park estimates staff for both school days and nonschool days. Nonschool days are higher attendance days than school days. The number of expected vehicles for each day is as follows:
School Days Nonschool Days
Number of vehicles per day 3,000 8,000
Number of days per year 165 200
Parking fees are $10 per vehicle. Each parking lot employee is paid $110 per day.
Required:
a. Determine the annual parking lot staff budget for school days, nonschool days, and total.
b. Determine the parking revenue for school days, nonschool days, and total.
c. If depreciation expense and other expenses for running the parking lot were estimated to be $2 million per year, determine the parking lot's budgeted profit.
Answer: See explanation
Explanation:
a. Determine the annual parking lot staff budget for school days, nonschool days, and total.
For school days:
Number of staff required per day = 3000/20 = 15
Number of staff days per year = 15 × 165 = 2475
Annual parking lot staff budget = 2475 × $110 = $272250
For non school days:
Number of staff required per day = 8000/20 = 40
Number of staff days per year = 40 × 200 = 8000
Annual parking lot staff budget = 800 × $110 = $880,000
Total annual parking lot staff budget = $272250 + $880000 = $1152250
b. Determine the parking revenue for school days, nonschool days, and total.
For school days:
Total number of vehicles per year = 3000 × 165 = 495000
Parking revenue = 495000 × $10 = $4950000
For non school days:
Total number of vehicles per year = 8000 × 200 = 1600000
Parking revenue = 1600000 × $10 = $16000000
Total parking revenue = $4950000 + $16000000 = $20950000
c. If depreciation expense and other expenses for running the parking lot were estimated to be $2 million per year, determine the parking lot's budgeted profit.
Parking revenue = $20,950,000
Less: Parking lot staff payroll = $1152250
Less: Depreciation and other expenses = $2000000
Budgeted profit = $177977500
Sunland Company is considering these two alternatives for financing the purchase of a fleet of airplanes. 1. Issue 60,000 shares of common stock at $42 per share. (Cash dividends have not been paid nor is the payment of any contemplated.) 2. Issue 12%, 10-year bonds at face value for $2,520,000. It is estimated that the company will earn $819,000 before interest and taxes as a result of this purchase. The company has an estimated tax rate of 30% and has 91,100 shares of common stock outstanding prior to the new financing. Determine the effect on net income and earnings per share for issuing stock and issuing bonds. Assume the new shares or new bonds will be outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. $2.66.) Plan One Issue Stock Plan Two Issue Bonds select an option $enter a dollar amount $enter a dollar amount select an option enter a dollar amount enter a dollar amount select an option enter a total of the two previous amounts enter a total of the two previous amounts select an option enter a dollar amount enter a dollar amount select an option $enter a total of the two previous amounts $enter a total of the two previous amounts select an option enter a number enter a number select an option $enter a dollar amount rounded to 2 decimal places $enter a dollar amount rounded to 2 decimal places
Answer:
Issuing Stock Issuing Bonds
Net income $573,300 $361,620
Earnings per share $3.79 $3.97
Explanation:
Calculation to determine the effect on net income and earnings per share for issuing stock and issuing bonds.
ISSUING STOCK ISSUING BONDS
Income before interest and taxes
$819,000 $819,000
Interest ($2,520,000 x 12%) $0 $302,400
Income before taxes $819,000 $516,600
($819,000-$302,400=$516,600)
Income tax expense (30%) $245,700 $154,980
(30%*$819,000=$245,700)
(30%*$516,600=$154,980)
NET INCOME $573,300 $361,620
($819,000-$245,700=$573,300)
($516,600-$154,980=$361,620)
Outstanding shares 151,100 91,100
(60,000shares+91,100 shares=151,100)
Earnings per share $3.79 $3.97
($573,300/151,100=$3.79)
($361,620/91,100=$3.97)
Therefore the effect on net income and earnings per share for issuing stock and issuing bonds are :
Issuing Stock Issuing Bonds
Net income $573,300 $361,620
Earnings per share $3.79 $3.97
Myriad Solutions, Inc. issued 12% bonds, dated January 1, with a face amount of $350 million on January 1, 2021, for $312,921,210. The bonds mature on December 31, 2030 (10 years). For bonds of similar risk and maturity the market yield is 14%. Interest is paid semiannually on June 30 and December 31. 1. What would be the net amount of the liability Myriad would report in its balance sheet at December 31, 2021
Answer:
Myriad Solutions, Inc.
