Tucan Company manufactures a product requiring 0.5 ounces of platinum per unit. The cost of platinum is approximately $300 per ounce; the company maintains an ending platinum inventory equal to 10% of the following month's production usage. The following data were taken from the most recent quarterly production budget:

July August September
Planned production in units 1,000 11,00 980

The cost of platinum to be purchased to support August production is:_______

Answers

Answer 1

Answer:

$163,200

Explanation:

Tucan Company

Purchase Budget for the Month of August

Production Requirement ( 11,00 x  0.5 )          550

Add Closing inventory ( 980 x 0.5 x 10%)         49

Total                                                                  599

Less Opening Inventory ( 11,00 x 0.5 x 10%)   (55)

Materials Required                                          544

Cost $300

Total Cost                                               $163,200


Related Questions

A CFO of a start-up company is evaluating the timing of a significant capital expenditure. He was previously at a mature company that used a discount rate of 8% so he used the same rate at the start-up company. Which of the following would be impacted if the discount rate were raised to reflect the risk of the start-up company?
a) Internal rate of return
b) Payback period
c) Return on investment
d) Net present value

Answers

Answer:

d) Net present value

Explanation:

The net present value is the value that shows the difference between the initial investment present value and the cash flows present value. If the present value cash flows is more than  the initial investment present value so the project should be accepted else rejected

So here in the given situation, the net present value would be effected in the case when the discount rate would be raised in order to present the start up company risk

Hence, the option d is correct

The manufacturer wishes to set up a control chart at the final inspection station for a gas water heater. Defects in workmanship and visual quality features are checked in this inspection. For the past 22 working days, 176 wate rheaters were inspected and a total of 924 nonconformities were reported. a) What type of control chart would you reccommend here

Answers

Answer:

I will recommend a c chart

Explanation:

From the question, we have:

[tex]n= 22\ working\ days[/tex]

[tex]Inspection = 176[/tex]

[tex]Noncomformities = 924[/tex]

First, it should be noted that a chart is used for a count datatype (in other words, numerical values) and they are usually discrete (i.e. whole numbers).

Notice that all the given data are whole digits.

Also, the c chart is to be used when the number of noncomformities are known because through the c chart shows the process of the noncomformities over specific time.

On January 1, 2020, Doone Corporation acquired 80 percent of the outstanding voting stock of Rockne Company for $448,000 consideration. At the acquisition date, the fair value of the 20 percent noncontrolling interest was $112,000, and Rockne's assets and liabilities had a collective net fair value of $560,000. Doone uses the equity method in its internal records to account for its investment in Rockne. Rockne reports net income of $170,000 in 2021. Since being acquired, Rockne has regularly supplied inventory to Doone at 25 percent more than cost. Sales to Doone amounted to $230,000 in 2020 and $330,000 in 2021. Approximately 30 percent of the inventory purchased during any one year is not used until the following year.


Requied:
a. What is the noncontrolling interest's share of Rockne's 2021 income?
b. Prepare Doone's 2021 consolidation entries required by the intra-entity inventory transfers

Answers

Answer:

(A). $32,800

(B). Entries are shown below.

Explanation:

(A) According to the scenario, computation of the given data are as follows,

Net income of Rockne Company in 2021 = $170,000

Unrealized profit 2020 = $230,000 × 30% × 20%  = $13,800

Unrealized profit 2021 = $330,000 × 30% × 20%  = $19,800

So, Total income = $170,000 + $13,800 - $19,800 = $164,000

Now, noncontrolling interest's share of Rockne's 2021 income can be calculated as follows,

NCI share of Rockne's 2021 income = Total income × 20%

= $164,000 × 20%

= $32,800

(B). Journal entries for the given data are as follows,

1.     Retained Earnings A/c  Dr.   $13,800

 To, COG sold A/c.                              $13,800

( Being event *G entry is recorded)

2.     Sales A/c  Dr.   $330,000

 To, COG sold A/c.         $330,000

( Being event TI entry is recorded)

3.     COG sold  A/c  Dr.   $19,800

 To, Inventory  A/c.                $19,800

( Being event G entry is recorded)

Shondura Inc. focuses on both local responsiveness and standardization in global business. The company typically begins with a strong emphasis in a single strategy and then works to minimize the downsides associated with that strategy as much as possible as they begin to implement the second strategy. Which of the following is best exemplified in this case?

a. A multidomestic strategy
b. A global strategy
c. An arbitrage strategy
d. A transnational strategy

Answers

Answer:

d. A transnational strategy

Explanation:

A transnational strategy refers to a set of plans and actions that are decided by the business to perform them beyond domestic borders. The plans are set to perform the actions across the international borders. By applying this set of strategy, the connection is established among the nations dealing with the same operation.  

In the give case, transnational strategy has been applied by Shondura Inc.

You are the manager of a small pharmaceutical company that received a patent on a new drug three years ago. Despite strong sales ($125 million last year) and a low marginal cost of producing the product ($0.40 per pill), your company has yet to show a profit from selling the drug. This is, in part, due to the fact that the company spent $2 billion developing the drug and obtaining FDA approval. An economist has estimated that, at the current price of $1.20 per pill, the own price elasticity of demand for the drug is -1.5. Based on this information, what can you do to boost profits?

