Answer:
the measure of cost by what is given up in exchange for what is obtained
Explanation:
The idea behind opportunity cost is that the cost of one item is the lost opportunity to do or consume something else. In short, opportunity cost is the value of what we give up in order to have it.
You need to make 70
servings of Caesar dressing,
Each serving takes 2
teaspoons of crushed garlic,
How many teaspoons of
crushed garlic do you need?
Answer:
Answer:
140 teaspoons of crushed garlic.
Explanation:
Since you're going to make 70 servings and each requires 2 tsp of crushed garlic, we simply multiply 70 x 2.
I hope this helps :)
The difference between actual hours times the actual pay rate and actual hours times the standard pay rate is the labor _________________ variance.
Answer:
"Labor price variance " is the correct choice.
Explanation:
The variation throughout the labor rate represents the distance between real as well as anticipated labor costs. These were measured by taking the difference, based upon the number of additional hourly wages, between some of the real labor amount charged as well as the minimum amount.Absolute variation in the labor rate is equivalent to absolute variation in the price of the commodity.The absorption-cost approach is used by most companies for all of the following reasons except that:______a) absorption cost information is readily provided by a company’s cost accounting system.b) basing prices on only variable costs could encourage managers to set too low a price to boost sales.c) this approach is more consistent with cost-volume-profit analysis.d) absorption cost provides the most defensible bases for justifying prices to interested parties
Answer:
c) this approach is more consistent with cost-volume-profit analysis.
Explanation:
The absorption costs does not separate the fixed costs and variable cost for profit determination.
This hence, is not adequate for internal purposes of as it does not provide management accountants of the changes in fixed and variable costs that arise as a result of changes in levels of sales demand.
Thus this method is not consistent with cost-volume-profit analysis.
The following events took place for Digital Vibe Manufacturing Company during January, the first month of its operations as a producer of a digital video monitor.
a. Purchased $168,500 of materials.
b. Used $149,250 of direct materials in production.
c. Incurred $360,000 of direct labor wages.
d. Incurred $120,000 of factory overhead.
e. Transferred $600,000 of work in process to finished goods.
f. Sold goods for $875,000.
g. Sold goods with a cost of $525,000.
h. Incurred $125,000 of selling expenses.
i. Incurred $80,000 of administrative expenses.
Using the information given, complete the following:
a. Prepare the January income statement for the Digital Vibe Manufacturing Company.
b. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations.
Answer:
1. Income Statement for Digital Vibe Manufacturing company
For the Month ended January 31
Sales 875,000
Cost of goods sold 525,000
Gross Profit 350,000
Operating Expenses:
Selling expenses 125,000
Administrative expenses 80,000
Total Operating expenses 205,000
Net Income $145,000
B.
1. Ending material inventory = Material purchased - Used material in production
= 168,500 - 149,250
= $19,250
2. Ending work in Process inventory = Material used in production + Direct labor + Factory overhead - Transferred of work in process to finished goods
= 149,250 + 360,000 + 120,000 - 600,000
=$29,250
3. Ending finished goods inventory = Transfer from work in progress - Cost of goods sold
= 600,000 - 525,000
= $75,000
​A restaurant, which operates in a perfectly competitive market, is evaluating whether it should serve breakfast on a daily basis. It would choose to do this when its revenues cover its variable costs. True or False
Answer:
TRUE
Explanation:
A perfect competition is characterised by many buyers and sellers of homogeneous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
In the short run, the firm would continue to operate if its revenue covers variable cost. if it doesn't it would shut down.
Use the following information . On January 1, 2018, Dennis Company purchased land for an office site by paying $540,000 cash. Dennis began construction on the office building on Jan 1. The following expenditures were incurred for construction: Date Expenditures January 1, 2018 $ 360,000 April 1, 2018 504,000 May 1, 2018 900,000 June 1, 2018 1,440,000 The office was completed and ready for occupancy on July 1st of the following year. To help pay for construction, $720,000 was borrowed on January 1, 2018 on a 9%, 3-year note payable. Other than the construction note, the only debt outstanding during 2018 was a $300,000, 12%, 6-year note payable dated January 1, 2016. Assume the weighted-average accumulated expenditures for the construction project are $870,000. The amount of interest cost to be capitalized during 2018 is:___________.
Answer:
$82,800
Explanation:
The computation of the amount of interest cost to be capitalized during 2018 is shown below:-
Amount of interest cost to be capitalized = (Borrowed amount × Rate of interest) + ($300,000 ÷ 2 × Rate of interest)
= ($720,000 × 9%) + ($150,000 × 12%)
= $82,800
Therefore for computing the amount of interest cost to be capitalized during 2018 we simply applied the above formula.
