Answer:
Dynamite Fireworks
1. January 2
Debit Prepaid Rent $7,500
Credit Cash $7,500
To record the purchase of rental space in advance ($625/month).
2. January 9
Debit Supplies $4,000
Credit Accounts Payable $4,000
To record the purchase of additional supplies on account.
3. January 13
Debit Accounts Receivable $26,000
Credit Service Revenue $26,000
To record the provision of services to customers on account.
4. January 17
Debit Cash $4,200
Credit Deferred Revenue $4,200
To record the receipt of cash in advance for future services.
5. January 20
Debit Salaries Expense $12,000
Credit Cash $12,000
To record the payment of salaries.
6. January 22
Debit Cash $24,600
Credit Accounts Receivable, $24,600
To record the receipt of cash on account.
7. January 29
Debit Accounts Payable, $4,500
Credit Cash $4,500
To record the payment on account.
Adjustments on January 31.
8. Debit Rent Expense $625
Credit Prepaid Rent $625
To record the rent expense for January.
9. Debit Supplies Expense $4,300
Credit Supplies $4,300
To record the supplies expense for January.
10. Debit Deferred Revenue $3,575
Credit Service Revenue $3,575
To record revenue for services provided.
11. Debit Salaries Expense $5,450
Credit Salaries Payable $5,450
To accrue unpaid salaries at the end of January.
12. Debit Service Revenue $29,575
Credit Income Summary $29,575
To close the revenue account to the income summary.
13. Debit Income Summary $22,375
Credit:
Salaries Expense $17,450
Rent Expense $625
Supplies Expense $4,300
To close the expense accounts to the income summary.
Explanation:
a) Data and Calculations:
Accounts Debit Credit
Cash $ 24,300
Accounts Receivable 5,700
Supplies 3,600
Land 55,000
Accounts Payable $ 3,700
Common Stock 70,000
Retained Earnings 14,900
Totals $ 88,600 $88,600
Transactions and Analysis:
January 2 Prepaid Rent $7,500 Cash $7,500 ($625/month).
January 9 Supplies $4,000 Accounts Payable $4,000
January 13 Accounts Receivable $26,000 Service Revenue $26,000
January 17 Cash $4,200 Deferred Revenue $4,200
January 20 Salaries Expense $12,000 Cash $12,000
January 22 Cash $24,600 Accounts Receivable, $24,600
January 29 Accounts Payable, $4,500 Cash $4,500
Adjustments on January 31.
Rent Expense $625 Prepaid Rent $625
Supplies Expense $4,300 Supplies $4,300
Deferred Revenue $3,575 Sales Revenue $3,575
Salaries Expense $5,450 Salaries Payable $5,450
Problem 11-11 Calculating Operating Leverage [LO4] At an output level of 62,000 units, you calculate that the degree of operating leverage is 3.7. The output rises to 67,000 units. What will the percentage change in operating cash flow be? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Will the new level of operating leverage be higher or lower?
Answer:
Percentage change in sales = [(Ending value - Beginning value) / Beginning value] * 100
Percentage change in sales = [($67,000 - $62,000) / $62,000] * 100
Percentage change in sales = 0.080645
Percentage change in sales = 8.0645%
Percentage change in OCF = Percentage change in sales * Degree of operating leverage
Percentage change in OCF = 8.0645% * 3.7
Percentage change in OCF = 29.84%
Will the new level of operating leverage be higher or lower?
As the sales increase, contribution margin will remain constant but operating margin percentage will rise. Therefore, this leads to fall in operating leverage.
Superior has provided the following information for its recent year of operation: The common stock account balance at the beginning of the year was $11,000 and the year-end balance was $15,500. The additional paid-in capital account balance increased $3,600 during the year. The retained earnings balance at the beginning of the year was $65,000 and the year-end balance was $90,000. Net income was $37,000. How much were Superior's dividend declarations during its recent year of operation
Answer:
$12,000
Explanation:
Given the above information, we will apply the formula below:
The ending balance of retained earnings = Beginning balance of retained earnings + Net income - Dividend paid
$90,000 = $65,000 + $37,000 - Dividend paid
Dividend paid = $65,000 + $37,000 - $90,000
Dividend paid = $12,000
Therefore, the above balance of $12,000 would be displayed in the retained earnings statment
Select the correct answer.
