Assume you invested $100,000 into your lawn mowing business, but you could have invested in a similar operation with the same risk and received a 20 percent return. You should expect a “normal profit “ of $ _____________ . (Answer to the nearest whole number of THOUSANDS of dollars)

Answers

Answer 1

Answer:

you would get $20,000

Explanation:

100,000 x .2


Related Questions

Sunset Products manufactures skateboards. The following transactions occurred in March. Purchased $24,500 of materials on account. Issued $1,450 of supplies from the materials inventory. Purchased $25,900 of materials on account. Paid for the materials purchased in transaction (1) using cash. Issued $30,900 in direct materials to the production department. Incurred direct labor costs of $29,500, which were credited to Wages Payable. Paid $22,400 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing shop. Applied overhead on the basis of 120 percent of direct labor costs. Recognized depreciation on manufacturing property, plant, and equipment of $5,900.
The following balances appeared in the accounts of Sunset Products for March:
Beginning Ending
Materials Inventory $ 13,500 ?
Work-in-Process Inventory 24,750 ?
Finished Goods Inventory 97,500 $ 54,750
Cost of Goods Sold 120,000
Required:
a. Prepare journal entries to record the transactions. (If o entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Transactions General Journal Debit Credit
1.
2.
3.
4.
5.
6.
7.
8.
9.
b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.
Materials Inventory
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Work in Progress Inventory
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Manufacturing Overhead Control
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Applied Manufacturing Overhead
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Accounts Payable
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Cash
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Wages Payable
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Accumulated Depreciation-Property, Plant, and Equipment
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Finished Goods Inventory
Beg. bal. ___________ ____________
Goods Completed ___________ ____________ Transfer to Cost of Goods Sold
End. bal. ___________ ____________
Cost of Goods Sold
Beg. bal. ___________ ____________
Finished Goods Inventory ___________ ____________
End. bal. ___________ ____________

Answers

Answer:

Sunset Products

a) Journal Entries:

Transactions General Journal      Debit       Credit

Materials Inventory                   $24,500

Accounts Payable                                       $24,500

To record the purchase of materials on account.

Manufacturing Overhead           $1,450

Materials Inventory                                       $1,450

To record the issue of supplies.

Materials Inventory                   $25,900

Accounts Payable                                       $25,900

To record the purchase of materials on account.

Accounts Payable                    $24,500

Cash Account                                            $24,500

To record the payment on account.

Work-in-Process Inventory      $30,900

Materials Inventory                                  $30,900

To record the issue of direct materials to the production department.

Work-in-Process Inventory     $29,500

Factory Wages                                         $29,500

To record direct labor costs to work in process.

Manufacturing Overhead       $22,400

Cash Account                                       $22,400

To record the payment for utilities and other expenses.

Work-in-Process Inventory    $35,400

Manufacturing Overhead                      $35,400

To apply overhead to work in process.

Manufacturing Overhead       $5,900

Depreciation Expense                            $5,900

To recognize depreciation on property, plant, and equipment.

Manufacturing overhead applied  $29,750

Manufacturing overhead                              $29,750

To transfer manufacturing overhead to the overhead applied account.

b) T-accounts:

Materials Inventory

Transaction Details                  Debit             Credit

Beginning balance                $ 13,500

Accounts Payable                    24,500

Manufacturing overhead                             $1,450

Accounts Payable                   25,900

Work-in-Process Inventory                         30,900

Ending balance                                          $31,550

Work-in-Process Inventory

Transaction Details                  Debit             Credit

Beginning balance                $24,750

Materials Inventory                 30,900

Factory Wages                        29,500

Manufacturing Overhead       35,400

Finished Goods Inventory                        $71,600

Ending balance                                           54,200

Finished Goods Inventory

Transaction Details                  Debit             Credit

Beginning balance                $97,500

Work-in-Process                      71,600

Cost of goods sold                                     $114,350

Ending balance                                             54,750

Cost of Goods Sold

Transaction Details                  Debit             Credit

Beginning balance                $120,000

Overapplied overhead                                 $5,650

Ending balance                                             114,350

Manufacturing Overhead Control Account

Transaction Details                  Debit             Credit

Materials Inventory                 $1,450

Cash Account                        22,400

Depreciation expense            5,900

Manufacturing overhead applied              $29,750

Manufacturing Overhead Applied

Transaction Details                  Debit             Credit

Work in Process                                          $35,400

Manufacturing overhead    $29,750

Overapplied overhead            5,650

Accounts Payable

Transaction Details                  Debit             Credit                              Materials Inventory                                      $24,500

Materials Inventory                                        25,900

Cash Account                       $24,500

Cash Account

Transaction Details                  Debit             Credit

Accounts Payable                                         $24,500

Manufacturing Overhead                               22,400

Explanation:

a) Data and Calculations:

Accounts balances of Sunset Products for March:

                                              Beginning     Ending

Materials Inventory                $ 13,500         ?

Work-in-Process Inventory       24,750        ?

Finished Goods Inventory        97,500       $ 54,750

Cost of Goods Sold                                       120,000

Ballou Corporation declared a cash dividend on December 13, 2018, payable on January 10, 2019. By mistake, the company failed to make a journal entry in December 2018. The effect of this error on the financial statements as of December 31, 2018 were:_____.
a. retained earnings was overstated and liabilities were understated.
b. retained earnings was overstated and cash were understated.
c. retained earnings and liabilities were both understated.
d. retained earnings and liabilities were both overstated.

Answers

Answer: a. retained earnings was overstated and liabilities were understated.

Explanation:

Dividends are paid from the Retained Earnings so when a company announces a dividend, that dividend is to be deducted from the Retained earnings. As this was not done, the Retained earnings at year end are overstated.

