Answer:
D. The formation of a labor union
Explanation:
The formation of a labor union will likely lead to an increase in wages because of two main reasons:
Labor unions engage in collective bargaining with employers, and this negotiations usually result in higher wages.Labor unions often restrict the labor supply that enters a particular market: they only allow unionized workers to get the jobs of the industry, and/or keep the labor supply artificially low in other to push wages to rise. This is because, the fewer workers in an industry, the scarcer they are, and the higher their wages become.Which of the following accounts are normally reported as current liabilities on a classified balance sheet?
a. Accounts Payable and Prepaid Insurance
b. Interest Payable and Interest Receivable
c. Capital Stock and Accounts Payable
d. Income Taxes Payable and Salaries Payable
Answer:
d. Income Taxes Payable and Salaries Payable
Explanation:
Current liabilities are short term obligations of an entity due for repayment within a period of 12 months.
From the options given d. Income Taxes Payable and Salaries Payable both presents current liabilities.
Warwick's Co., a women's clothing store, purchased $22,000 of merchandise from a supplier on account, terms FOB destination, 1/10, n/30. Warwick's returned $3,300 of the merchandise, receiving a credit memo.
a. Journalize Warwick's Co.'s entry to record the purchase.
b. Journalize Warwick's Co.'s entry to record the merchandise return.
c. Journalize Warwick's Co. entry to record the payment within the discount period of ten days.
d. Journalize Warwick's Co. entry to record the payment beyond the discount period of ten days. If an amount box does not require an entry, leave it blank.
Answer and Explanation:
The Journal entry is shown below:-
a. Inventory Dr, $21,780 $22,000 - ($22,000 × 1%)
To Accounts payable $21,780
(Being purchase is recorded)
b. Accounts payable Dr, $3,267 ($3,267 - ($3,267 × 1%))
To Inventory $3,267
(Being merchandise return is recorded)
c. Accounts payable Dr, $18,513 ($22,000 - $3,300 × 99%)
To Cash $18,513
(Being payment within the discount period of ten days is recorded)
d. Accounts Payable Dr, $18,513 ($21,780 - $3,267)
Inventory Dr, $187 ($18,700 - $18,513)
To Cash $18,700 ($22,000 - $3,300)
(to record payment beyond discount term)
A firm in a purely competitive industry is currently producing 1,200 units per day at a total cost of $700. If the firm produced 1,000 units per day, its total cost would be $450, and if it produced 700 units per day, its total cost would be $425. Instructions: Round your answers to 2 decimal places. a. What are the firm's ATC at these three levels of production
Answer:
Explanation:
The average total cost is calculated as the total cost divided by the number of outputs. The firm's ATC at these three levels of production will be:
1. 1,200 units per day at a total cost of $700.
ATC = Total cost/output
ATC = $700/1200
ATC = $0.58
2. If the firm produced 1,000 units per day, its total cost would be $450.
ATC = Total cost/output
ATC = $450/1000
ATC = $0.45
3. If it produced 700 units per day, its total cost would be $425.
ATC = Total cost/output
ATC = $425/700
ATC = $0.61
A company receives a 10%, 120-day note for $1,500. The total interest due on the maturity date is: (Use 360 days a year.)
Answer:
50
Explanation:
1,500x.10x120/360 = 50 i believe?
A firm is given a $1,500, 10%, 120-day note. 50 is the total amount of interest due on the maturity date.
What is maturity?Age is not a factor in maturity; rather, maturity is determined by the way you decide to behave and react to different life experiences. It is essentially a stage of mental maturity or wisdom that affects every aspect of a person's life, from behavior to interpersonal relationships.
A firm is given a $1,500, 10%, 120-day note. 50 is the total amount of interest due on the maturity date.
1,500x.10x120/360 = 50 i believe
Therefore, the total amount of interest due on the maturity date.
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As one builds higher, building costs ____, while warehousing equipment costs tend to ____. Group of answer choices Increase; decrease Decrease; increase Decrease; decrease Increase; increase
Answer:
The correct answer is the second option: Decrease; Increase.
Explanation:
To begin with, in the construction area the managers understand that when the company starts to build higher the building costs decrease due to the fact that is now working with bigger numbers so that means that the volumen of equipment, materials and commodities are high enough to decrease the costs due to the volumen managed, meanwhile the warehousing equipment costs tend to increase due to the same reason as before, now the company is working with bigger numbers so that means more equipment, materials and commodities to put in bigger warehouse and for more time.