At the end of the year, Clean123 Inc. has a service revenue of $193,750, an accounts payable of $500, a notes payable of $ 17,800, a salaries
expense of $26,900, and a rent expense of $14,640. What is Clean123 Inc.'s net income?
ОА.
$134,410
OB.
$152,210
OC. $161,310
OD. $166,850
Reset
Next
Answer: $152,210
Explanation:
The net income is the income that remains after the expenses has been deducted from the revenue.
Clean123 Inc.'s net income will be calculated as:
Service revenue = $193,750
Less: Salaries expense = $26,900
Less: rent expense = $14,640.
Net income = $152,210
Therefore, the net income is $152210
Suppose the working-age population of a fictional economy falls into the following categories:
75 have full-time employment; 25 have part-time employment; 20 do not have employment, but are actively looking for employment; and 10 people are stay at home parents.
(1) What is the size of Labor force?
(2) What is the Unemployment rate?
Answer:
The right solution is:
(a) 120
(b) 20%
Explanation:
Given that,
Full time employed,
= 75
Part time employed,
= 25
Total unemployed,
= 20
(a)
The total employed will be:
= [tex]Full \ time + Part \ time[/tex]
= [tex]75+25[/tex]
= [tex]100[/tex]
Now,
Labor force will be:
= [tex]Total \ employed+Total \ unemployed[/tex]
= [tex]100+20[/tex]
= [tex]120[/tex]
(b)
The unemployment rate will be:
= [tex]\frac{Total \ unemployment}{Labor \ force}\times 100[/tex]
= [tex]\frac{20}{100}\times 100[/tex]
= [tex]0.2\times 100[/tex]
= [tex]20[/tex] (%)
How do you deal with your distraction
Answer:
Proven Strategies for Overcoming Distractions
Put yourself in distraction-free mode. ...
Set three main objectives every day. ...
Give yourself a shorter time frame. ...
Monitor your mind wandering. ...
Train your brain by making a game out of it. ...
Take on more challenging work. ...
Break the cycle of stress and distraction.
Answer:
sticking to a schedule and taking breaks and get away from the thing that distracts u
i also like to put music when im
doing my work so that it wont get boring
Explanation:
A company with 82,146 authorized shares of $5 par common stock issued 31,717 shares at $14 per share. Subsequently, the company declared a 2% stock dividend on a date when the market price was $26 a share. What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend
Answer:
$16,492.84
Explanation:
Calculation to determine the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend
Amount transferred to Paid-in capital accounts=(Common stock*Stock dividend declared percentage)*Market price
Let plug in the formula
Amount transferred to Paid-in capital accounts=(31,717 shares*2%)*$26 per share
Amount transferred to Paid-in capital accounts=634.34*$26 per share
Amount transferred to Paid-in capital accounts=$16,492.84
Therefore the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend is $16,492.84
On January 15, 2020, Vern purchased the rights to a mineral interest for $3,500,000. At that time, it was estimated that the recoverable units would be 500,000. During the year, 40,000 units were mined and 25,000 units were sold for $800,000. Vern incurred expenses during 2020 of $500,000. The percentage depletion rate is 22%. Determine Vern's depletion deduction for 202
Answer: $175,000
Explanation:
Vern's depletion deduction for 2020 will be calculated thus:
= (Cost - Salvage value) / (Estimated Number of units × Number of units extracted
= 3500000/500000 × 25000
= 7 × 25000
= $175000
Therefore, Vern's depletion deduction for 2020 is $175000
Phyllis, Inc., earns book net income before tax of $600,000. Phyllis puts into service a depreciable asset this year, and its first-year tax depreciation exceeds book depreciation by $120,000. Phyllis has recorded no other temporary or permanent book-tax differences. Assuming that the U.S. tax rate is 21%, what is Phyllis's total income tax expense reported on its GAAP financial statements
Answer:
$126,000
Explanation:
Calculation to determine Phyllis's total income tax expense reported on its GAAP financial statements
Using this formula
Total income tax expense=Net income before tax*U.S. tax rate
Let plug in the formula
Total income tax expense=$600,000*21%
Total income tax expense=$126,000
Therefore Phyllis's total income tax expense reported on its GAAP financial statements is $126,000
Every good speaker adapts to the audience. When adapting presentations for intercultural audiences, most people understand that they must make the basic language adaptations; however, more fundamental sensitivity is sometimes needed in relation to organization, speaking conventions, values, and nonverbal communication. When addressing cross-cultural audiences:__________.
a. use first names
b. anticipate differing expectations
c. deliver your main point first
What should you do when adjusting multimedia slides to intercultural audiences?
a. Progress through your slides rapidly.
b. Use a little more text than usual in your slides.
c. Put very little information in your slides.