As the dividends are not paid immediately, they become liabilities. With the relevant entries not made, the dividends were not recorded as liabilities which makes liabilities understated.

Cari created a list of ways to reduce her spending. Which activity should she omit from her list? Choose the correct answer below. use less expensive places for services such as haircuts wear items of clothing for an extra season buy store brands instead of name brands for food and other items rely on friends to treat me when I am out of money

Answers

Answer:

b

Explanation:

Definition of economic costs
Darnell lives in Philadelphia and runs a business that sells pianos. In an average year, he receives $842,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $452,000; he also pays wages and utility bills totaling $301,000. He owns his showroom; if he chooses to rent it out, he will receive $38,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Darnell does not operate this piano business, he can work as an accountant and receive an annual salary of $48,000 with no additional monetary costs. No other costs are incurred in running this piano business.
Identify each of Darnell's costs in the following table as either an implicit cost or an explicit cost of selling pianos.
Implicit Cost
Explicit Cost
The wholesale cost for the pianos that Darnell pays the manufacturer
The salary Darnell could earn if he worked as an accountant
The wages and utility bills that Darnell pays
The rental income Darnell could receive if he chose to rent out his showroom
Complete the following table by determining Darnell's accounting and economic profit of his piano business.
Profit
(Dollars)
Accounting Profit
Economic Profit
If Darnell's goal is to maximize his economic profit, he( should, should not) stay in the piano business because the economic profit he would earn as an accountant would be $______.

Answers

Answer:

Definition of Economic Costs

Implicit and Explicit Costs:

The wholesale cost for the pianos that Darnell pays the manufacturer  Explicit Cost

The salary Darnell could earn if he worked as an accountant  Implicit Cost

The wages and utility bills that Darnell pays  Explicit Costs

The rental income Darnell could receive if he chose to rent out his showroom  Implicit Cost

Complete the following table by determining Darnell's accounting and economic profit of his piano business.

Profit

(Dollars)

Accounting Profit        $89,000

Economic Profit             $3,000 ($89,000 - 86,000)

If Darnell's goal is to maximize his economic profit, he( should, should not) stay in the piano business because the economic profit he would earn as an accountant would be $__86,000____.

This economic profit includes the rental and salary income that Darnell can earn.

Explanation:

a) Data:

Sales Revenue = $842,000

Cost of goods sold 452,000

Wages & Utilities = 301,000

Opportunity cost of showroom = $38,000

Opportunity cost of employment = $48,000

Total opportunity cost = $86,000

Profit           (Dollars)

Sales Revenue =   $842,000

Cost of goods sold 452,000

Gross profit            $390,000

Wages & Utilities =   301,000

Net Income             $89,000

Opportunity cost of showroom = $38,000

Opportunity cost of employment = $48,000

Total opportunity cost = $86,000

Kim Co. purchased goods with a list price of $175,000, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Kim Co. record as the cost of these goods

Answers

Answer:

the cost of these goods is $126,000

Explanation:

The computation of the cost of these goods is shown below:

= List price × (1 -  first discount rate) × (1 - second discount rate)

= $175,000 × (1 - 0.20)  × (1 - 0.10)

= $126,000

Hence, the cost of these goods is $126,000

We simply applied the above formula so that the correct amount could come

The same is to be relevant

The cost of goods sold is the value of goods at which they are made available to the customers at an affordable price. The costs are the particular term used for the product's value to specify that the goods and services when availed to the customers carries a value or the price.  

The computation of the cost of these goods is shown below:

[tex]\begin{aligned}\text{Cost of Goods}&= \text{list price} \times (1 - \text{first discount rate}) \times (1 - \text{second discount rate})\\&=\$175,000 \times (1 - 0.20)\times(1 - 0.10)\\& = \$126,000\end{aligned}[/tex]

Hence, the cost of these goods is $126,000

To know more about the calculation of the cost of goods, refer to the link below:

https://brainly.com/question/19151327

A workplace is where people

Answers

Answer:A workplace is a place where people work

Explanation:I know this because when you got to any office or something there are people working there and people do not call it the office the call it there work place

"The​ ________ includes all international economic transactions with income or payment flows occurring within the year."

Answers

Answer:

Current account

Explanation:

The current account is the account that involves all the transactions deals in an economic way and have international transactions. This shows the income generated and the flows of payment arise within the year or for the present period.

It could be in terms of trading of goods, trading of services, income, present transfers

Therefore the given situation represent the current account

You have a tax basis of ​$ and a useful life of five years and no salvage value. Provide a depreciation schedule ​(dk for k1​5) for ​% declining balance with switchover to straight line. Specify the year to switchover. Determine the depreciation amounts using the ​% declining balance and​ straight-line methods and BV amounts for each year

Answers

Answer:

the numbers are missing, so I will use another question as an example:

the asset's cost is $100,000useful life is 5 yearsno salvage value150% declining balance

straight line depreciation = $100,000 / 5 = $20,000

150% declining balance depreciation year 1 = 1.5 x $100,000 x 1/5 = $30,000, since it is higher than straight line we will use declining balance

book value at end of year 1 = $100,000 - $30,000 = $70,000

straight line deprecation = $70,000 / 4 = $17,500

150% declining balance depreciation year 2 = 1.5 x $70,000 x 1/5 = $28,000, since it is higher than straight line we will use declining balance

book value at end of year 2 = $70,000 - $28,000 = $42,000

straight line depreciation = $42,000 / 3 = $14,000, since it is higher than declining balance we will use straight line ⇒ switchover year