Suppose the price index was 105 in 2017, 126 in 2018, and the inflation rate was lower between 2018 and 2019 than it was between 2017 and 2018. This means that
Answer:
These are the answers to the question:
a. the price index in 2019 was lower than 126.0.
b. the price index in 2019 was lower than 147.0.
c. the price index in 2019 was lower than 151.2.
d. the inflation rate between 2018 and 2019 was lower than 1.2 percent.
And this is the correct answer:
b. the price index in 2019 was lower than 147.0.
Explanation:
We can see that the price index rose by 21 units from 105 in 2017 to 126 in 2018.
If the inflation rate was lower between 2018 and 2019, it means that the price index rose by less than 21 units during this period.
Because 126 + 21 = 147, we can be certain that the price index in 2019 was lower than 147.
Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold 6,100 Selling price per unit $ 590 Unit cost of goods sold $ 413 Variable selling expense per unit $ 50 Total fixed selling expense $ 125,600 Variable administrative expense per unit $ 28 Total fixed administrative expense $ 207,500 Cost of goods sold is a variable cost in this company. Required: a. Prepare a traditional format income statement for July. b. Prepare a contribution format income statement for July.
Answer:
Instructions are below.
Explanation:
The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead).
I will assume that there is no beginning nor ending inventory.
Absorption costing income statement:
Sales= 6,100*590= 3,599,000
COGS= (6,100*413)= (2,519,300)
Gross profit= 1,079,700
Total selling expense= (6,100*50 + 125,600)= (430,600)
Total administrative expense= (6,100*28 + 207,500)= (378,300)
Net operating income= 270,800
Variable costing income statement:
Sales= 3,599,000
Total variable cost= 6,100*(413 + 50 + 28)= (2,995,100)
Total contribution margin= 603,900
Total fixed selling expense= (125,600)
Total fixed administrative expense= (207,500)
Net operating income= 270,800
The buyer's costs are a $360,000 purchase price, a $3,180 origination fee, $400 for a lender's policy of title insurance, $300 for an appraisal, $430 for property taxes in advance, and $555 for hazard insurance. She has put down a $12,000 earnest money deposit and is receiving a $318,000 loan. What is the cash balance required from the buyer at closing
Answer:
The cash balance required from the buyer at closing is $34,865.
Explanation:
The cash balance required from the buyer at closing is the excess of his expenses over his receipts. This can be calculated as follows:
Particulars $ $
Receipts:
Earnest money deposit 12,000
Loan received 318,000
Total receipts 330,000
Expenses:
Purchase price (360,000)
Origination fee (3,180)
Lender's policy of title insurance (400)
Appraisal (300)
Property taxes in advance (430)
Hazard insurance (555)
Total expenses (364,865)
Balance required (34,865)
Therefore, the cash balance required from the buyer at closing is $34,865.
Consumption expenditures $800
Investment expenditures 200
Government purchases 300
Exports 100
Imports 200
Wages 800
Refer to Table above. Consider the data above (in billions of dollars) for an economy:
Gross domestic product (in billions of dollars) for this economy equals
A) $2,200.
B) $1,600.
C) $1,400.
D) $1,200
Answer:
GDP= $1,200
Explanation:
From the question above, we are given the following values
Consumption expenditure= $800
Investment expenditures= $200
Government purchases= $300
Imports= $100
Exports= $200
Wages= $800
Therefore the Gross Domestic Product(GDP) can be calculated as follows
GDP=Consumption+investment+government spending+(export-import)
= $800+$200+$300+($100-$200)
= $800+$200+$300+(-$100)
= $800+$200+$300-$100
= $1,200
Hence the Gross Domestic Product (in billions of dollars) for this economy is $1,200
Engines are the most expensive, heavy component on an aircraft and are designed with detailed specifications. Which of the following would likely be the best theme for a Rolls-Royce analyst research note to help a portfolio manager decide between investing in Rolls Royce or United Technologies?
a. Regulatory concerns for the Boeing-Airbus duopoly
b. A comparison of the commercial prospects of new aircraft models.
c. The impact of the price of oil on air travel.
d. The competitive enviorment in the super luxury car segment.
Answer:
b.
Explanation:
In this scenario, the best theme for the analyst to look into would be a comparison of the commercial prospects of new aircraft models. Meaning a deep look into how well the new aircraft models will do in the commercial markets. This is because the stock prices of United Technologies and Rolls Royce ultimately depends on how well the company's products do when they get released. Therefore in order to decide which investment will return the highest ROI, it is best to compare their commercial prospects.
