Answer:
May 10 : Purchases (Dr.) $70,756 (72,200 * 98%)
Accounts Payable (Cr.) $70,756
May 18: Accounts Payable (Dr.) $70,756
Cash (Cr.) $70,756
June 1: Equipment (Dr.) $91,200
Cash (Cr.) $26,400
Notes payable (Cr.) $64,800
Sep 30: Cash (Dr.) $180,000
Discount on notes payable (Dr.) $20,000
Notes Payable (Cr.) $200,000
Explanation:
Sunland company has incurred the transaction for its business activities. The purchase of supplies is made on account with a 2% discount if the payment is made within 10 days. This discount is availed by the company and payment is made on may 18th. Equipment is purchased with hybrid transaction which means partial cash payment is made and rest is paid through signing notes payable.
Ethnocentric managers believe that their native country, culture, language, and behavior need to be changed. are equal to all other cultures. make them citizens of the world. are hurtful to others. are superior to all others.
Answer:
are superior to other cultures.
Explanation:
Ethnocentrism is the belief that indigenous culture, customs, and way of life are more important than other cultures. Ethnographers believe that their own culture, country, language and all other characteristics are superior to other cultures.so correct answer are superior to other cultures.g A physical inventory taken on December 31, 2020, resulted in an ending inventory of $1,150,000. Historically, Jensen's gross margin on sales has remained constant at 25%. Jensen suspects that an unusual amount of inventory may have been damaged and disposed of without appropriate tracking. At December 31, 2020, what is the estimated cost of missing inventory
Answer: $350,000
Explanation:
The Cost of Goods sold according to the Gross margin on sales is:
COGS = Revenue - (Gross margin * Revenue)
= 6,400,000 - (25% * 6,400,000)
= $4,800,000
The COGS according to the income statement formula:
= Opening inventory + Purchases - Closing inventory
= 1,300,000 + 5,000,000 - 1,150,000
= $5,150,000
The difference is the missing inventory
Difference = 5,150,000 - 4,800,000
= $350,000
Ranger Glass Company manufactures glass for French doors. At the start of May, 2,000 units were in-process. During May, 11,000 units were completed and 3,000 units were in process at the end of May. These in-process units were 90% complete with respect to material and 50% complete with respect to conversion costs. Other information is as follows:Work in process, May 1:Direct material $36,000Conversion costs $45,000Costs incurred during May:Direct materia $186,000Conversion costs $255,000How much is the cost per equivalent unit for direct materials? (Points : 4)$24.00$16.20$15.86$13.58
Answer:
$16.20
Explanation:
Calculation for How much is the cost per equivalent unit for direct materials
Cost per equivalent unit for direct materials=($36,000+$186,000)/[11,000+(3,000*90%)]
Cost per equivalent unit for direct materials=$222,000/(11,000+2,700)
Cost per equivalent unit for direct materials=$222,000/13,700
Cost per equivalent unit for direct materials=$16.20
Therefore the the cost per equivalent unit for direct materials will be $16.20
Lego Group in Bellund, Denmark, manufactures Lego toy construction blocks. The company is considering two methods for producing special-purpose Lego parts. Method 1 will have an initial cost of $360,000, an annual operating cost of $130,000, and a life of 3 years. Method 2 will have an initial cost of $760,000, an operating cost of $130,000 per year, and a 6-year life. Assume 13% salvage values for both methods. Lego uses an MARR of 13% per year.
Required:
a. Which method should it select on the basis of a present worth analysis?
b. If the evaluation is incorrectly performed using the respective life estimates of 3 and 6 years, will Lego make a correct or incorrect economic decision? Explain your answer.
Answer:
a) method 1 has a lower present worth, so it should be selected.
b) in order to properly compare both projects, we must assume that method 1 will be repeated at he end of year 3. That way both projects will have the same life span.
