Answer:
e
Explanation:
ethe pressure of a mass of saturated steam is 14.5 bar .if the dryness fraction of the steam is 0.75 then determine
Cook Company processes and packages frozen seafood. The year just ended was Cook's first year of business and they are preparing financial statements. The immediate issue facing Cook is the treatment of the direct labor costs. Cook set a standard at the beginning of the year that allowed two hours of direct labor for each unit of output. The standard rate for direct labor is $27 per hour. During the year, Cook processed 60,000 units of seafood for the year, of which 4,800 units are in ending finished goods. (There are no work-in-process inventories). Cook used 123,500 hours of labor. Total direct labor costs paid by Cook for the year amounted to $3,087,500.
Required:
a. What was the direct labor price variance and the direct labor efficiency variance for the year?
b. Assume Cook writes off all variances to Cost of Goods Sold. Prepare the entries Cook would make to record and close out the variances.
c. Assume Cook prorates all variances to the appropriate accounts. Prepare the entries Cook would make to record and close out the variances.
Answer:
Cook Company
a. The direct labor price variance and the direct labor efficiency variance for the year:
Direct labor price variance = (Actual rate - Standard rate) * Actual hours
= $247,000 Favorable
Efficiency variance = (Actual hours - Standard hours) * Standard rate
= $94,500 Unfavorable
b. If all variances are written off to the Cost of Goods Sold:
Journal Entries:
Debit Work in Process $247,000
Credit Direct labor variance $247,000
To record the favorable direct labor price variance.
Debit Direct labor variance $94,500
Credit Work in Process $94,500
To record the unfavorable direct labor efficiency variance.
Debit Direct labor variance $152,500
Credit Cost of Goods Sold $152,500
To close the direct labor price variance.
c. The appropriate accounts are not indicated, though they should be Raw materials, Work in Process, and Cost of Goods Sold. However, the ratios are not given for prorating.
Explanation:
a) Data and Calculations:
Standard direct labor hours per unit = 2
Standard rate per direct labor hour = $27
Production units = 60,000
Ending Finished goods = 4,800
Cost of goods sold units = 55,200
Actual direct labor hours used = 123,500
Standard hours = 120,000 (2 * 60,000)
Actual direct labor costs = $3,087,500
Actual direct labor price = $25 ($3,087,500/123,500)
Standard direct labor costs = $3,240,000 (120,000 * $27)
a. The direct labor price variance and the direct labor efficiency variance for the year:
Direct labor price variance = (Actual rate - Standard rate) * Actual hours
= ($25 - $27) * 123,500
= $247,000 Favorable
Efficiency variance = (Actual hours - Standard hours) * Standard rate
= (123,500 - 120,000) * $27
= $94,500 Unfavorable
b. If all variances are written off to the Cost of Goods Sold:
Analysis of Journal Entries:
Work in Process $247,000 Direct labor variance $247,000
Direct labor variance $94,500 Work in Process $94,500
Direct labor variance $152,500 Cost of Goods Sold $152,500
($247,000 - $94,500)
The units of an item available for sale during the year were as follows: Jan 1 Inventory 22 units at 127 April 15 Purchase 138 units at 117 September 9 Purchase 27 units at 125 There are 42 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO)
Answer:
$5,134
Explanation:
LIFO assumes that the units to arrive last are sold first Therefore inventory value is based on earlier (old) prices.
Step 1 : Calculate units sold
Units sold = Units Available for sale - units in inventory
= 145 unit
Step 2 : Determine Inventory Value
Inventory value = 22 units x $127 + 20 units x $117
= $5,134
Conclusion
the inventory cost using the last-in, first-out (LIFO) is $5,134
Presented below is selected information for three regional divisions of Medina Company.
Divisions
North West South
Contribution margin $299,200 $499,600 $400,900
Controllable margin $139,500 $360,000 $211,500
Average operating assets $930,000 $2,000,000 $1,410,000
Minimum rate of return 12% 14% 9%
Required:
a. Compute the return on investment for each division.
b. Compute the residual income for each division.