The net amount of the liability that Myriad would report in its balance sheet at December 31, 2021 is:
= $314,793,494
Explanation:
a) Data and Calculations:
Face value of bonds = $350 million
Discounted value (Cash receipt) = $312,921,210
Total amount of discount = $37,078,790
Bond's interest rate = 12%
Market yield = 14%
June 30, 2021:
Cash payment for interest = $21 million ($350 m * 6%)
Bonds' Interest expense = $21,904,485 ($312,921,210 * 7%)
Amortization of bond discount = $904,485 ($21,904,485 - $21 million)
Bond book value = $313,825,695 ($312,921,210 + $904,485)
Dec. 31, 2021:
Cash payment for interest = $21 million ($350 m * 6%)
Bonds' Interest expense = $21,967,799 ($313,825,695 * 7%)
Amortization of bond discount = $967,799 ( $21,967,799 - $21 million)
Bond book value = $314,793,494 ($313,825,695 + $967,799)
Pitney Co. purchased an office building, land, and furniture for $639,300 cash. The appraised value of the assets was as follows:
Land $136,043
Building 179,004
Furniture 400,969
Total $716,016
Required:
a. Compute the amount to be recorded on the books for each asset.
b. Show the purchase in a horizontal statements.
c. Prepare the general journal entry to record the purchase.
Solution :
a). Amount to be recorded on the books for each of the assets.
Working Allocated cost($)
Land (639,300 / 716,016 )x 136,043 121467
Building (639,300 / 716,016 )x 179,004 159825
Furniture (639,300 / 716,016 )x 400,969 358008
Total 639,300
b). Statement model
Assets : Cash + Land + Building + Furniture
639,300 + 121,467 + 159825 + 358008
Cash flow = 639,300
c). Journal entry
General journal Debit($) Credit($)
Land 121,467
Building 159,825
Furniture 358,008
Cash 639,300
difference between real flows and monetary flows
Grand River Corporation reported taxable income of $400,000 in year 1 and paid federal income taxes of $160,000. Not included in the computation was a disallowed meals expense of $3,100, tax-exempt income of $2,100, and deferred gain on an installment sale from a prior year of $36,000. The corporation's current earnings and profits for year 1 would be:
Answer: $275,000
Explanation:
Earnings and Profit for the year:
= Taxable income - Federal income taxes - Disallowed meals expense + Tax exempt income + Deferred gain
= 400,000 - 160,000 - 3,100 + 2,100 + 36,000
= $275,000
Rommer Company purchases Daley Inc. for cash on January 1, 2018. The book value of Daley Company's net assets, as reflected on its December 31, 2017 statement of financial position is . An analysis by Rommer on December 31, 2017 indicates that the fair value of Daley's tangible assets exceeded the book value by , and the fair value of identifiable intangible assets exceeded book value by . How much goodwill should be recognized by Rommer Company when recording the purchase of Daley Inc.? A. B. C. D.
Answer:
$85,000
Explanation:
Calculation to determine How much goodwill should be recognized by Rommer Company when recording the purchase of Daley Inc.?
