Answer:
Missing word "Tax rate is 34 percent"
Date Particulars Debit Credit
Deferred tax asset (884,500*34%) $300,730
Deferred tax benefit $300,730
(To record the deferred tax consequences of the current year NOL)
Deferred tax asset (192,000*34%) $65,280
Deferred tax benefit $65,280
(To record the deferred tax consequences of the depreciation)
A for-profit institution that works with the general public to open and manage
savings accounts is known as a(n).
A. commercial bank
B. savings bank
C. credit union
D. investment bank
Answer:
B. savings bank
Explanation:
Savings bank is defined as a bank which helps customers or people to invest or deposit in interest giving accounts that will give a long term investment.
Savings bank were started in Europe in the 19th century. Saving banks gives interest on the deposit amount that is why its is a for-profit institution for general public. The interest saving banks give by investing in government and corporate debt.
Hence, the correct answer is "B. savings bank".
Instructions
1. Column C. should be type asset liabilitt revenue equity or expense
2. Coloumn D OR E should have a YES OR NO.
3. Fill in debit or credit- which is normal balance of the account, (INCREASE SIDE)
4. Fill in which type of account is it? Temporary or permanent.
Account Name Type: Asset, Will be Will be Normal Temporary or
liability, equity, on the on the Balance Permanent
revenue or Income balance is Debit
Expense statement Sheet or Credit
Cash
Capital Stock
Mortgage Payable
Interest Receivable
Supplies
Account Payable
Short Term Investments
Repair Expense
Unearned Service Revenue
Equipment
Depreciation Expense
Interest Revenue
Salaries Expense
Retained Earnings
Accumulated Depreciation
Utilites Expense
Salaries Payable
Account Receivable
Notes Payable
Service Revenue"
Answer:
I attached a picture of an Excel table I used to work this. I also attached the proper format of the question that I found that helped answer this.
This magazine is not useful for/to me as I have ni taste in music debates. To or for?
Answer:
For
Explanation:
Use “to” when the reason or purpose is a verb. Use “for” when the reason or purpose is a noun.
Hope this helps! <3
define securitization.
Answer:
its like getting security for ut business or office
From the next year onwards, Colt Systems is estimated to have an EBIT of $15 million. It will also spend $6 million annually on total capital expenditures and increases in net working capital, and have $3 million in depreciation expenses. Colt is currently an all-equity firm with a corporate tax rate of 35% and a cost of capital of 10%. a) What is the market value of its equity today (assuming all cash flows are paid back to the equity holders at the end of each year)?
Answer: $67.5 million
Explanation:
Since we are given the information that all cash flows are paid back to the equity holders at the end of each year, the market value of its equity today will be:
= [EBIT × (1 - t) + Depreciation - Capital Expenditure - Change in Working capital] / (Cost of Capital - Growth rate)
= ($15 million(1 - 35%) + $3 million - $6 million) / 10%
= [$15 million (1 - 0.35) + $3 million - $6 million] / (10%
= ($15 million × 0.65) + $3 million - $6 million) / 0.1
= ($9.75 million + $3 million - $6 million)/0.1
= $6.75 million / 0.1
= $67.5 million
The following selected information is taken from the work sheet for Warton Company at its December 31 year-end.
Balance Sheet and
Income Statement . Statement of Owner's Equity
Dr Cr. Dr. Cr.
74,500
B. Warton, Capital 41,400
B. Warton, withdrawals
Totals 137,000 204,000
Determine the amount for B. Warton, Capital, that should be reported on its current December 31 year-end balance sheet. Note: B. Warton, Capital was $74,500 on December 31 of the prior year. $ 74,500
B. Warton, Capital, (beginning)
Add: Net income
Less: Withdrawals
B. Warton, Capital, (ending)
Answer:
$100,100
Explanation:
Calculation to Determine the amount for B. Warton, Capital, that should be reported on its current December 31 year-end balance sheet
Statement of Owner's equity
B Warton Capital (Beginning) $74,500
Add: Net Income
($204,000 - $137,000) $67,000
Less: Withdrawals/Drawings ($41,400)
B Walter, Capital (ending) $100,100
Therefore the amount for B. Warton, Capital, that should be reported on its current December 31 year-end balance sheet is $100,100
A company deposits all cash receipts on the day they are received and makes all cash payments by check. The company's June bank statement shows $24,861 on deposit in the bank. The comparison of the bank statement to its cash account revealed the following: Deposit in transit 2,750 Outstanding checks 1,188 Additionally, a $35 check written and recorded by the company was incorrectly recorded by the bank as a $53 deduction. The adjusted cash balance per the bank records should be:
Answer: $26441
Explanation:
Balance As per bank statement = $24861
Add: deposit in transit = $2750
Less: Outstanding checks = $1188
Add: Recording error = ($53 - $35) = $18
Adjusted cash balance = $26441
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost Total Net Realizable Value 101 $ 136,000 $ 108,000 102 99,000 118,000 103 68,000 58,000 104 38,000 58,000
Required:
1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products.
