Answer:
B. Controllable costs
Explanation:
There are some costs that are expended by a company during the cost of carrying out their business operations. These costs such as labor costs and marketing budgets are incurred because the company has full authority over them. They are costs that can be altered in short term based on a business decision.
In other words, controllable costs are those costs or expenses that can be influenced by those who are saddled with the responsibilities of incurring them.
Baskin-Robbins is one of the world’s largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso ’n Cream. Assume that a local Baskin-Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2021.
Salaries expense $12,400 Sales revenue $63,300
Inventory (July 1, 2021) 1,650 Interest income 2,000
Sales returns 1,100 Cost of goods sold 28,050
Utilities expense 2,950 Rent expense 5,400
Income tax expense 4,700 Interest expense 400
Inventory (July 31, 2021) 1,100
Required:
a. Prepare a multiple-step income statement for the month ended July 31, 2015.
b. Calculate the inventory turnover ratio for the month of July. Would you expect this ratio to be higher or lower in December 2015? Explain.
c. Calculate the gross profit ratio for the month of July.
Answer:
yes
Explanation:
yes
An industry has 5 firms. Firm A has 30% of the market, Firm B and Firm C each have 25% of the market, Firm D has 15% of the market, and Firm E has 5% of the market. What is the HHI for this industry
Answer:
2400
Explanation:
The HHI is calculated by squaring the market share of each firm in the industry.
30² + 25² + 25² + 15² + 5² = 2400
Oriole Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $280000 and credit sales are $2810000. Management estimates that 5% of accounts receivable will be uncollectible. What adjusting entry will Oriole Company make if the Allowance for Doubtful Accounts has a credit balance of $2800 before adjustment
Answer:
Dr. Bad debt expense. $11,200
---------To Allowance for doubtful accounts $11,200
Explanation:
Given that:
Accounts receivable balance = $280,000
Total credit sales = $2,810,000
5% of accounts receivables will be bad debt = $280,00 × 5% = $14,000
Credit balance allowance for doubtful account = $2,800 and it must increase to $14,000 I.e $14,000 - $2,800 = $11,200
Adjusting journal entry
Dr Bad debt expense $11,200
-------- Cr Allowance for doubtful accounts $11,200
Robo Hot Inc., is a company that markets electric heaters to hospitals. Mr. Heatmizer, it's CEO, would ike to reduce its inventory cost by determining the optimal number of electric heaters to obtain per order. The annual demand is 100,000 units and the ordering cost is $10 per order. The carrying cost per unit is $2.00. Using these figures, calculate the expected number of orders per year.
Answer:
Expected number of orders=31.6 orders per year
Explanation:
The expected number of orders would be the Annual demand divided by the economic order quantity(EOQ).
The Economic Order Quantity (EOQ) is the order quantity that minimizes the balance of holding cost and ordering cost. At the EOQ, the holding cost is exactly the same as the ordering cost.
It is calculated as follows:
EOQ = (2× Co D)/Ch)^(1/2)
Co- ordering cost Ch - holding cost, D- annual demand
EOQ = (2× 10 × 100000/2)^(1/2)= 3162.27 units
Number of orders = Annual Demand/EOQ
= 100,000/3,162.27= 31.62 orders
Expected number of orders=31.6 orders per year
Roberto Corporation was organized on January 1, 2021. The firm was authorized to issue 84,000 shares of $5 par common stock. During 2021, Roberto had the following transactions relating to shareholders' equity: Issued 10,800 shares of common stock at $6.00 per share. Issued 20,400 shares of common stock at $8.20 per share. Reported a net income of $108,000. Paid dividends of $59,000. Purchased 3,100 shares of treasury stock at $10.20 (part of the 20,400 shares issued at $8.20). What is total shareholders' equity at the end of 2021
Answer:
$249,460
Explanation:
Calculation to determine the total shareholders' equity at the end of 2021
Issued of stock $64,800
(10,800 shares * $6.00 per share)
Issued of stock $167,280
(20,400 shares * $8.20 per share)
Net income $108,000
Less dividends ($59,000)
Less Treasury stock $31,620
( 3,100 shares* $10.20)
Total shareholders' equity $249,460
Therefore total shareholders' equity at the end of 2021 is $249,460
Suppose the required reserve ratio is 15%. A $10 million deposit will, at most, allow an expansion of the money supply to $250 million. $150 million. $147.5 million. $66.7 million.
