Answer:
Daris Corporation
General Journal:
Jan. 1:
Debit Incorporation fees RM2,000
Credit Cash Account RM2,000
To record the payment of incorporation fees to the state.
Jan. 15:
Debit Issue of Shares RM3,500,000
Credit Common Stock RM3,500,000
To record issue of 500,000 shares at RM7 per share.
Jan. 30
Debit Legal Fees RM8,000
Credit Issue of Shares RM3,500
Credit Additional Paid-in Capital RM4,500
To record the issue of 500 shares to settle legals fees of RM8,000
July 2:
Debit Land RM900,000
Credit Issue of Share RM700,000
Credit Additional Paid-in Capital RM200,000
To record the issue of 100,000 shares of stock for land.
Sept. 5:
Debit Treasury Stock RM105,000
Debit Additional Paid-in Capital RM45,000
Credit Cash Account RM150,000
To record the repurchase of 15,000 shares of common stock at RM10 per share.
Dec. 6:
Debit Cash Account RM121,000
Credit Treasury Stock RM77,000
Credit Additional Paid-in Capital RM44,000
To record the resale of 11,000 shares of the treasury stock at RM11 per share.
Explanation:
The Additional Paid-in Capital (APIC) or sometimes referred to as Excess Capital over Par Value is an equity account where the above and below par value of the sale and repurchase of stock is recorded. This makes the Stock account to maintain a stable figure. This implies that the changes caused by above and below par value is taken care in this account. It also takes care of treasury stock above and below par value sale.
Treasury stock is a common stock contra account. It means that the value of the treasury stock reduces the value of the common stock. There are two methods for treating the above and below par value in treasury stock. One method is the costing method which records the changes in the treasury stock account. The other method is the par value method. With this method, only the par value of treasury stock is recorded in the account. The above and below par value changes are recorded in the Additional Paid-in Capital account.
Acme Inc. has the following information available:
Actual price paid for material $1.00
Standard price for material $0.90
Actual quantity purchased and used in production 100
Standard quantity for units produced 110
Actual labor rate per hour $ 15
Standard labor rate per hour $ 16
Actual hours 200
Standard hours for units produced 220
1. Compute the material price and quantity, and the labor rate and efficiency variances.
2. Describe the possible causes for this combination of favorable and unfavorable variances.
Answer:
1. Computation of variances
a. Material Price Variance = (Actual Price - Standard Price) x Actual Quantity
= ($1 - $0.9) x 100
= $10 U
b. Material Quantity Variance = (Actual Quantity - Standard Quantity) x Standard Price
= (100 - 110) x $0.9
= $9 F
c. Labor Rate Variance = (Actual Rate - Standard Rate) x Actual hours
= ($15 - $16) x 200
= $200 F
d. Labor Efficiency Variance = (Actual hours - Standard hours) x Standard Rate
= (200 - 220) x $16
= $320 F
2. Description of the possible causes for this combination of these variances
a. This could be due to scarcity of resources or major demand for this material, thus prices increasing in the market. Or could be purchase of high quality material than budgeted.
b. This could be because of purchase of higher quality material thus lower damages and could also be due to the efficiency of manufacturing plants.
c.This could be because of the use of less qualified cheap labor.
d.This could be due to good management of labors and strict overseeing, co-ordination of their work activities.
Identify the trade-restraining practice that this example demonstrates.
Company A and Company B both work in the candy industry. They agree that Company A will only sell chocolate to Company C and Company B will only sell fruit candies to Company C.
it demonstrates Division of Markets
The tables show the spending and revenue for Littleland in 2010. Use the tables and other information to answer the questions. Spending category Value (millions) education $320 welfare and Social Security $890 health care $270 defense $120 payments on debt $170* other $240 *This payment covers total interest owed only. Revenue category Value (millions) income tax $800 sales tax $270 corporate tax $300 social insurance $340 GDP in 2010: $7.3 billion Total debt as of 2009: $3.5 billion How much money (in millions) did Littleland need to borrow in 2010 to finance its government spending
Answer:
$300 million
Explanation:
The computation of debt is shown below:-
But before that we need to determine the following amounts
Total Expenditure = Spending on Education + Spending on Welfare and social security + Spending on Healthcare + Spending on Defense + Payments on Debt + Other Spending
= $320 + $890 + $270 + $120 + $170 + $240
= $2,010 million
Total Revenue = Income Tax + Sales Tax + Corporate Tax + Social Insurance
= $800 + $270 + $300 + $340
= $1710 million
Debt or borrowed amount =Total expenditure - Total revenue
= $2,010 - $1,710
= $300 million
g Unearned revenues are classified as: Group of answer choices Assets. Liabilities. Revenues. Stockholders' equity.
