Answer:
$11,048
Explanation:
Total Assets = Current Assets + Non - Current Assets
= $11,048
At December 31, 2020 and 2021, Oriole Company had outstanding 4000 shares of $100 par value 6% cumulative preferred stock and 18800 shares of $10 par value common stock. At December 31, 2020, dividends in arrears on the preferred stock were $13000. Cash dividends declared in 2021 totaled $44600. What amounts were payable on each class of stock
Answer:
See below
Explanation:
2020 2021
Allocation to preferred stock
Nil 44,600
Remainder to common stock
Nil 20,000
The following were selected from among the transactions completed by Babcock Company during November of the current year. Babcock uses the net method under a perpetual inventory system.
Nov. 3 Purchased merchandise on account from Moonlight Co., list price $89,000, trade discount 30%, terms FOB destination, 2/10, n/30.
4 Sold merchandise for cash, $38,210. The cost of the goods sold was $20,810.
5 Purchased merchandise on account from Papoose Creek Co., $51,550, terms FOB shipping point, 2/10, n/30, with prepaid freight of $730 added to the invoice.
6 Returned $14,000 ($20,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co.
8 Sold merchandise on account to Quinn Co., $15,010 with terms n/15. The cost of the goods sold was $10,190.
13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
14 Sold merchandise on VISA, $231,570. The cost of the goods sold was $142,060.
15 Paid Papoose Creek Co. on account for purchase of November 5.
23 Received cash on account from sale of November 8 to Quinn Co.
24 Sold merchandise on account to Rabel Co., $54,800, terms 1/10, n/30. The cost of the goods sold was $33,850.
28 Paid VISA service fee of $3,580.
30 Paid Quinn Co. a cash refund of $6,420 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,140.
Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTSBabcock CompanyGeneral Ledger
ASSETS
110 Cash
121 Accounts Receivable-Quinn Co.
122 Accounts Receivable-Rabel Co.
125 Notes Receivable
130 Inventory
131 Estimated Returns Inventory
140 Office Supplies
141 Store Supplies
142 Prepaid Insurance
180 Land
192 Store Equipment
193 Accumulated Depreciation-Store Equipment
194 Office Equipment
195 Accumulated Depreciation-Office Equipment
LIABILITIES
211 Accounts Payable-Moonlight Co.
212 Accounts Payable-Papoose Creek Co.
216 Salaries Payable
218 Sales Tax Payable
219 Customer Refunds Payable
221 Notes Payable
EQUITY
310 Common Stock
311 Retained Earnings
312 Dividends
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Goods Sold
521 Delivery Expense
522 Advertising Expense
524 Depreciation Expense-Store Equipment
525 Depreciation Expense-Office Equipment
526 Salaries Expense
531 Rent Expense
533 Insurance Expense
534 Store Supplies Expense
535 Office Supplies Expense
536 Credit Card Expense
539 Miscellaneous Expense
710 Interest Expense
Answer and Explanation:
The journal entries are shown below:
On Nov 3
Merchandise Inventory $62,300 ($89,000 × (1-30%))
To Accounts Payable-Moonlight Co $62,300
(Being inventory purchased on account)
On Nov 4
Cash $38,210
To Sales $38,210
(Being cash is recorded)
Cost of goods sold $20,810
To Merchandise Inventory $20,810
(Being cost of inventory is recorded)
On Nov 5
Merchandise Inventory $52,280 ($51,550 + $730)
To Accounts Payable-Papoose Creek $52,280
(Being inventory purchased on account)
On Nov 6
Accounts Payable-Moonlight Co. $14,000
To Merchandise Inventory $14,000
(Being returned goods is recorded)
On Nov 8
Accounts Receivable-Quinn Co $ 15,010
To Sales $15,010
(Being sales is recorded)
Cost of goods sold $10,190
To Merchandise Inventory $10,190
(Being cost of inventory is recorded)
On Nov 13
Accounts Payable-Moonlight Co. 48,300 (62,300- 14,000)
To Cash 47,334
To Merchandise Inventory 966 ($48,300 × 2%)
(being cash paid is recorded)
On Nov 14
Cash $231,570
To Sales $231,570
(Being cash is recorded)
Cost of goods sold $142,060
To Merchandise Inventory $142,060
(Being cost of inventory is recorded)
On Nov 15
Accounts Payable-Papoose Creek $52,280
To Cash $51,249
To Merchandise Inventory 1,031 ($51,550 ×2%)
(Being cash paid is recorded)
On Nov 23
Cash $15,010
To Accounts Receivable-Quinn Co $15,010
(Being cash collection is recorded)
On Nov 24
Accounts Receivable-Rabel Co. $54,800
To Sales $54,800
(being sales is recorded)
Cost of goods sold $33,850
To Merchandise Inventory $33,850
(Being cost of inventory is recorded)
On Nov 28
VISA service fees $3,580
To Cash $3,580
(Being cash paid is recorded)
On Nov 30
Sales returns and allowances $6,420
To Cash 6,420
(Being sales return is recorded)
Merchandise Inventory 3,140
To Cost of goods sold $3,140
(Being returned inventory is recorded)
Income Statement Project
2018 2019 2020
Revenue:
Book Sales
Ticket Sales
Total Revenue:
Expenses:
Salary
Depreciation
Supplies
Rent Insurance
Total Expense:
Net Income/Loss:
Directions: Build an income statement using the steps provided below.