Answer:
a. Return on investment = Controllable margin / Average operating assets
North Division:
= 139,500 / 930,000
= 15%
West Division:
= 360,000 / 2,000,000
= 18%
South:
= 211,500 / 1,410,000
= 15%
b. Residual income = Controllable margin - (Average operating assets * Minimum rate of return)
North division:
= 139,500 - (930,000 * 12%)
= $27,900
West division:
= 360,000 - (2,000,000 * 14%)
= $80,000
South division:
= 211,500 - (1,410,000 * 9%)
= $84,600
In the sales comparison approach, how is the appropriate unit of comparison chosen?
a. Price per square foot is always used.
b. Price per square foot is used except for hotels, for which the price per room is used.
c. It depends on the appraisal problem. The appraiser should apply all appropriate units of comparison, explain differences in wide variation in the results, and choose the most reliable unit.
d. It depends on the extent to which each comparable property differs from the subject property.
Answer:
c. It depends on the appraisal problem. The appraiser should apply all appropriate units of comparison, explain differences in wide variation in the results, and choose the most reliable unit.
Explanation:
The three (3) main methods used for the valuation or appraisal of real-estate properties are;
I. Income approach.
II. Cost approach.
III. Sales comparison approach.
A sales comparison approach can be defined as a real-estate appraisal technique that is typically based on comparing a property to other recently sold real-estate properties with similar characteristics. Thus, this appraisal method or technique requires that the real-estate property being appraised should be in current use and fall within the same area or locality as the other recently sold real-estate properties.
In the sales comparison approach, the appraised property should mimic the market behavior of other real-estate properties sold recently.
King Electronics, a retailer of video equipment, sold two VCR's to Larson, a psychologist, for her personal use in her home. The sale to Larson was made on credit. King retained a security interest in the VCR's sold but did not file a financing statement. Mills, A creditor of Larson, subsequently filed an attachment on the VCR's. Mills has asserted that his lien on the two VCR's is superior to King's security interest because King failed to perfect his security interest. Decide.
Answer:
Mill's lien will prevail.
Explanation:
Generally speaking, King's security interest prevails over other the interests of unsecured creditors including credit card companies, etc. Bu tin this case, Mills had obtained a lien that was registered prior to King's security interest, therefore, a court would decide based on chronological order.
Latasha's Performance Pizza is a small restaurant in San Francisco that sells gluten-free pizzas. Latasha's very tiny kitchen has barely enough room for the two ovens in which her workers bake the pizzas. Latasha signed a lease obligating her to pay the rent for the two ovens for the next year. Because of this, and because Latasha's kitchen cannot fit more than two ovens, Latasha cannot change the number of ovens she uses in her production of pizzas in the short run.
However, Latasha's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday, Latasha lets them know how many workers she needs for each day Of the week, In the short run, these workers are __________inputs, and the ovens are ___________ Inputs.
Answer: variable; fixed
Explanation:
In the short run, these workers are variable inputs, and the ovens are fixed Inputs.
In the short run, variable inputs in production can be changed to adapt to the changing economic conditions while fixed inputs cannot. In the long run however, all inputs are variable and so can be changed.
As this is the short run and the workers can be changed, they are the variable inputs.
The ovens however, cannot be changed so the ovens are the fixed inputs.
Marjorie Meadow was directing a movie that included a scene featuring an off-duty police officer who is in a convenience store when an armed robbery takes place. Meadow had arranged with a local convenience store to close the store at 11:00 p.m. so that the filming could take pace, and had a large film crew and actors assembled to shoot the scene. At midnight Barbara Baxter had been driving on the highway on which the convenience store was located when she ran out of gas. Seeing the lights of the convenience store in the distance she decided to walk toward it with a gas container she found in the trunk in the hope of getting a gallon of gas. As she got closer Baxter thought the convenience store was unusually busy, but she was relieved to see it was still open. Before she recognized that it was a movie scene, an actor came running out of the convenience store waving a pistol. Baxter was extremely frightened. If Baxter sued Meadow for assault, would she prevail?
a. Yes, if Meadow was reckless in causing her to be frightened;
b. Yes, but only if it were substantially certain that Baxter would experience apprehension of an imminent harmful or offensive contact;
c. No, if Baxter was unreasonable in failing to recognize that it was a movie set;
d. No, if Meadow thought that Baxter was just part of the movie set.
Answer:
b. Yes, but only if it were substantially certain that Baxter would experience apprehension of an imminent harmful or offensive contact;
Explanation:
I'm not really sure how someone cannot tell a film is being shot, but if Barbara Baxter can prove that she actually thought her life was in danger by the actor running with the fake gun, then she could sue Meadow and the production team. This is rather unusual since filming a scene requires a lot of people, but maybe they were all inside.
James Corporation is planning to issue bonds with a face value of $502,500 and a coupon rate of 6 percent. The bonds mature in 7 years and pay interest semiannually every June 30 and December 31. All of the bonds will be sold on January 1 of this year.