Explanation:
we must first determine the equivalent cash flows:
method 1 method 2
initial outlay -360,000 -760,000
cash flow year 1 -130,000 -130,000
cash flow year 2 -130,000 -130,000
cash flow year 3 -443,200 -130,000
cash flow year 4 -130,000 -130,000
cash flow year 5 -130,000 -130,000
cash flow year 5 -83,200 -31,200
the present worth of method 1 = -$1,074,266
the present worth of method 2 = -$1,232,226
Rory has been an underwriting assistant at a large insurance company for the past few years. He is an extremely hard worker and goes above and beyond. He puts in long hours to ensure the accounts are current and ready for the underwriters. Noting his efforts, the company offers him a 15% pay raise along with a small bonus. Three months later, Rory submits his resignation letter and soon joins a startup organization as a senior underwriter. Which of the following best explains this situation?
A. Rory felt the pay raise was undeserved.
B. Rory found his work to be repetitive and boring.
C. Rory was motivated by the prospect of extrinsic rewards.
D. Rory was after a position with the competitor all along.
E. Rory, though highly skilled, lacked motivation
Answer:
B. Rory found his work to be repetitive and boring.
Explanation:
In this scenario, Rory is described as an individual who strives to be the best at what he does which is why he works so hard. The pay raise that they offered him at his current job was a good pay raise and it included a small bonus. Therefore, Rory did not care about the money. Instead, he most likely found the work to be repetitive and boring and probably wanted something new and interesting. Joining a startup and working on a new and innovative project where he can add real value to the team is most likely what Rory really wanted.
Your restaurant plans to spend $1,000 on social media ads. Your average meal sells for $10 and food cost is 30%. How
many additional meals do you need to sell to breakeven on your advertising?
Ignore all
other restaurant costs except food cost
a) 100 meals
b) 132 meals
c) 143 meals
d) 1000 meals
Answer:
c) 143 meals
Explanation:
30% of 10 is 3
10-3=7
1000/7=142.857143
round up.
Denton and Carlo worked at an appliance plant. Their job required them to do occasional maintenance work while standing on a wire mesh twenty feet above the plant floor. Other employees had fallen through the mesh, and one was killed by the fall. When Denton and Carlo were asked by their supervisor to do work that would likely require them to walk on the mesh, they refused due to their fear of bodily harm or death. Because of their refusal to do the requested work, the two employees were fired from their jobs. Was their discharge wrongful? If so, under what federal employment Law? What federal agency or department could assist them?
Answer:
Yes
Explanation:
Yes, the disharge was wrongful and the employer can be sued for doing so. Employees are protected under the OSHA law, which basically makes sure that employers provide the employees with safe and hazard free work conditions for all employees. Failure to do so can be met with a lawsuit as well as firing an employee for not putting themselves in a dangerous situation. The OSHA administration which is the same representatives of the law itself can provide assistance to the employees in this situation.
Cohen Company produces and sells socks. Variable cost is $6 per pair, and fixed costs for the year total $75,000. The selling price is $10 per pair. Required: 1. Calculate the breakeven point in units. 2. Calculate the breakeven point in sales dollars. 3. Calculate the units required to make a before-tax profit of $40,000. 4. Calculate the sales dollars required to make a before-tax profit of $35,000. (Do not round intermediate calculations.) 5. Calculate the sales, in units and in dollars, required to make an after-tax profit of $25,000 given a tax rate of 30%.
Answer:
Results are below.
