Answer:
$37,700
Explanation:
Ending balance in WIP = 13,500 + 41,000 + 58,000 + 32,800 - 86,000
Ending balance in WIP = $59,300
Direct material charged to Job #23 = $59,300 - $12,000 - ($12,000*80%)
Direct material charged to Job #23 = $59,300 - $12,000 - $9,600
Direct material charged to Job #23 = $37,700
Maxim Corp. has provided the following information about one of its products: Date Transaction Number of Units Cost per Unit 1/1 Beginning Inventory 200 $ 140 6/5 Purchase 400 $ 160 11/10 Purchase 100 $ 200 During the year, Maxim sold 400 units. What is cost of goods sold using the average cost method
Answer:
$64,000
Explanation:
Calculation to determine the cost of goods sold using the average cost method
First step is to calculate the Average cost
Average cost = [(200 × $140) + (400 × $160) + (100 × $200)] ÷ 700 units
Average cost= $160
Now let calculate the Cost of goods sold
Cost of goods sold = $160 × 400 units
Cost of goods sold = $64,000
Therefore the cost of goods sold using the average cost method will be $64,000
Duncan, Inc.'s unadjusted book balance showed cash balance of $1,763 before preparing the bank reconciliation. Given the bank reconciliation shows outstanding checks of $427, deposits in transit of $831, NSF check of $195, and interest earned on the bank account of $15, the company's up-to-date ending cash balance equals:$_____
Answer:
the up-to-date ending cash balance is $2,167
Explanation:
The computation of the up-to-date ending cash balance is shown below:
= Cash balance + deposit in transit - outstanding checks
= $1,763 + $831 - $427
= $2,167
Hence the up-to-date ending cash balance is $2,167
We simply applied the above formula
A Giffen good is a good for which price and quantity demanded are positively related. A Giffen good arises when:_______.
a. the income effect and the substitution effect move quantity demanded in opposite directions, with the income effect outweighing the substitution effect.
b. the income effect and the substitution effect move quantity demanded in opposite directions, with the substitution effect outweighing the income effect.
c. the income effect and the substitution effect move quantity demanded in the same direction, with the income effect outweighing the substitution effect.
d. the income effect and the substitution effect move quantity demanded in the same direction, with the substitution effect outweighing the income effect.
Answer:
a
Explanation:
A giffen good is a good whose quantity demanded increases with price increase and reduces with price decreases. This leads to an upward sloping demand curve which is not in line with the law of demand
Example of a giffen good is bread.
For a giffen good there would a negative income effect and a positive substitution effect but the income effect would outweigh the substitution effect
A company just starting business made the following four inventory purchases in June: Date Number of units purchased Total cost June 1 160 units $ 350 June 10 220 units 580 June 15 220 units 700 June 28 130 units 560 $2190 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is
Answer:
cap
Explanation:
Consider a five-person family consisting of a father, mother, twin 16-year-old sons attending high school, and an 85-year- old grandfather. The grandfather receives Social Security but has no other sources of income. The father and mother provide the majority of the grandfather's financial support because of his expensive in-home medical care. In 2017, before the change in the tax laws, what is the approximate amount of money that the parents would be able to deduct from their adjusted gross income based on their personal exemptions
The correct answer to this open question is the following.
Unfortunately, you forgot to attach the options for this question.
However, trying to help, we can say the following.
In 2017, before the change in the tax laws, the approximate amount of money that the parents would be able to deduct from their adjusted gross income based on their personal exemptions was $16,000.-
In the federal government taxation regulations periodically changes and adjust to consider new circumstances. That is why the IRS continually makes adjustments.
In December 2017, Congress passed the Jobs Act and Tax Cuts, modifying credits work and tax deductions of American families. Among the most important changes that started to be valid in 2018 was the removal of exemptions. That is why, before this removal of exemptions was valid, the head of the family could get personal exceptions for qualified family members such as the wife and children, or any other dependent.
Creating a Multimedia Presentation to Demonstrate Knowledge of Agriculture, Food, and Natural Resource Careers For this assignment, you will create a multimedia presentation on Agriculture, Food,
and Natural Resources tasks and work environments to demonstrate understanding
of these careers.
Useful references for gathering this information will be listed at the end of this
document. Your presentation should include a title slide, thirteen slides representing
tasks and work environments for specific Agriculture, Food, and Natural Resource
careers, and a works cited slide.
Assignment Instructions
Step 1: Gather materials and necessary information.
a) Use resources listed at the end of this document to create your multimedia
presentation for Agriculture, Food, and Natural Resource careers.
b) Be sure to keep a list of your references so you can cite them later.
c) Ask your teacher where you should save your presentation as you work on it.
Your teacher may also have specific guidelines about the file name you
should use.
Step 2: Create your title slide.
a) Begin by creating the title slide. On this slide, include the title of your
presentation, your name, your teacher’s name, and the due date of the presentation.b) Remember to save your work as you go.
