Answer:
d. A practice where companies attempt to learn and apply the best practices of other companies.
Explanation:
Benchmarking is the practice where the process and the performance pattern would be compared with the other companies in order to serve as the best company. It could compare the products, services, processes, etc
So according to the given options, the last option would be correct as it represent that the companies would attempt for learning and the same is applied for the best practices with respect to the other companies
For the coming year, Cleves Company anticipates a unit selling price of $100, a unit variable cost of $60, and fixed costs of $480,000.
Required:
1. Compute the anticipated break-even sales in units.
2. Compute the sales (units) required to realize a target profit of $240,000.
3. Construct a cost-volume-profit chart, assuming maximum sales of 20,000 units within the relevant range. From your chart, indicate whether each of the following sales levels would produce a profit, a loss, or break-even.
$1,200,000 SelectBreak-evenLossProfitItem 3
$1,000,000 SelectBreak-evenLossProfitItem 4
$800,000 SelectBreak-evenLossProfitItem 5
$400,000 SelectBreak-evenLossProfitItem 6
$200,000 SelectBreak-evenLossProfitItem 7
4. Determine the probable income (loss) from operations if sales total 16,000 units.
Solution :
1. The break even sales in units is given by :
Break even sales in units = [tex]$\frac{\text{fixed cost}}{\text{contribution per unit}}$[/tex]
Where, contribution per unit = selling price per unit - variable cost per unit
The anticipated break even sales in units of Cleaves company in the coming year is :
Break even sales in units = [tex]$\frac{480,000}{40}$[/tex]
Contribution per unit = $ 100 - $ 60
= $ 40
So the company anticipates its breakeven sales at 12,000 units.
2. In order tot earn profit the sales generated should overcome the breakeven point. The desired profit is $240,000, the sales required to earn the desired profit can be computed using the formula :
Desired sales in units = [tex]$\frac{\text{fixed cost + desired cost}}{\text{contribution per unit}}$[/tex]
[tex]$=\frac{480,000+240,000}{40}$[/tex]
= 18,000 units
Thus, the sales in units required to earn a profit of $ 240,000 are 18,000 units.
3. The sales in excess of the breakeven point would yield a profit on the contrary the sales below the breakeven point would result in a loss.
In the given sales in dollar = breakeven sales in units x selling price per unit
= 12,000 x 100
= $ 1,200,000
∴ the sales above $1,200,000 would result in a profit whereas the sales below $1,200,000 would result in loss.
The cost volume profit chart below indicates the profit, loss, breakeven at different sales levels :
Sales levels Result
1,200,000 Breakeven
1,000,000 Loss
800,000 Loss
400,000 Loss
200,000 Loss
4. The income on sale of 16,000 units is computed below :
Particulars Amount is $
Sales 1,600,000
Less : variable cost 960,000
Contribution 640,000
Less : Fixed cost 480,000
Profit 160,000
The break-even sales in units are calculated as follows:
What is Break Even Point ?Breakeven unit sales =
In this case, contribution per unit equals selling price per unit minus variable cost per unit.
The Cleaves Company's estimated break-even unit sales for the upcoming year are:
Breakeven unit sales =
Contribution per unit equals $100 minus $60.
= $ 40
The business therefore projects 12,000 units as its breakeven sales.
(2) 2. Sales must exceed the breakeven point in order to create a profit. The sales needed to achieve the desired profit, which is $240,000, can be calculated using the formula:
Ideally, sales would equal
= 18,000 units
Thus, the sales in units required to earn a profit of $ 240,000 are 18,000 units.
(3) 3. Sales beyond the breakeven threshold would result in a profit; sales below the breakeven point, on the other hand, would result in a loss.
Sales in dollars for the given period equal breakeven sales in units times selling price per unit.
= 12,000 x 100
= $ 1,200,000
Sales that exceed $1,200,000 generate a profit, whilst sales that go below that threshold generate a loss.
The following cost volume profit chart shows the profit, loss, and breakeven points at various sales levels:
Resulting sales levels
Breakeven is 1,000,000
1,000,000 Loss
800,000 Loss
400,000 Loss
200,000 Loss
4. The earnings from the sale of 16,000 units are calculated as follows:
Particulars The amount is $
Sales 1,600,000
Variable cost is 960,000 less.
640,000 dollars were contributed.
Less: 480,000 in fixed costs.