Required: Compute the issue (sale) price on January 1 of this year for each of the following independent cases:
a. Case A: Market interest rate (annual): 4 percent.
b. Case B: Market interest rate (annual): 6 percent.
c. Case C: Market interest rate (annual): 8.5 percent.
Answer:
a.
Bond Price = $563,333.90007 rounded off to $563,333.90
b.
Bond Price = $502500
c.
Bond Price = $437232.16025 rounded off to $437232.16
Explanation:
To calculate the quote/price of the bond today, which is the present value of the bond, we will use the formula for the price of the bond. As the bond is a semi annual bond, we will use the semi annual coupon payment, semi annual number of periods and semi annual YTM. The formula to calculate the price of the bonds today is attached.
a. Case A: Market interest rate (annual): 4 percent
Coupon Payment (C) = 502500 * 0.06 * 6/12 = $15075
Total periods remaining (n) = 7 * 2 = 14
r or YTM = 4% * 6/12 = 0.02 or 2%
Bond Price = 15075 * [( 1 - (1+0.02)^-14) / 0.02] + 502500 / (1+0.02)^14
Bond Price = $563,333.90007 rounded off to $563,333.90
b. Case B: Market interest rate (annual): 6 percent
Coupon Payment (C) = 502500 * 0.06 * 6/12 = $15075
Total periods remaining (n) = 7 * 2 = 14
r or YTM = 6% * 6/12 = 0.03 or 3%
Bond Price = 15075 * [( 1 - (1+0.03)^-14) / 0.03] + 502500 / (1+0.03)^14
Bond Price = $502500
c. Case C: Market interest rate (annual): 8.5 percent.
Coupon Payment (C) = 502500 * 0.06 * 6/12 = $15075
Total periods remaining (n) = 7 * 2 = 14
r or YTM = 8.5% * 6/12 = 0.0425 or 4.25%
Bond Price = 15075 * [( 1 - (1+0.0425)^-14) / 0.0425] + 502500/(1+0.0425)^14
Bond Price = $437232.16025 rounded off to $437232.16
In order to safeguard the public health, environment, public beaches, water quality, and economy of south San Diego County, California, and Tijuana, Mexico, federal agencies in the United States and Mexico developed four alternatives for treating wastewater prior to discharge into the ocean. The project will minimize untreated wastewater flows that have caused chronic and substantial pollution in the Tijuana River Valley, the Tijuana River National Estuarine Research Reserve, coastal areas used for agriculture and public recreation, and areas designated as critical habitat for federal- and state-listed endangered species. For the costs and benefits estimated, which alternative should be selected on the basis of a B/C analysis at 6% per year and a 40-year project period?
Pond System Expand Plan Advanced Prima Partial Secondary
Capital cost, $5.8 76 2 48
M&O cost, $/year 5.5 5.3 2.1 4.4
Benefits, $/year 11.1 12.0 2.7 8.3
Answer:
Following are the solution to these question:
Explanation:
Follows are the AW calculation to the total cost and add according to the rank of the increasing costs.
[tex]= 58 (0.06646) + 5.5\\= \$ 9.35[/tex]
[tex]AWexpand = 76(\frac{A}{P}, 6\%, 40) + 5.3[/tex]
[tex]= 2 (0.06646) + 2.1\\\\= \$ 2.23\\\\[/tex]
[tex]AWprimary = 2(\frac{A}{P}, 6\%, 40) + 2.1\\\\[/tex]
[tex]= 2 (0.06646) + 2.1\\\\= \$ 2.23\\\\[/tex]
[tex]AW partial = 48(\frac{A}{P}, 6\%, 40) + 4.4\\\\[/tex]
[tex]= 48 (0.06646) + 4.4\\\\= \$ 7.59[/tex]
Calculating the benefits of the directly estimate on the DN of the first alternative and rank as follows: DN, Primary, Partial, Pond, Expand
[tex]Primary \ DN: \frac{\Delta B}{с} = \frac{2.7}{2.23}= 1.21 \ eliminate\ DN\\\\Partial \ Primary: \frac{\Delta B}{с} =\frac{(8.3-2.7)}{(7.59-2.23)}= 1.04 \ eliminate \ Primary\\\\Pond \ Partial: \frac{\Delta B}{с} = \frac{(11.1 - 8.3)}{(9.35-7.59)}= 1.59 \ eliminate \ Partial\\\\Expand \ Pond: \frac{\Delta B}{с} = \frac{(12.0 - 11.1)}{(10.35 - 9.35)}= 0.90\ eliminate\ Expand\\\\[/tex]
select the Pond system
Myers Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows:
Indirect labor $1.00
Indirect materials 0.70
Utilities 0.40
Fixed overhead costs per month are Supervision $4,000, Depreciation $1,200, and Property Taxes $800. The company believes it will normally operate in a range of 7,000–10,000 direct labor hours per month.