150% declining balance depreciation year 3 = 1.5 x $42,000 x 1/5 = $12,600

book value at end of year 3 = $42,000 - $14,000 = $28,000

depreciation year 4 = $14,000 (straight line)

book value at end of year 4 = $28,000 - $14,000 = $14,000

depreciation year 5 = $14,000 (straight line)

book value at end of year 5 = $14,000 - $14,000 = $0

Pargo Company is preparing its master budget for 2020. Relevant data pertaining to its sales, production, and direct materials budgets are as follows. Sales. Sales for the year are expected to total 1,900,000 units. Quarterly sales are 22%, 27%, 25%, and 26%, respectively. The sales price is expected to be $40 per unit for the first three quarters and $45 per unit beginning in the fourth quarter. Sales in the first quarter of 2021 are expected to be 10% higher than the budgeted sales for the first quarter of 2020.
Production Management desires to maintain the ending finished goods inventories at 25% of the next quarter's budgeted sales volume. Direct materials. Each unit requires 2 pounds of raw materials at a cost of $11 per pound. Management desires to maintain raw materials inventories at 10% of the next quarter's production requirements. Assume the production requirements for first quarter of 2021 are 495,000 pounds me Prepare the sales, production, and direct materials budgets by quarters for 2020

Answers

Answer:

Pargo Company

1. Sales Budget

Quarterly sales           1st             2nd             3rd             4th             2021

Sales                          22%           27%            25%            26%

Sales in quantity    418,000      513,000     475,000      494,000    459,800

Sales price               $40             $40           $40              $45             $45

Sales value ('000) $16,720     $20,520      $19,000     $22,2300   $20,691

2. Production Budget

Quarterly production   1st             2nd             3rd             4th          2021

Sales in quantity    418,000      513,000     475,000      494,000    459,800

Ending inventory   128,250       118,750      123,500       114,950

Beginning inventory 0             128,250        118,750      123,500

Total Production  546,250     503,500      479,750     485,450

3. Direct Materials Budget

Quarterly production                    1st             2nd              3rd             4th

Total Production (units)         546,250      503,500       479,750    485,450

Materials per unit (pounds)1,092,500    1,007,000      959,500    970,900

Ending Inventory                    100,700        95,950         97,090      49,500

Beginning Inventory              109,250       100,700         95,950      97,090

Purchases                           1,083,950    1,002,250      960,640     923,310

Cost of purchases          $11,923,450 $11,024,750 $10,567,040$10,156,410

Explanation:

a) Data and Calculations:

Expected sales = 1,900,000

Quarterly sales           1st             2nd             3rd             4th             2021

Sales                          22%           27%            25%            26%

Sales in quantity    418,000      513,000     475,000      494,000    459,800

Sales price               $40             $40           $40              $45             $45

Sales value ('000) $16,720     $20,520      $19,000     $22,2300   $20,691

Ending inventory  128,250     118,750         123,500        114,950    units

Which of the following best defines a financial intermediary? a claim by a buyer to a future payment by a seller a collection of stocks and bonds issued to investors a financial institution that transforms investor funds into financial assets an asset sold by a company which entitles the buyer to partial ownership

Answers

Answer:

Option C (A financial.......assets) is the correct choice.

Explanation:

A financial intermediary seems to be an entity that serves as an intermediary seen between the listing agent as well as the buyer's transactions. They help convert investment properties, swap properties between producers and consumers, respectively. Therefore, a financial intermediary would be a finance company that converts capital instruments into investment capital.

Other decisions are given aren't connected to the results provided. So that is indeed the safest decision.

A market has four individuals, each considering buying a grill. Assume that grills come in only one size and model. Martina considers herself a grill-master, and finds a grill a necessity, so she is willing to pay $400 for a grill. Javier is a meat-lover, honing his grilling skills, and is willing to pay $350 for a grill. Kamal wants to impress his friends with his vegetable grilling skills and is willing to pay $320 for a grill. Lina loves grilled shrimp and thinks it might be cheaper in the long run if she grills her own shrimp instead of eating out at a restaurant, so she is willing to pay $200 for a grill. If the market price ofgrills increases from $300 to $320, given the scenario described:

a. Collin is the only consumer who would be affected in terms of surplus.
b. Daniel drops out of the market.
c. Collin drops out of the market.
d. Collin loses any surplus he had.

Answers

Answer: d. Kamal loses any surplus he had.

Explanation:

The Consumer Surplus is defined as the difference between what a customer is willing to pay for a good minus the price of the good/ the price they pay.

Kamal was willing to pay $320 and the price was initially $300 which meant that he had a surplus of $20. The price has now increased to $320 which is the amount he is willing to pay so there is no longer a surplus. Kamal loses any surplus he had.

Razor Inc. manufactures industrial components. One of its products used as a subcomponent in auto manufacturing is Fluoro2211. The selling price and cost per unit data for 9,130 units of Fluoro2211 are as follows.

Per Unit Data
Selling Price $410
Direct Materials 150
Direct Labor 28
Variable Manufacturing Overhead 25
Fixed Manufacturing Overhead 43
Variable Selling 16
Fixed Selling and Administrative 23
Total Costs 285
Operating Margin $125

During the next year, sales of Fluoro2211 are expected to be 10,130 units. All costs will remain the same except for fixed manufacturing overhead, which will increase by 20%, and direct materials, which will increase by 10%. The selling price per unit for next year will be $420. Based on these data, Razor Inc.'s total contribution margin for next year will be: __________

Answers

Answer:

Total contribution margin= $1,884,180

Explanation:

Giving the following information:

Direct Materials 150

Direct Labor 28

Variable Manufacturing Overhead 25

Variable Selling 16

Sales in units= 10,130

Selling price= $420

Direct material cost= 150*1.1= $165

First, we need to calculate the unitary contribution margin:

Unitary contribution margin= selling price - total unitary variable cost

Unitary contribution margin= 420 - (28 + 25 + 16 + 165)

Unitary contribution margin= $186

Now, the total contribution margin:

Total contribution margin= 10,130*186

Total contribution margin= $1,884,180

Silver Enterprises has acquired All Gold Mining in a merger transaction. The following balance sheets represent the premerger book values for both firms:
Silver Enterprises
Current assets $ 10,000
Current liabilities $ 7,840
Other assets 3,100
Long-term debt 5,110
Net fixed assets 17,300
Equity 17,450
Total $ 30,400
Total $ 30,400
All Gold Mining
Current assets $ 2,920
Current liabilities $ 2,620
Other assets 1,380
Long-term debt 0
Net fixed assets 6,110
Equity 7,790
Total $ 10,410
Total $ 10,410
Construct the balance sheet for the new corporation if the merger is treated as a purchase for accounting purposes. The market value of All Gold Mining's fixed assets is $7,510; the market values for current and other assets are the same as the book values. Assume that Silver Enterprises issues $14,660 in new long-term dept to finance the acquisition.