Answer:
Liabilities
Explanation:
Unearned revenues are written as liabilities in the balance sheet of a firm. They are regarded as liabilities because the revenue is still unearned. An example is advance rent payment.
It is a prepayment for a good or service that has not been rendered to the customer yet by the provider. The provider or seller now has a liability equal to the revenue they have received till they provide that service for which they were paid
Suppose in 2012 in New Zealand, there are deflationary pressures and prices drop by 20 percent throughout the economy. All else being equal, expectations of increasing deflation should:
Answer: B. shift the AD curve to the left
Explanation:
When people expect that deflation which is the general reduction in prices, will occur, they will try to take advantage of it by reducing their consumption in the present so that they can resume consumption when prices are lower so as to reduce their cost of consumption.
This will have the effect of reducing Aggregate Demand which will force the Aggregate Demand curve to the Left which will further exacerbate the effects because prices will then fall to the new point of intersection between AD and the Aggregate Supply curve.
When the prices are fall by 20 percent throughout the economy so here it should be shifted to AD curve to the left hand side.
Impact on deflation:In the case when there is deflation that means reduction in the price so here there should be decreased in the consumption also it decrease the consumption cost.
Due to this the Aggregate Demand should be decreased due to this, it should be shifted to the left hand side because of the decreasing in the price
Therefore, When the prices are fall by 20 percent throughout the economy so here it should be shifted to AD curve to the left hand side.
This question is incomplete.The options for this question are;
A. Cause a movement along an AD curve or a change in quantity of AD
B. shift the AD curve to the left
C. leave the AD curve unchanged
D. shift the AD curve to the right
Learn more about price here: https://brainly.com/question/24304293
Which of the following is not a remedy Sam Seller may seek under Article 2 if Barney Buyer breaches the sales contract?1. cancel the sales contract 2. damages for lost profits 3. incidental damages 4. stop shipment before Barney receives the goods 5. secured transaction
Answer:
Option D. Stop shipment before barney receives the good.
Explanation:
The reason is that Article 2 says that the claim must not exceed
The amount of profit lost due to breach of contract by the other party to contract (Option 2).The incidental damages caused by the breach of contract (Option 3).Other losses which the party to contract despite knowing has breached the contract.This means all the options are claimable but the option 4, stopping the shipment before barney receives the good is not a remedy as it is not a loss.
Furthermore, the secured transaction is a valid claim if the other party breaches the contract. The other party is liable to return the the consideration received hence it is a valid claim (Option 5).
The cancelation of sales is valid claim for the party because it is the main cause of incidental and profit losses (Option 1).
HUD, Co. had a beginning retained earnings of $30,995. For the year, the company had net income of $7,590 and paid dividends of $3,120. The company also issued $5,320 in new stock during the year. What is the ending retained earnings balance?
Answer:
$35,465
Explanation:
Calculation for Ending Retained Earnings
Using this formula
Retained earnings = Beginning retained earnings +(Net income- Dividend)
Let plug in the formula
Retained earnings = $30,995 + ($7,590 − $3,120)
Retained earnings =$30,995 +$4,470
Retained earnings =$35,465
Therefore the the ending retained earnings balance will be $35,465
The entries to record cost and sale of a finished good on account is Group of answer choices debit Cost of Goods Sold, credit Finished Goods, debit Accounts Receivable, credit Sales debit Cost of Goods Sold, credit Finished Goods debit Sales Expense, credit Finished Goods, credit Cash, credit Accounts Receivable debit Work in Process, credit Finished Goods, debit Accounts Receivable, credit Sales
Answer:
a. debit Cost of Goods sold, credit Finished Goods, debit Account Receivable, credit Sale
Explanation:
The journal entry is shown below:
For the cost of finished goods
Cost of goods sold Dr XXXXX
To Finished goods XXXXX
(Being the cost of finished goods is recorded)
For recording this we debited the cost of goods sold as it increased the expenses and credited the finished goods as it decreased the assets
For the sale of finished goods on account
Account receivable Dr XXXXX
To Sales XXXXX
(Being the sale of finished goods on account is recorded)
For recording this we debited the account receivable as it increased the assets and credited the sales as it also increased the revenue
Question 3
You are the Chief Operations Officer responsible for overall company operations in ATCHULO Company Ltd, a large courier company in Ghana. Your company has 16 regional offices (terminals) scattered around the country in each of the regional capitals and a main office (hub) located in the capital city of the country. Your operations are strictly domestic. You do not accept international shipments.