Answers

Answer: Reduce the price of the drug

Explanation:

The own price elasticity of a good shows how much its quantity demanded will change as a result of an increase in price.

A -1.5 own price elasticity means that if the price of the drug is reduced by 1%, quantity demanded will increase by 1.5%.

The company is incurring a relatively low marginal cost of $0.40 to produce the pills and charges $1.20. If they can reduce this price by 17% for example, to $1, they would still make a profit and the demand for the pill would increase by 25.5%.

Scenario.

A hundred people were buying the drug at $1.20. Revenue:

= 100 * 1.20

= $120

Reduce price to $1 and 25.5% more people buy:

= 1 * (100 * 1.255)

= $125.50

Profit will increase by $5.50 proving that to boost profits, you should reduce prices.

Shannon, who has a job and no dependents, has two credit cards she uses for food and entertainment. All card balances are close to the limit. What could be the best action for Shannon to take next?

Request an extension of credit to her credit card company.
Pay off all her balances within the payment cycle.
Apply for a new credit card to increase her credit limit.
Cancel all her credit cards.

Answers

Pay off all her balances is my answer for your question.

William is preparing to file his tax return. Which two items are necessary to complete his tax return?
W-2 form from an employer
driver's license
receipts for expenses taken as deductions or credits
copy of a birth certificate
voter registration card
employment verification​

Answers

Answer:

W-2 form from an employer, Receipts for expenses taken as deductions or credits

Explanation:

Got it right on Plato

can you help with 1040 form for acct 130 class

Answers

Answer:

what is the question lol? I could probably help you out !

Suppose Kevin and Maria are playing a game in which both must simultaneously choose the action Left or Right. The payoff matrix that follows shows the payoff each person will earn as a function of both of their choices. For example, the lower-right cell shows that if Kevin chooses Right and Maria chooses Right, Kevin will receive a payoff of 7 and Maria will receive a payoff of 6.

Maria
Left Right
Kevin Left 4, 3 6, 4
Right 6, 7 7, 6

The only dominant strategy in this game is for ___________ to choose ______________ The outcome reflecting the unique Nash equilibrium in this game is as follows: Kevin chooses _______________ and Maria chooses _____________

Answers

Answer:

The only dominant strategy in this game is for Kelvin to choose right. The outcome reflecting the unique Nash equilibrium in this game is as follows: Kevin chooses right and Maria chooses left.

Explanation:

A dominant strategy can described as a strategy that makes a player better off no matter his or her opponent in a game chooses.

In the game in the question, when Kelvin plays left, it best for Maria to play right because 4 > 3. But when Kelvin plays right, Maria will play left because 7 > 6. Therefore, there is no particular strategy that will make Maria better off. This implies Maria has no dominant strategy.

On the other hand, when Maria plays left, Kelvin will play right because 6 > 4. And when Maria plays right, Kelvin will still also play right because 7 > 6. This implies that no matter what Maria plays, Kelvin will always be better off by playing right. Therefore, the dominant strategy for Kelvin is right.

The implication of the above analysis in that the only dominant strategy in this game is for Kelvin to choose Right.

The only dominant strategy in this game is for Kelvin to choose right. The outcome reflecting the unique Nash equilibrium in this game is as follows: Kevin chooses right and Maria chooses left.

Bill Evans began Evans Distributors, a sporting goods distribution company, in January 20X1 and engaged in the transactions below. Assume Evans Distributors and its customers take advantage of all cash discounts.

DATE TRANSACTIONS 20X1
Jan.
1 Bill Evans started Evans Distributors with an investment of $55,750. He also invested personal business equipment worth $7,800.
2 Purchased merchandise for cash, $11,850, Check 100.
3 Sold merchandise on account to Rivera Corporation, $1,010, terms 2/10, n/30, Invoice 1001.
4 Purchased merchandise on account from Tsang Company, $2,420, terms 1/10, n/30, Invoice 1125.
5 Received and paid freight charges related to January 4 purchase of merchandise from Tsang Company, $220, Check 101.
10 Rivera Corporation returned merchandise purchased on January 3; issued credit memo #101 for $220.
11 Received payment in full from Rivera Corporation, after the return of January 10 and after the discount.
13 Paid amount due to Tsang Company for purchase of January 4, Check 102.
15 Recorded cash sales for the two-week period ended January 15 of $7,620.
15 Recorded sales on credit cards for the two-week period ended January 15, $1,315; the bank charges a 3 percent fee on all credit card sales.
15 Paid wages, $2,025, Check 103.
16 Purchased equipment (not for resale), $1,915, Check 104.
17 Paid freight for delivery of equipment purchased on January 16, $230, Check 105.
18 Purchased merchandise on account from Terri Manufacturing with a list price of $6,300, subject to a trade discount of 40 percent, terms 1/10, n/30, Invoice 2078.
20 Sold merchandise on account to Moloney Corp., $3,380, terms 1/10, n/30, Invoice 1002.
21 Purchased merchandise on account from Johnson Company, $2,480, terms 1/10, n/30, Invoice 3204; freight prepaid by Johnson Company and added to invoice, $150. (Total invoice amount, $2,630.00.)
27 Paid amount owed to Terri Manufacturing for purchase of January 18, Check 106.
28 Purchased merchandise from Fronke Sports Fabricators with a list price of $3,280, subject to trade discounts of 25 percent and 10 percent, terms n/30, Invoice 1888.
29 Received amount due from Moloney Corp. for the sale of January 20.
30 Paid amount due to Johnson Company for purchase of January 21, Check 107.
31 Recorded cash sales for the period from January 16–31, $8,225.
31 Recorded sales on the credit cards for the period from January 16–31, $2,520; the bank charges a 3 percent fee on all credit card sales.