2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry.
Answer:
Tatum Company
1. The carrying value of inventory at December 31, 2021, assuming the LCNRV rule is applied to individual products is:
= $ 303,000
2. Adjusting Journal Entry:
Debit Cost of Goods Good $38,000
Credit Inventory $38,000
To write-down the value of ending inventory.
Explanation:
a) Data and Calculations:
Product Total Cost Total Net Realizable Value LCNRV
101 $ 136,000 $ 108,000 $ 108,000
102 99,000 118,000 99,000
103 68,000 58,000 58,000
104 38,000 58,000 38,000
Total $ 341,000 $ 342,000 $ 303,000
Write-down:
Cost of inventory = $341,000
LCNRV of inventory 303,000
Inventory write-down $38,000
Pacheco Inc. issued convertible bonds 10 years ago. Each bond had an initial term of 30 years, had a face value of $1,000, paid a coupon rate of 11%, and was convertible into 20 shares of Pacheco stock, which was selling for $30 per share at the time. Since then the price of Pacheco shares has risen to $65 and the interest rate has dropped to 8%. What is the least that each of the bonds is worth today
Answer:
$1,296.90
Explanation:
Calculation for What is the least that each of the bonds is worth today
First step is to calculate the stock each bond worth
Stock each bond worth=20 shares ×$65
Stock each bond worth= $1,300
Second step is to calculate what the bond is each worth using this formula
PV= PMT[PVFAk,n] + FV[PVFk,n]
Let plug in the formula
PV= $55[PVFA4,40] + $1,000[PVF4,40]
PV= $55(19.7928) + $1,000(.2083)
PV= $1,088.60 + $208.30
PV= $1,296.90
Therefore Based on the above calculation the least that each of the bonds is worth today is $1,296.90
In its first month of operations, Wildhorse Co. made three purchases of merchandise in the following sequence: (1) 370 units at $6, (2) 470 units at $8, and (3) 570 units at $9. Assuming there are 270 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Wildhorse Co. uses a periodic inventory system. FIFO LIFO The Ending Inventory $Enter a dollar amount $Enter a dollar amount
Answer:
The cost of the ending inventory under FIFO is $2,430 and under LIFO is $1,620
Explanation:
First determine the units sold
Units Sold = Total Purchases - Units in hand
= 1,410 units - 270 units
= 1,140
Note ; Wildhorse Co. uses a periodic inventory system. This means we calculate the cost at the end of the period.
FIFO
Means First in First Out
Cost of the ending inventory = 270 x $9.00 = $2,430
LIFO
Means Last in First Out
Cost of the ending inventory = 270 x $6.00 = $1,620
Conclusion
The cost of the ending inventory under FIFO is $2,430 and under LIFO is $1,620
The cost of direct materials transferred into the Bottling Department of the Mountain Springs Water Company is $1,098,900. The conversion cost for the period in the Bottling Department is $603,000. The total equivalent units for direct materials and conversion are 33,300 liters and 6,700 liters, respectively. Determine the direct materials and conversion cost per equivalent unit.
Answer:
direct materials = $33.00
conversion cost = $90.00
Explanation:
Cost per equivalent unit = Cost during the period ÷ Equivalent units of Production
The direct materials and conversion cost per equivalent unit.