Answers

Answer:

                   Silver Enterprises Post Merger Balance Sheet

Current Assets                  12,920    Current liabilities          10,460

Other Asset                       4,480      Long-term debt            19,770

Net Fixed Asset                24,810     Equity                           17,450

Goodwill                            5,470                                                          

                                         $47,880                                         $47,680

Explanation:

Current assets = 10,000 + 2,920 = 12,920

Other assets = 3,100 + 1,380 = 4,480

Current liabilities = 7,840 + 2,620 = 10,460

Net fixed assets = 17,300 + 7,510= 24,810

Long-term debt = 5,110 + 14,660  = 19,770

Equity = $17,450

On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $15 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $13 million. The loss from operations of the segment during 2021 was $4.8 million. Pretax income from continuing operations for the year totaled $7.8 million. The income tax rate is 25%.
Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions.)

Answers

Answer:

Income from continuing operations before income taxes        7,800,000

Less Income tax expenses (7,800,000*25%)                            (1,950,000)

Income from continuing operations                                            5,850,000

Discontinued operations:  

Loss from operations of discontinued component                 (2,800,000)

Income tax benefit                                                                       700,000

Loss on discontinued operations                                             (2,100,000)

Net Income (loss)                                                                        3,750,000

Working

Loss from operations of discontinued component

= Gain from sale of semiconductor business - loss from operations of the segment

= (15 - 13 ) - 4.8

= -$2.8 million

Income tax benefit

= 2,800,000 * 25%

= $700,000

Champion manufactures winter fleece jackets for sale in the United States. Demand for jackets during the season is normally distributed, with a mean of 20,000 and a standard deviation of 10,000. Each jacket sells for $60 and costs $30 to produce. Any leftover jackets at the end of the season are sold for $25 at the year-end clearance sale. Holding jackets until the year-end sale adds another $5 to their cost. A recent recruit has suggested shipping leftover jackets to South America for sale in the winter there rather than running a clearance. Each jacket will fetch a price of $35 in South America, and all jackets sent there are likely to sell. Shipping costs add additional $5 to the cost of any jacket sold in South America, along with the $5 for holding jackets till the end of the season.

Required:
a. Would you recommend the South American option? Support your decision with calculations.
b. How will the South American option affect production and profitability at Champion?
c. On average, how many jackets will Champion ship to South America each season? (Note: you have already calculated this value in order to get the expected profit for the South American option.

Answers

Answer:

The question puts

Mean demand to be 20000

Standard deviation to be 10000

Storage cost = 60-30= 30

Excess cost to be 30+5-25 = 10

For shipping to south america

Excess cost = 30+5+5-35 = 5 dollars

A.

It is of more benefits to ship to south america because we have an excess cost of 5 dollars and excess clearance cost of 10 dollars

B.

Production and profitability are high for south america. Please check attachment for the calculations I added

C.

Number of units

27142-20000

= 7142 units.

Daily demand for a certain product is normally distributed with a mean of 138 and a standard deviation of 13. The supplier is reliable and maintains a constant lead time of 7 days. The cost of placing an order is $17 and the cost of holding inventory is $0.40 per unit per year. There are no stock-out costs, and unfilled orders are filled as soon as the order arrives. Assume sales occur over 358 days of the year.
Your goal here is to find the order quantity and reorder point to satisfy a 73 percent probability of not stocking out during the lead time.
a. To manage inventory, the company is using
Continuous review system
Periodic review system
b. Find the order quantity. (Round your answer to the nearest whole number.)
Order quantity books
c. Find the reorder point. (Use Excel's NORMSINV() function to find the correct critical value for the given α-level. Do not round intermediate calculations. Round "z" value to 2 decimal places and final answer to the nearest whole number.)
Reorder point

Answers

Answer:

A. Continuous review system

B. Order quantity = 2,049 Books

C. Reorder point=987

Explanation:

a. To manage inventory, the company is using CONTINUOUS REVIEW SYSTEM

b. Calculation to find the order quality

Using this formula

Order quantity = √((2DS)/H)

Let plug in the morning

Order quantity=√ ((2 x 49,404 x 17)/0.40)

Order quantity = 2,049 Books

Calculation for annual demand

Annual demand=138*358 days

Annual demand=49,404

C. Calculation for reorder point

First step is to find the σL

73 % S.L. - z = 0.613

Using this formula to find the σL

σL = (Lσ^2)

Let plug in the formula

σL=√(7(13)^2)

σL= 34.39

Second step is to find the Reorder point using this formula

Reorder point = d bar(L) + zσL

Let plug in the formula

Reorder point = (138)(7) + 0.613(34.39)

Reorder point = 966+21

Reorder point=987

Assume the bonds below have the same term and principal and that the state or local government that issues the municipal bond has a good credit rating. Which list has bonds correctly ordered from the one that pays the highest interest rate to the one that pays the lowest interest rate

Answers

Answer:

b. corporate bond, U.S. government bond, municipal bond

Explanation:

If we assume that the bonds have the similar time period and the principal amount so the bond that pays the highest interest to the bond that pays the lowest interest rate is described below:

The ranking can be done

Corporate bond - highest interest rates

Municipal bonds - lowest interest rates

The same is to be considered

Therefore the option b is correct

Freeport-McMoRan Copper & Gold Inc., headquartered in Phoenix, Arizona, is a leading international mining company of copper, gold, and molybdenum. Its revenues were over $16 billion with net income of nearly $2 billion in a recent year.

