Answer:
1. FALSE
2.TRUE
3. TRUE
4.TRUE
Explanation:
1. It is FALSE which means each voucher should NOT be approved for payment by a designated official before verifying price, quantities, and terms because it would not reduce the chances of losing cash discount .
2. It is TRUE which means each voucher should tend to be filed by the day which will be the last day of the discount period or the due date if the invoice is not subject to a cash discount because if the voucher is filed at last day, there will be chance of losing it.
3. It is TRUE which means each day, the vouchers should be removed from the appropriate section of the file and checks issued by the disbursing official because yhis will also tend to lead to losing the cash discount for payment to the vendor.
4. It is TRUE which means at the time of payment, all vouchers and supporting documents should be stamped or perforated "Pald" because there will presentation of invoice for the second time.
If you are using new information in a survey that was not collected during previous surveys, you will be using _______ to gauge customer satisfaction.
Answer:
This question is incomplete, the options are missing. The options are the following:
a) Biased data
b) Raw data
c) Available data
d) Peer-reviewed data
And the correct answer is the option B: Raw data.
Explanation:
To begin with, the concept known as "Raw Data" refers to the amount of data that is collected from a source for the very first time in order to be used in an analysis. Therefore that it is this type of data that is also called as "primary data" due to the fact that has not been collected before and that action will implicate more work from the analyzer who is interest in collecting all that new data.
In cases where new information in a survey that was not collected during the previous surveys, the information that will be used will be organic data to gauge customer satisfaction. So, the correct option is B.
Raw information relates to the information that was not collected before for any purposes and is being freshly collected and gathered to use and report in the survey.
Raw data or organic data is self collected data which has been gathered from sources that are yet alien to the general public. A special report has to be created on such data collected.The reliability of an organic data is always under question as the sources used to collect the information are not verified and it becomes difficult to rely on data reported in such surveys.Surveys are created out of raw data only in cases of when any information is not available in the public domain or when the surveyor attempts to portray his or her own studies into surveys.Hence, the correct option is B that when the usage of a new information is being done in order to curb usage of data not used previously, one will be using raw data or organic information to gauge customer satisfaction.
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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
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
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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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.
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 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
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
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%
Based on Roberts and Schlenker (forthcoming), the corn demand elasticity is ε =0.3, and the supply elasticity is eη= 0.15. According to the 2007 Census of Agriculture, the United States has 347,760 corn farms. Assuming that the farms are of roughly equal size, what is the elasticity of demand facing a single farm?
Answer: 52,164.15
Explanation:
The price Elasticity of demand for corn refers to how much the quantity demanded of corn changes as a result of a change in price.
When given the elasticity for a group and need to calculate for a single unit, use the formula;
εi = nε - (n -1)eη
Demand elasticity for single unit = (Number of units * entire demand elasticity) - ( number of units - 1) * supply elasticity of each firm
= (347,760 * 0.3) - (347,760 - 1) * 0.15
= 104,328 - 52,163.85
= 52,164.15
Note: Do confirm that the figures you provided are the correct ones. If yes then no problems.
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)
in computing depreciation, three values, must be known or estimated; identify and explain the nature of each.
Answer:
The answer is:
1. Acquisition cost.
2. Estimated useful life to the company.
3. Estimated residual value at the end of the asset’s useful life to the company.
Explanation:
1. Acquisition cost/Purchase price: This is the amount at which the asset(s) was bought. The acquisition cost will include the original purchase price, the cost of transporting the asset to the factory etc. and subtract any purchases discount.
2. Estimated Useful life to the company: This is the number of years the purchased asset are estimated to last for. E.g fitting and furniture with an estimated value of 5 years while the equipment for production can be 7 years. This depends on the company policy though.
3. Estimated residual value: This is the amount of money the firm is expected to get from the asset after it has been fully depreciated.
When depreciation needs to be computed, it is important that one look at three values which are:
Acquisition cost Estimated useful life of asset Residual value at end of lifeOne of the most basic formulas for depreciation is:
= (Acquisition cost - Residual value) / Estimated useful life
The Acquisition cost is the amount that the asset was purchased for. This will also include other capitalized cost such as taxes and installation costs that were necessary to get the asset working.
The estimated useful life of the asset is the amount of time the company believes they will be able to use the asset and the residual value is what the asset will be worth at the end of that useful life.
In conclusion, the three values are cost, useful life, and residual value.
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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.
The U.S. work week has declined from 60 hours in 1890 to 40 hours today. The impact of the decline in working hours:________
Answer:
It will Decreases U.S. real GDP and on the other way round it will increases the well-being of a typical working person in the U.S.
Explanation:
The impact of the decline in working hours is that it will Decreases U.S. real GDP and on the other way round it will definitely lead to increase in the well-being of a typical working person in the U.S. because of the decline in the U.S work week which was formally 60 hours in the 1980 but now 40 hours today because a typical working person will have more time for him/her and the stress involved in working for 60 hours per week will reduce when compared with working for 40 hours per week because a typical working person in the U.S will preferred to work for 40 hours per week than 60hours per week for the betterment of their well being.