Required:
Record the transactions in a general journal.

Answers

Answer:

Jan. 1

Dr Cash $55,750

Dr Supplies $7,800

Cr Common Stock $63,550

Jan. 2

Dr Purchases $11,850

Cr Cash $11,850

Jan. 3

Dr Accounts Receivable - Rivera Corporation, $ $1,010

Cr Sales Revenue $1,010

Jan. 4

Dr Purchases $2,420

Cr Accounts Payable - Tsang Company $2,420

Jan. 5

Dr Freight Expenses $220

Cr Cash $220

Jan. 10

Dr Sales Returns and Allowances $220

Cr Accounts Receivable - Rivera Corporation $220

Jan. 11

Dr Cash $790

Cr Accounts Receivable - Chu Corporation $790

Jan. 13

Dr Accounts Payable - Tsang Company $2,420

Cr Cash $2,420

Jan. 15

Dr Cash $7,620

Cr Sales Revenue $7,620

Jan. 15

Dr Accounts Receivable $1,315

Cr Bank Charges $39

Cr Sales Revenue $1,276

Jan. 16

Dr Equipment $1,915

Cr Cash $1,915

Jan. 17

Dr Equipment $230

Cr Cash $230

Jan. 18

Dr Purchases $6,300

Cr Accounts Payable - Terri Manufacturing $6,300

Jan. 20

Dr Accounts Receivable - Moloney Corp. $3,380

Jan. 21

Dr Purchases $2,480

Dr Freight Expenses $150

Cr Accounts Payable - Johnson Company $2,630

Jan. 27

Dr Accounts Payable - Terri Manufacturing $6,300

Cr Cash $6,300

Jan. 29

Dr Cash $3,380

Accounts Receivable - Moloney $3,380

Jan. 30

Dr Accounts Payable - Johnson Company $2,630

Cr Cash $2,630

Jan. 31

Dr Cash $8,225

Sales Revenue $8,225

Jan. 31

Dr Accounts Receivable $2,520

Cr Bank Charges $76

Cr Sales Revenue $2,444

Explanation:

Preparation of the Journal Entries

Jan. 1

Dr Cash $55,750

Dr Supplies $7,800

Cr Common Stock $63,550

($55,750+$7,800)

(To record the amount invested into the business along with supplies)

Jan. 2

Dr Purchases $11,850

Cr Cash $11,850

(To record the purchase of merchandise inventory by cash)

Jan. 3

Dr Accounts Receivable - Rivera Corporation, $ $1,010

Cr Sales Revenue $1,010

(To record the sale of merchandise on account)

Jan. 4

Dr Purchases $2,420

Cr Accounts Payable - Tsang Company $2,420

(To record the purchase of merchandise inventory on account)

Jan. 5

Dr Freight Expenses $220

Cr Cash $220

(To record the payment of freight charges)

Jan. 10

Dr Sales Returns and Allowances $220

Cr Accounts Receivable - Rivera Corporation $220

(To record the return of merchandise that was sold to Chu Corporation)

Jan. 11

Dr Cash $790

Cr Accounts Receivable - Chu Corporation ($1,010 - $220) $790

(To record the collection of amount from credit sales)

Jan. 13

Dr Accounts Payable - Tsang Company $2,420

Cr Cash $2,420

(To record the payment made to credit purchases)

Jan. 15

Dr Cash $7,620

Cr Sales Revenue $7,620

(To record the cash sales)

Jan. 15

Dr Accounts Receivable $1,315

Cr Bank Charges ($1,315*3/100) $39

Cr Sales Revenue $1,276

($1,315-$39)

(To record the sales made on credit card)

Jan. 16

Dr Equipment $1,915

Cr Cash $1,915

(To record the purchase of equipment on account)

Jan. 17

Dr Equipment $230

Cr Cash $230

(To record the payment of freight charges)

Jan. 18

Dr Purchases $6,300

Cr Accounts Payable - Terri Manufacturing $6,300

(To record the purchase of merchanise inventory on account)

Jan. 20

Dr Accounts Receivable - Moloney Corp. $3,380

Cr Sales Revenue $3,380

(To record the sales made on account)

Jan. 21

Dr Purchases $2,480

Dr Freight Expenses $150

Cr Accounts Payable - Johnson Company $2,630

($2,480+$150)

(To record the purchase of inventory on account)

Jan. 27

Dr Accounts Payable - Terri Manufacturing $6,300

Cr Cash $6,300

(To record the payment made to credit purchases)

Jan. 29

Dr Cash $3,380

Accounts Receivable - Moloney $3,380

(To record the amount received from credit sales)