1) The book store received $50,000 in book sales for 2018, with a 20% increase in revenue each year.
2) Jack's book store received $15,000 each year in ticket sales to book signing events.
3) Find the Total Revenue each year for 2018-2020 using cell referencing.
4) Jack's book store paid $16,000 in employee salaries in 2018. Each year his employee salary cost increased by 25%.
*5) Jack purchased store furniture for $25,000 that is expected to be used over the next 5 years.
6) Jack bought $3,000 in supplies in 2018 and supplies costing $1,000 were used up each year.
'7) Jack signed a contract to pay $800/month for rent between 2018-2020.
8) Jack's book store pays $500 each month to cover insurance.
9) Find the Total Expense each year for 2018-2020 using the SUM function.
10) Find the Net Income/Loss using cell referencing.
Answer:
Jack's Bookstore
Income Statement Projection:
2018 2019 2020
Revenue:
Book Sales $50,000 $60,000 $72,000
Ticket Sales 15,000 15,000 15,000
Total Revenue: $65,000 $75,000 $87,000
Expenses:
Salary $16,000 $20,000 $25,000
Depreciation 5,000 5,000 5,000
Supplies 1,000 1,000 1,000
Rent 9,600 9,600 9,600
Insurance 6,000 6,000 6,000
Total Expense: $37,600 $41,600 $46,600
Net Income/Loss: $27,400 $33,400 $40,400
Explanation:
a) Data and Calculations:
Book Sales for 2019 = $60,000 ($50,000 * 1.20)
Book Sales for 2020 = $72,000 ($60,000 * 1.20)
Salaries for 2019 = $20,000 ($16,000 * 1.25)
Salaries for 2020 = $25,000 ($20,000 * 1.25)
Depreciation expense per year = $5,000 ($25,000/5) using the straight-line method
Supplies Expense per year = $1,000 ($3,000/3)
Rent Expense per year = $9,600 ($800 * 12)
Insurance Expense per year = $6,000 ($500 * 12)
At the end of 2020, an italian subsidiary of a U.S. parent reports 1000000 euros in equipment purchased when the exchange rate was $.140, and 3000000 euros in equipment purchased when the exchange rate was $1.50. The avrage exchange rate for 2020 is $1.35, and the beginning and ending rates for 2020 are $1.42 and $1.31, respectively. If the Italian subsidiary's functional currency is the U.S. dollar, the equipment account, in U.S. dollars is
Answer: $5,900,000
Explanation:
If If the Italian subsidiary's functional currency is the U.S. dollar, the equipment account, in U.S. dollars will be calculated as:
Equipment purchased = € 1000000
Exchange rate = $1.40
Amount in dollars = $1,400,000
Equipment purchased = € 3000000
Exchange rate = $1.50
Amount in dollars = $4,500,000
Therefore, the equipment account, in U.S. dollars will be:
= $1,400,000 + $4,500,000
= $5,900,000
During the harsh winter of 1972-73:__________
A. people in the northeast did not have enough oil to heat their homes, but people elsewhere in the U.S. had enough oil to heat their swimming pools.
B. oil was diverted away from low-value uses (like heating swimming pools) to high-value uses (like heating homes in the northeast).
C. there was not enough oil for heating homes in the northeast or for heating swimming pools elsewhere in the U.S.
D. there was enough oil for heating homes in the northeast and for heating swimming pools elsewhere in the U.S.
Answer: A. people in the northeast did not have enough oil to heat their homes, but people elsewhere in the U.S. had enough oil to heat their swimming pools.
Explanation:
1973 saw the beginning of the energy crises after the Arab world placed an oil embargo on the U.S. As a result, gasoline and oil products became very expensive in the U.S. and had to be appropriately used.
The North-East did not suffer as much during this time New York receiving some of the lowest amounts of snow in modern history so less oil went to the north east for heating as it was ruled not to be cold enough.