Using this formula
Good will=purchases-book value - fair value of tangible assets-fair value of intangible assets
Let plug in the formula
Goodwill=$930,000-$750,000-$50,000-$45,000
Goodwill=$85,000
Therefore How much goodwill should be recognized by Rommer Company when recording the purchase of Daley Inc. is $85,000
Bonita Industries uses the periodic inventory system. For the current month, the beginning inventory consisted of 481 units that cost $60 each. During the month, the company made two purchases: 719 units at $63 each and 361 units at $65 each. Bonita Industries also sold 1203 units during the month. Using the average cost method, what is the amount of ending inventory
Answer:
$22,389
Explanation:
The computation of the ending inventory is shown below:
But before that the average cost per unit and the ending units should be determined
The average cost per unit is
= (481 units × $60 + 719 units × $63 + 361 units × $65) ÷ (481 units + 719 units + 361 units)
= ($28,860 + $45,297 + $23,465) ÷ (1,561 units)
= $62.54
Now the ending inventory units is
= 1,561 units - 1,203 units
= 358 units
Now finally the ending inventory is
= 358 units × $62.54
= $22,389
Batista Company management wants to maintain a minimum monthly cash balance of $19,900. At the beginning of April, the cash balance is $19,900, expected cash receipts for April are $244,400, and cash disbursements are expected to be $253,300. How much cash, if any, must be borrowed to maintain the desired minimum monthly balance
Answer:
the amount must be borrowed is $8,900
Explanation:
The computation of the amount must be borrowed is shown below:
Opening cash balance $19,900
Add: cash receipts $244,400
Less: cash disbursements -$253,300
Cash balance after disbursements $11,000
Minimum monthly cash balance $19,900
Amount to be borrowed $8,900
hence, the amount must be borrowed is $8,900
Clinicke Inc. sells merchandise of $800,000 in 2020 that includes a two-year limited warranty against manufacturing defects as part of the selling price. Warranty costs are estimated to be 1% of sales. If the company incurred $2,200 of actual costs in responding to warranty claims in 2020 (related to 2020 sales), how much should Clinicke record in warranty expense for 2020
Answer:
the amount recorded in the warranty expense is $8,000
Explanation:
The computation of the amount recorded in the warranty expense is shown below:
= Sale value of merchandise inventory × estimated percentage
= $800,000 × 1%
= $8,000
hence, the amount recorded in the warranty expense is $8,000
So the above formula should be applied
Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer Corporation, FOB, shipping point, and $22,000 of goods sold to Alvarez Company for $30,000, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end.
What amount should Stallman report as its December 31 inventory?
In its first month of operations, Bethke Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $7, and (3) 200 units at $8. Assuming there are 360 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Bethke uses a periodic inventory system.
A) Cost of the ending inventory LIFO.
B) Cost of the ending inventory.
Answer:
1. $247,00
A. $2,720
B.$2,220
Explanation:
1. Calculation to determine What amount should Stallman report as its December 31 inventory
Using this formula
December 31 Ending inventory = Inventory count as per physical count + Inventory in transit FOB Shipping point + Inventory in transit FOB destination
Let plug in the formula
December 31 Ending inventory= $200,000 + $25,000+ $22,000
December 31 Ending inventory= $247,000
Therefore What amount should Stallman report as its December 31 inventory is $247,000
A) Calculation to determine the Cost of the ending inventory FIFO.
Cost of ending inventory = (200 units * $8) +(360 units- 200 units * $7)
Cost of ending inventory = (200 units * $8) + (160 units * $7)
Cost of ending inventory= $1,600 + $1,120
Cost of ending inventory= $2,720
Therefore The Cost of ending inventory is $2,720
(b) Calculation to determine The cost of ending inventory under the LIFO method
Cost of ending inventory = (300 units * $6) +(360 units -300 units* $ 7)
Cost of ending inventory = (300 units * $6) + (60 units * $ 7)
Cost of ending inventory = $1,800 + $420
Cost of ending inventory = $2,220
Therefore The cost of ending inventory under the LIFO method will be $2,220
Required information Skip to question [The following information applies to the questions displayed below.] The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Debit Credit Cash $ 10,400 Accounts Receivable 134,000 Prepaid Rent 4,400 Supplies 22,000 Equipment 240,000 Accumulated Depreciation $ 119,000 Accounts Payable 10,400 Salaries Payable 9,400 Interest Payable 3,400 Notes Payable (due in two years) 24,000 Common Stock 140,000 Retained Earnings 44,000 Service Revenue 340,000 Salaries Expense 240,000 Rent Expense 12,000 Depreciation Expense 24,000 Interest Expense 3,400 Totals $ 690,200 $ 690,200 Required: 1. Prepare an income statement for the year ended December 31, 2021.