Assume that in February 2020, Freeport-McMoRan paid $800,000 for a mineral deposit in Indonesia. During March, it spent $70,000 in preparing the deposit for exploitation. It was estimated that 1,000,000 total cubic yards could be extracted economically. During 2020, 60,000 cubic yards were extracted. During January 2021, the company spent another $6,000 for additional developmental work that increased the estimated productive capacity of the mineral deposit.

Required:
a. Compute the acquisition cost of the deposit in 2020.
b. Compute depletion for 2020.
c. Compute the net book value of the deposit after payment of the January 2021 developmental costs.

Answers

Answer:

A. $ 870,000

B. $52,200

C. $823,800

Explanation:

a. Computation for acquisition cost.

Using this formula

Acquistion cost= 800,000 +70,000

Acquistion cost=$ 870,000

2. Computation for depletion

Depletion for 2020=

(870,000/1,000,000)*60,000

Depletion for 2020=0.87*60,000

Depletion for 2020= $52,200

3. Computation for the net book value

Net book value =$870,000 -$52,200 +$6,000

Net book value=$823,800

Larkspur Incorporated factored $124,300 of accounts receivable with Cullumber Factors Inc. on a without-recourse basis. Cullumber assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments.

Required:
Prepare the journal entry for Larkspur Incorporated and Cullumber Factors to record the factoring of the accounts receivable to Cullumber.

Answers

Answer:

Larkspur Incorporated

DR Cash                                                           115,599

     Due from Factor (Cullumber)                       6,215

     Loss on Sale of Receivables                       2,486

     CR Accounts Receivable                                               124,300

Working

Due from Factor = 5% * 124,300

= $‭6,215‬

Loss on sale of receivables = 2% * 124,300

= $‭2,486‬

Cash = 124,300 - 6,215 - 2,486

= $‭115,599‬

Cullumber Factors Inc.

DR Accounts Receivable                                       124,300

     CR Due to Larkspur                                                             6,215

           Financing Revenue                                                        2,486

           Cash                                                                              115,599

SY Manufacturers (SYM) is producing T-shirts in three colors: red, blue, and white. The monthly demand for each color is 3,487 units. Each shirt requires 0.75 pound of raw cotton that is imported from the Luft-Geshfet-Textile (LGT) Company in Brazil. The purchasing price per pound is $1.55 (paid only when the cotton arrives at SYM's facilities) and transportation cost by sea is $0.70 per pound. The traveling time from LGT’s facility in Brazil to the SYM facility in the United States is two weeks. The cost of placing a cotton order, by SYM, is $186 and the annual interest rate that SYM is facing is 32 percent of total cost per pound.
a. What is the optimal order quantity of cotton? (Round your answer to the nearest whole number.)
Optimal order quantity pounds
b. How frequently should the company order cotton? (Round your answer to 2 decimal places.)
Company orders once every months
c. Assuming that the first order is needed on 1-Jul, when should SYM place the order?
17-Jun
1-Jul
15-Jul
d. How many orders will SYM place during the next year? (Round your answer to 2 decimal places.)
Number of orders times
e. What is the resulting annual holding cost? (Round your answer to the nearest whole number.)
Annual holding cost $ per year
f. What is the resulting annual ordering cost?
Annual ordering cost $
g. If the annual interest cost is only 5 percent, how will it affect the annual number of orders, the optimal batch size, and the average inventory?

Answers

Answer: See explanation

Explanation:

a. The optimal order quantity can be calculated as:

= √2DS/H

where

D = 3 × 12 × 3487 × 0. 75

= 94149

Total cost incurred during purchase

= $1.55 + $0.70

= $2.25

Setup cost (S) = $186

Holding cost

= 32% × $2.25

= 0.32 × $2.25

= $0.72

Optimal order quantity

= √(2 × 94149 × 186)/0.72

= 6974.50

b. This will be calculated as:

Annual demand / EOQ

= 94149/6974.50

= 13.50

The company should order cotton 13.5 times per year.

c. Since the first order is needed on 1-July and lead time is 2 weeks, SYM should place the order before 17th June.

d. This will be:

= Annual demand / EOQ

= 94149/6974.50

= 13.5 orders

e. The resulting annual holding cost will be:

= 0.72 × (6974.50/2)

= 0.72 × 3487.25

= $2510.82

f. The resulting annual ordering will be:

= 94149/6974.50 × $186

= 13.5 × $186

= $2511

A company issues $50 million of bonds at par on January 1, 2018. The bonds pay 10% interest semi-annually on 12/31 and 6/30 and mature in 20 years. The journal entry when the bonds are sold is:

Answers

Answer: Please see explanation for answer

Explanation:

Journal entry to record sale of bonds

Account titles                           Debit                       Credit

Cash                                     $50,000,000

Bonds Payable                                                      $50,000,000

Every 6 months, Leo Perez takes an inventory of the consumer debts he has outstanding. His latest tally shows that he still owes $4,250 on a home improvement loan (monthly payments of $100); he is making $50 monthly payments on a personal loan with a remaining balance of $825; he has a $1,500, secured single- payment loan that's due late next year; he has a $70,000 home mortgage on which he's making $850 monthly payments; he still owes $12,500 on a new car loan (monthly payments of $550); and he has a $1,200 balance on his Mastercard (minimum payment of $50), a $50 balance on his Shell credit card (balance due in 30 days), and a $500 balance on a personal line of credit ($90 monthly payments).
a. Use Worksheet to prepare an inventory of Leo's consumer debt.
Type of Consumer Debt Creditor Currently Monthly Latest Balance Due
Payment
Auto loans
Personal installment loans
Home improvement loan
Single-payment loans
Credit cards Mastercard
(retail charge cards, bank
cards, T&E Shell cards, etc.)
Personal line of credit $ $
Totals $
b. Find his debt safety ratio, given that his take-home pay is $2,000 per month. Round the answer to 1 decimal place. %
c. Would you consider this ratio to be good or bad?

