Windsor, Inc. uses a perpetual inventory system and reported $548,000 of inventory at the beginning of the month. During the month, the company bought $50,000 of inventory and sold inventory that had cost $35,250. At the end of the month, the physical count of inventory shows $560,000 on hand. How much shrinkage occurred during the month

Answers

Answer 1

Answer:

$2750

Explanation:

How much shrinkage occurred during the month can be calculated as Summation of Beginning inventory recorded +Inventory bought during the month-Inventory sold-Physical inventory at end of month

$548,000+$50,000- $35,250- $560,000

=$2750

The amount of shrinkage occurred during the month is $2750


Related Questions

Which activity combines inventory management, order processing, warehousing, material handling, and transportation

Answers

Answer:

Physical distribution.

Explanation:

In Business marketing, physical distribution can be defined as all the series of activities with respect to the supply of finished goods from production line (factory) to the end users or consumers.

Physical distribution is an activity which combines inventory management, order processing, warehousing, material handling, customer service, packaging, market forecasting, logistics and transportation.

Basically, physical distribution deals with the planning, organizing, implementation and control of the movement of goods and services in order to meet the demands of consumers.

1. You are 26 years old, married, and have two small children. You have a household income (take-home pay) of $3,500 per month and currently rent your home. You have and pay many bills, and make many purchases (usually by debit card) each month. You often lose track of spending and end up paying unnecessary bank fees. You would like to buy a new car in five months and a new home in two years. To avoid overdrafts, you chose "opt-in" overdraft protection with your bank. You just received your bank statement, which states a balance of $691, while your check register says you have a balance of $800. Which of the following accounts would be best for?
Purpose Type of accountA) Satisfying your day-to-day spending needs? ___________ B) Making and holding funds for your car purchase? ___________C) Making and holding funds for your home purchase? ___________D) Making and holding funds for your retirement?
A. Stock and bond portfolio.
B. NOW account.
C. NOW account.
D. Mutual funds.
2. Which of the following accounts is typically not insured?A. Mutual Funds.B. NOW account.
C. Certificate of deposit.
D. Statement savings account.
3. Which of the following practices would help you keep accurate records regarding the funds in your bank account?
A. Keep track of your balance online.B. Immediately record the date and amount of each transaction in your check register and calculate the new balance.C. Wait for the printed bank statement to arrive in the mail to know what payments and receipts have cleared your account.4. You can avoid a service fee on an average-balance account if you:______.
A. Issue a stop-payment order when you find yourself overdrawn.B. Keep a certain average daily balance in the account through a specified time.C. Avoid an overdraft for a specified time.D. Have your paycheck automatically deposited into your account each pay period.

Answers

Answer:

1. A) Satisfying your day-to-day spending needs?

Statement Savings account

Bank statements will hep you keep track of the balance.

B) Making and holding funds for your car purchase?

NOW Account.

An account that earns interest yet allows the owner to write drafts against the money in the account. This would be good here as it will increase the funds you are saving for the car purchase.

C) Making and holding funds for your home purchase?

NOW Account.

NOW stands for Negotiable Order of Withdrawal account and would work here as well.

D) Making and holding funds for your retirement?

Certificate of Deposit.

These are offered by banks and earn a higher interest return. They however have to be locked up for a while without withdrawing so they are great for retirement saving.

2. Which of the following accounts is typically not insured?

A. Mutual Funds.

Mutual funds are not financial deposits so will not be covered by the Federal Deposit Insurance Corporation (FDIC).

3. Which of the following practices would help you keep accurate records regarding the funds in your bank account?

A. Keep track of your balance online.B. Immediately record the date and amount of each transaction in your check register and calculate the new balance.

4. You can avoid a service fee on an average-balance account if you:

B. Keep a certain average daily balance in the account through a specified time

A local taxi company advertises being able to make cabs available to riders within 5 minutes. They have recruited several cab drivers to ensure that they meet this promise. Which dimension of the customer utility function they are appealing to

Answers

Answer:

The correct answer is:

Timing

Explanation:

The utility function measures the level of satisfaction or the welfare of a consumer, as a function of the consumption of real goods or services. The dimensions of consumer utility function include; Fit, Timing, Location, performance, and price.

Fit: This has to do with the design of a product, satisfying a context-specific problem. That is the product "fits" the need of the consumer

Timing: This covers the length of time between when the consumer places an order to when the order arrives. A short timing is satisfying to the consumer. In this example, the timing of 5 minutes or comparatively ideal for cabs being available to riders.

Location: The location entails the extent of coverage within a country or region that the product can be accessed. Particularly in rural settings.

Performance: performance has to do with the efficiency of the product/service in the process of it being used

Price: price is the amount at which the product is made available to the consumers.