Answer: 1. anticipate differing expectations
2. Use a little more text than usual in your slides.
Explanation:
1. Based on the fact that the presentation is for intercultural audiences, it is important for the speaker to anticipate differing expectations. The audience have different values, languages etc and their opinions and expectations may be quite different.
2. During the adjustment of multimedia slides to intercultural audiences, it's important to use a little more text than usual in your slides. This is vital so that the audience can comprehend the message that's being passed across. Progressing through the slides rapidly isn't ideal and there should be detailed information in the slides.
An organization wants to provide its employees information about what its goals are and what it expects employees to accomplish. It is planning to implement an incentive plan that helps employees understand the organization's goals. Which plan should be used by this organization?
Answer:
This question is incomplete, the options are missing. The options are the following:
a) A retention bonus
b) A piecework rate system
c) A merit pay system
d) The Scanlon plan
e) A balanced scorecard
And the correct answer is the option E: A balanced scorecard.
Explanation:
To begin with, the term known as "Balanced Scorecard" it is a very famous strategy method used in the fields of management and business in order to achieve higher levels of administration from the managers and owners. It is a technique that involves the company's short and long term goals and the way to plan how to incentive the employees of the company in order for them to grow and understand better the plans of the organization so that they could work better and increase the productivity that will consequently affect in the benefits of the enterprise as a whole.
An employee earns $6,050 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $204 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $172 and contributes $86 to a retirement plan each month. What is the amount of net pay for the employee for the month of January
Answer:
5,000
Explanation:
The amount of net pay for the employee for the month of January is $5,125.175.
What is net pay?
Net pay is the amount employees earn after all payroll deductions are deducted from their gross pay. This is the amount that each employee receives on payday. The net pay calculation is:
Gross pay minus payroll taxes and other deductions equals net pay.
The amount of net pay for the employee for the month of January is calculated as:-
Deductions = (Gross earning × Social security tax rate) + (Gross earning × Medicare tax rate) + Federal income taxes + Health insurance + Contribution of retirement plan
= ($6,050× 6.2%) + ($6,050 × 1.45%) + $204 + $172 + $86
= $375.1 + $87.725 + $204 + $172 + $86
= $924.825
Net pay = Gross earning - Deductions
= $6,050 - $924.825
= $5,125.175
Therefore, $5,125.175 is the net pay calculated using the above formula.
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Envision Company has a target return on capital of 12 percent. The following financial information is available for October ($ thousands):
Software Division (Value Base) Consulting Division (Value Base) Venture Capital Division (Value Base)
Book Current Book Current Book Current
Sales $150,000 $150,000 $250,000 $250,000 $850,000 $850,000
Income 17,750 17,200 21,900 25,520 62,230 57,420
Assets 70,000 90,000 100,000 110,000 610,000 590,000
Liabilities 10,000 10,000 14,000 14,000 40,000 40,000
Required:
a. Compute the return on investment using both book and current values for each division.
b. Compute the residual income for both book and current values for each division.
Answer:
Envision Company
Software Division Consulting Division Venture Capital Division
(Value Base) (Value Base) (Value Base)
Book Current Book Current Book Current
a) Return on investment
= 25.3% 19% 21.9% 23.2% 10.2% 9.7%
b) Residual income = operating income - (minimum required return x operating assets)
= 9,350 6,400 9,900 12,320 (10,970) (13,380)
Explanation:
a) Data and Calculations:
Target return on capital = 12%
Software Division Consulting Division Venture Capital Division
(Value Base) (Value Base) (Value Base)
Book Current Book Current Book Current
Sales $150,000 $150,000 $250,000 $250,000 $850,000 $850,000
Income 17,750 17,200 21,900 25,520 62,230 57,420
Assets 70,000 90,000 100,000 110,000 610,000 590,000
Liabilities 10,000 10,000 14,000 14,000 40,000 40,000
Software Division Consulting Division Venture Capital Division
(Value Base) (Value Base) (Value Base)
Book Current Book Current Book Current
a) Return on investment = Income/Assets * 100
= 25.3% 19% 21.9% 23.2% 10.2% 9.7%
b) Residual income = operating income - (minimum required return x operating assets)
Minimum required returns (in dollar value) = 12% of Assets:
= 8,400 10,800 12,000 13,200 73,200 70,800
Residual income
= 9,350 6,400 9,900 12,320 (10,970) (13,380)
Brewsters, a ice cream company, has been fairly successful in its market. Lydia sees an opportunity for profit and enters the market. After producing her profit-maximizing level of output, she finds that her average total cost per unit is $5, her average variable cost per unit is $3, and the market price is $2.50. In the short run, Lydia should Choose one: A. expand production because she is making a positive economic profit.