Trak Corporation incurred the following costs while manufacturing its bicycles.
Bicycle components $100,000 Advertising expense $45,000
Depreciation on plant 60,000 Property taxes on plant 14,000
Property taxes on store 7,500 Delivery expense 21,000
Labor costs of assembly-
line workers 110,000 Sales commissions 35,000
Factory supplies used 13,000 Salaries paid to sales clerks 50,000
Identify each of the above costs as direct materials, direct labor, manufacturing overhead, or period costs.
Bicycle components
Depreciation on plant
Property taxes on store
Labor costs of assembly-line workers
Factory supplies used
Advertising expense
Property taxes on plant
Delivery expense
Sales commissions
Salaries paid to sales clerks
Answer:
Required: Identify the costs as direct materials, direct labor, manufacturing overhead, or period costs.
They are classified below:
Bicycle components: DIRECT MATERIALS
Depreciation on plant: MANUFACTURING OVERHEAD
Property taxes on store: PERIOD COST
Labor costs of assembly-line workers: DIRECT LABOUR
Factory supplies used: MANUFACTURING OVERHEAD
Advertising expense: PERIOD COST
Property taxes on plant: MANUFACTURING OVERHEAD
Delivery expense: PERIOD COST
Sales commissions: PERIOD COST
Salaries paid to sales clerks: MANUFACTURING OVERHEAD
Definition of terms used:
Period cost is any cost incurred which was not directly involved during production.
Manufacturing overhead can be said to be indirect costs incurred during production.
Direct labour costs involves payment made to workers involved in production.
Direct materials cost are costs of raw materials used in production.
Therefore,
Bicycle components are classified as direct materials.
Depreciation on plant are classified as manufacturing overhead.
Property taxes on store are classified as period cost.
Labor costs of assembly-line workers are classified as direct labour.
Factory supplies used are classified as manufacturing overhead.
Advertising expense is classified as period cost
Property taxes on plant are classified as manufacturing overhead.
Delivery expenseis classified as period cost.
Sales commissions is classified as period cost.
Macintosh Inc. changed from LIFO to the FIFO inventory costing method on January 1, 2021.
Inventory values at the end of each year since the Inception of the company are as follows:
FIFO LIFO
2019 $196,000 $178,000
2020 392,000 356,000
Required:
Ignoring Income tax considerations. prepare the entry to report this accounting change
Answer:
You only need to adjust the ending inventory for 2020, since the ending inventory for 2019 no effect on the income statement. This happens because FIFO always uses the first units purchased to determine the cost of goods sold, and after one year, there is no real effect on net income.
The adjustment for ending inventory 2020 should be:
Dr Merchandise inventory 36,000
Cr Cost of goods sold 36,000
This adjustment will decrease the expenses during 2020 and increase that year's net income.
A waiter fills your water glass with ice water (containing many ice cubes) such that the liquid water is perfectly level with the rim of the glass. As the ice melts,
Answer:
As the ice melts and turns into water, the level of the liquid water will lower and it will no longer be perfectly leveled with the rim of the glass. This happens because water has a unique property, its solid state occupies a larger volume than its liquid state, i.e. as waters turns into ice, it expands and occupies more space. Generally, as liquids become solid, they will shrink and occupy less space, but that doesn't happen with water.
Explanation:
Tate Company purchased equipment on November 1, 2015 and gave a 3-month, 9% note with a face value of $20,000. The December 31, 2015 adjusting entry is
Answer:
Dr Interest expense 300
Cr Interest payable 300
Explanation:
Preparation of December 31, 2015 adjusting entry for Tate Company
Since Tate Company had purchased the equipment on November 1, 2015 in which the company gave a 3-month with 9% note and a face value of $20,000, this means we have to record the transaction by Debiting Interest expense with 300 and Crediting Interest payable with the same amount . The amount of 300 is calculated as 2/12×9%×20,000
Therefore Tmthe December 31, 2015 adjusting entry will be :
Dr Interest expense 300
Cr Interest payable 300
Which one of the following is not a factor that influences a business's control environment? a. personnel policies b. management's philosophy and operating style c. organizational structure d. proofs and security measures
Answer:
d. Proofs and security measures.
Explanation:
A business control environment are those policies and procedures that assist management in directing the business operations towards achieving it's goals. The aim is to protect the company's assets from misuse by member of staff and also ensure that the business information is accurate and up to date.