Direct materials = $1,098,900 ÷ 33,300 liters = $33.00
Conversion cost = $603,000 ÷ 6,700 liters = $90.00
Pina Corp. enters into a contract with a customer to build an apartment building for $921,300. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $156,000 to be paid if the building is ready for rental beginning August 1, 2021. The bonus is reduced by $52,000 each week that completion is delayed. Pina commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes: Determine the transaction price for the contract, assuming Pina has limited information with which to develop a reliable estimate of completion by the August 1, 2021, deadline.
Question Completion:
Completed by August 1, 2021 August 8, 2021 August 15, 2021 After August 15, 2021 Probability 70 % 20 6 4.
Answer:
Pina Corp.
The transaction price for the contract, assuming Pina has limited information with which to develop a reliable estimate of completion by the August 1, 2021, deadline is:
= $921,300.
Explanation:
Data and Calculations:
Completed by Probability
August 1, 2021 70%
August 8, 2021 20%
August 15, 2021 6%
After August 15, 2021 4%
Total = 100%
Contract price = $921,300
Performance bonus = $156,000
Expected completion date = August 1, 2021
Reduction of bonus per week if completion is delayed = $52,000
After August 15 (three weeks of non-completion), there is no performance bonus because it would have been reduced to $0 ($156,000/$52,000 = 3 weeks).
Blue Corporation manufactures drones. On December 31, 2019, it leased to Althaus Company a drone that had cost $156,000 to manufacture. The lease agreement covers the 5-year useful life of the drone and requires five equal annual rentals of $52,800 payable each December 31, beginning December 31, 2019. An interest rate of 6% is implicit in the lease agreement. Collectibility of the rentals is not probable. Prepare any journal entry for Blue on December 31, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Answer:
See the journal entries below.
Lease receivable = $235,757.58
Explanation:
Before the journal entries are prepared, the present value of the annual rentals or lease receivable is first calculated using the formula for calculating the present value of an ordinary annuity due since the annual rentals is payable each December 31, beginning December 31, 2019 as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) * (1 + r) …………………………………. (1)
Where;
PV = Present value annual rentals or lease receivable = ?
P = Annual rentals = $52,800
r = Interest rate = 6%, or 0.06
n = number of years the lease agreement covered = 5
Substitute the values into equation (1), we have:
PV = $52,800 * ((1 - (1 / (1 + 0.06))^5) / 0.06) * (1 + 0.06)
PV = $235,757.58
The journal entries will now look as follows:
Date Account Tittle Debit ($) Credit ($)
31-Dec-19 Lease Receivable 235,757.58
Cost of Goods Sold 156,000.00
Sales Revenue 235,757.58
Inventory 156,000.00
(To record the lease.)
31-Dec-19 Cash 52,800.00
Lease Receivable 52,800.00
(To record the receipt of lease payment.)
Paula Judge owns Judge Creative Designs. The trial balance of the firm for January 31, 2019, the first month of operations, is shown below. End-of-the-month adjustments must account for the following items: Supplies were purchased on January 1, 2019; inventory of supplies on January 31, 2019, is $1,600. The prepaid advertising contract was signed on January 1, 2019, and covers a four-month period. Rent of $2,100 expired during the month. Depreciation is computed using the straight-line method. The equipment has an estimated useful life of 10 years with no salvage value. Required: Complete the worksheet for the month. Prepare an income statement, statement of owner’s equity, and balance sheet. No additional investments were made by the owner during the month. Journalize and post the adjusting entries. Analyze: If the adjusting entries had not been made for the month, would net income be overstated or understated?