Answer and Explanation:
The preparation of the income statement is presented below:
Service Revenue 340,000
Less:
Salaries Expense 240,000
Rent Expense 12,000
Depreciation Expense 24,000
Interest Expense 3,400
Net income $60,600
Hence, we simply deduct the expenses from the service revenue so that we get the net income
The difference between accrual-basis accounting and cash-basis accounting is timing. Under accrual-basis accounting, we record revenues when we provide goods and services to customers, and we record expenses when costs are used in company operations.
a. True
b. False
Answer:
A. True
Explanation:
The main difference between accrual and cash basis accounting lies in the timing of when revenue and expenses are recognized. The cash method is a more immediate recognition of revenue and expenses, while the accrual method focuses on anticipated revenue and expenses.
Superior Developers sells lots for residential development. When lots are sold, Superior recognizes income for financial reporting purposes in the year of the sale. For some lots, Superior recognizes income for tax purposes when the cash is collected. In 2020, Superior sold lots for $40 million for which no cash was collected at the time of the sale. This cash will be collected equally over 2021 and 2022. The enacted tax rate was 40% at the time of the sale. In 2021, a new tax law was enacted, revising the tax rate from 40% to 25% beginning in 2022. Calculate the total amount by which Superior should change its deferred tax liability in 2021. (Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).)
Answer:
$11 million
Explanation:
Calculation for the total amount by which Superior should change its deferred tax liability in 2021
Deferred tax liability 12/31/2020 $16.0
($40 future taxable amt. × 40%)
Less Deferred tax liability 12/31/2021 (5.0)
($40/2 equally future taxable amt. × 25%)
Reduction needed to achieve desired balance $11
($16.00-$5.00)
Therefore the total amount by which Superior should change its deferred tax liability in 2021 is by reducing it to $11 million:
. Calculate the estimated sales, by month and in total, for the third quarter. 2. Calculate the expected cash collections, by month and in total, for the third quarter. 3. Calculate the estimated quantity of beach umbrellas that need to be produced in July, August, September, and October. 4. Calculate the quantity of Gilden (in feet) that needs to be purchased by month and in total, for the third quarter. 5. Calculate the cost of the raw material (Gilden) purchases by month and in total, for the third quarter. 6. Calculate the expected cash disbursements for raw material (Gilden) purchases, by month and in total, for the third quarter.
Question Completion:
Milo Company manufactures beach umbrellas. The company is preparing detailed budgets for the third quarter and has assembled the following information to assist in the budget preparation: The Marketing Department has estimated sales as follows for the remainder of the year (in units): July 38,500 October 28,500 August 87,000 November 15,000 September 56,000 December 15,500 The selling price of the beach umbrellas is $14 per unit. All sales are on account. Based on past experience, sales are collected in the following pattern: 30% in the month of sale 65% in the month following sale 5% uncollectible Sales for June totaled $504,000. The company maintains finished goods inventories equal to 15% of the following month’s sales. This requirement will be met at the end of June. Each beach umbrella requires 4 feet of Gilden, a material that is sometimes hard to acquire. Therefore, the company requires that the ending inventory of Gilden be equal to 50% of the following month’s production needs. The inventory of Gilden on hand at the beginning and end of the quarter will be: June 30 91,550 feet September 30 ? feet Gilden costs $0.60 per foot. One-half of a month’s purchases of Gilden is paid for in the month of purchase; the remainder is paid for in the following month. The accounts payable on July 1 for purchases of Gilden during June will be $49,290. Required: 1.
Answer:
Milo Company
July Aug. Sept. Total
1. Estimated sales $539,000 $1,218,000 $784,000 $2,541,000
2. Cash collections $489,300 $715,750 $1,026,900 $2,231,950
July Aug. Sept. Oct.