Toil & Oil processes crude oil to jointly produce gasoline, diesel, and kerosene. One batch produces 3,415 gallons of gasoline, 2,732 gallons of diesel, and 1,366 gallons of kerosene at a joint cost of $12,000. After the split-off point, all products are processed further, but the estimated market price for each product at the split-off point is as follows:
Gasoline $2 per gallon
Diesel 1 per gallon
Kerosene 3 per gallon
Using the market value at split-off method, allocate the $12,000 joint cost of production to each product.
Joint Product Allocation
Gasoline $
Diesel
Kerosene
Totals $

Answers

Answer: See attachment

Explanation:

Allocation rate was calculated as:

Gasoline: 6830/13660 × 100 = 50%

Diesel: 2732/13660 × 100 = 20%

Kerosene: 1366/13660 × 100 = 30%

Cost to be allocated:

Gasoline = 50% × $12000 = $6000

Diesel: 20% × $12000 = $2400

Kerosene: 30% × $12000 = $3600

Check the attachment for further details.

What is a premium in personal finance HEEEEELLPPP

Answers

Premium has multiple meanings in finance, with the first being the total cost to buy an option. A premium is also the difference between the price paid for a fixed-income security and the security's face amount at issue.

Source: Investopedia

Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals
a. Cash used for purchase of office supplies, $1,650
b. Cash provided from consulting to customers, $43,100
c. Cash used for purchase of mining equipment, $68,000.
d. Cash provided from long-term borrowing, $55,000
e. Cash used for payment of employee salaries, $23,500.
f. Cash used for payment of office rent, $11,500
g. Cash provided from sale of equipment purchased in c. above, $22,000
h. Cash used to repay a portion of the long-term borrowing in d. above, $37,500
i. Cash used to pay office utilities, $3,800
j. Purchase of company vehicle, paying $9,500 cash and borrowing $14,500
Required:
Calculate cash flows from investing activities. (List cash outflows as negative amounts.)

Answers

Answer:

Net cash used in investing activities = ($55,500)

Explanation:

            Cash flows from Investing activities    

Transaction                                                             Amount

Cash used for purchase of mining equipment    -$68,000

Cash provided from sale of equipment               +$22,000

purchased in c. above

Purchase of company vehicle.                              -$9,500

Net cash used in investing activities                  -$55,500

Cushenberry Corporation had the following transactions. 1. Sold land (cost $12,000) for $15,000. 2. Issued common stock at par for $20,000. 3. Recorded depreciation on buildings for $17,000. 4. Paid salaries of $9,000. 5. Issued 1,000 shares of $1 par value common stock for equipment worth $8,000. 6. Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200.

Required:
For each transaction above, (a) prepare the journal entry, and (b) indicate how it would affect the statement of cash flows using the indirect method.

Answers

Answer:

Entries are given

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

Sold land (cost $12,000) for $15,000.

Dr Cash                  15,000

Cr Land                                          12,000

Cr Gain on Sale                             3,000

Increase investing cash flows by 15,000. and 3000 gain will be deducted from operating activities

Issued common stock

Dr Cash                                            20,000

Cr Common Stock                                        20,000

Increase financing cash flows by 20,000

Recorded depreciation on buildings for $17,000.

Dr Depreciation Expense             17,000

Cr Accumulated Depreciation                      17,000

This will not affect cash flow.

Paid salaries of $9,000.

Dr Salaries Expense                     9,000

Cr Cash                                                          9,000

Decrease operating activities cash flow by $9,000.

Issued 1,000 shares of $1 par value common stock for equipment

Dr Equipment                                                8,000

Cr Additional paid-in capital Common Stock            7,000

Cr Common Stock                                                          1,000

It doesn't  involve any cash however affects the company financial position so it will be recorded in schedule of non cash financing and investing activities

Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200.

Dr Cash                                         1,200

Dr Accumulated Depreciation    7,000

Dr Loss on Disposal                     1,800

Cr Equipment                                                        10,000

There would be an increased cash flow of $1,200 under investing activities.

Blaster Corporation manufactures hiking boots. For the coming year, the company has budgeted the following costs for the production and sale of 30,000 pairs of boots.
Budgeted Costs Budgeted Costs per Pair Percentage of Costs Considered Variable
Direct materials $ 630,000 $ 21 100 %
Direct labor 300,000 10 100
Manufacturing overhead
(fixed and variable) 720,000 24 25
Selling and administrative
expenses 600,000 20 20
Totals $ 2,250,000 $ 75
Required:
a. Compute the sales price per unit that would result in a budgeted operating income of $900,000, assuming that the company produces and sells 30,000 pairs. (Hint: First compute the budgeted sales revenue needed to produce this operating income.) Assume that the company decides to sell the boots at a unit price of $121 per pair.
b-1. Compute the total fixed costs budgeted for the year.
b-2. Compute the variable cost per unit.
b-3. Compute the contribution margin per pair of boots.
b-4. Compute the number of pairs that must be produced and sold annually to break even at a sales price of $121 per pair.