Question Completion:
Judge Creative Designs
Trial Balance as of January 31, 2019:
Account Titles Debit Credit
Cash $34,900
Accounts receivable 12,000
Supplies 6,550
Prepaid Advertising 6,000
Prepaid Rent 15,600
Equipment 40,800
Accumulated Depreciation 0
Accounts Payable 14,950
Capital account 59,400
Drawing account 6,400
Fees Income 58,100
Advertising Expense
Depreciation
Expense- Equipment
Rent Expense
Salaries Expense 9,100
Supplies Expense
Utilities Expense 1,100
Totals $132,450 $132,450
Answer:
Judge Creative Designs:
1. Adjusted Trial Balance as of January 31, 2019:
Judge Creative Designs
Trial Balance as of January 31, 2019:
Account Titles Debit Credit
Cash $34,900
Accounts receivable 12,000
Supplies 1,600
Prepaid Advertising 4,500
Prepaid Rent 13,500
Equipment 40,800
Accumulated Depreciation $340
Accounts Payable 14,950
Capital account 59,400
Drawing account 6,400
Fees Income 58,100
Advertising Expense 1,500
Depreciation
Expense- Equipment 340
Rent Expense 2,100
Salaries Expense 9,100
Supplies Expense 4,950
Utilities Expense 1,100
Totals $132,790 $132,790
2. Income Statement for the month ended January 31, 2019:
Fees Income $58,100
Advertising Expense $1,500
Depreciation
Expense- Equipment 340
Rent Expense 2,100
Salaries Expense 9,100
Supplies Expense 4,950
Utilities Expense 1,100
Total expenses 19,090
Net income $39,010
3. Statement of Owners' Equity for the month ended January 31, 2019:
Capital account $59,400
Net income 39,010
Drawing account (6,400)
Equity balance $92,010
4. Balance Sheet as of January 31, 2019:
Assets:
Cash $34,900
Accounts receivable 12,000
Supplies 1,600
Prepaid Advertising 4,500
Prepaid Rent 13,500
Equipment 40,800
Accumulated Depreciation (340)
Total assets $106,960
Liabilities + Equity:
Accounts Payable $14,950
Capital account 92,010
Total liabilities and equity $106,960
5. Adjusting Journal Entries:
1. Debit Supplies Expense $4,950
Credit Supplies $4,950
To record the supplies expense.
2. Debit Advertising Expense $1,500
Credit Prepaid Advertising $1,500
To record the advertising expense.
3. Debit Rent Expense $2,100
Credit Prepaid Rent $2,100
To record rent expense for the month.
4. Debit Depreciation Expense $340
Credit Accumulated Depreciation $340
To record depreciation expense for the month.
6. Total adjusting expenses = $8,890. The net income would have been overstated by $8,890.
Explanation:
a) Data and Adjustments:
1. Supplies Expense $4,950 Supplies $4,950 ($6,550 - $1,600) Balance $1,600
2. Advertising Expense $1,500 Prepaid Advertising $1,500 ($6,000/4) Balance $4,500
3. Rent Expense $2,100 Prepaid Rent $2,100 Balance $13,500 ($15,600 - $2,100)
4. Depreciation Expense $340 Accumulated Depreciation $340 ($40,800 * 10% * 1/12)
Required information
[The following information applies to the questions displayed below.]
A + T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: A two-year insurance premium of $6,960 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents.
Shipping supplies on hand, January 1 of the current year Purchases of shipping supplies during the current year Shipping supplies on hand, counted on December 31 of the current year 20
Required:
1. Record the adjusting entry for insurance at December 31 of the current year. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Required information Journal entry worksheet Record the adjusting journal entry for insurance premium of $4,800 on December 31 of the current year. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
2. What amount should be reported on the current year's income statement for Insurance Expense? For Shipping Supplies Expense? (Do not round intermediate calculations.) Insurance expense Shipping supplies expense
3. What amount should be reported on the current year's balance sheet for Prepaid Insurance? For Shipping Supplies? (Do not round intermediate calculations.) Prepaid insurance Shipping supplies
Answer:
Missing word
"Shipping supplies on hand, January 1 of the current year $13
Purchases of shipping supplies during the current year $75
Shipping supplies on hand, counted on December 31 of the current year $20"
1. Adjusting entry for insurance at December 31 of the current year.
S/n General Journal Debit Credit
a. Insurance expense $870
(6,960/24)*3=$ 600
Prepaid insurance $870
(Insurance expired)
b. Shipping supplies expenses $68
($13+$75-$20)
Shipping supplies $68
(Supplies used)
2. What amount should be reported on the current year's income statement for Insurance Expense?
Insurance expense = $870
Shipping supplies expense = $68
3. What amount should be reported on the current year's balance sheet for Prepaid Insurance?
Prepaid insurance = ($6,960-$870) = $6,090
Shipping supplies as on Dec 31. = $20
When a speaker ignores the audience's ideals and expectations:
O
A. the speaker's feelings might be hurt.
B. the speaker's grades may be poor.
C. the audience might change their values.
D. it is likely that the audience will distrust the speaker.
SUBMIT
Answer:
D, It is likely that the audience will distrust the speaker.