Step 3: Provide information for Farmworkers and Laborers, Crop careers.
a) Create a slide titled Common Tasks for Farmworkers and Laborers, Crop.
b) Create a bulleted list describing four tasks for Farmworkers and Laborers, Crop
that are listed as common tasks on the O*NET site. Add a picture of at least one of
these tasks to the slide.
c) Create a slide titled Common Work Activities for Farmworkers and
Laborers, Crop.
d) Create a bulleted list describing four work activities for Farmworkers and Laborers,
Crop that are listed as common work activities on the O*NET site. Add a picture of
at least one of these work activities to the slide.
e) Create a slide titled Common Work Contexts for Farmworkers and
Laborers, Crop.
f) Create a bulleted list describing work contexts for Farmworkers and Laborers,
Crop that are listed as common work contexts on the O*NET site. Add a picture of
at least one of these common work contexts to the slide.
Step 4: Provide information for Forester careers.
a) Create a slide titled Common Tasks for Foresters.
b) Create a bulleted list describing four tasks for Foresters that are listed as common
tasks on the O*NET site. Add a picture of at least one of these tasks to the slide.
c) Create a slide titled Common Work Activities for Foresters.
d) Create a bulleted list describing four work activities for Foresters that are listed as
common work activities on the O*NET site. Add a picture of at least one of these
work activities to the slide.
e) Create a slide titled Common Work Contexts for Foresters.
f) Create a bulleted list describing work contexts for Foresters that are listed as
common work contexts on the O*NET site. Add a picture of at least one of these
common work contexts to the slide.
Step 5: Provide information for Nursery and Greenhouse Managers.
a) Create a slide titled Common Tasks for Nursery and Greenhouse Managers.
Answer:
Create a bulleted list describing four tasks for Farmworkers and Laborers, Crop that are listed as
common tasks on the O*NET site.
• Harvest plants, and transplant or pot label them.
• Harvest fruits and vegetables by hand.
• Set up and operate irrigation equipment.
Create a bulleted list describing four work activities for Farmworkers and Laborers, Crop that are listed
as common work activities on the O*NET site.
the slide.
• Handling and moving objects.
• Preforming general physical activities.
• Getting information.
• Identifying objects, actions, and events.
Create a bulleted list describing work contexts for Farmworkers and Laborers, Crop that are listed as
common work contexts on the O*NET site.
to the slide.
• Spend Time Using Your Hands to Handle, Control, or Feel Objects, Tools, or
Controls
• Face-to-Face Discussions
• Outdoors, Exposed to Weather
• Spend Time Standing
Common Tasks for Foresters
Create a bulleted list describing four tasks for Foresters that are listed as common tasks on the O*NET
site.
• Monitor contract compliance and results of forestry activities to assure adherence to
government regulations.
• Plan and supervise forestry projects, such as determining the type, number and
placement of trees to be planted, managing tree nurseries, thinning forest and
monitoring growth of new seedlings.
• Establish short- and long-term plans for management of forest lands and forest
resources.
• Determine methods of cutting and removing timber with minimum waste and
environmental damage.
Create a bulleted list describing four work activities for Foresters that are listed as common work
activities on the O*NET site.
• Getting Information
• Identifying Objects, Actions, and Events
• Organizing, Planning, and Prioritizing Work
• Communicating with Supervisors, Peers, or Subordinates
Common Work Contexts for Foresters
Create a bulleted list describing work contexts for Foresters that are listed as common work contexts on
the O*NET site.
• Electronic Mail
• Face-to-Face Discussions
• Telephone
• Freedom to Make Decisions
Common Tasks for Nursery and Greenhouse Managers
Create a bulleted list describing four tasks for Nursery and Greenhouse Managers that are listed as
common tasks on the O*NET site.
• Collect and record growth, production, and environmental data.
• Manage nurseries that grow horticultural plants for sale to trade or retail customers, for
display or exhibition, or for research.
• Direct and monitor trapping and spawning of fish, egg incubation, and fry rearing,
applying knowledge of management and fish culturing techniques.
• Direct and monitor the transfer of mature fish to lakes, ponds, streams, or commercial
tanks
Common Work Activities for Nursery and Greenhouse Managers
Create a bulleted list describing four work activities for Nursery and Greenhouse Managers that are
listed as common work activities on the O*NET site.
to the slide.
• Making Decisions and Solving Problems
• Organizing, Planning, and Prioritizing Work
• Communicating with Supervisors, Peers, or Subordinates
• Scheduling Work and Activities
Common Work Contexts for Nursery and Greenhouse Managers
Create a bulleted list describing work contexts for Nursery and Greenhouse Managers that are listed as
common work contexts on the O*NET site.
to the slide.
• Face-to-Face Discussions
• Outdoors, Exposed to Weather
• Freedom to Make Decisions
• Structured versus Unstructured Work
Veterinarians
Create a bulleted list describing four tasks for Veterinarians that are listed as common tasks on the
O*NET site.
• Treat sick or injured animals by prescribing medication, setting bones, dressing wounds,
or performing surgery.