Answers

Answer:

a. Sales volume = (Fixed costs + Target income) / Contribution margin per unit

     Fixed costs = ( Percentage of fixed Selling and Admin expenses) +  

      Percentage of fixed Manufacturing expenses

     = 600,000 * 80% + 720,000 * 75%

     = 480,000 + 540,000

     = $1,020,000

30,000 units = (1,020,000 + 900,000) / Contribution Margin per unit

Contribution margin per unit = 1,920,000/30,000

= $64

Sales per unit = Contribution margin per unit  + Variable cost per unit

       Variable Cost per unit = 21 + 10 + (24*25%) + (20 * 20%)

        = $41

Sales per unit = 64 + 41

= $105 per unit

b - 1. Fixed costs = ( Percentage of fixed Selling and Admin expenses) + Percentage of fixed Manufacturing expenses

= 600,000 * 80% + 720,000 * 75%

= 480,000 + 540,000

= $1,020,000

b - 2. Variable Cost per unit

= Direct materials + Direct Labor + variable percentage of Manufacturing overhead cost per unit + variable percentage of Selling and administrative per unit

= 21 + 10 + (24*25%) + (20 * 20%)

= $41

b - 3. Contribution margin = Selling price - Variable cost

= 121 - 41

= $80

b - 4. Breakeven Point = Fixed Cost / Contribution margin

= 1,020,000/80

= 12,750 units

(D)
Life membership fees received by a club is
A. Revenue receipt
(B)
(C) Both (A) and (B)
(D)
Capital receipt
None of these​

Answers

Answer:

(D)  Capital receipt

Explanation:

The life membership fee is a one-time lump sum amount paid by a new member. It gives a member access to the club facilities for the rest of their lives. Life membership is treated as a capital receipt and added to the capital fund. It appears on the liabilities side in the balance sheet.

Life membership is not treated as income for a particular year because the one-time payments permit a member lifetime access to the club services.

The following transactions occur for the Wolfpack Shoe Company during the month of June:
Provide services to customers for $30,000 and receive cash.
Purchase office supplies on account for $20,000.
Pay $7,000 in salaries to employees for work performed during the month.
1. Analyze each transaction.
2. Record the transaction.
3. Post the transaction to T-accounts. Assume the opening balance in each of the accounts is zero.

Answers

Answer:

1.

Assets = $30,000 (increase) and Revenue = $30,000 (increase)

Assets = $20,000 (increase) and Liabilities = $20,000 (increase)

Assets = $7,000 (decrease) and Liabilities = $7,000 (decrease)

2.

Cash $30,000 (debit)

Service Revenue $30,000 (credit)

Cash Received for Service Rendered

Office Supplies $20,000 (debit)

Accounts Payable $20,000 (credit)

Office Supplies purchased on credit

Salaries Expense $7,000 (debit)

Cash $7,000 (credit)

Salaries Paid

3.

Cash Account

Debit :

Service Revenue          $30,000

Credit :

Salaries Payable             $7,000

Balance c/d                   $23,000

Revenue Account

Debit :

Balance c/d                  $30,000

Credit :

Cash                             $30,000

Office Supplies Account

Debit :

Accounts Payable       $20,000

Credit :

Balance c/d                 $20,000

Accounts Payable Account

Debit :

Balance c/d                $20,000

Credit :

Office Supplies          $20,000

Salaries Expense Account

Debit :

Cash                             $7,000

Credit :

Balance c/d                 $7,000

Explanation:

Accounting starts with analyzing transactions and their effects on Assets, Liabilities, Equity, Revenues and Expenses.

The next stage is to record the transactions in Journals. See journals and narrations above.

Then the preparation of Ledger Accounts using the Journal entries.

Presented below are a number of balance sheet accounts of Deep Blue Something, Inc. For each of the accounts below, indicate the proper balance sheet classification.
Balance Sheet Accounts
Balance Sheet Classification
(a) Investment in Preferred Stock.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(b) Treasury Stock.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(c) Common Stock.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(d) Dividends Payable.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(e) Accumulated Depreciation-Equipment.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(f)(1) Construction in Process (Constructed for another party).
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(f)(2) Construction in Process (Constructed for the use of Deep Blue Something, Inc.).
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(g) Petty Cash.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(h) Interest Payable.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(i) Deficit.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(j) Equity Investments (trading).
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(k) Income Taxes Payable.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(l) Unearned Subscription Revenue.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(m) Work in Process.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity
(n) Salaries and Wages Payable.
Presented below are a number of balan Current AssetCurrent LiabilityProperty, Plant, and EquipmentRetained EarningsShareholders’ Equity

Answers

Answer

S/N   Balance Sheet Accounts            Balance Sheet Classification

(a)  Investment in Preferred Stock     Current Asset

(b)  Treasury Stock                              Shareholders’ Equity

(c)  Common Stock                              Shareholders’ Equity

(d)  Dividends Payable                         Current Liability

(e)  Accumulated Depreciation           Property, Plant, and Equipment

     -Equipment  

(f)-1 Construction in Process                 Current Assets

      (Constructed for another party).  