In a supermarket, a vendor's restocking the shelves every Monday morning is an example of:________
a. safety stock replenishment
b. economic order quantities
c. reorder points
d. fixed order interval
e. blanket ordering
Answer:
it may be fixed order interval because the vendor is restocking every monday only.
The Converting Department of Tender Soft Tissue Company uses the average cost method and had 2,900 units in work in process that were 70% complete at the beginning of the period. During the period, 36,500 units were completed and transferred to the Packing Department. There were 1,600 units in process that were 20% complete at the end of the period. a. Determine the number of whole units to be accounted for and to be assigned costs for the period. units b. Determine the number of equivalent units of production for the period. units
Answer:
a) Units to be accounted for
Completed and transferred out = 36,500 units
Closing inventory = 1600 units.
b) Total equivalent units 36,820
Explanation:
Under the weighted average method, the units completed and transferred out are not separated into opening inventory and newly introduced.
The units to be assigned cost would be as follows:
Completed and transferred out = 36,500 units
Closing inventory = 1600 units.
Equivalent units is the notional whole units which represent incomplete work and her use to assign costs between work-in-progress and completed units.t
Equivalent units= Degree of completion × units
Units units Equivalent units
Completed 36,500 36,500 × 100% = 36,500
Closing inventory 1,600 1,600 × 20% = 320
Total equivalent units 36,820
a) Units to be accounted for
Completed and transferred out = 36,500 units
Closing inventory = 1600 units.
b) Total equivalent units 36,820
Contemporary researchers focus on how entrepreneurs________ a. build a tolerance for uncertainty b. think and act c. develop a desire for achievement d. develop an affinity for taking risks
Answer:
b. think and act
Explanation:
Contemporary researchers are those that focus on what is happening currently or happening actively. It is a recent study of occurrences rather than looking at activities in the distant past.
As contemporary researchers focus on the present, they will focus on how enterprenures think and act daily as a way to learn current trends in the industry.
Contemporary research tends to provide information that can be used by consumers to improve their everyday activities and processes.
If the expected sales volume for the current period is 25,000 units, the desired ending inventory is 700 units, and the beginning inventory is 450 units, the number of units set forth in the production budget, representing total production for the current period, is
Answer:
Production= 25,250 units
Explanation:
Giving the following information:
Sales= 25,000 units
ending inventory= 700 units
beginning inventory= 450 units
To calculate the required production for the period, we need to use the following formula:
Production= sales + desired ending inventory - beginning inventory
Production= 25,000 + 700 - 450
Production= 25,250 units
Suppose you invested $100 in the Ishares High Yield Fund (HYG) a month ago. It paid a dividend of $2 today and then you sold it for $101. What was your dividend yield and capital gains on the investment
Answer:
Dividend yield= 2%
Capital gain = 1$
Explanation:
Capital gain is the difference between the cost of the shares when it was purchased and the price now
Capital gains = Price of the share now - cost of the shares
Capital gain = 101- 100 = 1
Capital gain = 1$
Dividend yield is the dividend earned as a proportion of the price of the share
Dividend yield = Dividend/ price × 100 =
Dividend = 2, Price = 101
Dividend yield = 2/101× 100 = 1.98
Dividend yield= 2%
For each situation, list the assumption, principle, or constraint that has been violated, if any.
A) East Lake Company recognizes revenue at the end of the production cycle but before sale. The price of the product, as well as the amount that can be sold, is not certain.
B) Hilo Company is in its fifth year of operation and has yet to issue financial statements.
C) Gomez, Inc. is carrying inventory at its original cost of $100,000. Inventory has a fair value of $110,000.
D) Bly Hospital Supply Corporation reports only current assets and current liabilities on its balance sheet. Equipment and bonds payable are reported as current assets and current liabilities, respectively. Liquidation of the company is unlikely debited the "Computers" account.
E) Chieu Company has inventory on hand that cost $400,000. Chieu reports inventory on its balance sheet at its current fair value of $425,000.
F) Toxy Syles, president of Classic Music Company, bought a computer for her personal use. She paid for the computer by using company funds debited the "Computers" account.