Explanation:
100% For Sure, Right Answer
A p e x
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Madison Foods Corp. is frustrated in its efforts to sell products in Europe because several countries are demanding that the company label products in the specific language associated with the country. These demands are examples of a Multiple Choice trade obstacle. trademark. trade role. trade name.
Answer: Trade obstacle
Explanation:
From the information given, we can infer that the demands are examples of trade obstacle.
Trade obstacles refers to the barriers which hinder a trade or the restrictions on an international trade. Trade obstacles can be tariffs or other non-tariff methods. Trade obstacles lead to difficulties in the sale of a product to other countries.
The demand are example of Trade obstacle
What is a Trade obstacle?It means the barriers that should be hindered with respect to the trade or the restrictions that should be on international trade. It could be tariffs or it can be non-tariff methods. It result in difficulties for selling the product to the other countries.
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Kenwood Homes, Inc., allows employees to purchase, at cost, manufacturing materials, such as metal and lumber, for personal use. To purchase materials for personal use, an employee must complete a materials requisition form, which must then be approved by the employee's immediate supervisor. Cheryl Long, an assistant cost accountant, charges the employee an amount based on Kenwood's net purchase cost. Cheryl Long is in the process of replacing a deck on her home and has requisitioned lumber for personal use, which has been approved in accordance with company policy. In computing the cost of the lumber, Long reviewed all the purchase invoices for the past year. She then used the lowest price to compute the amount due the company for the lumber. Discuss whether Long behaved in an appropriate manner.
Answer:
Cheryl did not act ethically because she used the lowest possible cost in order to calculate her own purchase cost. She should probably use an average cost or any other inventory management system (e.g. FIFO or LIFO). instead, she used the lowest possible price for her own personal benefit.
Explanation:
On January 1, JKR Shop had $560,000 of beginning inventory at cost. In the first quarter of the year, it purchased $1,700,000 of merchandise, returned $24,200, and paid freight charges of $38,700 on purchased merchandise, terms FOB shipping point. The company's gross profit averages 25%, and the store had $2,110,000 of net sales (at retail) in the first quarter of the year. Use the gross profit method to estimate its cost of inventory at the end of the first quarter.
Beginning inventory $560,000
Net cost of goods purchased 1,714,500
Cost of goods available for sale 2,274,500
Estimated cost of goods sold 2,274,500
Estimated March 31 inventory $6,920,000
Answer:
Estimated march 31 inventory $586,500
Explanation:
The computation is shown below:
Beginning Inventory $560,000
Net cost of goods purchased $1,714,500 (1700000-24200+38700)
Cost of goods available for sale $2,274,500
Estimated cost of goods sold $1,688,000 ($2110000 ÷ 125 × 100)
Estimated march 31 inventory $586,500
How would the Security Market Line be affected, other things held constant, if the expected inflation rate decreases and investors also become more risk averse? a. The y-axis intercept would decline, and the slope would increase. b. The x-axis intercept would decline, and the slope would increase. c. The y-axis intercept would increase, and the slope would decline. d. The SML would be affected only if betas changed. e. Both the y-axis intercept and the slope would increase, leading to higher required returns.
Answer: a. The y-axis intercept would decline, and the slope would increase.
Explanation:
The security market line is simply refered to as the graphical representation of a CAPM which is the capital asset pricing model and it simply shows the market risk, of the securities in the market which is then plotted against the market return.
When the expected inflation rate decreases and the investors also become more risk averse, the Security Market Line would be affected, as the y-axis intercept would decline, and the slope would increase.
Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold 8000 units during the year. The company has provided the following information:
Sales Revenue $593,000
Purchases (excluding Freight In) 304,000
Selling and Administrative Expenses 68,000
Freight In 14,000
Beginning Merchandise
Inventory 46,000
Ending Merchandise Inventory 42,000
What is the operating income for the year? (Round your answer to the nearest whole dollar.)