Answer:
$66.7 million
Explanation:
Calculation to determine expansion of the money supply
Using this formula
Money supply expansion=Deposit/Required reserve ratio
Let plug in the formula
Money supply expansion=$10 million/.15
Money supply expansion=$66.66 million
Money supply expansion=$66.7 million (Approximately)
Therefore A $10 million deposit will, at most, allow an expansion of the money supply to $66.7 million
As a marketing term, __________ generally includes not only physical goods, but also services and ideas. Multiple Choice marketing invention merchandise product concept
Answer:
product
Explanation:
The product is an item that the company offer to its customer for buying the product. It is not only the goods that to be kept physically but it also consist of the services and ideas so that it become differentiate with the competitor. The product can be differentiate in terms of cost, quality, quantity, presentable form via having the innovative ideas
So, the 2nd last option is correct
can you have a sloth as a pet
Answer:
in most places yes
Explanation:
they are hard to care for tho
Answer:
i mean Ig it depends on if you need a license or have to pay alot for it
have a good day :)
Explanation:
Selena Company has two products: A and B. The company uses activity-based costing. The estimated total cost and expected activity for each of the company's three activity cost pools are as follows: The activity rate under the activity-based costing system for Supporting Customers is closest to: Multiple Choice $18.53 $46.33 $21.67 $65.00
Answer:
the activity rate for Supporting Customers is $21.67
Explanation:
The computation of the activity rate under the activity-based costing system for Supporting Customers is shown below;
= Estimated overhead cost ÷ Total expected activity
= $26,000 ÷ 1,200
= $21.67
hence, the activity rate for Supporting Customers is $21.67
Therefore the third option is correct
A very large company would be most likely to have a(n) ___ at the ahead of its accounting department.
A. Executive vice president
B. Controller
C. Chief financial officer
D. Accounting manager
A very large company would be most likely to have a Chief financial officer as the head of its accounting department.
The Chief Financial Officer (CFO) would most likely be in charge of the accounting division of a very large corporation. A company's Chief Financial Officer (CFO) is in charge of all financial operations, including accounting, budgeting, financial reporting, and forecasting. The day-to-day accounting activities of a corporation are managed by the controller, who holds a mid-level role. The basic duties of the accounting manager include leading a group of accountants and supervising the creation of financial statements and reports. Even though the executive vice president may be in charge of the entire organization, they could not have specific knowledge of accounting and finance.
A Chief Financial Officer (CFO) is a senior executive accountable for directing the financial actions of a firm. Monitoring cash flow, assessing the firm's financial advantages and disadvantages, and creating strategies for financial expansion are all tasks assigned to the CFO. Also, they are in charge of supervising the creation of predictions and current financial reports. In conclusion, the CFO is essential to the efficient management of a company's finances.
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SegR-7268 Corporation has two divisions, East and West. The following information was taken from last year's income statement segmented by division: East Division West Division Sales $3,700,000 $2,300,000 Contribution margin $1,650,000 $1,000,000 Divisional segment margin $1,100,000 $350,000 Net operating income last year for SegR-7268 Corporation was $600,000. In last year's income statement segmented by division, what were SegR-7268's total common fixed expenses?
a. $2,050,000
b. $850,000
c. $2,300,000
d. $1,200,000
Answer:
b. $850,000
Explanation:
Divisional Segment Margin = $1,100,000 + $350,000
Divisional Segment Margin = $1,450,000
Net Operating Income = $600,000
Common fixed expenses = Divisional Segment Margin - Net Operating Income
Common fixed expenses = $1,450,000 - $600,000
Common fixed expenses = $850,000
So, SegR-7268's total common fixed expenses will be $850,000.