A. Going concern assumption
B. Periodically Assumption
C. Historial Cost Principle
D. Revenue Recognition Principle
E. Economic Entity Assumption
F. No Violation
Ansewer:
E i think
Explanation:
The following situations are correctly matched with the assumption, principle:
Revenue Recognition Principle: Before the sale but at the conclusion of the production cycle, East Lake Company records revenue. It is uncertain what the product will cost and how much can be sold.Periodically Assumption: Despite being in its fifth year of operation, Hilo Company has not yet released financial results.No Violation: Gomez, Inc. is holding goods at its $100,000 original cost. The fair value of the inventory is $110,000.Going concern assumption: On its balance statement, Bly Hospital Supply Corporation only lists current assets and current liabilities. Current assets and current liabilities are the amounts that are stated for equipment and bonds payable, respectively. It's doubtful that the "Computers" account would be debited during firm liquidation.Historial Cost Principle: Bly Hospital Supply Corporation only lists current assets and current liabilities on its balance sheet. The quantities for equipment and bonds payable are indicated as current assets and current liabilities, respectively. The "Computers" account would probably not be debited during corporate dissolution.Economic Entity Assumption: Toxy Syles, president of Classic Music Company, bought a computer for her personal use. She paid for the computer by using company funds and debited from the "Computers" account.What is the Going concern assumption?According to the going concern principle, any organization's operations will continue for the foreseeable future. According to the guiding principle, every choice made by a company should be made with its continued operation in mind rather than its eventual closure.
Thus, the mention above correctly matched the assumption, and principle.
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When the price increases by 30% and the quantity demanded drops by 10%, the price elasticity of demand is: quizet
Answer:
0.33 inelastic
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
10% / 30% = 0.33
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one .
_________ is the process whereby managers closely examine the target firm to understand its core processes, strengths, and weaknesses.
Answer:
Due diligence
Explanation:
Due diligence is the process whereby managers closely examine the target firm to understand its core processes, strengths, and weaknesses.
It is designed to provide organizations with a clear picture of their company’s capabilities, that is their strength and weakness. Many businesses are reliant on it before making investments decision in a new company, a merger or finishing an acquisition.
Physical Units Work in process, beginning 0 Completed and transferred out 89000 Work in process, ending 6000 Materials are added at the beginning of the process. What is the total number of equivalent units for materials during the period?
Answer:
Total equivalent units= 95,000 units
Explanation:
Giving the following information:
Work in process, beginning 0
Completed and transferred out 89,000
Work in process, ending 6,000
Materials are added at the beginning of the process.
Because the materials are added at the beginning of the process, the equivalent units are the same as units started and completed.
Total equivalent units= 89,000 + 6,000= 95,000 units
Now we have country E, an emerging country. Country E starts off with a GDP per capita of $4,000, and is experiencing a GDP per capita growth rate of 12%, how many years GDP per capita will be double for country E?
Answer:
6 years
Explanation:
The rule of 72 would be used to determine the number of years it would take GDP per capita to double
Rule of 72 = 72 / GDP per capita growth rate
72 / 12 = 6 years
I hope my answer helps you
Flitter reported net income of $26,500 for the past year. At the beginning of the year the company had $218,000 in assets and $68,000 in liabilities. By the end of the year, assets had increased to $318,000 and liabilities were $93,000. Calculate its return on assets:
The return on assets for Filter given its net income, beginning assets and end of the year assets is 0.0989.
What is the return on assets?Return on asset is the ratio of the net income and the average asset of a company. In order to calculate the return on assets, information from the income statement and information from the balance sheet would be needed.
The information gotten from the income statement is the net income. The information gotten from the balance sheet is the average assets.
Return on asset is an example of a profitability ratio. Profitability ratios measure the ability of a firm to generate profits from its asset. The higher the return on assets is, the more efficient a firm is in converting its assets to income.
Return on assets = net income / average total assets
Average total assets = (beginning assets + ending assets) / 2
($218,000 + $318,000) / 2 = $268,000
Return on assets = 26,500 / 268,000 = 0.0989
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Freshmart, Inc., began operations last year when it produced and sold the same number of units. This year, the company produced 1,000 units and sold 750 units at a selling price of $100 per unit. Fixed overhead costs totaled $30,000 and fixed selling and administrative expenses were $15,000. Variable production costs were $25.00 per unit while variable selling and administrative expenses were $10.00 per unit. Using absorption costing, net income was:
Answer:
Net Income under absorption costing is $11,250.
Explanation:
Absorption Costing Income Statement.