Jan. 30

Dr Accounts Payable - Johnson Company $2,630

($2,480+$150)

Cr Cash $2,630

(To record the payment made to credit purchases)

Jan. 31

Dr Cash $8,225

Sales Revenue $8,225

(To record the cash sales)

Jan. 31

Dr Accounts Receivable $2,520

Cr Bank Charges ($2,520*3/100) $76

Cr Sales Revenue $2,444

($2,520-$76)

(To record the sales made on credit card)

Concord uses the periodic inventory system. For the current month, the beginning inventory consisted of 7400 units that cost $10.00 each. During the month, the company made two purchases: 3000 units at $11.00 each and 11900 units at $11.50 each. Concord also sold 12800 units during the month. Using the FIFO method, what is the ending inventory

Answers

Answer:

$109,250

Explanation:

FIFO assumes that the units to arrive first, will be sold first. Therefore, inventory valuation is based on later or recent prices.

Step 1 : units in ending inventory

Ending Inventory =  units available for sale - units sold

                             =  9,500

Step 2 : inventory value

Ending Inventory = 9,500 x $11.50 = $109,250

using a scale: Three boys Isaac ,Alex and Ken are standing in different parts of a field .Isaac is 100 metres north of Alex and Ken is 120 metres east of Alex .Find the compass bearing of Ken from Isaac​

Answers

Answer:

156 m South East of Isaac

Explanation:

This is going to be solved by using Pythagoras theorem

We have the adjacent of the triangle as the Eastern distance between Ken and Alex, and that is 120 m. We have the opposite side to be the Northern distance between Isaac and Alex to be 100 m

If so, then we know that the hypotenuse side is the distance between Isaac and Ken. Using Pythagoras, we know that

100² + 120² = x²

x² = 10000 + 14400

x² = 24400

x =√24400

x = 156.2 m

The compass bearing of Ken, from Isaac then is,

Ken is 156.2 m South East of Isaac

Becton Labs, Inc., produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an elaborate distilling process. The company has developed standard costs for one unit of Fludex, as follows:

Standard Quantity or Hours Standard Price or Rate Standard Cost
Direct materials 2.40 ounces $27.00 per ounce $64.80
Direct labor 0.60 hours $12.00 per hour 7.20
Variable manufacturing overhead 0.60 hours $3.50 per hour 2.10
Total standard cost per unit $74.10

During November, the following activity was recorded related to the production of Fludex

a. Materials purchased, 13,000 ounces at a cost of $330,200
b. There was no beginning inventory of materials; however, at the end of the month, 2,850 ounces of material remained in ending inventory
c. The company employs 20 lab technicians to work on the production of Fludex. During November, they each worked an average 160 hours at an average pay rate of $11.00 per hour
d. Variable manufacturing overhead is assigned to Fludex on the basis of direct labor-hours. Variable manufacturing overhead during November totaled $6,000
e. During November, the company produced 4,200 units of Fludex.

Required
1. For direct materials:
a. Compute the price and quantity variances
b. The materials were purchased from a new supplier who is anxious to enter into a long-term purchase contract. Would you recommend that the company sign the contract?

2. For direct labor:
a. Compute the rate and efficiency variances
b. In the past, the 20 technicians employed in the production of Fludex consisted of 7 senior technicians and 13 assistants. Durin November, the company experimented with fewer senior technicians and more assistants in order to reduce labor costs. Woulc recommend that the new labor mix be continued?
3. Compute the variable overhead rate and efficiency variances

Answers

Answer:

Becton Labs, Inc.

1. Direct materials:

a. Price variance

= $20,600 Favorable

Quantity variance

= $1,890 Unfavorable

b. The company can sign the contract provided it is made clear to the new supplier that price variations would not be welcome shortly after signing the contract, but will depend on the market realities.

2. Direct labor:

a. Direct labor rate and efficiency variances:

Direct labor rate variance

= $3,200 Favorable

Efficiency variance

= $8,160 Unfavorable

b. I would not recommend that the new labor mix be continued.  The old mix may be working better because the labor efficiency cost increased with the new mix labor mix.

3. The variable overhead rate and efficiency variances:

Variable overhead rate variance

= $5,200 Favorable

Variable overhead efficiency variance

= $2,380 Unfavorable

Explanation:

a) Data and Calculations:

Standard  Costs for 1 Unit of Fludex:

                                              Standard              Standard      Standard Cost

                                        Quantity or Hours   Price or Rate  

Direct materials                     2.40 ounces    $27.00 per ounce   $64.80

Direct labor                           0.60 hours        $12.00 per hour          7.20

Variable manufacturing

overhead                             0.60 hours          $3.50 per hour          2.10

Total standard cost per unit                                                           $74.10

Activities recorded during November:

a. Materials purchased = 13,000 ounces at $330,300

Each ounce = $25.41 (330,300/13,000)

b. Materials used for production = 10,150 ounces (13,000 - 2,850)

Standard materials = 4,200 * 2.40 = 10,080 ounces

c. Direct labor hours = 20 * 160 = 3,200 hours

Standard labor hours = 0.60 * 4,200 = 2,520

Average labor rate = $11.00 per hour

Direct labor costs = $35,200 ($11.00 * 3,200)

d. Standard variable overhead = $11,200 (3,200 *$3.50)

Actual overhead incurred = $6,000

Actual overhead rate = $1.43 ($6,000/4,200)

e. Units produced = 4,200

1. Direct materials:

a. Price variance = (Actual price - standard price)* Actual units

= ($25.41 - $27.00)13,000 = $20,600 F

Quantity variance = (Actual quantity - Standard quantity) Standard Cost

= (10,150 - 10,080) * $27.00

= $1,890 U

b. The company can sign the contract provided it is made clear to the new supplier that price variations would not be welcome shortly after signing the contract, but will depend on the market realities.