The price of the stock at the beginning of 2018 was $56.81 and you sold the stock at $68.14 at the end of the year. What is the dividend yield (use your answer from 3a above), capital gain(loss), and total percentage return
Question Completion:
The total dividends paid is $1,743,400 and the outstanding shares are 1,300,000.
Answer:
a. The dividend per share = $1.34
b. The dividend yield = 1.97%
c. The capital gain = $11.33
d. The total percentage return = 22.3%.
Explanation:
a) Data and Calculations:
Dividends paid = $1,743,400
Outstanding shares = 1,300,000
Dividends per share = $1.34 ($1,743,400/1,300,000)
Dividend yield = Dividend per share/Stock price
= $1.34/$68.14 = 1.97%
Capital gain = $11.33 ($68.14 - $56.81)
Total return = $12.67 ($11.33 + $1.34)
Total percentage return = Total return/Beginning Stock Price * 100
= $12.67/$56.81 * 100
= 22.3%
Imagine you have $30 to spend. You are thinking of buying new soccer shoes because yours
are worn out and a new video game. Which of these do you want, and which of these do you
need? Explain your answer.
Plz no links to answer
Answer:
video game
Explanation:
because I don't go outside, I'm a gamer
For the past year, Kayla, Inc., has sales of $46,382, interest expense of $3,854, cost of goods sold of $16,659, selling and administrative expense of $11,766, and depreciation of $6,415. If the tax rate is 35 percent, what is the operating cash flow
Answer:
$15,266
Explanation:
Sales $46,382
Less: Cost of goods sold $16,659
Gross profit $29,723
Less: Selling & administrative expense $11,766
Less: Depreciation $6,415
Earnings before interest and tax (EBIT) $11,542
Less: Interest expenses $3,854
Earnings before tax (EBT) $7,688
Less: Tax expenses (7688*35%) $2,691
Earnings after tax $4,997
Operating cash flow = EBIT + Depreciation expenses - Tax expenses
Operating cash flow = $11,542 + $6,415 - $2,691
Operating cash flow = $15,266
Joint ventures offer low potential for leveraging a firm's existing competencies because they typically entail a short-term relationship between two or more firms.
A. True
B. False
Answer:
B. False
Explanation:
The main purpose of the joint venture is to help two or more companies so that they are in the position to gain the competitive advantage. So the potential for firm leverage that is existed would be high instead of low due to this reason also
So as per the given situation, the option b is correct
Hence, the option a is not correct
There are different types of business. Joint ventures offer low potential for leveraging a firm's existing competencies is a False statement.
A joint venture is known as when two or more businesses gather their resources and expertise together to achieve a set goal.It is also called a partnership between 2 or more firms where there is significant equity stake by the partners and often resulting in the creation of a new business entity.
Joint ventures uses a good amount of equity investment from each partner and can lead to the establishment of a new separate entity.
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Brief Exercise 24-01 Wildhorse Company uses both standards and budgets. For the year, estimated production of Product X is 565,000 units. Total estimated cost for materials and labor are $1,243,000 and $1,638,500. Compute the estimates for (a) a standard cost and (b) a budgeted cost.