Sales Revenue (750 units × $100) $75,000
Less Cost of Sales
Opening Inventory $0
Add Cost of Goods Manufactured (1,000 units × $55.00) $55,000
Less Closing Inventory (250 units × $55.00) ($13,750)($41,250)
Gross Profit $33,750
Less Expenses :
Selling and administrative expenses :
Fixed ($15,000)
Variable (750 units×$10.00) ($7,500)
Net Income / (Loss) $11,250
Conclusion :
Manufacturing costs under absorption costing include both fixed and variable costs.
All Non-manufacturing costs are treated as period costs, expense during the period.
Net Income under absorption costing is $11,250.
There is often a trademinusoff between A. limited and unlimited resources. B. economic efficiency and economic equity. C. voluntary and involuntary exchanges. D. productive efficiency and allocative efficiency.
Answer:
B. economic efficiency and economic equity.
Explanation:
These two systems economic efficiency and economic equity are particularly been seen or used as a criteria that required in system of allocation. Efficiency here are known to be trade off which are particularly affected by a lot different policies. An example is seen between equity and efficiency can be explained with government environmental policy. Whoever benefits most in natural resources exploitation and at the cost, is a policy question that needs to be answered. The effect from these exploitation fall on the masses directly when carefully observed.
The management function that is concerned with monitoring activities to ensure that they are being accomplished as planned and correcting any significant deviations is
Answer:
Control
Explanation:
The management functions are:
-Plan refers to setting goals and establish the strategies that have to be implemented to accomplish them.
-Organize refers to defining the company structure and the best way to implement the plan.
-Lead refers to getting employees to support and work towards the goals and keep them motivated.
-Control refers to making a follow up of the strategies implemented, measuring the performance to find out if the goals are going to be accomplished and take measures when needed.
According to this, the answer is that the management function that is concerned with monitoring activities to ensure that they are being accomplished as planned and correcting any significant deviations is control because it is the function that measures the results and analyze if the goals can be achieved.
1. Consider the following information about three stocks: State of Economy Probability of State of Economy Rate of Return If State Occurs Stock A Stock B Stock C Boom .25 .21 .36 .55 Normal .60 .17 .13 .09 Bust .15 .00 −.28 −.45 a. If your portfolio is invested 40 percent each in A and B and 20 percent in C, what is the portfolio expected return? The variance? The standard deviation? b. If the expected T-bill rate is 3.80 percent, what is the expected risk premium on the portfolio? c. If the expected inflation rate is 3.50 percent, what are the approximate and exact expected real returns on the portfolio? What are the approximate and exact expected real risk premiums on the portfolio?
Answer and Explanation:
The computation is shown below:
a. For expected return
As we know that
Expected return = Probability × Rate of return
The same formula applies for all of the given stock
For Boom it is
= 0.4(0.21) + 0.4(0.36) + 0.2(0.55)
= 0.33
For Normal it is
= 0.4(0.17) + 0.4(0.13) + 0.2(0.09)
= 0.13
For Bust
= 0.4(0.00) + 0.4(-0.28) + 0.2(-0.45)
= - 0.20
So, the expected rate of return is
= 0.25(0.33) + 0.60(0.13) + 0.15(-0.20)
= 0.1305
Now the variance is
= 0.25 × (0.33 - 0.1305)^2 + 0.60 × (0.13 - 0.1305)^2+ 0.15 × (-0.20 – 0.1305)^2
= 0.053
Now the standard deviation is
= [0.053]^1/2
= 0.23
b. Risk premium is
= E(Rp) – Rf
= 0.1305 - 0.038
= 0.0925
c. Expected real return is
= 0.1305 - 0.035
= 0.0955
The Expected real risk premium is
= risk premium - inflation rate
= 0.0955 - 0.035
= 0.0605
We simply applied the above formulas
A portfolio has 30% of its value in IBM shares and the rest in Microsoft (MSFT). The volatility of IBM and MSFT are 35% and 30%, respectively, and the correlation between IBM and MSFT is 0.5. What is the standard deviation of the portfolio
Answer:
30.51%
Explanation:
The computation of the standard deviation is shown below:
Data provided in the question
Weightage in IBM = 30% = WI
Weightage in MFST = 100 - 30% = 70% = WM
The Volatility in IBM = 35% = VI
The Volatility in MFST = 30% = VM
Correlation = 0.5 = C
Based on the above information
The standard deviation is
[tex]= \sqrt{(VI^2\times WI^2) + (VM^2 \times WM^2) + (2 \times VI \times WI \times VM \times WM \times C)}[/tex]
[tex]= \sqrt{(0.35^2\times 0.30^2) + (0.35^2 \times 0.70^2) + (2 \times 0.35 \times 0.30\times 0.30 \times 0.70 \times 0.5)}[/tex]
= 30.51%
The Department of Housing and Urban Development (HUD) would like to test the hypothesis that the average size of a newly constructed house in 2010 is different from the average size of a newly constructed house in 2000. The following data summarizes the sample statistics for house sizes, in square feet, for both years. Assume that the population variances are equal.