(f)-2 Construction in Process                Property, Plant, and Equipment

     (Constructed for the use of Deep Blue Something, Inc.).

(g)    Petty Cash.                                    Current Assets

(h)    Interest Payable                            Current Liability

(i)     Deficit                                             Retained Earning

(j)     Equity Investments (trading)         Current Assets

(k)    Income Taxes Payable                   Current Liability

(l)     Unearned Subscription Revenue  Current Liability

(m)   Work in Process                              Current Assets

(n) Salaries and Wages Payable         Current Liability

Question 9 of 10
How should an annual business license fee be recorded in a journal entry?
A. As a credit, because it is an increased liability
B. As a credit, because it creates equity
C. As a debit, because it is an increased expense
D. As a debit, because it is a loss
SNBMIT

Answers

Answer:

Explanation:

As a debit, because it is an increased expence

Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Co. under credit 7 Macy returns 125 units because they did not fit the customer 's needs (invoice amount: $1,750). Allied restores 8 Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied sends cash per unit (for a total cost of $20,000) terms 2/10, n/60. The goods cost Allied $15,000 the units, which cost $1,250, to its inventory. Macy a credit memorandum for $300 toward the original invoice amount to compensate for the damage allowances, and any cash discount. 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, Exercise 5-4 Recording sales, sales returns, and sales allowances LO P2
Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. (Allied estimates returns using an adjusting entry at each year-end.) View transaction list Journal entry worksheet Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000).
Note: Enter debits before credits. Date General Journal Debit Credit May 03

Answers

Answer:

May 3 No Journal Entry

May 5

Dr Merchandise Inventory 21,000

Cr Accounts Payable 21,000

May 7

Dr Accounts Payable 1,750

Cr Merchandise Inventory 1,750

May 8

Dr Accounts Payable 300

Cr Merchandise Inventory 800

May 15

Dr Accounts Payable 18,950

Cr Merchandise Inventory 379

Cr Cash 18,571

Explanation:

Preparation of Journal entries

May 3 No Journal Entry

May 5

Dr Merchandise Inventory 21,000

(1,500 * $14 per unit )

Cr Accounts Payable 21,000

(To record the purchase of inventory)

May 7

Dr Accounts Payable 1,750

Cr Merchandise Inventory 1,750

(To record the purchase return)

May 8

Dr Accounts Payable 300

Cr Merchandise Inventory 800

(To record the allowance to Macy)

May 15

Dr Accounts Payable 18,950

($21,000-$1,750-$300)

Cr Merchandise Inventory 379

($21,000-$1,750-$300)*2%

Cr Cash 18,571

($21,000-$1,750-$300)*98%

(To record the payment on account)

Support Department Cost Allocation-Direct Method Charlie's Wood Works produces wood products (e.g., cabinets, tables, picture frames, and so on). Production departments include Cutting and Assembly. The Janitorial and Security departments support the Cutting and Assembly departments. The Assembly Department spans about 42,560 square feet and holds assets valued at about $77,520. The Cutting Department spans about 33,440 square feet and holds assets valued at about $126,480. Charlie's Wood Works allocates support department costs using the direct method. If costs from the Janitorial Department are allocated based on square feet and costs from the Security Department are allocated based on asset value.
a. Determine the percentage of Janitorial costs that should be allocated to the Assembly Department.
b. Determine the percentage of Security costs that should be allocated to the Cutting Department.

Answers

Answer:

a. 56%

b. 62%

Explanation:

a. Janitorial costs are allocated based on square feet.

Assembly Department Square feet = 42,560

Total area for both departments = 42,560 + 33,440 = $76,000

Percentage of costs

= 42,560/ 76,000

= 56%

b. Security costs are allocated based on asset value.

Cutting Department Asset Value = $126,480

Total asset value for both departments = 77,520 + 126,480 = $204,000

Percentage of costs

= 126,480/ 204,000

= 62%

Flintlnc. provided the following information for the year 2017.
Retained earnings, January 1, 2017 $ 589,400
Administrative expenses 246,000
Selling expenses 307,200
Sales revenue 1,812,200
Cash dividends declared 83,000
Cost of goods sold 821,500
Loss on discontinued operations 78,200
Rent revenue 40,200
Unrealized holding gain on available-for-sale securities 16,900
Income tax applicable to continuing operations 192,700
Income tax benefit applicable to loss on discontinued operations 43,010
Income tax applicable to unrealized holding gain on available-for-sale securities
2,000
1. Prepare a single-step income statement for 2017. Shares outstanding during 2017 were 100,000. (Round earnings per share to 2 decimal places, e.g. $1.48.)
2. Prepare aretained earning statement for 2017. Shares outstanding for 2017 were 100000.

