Consider the elements of cost in Geordie Ltd, namely, the cost of a product, the cost of direct labour and the cost of non-labour expenses (usually referred to as the overhead). In this company the material cost of a product is $6 less than thrice the cost of the direct labour; and the overhead is 3/4 of the direct labour cost. Knowing that the total cost of the product is $120, compute the amount of the material cost of the product, rounded to nearest 100-th

Answer:

$73.58

Explanation:

Total cost of product = $120

Total cost of product = Cost of material + Direct labor + Overhead

Cost of material = (3 * direct labor) - $6

Overhead = ¾ of Direct labor

Total cost of product = 3DL - $6 + DL + ¾ of DL

$120 = 3DL - $6 + DL + 0.75 DL

$126 = 4.75 DL

Direct Labor = 126/4.75

Direct Labor = $26.53

Material cost = 3 * $26.53 - $6

Material cost = $73.58

My name is Ella, and my mother's name is Rhea. Twelve years before I was born, my father had a Billboard Top 200 album. What was the name of the second track on the album?

The dollar change for a comparative financial statement item is calculated by: Multiple Choice Subtracting the analysis period amount from the base period amount. Subtracting the base period amount from the analysis period amount. Subtracting the analysis period amount from the base period amount, dividing the result by the base period amount, then multiplying that amount by 100. Subtracting the base period amount from the analysis period amount, dividing the result by the base period amount, then multiplying that amount by 100. Subtracting the base period amount from the analysis amount, then dividing the result by the base amount.

During 2017, its first year of operations as a delivery service, Sarasota Corp. entered into the following transactions.
1. Issued shares of common stock to investors in exchange for $103,000 in cash.
2. Borrowed $45,000 by issuing bonds.
3. Purchased delivery trucks for $61,000 cash.
4. Received $18,000 from customers for services performed.
5. Purchased supplies for $4,900 on account.
6. Paid rent of $5,400.
7. Performed services on account for $12,000.
8. Paid salaries of $26,100.
9. Paid a dividend of $11,200 to shareholders.
Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes Liabilities or Stockholders' Equity in the far right column.

A shop can sell at most 200 pairs of socks and at most 100 pairs of shoes. To maximize the profit, they have decided to make 2 offers. Offer 1 is a package of 1 pair of socks and 1 pair of shoes. Offer 2 is a package of 3 pairs of socks and 1 pair of shoes. The shop sells offer 1 for 30$ and offer 2 for 50$. They also want to sell at least 20 packages of offer 1 and at least 10 packages of offer 2. How many packages of each offer do they have to sell to maximize the profit

A price ceiling is Group of answer choices often imposed on markets in which "cutthroat competition" would prevail without a price ceiling. a legal maximum on the price at which a good can be sold. often imposed when sellers of a good are successful in their attempts to convince the government that the market outcome is unfair without a price ceiling. All of the above are correct.

What is a transition?
A. An animation that happens on a single slide
B. An outline format that uses roman numerals
C. An image file imported to a title slide
D. An effect that happens between slides

Business ethics are

A) an individual’s personal set of values in the workplace.

B) the way a company interacts with employees and customers.

C) are universal principles that govern how people behave in life.

D) subject to expensive fines and legal prosecution.

When the effective-interest method of bond discount amortization is used,
A. the applicable interest rate used to compute interest expense is the prevailing market interest rate on the date of each interest payment date.
B. the carrying value of the bonds will decrease each period.
C. interest expense will not be a constant dollar amount over the life of the bond.
D. interest paid to bondholders will be a function of the effective-interest rate on the date the bonds are issued.

Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses a job order cost system. Balances on June 1 from the materials ledger are as follows:
Fabric $19,600
Polyester filling 5,900
Lumber 43,900
Glue 1,900
The materials purchased during June are summarized from the receiving reports as follows:
Fabric $100,500
Polyester filling 139,700
Lumber 275,400
Glue 9,500
Materials were requisitioned to individual jobs as follows:
Fabric Polyester Filling Lumber Glue Total
Job 304 $20,000 $52,300 $210,100 $282,400
Job 305 32,500 68,400 189,500 290,400
Job 306 48,800 78,400 313,200 440,400
Factory overhead-indirect materials $37,700 37,700
Total $101,300 $199,100 $712,800 $37,700 $1,050,900
The glue is not a significant cost, so it is treated as indirect materials (factory overhead).
A. Determine the total purchase of materials in June.
B. Determine the amounts of materials transferred to Work in Process and Factory Overhead during June.
C. Determine the June 30 balances that would be shown in the materials ledger accounts.