3. Production units 45,775 72,350 51,875 26,475
July Aug. Sept. Total
4. Quantity of Gilden (feet) 236,250 248,450 156,700 641,400
5. Cost of Purchases $141,750 $149,070 $94,020 $384,840
6. Cash disbursements for raw
material purchases $120,165 $145,410 $121,545 $387,120
Explanation:
a) Data and Calculations:
Selling price of the beach umbrellas = $14 per unit
June July Aug. Sept. Oct. Nov. Dec.
Estimated
sales 38,500 87,000 56,000 28,500 15,000 15,500
Sales $504,000 539,000 1,218,000 784,000 399,000 210,000 217,000
Sales Collection:
June July Aug. Sept. Total
Sales on credit 539,000 1,218,000 784,000 $2,541,000
Sales Collection:
30% month of sale 161,700 365,400 235,200 762,300
65% month following 327,600 350,350 791,700 1,469,650
5% uncollectible
Total collections $489,300 $715,750 $1,026,900 $2,231,950
July August September October
Beginning Inventory $75,600 $80,850 $182,700 $117,600
Ending Inventory 80,850 182,700 117,600 59,850
Sales 539,000 1,218,000 784,000 399,000
Finished Goods Inventory:
June July Aug. Sept. Oct. Nov. Dec.
Estimated
sales 36,000 38,500 87,000 56,000 28,500 15,000 15,500
Ending 5,775 13,050 8,400 4,275 2,250
Available 41,775 51,550 85,400 60,275 30,750
Beginning 5,400 5,775 13,050 8,400 4,275
Production 36,375 45,775 72,350 51,875 26,475
Raw materials inventory:
June July Aug. Sept. Oct.
Production units 36,375 45,775 72,350 51,875 26,475
Production needs 145,500 183,100 289,400 207,500 105,900
Ending inventory 91,550 144,700 103,750 52,950
Available materials 237,050 327,800 393,150 260,450
Beginning inventory 91,550 144,700 103,750 52,950
Purchases 236,250 248,450 156,700
Cost of Purchases $141,750 $149,070 $94,020
Payment for purchases:
Accounts payable $49,290
50% month of purchase 70,875 74,535 47,010
50% following purchase 70,875 74,535
Total payments $120,165 $145,410 $121,545
The four career pathways in Finance are
Banking and Related Services, Insurance Services, Retail Sales, and Business Financial Management.
Securities Law, Insurance Services, Financial and Investment Planning, and Business Financial Management.
Banking and Related Services, Retail Sales, Securities Law, and Business Financial Management.
Banking and Related Services, Insurance Services, Financial and Investment Planning, and Business Financial Management.
Answer:
Banking and Related Services, Insurance Services, Financial and Investment Planning, and Business Financial Management.
Answer: A.
Explanation:
UPS, a delivery services company, has a beta of 1.4, and Wal-Mart has a beta of 0.8. The risk-free rate of interest is 4% and the market risk premium (rM-rRF) is 6%. What is the expected return on a portfolio with 40% of its money in UPS and the balance in Wal-Mart?
Answer:
10.24%
Explanation:
the expected return on a portfolio can be determined using CAPM
According to the capital asset price model: Expected rate of return = risk free + beta x (market rate of return - risk free rate of return)
Beta of the portfolio = (percentage of UPS in portfolio x beta of UPS) + (percentage of Wal-mart in portfolio x beta of Wal - Mart )
(1.4 x 0.4) + (0.8 x 0.6)
= 0.56 + 0.48
= 1.040
Expected return = 4% + (1.040 x 6%) = 10.24%
Mike and Marianne pulled their resources together to open a coffee place. They each put $20,000 and also took a bank loan of $20,000. Interest rate the bank charges is 8% and estimated tax rate is 30% for their business. If they both want a 12% return on their investment, what is the weighted average cost of capital
Answer:
WACC= 9.8%
Explanation:
The weighted Average cost of Capital is the average cost of capital for the different sources of long-term capital available to a firm weighted according to the proportion each source of finance bears to the total capital in the pool.
After-tax cost of debt = (1- tax rate) × before tax cost of debt
= (1-0.3)× 8% = 5.6%
Total Equity = 20,000× 2= 40,000.