2. Direct labor:

a. Direct labor rate and efficiency variances:

Direct labor rate variance = (Actual rate - Standard rate) * Actual hours

= ($11 - $12) * 3,200 = $3,200 Favorable

Efficiency variance = (Actual hours - Standard hours) * Standard rate

= (3,200 - 2,520) * $12

= $8,160 Unfavorable

b. I would not recommend that the new labor mix be continued.  The old may be working better because the labor efficiency cost increased.

3. The variable overhead rate and efficiency variances:

Variable overhead rate variance = Actual costs − (AH × SR)

= $6,000 - (3,200 * $3.50)

= $6,000 - $11,200

= $5,200 Favorable

Variable overhead efficiency variance =  (AH − SH) × SR

= (3,200 - 2,520) * $3.50

= $2,380 Unfavorable

Parker Company pays each member of its sales staff a salary as well as a commission on
each unit sold. For the coming year, Parker plans to increase all salaries by 5% and to keep
unchanged the commission paid on each unit sold. Because of increased demand, Parker
expects the volume of sales to increase by 10%. How will the total cost of sales salaries and
commissions change for the coming year?
A. Increase by 5% or less.
B. Increase by more than 5% but less than 10%.

Answers

Answer: B is correct

Explanation:

 Sales salaries will increase by exactly 5%. The per-unit commission amount will remain constant, but sales commissions in total are expected to increase by 10%. Thus, total sales salaries and commissions will increase somewhere between 5% and 10%.

Esquire Company needs to acquire a molding machine to be used in its manufacturing process. Two types of machines that would be appropriate are presently on the market. The company has determined the following

Machine A could be purchased for $27,000. It will last 10 years with annual maintenance costs of $900 per year. After 10 years the machine can be sold for $2,835.
Machine B could be purchased for $22,500. It also will last 10 years and will require maintenance costs of $3,600 in year three, $4,500 in year six, and $5,400 in year eight. After 10 years, the machine will have no salvage value.

Required: Assume an interest rate of 8% properly reflects the time value of money in this situation and that maintenance costs are paid at the end of each year. Calculate the present value of Machine A & Machine B. Which machine Esquire should purchase?

Answers

Answer: Esquire should purchase Machine B because it has a lower present value.

Explanation:

Present value cost of Machine A:

= Initial investment + Present value of costs - Present value of sales amount

Present value of cost = 900 * Present value annuity factor, 10 years, 8%

= 900 * 6.7101

= $6,039

Present value of sales amount = 2,835 / (1 + 8%)¹⁰

= $1,313.15

Present value cost = 27,000 + 6,039 - 1,313.15

= $31,725.85

Present value of Machine B:

= 22,500 + 3,600 / 1.08³ + 4,500 / 1.08⁶ + 5,400 / 1.08⁸

= 30,198.18

Esquire should purchase Machine B

In what circumstances might you decide to use cash

Answers

Um maybe a taxi if u already figured out the answer sorry
When you want or need to know how much you are spending. Good luck

a. On July 1, 2018, the Churab Company paid $200,000 in return for a 5% interest (20,000 shares) in the UNCY Corporation’s common stock.
b. On December 21, 2018, UNCY paid all its stockholders a cash dividend of $1.00 a share.
c. On December 31, 2018, UNCY’s common stock had a market value of $15 a share.
d. On November 30, 2019, UNCY issued 100,000 shares of preferred stock that would be convertible, at the option of its stockholders, into 60,000 shares of common stock no earlier than 2022.
d. On December 31, 2019, UNCY’s common stock had a market value of $12 a share.
e. On February 1, 2020, Churab sold all its shares of its UNCY stock for $19 a share.

Required:
Provide all the journal entries that the Churab Company would make for the investment activity described above.

Answers

Answer:

Churab Company

Journal Entries

a. On July 1, 2018

Debit Investment in UNCY Corporation $200,000

Credit Cash $200,000

To record the purchase of 5% interest (20,000 shares) in the UNCY Corporation’s common stock.

b. On December 21, 2018

Debit Cash $20,000

Credit Dividend Revenue $20,000

To record the receipt of dividend from UNCY Corporation at $1.00 a share.

c. On December 31, 2018

Debit Investment in UNCY Corporation $100,000

Credit Unrealized Gain from Investment $100,000

To record the unrealized gain from investment when the market value rose to $15 a share.

d. On December 31, 2019

Debit Unrealized Loss from Investment $60,000

Credit Investment in UNCY $60,000

To record the unrealized loss from investment when the market value fell to $12 a share.

e. On February 1, 2020

Debit Cash $380,000

Credit Investment in UNCY Corporation $240,000

Credit Realized Gain from Investment $140,000

To record the sale of the shares of UNCY stock for $19 per share.