• Inoculate animals against various diseases, such as rabies or distemper.
• Examine animals to detect and determine the nature of diseases or injuries.
• Collect body tissue, feces, blood, urine, or other body fluids for examination and
analysis.
Create a bulleted list describing four work activities for Veterinarians that are listed as common work
activities on the O*NET site.
• Making Decisions and Solving Problems
• Getting Information.
• Updating and Using Relevant Knowledge
• Identifying Objects, Actions, and Events
Common Work Contexts for Veterinarians
Create a bulleted list describing work contexts for Veterinarians that are listed as common work
contexts on the O*NET site.
• Face-to-Face Discussions
• Telephone
• Indoors, Environmentally Controlled
• Contact with others
Explanation: hope this helps this is what I got
Answer:
“Architecture and Construction Workplaces and Tasks”
Four tasks for Farm workers and Laborers
• Harvest plants, and transplant or pot label them.
• Harvest fruits and vegetables by hand.
• Set up and operate irrigation equipment.
Four work activities for Farm workers and Laborers
• Handling and moving objects.
• Performing general physical activities.
• Getting information.
• Identifying objects, actions, and events.
Work contexts for Farm workers and Laborers
• Spend Time Using Your Hands to Handle, Control, or Feel Objects, Tools, or
Controls
• Face-to-Face Discussions
• Outdoors, Exposed to Weather
• Spend Time Standing
Common Tasks for Foresters
Four tasks for Foresters
• Monitor contract compliance and results of forestry activities to assure adherence to government regulations.
• Plan and supervise forestry projects, such as determining the type, number and
placement of trees to be planted, managing tree nurseries, thinning forest and
monitoring growth of new seedlings.
• Establish short- and long-term plans for management of forest lands and forest
resources.
• Determine methods of cutting and removing timber with minimum waste and
environmental damage.
Four work activities for Foresters
• Getting Information
• Identifying Objects, Actions, and Events
• Organizing, Planning, and Prioritizing Work
• Communicating with Supervisors, Peers, or Subordinates
Common Work Contexts for Foresters
Work contexts for Foresters
• Electronic Mail
• Face-to-Face Discussions
• Telephone
• Freedom to Make Decisions
Common Tasks for Nursery and Greenhouse Managers
Four tasks for Nursery and Greenhouse Managers
• Collect and record growth, production, and environmental data.
• Manage nurseries that grow horticultural plants for sale to trade or retail customers, for
display or exhibition, or for research.
• Direct and monitor trapping and spawning of fish, egg incubation, and fry rearing,
applying knowledge of management and fish culturing techniques.
• Direct and monitor the transfer of mature fish to lakes, ponds, streams, or commercial
tanks
Common Work Activities for Nursery and Greenhouse Managers
Four work activities for Nursery and Greenhouse Managers
• Making Decisions and Solving Problems
• Organizing, Planning, and Prioritizing Work
• Communicating with Supervisors, Peers, or Subordinates
• Scheduling Work and Activities
Common Work Contexts for Nursery and Greenhouse Managers
Work contexts for Nursery and Greenhouse Managers
• Face-to-Face Discussions
• Outdoors, Exposed to Weather
• Freedom to Make Decisions
• Structured versus Unstructured Work
Veterinarians
Four tasks for Veterinarians
• Treat sick or injured animals by prescribing medication, setting bones, dressing wounds,
or performing surgery.
• Inoculate animals against various diseases, such as rabies or distemper.
• Examine animals to detect and determine the nature of diseases or injuries.
• Collect body tissue, feces, blood, urine, or other body fluids for examination and
analysis.
Work activities for Veterinarians
• Making Decisions and Solving Problems
• Getting Information.
• Updating and Using Relevant Knowledge
• Identifying Objects, Actions, and Events
Common Work Contexts for Veterinarians
Work contexts for Veterinarians
• Face-to-Face Discussions
• Telephone
• Indoors, Environmentally Controlled
• Contact with others
Explanation:
this is exactly what i turned in !!!! hope it helps
Which of the following is not true about emergency funds?
O They help remove the worry about expenses not listed in the budget.
O They help you prepare for unexpected expenses.
O They are used for anything listed in the budget.
O They can keep you from borrowing money from friends and family members.
Emergency funds are typically set aside to cover unexpected expenses that are not included in the regular budget. The statement "They are used for anything listed in the budget" is not true about emergency funds. Hence, option C is the correct answer.
These expenses may include medical emergencies, car repairs, home repairs, job loss, or any unforeseen financial hardships. The purpose of an emergency fund is to provide a financial safety net for unexpected situations that can disrupt one's financial stability.
On the other hand, expenses listed in the budget are part of the regular planned expenses, such as rent or mortgage payments, groceries, utilities, transportation, and other recurring costs.
Hence, option C is the correct answer.
Learn more about emergency funds here:
brainly.com/question/14564932
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Which of the following typically occurs during an expansionary phase of a business cycle?