Answer and Explanation:
The computation is shown below:
a. The standard cost is
Fo material
= $1,243,000 ÷ 565,000 units
= $2.20 per unit
And, for labor it is
= $1,638,500 ÷ 565,000 units
= $2.90 per unit
b. The budgeted cost would be remian the same as the total cost i.e. $1,243,000 and $1,638,500
Hence, the same would be considered and relevant
Given the following cash flows for a capital project for the Witter Corp., calculate its payback period and discounted payback period. The required rate of return is 8 percent. Cashflows: Year 0 = -50,000; Year 1 = 15,000; Year 2 = 15,000; Year 3 = 20,000; Year 4 = 10,000; and Year 5 = 5,000. The discounted payback period is
Answer:
4.01 years
Explanation:
The computation of the discounted payback period is shown below;
Given that
Required rate of return is 8%
Cashflows: Year 0 = -50,000;
Year 1 = 15,000;
Year 2 = 15,000;
Year 3 = 20,000;
Year 4 = 10,000;
and Year 5 = 5,000
As we can see from the attached table that approx in 4 years it could cover $49,975
So
the discounted payback period is
= 4 years + ($50,000 - $49,975.91) ÷ $3,402.92
= 4.01 years
An outside supplier has offered to make the part and sell it to the company for $29.80 each. If this offer is accepted, the supervisor's salary and all of the variable costs, including the direct labor, can be avoided. The special equipment used to make the part was purchased many years ago and has no salvage value or other use. The allocated general overhead represents fixed costs of the entire company, none of which would be avoided if the part were purchased instead of produced internally. In addition, the space used to make part U16 could be used to make more of one of the company's other products, generating an additional segment margin of $25,000 per year for that product. The annual financial advantage (disadvantage) for the company as a result of buying part U16 from the outside supplier should be:
Answer:
-$79000
Explanation:
The computation of the annual financial advantage (disadvantage) is shown below;
Particulars Per unit Total 13000 units
Make Buy Make Buy
Direct materials 2.90 37700
Direct labor 7.50 97500
Variable manufacturing
overhead 8.00 104000
Supervisor's salary 3.40 44200
Contribution margin 25000
Purchase cost 29.80 387400
Total 308400 387400
Now the finacial disadvantage is
= 308400 - 387400
= -$79000
Quantum Inc. has warrants outstanding that allow the holder to purchase 1.5 shares of stock per warrant at $30 per share (exercise price). Thus, each individual share can be purchased at $30 with the warrant. The common stock is currently selling for $36. The warrant is selling for $12.
Required:
a. What is the intrinsic (minimum) value of this warrant?
b. What is the speculative premium on this warrant?
c. What should happen to the speculative premium as the expiration date approaches?
Answer:
A. $9.00
B. $3.00
C. Decrease
Explanation:
a. Calculation to determine the intrinsic (minimum) value of this warrant
Using this formula
I = (M – E) × N
Where,
I represent Intrinsic value of a warrant
M represent Market value of common stock
E represent Exercise price of a warrant
N represent Number of shares each warrant entitles theholder to purchase
Let plug in the formula
I=($36 – $30) *1.5
I=$6*1.5
I = $9.00
Therefore the intrinsic (minimum) value of this warrant is $9.00
b. Calculation to determine the speculative premium on this warrant
Using this formula
S = W – I
Where,
S representSpeculative premium
W represent Warrant price
I represent Intrinsic value.
Let plug in the formula
S=$12-[($36 – $30) *1.5]
S=$12 – $9
S = $3.00
Therefore the speculative premium on this warrant is $3.00
c.What should happen to the SPECULATIVE PREMIUM as the expiration date approaches is for it to DECREASE and thereby approach $0.
Mogul Company ships merchandise to Ski Outfit in a consignment arrangement. The arrangement specifies that Ski Outfit will attempt to sell the merchandise, and in return, Mogul will pay to Ski Outfit a 15% sales commission on any merchandise sold. During the year, Mogul ships inventory with a cost of $100,000 to Ski Outfit. By the end of the year, $76,000 of the merchandise has been sold to customers for a total of $105,800. What amount of inventory will Mogul report at year end
Answer:
$24,000
Explanation:
According to the consignment accounting, it States that any inventory sent on consignment by the consignor to the consignee, belongs to the consignor until the inventory is sold by the consignee.
Regarding the above, Mogu company sent inventory costing $100,000 and out of this, only $76,000 has been sold. The remaining inventory still belongs to the consignor and the amount of this inventory is;
$100,000 - $76,000 = $24,000
Therefore, Mogul would report $24,000 worth of inventories at year end.
84,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $3,300. Using the straight-line method, the book value at December 31, 2021, would be:
Answer:
$67,860
Explanation:
Depreciation = Cost - Residual amount ÷ Useful life
= ($84,000 - $3,300) ÷ 5
= $16,140
Book Value = Cost - Accumulated depreciation
therefore,
Book Value = $84,000 - $16,140
= $67,860
thus
The book value at December 31, 2021, would be: $67,860
The subject of the auditing procedure observing is least likely to be: a. procedures. b. inventory taking. c. personnel d. processes. e. physical assets.