Explanation:

a) Data and Analysis:

a. On July 1, 2018 Investment in UNCY Corporation $200,000 Cash $200,000 5% interest (20,000 shares) in the UNCY Corporation’s common stock.

b. On December 21, 2018, Cash $20,000 Dividend Revenue $20,000 $1.00 a share.

c. On December 31, 2018, Investment in UNCY Corporation $100,000 Unrealized Gain from Investment $100,000 (a market value of $15 a share).

d. On November 30, 2019, UNCY issued 100,000 shares of preferred stock that would be convertible, at the option of its stockholders, into 60,000 shares of common stock no earlier than 2022.

d. On December 31, 2019, Unrealized Loss from Investment $60,000 Investment in UNCY $60,000 a market value of $12 a share.

e. On February 1, 2020, Cash $380,000 Investment in UNCY Corporation $240,000 Realized Gain from Investment $140,000

A project manager for a not-for-profit organization is completing a new retail outlet project but is unable to get the planned amount of time from key resources to complete some of the critical path tasks. The key resources are focused on completing their day-to-day tasks, and the project manager does not control the work assignments for these people. This scenario is an example of what type of organization

Answers

Incomplete question. The options read;

A. Balanced matrix

B. Tight matrix

C. Functional

D. Project coordinator

Answer:

C. Functional

Explanation:

Remember, when we say an organization has a functional structure it implies that the line of authority is grouped based on the functions carried out by employees.

For example, we observe that in this scenario, the project manager could not control the work assignments of other employees because they had been assigned such tasks based on their specialization.

A year-end review of accounts receivable and estimated uncollectible percentages revealed the following: Category Accounts Receivable Uncollectible percentages 1-30 days $40,000 1.5% 31-60 days $10,000 8.0% 61-90 days $6,000 15.0% The beginning balance of Allowance for Doubtful Accounts is $400 (credit). Based on this information, the bad debt expense for the year is:

Answers

Answer:

$1,900

Explanation:

Calculation to determine what the bad debt expense for the year is:

Accounts Receivable Uncollectible percentages 1-30 days $40,000* 1.5% =$600

31-60 days $10,000 *8.0% =$800

61-90 days $6,000 *15.0% =$900

Total $2,300

Bad debt expense =$2,300-400

Bad debt expense =$1,900

Therefore Based on this information, the bad debt expense for the year is:$1,900

If a bank has $500 million of checkable deposits, a required reserve ratio of 15%, and it holds $126 million reserves, then the maximum deposit outflow it can sustain without running into reserve deficiency is Group of answer choices $20 million $60 million $71 million $51 million

Answers

Answer: $51 million

Explanation:

Firstly, we need to calculate the required reserve which will be:

= $500 × 15%

= $500 million × 0.15

= $75 million

Then, the excess reserve will be:

= $126 million - $75 million

= $51 million

Therefore, the maximum deposit outflow it can sustain without running into reserve deficiency is $51 million.

emiannual coupon bonds with the same risk (Aaa) and maturity (20 years) as your company's bonds have a nominal (not EAR) yield to maturity of 9%. Your company's treasurer is thinking of issuing, at par, some $1,000 par value, 20-year, quarterly payment bonds. She has asked you to determine what quarterly interest payment, in dollars, the company would have to set in order to provide the same effective annual rate (EAR) as those on the 20-year, semiannual payment bonds. What would the quarterly, dollar interest payment be

Answers

Answer:

quarterly coupon payment = $22.25

Explanation:

effective annual interest rate of current bonds = (1 + 9%/2)² - 1 = 9.2025%

if the new bonds will have quarterly payments, then the nominal interest rate should be:

1.092025 = (1 + r/4)⁴

⁴√1.092025 = ⁴√(1 + r/4)⁴

1.02225 = 1 + r/4

0.02225 = r/4

r = 8.9% annual

quarterly rate = 2.225%

quarterly coupon payment = $22.25

The following information is available from the accounting records of Manahan Co. for the year ended December 31, 2019: Net cash provided by financing activities $ 168,000 Dividends paid 27,000 Loss from discontinued operations, net of tax savings of $70,000 155,000 Income tax expense 39,000 Other selling expenses 20,000 Net sales 966,000 Advertising expense 67,000 Accounts receivable 186,000 Cost of goods sold 552,000 General and administrative expenses 214,000 Required: a. Calculate the operating income for Manahan Co. for the year ended December 31, 2019.

Answers

Answer:

See below

Explanation:

1. Operating income for Manahan

Net sales

$966,000

Less:

Cost of goods sold

($552,000)

Gross profit

$444,000

Less:

Expenses

Selling, general and administrative

($214,000)

Other selling expenses

($20,000)

Advertising expenses

($67,000)

Operating income

$143,000

2. Computation of net income

Operating income

$143,000

Less;

Income tax expense

($39,000)

Income from continuing operations before taxes

$104,000

Less:

Income from discontinuing operations, net of savings

$70,000 ($155,000)

Net loss

($51,000)

Speedy Bikes could sell its bicycles to retailers either assembled or unassembled.