The day at each terminal begins with the arrival of packages from the hub. The packages are loaded onto trucks for delivery to customers during morning hours. In the afternoon, the same trucks pick up packages that are returned to the terminal in late afternoon and then shipped to the hub where shipments arrive from the terminals into the late evening and are sorted for delivery early the next day for the terminals.
Examiner: Dr. Abubakari Atchulo Page 1 of 2
Each terminal in your company is treated as an investment centre and prepares individual income statements each month. Each terminal receives 30% of the revenue from packages that it picks up and 30% of the revenue from the packages it delivers. The remaining 40% of the revenue from each transaction goes to the hub. Each terminal accumulates its own costs. All costs relating to travel to and from the hub are charged to the hub. The revenue per package is based on size and service type and not the distance the package travels. (There are two services: overnight and ground delivery, which takes between 1 and 7 days, depending on the distance traveled).
All customer service is done through a central service group located in the hub. Customers access this service centre through a toll-free telephone number. The most common calls to customer service include requests for package pickup, requests to trace an overdue package, and requests for billing information. The company has invested in complex and expensive package tracking equipment that monitors the package’s trip through the system by scanning the bar code placed on every package. The bar code is scanned when the package is picked up, enters the originating terminal, leaves the originating terminal, arrives at the hub, leaves the hub, arrives at the destination terminal, and is delivered to the customers. All scanning is done with hand held wands that transmit the information to the regional and then central computer.
The major staff functions in each terminal are administrative (accounting, clerical, and executive), marketing (the sales staff), courier (the people who pick up and deliver the shipments and the equipment they use), and operations (the people and equipment who sort packages in the terminal).
This organisation takes customer service very seriously. The revenue for any package that fails to meet the organisation’s service commitment to the customer is not assigned to the originating and destination terminals.
All company employees receive a wage and a bonus based on the terminal’s economic value added. This system has promoted many debates about the sharing rules for revenues, the inherent inequity of the existing system, and the appropriateness of the revenue share for the hub. Service problems have arisen primarily relating to overdue packages. The terminals believe that most of the service problems relate to wrong sorting in the hub, resulting in packages being sent to the wrong terminals.
Required:
A) Explain why an investment centre is or not an appropriate organisational design in ATCHULO Company Ltd. (15 marks)
B) Assuming that ATCHULO Company Ltd is committed to the current design, how would you improve it? (15 marks)
C) Assuming that ATCHULO Company Ltd has decided that the investment centre model is
unacceptable, what model to performance evaluation would you recommend and why? (15 marks)
Answer:
ATCHULO Company Ltd
A) ATCHULO Company Ltd, as it is currently being operated should not be using an investment center as the appropriate organizational design when a profit center structure could have been applied. However, if it wants to continue the use of the investment center model as a preferred organizational structure, then it should implement the structure fully. For one, an investment center is a division in ATCHULO company that is supposed to be in control of all its investment activities (assets), and is responsible for generating profits (revenue and costs) for its sustenance. Its performance will then be evaluated based on the revenue it generates less the expenses, including the capital costs incurred for generating the revenue.
B) For a better operation of the investment center, revenues generated by the investment centers should be assigned to the investment centers and all their costs will be assigned as well. The investment centers should have their operational assets and make the necessary decisions regarding their use.
The hub should not be sorting packages for the investment centers as each investment center could handle the sorting at their various centers and route packages to appropriate destinations, accordingly. The investment centers should operate their own trucks or outsource such services at some costs. Since packages are sent from one center to the other and vice versa, they can charge for the services they provide for one another. In this way, each investment center's performance will be more accurately evaluated.
C) The investment center approach would have been the best for ATCHULO Company Ltd if it were being properly implemented, both in terms of operational activities and performance evaluation.
However, since ATCHULO Company has decided to change the model, I recommend the centers to be operated as profit centers, because this is the next best thing in terms of performance evaluation. However, each center must be able to make its own revenue and cost decisions, so that it can be assessed based on profit performance.
Explanation:
An investment center in ATCHULO Company should be a unit of the firm that is responsible for its revenue, cost, and investment decisions, with its performance judged based on the overall outcome achieved or the value added to the company.
A profit center in ATCHULO Company is a unit that is only responsible for its revenue and cost decisions, while investment activities are handled from the headquarters. Its performance is evaluated on profits without consideration of the capital costs incurred in generating the profits.