Taylor Company began manufacturing operations on January 2, 20X1. During 20X1 Taylor reported pre-tax book income of $150,000 and had taxable income of $200,000. Taylor had a temporary difference relating to accrued product warranty costs which are expected to be paid as follows: 20X2$30,00020X3$15,00020X4$5,000 The enacted tax rates are 21% for 20X1 and 20X2; and 25% for 20X3 and 20X4. The deferred tax asset at the end of 20X1 is:
Answer:
$11,300
Explanation:
The computation of the deferred tax asset is shown below:
= 21%(20X2 Expense) + 25%(20X3 and 20X4 Expense)
= 21%($30,000) + 25%($15,000) + 25%($5,000)
= $6,300 + $3,750 + $1,250
= $11,300
which of the following articles of the US Consitution created the executive branch
Answer:
Article II
Explanation:
Article 2 of the constitutions vests executive power to the President of the USA
Suppose the town of Boone has a total population of 70,000 people. Of those, 65,000 people are employed. There are 1,000 full-time students who are not employed or actively seeking work. The rest of the people are out of work but have been actively seeking work within the past four weeks.
Instructions: In part a, round your answer to 1 decimal place. In part b, enter your answer as a whole number.
a. What is Boone’s unemployment rate?
percent
b. Suppose there are 1,000 people who are unemployed as a result of frictional unemployment and 2,000 people who are unemployed as a result of cyclical unemployment. How many people are unemployed as a result of structural unemployment?
Answer:
A. 5.8%
B. 1,000
Explanation:
Calculation for Boone’s unemployment rate
Unemployment rate=[(70,000-1,000)-65,000]/(70,000-1,000)*100
Unemployment rate=(69,000-65,000)/69,000*100
Unemployment rate=4,000/69,000*100
Unemployment rate=5.8%
Therefore Boone’s unemployment rate will be 5.8%
B. Calculation for How many people are unemployed as a result of structural unemployment
Unemployed people=[(70,000-1,000)-65,000]-1,000-2,000
Unemployed people= 4,000 - 1,000 - 2,000
Unemployed people=1,000
Therefore the numbers of people that are are unemployed as a result of structural unemployment will be 1,000
Umatilla Bank and Trust is considering giving Splish Brothers Inc. a loan. Before doing so, it decides that further discussions with Splish Brothers Inc.’s accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $247,680. Discussions with the accountant reveal the following.
1. Splish Brothers Inc. sold goods costing $50,590 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
2. The physical count of the inventory did not include goods costing $100,920 that were shipped to Splish Brothers Inc. FOB destination on December 27 and were still in transit at year-end.
3. Splish Brothers Inc. received goods costing $25,880 on January 2. The goods were shipped FOB shipping point on December 26 by Yanice Co. The goods were not included in the physical count.
4. Splish Brothers Inc. sold goods costing $54,220 to Ehler of Canada FOB destination on December 30. The goods were received in Canada on January 8. They were not included in Splish Brothers Inc. physical inventory.
5. Splish Brothers Inc. received goods costing $43,380 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $247,680.
Determine the correct inventory amount on December 31.
Answer:
the correct inventory amount is $284,400
Explanation:
The computation of the correct inventory amount is shown below:
= End year balance + FOB shipping point + fob destination - fob destination
= $247,680 + $25,880 + $54,220 - $43,380
= $284,400
Hence, the correct inventory amount is $284,400
Vet Meds is the pharmaceutical branch of a large medical research center for animals.Vet Meds often conducts surveys at veterinary hospitals and private vet clinics to identify potential areas for improvisation and growth.The company noted that many domestic pet owners reported finding it extremely difficult to give their dogs oral medication owing to the bitter taste of the medicines,which remained even when the medicines were mixed with food.In response to this finding,Vet Meds released oral medicines for dogs which came in various meat flavors.Which of the following segmentation approaches is used by Vet Meds to satisfy consumer needs?
A) Benefit segmentation
B) Psychographic segmentation
C) A priori segmentation
D) Social segmentation
Answer: Benefit segmentation
Explanation:
The segmentation approaches that is used by Vet Meds to satisfy consumer needs is referred to as the benefit segmentation.
Benefit segmentation is when the market is being divided based on the benefit, value or the advantage that consumers believe that they will get when they buy a particular product. This is the method used by Vet Meds.