Answers

Answer:

The answer is "87%".

Explanation:

Please find the attached file.

All the following are characteristics of a tradable market except a. Easy Access b. Parity c. Liquidity d. Fungibility e. Lack of a Trend

Answers

Answer:

e. Lack of a Trend

Explanation:

The tradable market is the market in which the trading is to be done

It involves various attributes like parity, liquidity, fungibility but does not involve the lacking of a trend

Therefore according to the given situation, the option e is correct as it does not come under the tradable market characteristics

Therefore option e is right and the same is to be considered

Darby Company, operating at full capacity, sold 500,000 units at a price of $94 per unit during the current year. Its income statement is as follows:
Sales $47,000,000
Cost of goods sold 25,000,000
Gross profit $22,000,000
Expenses:
Selling expenses $4,000,000
Administrative expenses 3,000,000
Total expenses 7,000,000
Income from operations $15,000,000
The division of costs between variable and fixed is as follows:
Variable Fixed
Cost of goods sold 70% 30%
Selling expenses 75% 25%
Administrative expenses50% 50%
Management is considering a plant expansion program for the following year that will permit an increase of $3,760,000 in yearly sales. The expansion will increase fixed costs by $1,800,000 but will not affect the relationship between sales and variable costs.
Required:
1. Determine the total variable costs and the total fixed costs for the current year.
Total variable costs $_____
Total fixed costs $_____
2. Determine (a) the unit variable cost and (b) the unit contribution margin for the current year.
Unit variable cost $_____
Unit contribution margin $_____
3. Compute the break-even sales (units) for the current year.
4. Compute the break-even sales (units) under the proposed program for the following year.
5. Determine the amount of sales (units) that would be necessary under the proposed program to realize the $15,000,000 of income from operations that were earned in the current year.
6. Determine the maximum income from operations possible with the expanded plant.
7. If the proposal is accepted and sales remain at the current level, what will the income or loss from operations be for the following year?
8. Based on the data given, would you recommend accepting the proposal?
a. In favor of the proposal because of the reduction in break-even point.
b. In favor of the proposal because of the possibility of increasing income from operations.
c. In favor of the proposal because of the increase in break-even point.
d. Reject the proposal because if future sales remain at the current level, the income from operations will increase.
e. Reject the proposal because the sales necessary to maintain the current income from operations would be below the current year sales.

Answers

Answer:

1. Determine the total variable costs and the total fixed costs for the current year.

Total variable costs = $17,500,000 + $3,000,000 + $1,500,000 = $22,000,000 Total fixed costs = $10,000,000

2. Determine (a) the unit variable cost and (b) the unit contribution margin for the current year.

Unit variable cost = $22,000,000 / 500,000 = $44 Unit contribution margin = $94 - $44 = $50

3. Compute the break-even sales (units) for the current year.

break even point = $10,000,000 / $50 = 200,000 units

4. Compute the break-even sales (units) under the proposed program for the following year.

break even point = $11,800,000 / $50 = 236,000 units

5. Determine the amount of sales (units) that would be necessary under the proposed program to realize the $15,000,000 of income from operations that were earned in the current year.

units = ($11,800,000 + $15,000,000) / $50 = 536,000 units

6. Determine the maximum income from operations possible with the expanded plant.

total units sold 500,000 + 40,000 = 540,000total contribution margin = 540,000 x $50 = $27,000,000operating income = $27,000,000 - $11,800,000 = $15,200,000

7. If the proposal is accepted and sales remain at the current level, what will the income or loss from operations be for the following year?

operating income = (500,000 x $50) - $11,800,000 = $13,200,000represents a decrease of $15,000,000 - $13,200,000 = $1,800,000

8. Based on the data given, would you recommend accepting the proposal?

b. In favor of the proposal because of the possibility of increasing income from operations.

Which are possible employers in the Financial career cluster? Check ALL that apply.

A. private company
B. government
C. nonprofit organization
D. bank
E. stock market

Answers

The correct option is B and D.

What is the Finance Career Cluster?

The Finance Career Cluster prepares students for careers in financial and investment planning, banking, insurance, and business financial management. Finance career opportunities are available in every sector of the economy and require skills in organization, time management, customer service, and communication.

What are the four career pathways in finance?

The four career pathways in the finance cluster are banking and related services, business financial management, financial and investment planning, and insurance services.

Learn more about finance here https://brainly.com/question/1279044

#SPJ2

Luzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of machine-hours. The predetermined overhead rate was based on a cost formula that estimates $900,000 of total manufacturing overhead for an estimated activity level of 75,000 machine-hours.

During the year, a large quantity of furniture on the market resulted in cutting back production and a buildup of furniture in the company’s warehouse. The company’s cost records revealed the following actual cost and operating data for the year:


Machine-hours 76,000
Manufacturing overhead cost $637,000
Inventories at year-end:
Raw materials $20,000
Work in process (includes overhead applied of $36,480) $115,800
Finished goods (includes overhead applied of $91,200) $289,500
Cost of goods sold (includes overhead applied of $480,320) $1,524,700

Required:

a. Compute the underapplied or overapplied overhead.
b. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
c. Assume that the company allocates any underapplied or over appliedoverhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
d. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to Work in Process, Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold?