All organizations have a collective sense of purpose, whether it's producing oil or creating the fastest Internet search engine.
A. True
B. False
Answer:
true
Explanation:
sorry if im wrong
Breakin Away Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:
Consultant Computer Programmer Administrator
Regular earnings rate $4,000 per week $60 per hour $50 per hour
Overtime earnings rate* Not applicable 1.5 times hourly rate 2 times hourly rate
Number of withholding allowances 2 1 2
* For hourly employees, overtime is paid for hours worked in excess of 40 hours per week.
For the current pay period, the computer programmer worked 50 hours and the administrator worked 48 hours. The federal income tax withheld for all three employees, who are single, can be determined from the wage bracket withholding table in Exhibit 2. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $75.
Determine the gross pay and the net pay for each of the three employees for the current pay period. If required, round your answers to two decimal places.
Consultant Computer Programmer Administrator
Gross pay $ $ $
Net pay $ $ $
Answer:
Gross pay:
consultant $4,000 computer programmer $3,300 administrator $2,800Net pay:
consultant $2,767.98 computer programmer $2,295.48 administrator $1,993.98Explanation:
regular earnings overtime withholding
allowances
Consultant $4,000 per week N/A 2
Computer programmer $60 per hour 1.5 1
Administrator $50 per hour 2 2
computer programmer worked 50 hours = ($60 x 40) + ($60 x 10 x 1.5) = $3,300
administrator worked 48 hours = ($50 x 40) + ($50 x 8 x 2) = $2,800
Social security taxes:
Consultant = 6% x $4,000 = $240 Computer programmer = 6% x $3,300 = $198 Administrator = 6% x $2,800 = $168Medicare taxes:
Consultant = 1.5% x $4,000 = $60 Computer programmer = 1.5% x $3,300 = $49.50 Administrator = 1.5% x $2,800 = $42Federal income taxes:
Consultant: amount subject to withholding = $4,000 - (2 x $75) = $3,850. Federal income taxes = $356.90 + [28% x ($3,850 - $1,796) = $932.02 Computer programmer = amount subject to withholding = $3,300 - (1 x $75) = $3,225. Federal income taxes = $356.90 + [28% x ($3,225 - $1,796) = $757.02 Administrator = amount subject to withholding = $2,800 - (2 x $75) = $2,650. Federal income taxes = $356.90 + [28% x ($2,650 - $1,796) = $596.02Gross pay:
consultant $4,000 computer programmer $3,300 administrator $2,800Net pay:
consultant $4,000 - ($240 + $60 + $932.02) = $2,767.98 computer programmer $3,300 - ($198 + $49.50 + $757.02) = $2,295.48 administrator $2,800 - ($168 + $42 + $596.02) = $1,993.98The merger of two firms producing personal computers is an example of a __________ merger. Group of answer choices
Answer:
Horizontal merger
Explanation:
The merger of two firms producing personal computers is an example of a horizontal merger
A horizontal merger is a merger or business collaboration that happens between firms that operate in the same industry. The products being sold are similar and in the same market
Consider a market for a specific kind of used cars, say 2009 Honda Civic. Suppose that in use these cars have proved to be either trouble free and reliable (peach) or have many things go wrong (lemon). The buyers are willing to pay $8,000 for a peach and $4,000 for a lemon. Each seller, on the other hand, values his/her car at $6,000 if it is a peach, and $2,000 if it is a lemon. The information about quality of any given car is not symmetric between its owner and potential buyers. The owner of the car knows perfectly well whether it is a peach or a lemon, whereas potential buyers don’t. The buyers only know that 60% of the Civics are peaches and the remaining 40% are lemons.
Required:
a. What will be the market price for a Civic? Which cars will be traded? (For definiteness, suppose that there is a limited stock of used Civics and a larger number of potential buyers.) Assume that the example above takes place in month 0. Every month that passes, all sellers of Civics – regardless of type – are willing to accept $100 less than they were the month before. Also, with every passing month buyers are willing to pay $400 less for a peach than they were the previous month and $200 less for a lemon.
b. What will be the market price for a Civic in month 1? Which cars will be traded?
c. What will be the market price for a Civic in month 2? Which cars will be traded?