2000 2010
Sample mean 2,180 2,390
Sample size 15 12
Sample standard deviation 300 320
If Population 1 is defined as homes built in 2000 and Population 2 is defined as homes built in 2010, which one of the following statements is true?
A. Because the
95
%
confidence interval includes zero, HUD cannot conclude that the average size of a newly constructed house in 2010 is different from the average size of a newly constructed house in 2000.
B. Because the
95
%
confidence interval does not include zero, HUD can conclude that the average size of a newly constructed house in 2010 is different from the average size of a newly constructed house in 2000.
C. Because the
95
%
confidence interval includes zero, HUD can conclude that the average size of a newly constructed house in 2010 is equal to the average size of a newly constructed house in 2000.
D. Because the
95
%
confidence interval does not include zero, HUD can conclude that the average size of a newly constructed house in 2010 is not different from the average size of a newly constructed house in 2000.
Answer:
B. Because the
95
%
confidence interval does not include zero, HUD can conclude that the average size of a newly constructed house in 2010 is different from the average size of a newly constructed house in 2000.
Explanation:
Here,
Null and alternative hypotheses are:
H0: u1 = u2
H1: u1 ≠ u2
Calculate test statistics:
[tex] t = \frac{x'1 - x'2}{\sqrt{\frac{(n_1 - 1) (\sigma_1)^2 + (n_2 - 1)(\sigma_2)^2}{n_1 + n_2 - 2} * (\frac{1}{n_1} + \frac{1}{n_2})}} [/tex]
[tex] = \frac{2180 - 2390}{\sqrt{\frac{(14)(300)^2 + (11)(320)^2)}{15 +12 - 2} * (\frac{1}{15} + \frac{1}{12})}} [/tex]
[tex] = \frac{-210}{\sqrt{\frac{(1260000) + (1126400)}{25} * (0.15)}} [/tex]
[tex] t = -1.7549 [/tex]
At 95% confidence interval, find t observed:
Significance level = 100% - 95% = 5% = 0.05
Degrees of freedom = 15 + 12 - 2 = 25
[tex] t_o = t_\alpha_/_2_, _d_f = t_0_._0_5_/_2_, _2_5 = t_0_._0_2_5, _2_5 = 2.06 [/tex]
T calculated = -1.76
T observed(critical) = -2.06
Since t calculated is bigger than t critical, reject null hypothesis H0.
Because the
95
%
confidence interval does not include zero, HUD can conclude that the average size of a newly constructed house in 2010 is different from the average size of a newly constructed house in 2000.
O'Brian's Department Stores allocates the costs of the Personnel and Payroll departments to three retail sales departments, Housewares, Clothing, and Furniture. In addition to providing services to the operating departments, Personnel and Payroll provide services to each other. O'Brian's allocates Personnel Department costs on the basis of the number of employees and Payroll Department costs on the basis of gross payroll. Cost and allocation information for June is as follows:
Personnel Payroll Housewares Clothing Furniture
Direct department cost $ 7,800 $ 3,200 $ 12,200 $ 20,000 $ 16,750
Number of employees 5 4 8 16 4
Gross payroll $ 6,000 $ 3,300 $ 10,600 $ 17,400 $ 8,100
(a) Determine the percentage of total Personnel Department services that was provided to the Payroll Department. (Round your answer to one decimal place.)
(b) Determine the percentage of total Payroll Department services that was provided to the Personnel Department. (Round your answer one decimal place.)
(c) Prepare a schedule showing Personnel Department and Payroll Department cost allocations to the operating departments, assuming O'Brian's uses the step method.
Do not round until your final answers. Round answers to the nearest dollar.