Gain of 160,000
Learn more about Break Even Point here
https://brainly.com/question/29063970
# SPJ 2
Echota Corporation has the following capital stock outstanding at December 31, 2020: 7% Preferred stock, $100 par value, cumulative 15,000 shares issued and outstanding $1,500,000 Common stock, no par, $10 stated value, 500,000 shares authorized, 350,000 shares issued and outstanding 3,500,000 The preferred stock was issued at $120 per share. The common stock was issued at an average per share price of $14. Prepare the paid-in capital section of the balance sheet at December 31, 2020. (Enter the account name only and do not provide the descriptive information provided in the question.)
Answer:
$6,700,000
Explanation:
Preparation of the paid-in capital section of the balance sheet at December 31, 2020.
Paid-in capital section of the balance sheet at December 31, 2020
7% Preferred stock, $100 par value, cumulative15,000 shares issued and outstanding $1,500,000
Add Common stock, no par, $10 stated value, 500,000 shares authorized, 350,000 shares issued andoutstanding 3,500,000
Total capital stock5,000,000
($1,500,000+3,500,000)
Add Additional paid-in capitalIn excess of par—preferred stock$ 300,000
(15,000 shares × $20 )
Add In excess of stated value—common stock1,400,000
(350,000 shares × $4)
Total paid-in capital$6,700,000
Therefore the paid-in capital section of the balance sheet at December 31, 2020 is $6,700,000
Michelle Hamilton and Bill Rossi decide to form a partnership. Hamilton invests $35,000 cash and accounts receivable of $30,000 less allowance for doubtful accounts of $2,000. Rossi contributes $25,000 cash and equipment having a $6,000 book value. It is agreed that the allowance account should be $3,000 and the fair value of the equipment is $10,000. Prepare the necessary journal entry to record the formation of the partnership.
Answer:
Dr Cash $60,000
Dr Accounts Receivable$30,000
Dr Equipment $10,000
Cr Allowance for Doubtful Accounts $3,000
Cr Hamiltion, Capital $62,000
Cr Rossi, Capital $35,000
Explanation:
Preparation to record the necessary journal entry to record the formation of the partnership.
Dr Cash $60,000
($35,000 + $25,000)
Dr Accounts Receivable$30,000
Dr Equipment $10,000
Cr Allowance for Doubtful Accounts $3,000
Cr Hamiltion, Capital $62,000
($35,000 + $30,000 – $3,000)
Cr Rossi, Capital $35,000
($25,000 + $10,000)
How fast do you guys help students answer questions?
Answer:
it depends on who is answering, what the question is, and what you want in the question. regularly answers come within 5 minutes, but if its really complicated then those questions almost never get answered
Naranjo Company designs industrial prototypes for outside companies. Budgeted overhead for the year was $260,000, and budgeted direct labor hours were 20,000. The average wage rate for direct labor is expected to be $25 per hour. During June, Naranjo Company worked on four jobs. Data relating to these four jobs follow:
Job 39 Job 40 Job 41 Job 42
Beginning balance $23,700 $34,600 $17,000 $0
Materials requisitioned 18,900 21,400 8,350 12,000
Direct labor cost 10,000 18,500 3,000 2,900
Overhead is assigned as a percentage of direct labor cost. During June, Jobs 39 and 40 were completed; Job 39 was sold at 120 percent of cost. (Naranjo had originally developed Job 40 to order for a customer; however, that customer was near bankruptcy and the chance of Naranjo being paid was growing dimmer. Naranjo decided to hold Job 40 in inventory while the customer worked out its financial difficulties. Job 40 is the only job in Finished Goods Inventory.) Jobs 41 and 42 remain unfinished at the end of the month.
Required:
a. Calculate the overhead rate based on direct labor cost.
b. Set up a simple job-order cost sheet for all jobs in process during June.
Answer:
Naranjo Company
a. The overhead rate = $0.52 or 52%.