David and Eleanor are a young couple with two children, ages 2 and 3. David is in law school and currently has $80,000 in student loan debt. Eleanor works part-time at a software company earning $42,000 a year. Their current financial resources are limited; therefore, the savings components associated with some insurance policies would not be of much use to them at the moment (since their first priority is paying off loans). David expects to provide for his family as a lawyer in the future, however, and wants to ensure that they will be taken care of in the event of his premature death
Because of the relatively low premiums and high face value, the best option for David is a insurance policy. life
After completing law school, David finds a job with a good law firm and wants to switch to a plan that provides a savings component as well.
He can achieve this without changing insurance companies as long as his original policy included a__________ provision.
1. whole, term, universal
2. convertability, renewability, nonfeiture

Miao Clinic uses client-visits as its measure of activity. During July, the clinic budgeted for 3,000 client-visits, but its actual level of activity was 2,980 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for July: Data used in budgeting: Fixed element per month Variable element per client-visit Revenue − $39.80 Personnel expenses $26,500 $12.30 Medical supplies 1,400 8.20 Occupancy expenses 8,200 1.00 Administrative expenses 5,300 0.40 Total expenses $41,400 $21.90 Actual results for July: Revenue $114,494 Personnel expenses $60,564 Medical supplies $26,936 Occupancy expenses $10,980 Administrative expenses $6,192 The administrative expenses in the planning budget for July would be closest to:

When auditing the existence assertion for an asset, auditors proceed from the: Multiple Choice General ledger back to the supporting original transaction documents. Financial statement amounts back to the potentially unrecorded items. Potentially unrecorded items forward to the financial statement amounts. Supporting original transaction documents to the general ledger.

what is the financial definition for bond? write in your own words.​

Problem 8-15 Nonconstant Growth [LO1] Metallica Bearings, Inc., is a young start-up company. No dividends will be paid on the stock over the next nine years because the firm needs to plow back its earnings to fuel growth. The company will pay a dividend of $15 per share 10 years from today and will increase the dividend by 6 percent per year thereafter. If the required return on this stock is 12 percent, what is the current share price

The stockholders' equity accounts of Bramble Corp. on January 1, 2022, were as follows.
Preferred Stock (7%, $100 par noncumulative, 4,500 shares authorized) 270000
Common Stock ($4 stated value, 270,000 shares authorized) 900000
Paid-in Capital In Excess of Par Value-Preferred Stock 13500
Paid-in Capital in Excess of Stated Value-Common Stock 432000
Retained Earnings 619200
Treasury Stock (4,500 common shares) 36000
During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity.
Feb. 1 Issued 4,500 shares of common stock for $27,000.
Mar. 20 Purchased 900 additional shares of common treasury stock at $7 per share.
Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1.
Nov. 1 Paid the dividend declared on October 1.
Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022.
Dec. 31 Determined that net income for the year was $252,000. Paid the dividend declared on December 1.
Required:
1. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings).
2. Prepare the stockholders' equity section of the balance sheet at December 31, 2017.
3. Calculate the payout ratio, earnings per share, and return on common stockholders' equity.

The Lawrence Company records its trade accounts payable net of any cash discounts. At the end of 2016, Lawrence had a balance of $300,000 in its trade accounts payable account before any adjustments related to the following items: 1. Goods shipped to Lawrence FOB shipping point were in transit on December 31. The invoice price of the goods was $50,000, with a 2% discount allowed for prompt payment. 2. Goods shipped to Lawrence FOB destination on December 29 arrived on January 2, 2017. The invoice price of the goods was $9,000, with a 4% discount allowed for payment within 20 days. 3. On December 10, Lawrence had recorded a shipment received. The recorded invoice price was $24,750, net, with a 1% discount allowed for payment within 14 days. At the end of the year, payment had not been made. At what amount should Lawrence report trade accounts payable on its December 31, 2016 balance sheet

Piechocki Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During May, the company budgeted for 6,100 units, but its actual level of activity was 6,050 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for May:

Data used in budgeting:

Fixed element per month Variable element per unit
Revenue - $32.60
Direct labor $0 $3.90
Direct materials 0 12.10
Manufacturing overhead 33,400 1.80
Selling and administrative expenses 28,300 0.40
Total expenses $61,700 $18.20
Actual results for May:


Revenue $200,564
Direct labor $22,786
Direct materials $73,824
Manufacturing overhead $43,922
Selling and administrative expenses $31,896

The direct labor in the planning budget for May would be closest to:_________

a. $23,010
b. $22,633
c. $22,786
d. $23,166

The maximum production of an oil refinery is 1400 barrels per day. The refinery can produce two types of fuel: gasoline and heating oil. The production cost per barrel if $6 for gasoline and $8 for heating oil. The daily production budget is $9600. The profit is $3 per barrel on gasoline and $4 per barrel on heating oil. What is the maximum total profit that can be realized daily

An All-Pro defensive lineman is in contract negotiations. The team has offered the following salary structure: Time Salary 0 $ 5,700,000 1 $ 4,300,000 2 $ 4,800,000 3 $ 5,300,000 4 $ 6,700,000 5 $ 7,400,000 6 $ 8,200,000 All salaries are to be paid in lump sums. The player has asked you as his agent to renegotiate the terms. He wants a $9.2 million signing bonus payable today and a contract value increase of $1,200,000. He also wants an equal salary paid every three months, with the first paycheck three months from now. If the interest rate is 4.7 percent compounded daily, what is the amount of his quarterly check

Consider the assembly line of a laptop computer. The line consists of 9 stations and operates at a cycle time of 2.50 minutes/unit. Their most error-prone operation is step 3. There is no inventory between the stations, because this is a machine-paced line. Final inspection happens at station 9.