Answers

Answer:

Please solution below

Explanation:

a. Compute the under applied or over applied overhead

First, we need to determine the predetermined overhead rate.

Predetermined overhead rate = Estimated total manufacturing overhead / Estimated total machine hours

= $900,000 / 75,000 hours

= $12.0 per hour

But;

Actual manufacturing overhead = $637,000

Manufacturing overhead applied to work in process during the year = 76,000 actual MHs × $12.00 per MH $912,000

Over applied overhead cost = $275,000

b. Journal entry

Cost of goods sold Dr $275,000

To Manufacturing over head applied Cr $275,000

c. The over applied over head would be allocated using the following percentages;

Overhead applied during the year ;

Work in process = $36,480. 6%

Finished goods = $91,200. 15%

Cost of goods sold = $480,320 79%

Total = $608,000 100%

The entry to record the allocation of the overhead applied would be ;

Work in process [6% × $275,000] = $16,500

Finished goods [15% × $275,000] = $41,250

Cost of goods sold [79% × $275,000] = $217,250

d. Comparing the two method;

Cost of goods sold if the over applied overhead is closed to the cost of goods sold [$1,524,700 + $275,000] = $1,799,700

Cost of goods sold if the overhead applied is closed to work in process, finished goods, and cost of goods sold = [$1,524,700 + $217,250] =

$1,741,950

Difference in cost of goods sold = $57,750

Nell and Kirby are in the process of negotiating their divorce agreement. What should be the tax consequences to Nell and Kirby if the following, considered individually, became part of the agreement?
a. In consideration for her one-half interest in their personal residence, Kirby will transfer to Nell stock with a value of $200,000 and $50,000 of cash. Kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. They purchased the residence three years ago for $300,000.
Nell's basis for the stock is _______$ X
Kirby's basis in the house is ______$ X
b. Nell will receive $1,000 per month for 120 months. If she dies before receiving all 120 payments, the remaining payments will be made to her estate.
The payments (qualify, do not qualify) as alimony and are (included in, excluded from) Nell's gross income as they are received.
c. Nell is to have custody of their 12-year-old son, Bobby. She is to receive $1,200 per month until Bobby (1) dies or (2) attains age 21 (whichever occurs first). After either of these events occurs, Nell will receive only $300 per month for the remainder of her life.
$ X per month is alimony that is (included in, excluded from) Nell's gross income, and the remaining $ X per month is considered​(child support, property settlement) and is (nontaxable, taxable) to Nell.

Answers

Answer:

Explanation:

CHECK THE COMPLETE QUESTION BELOW;

The transfers of the stock and residence pursuant to the divorce are nontaxable to Nell

and Kirby. Nell assumes Kirby's basis in the stock of $150,000, and Kirby's basis in the house is $300,000. However, the $50,000 cash paid by Kirby will be alimony

unless the agreement specifies that the payment is "not alimony."

Nell and Kirby are in the process of negotiating their divorce agreement. What should be the tax consequences to Nell and Kirby if the following, considered individually, became part of the agreement?

A) In consideration for her one-half interest in their personal residence, Kirby will transfer to Nell stock with a value of $200,000 and $50,000 of cash. Kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. They purchased the residence three years ago for $300,000.

a) The transfer of the property is a _____event.

b) Nell's basis for the stock is $

c) Kirby's basis in the house is $

B). Nell will receive $1,000 per month for 120 months. If she dies before receiving all 120 payments, the remaining payments will be made to her estate.

The payments (qualify, do not qualify) as alimony and are (included in, excluded from) Nell's gross income as they are received.

C) Nell is to have custody of their 12-year-old son, Bobby. She is to receive $1,200 per month until Bobby (1) dies or (2) attains age 21 (whichever occurs first). After either of these events occurs, Nell will receive only $300 per month for the remainder of her life.

$ X per month is alimony that is (included in, excluded from) Nell's gross income, and the remaining $ X per month is considered​(child support, property settlement) and is (nontaxable, taxable) to Nell.

ANSWER AND EXPLANATION:

A). In consideration for her one-half interest in their personal residence, Kirby will transfer to Nell stock with a value of $200,000 and $50,000 of cash. Kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. They purchased the residence three years ago for $300,000.

ANSWER:

a) The transfer of the property is a __non negotiatiable___event.

b) Nell's basis for the stock is $150,000

c) Kirby's basis in the house is $300,000

Hints;

✓ From the question, it was stated at the onset of their agreement that ""Nell and Kirby are in the process of negotiating their divorce agreement". Hence it is a non negotiatiable event.

✓ from the question as well, Nell assumes ""Kirby's basis in the stock of $150,000, and Kirby's basis in

the house is $300,000." Hence, the basis for Nell and Kirby are $150,000 and $300,000 respectively.

B). Nell will receive $1,000 per month for 120 months. If she dies before receiving all 120 payments, the remaining payments will be made to her estate.

The payments (qualify, do not qualify) as alimony and are (included in, excluded from) Nell's gross income as they are received.

ANSWER: The payments "Do NOT QUALIFY""as alimony and are "EXCLUDED FROM""Nell's gross income as they are received.

HINTS: As the payment is been received, it cannot be recorded as the Nell's gross profit ,and cannot be counted as alimony, reason behind this is that even if Nell should die,the payment continues.

Note that, alimony can be regarded as the payment that are to be paid from one of the couple to the other after divorce as part of finance support, usually ordered by court of law.

C). Nell is to have custody of their 12-year-old son, Bobby. She is to receive $1,200 per month until Bobby (1) dies or (2) attains age 21 (whichever occurs first). After either of these events occurs, Nell will receive only $300 per month for the remainder of her life.

$ X per month is alimony that is (included in, excluded from) Nell's gross income, and the remaining $ X per month is considered​(child support, property settlement) and is (nontaxable, taxable) to Nell.