The cost of an unassembled bike is as follows:

Direct materials $150
Direct labor 70
Variable overhead (70% of direct labor) 49
Fixed overhead (30% of direct labor) 21
Manufacturing cost per unit $290

The unassembled bikes are sold to retailers at $450 each.

Speedy currently has unused productive capacity that is expected to continue indefinitely; management has concluded that some of this capacity can be used to assemble the bikes and sell them at $495 each. Assembling the bikes will increase direct materials by $5 per bike, and direct labor by $10 per bike. Additional variable overhead will be incurred at the normal rates, but there will be no additional fixed overhead as a result of assembling the bikes.

Additional variable overhead will be incurred at the normal rates but there will be no additional fixed overhead as a result of assembling the bikes.

Required:
a. Prepare an incremental analysis for the sell-or-process-further decision.
b. Should Speedy sell or process further?

Why or why not?

Answers

Answer:

Speedy Bikes

a. Incremental Analysis for the sell-or-process-further decision:

                                                       Cost of an              Cost an    Difference

                                                   unassembled bike  assembled bike

                                                     Alternative 1          Alternative 2 Increment

Sales price of unassembled bike      $450                     $495           $45

Manufacturing cost per unit              $290                      $312            (22)

Net operating income                        $160                       $183           $23

b. Speedy should process the bikes further.

c. It will generate an incremental net operating income of $23 per bike.

Explanation:

a) Data and Calculations:

                                                       Cost of an              Cost an

                                                   unassembled bike  assembled bike

Direct materials                                    $150                      $155

Direct labor                                               70                         80

Variable overhead (70% of direct labor) 49                         56 ($80 * 70%)

Fixed overhead (30% of direct labor)      21                          21

Manufacturing cost per unit               $290                      $312

g The effect on revenue due to a marginal increase in the input is called the marginal revenue product. Match the statements below with the appropriate type of market structure a firm operates in. The marginal revenue product of the input x is lower than the value of the marginal product of that input (price times marginal product). This statement is true for a

Answers

Answer:

Statement true for Imperfect Competition Markets

Explanation:

Marginal Revenue Product is additional revenue due to hiring of additional input, it is product of marginal product & marginal revenue = MP x MR

Value Marginal Product is money value of additional production with additional input, product of marginal product (MP) & price (AR), = MP x AR

Input demand curves are derived demand curves, derived from demand of final goods. In perfect competition, demand is perfectly inelastic & horizontal, AR = MR, so MRP = VMP in this case. In imperfect competition market (oligopoly, monopoly etc) - MR < AR, so MRP < VMP in this case.

Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $2,200,000 has an estimated residual value of $400,000 and an estimated useful life of 20 years. Determine the following: (a) The depreciable cost $fill in the blank 1 (b) The straight-line rate fill in the blank 2 % (c) The annual straight-line depreciation $fill in the blank 3

Answers

Answer:

a)

Depreciable Cost = $ 1800000

b)

Straight Line Depreciation Rate = 5%

c)

Depreciation expense per year = $90000

Explanation:

a)

The depreciable cost is the cost that qualifies for depreciation. It is calculated as,

Depreciable Cost = Cost - Salvage Value

Depreciable Cost = 2200000 - 400000

Depreciable Cost = $ 1800000

b)

The straight line depreciation method charges a constant depreciation expense every period. The rate of straight line depreciation can be calculated as follows,

Straight Line Depreciation Rate = Depreciable cost percentage / Estimated useful life

Straight Line Depreciation Rate =  100% / 20

Straight Line Depreciation Rate = 5%

c)

The annual straight line depreciation expense can be calculated as follows,

Depreciation expense per year = Depreciable cost * Straight line depreciation rate

Depreciation expense per year = 1800000 * 0.05

Depreciation expense per year = $90000

​(IRR of an uneven cash flow​ stream) Microwave Oven​ Programming, Inc. is considering the construction of a new plant. The plant will have an initial cash outlay of ​$ million​ (​ = ​$ ​million), and will produce cash flows of ​$ million at the end of year​ 1, ​$ million at the end of year​ 2, and ​$ million at the end of years 3 through 5. What is the internal rate of return on this new​ plant?

Answers

Answer:

Explanation:

Here is the complete question used in answering this question

(IRR of uneven​ cash-flow stream​) Microwave Oven​ Programming, Inc. is considering the construction of a new plant. The plant will have an initial cash outlay of ​$12 ​million, and will produce cash flows of ​$4 million at the end of year​ 1, $ 5 million at the end of year​ 2, and ​$3 million at the end of years 3 through 5. What is the internal rate of return on this new​ plant? The internal rate of return on this new plant is __​%. ​(Round to two decimal​places.)

Internal rate of return is the discount rate that equates the after-tax cash flows from an investment to the amount invested

IRR can be calculated with a financial calculator  

Cash flow in year 0 = $-12 ​million

Cash flow in year 1 = $4 ​million

Cash flow in year 2 = $5 ​million

Cash flow in year 3 = $3 ​million

Cash flow in year 4 = $3 ​million

Cash flow in year 5 = $3 ​million

IRR = 16.66%

To find the IRR using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the IRR button and then press the compute button.  