A. Nominal interest rates decrease.
B. Income taxes decrease.
C. The price level decreases.
D. Government transfer payments increase.
E. Employment increases.
Answer:
E. Employment increases.
Explanation:
The correct answer is - E. Employment increases.
A nation's GDP at purchasing power parity (PPP) exchange rates refers to:_____.
a. the value of the GDP divided by the population of the country.
b. the value of all the goods and services produced by a country in a single year.
c. the value of the GDP adjusted for purchasing power.
d. a country's average achievements in health, knowledge, and standard of living.
e. the sum value of all goods and services produced in the country valued at prices prevailing in the United States.
Answer:
c
Explanation:
1. Gross domestic product is
a. the total value of all goods produced in a year.
b. the total value of all final goods and services produced in a year.
c. the total value of all services produced in a year.
d. none of the above.
Steel Mill Inc. makes an offer to Teri to enter into a contract to work as an metallurgical engineer for a certain salary for one year subject to a five-year renewal based on his performance. Teri accepts the offer. This is a valid contract because it includes Group of answer choices a price and a subject. a duration and a termination. specific quality standards. an offer and an acceptance.
Answer:
an offer and an acceptance.
Explanation:
A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.
There are different types of contract in business and these includes: fixed-price contract, cost-plus contract, bilateral contract, implies contract, unilateral contract, adhesion contract, unconscionable contract, option contract, express contract, etc.
Mutual assent is a legal term which represents an agreement by both parties to a contract. When two parties to a contract both have an understanding of the parameters, terms and conditions surrounding a contract, it ultimately implies that they are in agreement; this is generally referred to as mutual assent.
In this scenario, Steel Mill Inc. makes an offer to Teri to enter into a contract to work as an metallurgical engineer for a certain salary for one year subject to a five-year renewal based on his performance. Teri accepts the offer. This is a valid contract because it includes an offer and an acceptance.
On December 31, 2014, Oakbrook Inc. rendered services to Beghun Corporation at an agreed price of $102,049, accepting $40,000 down and agreeing to accept the balance in four equal installments of $20,000 receivable each December 31. An assumed interest rate of 11% is imputed.
Instructions:
Prepare the entries that would be recorded by Oakbrook Inc. for the sale and for the receipts and interest on the following dates. (Assume that the effective-interest method is used for amortization purposes.)
(a) December 31, 2014.
(b) December 31, 2016.
(c) December 31, 2018.
(d) December 31, 2015.
(e) December 31, 2017.
Answer:
(a) December 31, 2014.
Dr Cash 40,000
Dr Notes receivable 80,000
Cr Service revenue 102,049
Cr Discount on notes receivable 17,951
(b) December 31, 2016.
Dr Cash 20,000
Dr Discount on notes receivable 5,376
Cr Notes receivable 20,000
Cr Interest revenue 5,376
(c) December 31, 2018.
Dr Cash 20,000
Dr Discount on notes receivable 1,982
Cr Notes receivable 20,000
Cr Interest revenue 1,982
(d) December 31, 2015.
Dr Cash 20,000
Dr Discount on notes receivable 6,825
Cr Notes receivable 20,000
Cr Interest revenue 6,825
(e) December 31, 2017.
Dr Cash 20,000
Dr Discount on notes receivable 3,768
Cr Notes receivable 20,000
Cr Interest revenue 3,768
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing costs Direct materials $ 35 per unit Direct labor $ 55 per unit Overhead costs Variable $ 40 per unit Fixed $ 6,600,000 (per year) Selling and administrative costs for the year Variable $ 725,000 Fixed $ 4,250,000 Production and sales for the year Units produced 110,000 units Units sold 80,000 units Sales price per unit $ 350 per unit 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing
Answer:
Results are below.
Explanation:
Absorption vs Variable costing method
The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead).
1) First, we need to calculate the total unitary variable cost:
Unitary production variable cost= 35 + 55 + 40= $130
Selling and administrative costs for the year Variable $ 725,000
Unitary total variable cost= 130 + (725,000 / 80,000)= $139.06
Now, the variable income statement:
Sales= 80,000*350= 28,000,000
Total variable cost= (80,000*139.06)=(11,124,800)
Total contribution margin= 16,875,200
Fixed overhead= (6,600,000)
Fixed Selling and administrative costs = (4,250,000)
Net operating income= 6,025,200
2) First, we need to calculate the unitary production cost:
Unitary production cost= 130 + (6,600,000/110,000)= $190
Now, the absorption costing income statement:
Sales= 28,000,000
COGS= 80,000*190= (15,200,000)
Gross profit= 12,800,000
Total Selling and administrative costs= (725,000 + 4,250,000)= (4,975,000)
Net operating income= 7,825,000
ire Corporation distributes property (basis of $225,000, fair market value of $300,000) to a shareholder in a distribution that is a qualifying stock redemption. The property is subject to a liability of $160,000 that the shareholder assumes. Determine the basis of the property to the shareholder.