Seminole Lighting, a specialty lamps and specialty light sources manufacturer, had the following information on its annual tax returns. Calculate Seminole’s taxable income and determine the federal income tax for the year. Sales $ 680,000 Interest Revenues $ 10,000 Operating Expenses $ 52,000 Depreciation $ 10,000 The federal income tax for the year is:
Answer:
Seminole’s taxable income is $628,000
Seminole’s federal income tax for the year is $213,520
Explanation:
In order to calculate Seminole’s taxable income we would have to calculate the following formula:
Seminole’s taxable income=Sales+Interest Revenues-Operating Expenses-Depreciation
According to the given data we have the following:
Sales $ 680,000
Interest Revenues $ 10,000
Operating Expenses $ 52,000
Depreciation $ 10,000
Therefore, Seminole’s taxable income=$ 680,000 +$ 10,000 -$ 52,000 - $ 10,000
Seminole’s taxable income=$628,000
To calculate Seminole’s federal income tax for the year we would have to make the following calculation:
Seminole’s federal income tax for the year=Seminole’s taxable income*tax rate
Seminole’s federal income tax for the year=$628,000*34%
Seminole’s federal income tax for the year=$213,520
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.
_________ 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.
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 .
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.
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. |
|
|
v
( 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)
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.
Michael owns a machine shop. In reviewing the shop's utility bills for the past 12 months, he found that the highest bill of $2,400 occurred in August when the machines worked 1,000 machine hours. The lowest utility bill of $2,200 occurred in December when the machines worked 500 machine hours.
Requirement:
1. Calculate the variable rate per machine hour and the total fixed utility cost.
2. Show the equation for determining total utility cost for the machine shop.
3. If Matt anticipates using 1, 200 machine hours in January, predict the shop's total utility bill using the equation from Requirement 2.
Answer:
Instructions are below.
Explanation:
Giving the following information:
Highest cost= $2,400 when the machines worked 1,000 machine hours.
Lowest cost= $2,200 when the machines worked 500 machine hours.
To calculate the variable cost per unit and total fixed costs, we need to use the following formulas:
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (2,400 - 2,200) / (1,000 - 500)
Variable cost per unit= $0.4 per hour
Fixed costs= Highest activity cost - (Variable cost per unit * HAU)
Fixed costs= 2,400 - (0.4*1,000)= $2,000
Fixed costs= LAC - (Variable cost per unit* LAU)
Fixed costs= 2,200 - (0.4*500)= $2,000
Total cost= 2,000 + 0.4x
x= machine hour
Finally, the total cost for 1,200 machine hours:
Total cost= 2,000 + 0.4*1,200
Total cost= $2,480
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
Scott Distributors has the following transactions related to notes receivable during the last two months of the year.
Dec. 1 Loaned $16,000 cash to E. Kinder on a 1-year, 6% note.
16 Sold goods to J. Jones, receiving a $4,800, 60-day, 7% note.
31 Accrued interest revenue on all notes receivable.
Instructions:
Journalize the transactions for Trent Distributors.
Answer:
Dec 1
Dr Notes Receivable 16,000
Cr Cash 16,000
Dec 16
Dr Notes Receivable 4,800
Cr Sales Revenue 4,800
Dec. 31
Dr Interest Receivable 94
Cr Interest Revenue 94
Explanation:
Preparation of Scott Distributors Journal entry
Since we are told that on Dec. 1 Scott Distributors was tend to Loaned tha amount of $16,000 cash to E. Kinder which was on a 1-year, 6% note this means the transaction will be recorded as:
Dec 1
Dr Notes Receivable 16,000
Cr Cash 16,000
Since we were told that Scott Distributors Sold goods to J. Jones by receiving a sum of $4,800, 60-day, 7% note this means the transaction will be recorded as :
Dec 16
Dr Notes Receivable 4,800
Cr Sales Revenue 4,800
The Accrued interest revenue on all notes receivable transactions will be recorded as:
Dec. 31
Dr Interest Receivable 94
Cr Interest Revenue 94
Computation of interest revenue for E. Kinder note and J. Jones
E.kinder=
The amount of $16,000 *0.06*30/360
= $80
Jones note=
The amount of 4,800 *0.07×15/360
= 14
Total accrued interest (80+14)
$94
The journal entries are shown below.
Journal entries:Dec-01
Notes Receivable 16000
Cash 16000
(Being cash paid is recorded)
Dec-16
Notes Receivable 4800
Sales Revenue 4800
(being the sales revenue is recorded)
Dec-31
Interest Receivable 94 =(16000*6%/12*1)+(4800*7%/360*15)
Interest Revenue 94
(Being the interest revenue is recorded)
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_____ is a rater error in which a rater gives high ratings to all employees regardless of their performance.
Answer:
Leniency
Explanation:
Leniency is a rater error in which a rater gives high ratings to all employees regardless of their performance.
Leniency error is when a rater has the tendency to rate all employees at positively, this is positive leniency and occurs at the top of the rating scale or at the low end of the scale negative leniency. Leniency error happens when a manager emphasizes too much on positive or negative behaviors
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
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.
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
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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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.