Top management create a business control environment to ensure that the policies and procedures guiding each business units are adhered to by members of staff. A business control environment otherwise known as internal control is influenced by it's personnel policies, Management's philosophy and operating style and also it's organizational structure.
At the beginning of the year, paid-in capital was $164 and retained earnings was $94. During the year, the stockholders invested $48 and dividends of $12 were declared and paid. Retained earnings at the end of the year were $104.
Net income for the year was:_______
Answer:
$22
Explanation:
From the question above, the paid in capital at the beginning of a year was $164
Retained earnings was $94
During the year the amount invested by stockholders was $48 and a dividend of $12 was declared and paid.
At the end of the year the retained earnings was $104
Therefore, the net income for the year can be calculated as follows
Net income= Retained earnings at the end of the year-retained earnings at the beginning of the year+dividend
Net income= $104-$94+$12
= $22
Hence the net income for the year was $22
In the long run, when price is less than average total cost for all possible levels of production, a firm in a competitive market will choose to exit (or not enter) the market.
a. True
b. False
Answer:
a. True
Explanation:
A competitive market is a market in which there are many buyers and sellers. Also, sellers have similar goods and and they don't have the power to influence the market. This means that in a competitive market companies have to accept the price define by the market and if the price is less than average total cost for all possible levels of production, a firm in a competitive market will choose to exit (or not enter) the market as it doesn't have the possibility to do something to influence the price and it won't be able to make a profit. According to that, the statement is true.
Feather Tissues Inc. decided to change the color of its tissue box from red to blue because blue was thought to be visually pleasing to consumers at the time of purchase. The change in color represents the ________ aspect of packaging.
Answer:
aesthetic
Explanation:
Based on the information provided within the question it can be said that the change in color represents the aesthetic aspect of packaging. An aesthetic aspect refers to making sure that the packaging has an overall pleasant, positive, beautiful, or artful appearance in order to evoke positive emotions on the viewer. Which in this scenario is exactly what Feather Tissues Inc. is trying to accomplish by changing the color from red to blue, in order to please/attract their customers and in term increase sales.
After researching the different forms of business organization, Natalie Koebel decides to operate "Cookie Creations" as a corporation. She then starts the process of getting the business running. In November 2015, the following activities take place.
A. Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account.
B. She opens a bank account under the name "Cookie Creations" and transfers $500 from her personal account to the new account in exchange for common stock.
C. Natalie pays $65 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise.
D. She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash.
E. Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer that originally cost her $750. Natalie decides to start using it only in her new business. She estimates that the equipment is currently worth $300. She invests the equipment in the business in exchange for common stock.
F. Natalie realizes that her initial cash investment is not enough. Her grandmother lends her $2,000 cash, for which Natalie signs a note payable in the name of the business. Natalie deposits the money in the business bank account. (Hint: The note does not have to be repaid for 24 months. As a result, the notes payable should be reported in the accounts as the last liability and also on the balance sheet as the last liability.)
G. She buys more baking equipment for $900 cash.
H. She teaches her first class and collects $125 cash.
I. Natalie books a second class for December 4 for $150. She receives $30 cash in advance as a down Natalie pays $1,320 for a one-year insurance policy that will expire on December 1, 2016.
(a) Prepare journal entries to record the November transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
(b) Post the journal entries to general ledger accounts.
(c) Prepare a trial balance at November 30.
Answer:
ANatalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account.
Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account.
You find that the bid and ask prices for a stock are $14.25 and $15.45, respectively. If you purchase or sell the stock, you must pay a flat commission of $30. If you buy 100 shares of the stock and immediately sell them, what is your total implied and actual transaction cost in dollars
Answer:
$180
Explanation:
The bid price of a stock is $14.25
The ask-price of a stock is $15.45
A flat commission of $30 must be paid in the stock
100 shares of stock are bought
Therefore, the total implied and actual transaction costs can be calculated as follows
= Commission+(ask price-bid price)×number of shares
= 30×2+($15.45-$14.25)×100
= 60+ 1.2×100
= 60+120
= $180
Hence the total implied and actual transaction cost is $180
The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.80 on December 31, 20Y2.
Marshall Inc.
Comparative Retained Earnings Statement
For the Years Ended December 31, 20Y2 and 20Y1
1 20Y2 20Y1
2 Retained earnings, January 1 $3,704,000.00 $3,264,000.00
3 Net income 600,000.00 550,000.00
4 Total $4,304,000.00 $3,814,000.00
5 Dividends:
6 On preferred stock $10,000.00 $10,000.00
7 On common stock 100,000.00 100,000.00
8 Total dividends $110,000.00 $110,000.00
9 Retained earnings, December 31 $4,194,000.00 $3,704,000.00
Marshall Inc.