Answer:
$300,000
Explanation:
The fair market value of the property is the basis in property received in a qualifying stock redemption to shareholder which is $300,000.
So, $300,000 is the amount that will serve as the basis of the property to the shareholder.
Question 10 of 10
Which of the following is a true statement based upon the principle of the
time value of money?
A. The value of money does not increase or decrease as time
passes.
B. Money loses value over time if not used.
C. It is always best to receive money at a later point in time rather
than an earlier point in time.
O D. Money increases in value as time passes so long as it is not
invested.
Answer:
B. Money loses value over time if not used.
Explanation:
Money loses value over time and the reason why is inflation.
Inflation is the general increase in the price of the goods and services within an economy. Inflation causes money to lose value over time if not used because it reduces the purchasing power of money. This is why money should be used if it is not to be spent, mainly as a form of investment with the goal of earning an interest rate that is higher than inflation, or at least, equal to inflation.
Answer:
B. Money loses value over time if not used.
Explanation:
Money loses value over time and the reason why is inflation. Inflation is the general increase in the price of the goods and services within an economy. Inflation causes money to lose value over time if not used because it reduces the purchasing power of money. This is why money should be used if it is not to be spent, mainly as a form of investment with the goal of earning an interest rate that is higher than inflation, or at least, equal to inflation.
Extend the application of a method or conclusion
a.Segmentation b.Extrapolate
c.Diffusion d.Multinational
Answer:
B - Extrapolate
Explanation:
Extrapolate means to extend the application of (a method or conclusion, especially one based on statistics) to an unknown situation by assuming that existing trends will continue or similar methods will be applicable.
Refer to the data below to answer the following questions:
Expenditure Income
C. Consumer goods and services $11,502 Wages and salaries $8,868
Corporate profits 1,686
I: Investment in plants, equipment, and inventory 2,670 Proprietor's income 1,348
G. Government goods and services 3,125 Rents 59
Interest 619
X: Exports 2,260 Taxes on output and import 1,147
Depreciation 2,647
M: Imports (2,757) Statistical discrepancy (106)
GDP: Total value of output $16,800 = Total value of income $16,800
Required:
What share of U.S. total income in 2013 consisted of
a. Wages and salaries
b. Corporate profits
Answer:
What share of U.S. total income in 2013 consisted of Wages and salaries?
The share = Wages and salaries /Total income * 100
The share = $8,868 / $16,800 * 100
The share = 0.5278571 * 100
The share = 52.79%
What share of U.S. total income in 2013 consisted of Corporate profits?
The share = Corporate profits /Total income * 100
The share = $1,686/$16,800 * 100
The share = 0.100357 * 100
The share = 10.03%
Lowell Corporation paid $80,000 to acquire all of Boston Company's net assets. Boston reported assets with a book value of $60,000 and fair value of $98,000 and liabilities with a book value and fair value of $23,000 on the date of combination. Lowell also paid $3,000 to a search firm for finder's fees related to the acquisition. What amount will be recorded as goodwill by Lowell Corporation while recording its investment in Boston
Answer:
Lowell Corporation
The amount that will be recorded as goodwill by Lowell Corporation to record its investment in Boston is:
= $5,000.
Explanation:
a) Data and Calculations:
Investment in Boston Company = $83,000
Fair value of assets = $98,000
Fair value of liabilities 23,000
Net value of assets = $75,000
Goodwill = $5,000 ($80,000 - $75,000)
b) Acquired Goodwill is the difference between the cost of purchasing Boston Company ($80,000) and the net identifiable assets of Boston Company ($75,000). The net identifiable assets are calculated by subtracting the fair value of the liabilities from the fair value of the assets.
name 5 kids who helped the world
Answer:’
Explanation:
Compute cost of goods sold for the period using the following information. Finished goods inventory, beginning $ 354,000 Work in process inventory, beginning 83,000 Work in process inventory, ending 77,100 Cost of goods manufactured 944,200 Finished goods inventory, ending 292,000
Answer:
the cost of goods sold is $1,006,200
Explanation:
The computation of the cost of goods sold is shown below:
As we know that
Cost of goods sold = Opening finished goods + cost of goods manufactured - closing finished goods
= $354,000 + $944,200 - $292,000
= $1,006,200
Hence, the cost of goods sold is $1,006,200
A semiprofessional baseball team near your town plays two home games each month at the local baseball park. The team splits the concessions 50/50 with the city but keeps all the revenue from ticket sales. The city charges the team $500 each month for the three-month season. The team pays the players and manager a total of $2500 each month. The team charges $10 for each ticket, and the average customer spends $6 at the concession stand. Attendance averages 100 people at each home game.
The team earns an average of $_________ in revenue for each game and $_____________ of revenue each season. With total costs of $___________ each season, the team finishes the season with $____________ of profit.
Answer: See explanation
Explanation:
Amount charges for each ticket = $10
The average customer spends $6 at the concession stand but the team splits the concessions 50/50 with the city. Therefore, the team gets $6/2 = $3 from concession.