Answer:
e. physical assets.
Explanation:
Audit procedures can be regarded as processes or techniques, or methods that is been followed by auditors in obtaining audit evidence that will give them enablement to make a conclusion as regards to set audit objective so they can express their opinion. audit procedures can as well be called audit programs. It should be noted that The subject of the auditing procedure observing is least likely to be physical assets. physical asset can be regarded as item of economic, even exchange value which has a material existence. They are regarded asPhysical assets tangible assets. Example is
properties, equipment,
Terp Corp.'s transactions for the year ended December 31, 2021 included the following: Purchased real estate for $1,250,000 cash which was borrowed from a bank. Sold investment securities for $1,000,000. Paid dividends of $1,200,000. Issued 500 shares of common stock for $500,000. Purchased machinery and equipment for $250,000 cash. Paid $900,000 toward a bank loan. Reduced accounts receivable by $200,000. Increased accounts payable $400,000. The net cash used in financing activities for 2021 was
Answer:
$1,600,000
Explanation:
Cashflow from financing activities
Dividends ($1,200,000)
Issue of Stocks $500,000
Bank Loan Repayment ($900,000)
Net Cash flow ($1,600,000)
thus
The net cash used in financing activities for 2021 was $1,600,000
Larkspur, Inc. reports net income of $89,770 in 2017. However, ending inventory was understated by $7,100. Collapse question part (a) What is the correct net income for 2017
Answer:
$96,870
Explanation:
The understatement of ending inventory causes the cost of goods sold to be overstated and the gross and net income to be understated by the same amount.
If the 2017 ending inventory was understated by $7,100 then the correct net income figure for 2017 will be $7,1000 more that what was reported.
Therefore, 2017 corrected net income
= $89,770 + $7,100
= $96,870
What is the Net Present Value of the following cash flow streams at an interest rate of 8.25%: at year 0: $0; year 1: $75; year 2: $225; year 3: $0; and year 4: $300. $__.
Answer:
the net present value is $479.7743
Explanation:
The computation of the net present value is shown below:
= cash flow ÷ (1+interest rate)^number of years
= $75 ÷ (1.0825) + $225 ÷ (1.0825)^2 + $300 ÷ (1.0825)^4
= $479.7743
Hence, the net present value is $479.7743
We simply applied the above formula so that the correct amount could come
Palmer Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net income after tax of $179,850. The equipment will have an initial cost of $545,000 and have a 7 year life. If the salvage value of the equipment is estimated to be $34,000, what is the accounting rate of return
Answer:
So, accounting rate of return = 33 %
Explanation:
given data
net income after tax = $179,850
initial cost = $545,000
time = 7 year
salvage value = $34,000
we will get here the accounting rate of return
solution
as we know that accounting rate of return is express as
accounting rate of return = Net income ÷ initial investment .................1
put here value and we get
accounting rate of return = [tex]\frac{179850}{545000}[/tex]
So, accounting rate of return = 33 %
On November 10 of the current year, Flores Mills sold carpet to a customer for $7,700 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on November 17, assuming the correct payment was received on that date
Answer:
Flores Mills:
The correct entry for Flores on November 17 using the gross method of accounting for sales discounts is as follows:
Journal Entry
November 17:
Debit Cash $7,546
Debit Cash Discounts $154
Credit Accounts Receivable $7,700
To record the receipt of cash from a customer on account, including 2% discounts allowed for payment within 10 days.
Explanation:
a) Data and Analysis:
November 10: Accounts Receivable $7,700 Sales Revenue $7,700
with credit terms 2/10, n/30.
November 17: Cash $7,546 Cash Discounts $154 Accounts Receivable $7,700
Liu, the owner of San Diego Mortgage Solutions, a sole proprietorship, wants to obtain additional business capital to expand operations. The additional business capital is most likely limited to Group of answer choices conducting a private offering. issuing stock. bringing in partners. borrowing funds.
Answer:
borrowing funds.