Comparative Income Statement
For the Years Ended December 31, 20Y2 and 20Y1
1 20Y2 20Y1
2 Sales $10,850,000.00 $10,000,000.00
3 Cost of goods sold 6,000,000.00 5,450,000.00
4 Gross profit $4,850,000.00 $4,550,000.00
5 Selling expenses $2,170,000.00 $2,000,000.00
6 Administrative expenses 1,627,500.00 1,500,000.00
7 Total operating expenses $3,797,500.00 $3,500,000.00
8 Income from operations $1,052,500.00 $1,050,000.00
9 Other revenue 99,500.00 20,000.00
10 $1,152,000.00 $1,070,000.00
11 Other expense (interest) 132,000.00 120,000.00
12 Income before income tax $1,020,000.00 $950,000.00
13 Income tax expense 420,000.00 400,000.00
14 Net income $600,000.00 $550,000.00
Marshall Inc.
Comparative Balance Sheet December 31, 20Y2 and 20Y1
1 20Y2 20Y1
2 Assets
3 Current assets:
4 Cash $1,050,000.00 $950,000.00
5 Marketable securities 301,000.00 420,000.00
6 Accounts receivable (net) 585,000.00 500,000.00
7 Inventories 420,000.00 380,000.00
8 Prepaid expenses 108,000.00 20,000.00
9 Total current assets $2,464,000.00 $2,270,000.00
10 Long-term investments 800,000.00 800,000.00
11 Property, plant, and equipment (net) 5,760,000.00 5,184,000.00
12 Total assets $9,024,000.00 $8,254,000.00
13 Liabilities
14 Current liabilities $880,000.00 $800,000.00
15 Long-term liabilities:
16 Mortgage note payable, 6% $200,000.00 $0.00
17 Bonds payable, 4% 3,000,000.00 3,000,000.00
18 Total long-term liabilities $3,200,000.00 $3,000,000.00
19 Total liabilities $4,080,000.00 $3,800,000.00
20 Stockholders' Equity
21 Preferred 4% stock, $5 par $250,000.00 $250,000.00
22 Common stock, $5 par 500,000.00 500,000.00
23 Retained earnings 4,194,000.00 3,704,000.00
24 Total stockholders' equity $4,944,000.00 $4,454,000.00
25 Total liabilities and stockholders' equity $9,024,000.00 $8,254,000.00
Determine the following measures for 20Y2 round to one decimal place, including percentages, except for pre-share amounts):
1. Working Capital
2. Current ratio
3. Quick ratio
4. Accounts receivable turnover
5. Number of days' sales in receivables
6. Inventory turnover
7. Number of days' sales in inventory
8. Ratio of fixed assets to long-term liabilities
9. Ratio of liabilities to stockholders' equity
10. Times interest earned
11. Asset turnover
12. Return on total assets
13. Return on stockholders' equity
14. Return on common stockholders' equity
15. Earnings per share on common stock
16. Price-earnings ratio
17. Dividends per share of common stock
18. Dividend yield
Answer:
Marshall Inc.
Ratios:
1. Working Capital = Current assets - Current liabilities
= $2,464,000 - 880,000 = $1,584,000
2. Current ratio = Current Assets/Current Liabilities
= $2,464,000/880,000 = 2.8 : 1
3. Quick ratio = (Current Assets - Inventory)/Current Liabilities
= ($2,464,000 - 420,000)/880,000
= $2,044,000/880,000 = 2.3 : 1
4. Accounts receivable turnover = Average Accounts Receivable / Net Sales
= $542,500/10,850,000 = 0.05 times
Average receivables = ($585,000 + 500,000)/2 = $542,500
5. Number of days' sales in receivables = Days in the year/Accounts receivable turnover
= 365/0.05 = 7,300 days
6. Inventory turnover = Cost of goods sold / Average Inventory
= $6,000,000/400,000 = 15 times
Average Inventory = (Beginning inventory + Ending inventory) / 2
= ($420,000 + 380,000)/2 = $400,000
7. Number of days' sales in inventory = Number of days in a year divided by Inventory turnover ratio = 365 /15 = 24.3 days
8. Ratio of fixed assets to long-term liabilities = Fixed Assets/Long-term Liabilities = $5,760,000/3,200,000 = 1.8 : 1
9. Ratio of liabilities to stockholders' equity = Total Liabilities/Stockholders' equity = $4,080,000 / $4,944,000 = 0.83 or 80%
10. Times interest earned = Earnings before Interest and Taxes / Interest Expense = $1,152,000/132,000 = 8.7 times
11. Asset turnover = Sales Revenue / Average Total Assets
= $6,000,000/$8,639,000 = 0.7 or 70%
Average Total Assets = Beginning total assets + Ending total assets, all divided by 2
= ($9,024,000 + 8,254,000)/2 = $8,639,000
12. Return on total assets = EBIT/Average Total Assets
= $1,152,000/$8,639,000 = 13%
13. Return on stockholders' equity = Earnings after tax/Shareholders' equity = $600,000/$4,944,000 x 100 = 12%
14. Return on common stockholders' equity = EAT/Common Shareholders' Equity = $600,000 - 10,000/($4,944,000 - 250,000) x 100
= 12.6%
15. Earnings per share (EPS) on common stock = Net Income divided by the number of outstanding common shares = $600,000/100,000 = $6 per share.