Revenue gotten per customer = $10 + $3 = $13
Average attendance = 100
Total revenue per game = $13 × 100 = $1300
Since there are 2 matches every months and it's a three months season, the number of home matches player will be: = 2 × 3 = 6. Therefore, total revenue will be:
= $1300 × 6
= $7800
The city charges the team $500 each month for the three-month season. The team pays the players and manager a total of $2500 each month. Therefore, Total cost = (500 × 3) + (2500 × 3)
= 1500 + 7500
= 9000
Profit/Loss = Revenue - Cost
= 7800 - 900
= 1200
Loss of $1200
The team earns an average of ($1300) in revenue for each game and ($7800) of revenue each season. With total costs of ($9000) each season, the team finishes the season with ($1200) as loss.
A small town is considering paving paradise hotel to put up a parking lot. The land will cost $25,000 and the construction of the lot is estimated to be $150,000. Each year, costs associated with the parking lot are estimated to be $17,500. The income from the lot is expected to be $18,000 the first year and increase by $3,500 each year for the 12 year life of the lot. Determine the B/C ratio if interest rate is 12%. [4 points]
Answer:
0.71
Explanation:
The benefit cost ratio is used to determine the profitability of an investor. It is determined by dividing the present value of benefit by the present value of cost
Benefit cost ratio (BC) = present value of benefits / present value of costs
if BC is greater than 1, the project is profitable
If BC is less than 1, the project is not profitable
Present value is the sum of discounted cash flows
Present value can be calculated using a financial calculator
Present value of the benefits
Cash flow in year 1 = $18,000
Cash flow in year 2 = $18,000 + 3500 = $21500
Cash flow in year 3 = $18,000 + (3500 x 2) = $25,000
Cash flow in year 4 = $18,000 + (3500 x 3) = $28500
Cash flow in year 5 = $18,000 + (3500 x 4) = $32,000
Cash flow in year 6 = $18,000 + (3500 x 5) = $35,500
Cash flow in year 7 = $18,000 + (3500 x 6) = $39,000
Cash flow in year 8 = $18,000 + (3500 x 7) = $42,500
Cash flow in year 9 = $18,000 + (3500 x 8) = $46,000
Cash flow in year 10 = $18,000 + (3500 x 9) = $49500
Cash flow in year 11 = $18,000 + (3500 x 10) = $53,000
Cash flow in year 12 = $18,000 + (3500 x 11) = $56,500
I = 12 %
PV = $202,331.70
Present value of the cost
Cash flow in year 0 = $25,000 + $150,000 = $175,000
Cash flow in year 1 to 12 = $17,500.
I = 12 %
PV = $283,401.55
B/C ratio = $202,331.70 / $283,401.55 = 0.71
To find the PV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
Long Company has recently tried to improve its analysis, for its manufacturing process. Units started into production equaled 6,000, and ending work in process equaled 400 units. Long had no beginning work in process inventory. Conversion costs are applied equally throughout production, and materials are applied, at the beginning of the process. How much is the materials cost per unit, if ending work in process was 25% complete, and total materials costs equaled $24,000?
a. 4.21
b. 15.00
c. 4.00
d. 3.75
Long Company has recently tried to improve its analysis, for its manufacturing process. Units started into production equaled 6,000, and ending work in process equaled 400 units. Long had no beginning work in process inventory. Conversion costs are applied equally throughout production, and materials are applied, at the beginning of the process. How much is the materials cost per unit, if ending work in process was 25% complete, and total materials costs equaled $24,000?
Long Company has recently tried to improve its analysis, for its manufacturing process. Units started into production equaled 6,000, and ending work in process equaled 400 units. Long had no beginning work in process inventory. Conversion costs are applied equally throughout production, and materials are applied, at the beginning of the process. How much is the materials cost per unit, if ending work in process was 25% complete, and total materials costs equaled $24,000?a. 4.21
Long Company has recently tried to improve its analysis, for its manufacturing process. Units started into production equaled 6,000, and ending work in process equaled 400 units. Long had no beginning work in process inventory. Conversion costs are applied equally throughout production, and materials are applied, at the beginning of the process. How much is the materials cost per unit, if ending work in process was 25% complete, and total materials costs equaled $24,000?a. 4.21b. 15.00
Long Company has recently tried to improve its analysis, for its manufacturing process. Units started into production equaled 6,000, and ending work in process equaled 400 units. Long had no beginning work in process inventory. Conversion costs are applied equally throughout production, and materials are applied, at the beginning of the process. How much is the materials cost per unit, if ending work in process was 25% complete, and total materials costs equaled $24,000?a. 4.21b. 15.00c. 4.00
Long Company has recently tried to improve its analysis, for its manufacturing process. Units started into production equaled 6,000, and ending work in process equaled 400 units. Long had no beginning work in process inventory. Conversion costs are applied equally throughout production, and materials are applied, at the beginning of the process. How much is the materials cost per unit, if ending work in process was 25% complete, and total materials costs equaled $24,000?a. 4.21b. 15.00c. 4.00d. 3.75
d (i). Suppose that ZX Inc. is currently selling at $50 per share. You buy 200 shares, using $5,000 of your own money and borrowing the remainder of the purchase price from your broker. The rate on the margin loan is 5%. What is the rate of return on your margined position (assuming again that you invest $5,000 of your own money) if ZX Inc. is selling after one year at $46 (use whole number percentage with two decimals rounded up/down - i.e. 0.3245 input 32.45) ? Group of answer choices -21% -20% -19% -18%
Answer:
-21%
Explanation:
Initial share price = $50
Share price after 1 year = $46
net return = (200 x $46) - $10,000 - ($5,000 x 5%) = $9,200 - $10,000 - $250 = -$1,050
rate of return of margined position = -$1,050 / $5,000 = -0.21 = -21%
when you operate on the margin, your earnings can increase or decrease dramatically. In this case, an 8% price decrease resulted in a 215 lose.