A) $203,000
B) $271,000
C) $322,000
D) $525,000
Answer:
Net operating income= $203,000
Explanation:
First, we need to calculate the cost of goods sold:
COGS= beginning finished inventory + cost of goods purchased - ending finished inventory
COGS= 46,000 + (304,000 + 14,000) - 42,000
COGS= $322,000
Now, we can determine the net operating income using the following formula:
Net operating income= sales - cogs - Selling and Administrative Expenses
Net operating income= 593,000 - 322,000 - 68,000
Net operating income= $203,000
The article entitled "My Drug Probem" best reflects the economic idea that A. Pharmac, like private drug companies, attempt to maximaize the revenue that they receive from selling drugs. B. scarcity implies competition over resources which implies that every society has to establish rules that ration the available or potential goods and services among its citizens C. markets are always the best way to allocate resources D. government health programs, such as Pharmac, do not have to make decisions or choices regarding the availability and/or distribution of medical treartments and drugs to its citizens
Answer: C. markets are always the best way to allocate resources
Explanation:
The aforementioned article juxtaposes the benefits of having a market system for drug purchases in the United States vs other countries where healthcare is planned by the government.
It presented facts to support the logic that having a private market based system for drugs like the United States, ensures that there is incentive to produce more efficient drugs because an appropriate price can be charged for it unlike in areas where drug budgets are planned and so there might be haggling over accepting expensive drugs as was the case in New Zealand with Herceptin.
This reinforced the belief that markets are always best for resource allocation.
The following accounts and balances are taken from Anstett Company's adjusted trial balance:
Accounts Payable $10,000
Accounts Receivable 3,000
Accumulated Depreciation 1,800
Depreciation Expense 1,800
Dividends 2,000
Insurance Expense 2,300
Interest Revenue 1,340
Prepaid Insurance 2,320
Retained Earnings 10,100
Salary Expense 25,100
Service Revenue 37,800
What is the ending balance in Retained Earnings after the closing entries are completed?
A $15,720
B $20,040
C $18,240
D $18,040
Answer:
D. $18,040
Explanation:
Given the above information,
Total revenue = Interest revenue + Service revenue
= $1,340 + $37,800
= $39,140
Total expenses = Depreciation expense + Insurance expense + Salary expense
= $1,800 + $2,300 + $25,100
= $29,200
Net income = Total revenue - Total expenses
= $39,140 - $29,200
= $9,940
Therefore,
Ending retained earning balance = Beginning retained earnings + Net income - Dividends
= $10,100 + $9,940 - $2,000
= $18,040
John is 63 years old, owns his house, and is a little bit anxious about whether
he has enough money for retirement. He is considering borrowing $20,000
against his home to invest in a series of aggressive growth sock mutual funds.
The track record for these funds over the last three years has been an average
growth rate of 21.2%. The interest rate on the loan would only be 7.5%. Should
john do this to help with his retirement?
Answer:
yes
Explanation:
John makes more money per year with the growth stock mutal funds
It will be an wise decision to borrow $20,000 against his home to invest in a series of aggressive growth sock mutual funds.
What is a wise investment decision?This involve making decision that seems abnormal but are quite effective in the long-run.
Hence, it is a wise decision for John for his retirement if he $20,000 against his home to invest in a series of aggressive growth sock mutual funds because the high rate of the mutual fund will offset the loan interest rate.
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The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 659,000 Direct labor cost $ 88,000 Raw material purchases $ 135,000 Selling expenses $ 104,000 Administrative expenses $ 49,000 Manufacturing overhead applied to work in process $ 209,000 Actual manufacturing overhead costs $ 221,000 Inventories Beginning Ending Raw materials $ 8,600 $ 10,200 Work in process $ 5,400 $ 20,200 Finished goods $ 78,000 $ 25,600 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.