Answer:
a. What will be the market price for a Civic? Which cars will be traded?
market price = $6,400all cars would be traded since the market price exceeds the selling price of peaches (and lemons).b. What will be the market price for a Civic in month 1? Which cars will be traded?
market price = $6,080all cars would be traded since the market price exceeds the selling price of peaches (and lemons).c. What will be the market price for a Civic in month 2? Which cars will be traded?
market price = $5,760only lemons would be traded since the market price exceeds the selling price of lemons but not peaches.Explanation:
month 0
buyers expected cost:
peaches $8,000 x 60% = $4,800
lemons $4,000 x 40% = $1,600
total expected cost = $6,400
sellers expected price:
peaches $6,000
lemons $4,000
month 1
buyers expected cost:
peaches $7,600 x 60% = $4,560
lemons $3,800 x 40% = $1,520
total expected cost = $6,080
sellers expected price:
peaches $5,900
lemons $3,900
month 2
buyers expected cost:
peaches $7,200 x 60% = $4,320
lemons $3,600 x 40% = $1,440
total expected cost = $5,760
sellers expected price:
peaches $5,800
lemons $3,800
Ireland Corporation obtained a $40,000 note receivable from a customer on June 30, 2011. The note, along with interest at 6%, is due on June 30, 2012. On September 30, 2011, Ireland discounted the note at Cloverdale bank. The bank's discount rate is 10%. What amount of cash did Ireland receive from Cloverdale Bank
Answer:
$39,220
Explanation:
The maturity value of the note receivable on June 30, 2012
= Principal + Interest
= $40,000 + $40,000 x 6%
= $40,000 + $2,400
= $ 42,400
The note is discounted on September 30, 2011. Time period remaining to go till maturity as on September 30, 2011
= 12 - 3 months ( July, Aug and Sep)
= 9 months.
Amount of deduction
= $ 42,400 x 10% x 9/12
= $ 3,180
Finally, the Cash received by Ireland will be
= Maturity value - Discount
= $42,400 - $ 3,180
= $39,220
1. A stock has an expected return of 10.2 percent, the risk-free rate is 4.1 percent, and the market risk premium is 7.2 percent. What must the beta of this stock be?
Answer:
Beta is 0.85
Explanation:
The value of Beta can de derived from the CAPM formula of expected return
expected return=risk-free rate+Beta*market risk premium
expected return is 10.2%
risk-free rate is 4.10%
market risk premium is 7.2%
Beta is unknown
10.20%=4.10%+Beta*7.20%
10.20%-4.10%=Beta*7.20%
6.10% ==Beta*7.20%
Beta=6.10% /7.20%
Beta= 0.85
If a customer does not give a broker his or her instructions, cost basis reporting on Form 1099-B for a stock holding where there have been multiple purchases at different times is done on a:
Answer:
FIFO basis.
Explanation:
If a customer does not give a broker his or her instructions, cost basis reporting on Form 1099-B for a stock holding where there have been multiple purchases at different times is done on a first in, first out (FIFO) basis.
According to the internal revenue service (IRS), a Form 1099-B is a tax form which is received by individuals from their brokers or barter exchange enumerating their proceeds (gains) and losses from transactions made for a given tax year. The transactions include sales of stocks, forward contracts, derivatives, bonds, commodities, options, debt instruments for cash through a broker or barter exchange. It is necessary to also state on the Form 1099-B whether the holding period is short-term or long-term.
If the customer didn't give a broker his or her instructions and there have been multiple purchases of the stock at different times, it is reported or done on a first in, first out (FIFO) basis because the earliest or oldest unit of stock purchased are also the first unit that are sold.
Graphical Designs is offering 10-10 preferred stock. The stock will pay an annual dividend of $10 with the first dividend payment occurring 10 years from today. The required return on this stock is 5.20 percent. What is the price of the stock today
Answer:
PV of the stock today = $115.83
Explanation:
We will use the discounted cash flows approach to calculate the price of the stock today. This approach values the stock by accumulating the present value of all the expected future cash flows from the stock/asset.
As the preferred stock pays a constant dividend after equal intervals of time and for an indefinite period, it can also be treated as a perpetuity. Thus, the formula for the present value of perpetuity will be used to calculate the price of the stock at year 10 that we will discount back to today.
Present value of perpetuity = Cash flow / expected rate of return
PV of stock at Year 10 = 10 / 0.052
PV of stock at Year 10 = 192.3076923
The value of the today will be,
PV of the stock today = 192.3076923 / (1+0.052)^10
PV of the stock today = $115.83
Symon's Suppers Co. has announced that it will pay a dividend of $4.27 per share one year from today. Additionally, the company expects to increase its dividend by 4.6 percent annually. The required return on the company's stock is 10.8 percent. What is the current share price
Answer:
The price of the stock today is $65.02
Explanation:
The current price of the stock can be calculated using the constant growth model of DDM. The DDM values the stock based on the present value of the expected future dividends from the stock.