Instructions:
Prepare a monthly manufacturing overhead flexible budget for 2017 for the expected range of activity, using increments of 1,000 direct labor hours.
Answer:
Results are below.
Explanation:
Giving the following formula:
Variable overhead:
Indirect labor $1.00
Indirect materials 0.70
Utilities 0.40
Total fixed overhead= 4,000 + 1,200 + 800= $6,000
In the relevant rage, the fixed costs remain constant. Only the variable cost change with production on a total basis.
7,000 Units:
Indirect labor= 1*7,000= 7,000
Indirect materials= 0.70*7,000= 4,900
Utilities= 0.40*7,000= 2,800
Total= 14,700
Total fixed overhead costs= 6,000
Total overhead= $20,700
8,000 Units:
Indirect labor= 1*8,000= 8,000
Indirect materials= 0.70*8,000= 5,600
Utilities= 0.40*8,000= 3,200
Total= 16,800
Total fixed overhead costs= 6,000
Total overhead= $22,800
9,000 Units:
Indirect labor= 1*9,000= 9,000
Indirect materials= 0.70*9,000= 6,300
Utilities= 0.40*9,000= 3,600
Total= 18,900
Total fixed overhead costs= 6,000
Total overhead= $24,900
10,000 Units:
Indirect labor= 1*10,000= 10,000
Indirect materials= 0.70*10,000= 7,000
Utilities= 0.40*10,000= 4,000
Total= 21,000
Total fixed overhead costs= 6,000
Total overhead= $27,000
i need help What is an IPO?
Answer:
An IPO stands for Initial Public Offering. It's a public offering in which shares of a company are sold to institutional investors and usually also retail investors.
list the functions of an enterpreneur
Answer:
Taking Initiative.
Organizing Resources.
Identifying Opportunities and Prospects.
Risk-Taking.
Decision Making.
Technology Transfer and Adaptation.
Innovation.
Fostering Autonomy.
Explanation:
Superior Inc. is starting a new project. It plans to develop an online platform that allows for 3D printing of online purchases. This would effectively reduce the online purchases' delivery times to minutes. It expects this new product to be a great success and bring rapidly growing profits in the first few years. After that, it expects the competition to kick in which will reduce the growth of annual profits. The dividends on Superior Inc.'s shares will be growing accordingly. Here is the exact schedule of expected future dividends:
Most recently paid dividend is $4.
Expected annual growth rate of dividends for the first 3 years is 50%.
Expected annual growth rate of dividends after that is 10%.
Discount rate for this company is 15%.
Required:
Calculate the price per share of stock of Superior Inc.
Answer:
P0 = $216.18147448015 rounded off to $216.18
Explanation:
The dividend discount model (DDM) can be used to calculate the price of the stock today. DDM calculates the price of a stock based on the present value of the expected future dividends from the stock. The formula for price today under DDM is,
P0 = D1 / (1+r) + D2 / (1+r)^2 + ... + Dn / (1+r)^n + [(Dn * (1+g) / (r - g)) / (1+r)^n]
Where,
D1, D2, ... , Dn is the dividend expected in Year 1,2 and so on g is the constant growth rate in dividends r is the discount rate or required rate of return
P0 = 4 * (1+0.5) / (1+0.15) + 4 * (1+0.5)^2 / (1+0.15)^2 +
4 * (1+0.5)^3 / (1+0.15)^3 + [(4 * (1+0.5)^3 * (1+0.1) / (0.15 - 0.1)) / (1+0.15)^3]
P0 = $216.18147448015 rounded off to $216.18
When Crossett Corporation was organized in January, Year 1, it immediately issued 4,000 shares of $50 par, 6 percent, cumulative preferred stock and 50,000 shares of $20 par common stock. Its earnings history is as follows: Year 1, net loss of $35,000; Year 2, net income of $125,000; Year 3, net income of $215,000. The corporation did not pay a dividend in Year 1.