Answer:
1. Schedule of cost of goods manufactured.
Beginning Work in Process $ 5,400
Direct labor cost $ 88,000
Direct Material Costs :
Beginning Inventory $ 8,600
Add Raw material purchases $ 135,000
Less Ending Inventory ($ 10,200) $ 133,400
Manufacturing Overhead applied $ 209,000
Ending Work in Process ($ 20,200)
Cost of goods manufactured $415,600
Under-applied overheads = $12,000 ($ 221,000 - $ 209,000)
2. Schedule of cost of goods sold.
Beginning Finished Goods Inventory $ 78,000
Add Cost of Goods Manufactured $ 415,600
Less Ending Finished Goods Inventory ($ 25,600)
Cost of goods sold $467,400
Add Under-applied overheads $12,000
Adjusted Cost of goods sold $479,400
3. Income statement.
Sales $ 659,000
Less Cost of Goods Sold ($479,400)
Gross Profit $179,600
Less Expenses
Selling expenses $ 104,000
Administrative expenses $ 49,000 ($153,000)
Net Income (Loss) $26,600
Explanation:
See the schedules including the income statement prepared above.
In each of the following independent cases, indicate the amount (1) deductible for AGI, (2) deductible from AGI, and (3) neither deductible for nor deductible from AGI before considering income limitations or the standard deduction. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)
a. Ted paid $30 rent on a safety deposit box at the bank. In this box he kept the few shares of stock that he owned.
Deductible for AGI $
Deductible from AGI $
Not deductible $
b. Tyler paid $154 for minor repairs to the fence at a rental house he owned.
Deductible for AGI $
Deductible from AGI $
Not deductible $
c. Timmy paid $775 for health insurance premiums this year. Timmy is employed full-time and his employer paid the remaining premiums as a qualified fringe benefit.
Deductible for AGI $
Deductible from AGI $
Not deductible $
d. Tess paid $1,880 of state income taxes on her consulting income.
Answer:
a. Ted paid $30 rent on a safety deposit box at the bank. In this box he kept the few shares of stock that he owned.
Not deductibleIs not a business expense nor it can be itemized.
b. Tyler paid $154 for minor repairs to the fence at a rental house he owned.
Deductible for AGIRepairs and maintenance expenses of rental property decrease your AGI.
c. Timmy paid $775 for health insurance premiums this year. Timmy is employed full-time and his employer paid the remaining premiums as a qualified fringe benefit.
Not deductibleIf Timmy's medical expenses were more than 10% of your AGI, then you can deduct the difference. But I doubt Timmy earns less than $7,750.
d. Tess paid $1,880 of state income taxes on her consulting income.
Deductible from AGIIf you itemize deductions, you can deduct up to $10,000 in state or local taxes.
Pls help me with the graph , the choices are below
the answer to your question is graph 1
what is a work bench
Answer:
A workbench is a sturdy table at which manual work is done. They range from simple flat surfaces to very complex designs that may be considered tools in themselves. ... Almost all workbenches are rectangular in shape, often using the surface, corners and edges as flat/square and dimension standards.
Which critical factor must Mac, an entrepreneur, consider to select his suppliers?
A.
the assurance that the supplier will provide 100 percent original material
B.
the assurance that the supplier will always provide a flat discount rate regardless of the market condition
C.
the assurance that the supplier will be able to meet urgent and immediate demands at all times
D.
the assurance that Mac will earn customer loyalty by producing goods sold by the supplier
E.
the assurance that Mac’s business will expand every financial year
Answer:
c
Explanation:
University Printing Services offer a program of reproducing class notes for participating professors teaching large classes with an enrollment uniformly distributed between 200 and 300 students. Professor Pulat has subscribed to this program. A copy of her notes costs $8 to produce and it sells for $12. The students purchase their books at the start of the semester. Any unsold notes are shredded for recycling as she makes changes to her notes every semester. In the meantime, when all copies are sold, no additional copies are printed. If the University Printing Services wants to maximize its revenues, how many copies should it print
Answer:
233 copies
Explanation:
Cost of shortage (Cs)= Revenue per unit - Cost per unit
Cost of shortage (Cs) = $12 - $8
Cost of shortage (Cs) = $4
Cost of excess (Ce) = Original cost per unit - Salvage value per unit
Cost of excess (Ce) = $8 - $0
Cost of excess (Ce) = $8
Service Level (SL) = Cs/(Cs+Ce)
Service Level (SL) = $4 / ($4+$8)
Service Level (SL) = $4/$12
Service Level (SL) = 0.33
Optimum Level = Minimum student + SL*(Maximum student - Minimum student)
Optimum Level = 200 + 0.33*(300 - 200)
Optimum Level = 200 + 33
Optimum Level = 233 copies