Explanation:
a) To calculate the break-even point in units, we need to use the following formula:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 75,000 / 4
Break-even point in units= 18,750
b)To calculate the break-even point in dollars, we need to use the following formula:
Break-even point (dollars)= fixed costs/ contribution margin ratio
Break-even point (dollars)= 75,000 / (4/10)
Break-even point (dollars)= $187,500
c) Desired profit= $40,000
Break-even point in units= (fixed costs + desired profit) / contribution margin per unit
Break-even point in units= (75,000 + 40,000) / 4
Break-even point in units= 28,750
d) Desired profit= $35,000
Break-even point (dollars)= (fixed costs + desired profit) / contribution margin ratio
Break-even point (dollars)= (75,000 + 35,000) / 0.4
Break-even point (dollars)= $275,000
e) Desired profit (before taxes)= 25,000/0.7= $35,714
Break-even point in units= (fixed costs + desired profit) / contribution margin per unit
Break-even point in units= 110,714/4
Break-even point in units= 27,679
Break-even point (dollars)= (fixed costs + desired profit) / contribution margin ratio
Break-even point (dollars)= 110,714/0.4
Break-even point (dollars)=$276,785
Jerome has insignificant influence of Melina Corporation because it owns less than 20% of the voting stock. The cost of the Melina stock is $5,000 and has a fair value of $6,000 on December 31 at the end of the first year it held the securities. Complete the necessary adjusting entry selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
Answer:
Dec 31
Dr Fair value adjustment - stock $1,000
Cr Unrealized gain - Income $1,000
Explanation:
Preparation of the necessary adjusting entry
Based on the information given if The cost of the Melina stock was the amount of $5,000 in which it has a fair value of the amount of $6,000 on December 31 which means that the necessary adjusting entry will be :
Dec 31
Dr Fair value adjustment - stock $1,000
Cr Unrealized gain - Income $1,000
($6,000 - $5,000)
The Credit Card Processing unit of a bank receives 60 applications per hour. All applications first go through application processing that takes 6 minutes per application. There are 4 workers in the unit who process the applications. After the application is processed, all applications go through the credit check stage which takes 10 minutes per application. There are 6 workers at this stage. 20% of the applications fail the credit check and are rejected. Remaining 80% of applications that pass the credit check are sent for determining credit limit. There are 6 workers at the Determine credit limit stage, and it takes 15 minutes for a worker to process one application. After the credit limit is determined, all applications are sent to the issuing desk, who issue the credit card, and it takes 3 minutes per application.
What is the capacity of the "Credit Check" stage in number of applications per hour?
Answer:
36 applications/hour
Explanation:
Number of application/hour/worker = 60/processing time
Number of application/hour = (60/processing time) * Number of workers
Process No of Processing Number of application Number of
Workers Time (min) /hour/worker application/hour
Application 4 6 10 40
Processing
Credit Check 6 10 6 36
Determine 6 15 4 24
Credit Limit
Issue Card 2 2 30 60
Capacity of credit check in applications per hours = 36 applications/hour
A person who is an entrepreneur is also a businessperson. true or false?
Answer:
False
Explanation:
A person who brings his unique idea to run a startup company is known as an entrepreneur. A businessman is a person who starts a business on an old concept or idea. The businessman is a market player while Entrepreneur is a market leader because he is the first to start such a kind of enterprise.
Prepare an amortization schedule for a three-year loan of $114,000. The interest rate is 11 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan?
Answer:
$1254.000 loan
Explanation:
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Entries and Balance Sheet for Partnership On April 1, 20Y1, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $15,100 cash and merchandise inventory valued at $40,800. Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to $101,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow: Capri's Ledger Balance Agreed-Upon Balance Accounts Receivable $23,100 $18,700 Allowance for Doubtful Accounts 1,000 1,300 Merchandise Inventory 26,900 36,000 Equipment 45,300 43,900 Accumulated Depreciation-Equipment 15,100 Accounts Payable 8,200 8,200 Notes Payable (current) 5,000 5,000
The partnership agreement includes the following provisions regarding the division of net income: interest of 10% on original investments, salary allowances of $36,000 (Lang) and $22,000 (Capri), and the remainder equally.
Required:
1. Journalize the entries to record the investments of Lang and Capri in the partnership accounts. For a compound transaction, if an amount box does not require an entry, leave it blank.