Answers

Answer: See explanation

Explanation:

1. Prepare a single-step income statement for 2017. Shares outstanding during 2017 were 100,000. (Round earnings per share to 2 decimal places, e.g. $1.48.)

The income from continuing operations for earnings per share was calculated as:

= 285000/100000

= $2.85

The loss on discontinued operations was calculated as:

= 35190/100000 shares

= 0.35

Check the attachment for the solution.

2. Prepare aretained earning statement for 2017. Shares outstanding for 2017 were 100000.

Check the attachment for the solution

Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,283,744 as follows.
Work in process, November 1 Materials $78,600 Conversion costs 48,700 $127,300 Materials added 1,592,280 Labor 225,100 Overhead 339,064 Production records show that 35,200 units were in beginning work in process 30% complete as to conversion costs, 661,000 units were started into production, and 25,400 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process.
(a) Determine the equivalent units of production and the unit production costs for the Assembly Department.
(Round unit costs to 2 decimal places, e.g. 2.25.)
Materials Conversion Costs
Equivalent Units
Cost per unit $ $
(b) Determine the assignment of costs to goods transferred out and in process.
(c) Prepare a production cost report for the assembly dept.

Answers

Answer:

a.

Equivalent Units : Materials = 696,200 units and  Conversion Costs = 680,960 units

Cost per unit : Materials = $2.40 and  Conversion Costs = $0.90

b.

goods transferred out =  $2,213,640

goods in process = $70,104

c.

Production cost report for the assembly department

Inputs :

Opening Balance                                     $127,300

Costs added during the year :

Materials                                                $1,592,280

Labor                                                        $225,100

Overhead                                               $ 339,064

Total Costs                                            $2,283,744

Outputs :

Completed and Transferred Out         $2,213,640

Ending Work In Process                            $70,104

Total Costs                                           $2,283,744

Explanation:

First, calculated the number of units completed and transferred to finished goods.

Number of units completed and transferred = Beginning Inventory Units + Units Started during the period - Ending Inventory Units

Number of units completed and transferred = 35,200 units + 661,000 units -  25,400 units

                                                                         = 670,800 units

Calculation of Equivalent Units of Production with Respect to Raw Materials and Conversion Costs.

1. Materials

Ending Work In Process (25,400 × 100%)                                       =   25,400

Completed and Transferred (670,800 × 100%)                              = 670,800

Equivalent Units of Production with Respect to Raw Materials     = 696,200

2. Conversion Costs

Ending Work In Process (25,400 × 40%)                                         =    10,160

Completed and Transferred (670,800 × 100%)                              = 670,800

Equivalent Units of Production in Conversion Costs                     = 680,960

Calculation of Total Unit Cost

Unit Cost = Total Costs ÷ Total Equivalent Units

1. Materials

Unit Cost = ($78,600 + $1,592,280) ÷ 696,200

                = $2.40

2. Conversion Costs

Unit Cost = ($48,700 + $225,100 + $339,064 ) ÷ 680,960

                = $0.90

3. Total Unit Cost

Total Unit Cost = Materials + Conversion Costs

                         = $2.40 + $0.90

                         = $3.30

Calculation of costs assigned to goods transferred out and in process.

Goods transferred out = Units completed and transferred × total unit cost

                                      = 670,800 × $3.30

                                      = $2,213,640

Units in Process = Material Costs + Conversion Cost

                            = (25,400 × $2.40) + (10,160 × $0.90)

                            = $70,104

Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Co. for Year 1.

Salaries expense $122,000 Beginning retained earnings $61,100
Common stock 110,000 Warranties payable (short term) 6,500
Notes receivable (short term) 32,500 Gain on sale of equipment 19,000
Allowance for doubtful accounts 19,000 Operating expenses 65,000
Accumulated depreciation 66,000 Cash flow from investing activities 116,000
Notes payable (long term) 160,000 Prepaid rent 38,000
Salvage value of building 21,000 Land 95,000
Interest payable (short term) 6,000 Cash 41,000
Uncollectible accounts expense 45,000 Inventory 101,000
Supplies 6,500 Accounts payable 55,000 Equipment 243,000
Interest expense 36,000 Interest revenue 6,200
Salaries payable 68,000 Sales revenue 940,000
Unearned revenue 47,000 Dividends 20,000
Cost of goods sold 595,000 Warranty expense 9,200
Accounts receivable 108,000 Interest receivable (short term) 3,600
Depreciation expense 3,000

Answers

Answer:

                                 Eller Equipment Co.