16. Price-earnings ratio = Market price of shares/EPS = $82.80/$6 = 13.8
17. Dividends per share of common stock = Dividends/Common Stock shares = $100,000/100,000 shares = $1
18. Dividend yield = Dividend per share / Market price per share = $1/$82.80 = 1.2%
Explanation:
1. Working Capital is the difference between current assets and current liabilities.
2. Current ratio is a liquidity ratio of current assets over current liabilities.
3. Quick ratio is the current ratio modified with the subtraction of inventory.
4. Accounts receivable turnover is an accounting measure that shows how quickly customers pay for the credit sales.
5. Number of days' sales in receivables measures the number of days it takes a company to collect its credit sales. It is a function of the number of days in a year divided by the accounts receivable turnover ratio.
6. Inventory turnover is a ratio showing how many times a company has sold and replaced its inventory during a given period.
7. Number of days' sales in inventory is the result of dividing the days in the period by the inventory turnover formula. It shows the number of days inventory is held before being sold.
8. Ratio of fixed assets to long-term liabilities shows how much of long-term liabilities is represented in fixed assets.
9. Ratio of liabilities to stockholders' equity is a financial leverage ratio that shows the relationship between liabilities and stockholders' equity.
10. Times interest earned (TIE) ratio measures the ability of a company to settle its debt obligations based on its current income. To calculate the TIE number, take the Earnings before interest and taxes (EBIT) and divide by the total interest expense.
11. Asset turnover is a ratio of sales over average assets, which shows company's efficiency in using assets to generate sales.
12. Return on total assets measures the percentage of earnings before interest and taxes over the average total assets. It can be obtained by multiplying profit margin with total asset turnover.
13. Return on stockholders' equity is a financial ratio that is calculated by dividing a company's earnings after taxes (EAT) by the total shareholders' equity, and then multiplying the result by 100.
14. Return on common stockholders' equity measures the ratio of earnings after taxes less Preferred Stock Dividend over the common shareholders' equity.
15. Earnings per share on common stock is the ratio of earnings divided by the number of outstanding common stock shares. It measures the earnings per share that the company has generated for the common stockholders.
16. Price-earnings ratio is a ratio of the market price of shares over the earnings per share. It is used to determine if a company's share is overvalued or undervalued.
17. Dividends per share of common stock is the dividend paid divided by the number of outstanding common stock.
18. Dividend yield is the ratio of the dividend per share over the market price per share.
Orwell building supplies' last dividend was $1.75. Its dividend growth rate is expected to be constant at 34.00% for 2 years, after which dividends are expected to grow at a rate of 6% forever. Its required return (rs) is 12%. What is the best estimate of the current stock price? Select the correct answer. a. $49.93 b. $49.39 c. $48.85 d. $47.77 e. $48.31
Answer:
Price of the stock today = $48.85 and option c is the correct answer.
Explanation:
The current price of the stock can be computed using the two stage dividend growth model of the DDM approach. The DDM or dividend discount model values a stock based on the present value of the expected future dividends from the stock.
The formula for the price of the stock today using the two stage growth model is attached.
Price of the stock today = 1.75 * (1+0.34) / (1+0.12) + 1.75 * (1+0.34)^2 / (1+0.12)^2 + [ (1.75 * (1+0.34)^2 * (1+0.06)) / (0.12 - 0.06) ] / (1+0.12)^2
Price of the stock today = $48.85
The effective management of diversity can enhance the social responsibility goals of an organization. Other areas where sound management of diverse workforces can improve the effectiveness of an organization and its competitive advantages include all but one of the following?
a. Problem creation
b. Organizational flexibility
c. Marketing
d. Resource acquisition
Answer:
The correct answer is the option A: Problem creation.