ACCOUNT DEBIT CREDIT
Apr. 1
Apr. 1
2. Prepare a balance sheet as of April 1, 20Y1, the date of formation of the partnership of Lang and Capri.
Lang and Capri
Balance Sheet
April 1, 20Y1
Assets
Current assets:
Total current assets $
Property, plant, and equipment:
Total assets $
Liabilities
Current liabilities:
$
Total liabilities $
Partners' Equity
$
Total partners' equity
Total liabilities and partners' equity $
3. After adjustments at March 31, 20Y2, the end of the first full year of operations, the revenues were $598,000 and expenses were $480,000, for a net income of $118,000. The drawing accounts have debit balances of $40,000 (Lang) and $30,000 (Capri). Journalize the entries to close the revenues and expenses and the drawing accounts at March 31, 20Y2. For a compound transaction, if an amount box does not require an entry, leave it blank.
ACCOUNT DEBIT CREDIT
Mar. 31
Mar. 31
Answer:
1. April 1, 20Y1
Dr Bank $15,100
Dr Inventory $40,800
Cr Whitney Lang Capital $55,900
April 1, 20Y1
Dr Bank $52,900
Dr Equipment 43,900
Dr Account Receivable $18,700
Cr Account Payable $8,200
Cr Notes Payable 5,000
Cr Allowance for Doubtful $1,300
Cr Eli Capri Capital $101,000
2.CURRENT LIABILITIES $171,400
ASSETS $171,400
3. March 31, 20Y2
Dr Revenue $598,000
Cr Expenses $480,000
Cr Profit & Loss $118,000
March 31, 20Y2
Dr Whitney Lang Capital $40,000
Dr Eli Capri Capital $30,000
Cr Cash $70,000
Explanation:
1. Preparation of the journal entries to record the investments of Lang and Capri in the partnership accounts.
April 1, 20Y1
Dr Bank $15,100
Dr Inventory $40,800
Cr Whitney Lang Capital $55,900
($15,100+$40,800)
( Being Cash and Inventory received from Eric Keene as capital contribution)
April 1, 20Y1
Dr Bank $52,900
($101,000+$1,300+5,000+$8,200-43,900-$18,700)
Dr Equipment 43,900
Dr Account Receivable $18,700
Cr Account Payable $8,200
Cr Notes Payable 5,000
Cr Allowance for Doubtful $1,300
Cr Eli Capri Capital $101,000
( Being Capital Contribution by Renee Wallace in form of Assets, cash and Liabilities)
2. Preparation of a balance sheet as of April 1, 20Y1, the date of formation of the partnership of Lang and Capri.
Balance sheet as on April 1, 20Y1,
Particulars Amount($)
Partners Capital A/c
Whitney Lang $55,900
Eli Capri $101,000
$156,900
CURRENT LIABILITIES
Account Payable $8,200
Notes Payable $5,000
Allowance for doubtful Debts $1,300
TOTAL $171,400
($156,900+$8,200+$5,000+$1,300)
ASSETS
Equipment $43,900
Account receivable $18,700
Inventory $40,800
Cash $68,000
($15,100+$52,900)
TOTAL $171,400
($43,900+$18,700+$40,800+$68,000)
3. Preparation of journal entries to close the revenues and expenses and the drawing accounts at March 31, 20Y2
March 31, 20Y2
Dr Revenue $598,000
Cr Expenses $480,000
Cr Profit & Loss $118,000
( Being Revenue and Expenses posted to Profit & loss A/c)
March 31, 20Y2
Dr Whitney Lang Capital $40,000
Dr Eli Capri Capital $30,000
Cr Cash $70,000
($40,000+$30,000)
( Being Drawing from Capital A/c recorded)
In January, Tongo, Inc., a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction of the effects on the accounting equation under the accrual basis.
a. (Sample) Received $10,600 cash for consulting services rendered in January.
b. Issued common stock to investors for $15,500 cash.
c. Purchased $17,600 of equipment, paying 25 percent in cash and owing the rest on a note due in two years.
d. Received $7,750 cash for consulting services to be performed in February.
e. Bought and received $1,100 of supplies on account.
f. Received utility bill for January for $2,070, due February 15.
g. Consulted for customers in January for fees totaling $16,500, due in February.
h. Received $13,500 cash for consulting services rendered in December.
i. Paid $550 toward supplies purchased in (e).