ANSWER: "$300 per month" is alimony that is" INCLUDED IN"" Nell's gross income, and the remaining $900 per month is considered "CHILD SUPPORT"child and is "NON TAXABLE to Nell.

HINTS:it was stated that Nell should receive $1200 monthly for Bobby's child support as well as alimony, out of this $900 goes for child support and $300 for alimony, provided that all the stated Condition stated in the question is followed duely.

Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2021. Insight Machines manufactured the equipment at a cost of $350,000 and lists a cash selling price of $437,810. Appropriate adjusting entries are made quarterly.

Related Information:

Lease term 5 years (20 quarterly periods)
Quarterly lease payments $26,250 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter
Economic life of asset 5 years
Interest rate charged by the lessor 8%

Required:
a. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021.
b. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021.

Answers

Answer:

a. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021.

we must first determine the present value of the lease payments:

PV of lease payments = quarterly payment x annuity factor

quarterly payment = $26,250PV annuity due factor, 2%, 20 periods = 16.67846

PV of lease payment = $26,250 x 16.67846 = $437,809.56 ≈ $437,810

January 1, 2021, equipment leased from Insight Machines

Dr Right of use asset 437,810

    Cr Lease payable 437,810

January 1, 2021, first lease payment

Dr Lease payable 26,250

    Cr Cash 26,250

March 31, 2021, second lease payment

Dr Lease payable 18,019

Dr Interest expense 8,231

    Cr Cash 26,250

interest expense = ($437,810 - $26,250) x 2% = $8,231

March 31, 2021, amortization expense

Dr Amortization expense 21,891

    Cr Right of use asset 21,891

amortization expense = $437,810 / 20 = $21,891

b. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021.

January 1, 2021, equipment leased to Eye Deal

Dr Lease receivable 437,810

    Cr Lease revenue 437,810

Dr Cost of goods sold 350,000

    Cr Equipment 350,000

January 1, 2021, first lease payment

Dr Cash 26,250

    Cr lease receivable 26,250

March 31, 2021, second lease payment

Dr Cash 26,250

    Cr Lease receivable 18,019

    Cr Interest revenue 8,231

At year-end 2018, Marvel Company total assets were $4.5 million, and its accounts payable were $850,000. Sales, which in 2018 were $5.5 million, are expected to increase by 25% in 2019. Total assets and accounts payable are proportional to sales, and that relationship will be maintained. Marvel typically uses no current liabilities other than accounts payable. Common stock amounted to $ 2.25 million in 2018, and retained earnings were $150,000. Marvel has arranged to sell $25,000 of new common stock in 2019 to meet some of its financing needs. The remainder of its financing needs will be met by issuing new long-term debt at the end of 2019. (Because the debt is added at the end of the year, there will be no additional interest expense due to the new debt.) Its net profit margin on sales is 2.5%, and 55% of earnings will be paid out as dividends.

Required:
a. What were Marvel's total long-term debt and total liabilities in 2018?
b. How much new long-term debt financing will be needed in 2019?

Answers

Answer:

Marvel Company

a. Marvel's total long-term debt in 2018 = $1,250,000

a2. Marvel's total liabilities = $2,100,000 ($850,000 +$1,250,000)

b. New long-term debt financing needed in 2019 = $810,156

Explanation:

a) Data and Calculations:

Year-end 2018:

Total assets = $4.5 million

Accounts payable $850,000

Sales = $5.5 million

Common Stock = $2.25 million

Retained Earnings = $150,000

Long-term debt = Total assets Minus (Accounts payable + Equity)

= $4,500,000 - ($850,000 + 2,250,000 + 150,000)

= $1,250,000

Year 2019:

Sales = $6,875,000 ($5.5 million * 1.25)

Net profit margin on sales = $171,875 (2.5% * $6,875,000)

Dividends = 55% of earnings = $94,531 (55% * $171,875)

Retained earnings for the year =  $77,344

Retained earnings for 2018:         150,000

Retained earnings, 2019:           $227,344

Common Stock = $2,275,000 ($2,250,000 + $25,000)

Total equity = $2,502,344 ($2,250,000 + 227,344)

Total assets = $5,625,000 ($4.5 million * 1.25)

Accounts payable = $1,062,500 ($850,000 * 1.25)

Long-term debt = Total Assets - (Total equity + Accounts Payable)

= $5,625,000 - ($2,502,344 + 1,062,500)

= $2,060,156

Increase in long-term debt = $810,156 ($2,060,156 - $1,250,000)

You recommend the following: We should discontinue our policy of reimbursing employees for meals and incidental expenses. In place of this policy, we should provide $100 daily stipends. This recommendation is best classified as what

Answers

Answer:

the options are missing:

Specific, actionable, and justified

Specific but not actionable and not justified

Specific and actionable but not justified

The answer is:

Specific, actionable, and justified

This proposition is very specific (it is the only thing that all three options agree upon).

In order for a recommendation to be actionable, it must be relevant and feasible.

This recommendation is feasible since 83% of the employees prefer the $100 stipend. It is also relevant because the company can save approximately $61 per employee per day.

This $61 savings per day per employee also makes this proposition justifiable since the company's employees travel a lot.

Reimbursement is the payment that the company does to its employees for their service. The proposal is Specific, actionable, and justified.

What is Reimbursement ?

It is the money paid to the employees/customer/parties for their services provided. It's a business expense and paid after complying with the tax rules.

The proposal is Specific, actionable, and justified.

The recommendation should be feasible to be actionable. It is feasible because 83% of employees agreed to the $100 stipend daily for meals and incidental expenses. And it is at the same time beneficial to the company, as it would save $61 per employee per day.

Therefore, it can be said that the above explanation aptly describes the statement.

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