Explanation:
To begin with, when it comes to diversity in the organization the right management of it can ensure the fact of increase the development and growth of the company in its whole, and moreover when it comes to areas that are really needed of diversity of thoughts and cultures in general. Therefore that the marketing area, the resource acquisiton and organization flexibility are the areas that obviously would be benefit by the increase of the diversity of the workforce so that the effectiveness of the organization as a whole will be increase as well too.
Synovec Co. is growing quickly. Dividends are expected to grow at a rate of 25 percent for the next 3 years, with the growth rate falling off to a constant 6 percent thereafter. If the required return is 12 percent and the company just paid a $1.30 dividend. what is the current share price
Answer:
$36.81
Explanation:
Div₀ = $1.30
Div₁ = $1.625
Div₂ = $2.03125
Div₃ = $2.5390625
Div₄ = $2.6914 at a constant g of 6%
first we need to determine the terminal value in year 3:
P = $2.6914 / (12% - 6%) = $44.86
the current stock price, P₀ = $1.625/1.12 + $2.03125/1.12² + $2.5390625/1.12³ + $44.86/1.12³ = $1.45 + $1.62 + $1.81 + $31.93 = $36.81
On December 31, 2018, Wintergreen, Inc., issued $150,000 of 7 percent, 10-year bonds at a price of 93.25. Wintergreen received $139,875 when it issued the bonds (or $150,000 × .9325). After recording the related entry, Bonds Payable had a balance of $150,000 and Discounts on Bonds Payable had a balance of $10,125. Wintergreen uses the straight-line bond amortization method. The first semiannual interest payment was made on June 30, 2019.Complete the necessary journal entry for June 30, 2019 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Answer: Please see explanation column
Explanation:
Journal entry for June 30
Date Amount Debit Credit
June 30 Bond Interest expense $5,756
Discount on Bonds Payable $506
Cash $5,250
Calculation:
Cash = 150,000 x 7%x 6/12 = $5,250
10-year bonds pay interest semiannually indicates 20 interest periods
Straight line Amortization of the discount =$10,125/20 = $506
Bond interest expense= Interest + amortization on discount
Interest = $150,000 x 7% x 6/12 = $5,250 + 506= $5,756.
which 2 statements regarding intuit approved quickbooks online apps are true? Select all that apply 1. It is recommended that the master administrator of the quickbooks company complete the setup. 2.You can sign up for quickbooks payments fro the dashboard in quickbooks online. 3. You can connect an existing qucibooks payments,Go payment or intiut merchant services account 4.it is a best practice for the proadvisor to complete and sign the quickbooks paymment agreement on behalf of client 5. you mus record the receive payment for each invoice paid using the pay on button.
Answer:
1. It is recommended that the master administrator of the quick-books company complete the setup.
3. You can connect an existing quick-books payments, Go payment or intuit merchant services account.
Explanation:
Quickbook is an accounting software which help in recording and processing a financial transaction. This software is best suited for small to medium sized organisations. Master administrator has all the access rights of a company administrator. Master administrator is the one who initially creates the quick book company file and he is then assigned as Master administrator.
The Quickbook is accounting software that helps in recording and processing financial transactions that are in monetary terms. This software is easy to access and therefore best for small and medium-sized business firms.
The 2 statements that are true about the intuit approach in the app are as follows:
1. It is recommended that the master administrator of the quick-books company complete the setup.
3. You can connect an existing quick-books payment, Go payment, or intuit merchant services account.
Under the Quickbook online apps, there is a Master administrator that gives access to all the rights of the business to the operating administrator. The master administrator is known for making or creating the initial book in the Quickbooks company file.
To know more about Quickbook, refer to the link:
https://brainly.com/question/17490243
a companys sales in year 1 were 250,000 and in year 2 were 287,500. Using Year 1 as the base year, the percetn change for year 2 ompared to the base year is:
Answer:
115%
Explanation:
Computation of the percentage change for year 2 when compared to the base year
Using this formula
Percentage change=(Year 2 Sales /Year 1 Sales )* 100
Let plug in the formula
Percentage change =($287,500/$250,000) * 100
Percentage change =1.15*100
Percentage change = 115%
Therefore the percentage change in year 2 when compared to the base year will be 115%
On December 2, 2018, Eshares, Inc. purchases land. In payment for the land, Eshares, Inc. issues 6 comma 000shares of common stock with $ 10par value. The land has been appraised at a market value of $ 480 comma 000.Which of the following is included in the journal entry to record this transaction?