Bank loan = 20,000
Total value fund = 40,000 + 20,000 = 60,000
WACC= 5.5%× (2/6) + 12%× (4/6) = 9.8%
WACC= 9.8%
Oakwood Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows:
March $132,700
April 124,700
May 113,500
Depreciation, insurance, and property taxes represent $28,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in June. 73% of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month.
Prepare a schedule indicating cash payments for selling and administrative expenses for March, April, and May.
Answer:
Results are below.
Explanation:
First, we must deduct the depreciation expense from each month. Depreciation is not a cash disbursement, and insurance and taxes are paid once a year.
March= 132,700 - 28,000= 104,700
April= 124,700 - 28,000= 96,700
May= 113,500 - 28,000= 85,500
Now, the cash disbursements for each month:
March:
Selling and administrative costs from March= 104,700*0.73= 76,431
Total cash disbursement= 76,431
April:
Selling and administrative costs from March= 104,700*0.27= 28,269
Selling and administrative costs from April= 96,700*0.73= 70,591
Total cash disbursement= $98,860
May:
Selling and administrative costs from May= 85,500*0.73= 62,415
Selling and administrative costs from April= 96,700*0.27= 26,109
Total cash disbursement= $88,524
Canoe Company's manufacturing accounting system uses direct labor costs to apply overhead to goods in process and finished goods inventories. Canoe Company's manufacturing costs for the year were: direct labor, $30,000; direct materials, $50,000; and factory overhead applied, $6,000. The plant-wide overhead application rate was:
Answer:
Estimated manufacturing overhead rate= $0.2 per direct labor dollar
Explanation:
Giving the following information:
Direct labor, $30,000
Factory overhead applied $6,000.
To calculate the predetermined overhead rate, we need to use the following formula:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
6,000= Estimated manufacturing overhead rate*30,000
6,000 / 30,000 = Estimated manufacturing overhead rate
Estimated manufacturing overhead rate= $0.2 per direct labor dollar
Choose, define, and restrict a topic based on a problem or issue you might deal with in one of the following divisions of a company: a. IT b. human resources/diversity c. security d. marketing e. accounting f. health care/health risks g. energy/utilities h. animal rights i. transportation j. environment Discuss the steps you took to narrow the topic, the audience you would be writing for, and the types of questions that audience may have.
Answer:
Human resource department is the one of the most important department in any organization. It has to deal with the concerns and problems of all the employees and satisfy them positively.
Explanation:
Human resource department is the first go to department for any employee when he faces some problem related to discrimination, demotivation, stressed or low pay. It is responsibility of human resource department to solve the problems that employees are facing. They have to resolve any issues that an employee is facing and assure him that his concerns will be dealt with pure justice.
what is an example of a one-to-many relationship
Answer:
Owners-Pets.
Explanation:
The one-to-many relationship in database is when each record in Table A have several linked record in Table B. But in Table B, it has only one link in Table A.
An example of a one-to-many relationships is owners-pets relationship. In such databases, pet will have one owner but one owner may have many pets.
Therefore, owners-pets is an example of one-to-many relationship.
You are evaluating two investment alternatives. One is a passive market portfolio with an expected return of 10% and a standard deviation of 16%. The other is a fund that is actively managed by your broker. This fund has an expected return of 16% and a standard deviation of 20%. The risk-free rate is currently 7%. Answer the questions below based on this information. a. What is the slope of the Capital Market Line
Answer:
the slope of the capital market line is 0.1875
Explanation:
The computation of the slope of the capital market line is shown below:
= (Expected return - risk free rate of return) ÷ (standard deviation)
= (10% - 7%) ÷ 16%
= 3% ÷ 16%
= 0.1875
hence, the slope of the capital market line is 0.1875
We simply used the above formula to measured the slope of the capital market line
If you travel a lot for work and use cash to pay for most purchases, which type of financial institution would you probably have your
account at?