                                  Income statement

Particular                                  Amount($)  Amount ($)

Sales revenue                                                940,000

Less: Cost of good sold                                 (595,000)

Gross margin                                                   345,000

Operating expenses

Salaries expenses                         122,000  

Operating expenses                     65,000  

Warranty expenses                        9,200

Un-collectible account expenses  45,000  

Depreciation expenses                 3,000

Total operating expenses                                (244,200)

Operating income                                              100,800

Non-operating expenses

Interest revenue                            6,200  

Interest expenses                        (36,000)

Gain on sale of equipment            19,000  

Total non-operating items                                   (10,800)

Net Income                                                          $90,000

                                   Balance Sheet

Assets                                          Amount$

Current Assets                                    

Cash                                                            41,000  

Accounts receivable                  108,000

Less: Allowance for doubtful    (19,000)  89,000

accounts

Merchandise inventory                             101,000  

Interest receivable                                     3600

Prepaid rent                                                38,000  

Supplies                                                      6,500  

Notes receivable                                        32,500

Total current assets                                                           311,600

Property Plant and Equipment    

Equipment                                    243,000  

Less: Accumulated depreciation (66,000)   177,000  

Land                                                                 95,000

Total property plant and equipment                                 272,000

Total Assets                                                                        583,600

Liabilities and Stockholder Equity

Current liabilities

Account payable                     55,000  

Unearned revenue                  47,000  

Warranties payable                  6,500  

Interest payable                        6,000  

Salaries payable                       68,000

Total current liabilities                                                  182,500

Long-term liabilities  

Notes payable                     160,000

Total long-term liabilities                                               160,000

Stockholders equity

Common stock                            110,000  

Retained earning                         131,100

Total stockholders equity                                              241,100

Total liabilities and stockholders equity                    $583,600

Workings

Retained earning = Beginning retained earning + Net income - Dividend  

= 61,100 + 90,000 - 20,000

= 131,100

Pearsall Company's defined benefit pension plan had a PBO of $275,000 on January 1, 2021. During 2021, pension benefits paid were $45,000. The discount rate for the plan for this year was 11%. Service cost for 2021 was $88,000. Plan assets (fair value) increased during the year by $55,000. The amount of the PBO at December 31, 2021, was:

Answers

Answer:

$329,150

Explanation:

Calculation for the amount of the PBO at December 31, 2021

PBO/1/1 $265,000

Add Service Cost 80,000

Add Interest Cost 29,150

($265,000 x 11%)

Less Benefits Paid (45,000)

PBO 12/31 $329,150

Therefore The amount of the PBO at December 31, 2021, was: $329,150

What should be the initial markup percent in a department that has the following figures: Net sales $320,000 Markdowns 7,800 Expenses 105,000 Employee discounts 1,950 Shortages 2,750 Alterations 1,025 Cash discounts 950 Profit 7.5%

Answers

Answer:

42.58%

Explanation:

Calculation for What should be the initial markup percent

First step is to calculate the gross margin using this formula

Gross Margin = Profit + Expenses,

Let plug in the formula

Gross margin = 105,000+24,000

Gross margin= 129,000

Second step is to calculate the reduction using this formula

Reduction = Markdown + Employee discount + Shortages

Let plug in the formula

Reduction = 7,800+1,950+2,750

Reduction = 12,500

Last step is to calculate the Intial Markup Percentage using this formula

Intial Markup Percentage = ( Gross margin + Reduction + Alteration - Cash Discount) / (Sales + Reduction)

Let plug in the formula

Intial Markup Percentage = (129,000+12,500+1,025-950) / (320,000+12,500)

Intial Markup Percentage = =141,575/332,500

Intial Markup Percentage =42.58%

Therefore What should be the initial markup percent is 42.58%

Dale’s Business Services experienced the following events during its first year of operations:
1. Acquired $20,000 cash from the issue of common stock.
2. Borrowed $12,000 cash from First Bank.
3. Paid $5,000 cash to purchase land.
4. Received $25,000 cash for providing boarding services.
5. Acquired an additional $5,000 cash from the issue of common stock.
6. Purchased additional land for $4,000 cash.
7. Paid $10,000 cash for salary expense.
8. Signed a contract to provide additional services in the future.
9. Paid $1,200 cash for rent expense.
10. Paid a $1,000 cash dividend to the stockholders.
11. Determined the market value of the land to be $18,000 at the end of the accounting period.
Required:
Classify each event as an asset source, use, or exchange transaction or as not applicable (NA).