a. debit Cash $500,000
b. credit Common Stock-$10.00 Par Value for $100.000 and credit Paid-In Capital in Excess of Par-Common $400000
c. $1000 Par Value for S100 000 and debit Paid-In Capital in Excess of Par debit omm on Stock -Common $400,000
d. credit Common Stock--$10 00 Par Value for $500,000 Click to select your answer
Answer:
Credit Common Stock $ 10 Par Value for $ 60,000 and Credit Paid-In Capital in Excess of Par-Common $ 420, 000
Explanation:
Since we were told that On December 2, 2018, Eshares, Inc. purchases a land in which Eshares issues 6 ,000 shares of common stock with $ 10par value and the land was appraised at a market value of $ 480,000 this means the Journal entry will be recorded as:
Credit Common Stock $ 10 Par Value for $ 60,000
Credit Paid-In Capital in Excess of Par-Common $ 420, 000
Calculated as:
Common stock = 6,000 shares x $10 = $60,000
Paid-in Excess of par = $480,000 - $60,000
= $420,000
The new union president has proposed a couple of ideas that are very unusual: 1. "We should make an effort to help solve problems in the business." 2. "We should encourage our members who have the right experience and training to apply for supervisor jobs." Are these ideas good or not?
Answer:
In simple words, supervisory jobs refers to those jobs in which an individual has to monitor the performance of other individuals working under his or her direction and guidance.
The opinion of the president, therefore, is not bad as an employee with relevant experience gets a certain respect and have adequate level of knowledge for teaching others.
You purchased a share of SPCC for $100 and expect to receive a dividend of $5 in one year. If you expect the price after the dividend is paid to be $110, what total return will you have earned over the year
Answer:
The answer is 15%
Explanation:
(P1 - Po) / Po + D
Where P1 is the price of the share at the end of the year
Po is the price of the share at the beginning of the year
D is the Dividend receceived
P1 is $110
Po is $100
And Dividend is 5%
($110 - $100) / $100 + 5 %
$10/100 + 5%
10% + 5%
= 15%
The total return will you have earned over the year for the purchase of a share of SPCC is 15%
Way Cool produces two different models of air conditioners. The company produces the mechanical systems in their components department. The mechanical systems are combined with the housing assembly in its finishing department. The activities, costs, and drivers associated with these two manufacturing processes and the production support process follow. (Round your intermediate calculations and round "Cost per unit and OH rate" answers to 2 decimal places.) Process Activity Overhead Cost Driver QuantityComponents Changeover $ 459,500 Number of batches 810 Machining 301,600 Machine hours 7,680 Setups 227,500 Number of setups 80 $ 988,600 Finishing Welding $ 180,500 Welding hours 4,900 Inspecting 222,000 Number of inspections 815 Rework 60,700 Rework orders 230 $ 463,200 Support Purchasing $ 135,500 Purchase orders 525 Providing space 31,550 Number of units 4,800 Providing utilities 60,110 Number of units 4,800 $ 227,160 Additional production information concerning its two product lines follows. Model 145 Model 212Units produced 1,600 3,200 Welding hours 2,000 2,900 Batches 405 405 Number of inspections 485 330 Machine hours 2,280 5,400 Setups 40 40 Rework orders 130 100 Purchase orders 350 175 Required:1. Using a plantwide overhead rate based on machine hours, compute the overhead cost per unit for each product line.2. Determine the total cost per unit for each products line if the direct labor and direct materials costs per unit are $200 for Model 145 and $130 for Model 212.Overhead Assigned Activity Driver Plantwide OH rate Total Overhead Cost Units Produced OH Cost per unitModel 145 Model 212 Model 145 Model 212 3. Assume if the market price for Model 145 is $732 and the market price for Model 212 is $490, determine the profit or loss per unit for each model. Model 145 Model 212 Market price
Answer:
Way Cool:
1. Overhead cost per unit for each product line:
Model 145 Model 212
Machine hours 2,280 5,400
Numbers of units 1,600 3,200
Total costs $498,441.25 $1,180,518.75
Overhead cost
per unit $311.53 $368.91
2. Total cost per unit if the direct labor and direct materials costs per unit are $200 for Model 145 and $130 for Model 212
Model 145 Model 212
Overhead cost
per unit $311.53 $368.91
Direct material &
labor cost per unit $200.00 $130.00
Total cost per unit $511.53 $498.91
3. Determination of profit or loss per unit if market price for Model 145 is $732 and $490 for Model 212:
Model 145 Model 212
Sales price $732.00 $490.00
Cost of sales $511.53 $498.91
Profit (Loss) per unit $220.47 ($8.91)
Explanation:
a) Data and Calculations:
Process Activity Overhead Driver Quantity Plant Wide Rate
Components C/over 459,500 No. of batches 810 $567.28
Machining 301,600 M. hours 7,680 $39.27
Setups 227,500 No. of setups 80 $2,843.75
Sub-Total $988,600
Finishing welding 180,500 Welding hours 4,900 $36.84
Inspecting 222,000 Number of
inspections 815 $272.39
Rework 60,700 Rework orders 230 $263.91
Sub-Total $463,200
Support Purchasing 135,500 Purch. orders 525 $258.10
Providing space 31,550 No. of units 4,800 $6.57
Providing utilities 60,110 No. of units 4,800 $12.52
Sub-Total $ 227,160
Total overhead $1,678,960
Additional production information concerning its two product lines follows.