b. Job-order Cost Sheet:
Job 39 Job 40 Job 41 Job 42 Total
Beginning balance $23,700 $34,600 $17,000 $0 $75,300
Materials requisitioned 18,900 21,400 8,350 12,000 60,650
Direct labor cost 10,000 18,500 3,000 2,900 34,400
Overhead applied 5,200 9,620 1,560 1,508 17,888
Total production costs $57,800 $84,120 $29,910 $16,408 $188,238
Explanation:
a) Data and Calculations:
Budgeted overhead for the year = $260,000
Budgeted direct labor hours = 20,000
Direct labor rate = $25 per hour
Total budgeted direct labor cost = $500,000 ($25 * 20,000)
Predetermined overhead rate, based on direct labor cost
= $260,000/$500,000 * 100 = 52% or $0.52
Job Sheet:
Job 39 Job 40 Job 41 Job 42 Total
Beginning balance $23,700 $34,600 $17,000 $0 $75,300
Materials requisitioned 18,900 21,400 8,350 12,000 60,650
Direct labor cost 10,000 18,500 3,000 2,900 34,400
Overhead applied 5,200 9,620 1,560 1,508 17,888
Total production costs $57,800 $84,120 $29,910 $16,408 $188,238
Applied Overhead:
Job 39: $10,000*52% = $5,200
Job 40: $18,500*52% = $9,620
Job 41: $3,000*52% = $1,560
Job 42: $2,900*52% = $1,508
Sales revenue $69,360 ($57,800 * 120%)
Cost of goods sold $57,800
Finished goods inventory $84,120
Work in progress inventory $29,910 $16,408
Crane Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1120000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Date Inventory at Current Prices Current Price Index December 31, 2020 $1271000 108 December 31, 2021 1417000 126 December 31, 2022 1623000 131 What is the cost of the ending inventory at December 31, 2020 under dollar-value LIFO
Answer:
See below
Explanation:
Crane corporation
Ending inventory
2019 $1,120,000
2020 $1,271,000/1.08 = $1,176,852
Ending inventory [$1,120,000+ (1,176,852 - $1,120,000)× 1.08]
= [$1,120,000 + $61,400]
= $1,181,400
2021 $1,417,000/1.26 = $1,124,603
2022 $1,623,000/1.31 = $1,238,931
Ending inventory [$1,124,603 + ($114,328 × 1.31)]
= $1,124,603 + $149,770
= $1,274,373
Therefore, the cost of the ending inventory at December 31, 2020 under dollar value LIFO would be $1,274,373
During 2019, equipment with a book value of $49,000 and an original cost of $255,000 was sold at a loss of $4,800. 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2019? 3. What was the cost of new equipment purchased by Anders during 2019?
Answer:
1) 44200
2) & 3) Balancing figure of provision for depreciation account, equipment account give depreciation on equipment sold, new equipment purchased.
Explanation:
1) Cash received for sale of equipment = Current Book Value - Loss at sale
49000 - 4800 = 44200
2) 'Depreciation on equipment for current year' can be solved by making - equipment ac & provision for depreciation account.
Equipment opening balance at dr side, closing balance at cr side ; & provision opening balance cr side, closing balance dr side. Provision for depreciation ac dr balancing figure, is the depreciation on sold asset upto 2015, transferred to asset account cr side.3) Depreciation (transferred), Loss on sale, & sale amount credited to equipment ac. Balancing figure on dr side of equipment ac shows new equipment purchased during the year.
Pronghorn Corporation shipped $20,800 of merchandise on consignment to Gooch Company. Pronghorn paid freight costs of $2,200. Gooch Company paid $550 for local advertising, which is reimbursable from Pronghorn. By year-end, 57% of the merchandise had been sold for $22,300. Gooch notified Pronghorn, retained a 10% commission, and remitted the cash due to Pronghorn.Prepare Pronghorn's entry when the cash is received. (Round answers to 0 decimal places, e.g. 1,525. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Answer:
Date Account Title Debit Credit
Year end Cash $19,520
Advertising expenses $550
Commission expenses $2,230
Revenue from Consignment $22,300
Cost of Goods sold $13,110
Inventory on Consignment $13,110
Cash received by Pronghorn:
= Cash - Advertising - Commission
= 22,300 - 550 - (10% * 22,300)
= 22,300 - 550 - 2,230
= $19,520
Cost of Goods sold:
= 57% * (Value of goods + Shipping)
= 57% * (20,800 + 2,200)
= $13,110
Most effective bad-news messages contain a variety of components. Indirect bad-news messages contain the following components in this order: greeting, buffer, rationale for the bad news, the bad news, an expression of concern, an explanation of impacts on the bad-news recipients, possible solutions and a focus on the future, an expression of goodwill, and a closing.
Assume that you manufacture and sell exercise equipment. A customer recently purchased an elliptical from you. He sent a message requesting the replacement of a broken pedal. The parts warranty is for three months. The customer's message was sent to you four months after the purchase, so the warranty is no longer in effect. You will write a message to him denying his claim.
Match each of the options below to the items.
a. Closing
b. Concern
c. Rationale
d. Buffer
e. Bad News
f. Greeting
g. Possible Solutions
h. Focus on the Future
1. Since it's been four months since your purchase. the broken pedal is no longer under warranty.
2. We know it's inconvenient while your elliptical is not in use, and we'd like to help you get your pedal replaced as quickly as possible.
3. Match each of the options above to the items below.
4. Since it's been four months since your purchase, the broken pedal is no longer under warranty.
5. We know it's inconvenient while your elliptical is not in use, and we'd like to help you get your pedal replaced as quickly as possible.