The formula for the price of the stock today under the constant growth model is,
P0 = D1 / (r - g)
Where,
D1 is the dividend expected to be paid next periodr is the required rate of returng is the growth rate in dividendsTo calculate the price today, we use the dividend for the next period. Thus, we will use D2 to calculate the price of the stock at Year 1 and will discount it back to today to calculate the price today.
P0 = [(4.27 * (1+0.046)) / (0.108 - 0.046)] / (1+0.108)
P0 = $65.017 rounded off to $65.02
You are given the following information for Bowie Pizza Co.: Sales = $64,000; Costs = $30,700; Addition to retained earnings = $5,700; Dividends paid = $1,980; Interest expense = $4,400; Tax rate = 22 percent. Calculate the depreciation expense. (Do not round intermediate calculations and round your answer to the nearest dollar.)
Answer:
$18554
Explanation:
The formula for addition to retained earnings can be used to determine the amount of depreciation expense as shown below:
addition to retained earnings=sales-costs-depreciation expense-interest expense-tax paid-dividends
addition to retained earnings=net income-dividends
5700=net income-1980
net income=5700+1980=7680
if tax 22%,net income is 1-22%=0.78
profit before tax=7680 /0.78= 9,846.15
tax = 9,846.15*22%= 2,166.15
using the long formula,we have depreciation expense
5700=64000-30700-depreciation expense-4400-2666.15-1980
depreciation expense=64000-30700-4400-2666.15-1980-5700
depreciatio expense=$18553.85
When stocks are held in street name, Group of answer choices the investor receives a stock certificate without the owner's street address. the investor does not receive a stock certificate. the broker holds the stock in the brokerage firm's name on behalf of the client. the investor does not receive a stock certificate, and the broker holds the stock in the brokerage firm's name on behalf of the client. the investor receives a stock certificate with the owner's street address.
Answer:
the broker holds the stock in the brokerage firm's name on behalf of the client.
Explanation:
In simple words, A security would be carried in "street name," when that is retained by a fund manager or a brokerage on a client 's behest. The title appearing on such stock or bond certification is the buyer 's definition however the person paying for the shares maintains property rights.
If brokers held the physical access credentials, the danger of psychical damage , loss as well as robbery would boost. Brokerage firms are able to maintain the shares electronically by retaining them in street names.
three examples of foreign companies operating in Fiji and a type of service they provide
Answer:
Three foreign companies operating in Fiji:
Bank of Baroda: a multinational, financial services companies from India. It offers banking services in Fiji, and is one of the five international banks that operate in that country.Coca Cola: this American multinational beverages corporation from Atlanta, Georgia, also operates in Fiji. It sells consumer goods, specially beverages.Marriott: the American multinational hotel corporation has one hotel in Fiji: the Fiji Marriott Resort Momi Bay.
In cell N2, enter a formula using the IF function and a structured reference to determine if Alison Simoneau is eligible for tuition remission.
a. The IF function should first determine if the staff member's Service Years 11 is greater than 1. Remember to use a structured reference to the Service Years column.
b. The function should return the text Eligible if the staff member's Service Years is greater than 1.
c. The function should return the text Not Eligible if the staff member's Service Years is not greater than 1.
Answer:
In cell N2, enter a formula using the IF function and a structured reference to determine if Alison Simoneau is eligible for tuition remission.
=IF([Service Years]>
a. The IF function should first determine if the staff member’s Service Years is greater than 1. A structured reference to the Service Years column:
=IF([Service Years]>1,
b. The function should return the text Eligible if the staff member’s Service Years is greater than 1.
=IF([Service Years]>1,"Eligible"
c. The function should return the text Not Eligible if the staff member’s Service Years is not greater than 1.
=IF([Service Years]>1,"Eligible","Not Eligible")
Determine the number of widgets that you should try to sell in order to maximize revenue. What is the maximum revenue. Be sure to answer in complete sentences and to include units. Explain how you found the results.