A company expects to pay a dividend of $3.50 per share one year from today. the dividend is expected to grow at 30 percent per year for three years. Thereafter, the dividend will grow at 4 percent per year in perpetuity. if the appropriate discount rate for the stock is 13 percent, what is the price of the stock today
Answer: $70
Explanation:
Price = Present value of year 1 dividend + Present value of year 2 dividend + Present value of year 3 dividend + Present value of year 4 dividend + Present value of year 4 price
Year 4 price = Year 4 dividend / ( Required return - Growth rate after 3 years)
= (3.50 * 1.30³ * 1.04) / (13% - 4%)
= $88.856
Price = (3.50 / (1 + 13%)) + ( (3.50 * 1.3) / 1.13²) + ( (3.50 * 1.3²) / 1.13³) + ( (3.50 * 1.3³) / 1.13⁴) + 88.856/1.13⁴
= $69.97
= $70
Which of the statements is not true about a bank run? Bank runs are bad for the bank affected and usually good for the bank's competitors. Fears leading to bank runs can be self-fulfilling. Deposit insurance is designed to reduce the risk of bank runs for depository banks. There was a wave of bank runs during the Great Depression. Since the Great Depression the government has set up regulation that has eliminated most bank runs.
Answer:
Explanation:
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Eclipse Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Factory 2 Estimated factory overhead cost for fiscal year beginning August 1 $1,516,700 $1,074,600 Estimated direct labor hours for year 29,850 Estimated machine hours for year 52,300 Actual factory overhead costs for August $124,880 $98,910 Actual direct labor hours for August 2,700 Actual machine hours for August 4,350 Required: a. Determine the factory overhead rate for Factory 1. b. Determine the factory overhead rate for Factory 2. c. Journalize the Aug. 31 entries to apply factory overhead to production in each factory. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. d. Determine the balances of the factory overhead accounts for each factory as of August 31, and indicate whether the amounts represent
Answer and Explanation:
The computation is shown below:
a. Factory overhead rate for Factory 1 is
= Estimated factory overhead cost ÷ Estimated machine hours for the year
= $1,516,700 ÷ 52,300
= $29
b. Factory overhead rate for Factory 2 is
= Estimated factory overhead cost ÷ Estimated direct labor hours for the year
= $1,074,600 ÷ 29,850
= $36
c. The journal entry is shown below:-
1. Work in process Dr, $126,150 (4,350 × $29)
To Factory overhead $126,150
(To record the factory overhead)
2. Work in process Dr, $97,200 (2700 × $36)
To Factory overhead $97,200
(To record the factory overhead)
d. The balance of the factory overhead amounts for each factory as follows:
For Factory 1
= $124,880 - $126,150
= $1,270 Credit Overapplied
For Factory 2
= $98,910 - $97,200
= $1,710 Debit Underapplied
On January 1, 20X7, Poke Corporation acquired 25 percent of the outstanding shares of Shove Corporation for $100,000 cash. Shove Company reported net income of $75,000 and paid dividends of $30,000 for both 20X7 and 20X8. The fair value of shares held by Poke was $110,000 and $105,000 on December 31, 20X7 and 20X8 respectively. Based on the preceding information, what amount will be reported by Poke as income from its investment in Shove for 20X8, if it used the equity method of accounting
Answer:
$18,750
Explanation:
Income from investment = 25% * $75,000
Income from investment = 0.25 * $75,000
Income from investment = $18,750
The amount that will be reported by Poke as income from its investment in Shove for 20X8, if it used the equity method of accounting is $18,750
Fort Corporation had the following transactions during its first month of operations
1. Purchased raw materials on account, $85,000. 2. Raw Materials of $30,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials. 3. Factory labor costs incurred were $175,000 of which $145,000 pertained to factory wages payable and $30,000 pertained to employer payroll taxes payable. 4. Time tickets indicated that $145,000 was direct labor and $30,000 was indirect labor. 5. Overhead costs incurred on account were $198,000. 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 7. Goods costing $115,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods. 8. Finished goods costing $100,000 to manufacture were sold on account for $130,000.
Journalize the above transactions for Fort Corporation. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation
1.
2.
3.
4.
5.
6.
7.
8.