6. Best wishes, Jenny Peterson
Answer:
1. Since it's been four months since your purchase. the broken pedal is no longer under warranty. ⇒ BAD NEWS.
This will fall under the Bad News because it is news that the customer would not want to receive.
2. We know it's inconvenient while your elliptical is not in use, and we'd like to help you get your pedal replaced as quickly as possible.⇒ CONCERN.
Falls under concern because it expresses sympathy at the customer's situation.
6. Best wishes, Jenny Peterson ⇒ CLOSING
This falls under Closing because such salutations are used to end a letter or response.
Theodora attended an interview for a job with a manufacturing firm. As she met all the minimum requirements for the post, she was not surprised when she received a formal job offer. However, a few days later, the firm informed her that the job offer had been revoked because the manager in that department felt that women should not work in a manufacturing environment. The firm assured her that the matter was nothing personal and wished her luck for her career.
Which of the following laws has the manufacturing firm violated?
A. Title VII of the 1964 Civil Rights Act
B. Americans with Disabilities Act
C. Worker Adjustment and Retraining Notification Act
D. Age Discrimination in Employment Act
E. Fair Labor Standards Act
Answer:
A. Title VII of the 1964 Civil Rights Act
Explanation:
Title VII of the Civil Rights Act of 1964 can be regarded as a federal law which offer protection to employees from discrimination from some particular characteristics such as race, national origin as well as color, even religion.
Check my workCheck My Work button is now enabledItem 15 Time Remaining 2 hours 27 minutes 1 second02:27:01 Exercise 8-16 Direct Materials and Direct Labor Budgets [LO8-4, LO8-5] The production department of Zan Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Units to be produced 5,000 8,000 7,000 6,000 In addition, 6,000 grams of raw materials inventory is on hand at the start of the 1st Quarter and the beginning accounts payable for the 1st Quarter is $2,880. Each unit requires 8 grams of raw material that costs $1.20 per gram. Management desires to end each quarter with an inventory of raw materials equal to 25% of the following quarter’s production needs. The desired ending inventory for the 4th Quarter is 8,000 grams. Management plans to pay for 60% of raw material purchases in the quarter acquired and 40% in the following quarter. Each unit requires 0.20 direct labor-hours and direct laborers are paid $11.50 per hour. Required: 1.&2. Calculate the estimated grams of raw material that need to be purchased and the cost of raw material purchases for each quarter and for the year as a whole. 3. Calculate the expected cash disbursements for purchases of materials for each quarter and for the year as a whole. 4. Calculate the estimated direct labor cost for each quarter and for the year as a whole
Answer:
Zan Corporation
Production Department
Quarters 1st 2nd 3rd 4th Total
1. Raw materials 50,000g 62,000g 54,000g 44,000g 210,000g
Purchased
2. Cost of purchases $60,000 $74,400 $64,800 $52,800 $252,000
3. Total disbursement $38,880 $68,640 $68,640 $57,520 $233,680
4. Direct labor costs $11,500 $18,400 $16,100 $13,800 $59,800
Explanation:
a) Data and Calculations:
Forecast Production
Quarters 1st 2nd 3rd 4th Total
Units to be produced 5,000 8,000 7,000 6,000 26,000
Grams required 40,000g 64,000g 56,000g 48,000g 208,000
Beginning Inventory 6,000g 16,000g 14,000g 12,000g 6,000g
Raw materials purchase 50,000g 62,000g 54,000g 44,000g 210,000g
Ending Inventory 19,200g 16,800g 14,400g 9,600g
Cost of purchases $60,000 $74,400 $64,800 $52,800 $252,000
Beginning Inventory cost 7,200 19,200 16,800 14,400
Total Cost of materials $67,200 $93,600 $81,600 $67,200
Cost of materials used $48,000 $76,800 $67,200 $57,600
Grams required by 1 unit 8 gm
Cost of 1 gm = $1.20
Ending Raw materials
25% of next quarter's 16,000gm 14,000gm 12,000gm 8,000gm
Accounts Payable
Beginning balance $2,880
Cost of purchases $60,000 $74,400 $64,800 $52,800 $252,000
Cash Disbursement for purchases of materials:
Cash Payment: 1st 2nd 3rd 4th Total
60% quarter acquired 36,000 44,640 38,880 31,600
40% in ffg quarter 2,880 24,000 29,760 25,920
Total disbursement $38,880 $68,640 $68,640 $57,520 $233,680
Cost of direct labor:
Each unit requires 0.20 direct labor-hours at $11.50 per hour
Quarters 1st 2nd 3rd 4th Total
Units to be produced 5,000 8,000 7,000 6,000 26,000
Total direct labor-hours 1,000 1,600 1,400 1,200 5,200
Direct labor costs $11,500 $18,400 $16,100 $13,800 $59,800
A food worker has prepared a large pot of rice that must be cooled. How should the food worker cool the rice safely?