A technological improvement in apple production will: A. Increase the demand for apples, lowering the equilibrium price but raising the equilibrium quantity of apples. B. Increase the supply of apples, raising the equilibrium price but lowering the equilibrium quantity of apples. C. Increase the supply of apples, lowering the equilibrium price and quantity of apples. D. Increase the supply of apples, lowering the equilibrium price but raising the equilibrium quantity of apples. E. Increase the supply apples, raising the equilibrium price and quantity of apples.
Answer:
C. Increase the supply of apples, lowering the equilibrium price and quantity of apples.
Explanation:
Technological improvement can be regarded as an positive change or rise in efficiency of a product as well as the process which in turn results in tangible increase in output, even though there is no significant increase in input. It should be noted that technological improvement in apple production will Increase the supply of apples, lowering the equilibrium price and quantity of apples.
Headland Company loans Sarasota Company $2,190,000 at 6% for 3 years on January 1, 2020. Headland intends to hold this loan to maturity and has the financial ability to do so. The fair value of the loan at the end of each reporting period is as follows. December 31, 2020 $2,238,000 December 31, 2021 2,210,000 December 31, 2022 2,190,000 Prepare the journal entry(ies) at December 31, 2020, and December 31, 2022, for Headland related to these bonds, assuming (a) it does not use the fair value option, and (b) it uses the fair value option. Interest is paid on January 1.
Answer:
A. December 31, 2020
Dr Interest Receivable $131,400
Cr Interest Revenue ($131,400)
December 31, 2022
Dr Interest Receivable $131,400
Cr Interest Revenue ($131,400)
B. December 31, 2020
Dr Interest Receivable $131,400
Cr Interest Revenue ($131,400)
Dr Debt Investment $48,000
Cr Unrealized Holding Gain or Loss-Income ($48,000)
December 31, 2022
Dr Interest Receivable $131,400
Cr Interest Revenue ($131,400)
Dr Unrealized Holding Gain or Loss-Income $20,000
Cr Debt Investments ($20,000)
Explanation:
A. Preparation of the journal entry(ies) at December 31, 2020, and December 31, 2022 assuming it does not use the fair value option,
December 31, 2020
Dr Interest Receivable $131,400
Cr Interest Revenue ($131,400)
($2,190,000*6%)
December 31, 2022
Dr Interest Receivable $131,400
Cr Interest Revenue ($131,400)
B. Preparation of the journal entry(ies) at December 31, 2020, and December 31, 2022 assuming it uses the fair value option. Interest is paid on January 1
December 31, 2020
Dr Interest Receivable $131,400
Cr Interest Revenue ($131,400)
Dr Debt Investment $48,000
Cr Unrealized Holding Gain or Loss-Income ($48,000)
($2,238,000-2,190,000)
December 31, 2022
Dr Interest Receivable $131,400
Cr Interest Revenue ($131,400)
Dr Unrealized Holding Gain or Loss-Income $20,000
Cr Debt Investments ($20,000)
(2,210,000-2,190,000)
Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows:
(1) not yet due, $13,000;
(2) up to 120 days past due, $6,000; and
(3) more than 120 days past due, $5,500. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is
(1) 2 percent,
(2) 12 percent, and
(3) 30 percent, respectively.
At December 31 (end of the current year), the Allowance for Doubtful Accounts balance is $710 (credit) before the end-of-period adjusting entry is made. Data during the current year follow:
a. During December, an Account Receivable (Patty's Bake Shop) of $660 from a prior sale was determined to be uncollectible; therefore, it was written off immediately as a bad debt.
b. On December 31, the appropriate adjusting entry for the year was recorded.
Required:
1. Give the required journal entries for the two items listed above.
2. Show how the amounts related to Accounts Receivable and Bad Debt Expense would be reported on the income statement and balance sheet for the current year. Disregard income tax considerations.