Answer:
Account title and description Debit Credit
Raw materials inventory $85,000
Accounts Payable $85,000
Account title and description Debit Credit
Work in Process $24,000
Manufacturing overhead $6,000
Raw materials inventory $30,000
Account title and description Debit Credit
Factory Labor $175,000
Factory wages payable $145,000
Payroll taxes payable $30,000
Account title and description Debit Credit
Work in process Inventory $145,000
Manufacturing overhead $30,000
Factory Labor $175,000
Account title and description Debit Credit
Manufacturing overhead $198,000
Accounts payable $198,000
Account title and description Debit Credit
Work in process Inventory $217,500
Manufacturing overhead $217,500
Working
= 145,000 * 150% = $217,500
Account title and description Debit Credit
Finished goods Inventory $271,500
Work in process Inventory $271,500
Working
= 24,000 + 145,000 + 217,500 - 115,000 = $271,500
Account title and description Debit Credit
Account receivables $130,000
Sales $130,000
Cost of goods sold $100,000
Finished goods Inventory $100,000
Waterway Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. WATERWAY RESORT TRIAL BALANCE AUGUST 31, 2020 Debit Credit Cash $25,300 Prepaid Insurance 10,200 Supplies 8,300 Land 28,000 Buildings 128,000 Equipment 24,000 Accounts Payable $10,200 Unearned Rent Revenue 10,300 Mortgage Payable 68,000 Common Stock 104,700 Retained Earnings 9,000 Dividends 5,000 Rent Revenue 84,200 Salaries and Wages Expense 44,800 Utilities Expenses 9,200 Maintenance and Repairs Expense 3,600 $286,400 $286,400 Other data: 1. The balance in prepaid insurance is a one-year premium paid on June 1, 2020. 2. An inventory count on August 31 shows $445 of supplies on hand. 3. Annual depreciation rates are (a) buildings (4%) (b) equipment (10%). Salvage value is estimated to be 10% of cost. 4. Unearned Rent Revenue of $4,172 was earned prior to August 31. 5. Salaries of $365 were unpaid at August 31. 6. Rentals of $843 were due from tenants at August 31. (Use Accounts Receivable account.) 7. The mortgage interest rate is 8% per year.
Question Completion:
Journalize the adjusting entries for the three months of 2020.
Answer:
Waterway Resort
Adjusting Journal Entries:
No. Date Account Titles and Explanation Debit Credit
1. Aug. 31 Insurance Expense $2,550
Prepaid Insurance $2,550
To record insurance expense for the three months' period.
2. Aug. 31 Supplies Expense $7,855
Supplies $7,855
To record supplies expense for the three months' period.
3. Aug. 31 Depreciation Expense - Building $1,280
Accumulated Depreciation - Building $1,280
To record depreciation expense for the three months' period.
3. Aug. 31 Depreciation Expense-Equipment $540
Accumulated Depreciation - Equipment $540
To record depreciation expense for the three months' period.
4. Aug. 31 Unearned Rent Revenue $4,172
Rent Revenue $4,172
To record rent revenue earned.
5. Aug. 31 Salaries Expense $365
Salaries Payable $365
To record accrued salaries expense.
6. Aug. 31 Accounts Receivable $843
Rent Revenue $843
To record accounts receivable due.
7. Aug. 31 Interest Expense $1,360
Interest Payable $1,360
To record mortgage interest expense.
Explanation:
a) Data and Calculations:
WATERWAY RESORT TRIAL BALANCE AUGUST 31, 2020
Debit Credit
Cash $25,300
Prepaid Insurance 10,200
Supplies 8,300
Land 28,000
Buildings 128,000
Equipment 24,000
Accounts Payable $10,200
Unearned Rent Revenue 10,300
Mortgage Payable 68,000
Common Stock 104,700
Retained Earnings 9,000
Dividends 5,000
Rent Revenue 84,200
Salaries and Wages Expense 44,800
Utilities Expenses 9,200
Maintenance and Repairs Expense 3,600
Totals $286,400 $286,400
b) Adjusting transactions:
1. Insurance Expense $2,550 Prepaid Insurance $2,550 ($10,200 * 3/12)
2. Supplies Expense $7,855 Supplies $7,855 ($8,300 - $445)
3. Depreciation Expense - Building $1,280 Accumulated Depreciation - Building $1,280 ($128,000 * 4% * 3/12)
3. Depreciation Expense - Equipment $540 Accumulated Depreciation - Equipment $540 ($24,000 -$2,400 * 10% * 3/12)
4. Unearned Rent Revenue $4,172 Rent Revenue $4,172
5. Salaries Expense $365 Salaries Payable $365
6. Accounts Receivable $843 Rent Revenue $843
7. Interest Expense $1,360 Interest Payable $1,360 ($68,000 * 8% * 3/12)
Annenbaum Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 1,400 units. The costs and percentage completion of these units in beginning inventory were:
Cost Percent Complete
Materials costs $6,700 65%
Conversion costs $7,800 45%
A total of 8,500 units were started and 6,900 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:
Cost
Materials costs $126,500
Conversion costs $208,000
The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. The cost per equivalent unit for conversion costs for the first department for the month is closest to:_____.
a. $18.42.
b. $19.02.
c. $19.91.
d. $17.60.
Answer: $27.14
Explanation:
First find the ending inventory:
= Beginning inventory + Units started - units transferred
= 1,400 + 8,500 - 6,900
= 3,000 units
Conversion EUP = Units transferred + (50% * ending inventory)
= 6,900 + (35% * 3,000)
= 7,950 units
Conversion cost per EUP:
= (Beginning conversion cost + month conversion cost) / EUP
= (7,800 + 208,000) / 7,950
= $27.14
The options are probably for another variant of this question.