Answer:
Cover the pot and leave it at room temperature.
Explanation:
That's how a food worker would cool rice safely.
Answer: Cover the pot and leave it at room temperature.
Explanation: took the test
Salespersons' Report and Analysis Walthman Industries Inc. employs seven salespersons to sell and distribute its product throughout the state. Data taken from reports received from the salespersons during the year ended December 31 are as follows:
Salesperson Total Sales Variable Cost of Goods Sold Variable Selling Expenses
Case $610,000 $268,400 $109,800
Dix 603,000 241,200 96,480
Johnson 588,000 305,760 105,840
LaFave 586,000 281,280 123,060
Orcas 616,000 221,760 86,240
Sussman 620,000 310,000 124,000
Willbond 592,000 272,320 88,800
Required:
Prepare a table indicating contribution margin, variable cost of goods sold as a percent of sales, variable selling expenses as a percent of sales, and contribution margin ratio by salesperson.
Answer:
Walthman Industries Inc.
Table:
Salesperson Total Sales Variable Cost Contribution Variable
of Goods Sold Margin Selling Expenses
Case $610,000 $268,400 (44%) $341,600 (56%) $109,800 (18%)
Dix 603,000 241,200 (40%) 361,800 (60%) 96,480 (16%)
Johnson 588,000 305,760 (52%) 282,240 (48%) 105,840 (18%)
LaFave 586,000 281,280 (48%) 304,720 (52%) 123,060 (21%)
Orcas 616,000 221,760 (36%) 394,240 (64%) 86,240 (14%)
Sussman 620,000 310,000 (50%) 310,000 (50%) 124,000 (20%)
Willbond 592,000 272,320 (46%) 319,680 (54%) 88,800 (15%)
Explanation:
a) Data and Calculations:
Salesperson Total Sales Variable Cost Variable
of Goods Sold Selling Expenses
Case $610,000 $268,400 $109,800
Dix 603,000 241,200 96,480
Johnson 588,000 305,760 105,840
LaFave 586,000 281,280 123,060
Orcas 616,000 221,760 86,240
Sussman 620,000 310,000 124,000
Willbond 592,000 272,320 88,800
Inventory records for Dunbar Incorporated revealed the following:
Date Transaction Number Unit
of Units Cost
Apr. 1 Beginning inventory 550 $2.33
Apr. 20 Purchase 310 2.68
Dunbar sold 560 units of inventory during the month. Ending inventory assuming weighted-average cost would be:__________.
a. $737.
b. $694.
c. $817.
d. $752.
Answer:
a. $737.
Explanation:
The computation of the ending inventory using weighted average cost is shown below:
But before that first determine the average cost per unit
= (Beginning cost + purchase cost) ÷ (Beginning units + purchased units)
= (550 × $2.33 + 310 × $2.68) ÷ (550 units + 310 units)
= ($1,281.5 + $830.8) ÷ (860 units)
= $2.46
Now the ending inventory is
= (860 units - 560 units) × $2.46
= $737
A department adds raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process. For the month of January, there were no units in the beginning work in process inventory; 80,000 units were started into production in January; and there were 20,000 units that were 40% complete in the ending work in process inventory at the end of January. What were the total equivalent units of production for conversion costs for the month of January
Answer:
Equivalent units of production= 68,000 units
Explanation:
Giving the following information:
Units started and completed= 80,000 - 20,000= 60,000
Units in ending inventory= 20,000 nits that were 40% complete in the ending work in process inventory at the end of January.
To calculate the equivalent units for conversion costs, we need to use the following formula:
Units completed in the period + Equivalent units in ending inventory WIP (units*%completion) = Equivalent units of production
Equivalent units of production= 60,000 + (20,000*0.4)
Equivalent units of production= 68,000 units
Blackwater Company has a foreign branch that earns income before income taxes of $500,000. Income taxes paid to the foreign government are $150,000 or 30%. Sales and other taxes paid to the foreign government are $100,000. Blackwater Company must include the $500,000 of foreign branch income in determining its home country taxable income. In determining its taxable income, Blackwater can choose between taking a deduction for all foreign taxes paid or a credit only for foreign income taxes paid. The corporate income tax rate in Blackwater’s’ home country is 40%.