Required:
a. How much is the dividend arrearage as of January 1, Year 1?
b. Assume that the board of directors declares a $25,000 cash dividend at the end of year 1 (remember that the year 1 and year 2 preferred dividends are due). How will the dividend be divided between the preferred and common stockholders?
Answer:
a. $0
The company was organized in January, Year 1. They do not have to pay dividends because the company just started operations. The cumulative dividends are only to be paid at the end of the period so there is no dividend arrear here.
b. Preferred shareholders are meant to get:
= 4,000 shares * 50 * 6%
= $12,000 per year
As they are owed $12,000 from the first year and are now owed for the second, the dividends they will get is:
= 12,000 + 12,000
Preferred Dividends = $24,000
Ordinary shareholders get what is left:
= 25,000 - 24,000
= $1,000
Smelling of Tulips, Inc., a perfume company, estimated its short-run costs using a U-shaped average variable cost function of the form and obtained the following results. Total fixed cost (TFC) at S.T. Inc. is $1290. Adjusted R Square 0.809 Coefficients Standard Error t Stat P-value Intercept 47.66 3.29 14.49 0.0001 Q -4.67 0.72 -6.48 0.0000 Q^2 0.26 0.03 7.79 0.0000 a. What level of output (Q) is associated with the minimum AVC
Answer:
The level of output (Q) is associated with the minimum AVC is 8.98.
Explanation:
The following sorted data are given in the question:
Adjusted R Square 0.809
Coefficients Standard Error t Stat P-value
Intercept 47.66 3.29 14.49 0.0001
Q -4.67 0.72 -6.48 0.0000
Q^2 0.26 0.03 7.79 0.0000
From the regression results above, the regression equation for AVC can be obtained as follows:
AVC = Coefficient of intercept + Coefficient of Q * Q + Coefficient of Q^2 * Q^2 …………. (1)
Substituting the relevant values into equation (1), we have:
AVC = 47.66 – 4.67Q + 0.26Q^2
Differentiate AVC with respect to Q, equating it to 0, and solve for Q, we have:
dAVC/dQ = -4.67 + (2 * 0.26)Q = 0
4.67 = 0.52Q
Q = 4.67 / 0.52
Q = 8.98
Therefore, the level of output (Q) is associated with the minimum AVC is 8.98.
Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,000 shares of its own common stock at $35 per share on October 11. Sold 1,250 treasury shares on November 1 for $41 cash per share. Sold all remaining treasury shares on November 25 for $30 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.
Answer:
Revised Equity Section of Balance Sheet After October 11
Common Stock at par $820,000
Paid-in capital in excess of Par $266,000
Total Contributed Capital $1,086,000
Retained earnings $ 944,000
Total $2,030,000
Less: Treasury Stock ($ 210,000)
Total Stockholder's Equity $1,820,000
Treasury stock = 6,000 * 35
= $210,000
Malco Enterprises issued $10,000 of common stock when the company was started. In addition, Malco borrowed $36,000 from a local bank on July 1, Year 1. The note had a 6 percent annual interest rate and a one-year term to maturity. Malco Enterprises recognized $72,500 of revenue on account in Year 1 and $85,200 of revenue on account in Year 2. Cash collections of accounts receivable were $61,300 in Year 1 and $71,500 in Year 2. Malco paid $39,000 of other operating expenses in Year 1 and $45,000 of other operating expenses in Year 2. Malco repaid the loan and interest at the maturity date.
Required:
Based on this information, answer the following questions.
a. What amount of interest expense would Malco report on the Year 1 income statement?
b. What amount of net cash flow from operating activities would Malco report on the Year 1 statement of cash flows?
c. What amount of total liabilities would Malco report on the December 31, Year 1, balance sheet?
d. What amount of retained earnings would Malco report on the December 31, Year 1, balance sheet?
e. What amount of net cash flow from financing activities would Malco report on the Year 1 statement of cash flows?
f. What amount of interest expense would Malco report on the Year 2 income statement?
g. What amount of net cash flow from operating activities would Malco report on the Year 2 statement of cash flows?
h. What amount of total assets would Malco report on the December 31, Year 2, balance sheet?
i. What amount of net cash flow from investing activities would Malco report on the 2017 statement of cash flows?
j. If Malco Enterprises paid a $2,000 dividend during Year 2, what retained earnings balance would it report on the December 31, Year 2, balance sheet?