Answer:
A. shut down her business.
Explanation:
Given that
The average overall cost per unit is $5
The average variable cost per unit is $3
And, the market price per unit is $2.50
Based on the above information
In the short run, the lydia should shut down her business as the total cost is more than the market price due to which the company is suffering the loss instead of the profit
Therefore the correct option is a.
Pepper Corporation owns 75 percent of Salt Company's voting shares. During 20X8, Pepper produced 50,000 chairs at a cost of $79 each and sold 35,000 chairs to Salt for $90 each. Salt sold 18,000 of the chairs to unaffiliated companies for $117 each prior to December 31, 20X8, and sold the remainder in early 20X9 to unaffiliated companies for $130 each. Both companies use perpetual inventory systems. Based on the information given above, what amount of cost of goods sold must be eliminated from the consolidated income statement for 20X8
Answer:
Please see below
Explanation:
Given that:
Number of chairs sold = 35,000
Cost per chair $79
The cost of goods sold that must be eliminated from the consolidated
= Number of chairs sold × Cost per chair
= 35,000 × $90
= $2,765,000
Therefore, for computing the cost of goods sold to be eliminated, we simply multiply the number of chairs sold with cost per chair.
what are the Computer Design problems and their solutions?
Use the following table:
Present Value of an Annuity of 1
Period 8% 9% 10%
1 0.926 0.917 0.909
2 1.783 1.759 1.736
3 2.577 2.531 2.487
A company has a minimum required rate of return of 9%. It is considering investing in a project which costs $450000 and is expected to generate cash inflows of $200000 at the end of each year for three years. The net present value of this project is:________
a. $100000.
b. $506200.
c. $56200.
Answer:
c. $56,200
Explanation:
The cash inflows = $200,000, r = required rate of return = 9%, n = number of years = 3
Present Value of Annuity Factor (9%,3) = 2.531
Net Present Value of the Project = Cash inflows * Present Value of Annuity Factor (r,n) - Cost of Project
Net Present Value of the Project = ($200,000 * 2.531) - $450,000
Net Present Value of the Project = $506,200 - $450,000
Net Present Value of the Project = $56,200
Mighty Safe Fire Alarm is currently buying 58,000 motherboards from MotherBoard, Inc., at a price of $63 per board. Mighty Safe is considering making its own boards. The costs to make the board are as follows: direct materials, $29 per unit; direct labor, $10 per unit; and variable factory overhead, $15 per unit. Fixed costs for the plant would increase by $81,000. Which option should be selected and why
Answer:
don't know need points cbmxbmdhdgsajgshkfkhdlhbxhndgkgk
Carr Company is considering two capital investment proposals. Estimates regarding each project are provided below:
Project Soup Project Nuts
Initial investment $400,000 $600,000
Annual net income 30,000 46,000
Net annual cash inflow 110,000 146,000
Estimated useful life 5 years 6 years
Salvage value -0- -0-
The company requires a 10% rate of return on all new investments.
Present Value of an Annuity of 1
Periods 9% 10% 11% 12%
5 3.890 3.791 3.696 3.605
6 4.486 4.355 4.231 4.111
The net present value for Project Nuts is
QUESTION 2:
Benet Division of United Refinery Company's operating results include: controllable margin, $200,000; sales $2,200,000; and operating assets, $800,000. The Benet Division's ROI is 25%. Management is considering a project with sales of $100,000, variable expenses of $60,000, fixed costs of $40,000; and an asset investment of $150,000. Should management accept this new project?
A) Yes, since ROI will increase.
B) No, since ROI will be lowered.
C) Yes, since additional sales always mean more customers.
D) No, since loss will be incurred.
QUESTION 3:
The standard number of hours that should have been worked for the output attained is 10,000 direct labor hours and the actual number of direct labor hours worked was 10,500. If the direct labor price variance was $10,500 unfavorable, and the standard rate of pay was $12 per direct labor hour, what was the actual rate of pay for direct labor?