The City of Lora issued $5,000,000 of general government, general obligation, 8%, 20-year bonds at 103 on April 1, 2017 20X7, to finance a major general government capital project. Interest is payable semiannually on each October 1 and April 1 during the term of the bonds. In addition, $250,000 of principal matures each April 1. If Lora's fiscal year-end is December 31, what amount of debt service expenditures should be reported for this DSF for the 20X7 fiscal year
Answer:
$200,000
Explanation:
The value of the government obligation = $5,00,000, 8%, 20 years bonds payable at 103
Interest expenses = $5,000,000 * 8/100 * 6/12 = $200,000.
Thus, $200,000 will be reported as debt service expenses in the fiscal year 20X7.
Clearsound uses Alpha Electronics and La Paz Company to buy two electronic components used in the manufacture of its cell phones: Component 125X and Component 30Y. Consider two activities: testing components and reordering components. After the two components are inserted, testing is done to ensure that the two components in the phones are working properly. Reordering occurs because one or both of the components have failed the test and it is necessary to replenish component inventories. Activity cost information and other data needed for supplier costing are as follows:
I. Activity Costs Caused by Suppliers (testing failures and reordering as a result)
Activity Costs
Testing components $1,200,000
Reordering components 300,000
II. Supplier Data
Alpha Electronics La Paz Company
125X 30Y 125X 30Y
Unit purchase price $10 $26 $12 $28
Units purchased 120,000 84,400 15,000 15,000
Failed tests 1,500 780 10 10
Number of reorders 60 40 0 0
Required:
Determine the cost of each supplier by using ABC. Round Test and Reorder rates to the nearest dollar, and final answers to the nearest cent.
Alpha Electronics La Paz Company
125X 30Y 125X 30Y
Unit cost: $ $ $ $
Answer:
Clearsound
The cost of each supplier, using ABC:
Alpha Electronics La Paz Companyl
125X 30Y 125X 30Y
Unit cost $18.02 $32.24 $12.35 $28.35
Explanation:
a) Data and Calculations:
Activity Costs
Testing components $1,200,000
Reordering components $300,000
Total costs = $1,500,000
II. Supplier Data
Alpha Electronics La Paz Company Total
125X 30Y 125X 30Y
Unit purchase price $10 $26 $12 $28
Units purchased 120,000 84,400 15,000 15,000
Total costs of units $1,200,000 $2,194,400 $180,000 $420,000
Failed tests 1,500 780 10 10 2,300
Number of reorders 60 40 0 0 100
Activity Rates:
Failed tests $1,200,000/2,300 = $521.74
Reordering $300,000/100 = $3,000
Alpha Electronics La Paz Companyl
125X 30Y 125X 30Y
Unit purchase price $10 $26 $12 $28
Units purchased 120,000 84,400 15,000 15,000
Total costs of units $1,200,000 $2,194,400 $180,000 $420,000
Testing components 782,610 406,957 5,217 5,217
Reordering 180,000 120,000
Total costs $2,162,610 $2,721,357 $185,217 $425,217
Unit cost $18.02 $32.24 $12.35 $28.35
What conditions make a market perfectly competitive? A market is perfectly competitive if A. it has many buyers and one firm, which produces a product with no close substitutes, with barriers to new firms entering the market. B. it has many buyers and a few sellers, all of whom are selling differentiated products, with no barriers to new firms entering the market. C. it has many buyers and a few sellers, all of whom are selling identical products, with barriers to new firms entering the market. D. it has many buyers and many sellers, all of whom are selling identical products, with no barriers to new firms entering the market. E. it has many buyers and many sellers, all of whom are selling differentiated products, with no barriers to new firms entering the market.
Answer:
E. It has many buyers and many sellers , all of whom are selling differentiated products , with no barriers to new firms entering the market.
Explanation:
A perfect market is a market where there are large number of buyers such that all participants are price takers hence cannot influence the price of commodities sold in such market.
In a perfect market, there are no barriers to entry and exit. This also means that new firms can enter the market. Here, the buyers are free to buy from any person and the sellers are free to sell to anyone. Differentiated products are also sold there.
During April, the first production department of a process manufacturing system completed its work on 330,000 units of a product and transferred them to the next department. Of these transferred units, 66,000 were in process in the production department at the beginning of April and 264,000 were started and completed in April. April's beginning inventory units were 65% complete with respect to materials and 35% complete with respect to conversion. At the end of April, 88,000 additional units were in process in the production department and were 80% complete with respect to materials and 30% complete with respect to conversion.