Determine whether Blackwater would be better off taking a deduction of a credit for foreign taxes paid (FTC).
a. If foreign tax rate increased from 30% to 50%, how would it change your answer?
b. If foreign tax rate decreased from 30% to 10%, how would it change your answer?
b. If parent country’s tax rate decreased from 40% to 20%, how would it change your answer?
c. If local taxes were $250,000, how would it change your answer?
Answer:
Blackwater Company
a. It is generally better for Blackwater to take a credit for foreign taxes paid than taking it as a deduction.
A good look at the tables below show that from (a) to (c) there is no change in the above answer.
Explanation:
a) Data and Calculations:
Foreign income before taxes = $500,000
Foreign Taxes a deduction from home taxable income:
Foreign Foreign FTC as a Home Tax
Tax Rates Income Deduction Payable
30% $500,000 $150,000 $140,000 ($500,000 - $150,000*40%)
50% $500,000 $250,000 $100,000 ($500,000-$250,000*40%)
10% $500,000 $50,000 $180,000 ($500,000 - $50,000*40%)
30% $500,000 $150,000 $70,000 ($500,000 - $150,000*20%)
30% $500,000 $150,000 $250,000
Foreign Taxes treated as a credit:
Foreign Foreign FTC as a Home Tax
Tax Rates Income Home Tax (40%) Credit Payable
30% $500,000 $200,000 (40%) $150,000 $50,000
50% $500,000 $200,000 (40%) $250,000 ($50,000)
10% $500,000 $200,000 (40%) $50,000 $150,000
30% $500,000 $100,000 (20%) $150,000 ($50,000)
30% $500,000 $250,000 (0%) $150,000 $100,000
Lexon Inc. is a large manufacturer of affordable DVD players. Management recently became aware of rising expenses resulting from returns of malfunctioning products. As a starting point for further analysis, Paige Jennings, the controller, wants to test different forecasting methods and then use the best one to forecast quarterly expenses for 2019. The relevant quarterly data for the previous three years follow:
2016 Return 2017 Return 2018 Return
Quarter Expenses Quarter Expenses Quarter Expenses
1 $13,900 1 14,300 1 $14,800
2 12,600 2 13,400 2 13,700
3 12,900 3 13,000 3 13,500
4 15,200 4 15,600 4 16,300
The result of a simple regression analysis using all 12 data points yielded an intercept of $13,154.55 and a coefficient for the independent variable of $145.45. (R-squared = 0.44, SE= $974).
Required:
Plot the data in the order of the dates.
Answer:
See the attached files for the plot of the data.
Explanation:
In the attached files:
(1) Quarters is on the horizontal axis.
(2) Return Expenses is on the vertical axis.
From the two attached files, the picture shows the required plot required while the excel file is meant to give the student an additional information on how the graph is done.
Minor Electric has received a special one-time order for 600 light fixtures (units) at $12 per unit. Minor currently produces and sells 3,000 units at $13.00 each. This level represents 75% of its capacity. Production costs for these units are $15.00 per unit, which includes $10.00 variable cost and $5.00 fixed cost. To produce the special order, a new machine needs to be purchased at a cost of $650 with a zero salvage value. Management expects no other changes in costs as a result of the additional production. If Minor wishes to earn $1,150 on the special order, the size of the order would need to be:
Answer:
To earn $1,150 the order should be 900 units.
Explanation:
Giving the following information:
Selling price= $12
Unitary variable cost= $10
Incremental fixed costs= $650
Desired profit= $1,150
Because it is a special order, and there is unused capacity (1,000 units), we will take into account only the incremental fixed costs.
To calculate the number of units to be sold, we can use the break-even point formula with the desired profit:
Break-even point in units= (fixed costs + desired profit) / contribution margin per unit
Break-even point in units= (650 + 1,150) / 2
Break-even point in units= 900 units
To earn $1,150 the order should be 900 units.
A company is making Sofas and Love Seats. The sofa’s profit is $1,000 and the love seats profit is $950.There are 2 factories available to make the products.Factory 1 requires 55 hours to make a sofa and 40 hours to make a love seat. It has 6,000 hours available.Factory 2 requires 50 hours to make a sofa and 45 hours to make a love seat. It has 4,000 hours available.Factory 1 needs at least 3 employees for a sofa and 2 employees for a love seat. The total minimum required is 80.Factory 2 needs at least 2 employees for a sofa and 3 employees for a love seat. The total minimum required is 45.The company is also willing to offer coupons to customers. The coupons can be redeemed for $25 off a sofa or $20 off a love seat. The total redemption of the coupons equals $1,800.The maximum number of sofa’s that can be produced is 75.Please use Solver on Excel and provide steps and explanations.