Answer:
Malco Enterprises
a. The amount of interest expense on Year 1 income statement:
= $1,080
b. The amount of net cash flow from operating activities on the Year 1 statement of cash flows:
= $22,300
c. Total liabilities on the December 31, Year 1 Balance Sheet
= $37,080
d. The amount of retained earnings on the December 31, Year 1 balance sheet is:
= $ 32,420
e. The amount of net cash flow from financing activities on the Year 1 Statement of Cash Flows is:
= $10,000
f. The amount of interest expense on the Year 2 Income Statement is:
= $1,080.
g. The amount of net cash flow from operating activities on the Year 2 Statement of Cash Flows is:
= $24,340
h. The amount of total assets on the December 31, Year Balance Sheet is:
= $79,500.
i. The amount of net cash flow from investing activities on the Year 2 Statement of Cash Flows is:
= $0
j. Retained Earnings on the December 31, Year 2 Balance Sheet:
= $69,540
Explanation:
a) Data and Analysis:
1. Year 1: Cash $10,000 Common stock $10,000
2. July 1, Year 1: Cash $36,000 6% Notes Payable $36,000
3. Year 1: Accounts Receivable $72,500 Revenue $72,500
5. Year 1: Cash $61,300 Accounts Receivable $61,300
7. Year 1: Operating expenses $39,000 Cash $39,000
8. Year 1: Interest expense $1,080 Interest payable $1,080
4. Year 2: Accounts Receivable $85,200 Revenue $85,200
6. Year 2 Cash $71,500 Accounts Receivable $71,500
8. Year 2: Operating expense $45,000 Cash $45,000
9. Year 2, July 1: Notes Payable $36,000 Cash $36,000
10. Year 2, July 1: Interest Expense $1,080 Interest payable $1,080 Cash $2,160
a. The amount of interest expense on Year 1 income statement:
6% of $36,000 * 6/12 = $1,080
b. The amount of net cash flow from operating activities on the Year 1 statement of cash flows:
= $22,300 ($61,300 - $39,000)
c. Total liabilities on the December 31, Year 1 Balance Sheet = $37,080 ($36,000 + $1,080)
d. The amount of retained earnings on the December 31, Year 1 balance sheet is:
= $ 32,420
Revenue $72,500
Operating expenses $39,000
Interest expense $1,080
Net income = $32,420
e. The amount of net cash flow from financing activities on the Year 1 Statement of Cash Flows is:
= $10,000 (Common stock)
f. The amount of interest expense on the Year 2 Income Statement is:
= $1,080.
g. The amount of net cash flow from operating activities on the Year 2 Statement of Cash Flows is:
= $24,340
Accounts Receivable $71,500
Operating expense $45,000
Interest on notes $2,160
Net cash flow $24,340
h. The amount of total assets on the December 31, Year Balance Sheet is:
= $79,500
Cash balance $68,300
Accounts receivable $11,200
Total assets = $79,500
i. The amount of net cash flow from investing activities on the Year 2 Statement of Cash Flows is:
= $0
j. Retained Earnings on the December 31, Year 2 Balance Sheet:
= $69,540
Retained earnings, beginning balance $32,420
Net income 39,120
Dividends (2,000)
Retained earnings, ending balance $69,540
Revenue $85,200
Operating expenses $45,000
Interest expense $1,080
Net income $39,120
Cooper and Brandy are married and file a joint income tax return with two separate Schedule Cs. Cooper is an independent security specialist who spent $410 on uniforms during the year. His laundry expenses for the uniforms were $82 for this year, plus $62 for altering them. Brandy works as a drill press operator and wears jeans and a work shirt on the job, which cost $160 this year. Her laundry costs were $48 for the work clothes. Brandy is also required by state regulators to wear safety glasses and safety shoes when working, which cost a total of $80.
How much is their total deduction on their Schedule Cs for special clothing and uniforms?
Answer:
Special clothing and uniform involves only the clothes that are required by work specifics. General clothing such as jeans or work shirt does not belong to this category. Also, the laundry for general clothing is also not covered.
Calculations :
Cooper's uniforms during the year = $410
Cooper's laundry expenses for the uniforms = $82 + $62 for altering = $144
Brandy's safety glasses and safety shows when working = $80
Therefore, the total deduction is
= $410 + $144 + $80
= $634
Given the description of the firm below, decide whether it applies to monopolistic competition, perfect competition, or both.
a. a firm that produces with excess capacity in the long run
b. a firm that has market power
c. a firm that sets greater than marginal
d. a firm that earns zero economic profit in the long
Answer:
Perfect Competition
d. a firm that earns zero economic profit in the long
In the long run, firms will keep entering and exiting the market in a perfect competition such that there will be no economic profit to be gained.