Answer:
Hello some important parts of your question is missing ( Table ) attached below is the table
Answer : Number of widgets = 50
Explanation:
The number of widgets that you should sell to maximize revenue can be calculated as
= ( demand for widgets * price per widget ) - Total cost
from the table:
i) ( 10 * 141 ) - 609 = 1410 - 609 = $801
ii) ( 20 *133 ) - 1103 = 2660 - 1103 =$1557
iii) (30 *126) - 1618 = 3780 - 1618 = $2162
iv) (40*128) - 2109 = 5120 - 2109 =$3011
v) (50*113) - 2603 = 5650 -2603 = $3047
vi) (60*97) - 3111 = 5820 - 3111 = $2709
vii) (70*90) - 3619 = 6300 - 3619 =$2681
viii) ( 80*82) - 4103 = 6560 - 4103 = $2457
ix) (90*79) - 4601 = 7110 - 4601 = $2509
From the calculation above the number of widgets that should be sold in other to maximize revenue is : 50. this is because the revenue made is $3047 which is the highest when compared to other revenues generated
Martin Company paid $900,000 for equipment. Martin uses straight-line depreciation. Currently the Accumulated Depreciation account shows a balance of $180,000. If the asset has no residual value and an estimated life of 10 years, how many years has the asset been depreciated? (Round your final answer to the nearest year.)
Answer:
2 years
Explanation:
900,000/10=90,000
180,000/90,000=2
Interdepartment Services: Step Method
O'Brian's Department Stores allocates the costs of the Personnel and Payroll departments to three retail sales departments, Housewares, Clothing, and Furniture. In addition to providing services to the operating departments, Personnel and Payroll provide services to each other. O'Brian's allocates Personnel Department costs on the basis of the number of employees and Payroll Department costs on the basis of gross payroll. Cost and allocation information for June is as follows:
Personnel Payroll Housewares Clothing Furniture
Direct department cost $ 7,800 $ 3,200 $ 12,200 $ 20,000 $ 16,750
Number of employees 5 4 8 16 4
Gross payroll $ 6,000 $ 3,300 $ 10,600 $ 17,400 $ 8,100
(a) Determine the percentage of total Personnel Department services that was provided to the Payroll Department. (Round your answer to one decimal place.)
Answer %
(b) Determine the percentage of total Payroll Department services that was provided to the Personnel Department. (Round your answer one decimal place.)
Answer %
(c) Prepare a schedule showing Personnel Department and Payroll Department cost allocations to the operating departments, assuming O'Brian's uses the step method.
Do not round until your final answers. Round answers to the nearest dollar.
Service Departments Producing Departments
Payroll Personnel Housewares Clothing Furniture
Total costs $Answer $Answer $Answer $Answer $Answe
Answer:
O'Brian's Department Stores
a) Determination of the percentage of total personnel department services that was provided to the Payroll department
Since allocation of the personnel department services is based on the number of employees, we can use this to calculate the percentage. The personnel employees are not included in this calculation.
= 4/32 x 100 = 12.5%
b) Percentage of total payroll department services provided to the personnel department. Since the basis is the gross payroll, we can use this to calculate the percentage. The gross payroll of the Payroll department is not included in the calculation.
= $6,000/$42,100 x 100 = 14.3%
c) Personnel Payroll House- Clothing Furniture Total
Ware
Direct department
cost $ 7,800 $ 3,200 $ 12,200 $ 20,000 $ 16,750 $59,950
Number of
employees 5 4 8 16 4 37
Gross payroll $ 6,000 $ 3,300 $ 10,600 $ 17,400 $ 8,100 $45,400
Total cost $13,800 $6,500 $22,800 $37,400 $24,850 $105,350
Allocation of service departments costs, using the step method:
Personnel -13,800 1,725 3,450 6,900 1,725 13,800
Payroll 0 -8,225 2,415 3,965 1,845 8,225
Total allocated 0 0 $28,665 $48,265 $28,420 $105,350
Explanation:
a) Data:
Personnel Payroll House- Clothing Furniture Total
Ware
Direct department
cost $ 7,800 $ 3,200 $ 12,200 $ 20,000 $ 16,750 $59,950
Number of
employees 5 4 8 16 4 37
Gross payroll $ 6,000 $ 3,300 $ 10,600 $ 17,400 $ 8,100 $45,400
b) Cost allocation & Calculations:
Personnel (based on the number of employees)
Rate = $13,800/32 = $431.25 per employee
Payroll (based on gross payroll)
Rate = Payroll cost = Payroll cost divided by the total gross payroll in the other departments, excluding personnel and payroll departments
= $8,225/$36,100 = $0.2278 per gross payroll
c) Allocation of service departments' costs is a method of apportioning costs incurred by service departments to the production departments in order to include all the costs in the product costs. Three methods exist for allocating service departments' costs to the production departments. The first, which is the simplest, is the direct method. With this method, the costs of service departments are allocated directly to each production department based on the consumption of the service department's services. They are not allocated to other service departments.