Answers

Answer:

Explanation:

AS U BEING MY FRIEND I WILL WARN ABOUT MY HUMAN BEING IN THE TELESCOPE. BUT WHAT I REALLY NEED TO TALK TO U ABOUT IS THE FLYING SAUSAGE INCIDENT I DON’T THINK I TALKED TO U ABOUT THIS BUT U REALLY SHOULD KNOW THAT I AM SECRETLY A FLYING SAUSAGE NOT ONLY AM I A FLYING SAUSAGE BUT I AM THE FLYING SAUSAGE THAT TOOK THE WALKING CHEESEBURGERS PICKLES. I NEED UR HELP TO ESCAPE THE POLICE MEN BECAUSE THE ONLY REASON I STOLE HIS PICKLES WAS BECAUSE I WAS GOING THROUGH THIS THING WHERE ALL I WANTED TO DO WAS EAT PICKLES AND MY MOM WOULDN’T BUY ANY. I HAD NO MONEY SO I DIDN’T KNOW WHAT ELSE TO DO. I WALKED OVER TO THE CHEESEURGER AND TOOK HIS PICKLES. APPARENTLY THATS AGAINST THE LAW BUT I STILL DID IT. I ALREADY ATE THE PICKLES SO I CAN’T RETURN THEM. I ASKED BOBBYJO TO PUT ME IN A BOX AND SEND ME TO NORTH CAROLINA SO I AM NOW IN NEW ENGLAND I NEED U TO GO ON A SECRET MISSION AND GO BUY ME A PRIVATE JET U SEE I CAN NOT FLY ANYMORE SO I NEED SOMEONE TO SEND ME A PRIVATE JET NOT A AIRPLANE I ALREADY HAVE 2,345 AIRPLANES PLEASE DO NOT SEND ME AN AIRPLANE.PLEASE AND THANK YOU I HOPE U CAN COMPLETE MY MISSION.

THE YOUNG HOT WING

DID U KNOW THAT A LONG TIME AGO THERE ONCE WAS A YOUNG HOT WING HE WAS A VERY NICE HOT WING EXCEPT HE WANTED TO HE TOMATO'S NOT JUST NORMAL TAMATO'S BUT TOMATO'S FROM A CLOWNS NOSE. HE HAD TO HAVE THE CLOWNS NOSE'S FOR EVERY MEAL BUT THEY HAD TO BE USED.

THIS HOT WING ENDED UP AS A MODEL IN THE 1780'S. HE TURNED OUT NICE AND RED WITH HOT SAUCE. ONE DAY AT A MODELING SHOW A GUY DECIDED TO GO UP ON STAGE AND TAKE A BIG JUICY BITE OUT OF THE HOT WING. THE HOT WING CRIED AND CRIED FOR A MILLION YEARS BECAUSE HE COULD NO LONGER BE A MODEL. AFTER HE CRIED FOREVER HE WAS VERY MOLDY SO HE STARTED TO CRY AGAIN. AFTER THAT THE LITTLE MOLDY PARTS CAME OF OF HIM AND BECAME SERGEANTS THEY STICTICHED UP THE HOTWINGS WHOLE. BY NOW THE YOUNG HOT WING IS A VERY OLD BUT HE STILL COMPLETED HIS MODELING CAREER. AFTER THE SERGEANT'S FIXED UP THE HOT WING THEY GOT A HOTDOG AND ATE IT.

If a firm's beta was calculated as 1.6 in a regression equation, a commonly-used adjustment technique incorporating a weighting on long-run beta of 1.0 would provide an adjusted beta of

Answers

Answer: between 1 and 1.6

Explanation:

The Market Beta is 1.0 which is why in the long run, betas will equal 1 and so will move steadily towards 1 overtime.

The adjustment technique will therefore show a beta between 1 and 1.6 because the 1.6 will move on to 1 overtime.

To explain, the adjustment technique is as follows;

Adjusted beta = 2/3(sample beta) + 1/3(1)

= 2/3(1.6) + 1/3

= 1.4

The adjusted beta of 1.4 is between 1 and 1.6.

Headland Mining Company purchased land on February 1, 2020, at a cost of $1,169,500. It estimated that a total of 52,800 tons of mineral was available for mining. After it has removed all the natural resources, the company will be required to restore the property to its previous state because of strict environmental protection laws. It estimates the fair value of this restoration obligation at $96,300. It believes it will be able to sell the property afterwards for $107,000. It incurred developmental costs of $214,000 before it was able to do any mining. In 2020, resources removed totaled 26,400 tons. The company sold 19,360 tons. Compute the following information for 2020.
A) Per unit mineral cost.
B) Total material cost of December 31, 2020, inventory.
C) Total material cost in cost of goods sold at December 31, 2020.