Service Departments Producing Departments
Payroll Personnel Housewares Clothing Furniture
Total costs
Answer:
a. Department No of employee
Payroll 4
Housewares 8
Clothing 16
Furniture 4
Total 32
Personnel department cost allocated to payroll department
= (Direct department cost of personnel * No of payroll employees) / Total no of employees
= $7,800 * 4/32
=$975
Percentage of total personnel department services that was provided to the payroll Department is
= Cost allocated to payroll department/ Personnel direct cost
= $975/$7,800
=0.125
=12.5%
b. Department Gross payroll $
Personnel 6,000
Housewares 10,600
Clothing 17,400
Furniture 8,100
Total 42,000
Payroll department cost allocated to personnel department
= (Direct department cost of payroll * Gross payroll of personnel department) / Total gross payroll
= $3,200 * $6,000 / $42,100
=$456
Percentage of total payroll department services that was provided to the Personnel Department is
= Cost allocated to personnel department / Payroll direct cost
=$456 / $3,200
= 0.143
=14.3%
c. Allocation of personnel department cost is on basis of no of employee
Department No of Employee Proportion Percentage
Payroll 4 4/32 12.50%
Housewares 8 8/32 25%
Clothing 16 16/32 50%
Furniture 4 4/32 12.50%
Total 32
Allocation of personnel department cost is on basis of Gross payroll
Department Gross payroll Proportion Percentage
Housewares $10,600 10,600/36,100 29.36%
Clothing $17,400 17,400/36,100 48.20%
Furniture $8,100 8,100/36,100 22.44%
Total $36,100
Schedule showing Personnel Department and Payroll Department cost allocations to the operating departments
Service Dept. Producing Dept.
Personnel Payroll Housewares Clothing Furniture
Direct dept $7,800 $3,200 $12,700 $20,000 $16,750
cost
Allocation ($7,800) $975 $1,950 $3,900 $975
of personnel
cost
Allocation - ($4,175) $1,226 $2,012 $937
of Payroll
cost
Total $0 $0 $15,376 $25,912 $18,662
How you might reorient yourself to your own job
Answer:
well, first I would start off by listening to others. I would also try to get along with anyone who comes in the job. Sometimes, people take the credit of the work you do, so instead of taking it out on others, deal with it yourself. Everyone has different levels of stress, but it is never ok to take yours out on others. |
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( this is the funny answer)
I would start by stop clogging stall number 2, I am truly sorry for our poor custodian Edna. Poor, poor Edna. I would also stop using the printer for putting stupid pictures in others offices. The last time I put my butt on the printer, printed it, and put it on Stevens computer. The only thing Steven was able to open was my hairy butt crack.. I'm sorry Steven. So, I am trying, but ya know, life is a working process..
( hope that this made you laugh)
Patton Company purchased $1,500,000 of 10% bonds of Scott Company on January 1, 2021, paying $1,410,375. The bonds mature January 1, 2031; interest is payable each July 1 and January 1. The discount of $89,625 provides an effective yield of 11%. Patton Company uses the effective-interest method and plans to hold these bonds to maturity.*USE T ACCOUNTS
On July 1, 2018, Patton Company should increase its Debt Investments account for the Scott Company bonds by?
For the year ended December 31, 2018, Patton Company should report interest revenue from the Scott Company bonds of?
Answer:
On July 1, 2018, Patton Company should increase its Debt Investments account for the Scott Company bonds by?
I will assume that the bonds were purchased on January 2018 and not January 2021.
The journal entry to record the purchase of the bonds was:
January 1, 2018, investment on bonds
Dr Debt Investment 1,500,000
Cr Cash 1,410,375
Cr Discount on Debt Investment 89,625
the journal entry to record the interests received on July 1, 2018 would be:
Dr Cash 75,000
Dr Discount on Debt Investment 2,570.63
Cr Interest revenue 77,570.63
Discount on Debt Investment = ($1,410,375 x 5.5%) - ($1,500,000 x 5%) = $77,570.63 - $75,000 = $2,570.63
Patton company should increase its Debt investment by $2,570.63 (amortized discount).
For the year ended December 31, 2018, Patton Company should report interest revenue from the Scott Company bonds of?
The journal entry to record accrued interests:
Dr Interest receivable 75,000
Dr Discount on Debt Investment 2,712
Cr Interest revenue 77,712
Discount on Debt Investment = ($1,412,945.63 x 5.5%) - ($1,500,000 x 5%) = $77,712 - $75,000 = $2,712
Total interest revenue for 2018 = $77,570.63 + $77,712 = $155,282.63