Weighted average: Costs assigned to output and inventories LO C2
The production department had $918,775 of direct materials and $723,261 of conversion costs charged to it during April. Also, its beginning inventory of $185,284 consists of $142,285 of direct materials cost and $42,999 of conversion costs.
1&2. Using the weighted-average method, compute the direct materials cost and the conversion cost per equivalent unit and assign April's costs to the department’s output.
Answer:
total units completed = 330,000
beginning WIP = 66,000
ending WIP = 88,000
total EUP conversion costs = 330,000 + (88,000 x 30%) = 356,400
total EUP materials = 330,000 + (88,000 x 80%) = 400,400
total conversion costs = $723,261 + $42,999 = $766,260
total materials costs = $918,775 + $142,285 = $1,061,060
conversion cost per EUP = $766,260 / 356,400 = $2.15
materials cost per EUP = $1,061,060 / 400,400 = $2.65
Kapoor Company uses job-order costing. During January, the following data were reported:
a. Materials purchased on account: direct materials, $98, 500: indirect materials, $14, 800.
b. Materials issued: direct materials, $82, 500: indirect materials, $8, 800.
c. Labor cost incurred: direct labor, $67, 000: indirect labor, $18, 750.
d. Other manufacturing costs incurred (all payables), $46, 200.
e. Overhead is applied on the basis of 110 percent of direct labor cost.
f. Work finished and transferred to Finished Goods Inventory cost $230, 000.
g. Finished goods costing $215, 000 were sold on account for 140 percent of cost.
h. Any over-or under applied overhead is closed to Cost of Goods Sold.
1. Prepare journal entries to record these transactions.
2. Prepare a T-account for Overhead Control. Post all relevant information to this account. What is the ending balance in this account?
3. Prepare a T-account for Work-in-Process Inventory. Assume a beginning balance of $10, 000, and post all relevant information to this account. Did you assign any actual overhead costs to Work-in-Process Inventory? Why or why not?
Answer:
a. Direct Material Purchases (Dr.) $98,500
Indirect Material Purchase (Dr.) $14,800
Accounts Payable (Cr.) $113,300
b. Direct Material Issued (Dr.) $82,500
Indirect Material Issued (Dr.) $8,800
Cost of Goods Manufactured (Cr.) $91,300
c. Direct Labor Cost Incurred (Dr.) $67,000
Indirect Labor Cost Incurred (Cr.) $18,750
Manufacturing Conversion Cost (Cr.) $85,750
d. Manufacturing Overhead (Dr.) $46,200
Factory Overhead (Cr.) $46,200
Explanation:
Journal entries are prepared for the issuance of material and labor cost to the manufacturing department. These transactions are recorded to identify the cost of factory overhead and conversions costs.
We have a graduated tax system, and the tax brackets are listed in Appendix A. If you are not familiar with the Fair Tax and Flat Tax ideas, do a little research. Share what you think would be best for our country.
Explanation:
i think the graduated tax system is fairest ,it imposes a higher rate on the rich than the poor and all this is done based on the tax payer if this is done it will help the poor to pay for needs such as shelter food and other personal needs it allows the poor to spend most of they money
Which research information could best help a marketer decide whether to
discontinue a product line?
A. Results of an experiment showing the combination of price and
features that consumers most often select
B. Observation results showing the path consumers take through a
store
C. Survey results indicating that the product no longer meets a
customer need
D. Survey results showing that what consumers value most is
reliability
Answer: survey results indicating that the product no longer meets a customer need
Explanation:
The research information that could best help a marketer decide whether to discontinue a product line is: Survey results indicating that the product no longer meets a customer need. Thus option (C) is correct.
What is an information?An information refers to something that has the power to inform. At the most fundamental level information pertains to the interpretation of that which may be sensed.
The digital signals and other data use discrete signs or alogrithms to convey information, other phenomena and artifacts such as analog signals, poems, pictures, music or other sounds, and the electrical currents convey information in a more continuous form.
Information is not knowledge itself, but its interpretation is important. An Information can be in a raw form or in an structured form as data. The information available through a collection of data may be derived by analysis by expert analysts in their domain.
Learn more about information here:
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A company finds that there is a linear relationship between the amount of money that it spends on advertising and the number of units it sells. If it spends no money on advertising it sells 350 units. For each additional $3000 spent, an additional 15 units are sold.
A) If x is the amount of money that the company spends on advertising, find a formula for y, the number of units sold as a function of x.
B) How many units does the firm sell if it spends $25,000 on advertising?
C) How many units does the firm sell if it spends $50,000 on advertising?
D) How much advertising money must be spent to sell 700 units?
E) Which of the following statements correctly explains the meaning of the slope?