Answers

Answer:

1. $26 per unit

2. $183,040

3. $503,360

Explanation:

1. Computation of per unit mineral cost

Per unit mineral cost=(1,169,500+96,300+214,000-107,000)/52,800

Per unit mineral cost=1,372,800/52,800

Per unit mineral cost=$26 per unit

Therefore the Per unit mineral cost will be $26 per unit

2. Computation of Total materials cost

Total materials cost= (26,400 tons-19,360 tons)*26

Total materials cost=7,040*26

Total materials cost=$183,040

Therefore the Total materials cost will be $183,040

3. Calculation for the Total materials cost in Cost of goods sold

Total materials cost in Cost of goods sold= (19,360*26)

Total materials cost in Cost of goods sold =$503,360

Therefore the Total materials cost in Cost of goods sold will be $503,360

( Please Help thank you.)

Franchisors in foreign countries must be aware of
A: Ease of communication
B: Shared currency Values
C. Political Risk
D: shared values and customs

Answers

Answer:

I think it's C but I'm not 100% sure.

Explanation:

Franchisors in foreign countries must be aware of political risks. Thus, the correct option is (C).

Economic problems, related legal systems, the lack of corruption, supply chain difficulties, and taxation must all be considered by franchisors.

A franchisor selecting a market in which to expand must have thorough market information as well as undertake a study of existing competitors in that area.

A corporation may choose to employ franchising as a marketing concept for business growth.

The vast majority of courts have ruled that franchisors may be held accountable for the actions of their franchisees and franchisee employees.

Therefore, the correct option is "C".

To know more about the Franchise, visit:

https://brainly.com/question/3032789

#SPJ6

A company purchased new furniture at a cost of $26,000 on September 30. The furniture is estimated to have a useful life of 5 years and a salvage value of $3,200. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the furniture for the first year ended December 31

Answers

Answer: Depreciation for 3 months  = $1140.

Explanation:

In straight line method, Depreciation for full year  = (Cost – Salvage value) ÷ useful life

Depreciation for full year = ($26,000 -$3,200 ) ÷ 5

= $(22800÷ 5)

= $ 4,560

Furniture was purchased on September 30, so depreciation will be calculated from October to December(3 months)

Depreciation for 3 months  = Yearly depreciation x ([tex]\dfrac3{12}[/tex])

= $4,560 x (0.25)

= $1140.

Hence, Depreciation for 3 months  = $1140.

How long will it take for Wyoming to double its economy if it maintains this growth rate? Give your answer to two decimals. g

Answers

Answer:

241.38 years

Explanation:

Please find attached an image of the full question used in answering this question

The rule of 70 can be used to calculate how long it would take for the GDP of a country to double.

the time it takes for GDP to double = 70 / growth rate

70 / 0.29 = 241.38 years

A financial institution where the users are the owners and generally share a common bond are known as

Answers

Answer:  Credit unions

Explanation:

Credit union is a nonprofit-making money institution whose members can borrow from deposits at low interest rates and share profits with owners.

Their aim is to serve each member by helping them to get funds at low interest .

Hence, a  financial institution where the users are the owners and generally share a common bond are known as Credit union.

What is a "debt-to-income" ratio?
OA. How much money you have to make every year in your job.
OB. How much money you owe in total versus how much you make.
O C. How much money you have to pay back on your income.
How much money you owe on your student loan compared with how much
OD.
you want to make in your job.

Answers

It’s how much you owe on your student loan compared with how much

Bren Co.'s beginning inventory at January 1, 2005 was understated by $26,000, and its ending inventory was overstated by $52,000. As a result, Bren's cost of goods sold for 2005 was:

Answers

Answer:

Change in COGS= $78,000 increase

Explanation:

We know that to calculate the cost of goods sold, we use the following formula:

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

If the beginning inventory is understated, it will increase the value of COGS.

If the ending inventory is overstated, the COGS  increase.

Change in COGS= 26,000 + 52,000

Change in COGS= $78,000 increase

What is the basic economic problem?

a
Creating stability in the stock market.
b
Making products available at places that are convenient for customers.
c
Being a competitive business in the marketplace.
d
Making choices about using limited resources to satisfy unlimited wants.

im on a test please help

Answers

It’s either c or d they make the most science honestly I’d say d tho

Target (TGT) recently earned a profit of $4.15 per share and has a P/E ratio of 23.19. Earnings have been growing at 11.5 percent per year over the past few years. If this growth continues, what would the stock price be in five years if the P/E ratio remains unchanged

Answers

Answer:

$165.85

Explanation:

Calculation for what would the stock price be in five years

First step is to calculate the EPS in 5 years

Using this formula

EPS in 5 years=EPS 0 (1+ Growth rate)^n

Let plug in the formula

EPS in 5 years=4.15*(1+11.5%)^5

EPS in 5 years=$7.1519

Now let calculate for the stock price in 5 years

Using this formula

Stock price in 5 years=P/E ratio*EPS in 5 years

Let plug in the formula

Stock price in 5 years=23.19*$7.1519

Stock price in 5 years=$165.85

Therefore what would the stock price be in five years is $165.85

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