The second method is the step method. Here, the costs of one service department with the highest cost are allocated to all other departments first, including production and other service departments following a step. The costs of the next service department with the highest costs are allocated to the remaining departments. This step is continued until all the service departments' costs have been allocated. Once the costs of a service department have been completely allocated, that department would not be allocated any other cost.
The Reciprocal method, which is the last method, is the most accurate and complicated method. This method first establishes the relationship among the service departments in equation form and uses the established equations to allocate the costs of service departments. We may not discuss it further than this.
A broker is a person or organization that uses its website to market a different company’s products, usually via online ads, and is paid a commission for each product sold.
a. True
b. False
Answer:
a. True
Explanation:
The broker is a person or a company that works is to sell the company products and charged a commission for each product sold. It worked like an intermediator between the company and the client
Therefore in the given case since the broker or firm used its website so that they offer different products of the company or different company products in orders to increased the sale of the company
Hence, the given statement is true
In 1998, the German auto manufacturer Daimler-Benz purchased Chrysler for $36 billion which was one of the biggest mergers of its kind back then. Both of these companies were in the automotive business. Even though they had different cultures and market focus, this merger is an example of a:
Answer:
The answer is
horizontal merger.
Explanation:
A merger is when two or more businesses join together to form a single company.
It is usually a voluntary action on the part of all companies.
It is called vertical mergers when the merger joins different businesses with the same supplier or customer base.
When mergers join similar businesses These are considered horizontal mergers.
hope this help's!! :)
Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be $3,150,000, and total direct labor costs would be $1,800,000. During February, the actual direct labor cost totaled $160,000, and factory overhead cost incurred totaled $283,900.
Required:
a. What is the predetermined factory overhead rate based on direct labor cost? Enter your answer as a whole percent not in decimals.
b. Journalize the entry to apply factory overhead to production for February.
c. What is the February 28 balance of the account Factory Overhead—Blending Department?
d. Does the balance in part (c) represent overapplied or underapplied factory overhead?
Answer:
a. 175%
b.
Journal Entry to apply factory overhead to production for February.
Work In Process $280,000 (debit)
Overheads $280,000 (credit)
c. $3,900
d. Under-applied Overheads
Explanation:
Predetermined Overhead rate = Total Budgeted Overheads /Total Budgeted Activity
= $3,150,000 / $1,800,000
= $1.75 per direct labor cost. or
= 175% (1.75 × 100)
Applied factory overhead = Predetermined Overhead rate × Actual Activity
= $160,000 × 175 %
= $280,000
Journal Entry to apply factory overhead to production for February.
Work In Process $280,000 (debit)
Overheads $280,000 (credit)
over-applied or under-applied factory overhead
Over-applied Overheads = Actual Overheads < Applied Overheads
Under-applied Overheads = Actual Overheads > Applied Overheads
Actual Overheads (given) = $283,900
Applied Overheads = $280,000
Actual Overheads: $283,900 > Applied Overheads :$280,000
Thus we have an Under-application situation of $3,900 ($283,900 - $280,000)
1. Do you think it is a good idea to have employers withhold
estimated taxes from paychecks? Why or why not?
Answer:
No,
Explanation:
The tax withholding system is something that most of us take for granted, but the concerned citizens, politicians and economists who have analyzed it have many criticisms of the system.
Taxpayers have no idea how much they pay and are apathetic about tax rates
If taxpayers had to make one large payment, they would know exactly how much they were forking over for federal taxes, Social Security taxes, Medicare taxes and state taxes. Since the money is taken gradually, many people never pay attention to the full amount, which makes it easier for high tax rates to persist and for the government to increase tax rates. For example, the state of California in 2009 decided to use the tax withholding system to take a large, interest-free loan from its taxpayers. It increased the withholding tax by 10%, and even journalists didn't seem to notice until the days before the rate hike was implemented. The government says it will refund the borrowed money in April.
Splish Brothers Inc. issues $257,000, 10-year, 8% bonds at 99. Prepare the journal entry to record the sale of these bonds on March 1, 2022.
Answer:
Par value of bonds = $257,000
Issue price of bonds = 99
Cash receipts from issue of bonds = 257,000 x 99% = 254,430
Discount on bonds payable = Par value of bonds - Cash receipts from issue of bonds
= 257,000-254,430
= $2,570
Date Account Titles and Explanation Debit Credit
March 1 Cash $254,430
Discount on bonds payable $2,570
Bonds payable $257,000
(To record issuance of bonds)