1. If the company spends an additional $1000 on advertising, it will increases the number of units it sells by 10.
2. In order to sell one more unit, the company would need to increase the amount it spends on advertising by $100.
3. If the company spends an additional $0.01 on advertising, it will sell one more additional unit.
4. If the company increases the amount of money it spends on advertising by $300, it will double the number of units it sells.
5. None of the above.
Answer:
A. y = 0.005x + 350
B. 475 units
C. 600 units
D. $70,000
E. None of the above
Explanation:
A)
If the company spend $3,000 on advertisement then it can sell 15 additional units. Total the company can sell 350 units without any advertisement. Then assuming linear relationship the equation will be:
y = 15 /3000 x + 350
y = 1 / 200 x + 350
y = 0.005x + 350
B) y = 0.005 (25,000) + 350
y = 475
C) y = 0.005 (50,000) + 350
y = 600
D) $3,000 / 15 units = $200 per unit
Since 350 units are sold without any cost then additional 350 units will be sold by,
350 units * 200 $ = $70,000
What term is used for the extent to which an individual within an organization displays different behaviors in different situations?
Answer: distinctiveness
Explanation:
The options to the question include:
A. Continuity
B. Integrity
C. stability
D. flexibility
E. distinctiveness
The term that is used for the extent to which an individual within an organization displays different behaviors in different situations is refered to as distinctiveness.
Distinctiveness is the quality that one possesses which makes one standout and different from others. It allows the individual to be easily recognized due to the different behaviors displayed.
The president of the Micro Brewing Corporation asks you, as the company economist, to forecast changes in consumer beer purchases associated with a proposed price change. You conduct a survey and find that if the price of a six-pack increases from $5.50 to $7.50, the quantity demanded will decrease from 2200 units to 1800 units a month. Should the Micro Brewing Corporation raise its price? Explain the economic basis for this recommendation to the president
Answer:
It is more profitable to raise the selling price by $2.
Explanation:
To determine whether the company should raise the selling price, we need to determine the effect on income. The best option is the one with the higher sales revenue.
Sales revenue= selling price * number of units
Current:
Sales revenue= 5.5*2,200= $12,100
Proposal:
Sales revenue= 7.5*1,800= $13,500
It is more profitable to raise the selling price by $2.
A consumer derives utility from goods A and B according to the following utility function: U(A, B) = A1/4B 3/4 . The price of good A is $12 per unit and the price of good B is $9 per unit. The consumer has a total budget of $180. What is the utility maximizing bundle for the consumer?
Answer:
3.75 units of A, and 15 units of B
Explanation:
U(A, B) = A¹/⁴ x B³/⁴
A = $12
B = $9
A' = 1/4 x $180 = 45
B' = 3/4 x $180 = 135
Utility is maximized when $45 is spent in A, meaning that $45 / $12 = 3.75 units are purchased.
Utility is maximized when $135 is spent in B, meaning that $135 / $9 = 15 units are purchased.
The daily cost of producing pizza in New Haven is C(Q) = 4Q + (Q2/40); the marginal cost is MC = 4 + (Q/20). There are no avoidable fixed costs. What is the market supply function if there are 10 firms making pizza? If 20 firms are making pizza? What is the market supply curve under free entry? [HINT: As the first step, find the AC and show that AC is at its minimum when Q = 0.]
Answer:
[tex]q_{10}[/tex] = 200P - 800
[tex]q_{20}[/tex] = 400P - 1600
Explanation:
let the supply function be : P = MC
P = 4 + Q/20
therefore Q = 20P - 80 ( supply function )
For 10 firms
Q = 10( 20P - 80 ) = 200P - 800
for 20 firms
Q = 20(20P - 80 ) = 400P - 1600
next determine market supply curve under free entry
AC = 4 + Q/40
Hence ; when Q = 0 , AC = 4 and this is for unlimited number of firms
Do It! Review 9-2a On January 1, 2017, Salt Creek Country Club purchased a new riding mower for $17,500. The mower is expected to have a 10-year life with a $600 salvage value. What journal entry would Salt Creek make on December 31, 2017, if it uses straight-line depreciation
Answer:
Salt Creek should make a journal entry to record full one year depreciation expenses relating to the mower at 31st December 2017 as followed;
Dr Depreciation expenses - Machinery $1,690
--------Cr Accumulated depreciation - Machinery $1,690
Explanation:
Depreciation refers to the fall in the value of an asset. The annual depreciation expenses relating to Mower would be calculated as;
Annual depreciation expense = (Initial cost of Mower - Estimated salvage value) / Expected useful life.
= ($17,500 - $600) / $10
= $16,900 / $10
= $1,690
Since the Mower is purchased on January 1st, 2017, at 31st December 2017, Salt creek should make a entry to record full year depreciation expense.