Monopolistic Competition
a. a firm that produces with excess capacity in the long run
b. a firm that has market power
c. a firm that sets price greater than marginal cost.
Monopolistic competition has excess capacity in the long run because their prices are set at a higher level than the marginal revenue. They are therefore producing more goods than they are selling leading to excess capacity.
Monopolistic competition has some form of market power as well because they get to set their own prices.
Buddy's Burger Barn purchased produce for the week from one of its
suppliers. The business's accountant credited the Accounts Payable account
for $150. How will this purchase impact the balance sheet?
A. It will be subtracted from the total balance of Accounts Payable,
and then transferred to the Current Liabilities section of the
balance sheet.
B. It will be added to the total balance of Accounts Payable, and then
regarded as cash on hand on the balance sheet.
C. It will be added to the total balance of Accounts Payable, and then
transferred to the Current Liabilities section of the balance sheet.
D. It will be subtracted to the total balance of Accounts Payable, and
then regarded as cash on hand on the balance sheet.
Answer:
thanks bro your wrong the answer is
C.) it will be added to the total balance of accounts payable, and then transferred to the current liabilities section of the balance sheet.
Which best compares and contrasts Banking and Investment Planning?
Both require workers to have math skills for calculating risk, while Banking also requires workers to understand advanced mathematic calculations.
Both require workers to have organizational skills, while Banking requires patience for repetitive tasks.
Both require workers to understand laws related to their trades, while Investment Planning also sells products to new customers.
Both require workers to be independent and work alone, while Investment Planning also requires workers to track customer finances and investments.
Answer:
C.Both require workers to understand laws related to their trades, while Insurance Services also sell products fairly to customers.
Explanation:
Answer:
c
Explanation:
WHAT GOAL MIGHT THE PURSED BY MANAGERS
INTEAD OF MAXIMIZATION OF SHARE HOLDER
WEALTH?
Answer:
Instead of seeking to maximize some objective (such as shareholder wealth), managers “satisfice”, or seek acceptable levels of performance, while maximizing their own welfare.
Explanation:
I searched the answer up :(
6) Discuss the following statement: "Good research is deductive in nature."
A good research is seen as deductive in nature because it:
explain causal relationships between concepts and variablesmeasures concepts quantitativelygeneralize research findings to a certain extent.What is a research?This refers to a careful and organized study as well as gathering of information about a specific topic.
When a research works explain causal relationships between concepts and variables, measures concepts quantitatively and generalize research findings to a certain extent, then, it is seen as a good research.
Read more about good research
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Refer to the following selected financial information from Texas Electronics. Compute the company's days' sales in inventory for Year 2. (Use 365 days a year.) Year 2 Year 1 Cash $ 37,500 $ 36,850 Short-term investments 90,000 90,000 Accounts receivable, net 85,500 86,250 Merchandise inventory 121,000 117,000 Prepaid expenses 12,100 13,500 Plant assets 388,000 392,000 Accounts payable 113,400 111,750 Net sales 711,000 706,000 Cost of goods sold 390,000 385,500
Answer:
$113.24
Explanation:
Computation for the company's days' sales in inventory for Year 2.
Using this formula
Days' sales in inventory = Merchandise Inventory / Cost of Goods Sold * 365
Let plug in the formula
Days' sales in inventory = $121,000 / $390,000 * $365
Days' sales in inventory= $113.24
Therefore the company's days' sales in inventory for Year 2 will be $113.24
Which situation would increase the scarcity of a product?
A. Demand for the product falls, and fewer customers buy it.
B. One of only two factories that made the product shuts down.
C. A new production method lowers the cost of making the product.
D. A foreign country begins exporting the product in high volume.
Answer:
B. one of only 2 factories that made the product shuts down.
Nelter Corporation, which has only one product, has provided the following data conceming its most recent month of operations:
Selling price 108
Units in beginning inventory 955
Units produced 2390
Units sold 3000
Units in ending inventory 345
Variable costs per unit
Direct materials 25
Direct labor 20
Variable manufacturing overhead 1
Variable selling and administrative 14
expense
Fixed costs
Fixed manufacturing overhead 64530
Fixed selling and administrative 9000
expense
The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month
Required:
a. Prepare a contribution format income statement for the month using variable costing.