Explanation:
Since the owner could not add extra partners as it would be transform into the partnership firm in the case when there is an increase in the number of owners.
In the sole propertiorship, there is only one stockholder and he cant able to issue the stock or the initial public offering
Therefore it would be limited to the borrowing funds
Hammerhead Inc. uses practical capacity as the denominator to set the cost of supplying capacity and for the current period the budgeted cost per unit of supplying capacity was $42. Practical capacity was set at 10,000 units with theoretical capacity at 14,000 units. During the period, only 4,000 units were produced while the master budget assumed that the company would produce 9,000 units. What is the value of the manufacturing resources NOT used during the period
Answer:
the value of the manufacturing resources not used is $252,000
Explanation:
The computation of the value of the manufacturing resources not used is shown below
= (practical capacity - number of units produced) × budgeted cost per unit of supplying capacity
= (10,000 units - 4,000 units) × $42
= 6,000 units × $42
= $252,000
Hence, the value of the manufacturing resources not used is $252,000
Alberton Electronics makes inexpensive GPS navigation devices and uses a normal cost system that applies overhead based on machine hours. The following current year budgeted data are available:
Variable factory overhead at 100,000 machine hours $2,750,000
Variable factory overhead at 150,000 machine hours 4,125,000
Fixed factory overhead at all levels between 10,000 and 180,000 machine hours 3,168,000
Practical capacity is 180,000 machine hours; expected capacity is two-thirds of practical.
Required:
a. What is Alberton Electronics’ predetermined VOH rate?
b. What is the predetermined FOH rate using practical capacity?
c. What is the predetermined FOH rate using expected capacity?
d. During 2013, the firm records 110,000 machine hours and $2,710,000 of overhead costs. How much variable overhead is applied? How much fixed overhead is applied using the rate found in (b)? How much fixed overhead is applied using the rate found in (c)? Calculate the total under- or overapplied overhead for 2013 using both fixed OH rates.
Answer:
Alberton Electronics
a. Alberton Electronics' predetermined VOH rate = $27.50 ($1,375,000/50,000)
b. The predetermined FOH rate using practical capacity = $17.60 ($3,168,000/180,000)
c. The predetermined FOH rate using expected capacity = $26.40 ($3,168,000/120,000)
d. Variable overhead applied = $3,025,000 (110,000 * $27.50)
Fixed overhead applied using $17.60 FOH rate = $1,936,000 (110,000 * $17.60)
Fixed overhead applied using $26.40 FOB rate = $2,904,000 (110,000 * $26.40)
The Total under-or applied overhead for 2013:
a) Overapplied overhead = $2,251,000 ($4,961,000 - $2,710,000)
b) Overapplied overhead = $3,219,000
Explanation:
a) Data and Calculations:
Variable factory overhead at 100,000 machine hours $2,750,000
Variable factory overhead at 150,000 machine hours 4,125,000
Difference = 50,000 machine hours and $1,375,000
Variable overhead rate = $1,375,000/50,000 = $27.50
Fixed factory overhead between 10,000 and 180,000 machine hours = $3,168,000
Practical capacity = 180,000
Expected capacity = 120,000 (180,000 * 2/3)
a. Alberton Electronics' predetermined VOH rate = $27.50 ($1,375,000/50,000)
b. The predetermined FOH rate using practical capacity = $17.60 ($3,168,000/180,000)
c. The predetermined FOH rate using expected capacity = $26.40 ($3,168,000/120,000)
d. Variable overhead applied = $3,025,000 (110,000 * $27.50)
Fixed overhead applied using $17.60 FOH rate = $1,936,000 (110,000 * $17.60)
Fixed overhead applied using $26.40 FOB rate = $2,904,000 (110,000 * $26.40)
The Total under-or applied overhead for 2013:
a) Total overhead applied = $4,961,000 ($3,025,000 + $1,936,000)
Overapplied overhead = $2,251,000 ($4,961,000 - $2,710,000)
b) Total overhead applied = $5,929,000 ($3,025,000 + $2,904,000)
Overapplied overhead = $3,219,000 ($5,929,000 - $2,710,000)