Answer:
Explanation:
We are asked to compute and use the solver in Excel.
From the three images attached below, we will see clear pictures showing how the data sets are being computed in the Excel interface. The second indicates how the values are being inputted in the solver by using the Simplex LP method and lastly, the solution is being revealed in the third image.
Please, carefully go through the Excel screenshot files.
common stock definition.
Answer:
Common stock is a security that represents ownership in a corporation.
Explanation:
Holders of common stock elect the board of directors and vote on corporate policies.
Flexible Budget for Selling and Administrative Expenses for a Service Company Cloud Productivity Inc. uses flexible budgets that are based on the following data: Sales commissions 14% of sales Advertising expense 18% of sales Miscellaneous administrative expense $6,500 per month plus 12% of sales Office salaries expense $28,000 per month Customer support expenses $12,000 per month plus 20% of sales Research and development expense $30,000 per month Prepare a flexible selling and administrative expenses budget for March for sales volumes of $400,000, $500,000, and $600,000. (Use Exhibit 5 as a model.)
Answer:
Selling and administrative expenses budget for March
Sales Volume $400,000 $500,000 $600,000
Sales commissions at 14 % $56,000 $70,000 $84,000
Advertising expense at 18% $72,000 $90,000 $108,000
Miscellaneous at $6,500 + 12% $54,500 $66,500 $78,500
Office salaries at $28,000 $28,000 $28,000
Customer support at $12,000 + 20% $92,000 $112,000 $132,000
Research and development at $30,000 $30,000 $30,000
Total $332,500 $396,500 $460,500
Explanation:
A flexible is a budget that is adjusted to the actual activity. Thus, adjust the costs items to the appropriate Sales Volumes.
Each of the items below must be considered in preparing a statement of cash flows for Baskerville Co. for the year ended December 31, 2017. For each item, state how it should be shown in the statement of cash flows for 2017. (a) Issued bonds for $200,000 cash. (b) Purchased equipment for $150,000 cash. (c) Sold land costing $20,000 for $20,000 cash. (d) Declared and paid a $50,000 cash dividend.
Answer:
a. Issued bonds for $200,000 cash ⇒ Cash inflow from Financing Activities.
Financing activities refer to those that bring in capital to the company. This capital comes in the form of equity and long term liabilities like bonds. Money coming in from bonds will therefore be an inflow here.
b. Purchased equipment for $150,000 cash. ⇒ Cash Outflow from Investing Activities
Investing activities have to do with the fixed assets of the company as well as investments into the securities of other companies. Money is leaving the company to purchase the fixed asset here -equipment - so this is an outflow.
c.Sold land costing $20,000 for $20,000 cash. ⇒ Cash inflow from Investing Activities.
As already stated, Investing activities relate to fixed assets. Selling a fixed asset such as land will therefore bring in cash from investing activities.
d. Declared and paid a $50,000 cash dividend⇒ Cash Outflow from Financing activities
As financing activities relate to equity, dividends will be a cash outflow from here because it is cash that is leaving the company to go to equity holders.
exercise 4-9A Calculate the balance of cash using a bank reconciliation (LO4-5) Spielberg Company's general ledger shows a checking account balance of $22,830 on July 31, 2021. The July cash receipts of $1,745, included in the general ledger balance, are placed in the night depository at the bank on July 31 and processed by the bank on August 1. The bank statement dated July 31 shows bank service fees of $41. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,320. The bank statement shows a balance of $22,364 on July 31.
Answer:
$22,789
Explanation:
One of the uses of the Bank Reconciliation Statement is to check the accuracy of the Cash Balance.
The Balance on the Bank Statement and that of the Cash Book in the Ledgers should always agree.
Bank Reconciliation Statement as a July 31
Balance as per Bank Statement $22,364
Add Lodgments not yet credited $1,745
Less unpresented checks ($1,320)
Balance as per Cash Book $22,789
Therefore,
The balance of cash using a bank reconciliation is $22,789
A company had the following partial list of account balances at year-end: Sales returns and allowances $ 500 Account Receivables 9,000 Sales Discount 700 Sales Revenue 57, 200 Selling and Administrative Expense 300 The amount of net sales reported on the income statement would be:
Answer:
$56,000
Explanation:
The computation of net sales is shown below.
For the net sales reported, we'll add the sales revenue and deduct the sales return and allowances with sales discount
Net sales reported = Sales revenue - sales return and allowance - sales discount
= $57,200 - $500 - $700
= $56,000
How can creating a customer profile help entrepreneurs identify their target market
Creating a customer profile helps identify markets because the information on it is too persuade the buyer, customer or Purchaser. I'm in 6th grade don't judge x
The information below pertains to Barkley Company for 2015.