b. Prepare an Income statement for the month using absorption costing
Answer:
Part a
Nelter Corporation
Contribution format income statement for the month using variable costing
Sales ($108 x 3,000) $324,000
Less Cost of Sales ($138,000)
Contribution $186,000
Less Expenses
Fixed manufacturing overhead $64,530
Fixed selling and administrative $9,000
Variable selling and administrative (14 x 3,000) $42,000 ($115,530)
Net Income (loss) $70,470
Part b
Nelter Corporation
Income statement for the month using absorption costing
Sales ($108 x 3,000) $324,000
Less Cost of Sales ($219,000)
Gross Profit $105,000
Less Expenses
Fixed selling and administrative $9,000
Variable selling and administrative (14 x 3,000) $42,000 ($51,000)
Net Income (loss) $54,000
Explanation:
Calculation of Ending Units
Beginning Inventory 955
Add Production 2,390
Total Available for Sale 3,345
Less Sales (3000)
Ending Inventory 345
Variable Costs Calculations
Product Cost = Variable Manufacturing costs
= $25 + $20 + $1
= $46
Cost of Sales = units sold x product cost
= 3,000 x $46
= $138,000
Absorption Cost Calculation
Product Cost = Variable Manufacturing costs
= $25 + $20 + $1 + ($64,530 / 2,390)
= $25 + 20 + $ 1 + $27
= $73
Cost of Sales = units sold x product cost
= 3,000 x $73
= $219,000
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 $2.00 per unit and that would require an investment of $15,000.00 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:
Answer:
$5,370
Explanation:
Missing word: "A customer has requested that Lewelling Corporation fill a special order for 2,100 units of product S47 for $26 a unit. While the product would be modified slightly for the special order, product S47's normal unit product cost is $19.20:
Direct materials $5.70, Direct labor 3.00, Variable manufacturing overhead 2.80, Fixed manufacturing overhead 7.70, Unit product cost $19.20"
Incremental analysis
Incremental revenue (2100*26) $54,600
Incremental cost
Direct material (2100*$5.7) $11,970
Direct labor (2,100*$3) $6,300
Variable manuf. overhead (2,100*$80) $5,880
Additional cost (2100*$2.00) $4,200
Special molds $15,000
Total incremental cost $49,230
Incremental profit (loss) $5,370
The annual financial advantage (disadvantage) for the company as a result of accepting this special order should be $5,370.
Summersville Production Company had the following projected information for the current year: Selling price per unit $150 Variable cost per unit $90 Total fixed costs $300,000 What level of sales dollars is needed to obtain a target before-tax profit of $75,000
Answer:
Break-even point in units= 6,250
Explanation:
Giving the following formula:
selling price per unit $150
Variable cost per unit $90
Total fixed costs $300,000
Desired profit $75,000
To calculate the number of units to be sold, we need to use the following formula:
Break-even point in units= (fixed costs + desired profit) / contribution margin per unit
Break-even point in units= (300,000 + 75,000) / (150 - 90)
Break-even point in units= 6,250
What is the most common workplace for people in the Finance cluster?
a school
at home
an office
a store
Answer:
An office
Explanation:
an office is the best option on this list.
Match each phrase that follows with the term it describes.
1. Budget
2. Capital expenditures budget
3. Sales budget
4. Production budget
5. Cash budget
6. Budgeted balance sheet
A. an accounting report that presents predicted amounts of the company's assets, liabilities, and equity as of the end of the budget period
B. plans an important role for organizations in planning, directing, and controlling a company's future goals
C. a plan showing the units of goods to be sold and the sales to be derived; usually the starting point in the budgeting process
D. a plan that lists dollar amounts to be both spent on purchasing additional pant assets to carry out the budgeted business activities
E. a plan showing the number of units to be produced each month
F. a plan that shows the expected cash inflows and outflows during the budget period, including receipts from loans needed to maintain a minimum cash balance and repayments of such loans
Answer and Explanation:
The matching is as follows:
1. Budget - B. It would be play a significant role with respect to planning, directing, controlling for an upcoming goals of the company
2. Capital expenditure budget -D. As the capital expenditure is the one time expenditure that should be done for purchasing the extra plant asset
3. Sales budget - C. The plan that represent the sales unit and the sales value.
4. Production budget - E. The budget that represent the no of units produced each month
5. Cash budget - F. It represent the cash inflows and cash outflow position
6. Budgeted balance sheet - A. It involved the assets, liabilities and stockholder equity