O credit union
O national or regional bank
Patients use a self-serve kiosk to confirm their arrival at an outpatient clinic. They then proceed to the receptionist to update any personal information. After that, a nurse will record the patient's vital signs. A physician will then consult with the patient and prescribe appropriate treatments. The patient will then visit the checkout station to settle payment and schedule the next appointment, if needed. Processing times and other information on the process are presented in the table below:
Resource Process Processing time (minutes per patient) Number of workers Wage rate ($per hour)
Self-service Check in 1 n/a n/a
Receptionist Update information 5 2 15
Nurse Record vital signs 10 3 30
Physician Treat patient 30 5 100
Checkout Collect payment 10 2 15
Required:
What is the labor content?
The labor content will be 55 minutes per patient.
What is labor?In an economy, labor is related to the tangible, intellectual, and psychological effort required to generate goods and services.
The utilization of labor is done in four processes which include-
information updaterecording vital signstreating the patientpayment collection
The calculation of labor content is based on the above-mentioned process time done by workers.
Labor content =5+10+30+10
=55 minutes
Therefore, labor content will be 55 minutes per patient.
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The Finishing Department had 6,800 incomplete units in its beginning Work-in-Process Inventory which were 100% complete as to materials and 40% complete as to conversion costs. 18,600 units were received from the previous department. The ending Work-in-Process Inventory consisted of 3,800 units which were 50% complete as to materials and 40% complete as to conversion costs. The Finishing Department uses first-in, first-out (FIFO) process costing. How many units were started and completed during the period
Answer:
14,800 units
Explanation:
To understand units started and completed principle, ask yourself, "Out of the units Started during the year, how many units were Completed?"
Since we are using FIFO the units in Inventory will be worked on first followed by the units introduced in process during the year.
So this can be calculated out of units completed as follows :
Units started and completed = Units Started - Units in Ending Work in Process
therefore,
Units started and completed = 18,600 - 3,800 = 14,800 units
Conclusion :
Units started and completed during the period were 14,800 units.
Bentley Enterprises uses process costing to control costs in the manufacture of Dust Sensors for the mining industry. The following information pertains to operations for November. (CMA Exam adapted) Units Work in process, November 1st 16,300 Started in production during November 100,600 Work in process, November 30th 24,600 The beginning inventory was 60% complete as to materials and 20% complete as to conversion costs. The ending inventory was 90% complete as to materials and 40% complete as to conversion costs. Costs pertaining to November are as follows: Beginning inventory: direct materials, $55,160; direct labor, $20,620; manufacturing overhead, $15,540. Costs incurred during the month: direct materials, $470,970; direct labor, $190,740; manufacturing overhead, $399,080. What are the total costs in the ending Work-in-Process Inventory assuming Bentley uses first-in, first-out (FIFO) process costing
Answer:
$146,443.80
Explanation:
Step 1 : Equivalent Units of Production
FIFO method is interested with Units worked on during the Production Period. Therefore make sure you begin by finishing Opening Work in Process Units.
1. Materials
To Finish Work in Process Inventory (16,300 x 40%) 6,520
Started and Completed (100,600 - 16,300) x 100 % 84,300
Ending Inventory (24,600 x 90%) 22,140
Equivalent units of Production 112,960
2. Conversion Cost
To Finish Work in Process Inventory (16,300 x 80%) 13,040
Started and Completed (100,600 - 16,300) x 100 % 84,300
Ending Inventory (24,600 x 40%) 9,840
Equivalent units of Production 107,180
Step 2 : Cost per equivalent unit
FIFO method is only interested in Costs incurred during the Production Period, therefore Cost in Beginning Inventory must be ignored as these were accounted for in previous year.
Cost per equivalent unit = Total Cost ÷ Total Equivalent Units
Materials = $470,970 ÷ 112,960 = $4.17
Conversion Costs = ($190,740 + $399,080) ÷ 107,180 = $5.50
Step 3 : Cost in the ending Work-in-Process Inventory
Work-in-Process Inventory = Material Cost + Conversion Cost
= 22,140 x $4.17 + 9,840 x $5.50
= $146,443.80
Conclusion :
The total costs in the ending Work-in-Process Inventory assuming Bentley uses first-in, first-out (FIFO) process costing is $146,443.80
What is an example of an asset class?