The December 31, 2021, inventory of Tog Company, based on a physical count, was determined to be $467,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $67,000. The purchase was recorded and paid for in 2022. Another supplier shipment costing $28,500 was correctly recorded as a purchase in 2021. However, the merchandise, shipped FOB shipping point, was not received until 2022 and was incorrectly omitted from the physical count. A third purchase, shipped from a supplier FOB shipping point on December 28, 2021, did not arrive until January 3, 2022. The merchandise, which cost $97,000, was not included in the physical count and the purchase has not yet been recorded.

The company uses a periodic inventory system.

Required:
a. Determine the correct December 31, 2021, inventory balance and, assuming that the errors were discovered after the 2021 financial statements were issued, analyze the effect of the errors on 2021 cost of goods sold, net income, and retained earnings. (Ignore income taxes.)
b. Prepare a journal entry to correct the errors.

Answers

Answer:

Tog Company

a. The correct December 31, 2021 balance of Inventory is

= $592,500.

b. The error increased the cost of goods sold, thereby reducing the net income and the retained earnings.

c. Journal Entries to correct errors:

Debit 2021 Inventory $67,000

Credit 2022 Inventory $67,000

To correct the error.

December 31, 2021

Debit Purchase $97,000

Credit Accounts Payable $97,000

To record the purchase of merchandise, shipped FOB shipping point on December 28, 2021.

Explanation:

a) Data and Calculations:

Physical count Inventory =             $467,000

FOB shipping point 2021 =                28,500

December 28 FOB shipping point = 97,000

December 31, 2021 balance =     $592,500

The error would increase the cost of goods sold, thereby reducing the net income and the retained earnings.

Journal Entries to correct errors:

December 31, 2021

a. 2021 Inventory $67,000  2022 Inventory $67,000.  The records should be for 2021 and not 2022.

b. This only affects the physical count and not the records.

c. Purchase $97,000  Accounts Payable $97,000. Both the physical count and the records were omitted.

There is an investment with the discount rate of 6 %. What should be the present value of the investment if we want to get a net cash flow of $17500;
a) After 1 year
b) After 2 years

Answers

Answer:

a. $16,509.434

b. $15,574.94

Explanation:

The computation of the present value in each case is as followS:

As we know that

Present Value = Future Value ÷ (1+ rate of interest)^number of years

a. AFter one year

= $17,500 ÷ (1 + 0.06)^1

= $16,509.434

b. After 2 years

= $17,500 ÷ (1 + 0.06)^2

= $17,500 ÷ 1.1236

= $15,574.94

Hence, the present value after one year and 2 years is $16,509.434 and $15,574.94 respectively

Lakeview Company completed the following two transactions. The annual accounting period ends December 31.
On December 31, calculated the payroll, which indicates gross earnings for wages ($64,000), payroll deductions for income tax ($6,400), payroll deductions for FICA ($4,800), payroll deductions for American Cancer Society ($2,400), employer contributions for FICA (matching), and state and federal unemployment taxes ($560). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded.
Collected rent revenue of $5,700 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 12 to January 10 and was credited in full to Deferred Revenue.
Required:
1. & 2. Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry on December 31.
3. Show how any of the liabilities related to these items should be reported on the company’s balance sheet at December 31.

Answers

Answer: Check attachment and explanation.

Explanation:

a. The question has been solved. Check the attachment.

b. LAKEVIEW COMPANY

Balance sheet (Partial)

December 31

Current liabilities

FICA Payable=$4800 + $4800= $9600

Charitable contribution payable = $2400

Withheld income tax payable = $6400

State and Federal unemployment tax payable = $560

Unearned rent revenue = $5700 - $3800 = $1900

Total current liabilities = $20860

Tax laws permit installment sales, which are recognized in the year of sale for financial reporting purposes, to be reported in the tax return later when cash is received. This results in a deferred tax liability because taxable income is _______ than financial income in the year of sale, and _______ than financial income in later years when collected. Multiple choice question. higher; lower higher; higher lower; lower lower; higher

Answers

Answer:

lower; higher.

Explanation:

Taxation can be defined as the involuntary or compulsory fees levied on individuals or business entities by the government to generate revenues used for funding public institutions and activities.

The different types of tax include the following;

1. Income tax: a tax on the money made by workers in the state. This type of tax is paid by employees with respect to the amount of money they receive as their wages or salary.

2. Property tax: a tax based on the value of a person's home or business. It is mainly taxed on physical assets or properties such as land, building, cars, business, etc.

3. Sales tax: a tax that is a percent of the price of goods sold in retail stores. It is being paid by the consumers (buyers) of finished goods and services and then, transfered to the appropriate authorities by the seller.

Generally, installment sales are permitted or allowed by the tax laws in a country. Typically, they are recognized in the year of sale for the purpose of financial reporting. Also, installment sales for any goods or services are to be reported in the tax return, at a later time when cash is received from the customer (buyer).

This results in a deferred tax liability because taxable income is lower than financial income in the year of sale, and higher than financial income in later years when collected.

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