QUESTION 4:
A company's planned activity level for next year is expected to be 100,000 machine hours. At this level of activity, the company budgeted the following manufacturing overhead costs:
Variable
Fixed
Indirect materials $120,000 Depreciation $50,000
Indirect labor 160,000 Taxes 10,000
Factory supplies 20,000 Supervision 40,000
A flexible budget prepared at the 90,000 machine hours level of activity would show total manufacturing overhead costs of:__________
QUESTION 5:
Cleaners, Inc. is considering purchasing equipment costing $60,000 with a 6-year useful life. The equipment will provide cost savings of $14,600 and will be depreciated straight-line over its useful life with no salvage value. Cleaners requires a 10% rate of return.
Present Value of an Annuity of 1
Period 8% 9% 10% 11% 12% 15%
6 4.623 4.486 4.355 4.231 4.111 3.784
What is the approximate profitability index associated with this equipment?
Answer:
1. $35,830
2. B) No, since ROI will be lowered.
3. $13 per DL
Explanation:
1. Present value of inflows = $146,000*Present value of annuity factor (10%,6)
Present value of inflows = $146,000 * 4.355
Present value of inflows = $635,830
Net present value = Present value of inflows - Present value of outflows
Net present value = ($635,830 - $600,000)
Net present value = $35,830.
So, the net present value for Project Nuts is $35,830.
2. ROI = Net income / Investment
ROI = (100000-60000-40000) / 150000
ROI = 0%
The ROI required is 25%. Hence, the new project should not be accepted as ROI will be lowered.
3. Direct labor price Variance = Actual hours (AR - SR)
$10,500 = 10,500 (AR - $12)
$10,500 = 10,500 AR - $126,000
AR = $10,500 + $126,000 /10,500
AR = $13 per direct labor hour.
So, the actual rate of pay for direct labor is $13 per DLH.
Lando Calrissian just won the lottery and is trying to decide between the options of receiving the annual cash flow payment option of $330,000 per year for 25 years beginning today, or receiving one lump-sum amount today. Lando can earn 4% investing this money. At what lump-sum payment amount would he be indifferent between the two alternatives
Answer:
the lump-sum payment amount would he be indifferent between the two alternatives is $5,361,497.79
Explanation:
The computation of the lump-sum payment amount would be shown below:
= Annual cash flow per year × present value of annuity due factor at 4% for 25 years
= $330,000 × 16.246963
= $5,361,497.79
Refer the present value of annuity due factor table for the same
hence, the lump-sum payment amount would he be indifferent between the two alternatives is $5,361,497.79
POV: I'm the quiet kid
*pulls out AK - 47*
Answer:
POV : Rest Of The Class Run's And *Pumped Up Kicks* Stars Playing In The Background!!
stop, im both quiet and emo kid, us quiet kids arent actually like that even tho i as a quiet kid myself actually enjoy those memes cuz i like seeing those popular kids and the bullys get destroyed by us
A factory worker makes $17.50 per hour. Next month, she will receive a 1.5% increase in her hourly rate. What will her new hourly rate be?
Answer:
$19.00
Explanation:
A natural experiment is a chance occurrence that mimics a randomized controlled trial. In order to analyze causal effects from natural experiments, economists make use of a statistical method known as instrumental variables, in which one variable from a natural experiment is used as an instrument for a particular independent variable of interest. Assume the independent variable of interest is x1 and the dependent variable in a regression is y. Which of the following represent necessary characteristics of a suitable instrument?
a. The instrument has at least 200 observations
b. The instrument is correlated with
c. The instrument has a conditional mean of zero
d. The instrument does not directly influence y, except through
Answer: b. The instrument is correlated with x1.
d. The instrument does not directly influence y, except through x1.
Explanation:
Based on the information given in the question, the necessary characteristics of a suitable instrument include:
• The instrument is correlated with x1.
• The instrument does not directly influence y, except through x1.
Some of the criteria for an instrument variable are the fact that it should have a causal effect on independent variable and also the dependent variable isn't directly affected except through the independent variable which is x1 in this scenario.
Therefore, the correct option are B and D.