A.
dividends
B.
inflation
C.
common stocks
D.
compounding interest
Answer: coming stocks
Explanation: just took test
Common stocks are an example of an asset class. Hence, option C is correct.
What is Common stocks?The most accessible form of a company's shares, known as common stock, is what you would most usually come across when trading equities on an exchange. These shares normally have voting privileges but are paid out last in the order of preference if a corporation goes bankrupt.
Common stocks are securities that indicate a person's ownership in a particular firm and their right to share in the venture's profits. Such a stock option grants people the right to vote for the company's board of directors and also gives them the ability to influence business policy.
The primary distinction between preferred and common stock is that common stock grants stockholders voting rights, whilst preferred stock does not.
Thus, option C is correct.
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On January 1, 2021, the Allegheny Corporation purchased equipment for $150,000. The estimated service life of the equipment is 10 years and the estimated residual value is $18,000. The equipment is expected to produce 240,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 2. Double-declining-balance.
Answer:
Results are below.
Explanation:
Giving the following information:
Purchase price= $150,000
Useful life= 10 years
Salvage value= $18,000
To calculate the depreciation expense under the double-declining balance, we need to use the following formula:
Annual depreciation= 2*[(book value)/estimated life (years)]
2021:
Annual depreciation= 2*[(150,000 - 18,000) / 10]
Annual depreciation= $26,400
2022:
Annual depreciation= 2*[(132,000 - 26,400) / 10*
Annual depreciation= $21,120
Perfect Patties, Inc. has several divisions. One division provides birthday parties at their facility. Each party sold provides entertainment, decorations, food, and party favors for 10 children. The bookkeeper has prepared a report comparing actual results for the month of June to budgeted results.
Perfect Parties
Birthday Party Division Analysis of Revenues and Costs
For the Month Ended June 30
Planning Budge Actual Results Variances
Number of parties 80 92
Revenue $36,000 $39,560 $3,560 F
Expenses:
Food costs 7,200 8,648 1,448 U
Party supplies 3,200 3404 204 U
Party worker wages 6,400 7,728 1,328 U
Administrative salaries 3,700 3,500 200 F
Equipment depreciation 1,200 1,200 - None
Rent 5,000 5,000 - None
Total expense 26,700 29,480 2,780 U
Net operating income $9,300 10,080 $780 F
Food costs, party supplies, and party worker wages are variable costs.
Administrative salaries, equipment depreciation and rent are fixed costs.
Prepare a new report for June using the flexible budget approach.
Answer:
Perfect Parties, Inc.
Birthday Party Division
Analysis of Revenues and Costs
For the month ended June 30
Flexible Budget Actual Results Variances
Number of parties 80 92
Revenue $41,400 $39,560 $1,840 U
Expenses:
Food costs 8,280 8,648 368 U
Party supplies 3,680 3,404 276 F
Party worker wages 7,360 7,728 368 U
Administrative salaries 3,700 3,500 200 F
Equipment depreciation 1,200 1,200 - None
Rent 5,000 5,000 - None
Total expense 29,220 29,480 260 U
Net operating income $12,180 $10,080 $2,100 U
Explanation:
a) Data and Calculations:
Birthday Party Division Analysis of Revenues and Costs
For the Month Ended June 30
Planning Budget Actual Results Variances
Number of parties 80 92
Revenue $36,000 $39,560 $3,560 F
Expenses:
Food costs 7,200 8,648 1,448 U
Party supplies 3,200 3404 204 U
Party worker wages 6,400 7,728 1,328 U
Administrative salaries 3,700 3,500 200 F
Equipment depreciation 1,200 1,200 - None
Rent 5,000 5,000 - None
Total expense 26,700 29,480 2,780 U
Net operating income $9,300 10,080 $780 F
Flexing the variable revenue and costs:
Revenue $36,000/80 * 92 = $41,400
Food costs 7,200/80 * 92 = $8,280
Party supplies 3,200/80 * 92 = $3,680
Party worker wages 6,400/80 * 92 = $7,360