Answer:
1. Journal Entries :
a. Bad Debt Expense (Dr.) $660
Accounts Receivable (Cr.) $660
2. Accounts receivable Ending Balance :
Not yet due $13,000 * 98% = 12,740
Up to 120 days $6000 * 88% = 5280
More than 120 days $5500 * 70% = 3850
Totals = 21,870
Bad debt expense Ending balance :
Not yet due $13,000 * 2% = $260
Up to 120 days $6000 * 12% = $720
More than 120 days $5500 * 30% = $1,650
Totals = 2630
Explanation:
Bad debt expense is the expected uncollectible amount from accounts receivable. Usually company maintains an allowance for doubtful debt. Brown cow dairy uses aging approach for estimating bad debts of the company. The uncollectible amount is expensed out in Income Statement and asset is decreased in Balance Sheet.
Compare the following sets of message openers. Circle the letter of the opener that illustrates a direct opening. Write an appropriate subject line for each opening paragraph. An e-mail announcing a low-cost day-care program:
a. Employees interested in enrolling their children in our new low-cost day-care program are invited to attend an HR orientation on January 18.
b. For several years we have studied the possibility of offering a day-care option for those employees who are parents. until recently, our management team was unable to agree on the exact parameters of this benefit, but now some of you will be able to take advantage of this option.
Answer:
a. Employees interested in enrolling their children in our new low-cost day-care program are invited to attend an HR orientation on January 18.
Explanation:
Subject line: HR orientation regarding new day-care program.
The problem with message (b) is that it is not direct and includes a lot of information that should go further down the email, not as an opener. Information regarding previous options or how difficult this project do not belong here.
Information related to Riverbed Co. is presented below.
a. On April 5, purchased merchandise on account from Tamarisk Company for $36,000, terms 3/10, net/30, FOB shipping point.
b. On April 6, paid freight costs of $920 on merchandise purchased from Tamarisk.
c. On April 7, purchased equipment on account for $30,500.
d. On April 8, returned damaged merchandise to Tamarisk Company and was granted a $4,200 credit for returned merchandise.
e. On April 15, paid the amount due to Wilkes Company in full.
Required:
Prepare the journal entries to record these transactions on the books of Kerber Co. under a perpetual inventory system.
Answer:
April 5
Debit : Merchandise $36,000
Credit : Accounts Payable - Tamarisk Company $36,000
April 6
Debit : Accounts Payable - Tamarisk Company $920
Credit : Cash $920
April 7
Debit : Equipment $30,500
Credit : Accounts Payable $30,500
April 8
Debit : Accounts Payable - Tamarisk Company $4,200
Credit : Merchandise $4,200
April 15
Debit : Accounts Payable - Tamarisk Company $30,880
Credit : Discount received $926.40
Credit : Cash $29,954
Explanation:
Working for Journal on April 15
Balance = $36,000 - $920 - $4,200
= $30,880
Discount = $30,880 x 3%
= $926.40
Amount Paid = $30,880 - $926.40
= $29,954
Rosie Dry Cleaning was started on January 1, Year 1. It experienced the following events during its first two years of operation: Events Affecting Year 1 Provided $45,000 of cleaning services on account. Collected $39,000 cash from accounts receivable. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Events Affecting Year 2 Wrote off a $300 account receivable that was determined to be uncollectible. Provided $62,000 of cleaning services on account. Collected $61,000 cash from accounts receivable. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account.
Question Completion:
Show the effects of the transactions on the accounting equation for each year.
Answer:
Rosie Dry Cleaning
Effects on the accounting equation of Assets = Liabilities + Equity:
Year 1:
Assets (Accounts Receivable +$45,000) = Liabilities + Equity (Retained earnings: Service Revenue +$45,000)
Assets (Cash +$39,000; Accounts Receivable -$39,000) = Liabilities + Equity
Assets (Accounts Receivable ($450)) = Liabilities + Equity (Retained Earnings - Bad Debt Expense ($450))
Year 2:
Assets (Accounts Receivable ($300)) = Liabilities + Equity (Retained Earnings: Bad Debts Expense ($300))
Assets (Accounts Receivable +$62,000) = Liabilities + Equity (Retained Earnings: Service Revenue +$62,000)
Assets (Cash +$61,000; Accounts Receivable -$61,000) = Liabilities + Equity
Assets (Accounts Receivable ($620)) = Liabilities + Equity (Retained Earnings: Bad Debt Expense ($620))
Explanation:
a) Data and Analysis:
Year 1:
Accounts Receivable $45,000 Service Revenue $45,000
Cash $39,000 Accounts Receivable $39,000
Accounts Receivable ($450) Bad Debt Expense ($450)
Year 2:
Accounts Receivable ($300) Bad Debts Expense $300
Accounts Receivable $62,000 Service Revenue $62,000
Cash $61,000 Accounts Receivable $61,000
Accounts Receivable ($620) Bad Debt Expense ($620)
b) The accounting equation is an important concept of accounting which explains that at every given time, the assets of the business are equal to its liabilities and equity. The implication is that the entity's assets are funded by a combination of debts to third parties and owners' equity (capital contributions + retained earnings).