What is e- marketing
Answer:
marketing online pretty much
A company reported annual sales revenue of $2,200,000 in 2019. During the year, accounts receivable decreased from a $56,000 beginning balance to a $48,000 ending balance. Accounts payable decreased from a $44,000 beginning balance to a $32,000 ending balance. How much is cash received from customers for the year
Answer:
$2,208,000
Explanation:
Calculation to determine How much is cash received from customers for the year
Using this formula
Cash Received=Annual sales revenue+(Beginning balance-Ending balance)
Let plug in the formula
Cash Received=$2,200,000 + ($56,000 – $48,000)
Cash Received=$2,200,000+$8,000
Cash Received = $2,208,000
Therefore The amount of cash received from customers for the year is $2,208,000
Metlock Mining Company purchased land on February 1, 2020, at a cost of $1,101,100. It estimated that a total of 58,200 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 $112,500. It believes it will be able to sell the property afterwards for $125,000. It incurred developmental costs of $250,000 before it was able to do any mining. In 2020, resources removed totaled 29,100 tons. The company sold 21,340 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:_______
Answer and Explanation:
The computation is shown below;
(a)
Purchase price of Land $1,101,100
Add: Fair value of restoration $112,500
Less: residual value -$125,000
Developmental costs $250,000
Total $1,388,600
Divided by Tons available for mining 58,200
Per unit Material cost $23.00
(b) Inventory $178,480 (29100 - 21340) × $23
(c ) Cost of goods sold $490,820 (21340 × $23)
the retained earnings of a corporation is ________. a. internally generated equity that is received from employee stock purchases b. externally generated equity that is acquired from banks and other creditors c. externally generated equity that is contributed by shareholders d. internally generated equity that is earned by profitable operations that is not distributed to stockholders
Answer:
internally generated equity that is earned by profitable operations that is not distributed to stockholders
Explanation:
Retained Earnings
This is simply known as an account used by a corporation to give a short breakdown or summary of the earned capital component of its shareholders' equity. Mathematically or primarily, it consist of the cumulative amount of net income over the life of the corporation, minus the cumulative amount of dividends that is paid out to shareholders.
It is often classified as stockholders equity account. It is a permanent or real account, as opposed to a temporary-equity or nominal account. Both cash dividends and stock dividends reduces retained earnings.
In August 2005, Hurricane Katrina damaged or destroyed oil platforms in the Gulf of Mexico, refineries along the Gulf coast, and the pipeline infrastructure that transports oil and gas to customers across the eastern United States. The winter of 2006 was unusually cold in many parts of the country. How did these events affect the market (equilibrium) price and quantity for natural gas
Answer:
Increased equilibrium market price Decreased equilibrium quantityExplanation:
As a result of the hurricane, oil platforms and refineries were destroyed. This reduced the amount of natural gas being processed by these facilities. With less natural gas being processed, less gas was being supplied to the country which means that the quantity supplied reduced.
This would shift the supply curve to the left and it would then intersect with the demand curve at a higher equilibrium price. This higher price reflects the relative scarcity of natural gas.
Mango Company applies overhead based on direct labor costs. For the current year, Mango Company estimated total overhead costs to be $340,000, and direct labor costs to be $170,000. Actual overhead costs for the year totaled $368,000, and actual direct labor costs totaled $192,000. At year-end, Factory Overhead account is: Multiple Choice Neither overapplied nor underapplied. Overapplied by $16,000. Overapplied by $22,000. Underapplied by $16,000. Overapplied by $192,000.
Answer:
Overapplied overhead= $16,000
Explanation:
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 340,000 / 170,000
Predetermined manufacturing overhead rate= $2 per direct labor dollar
Now, we can allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 2*192,000
Allocated MOH= $384,000
Finally, the over/under allocation:
Under/over applied overhead= real overhead - allocated overhead
Under/over applied overhead= 368,000 - 384,000
Overapplied overhead= $16,000
Martha has just started a small retail store in the city. There are popular and older retailers in the same locality. In the first two months, people have been reluctant to walk into Martha’s retail store. They seem to be happy with the more established retailers, even though Martha’s business delivers quality products. Which barrier to entry is Martha experiencing as a first-time entrepreneur? A. She does not gain the benefits of economies of scale. B. Her competitors enjoy good brand loyalty. C. She does not have sufficient capital to fund her business. D. She does not have access to the right distribution channels.
Answer:
B: Her competitors enjoy good brand loyalty
Explanation:
Plato
How many people started new businesses in 2011 according to the Kauffman Foundation?
A) 5%
B) 320 of every 100,000 adults in this country
C) 350 of every 100,000 adults in this country
D) 320,000
Answer:
B) 320 of every 100,000 Adults in this country.
Explanation: this is correct!