Model 145 Model 212 Total
Units produced 1,600 3,200 4,800
Welding hours 2,000 2,900 4,900
Batches 405 405 810
Number of inspections 485 330 815
Machine hours 2,280 5,400 7,680
Setups 40 40 80
Rework orders 130 100 230
Purchase orders 350 175 525
b) Calculation of Plantwide overhead rate based on machine hours:
Total overhead costs/machine hours = $1,678,960/7,680
= $218.6146 per machine hour
c) Activity Based Costing system is a system that accumulates and allocates production or service costs based on the activities undertaken for the production or service. The activities are regarded as the cost drivers and therefore better bases for accumulating and allocating costs.
If 200,000 machine‐hours are budgeted for variable overhead at a standard rate of $5/machine‐hour, but 220,000 machine‐hours were actually used at an actual rate of $6/machine‐hour, what is the variable overhead efficiency variance?
Answer:
Variable overhead efficiency variance= $100,000 unfavorable
Explanation:
Giving the following information:
200,000 machine‐hours are budgeted for variable overhead at a standard rate of $5/machine‐hour, but 220,000 machine‐hours were used.
To calculate the variable overhead efficiency variance, we need to use the following formula:
Variable overhead efficiency variance= (Standard Quantity - Actual Quantity)*Standard rate
Variable overhead efficiency variance= (200,000 - 220,000)*5
Variable overhead efficiency variance= $100,000 unfavorable
When the Variable overhead efficiency variance is = $100,000 unfavorable
What is the Efficiency variance?
Giving the following information are:
200,000 machine‐hours are budgeted for variable overhead at a standard rate of $5/machine‐hour, but [tex]220,000[/tex] machine‐hours were used. Now we calculate the variable overhead efficiency variance, Then we need to use the following formula are below mention. The variable overhead efficiency variance is= (Standard Quantity - Actual Quantity)*Standard rate. Then Variable overhead efficiency variance= [tex](200,000 - 220,000)*5[/tex]
Thus, Variable overhead efficiency variance= $100,000 unfavorable
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Stormer Company reports the following amounts on its statement of cash flow: Net cash provided by operating activities was $35,500; net cash used in investing activities was $13,000 and net cash used in financing activities was $16,500. If the beginning cash balance is $6,500, what is the ending cash balance
Answer:
The answer is $38,500
Explanation:
Operating activities: Cash generated or used to run the day-to-day business operations.
Investing activities: Cash used for investing in assets like securities, bonds, equipment, or proceeds from these assets.
Financing activities: Cash generated from loan and/or payments made to reduce loan balances
Ending cash balance = Net Cash from operating activities + net cash from investing activities - net caash from financing activities + Beginning cash balance
Ending cash balance = $35,500 + $13,000 - $16,500 + $6,500
$38,500
The Maine Media Workshop is similar to____________ because the people who take classes there learn by doing.
1. mentoring,
2. on-the-job training,
3. corporate University
Answer:
On-the-job training
Explanation:
Maine Media Workshop is similar to ON-THE-JOB TRAINING, reason been that the people, employees or workers who take classes there learn by doing.
On the job training can be defined as a training which is provided at the workplace in which the during the training, employees are
familiarized with the working environment which is why On-the-Job Training is tend to be based on the principle of learning by doing because the workers or the empolyees learn the job while performing it within their workplace environment or while the employees are doing the actual job.
Hence ,On-the-job training which is also known as OJT enables or help employees to gain hands on knowledge in their workplace or work environment.
Therefore a Managers who want or desire to keep their employees or workers training costs as low as possible should make use of ON -THE-JOB TRAINING.