Required:
What would be the information turnaround time for a defect made at station 2?

Intercontinental Inc., uses a periodic inventory system. At the end of Year 2, the account records provided the following information relating to one of its products. Units Unit Cost Inventory, December 31, Year 1 1,830 $ 6 For Year 2: Purchase, March 21, Year 2 6,200 $ 5 Purchase, August 1, Year 2 4,070 $ 3 Inventory, December 31, Year 2 2,910 What is the amount of ending inventory and cost of goods sold under the LIFO inventory costing method

Match each phrase that follows with the term it describes.
Clear All
measures the quantity of output of production relative to the inputs cost of production report
provides information for controlling and improving operations equivalent units of production focuses on reducing time, cost, and poor quality within the process manufacturing cells
the portion of whole units that are complete with respect to materials or conversion costs yield
work centers for processing in a just-in-time system just-in-time processing

Brown Fashions Inc.'s December 31, 2014 balance sheet showed total common equity of $4,050,000 and 290,000 shares of stock outstanding. During 2015, the firm had $450,000 of net income, and it paid out $100,000 as dividends. What was the book value per share at 12/31/15, assuming no common stock was either issued or retired during 2015? (Round your final answer to two decimal places.)

Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2021, the company had accounts receivable of $920,000. Lonergan needs approximately $570,000 to capitalize on a unique investment opportunity. On July 1, 2021, a local bank offers Lonergan the following two alternatives:
A. Borrow $570,000, sign a note payable, and assign the entire receivable balance as collateral. At the end of each month, a remittance will be made to the bank that equals the amount of receivables collected plus 10% interest on the unpaid balance of the note at the beginning of the period.
B. Transfer $620,000 of specific receivables to the bank without recourse. The bank will charge a 3% factoring fee on the amount of receivables transferred. The bank will collect the receivables directly from customers. The sale criteria are met.
Required:
1. Prepare the journal entries that would be recorded on July 1 for:
a. alternative a.
b. alternative b.
2. Assuming that 70% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank for:____.
a. alternative a.
b. alternative b.

Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2019:
Date Amount
Description Purchased Basis Date Sold Realized
Stock A 1/23/1996 $7,900 7/22/2020 $5,020
Stock B 4/10/2020 15,300 9/13/2020 19,090
Stock C 8/23/2018 12,375 10/12/2020 17,510
Stock D 5/19/2010 5,750 10/12/2020 13,375
Stock E 8/20/2020 7,755 11/14/2020 3,825
1. What is Grayson's net short-term capital gain or loss from these transactions?
2. What is Grayson's net long-term gain or loss from these transactions?
3. What is Grayson's overall net gain or loss from these transactions?
4. What amount of the gain, if any, is subject to the preferential rate for certain capital gains?

During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2018, you come across several items needing further consideration. Currently, net income is $88,000.
A. An insurance policy covering 12 months was purchased on October 1, 2018, for $16,800. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2018.
B. During 2018, the company received a $2,800 cash advance from a customer for services to be performed in 2019. The $2,800 was incorrectly credited to Service Revenue.
C. There were no supplies listed in the balance sheet under assets. However, you discover that supplies costing $2,150 were on hand at December 31, 2018.
D. Trojan borrowed $58,000 from a local bank on September 1, 2018. Principal and interest at 12% will be paid on August 31, 2019. No accrual was made for interest in 2018.
Required:
Using the information in a. through d. above, determine the proper amount of net income as of December 31, 2018.

Problem 5-13 Qualified Retirement Plans Including Section 401(K) Plans (LO 5.4) During 2020, Jill, age 39, participated in a Section 401(k) plan which provides for maximum employee contributions of 12%. Jill's salary was $80,000 for the year. Jill elects to make the maximum contribution. What is Jill's maximum tax-deferred contribution to the plan for the year

Norman Dowd owns his own taxi, for which he bought a $11,400 permit to operate two years ago. Mr. Dowd earns $34,200 a year operating as an independent but has the opportunity to sell the taxi and permit for $41,000 and take a position as dispatcher for Carter Taxi Co. The dispatcher position pays $32,000 a year for a 40-hour week. Driving his own taxi, Mr. Dowd works approximately 55 hours per week. If he sells his business, he will invest the $41,000 and can earn a 9 percent return.

Required:
a. Determine the opportunity cost of owning and operating the independent business.
b. Calculate the earnings of Norman Dowd operating as an independent and the earnings of Norman Dowd working as a dispatcher. Based solely on financial considerations, should Mr. Dowd sell the taxi and accept the position as dispatcher?

A stock is not expected to pay dividends for the next ten years. Eleven years from today, the stock is expected to pay a dividend of $9.82 per share. Dividends will then grow at 4.50 percent per year indefinitely. The expected return on this stock is 11 percent. What is one share of the stock worth today?

Litton Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 40,000 hours. The machine hours for the month of April for all of the jobs were 4,780. If the actual factory overhead totaled $141,800, determine the over- or underapplied amount for the month.