Net income for the year $2,240,000
9% convertible bonds issued at par ($1,000 per bond); each bond is convertible into 30 shares of common stock 2,112,000
6% convertible, cumulative preferred stock, $100 par value; each share is convertible into 3 shares of common stock 4,707,000
Common stock, $10 par value 6,959,000
Tax rate for 2015 45%
Average market price of common stock $25 per share
There were no changes during 2015 in the number of common shares, preferred shares, or convertible bonds outstanding. There is no treasury stock. The company also has common stock options (granted in a prior year) to purchase 75,800 shares of common stock at $15 per share.
(a) Compute basic earnings per share for 2015. (Round answer to 2 decimal places, e.g. $2.55.)
Basic earnings per share
$
(b) Compute diluted earnings per share for 2015. (Round answer to 2 decimal places, e.g. $2.55.)
Diluted earnings per share
$
Jemsen Inc. has provided the following data for the month of October. The balance in the Finished Goods inventory account at the beginning of the month was $65,000 and at the end of the month was $61,000. The cost of goods manufactured for the month was $242,000. The actual manufacturing overhead cost incurred was $90,000 and the manufacturing overhead cost applied to Work-in-Process was $86,000. The adjusted cost of goods sold that would appear on the income statement for October is:
Answer:
the adjusted cost of goods sold is $250,000
Explanation:
The computation of the adjusted cost of goods sold is shown below:
= Beginning finished goods inventory + cost of goods manufactured - ending finished goods inventory + underapplied manufacturing overhead
= $65,000 + $242,000 - $61,000 + $4,000
= $250,000
Hence, the adjusted cost of goods sold is $250,000
Kohl Co, provides warranties for many of its products. The January 1, 2019, balance of the Estimated Warranty Liability account was $42,635. Based on an analysis of warranty claims during the past several years, this year's warranty provision was established at 0.87% of sales. During 2019, the actual cost of servicing products under warranty was $26,750, and sales were $4.144,400
Required:
a. What amount of Warranty Expense will appear on Kohl Co.'s income statement for the year ended December 31, 2019?
Warranty Expense
Actual warranty expense Estimated warranty expense Warranty Expense
b. What amount will be reported in the Estimated Warranty Liability account on the December 31, 2019, balance sheet? (Amounts to be deducted should be indicated by minus sign.)
Estimated Warranty Liability, 1/1/19 balance
Estimated Warranty Liability 12/31/19 balance
Answer and Explanation:
The computation is shown below;
a. For Warranty Expense
= Sales × Estimated Warranty Percentage%
= $4,144,400 × 0.87%%
= $36,056.28
b)
The amount that should be reported is
Opening Balance of Estimated Warranty Liability Jan. 1, 2019 $42,635
Less: Actual warranty costs in 2019 ($26,750)
Add: Warranty expense accrued in 2019 $35,056
Closing Balance of Estimated Warranty Liability Dec. 31, 2019 $50,941
asset- backed security definition.
Answer:
"asset-backed security is an investment security a bond or note which is collateralized by a pool of assets, such as loans, leases, credit card debt, royalties, or receivables. An is similar to mortgage-backed security, except that the underlying securities are not mortgage-based."
A company's corporate code of ethics is a document given to a newly hired employee on the first day of work. Usually he is asked to review it and to sign a document stating that he has read it and understands it. A corporation's code of ethics / mission statement can be easily found on the Internet and appears on the corporate websites of most companies.Research and summarize the corporate code of ethics of the company you work for or a company you are interested in. In a one page paper, name and summarize the company's corporate code of ethics. Explain any affect this code of ethics would have on an IT employee of this company. Submit your paper by the end of the day on Sunday. This assignment is worth 100 points.
Answer:
Answer is explained in the explanation section below.
Explanation:
Solution:
A Corporate Code of Ethics represents a set of business principles designed to regulate employee behaviour and to ensure that the mission and objectives of the company do not conflict. The most important ethical codes are listed below:
Integrity is a virtue.
Objectivity is a virtue.
Competence in the field.
Trustworthiness.
Professional conduct.
These are extremely important for us to maintain because they not only mark us as individuals, but also make us responsible employees of any organization that wishes to keep us together in the long run. WE MUST OBEDIENT TO THEM in order to ensure that, regardless of what we say or think, there will be a code of ethics that will help us to change over time and contribute to the progressive nature of things in our environment. This will also identify the IT firm employee, helping us to get a clearer understanding of the situation.