Answer:
Cash + Supplies = Accounts Payable + common stock - dividends + sales commission - Rent expense.
$10,600 + 1,100 = $13,125 - $15,500 +$7,750 - $2,070 - $550 +13,500 + $16,500
Explanation:
Tongo Inc. has incurred transaction in business for the routine business activities. These transaction have impact on asset, liabilities and equity side of the balance sheet. The effect of each transaction is given through the equation based on accrual concept.
Riverbed Corp provides security services. Selected transactions for Riverbed Corp are presented below. Oct. 1 Issued common stock in exchange for $67,300 cash from investors. 2 Hired part-time security consultant. Salary will be $2,000 per month. First day of work will be October 15. 4 Paid 1 month of rent for building for $2,000. 7 Purchased equipment for $18,400, paying $4,100 cash and the balance on account. 8 Paid $500 for advertising. 10 Received bill for equipment repair cost of $400. 12 Provided security services for event for $3,300 on account. 16 Purchased supplies for $420 on account. 21 Paid balance due from October 7 purchase of equipment. 24 Received and paid utility bill for $151. 27 Received payment from customer for October 12 services performed. 31 Paid employee salaries and wages of $5,200.
Date Account Titles and Explanation Debit Credit 1 Cash 67,300 Common Stock 67,30 2 No Entry No Entry Rent Expense 2.000 Cash 2.06 Equipment 18,400 Cash 4.10 Accounts Payable 1436 Advertising Expense 1,700 Cash 1.70 10 Maintenance and Repairs Expense 420 Accounts Payable 42 12 Accounts Receivable 3.300 Service Revenue 3,30 16 Supplies 420 Accounts Payable 21 V Accounts Payable 14300 Cash 1434 24 Utilities Expense 151 Cash 15 27 Cash 3,300 Accounts Receivable 3.30 31 > Salaries and Wages Expense 5.200 Cash 5.26 Post the transactions to accounts. (Post entries in the order of journal entries presented in the previous port. For accounts with zero balance select "Balance from the list and enter or leave it blank) Cash < < < < Accounts Receivable Supplies Equipment < Accounts Payable < Common Stock Accounts Payable < Common Stock Service Revenue Advertising Expense Salaries and Wages Expense Maintenance & Repairs Expense V Rent Expense < Utilities Expense <
Answer:
Oct.1
Dr Cash $67,300
Cr Common stock $67,300
Oct.2 No Entry
Oct.4
Dr Rent expense $2,000
Cr Cash $2,000
Oct.7
Dr Equipment $18,400
Cr Cash $4100
Cr Accounts payable $14,300
Oct.8
Do Advertising expense $500
Cr Cash $500
Oct.10
Dr Repair expense $400
Cr Accounts payable $400
Oct.12
Dr Accounts receivable $3,300
Cr Service revenue $3,300
Oct.16
Dr Supplies $420
Cr Accounts payable $420
[Being To record purchase of supplies on account]
Oct.21
Dr Accounts payable $14,300
Cr Cash $14,300
($18,400-$4,100)
Oct.24
Dr Utilities expense $151
Cr Cash $151
Oct.27
Dr Cash $3,300
Cr Accounts receivable $3,300
Oct.31
Dr Salaries and wages expense $5,200
Cr Cash $5,200
Explanation:
Preparation of journal entries
Oct.1
Dr Cash $67,300
Cr Common stock $67,300
[Being To record investment in business]
Oct.2 No Entry
Oct.4
Dr Rent expense $2,000
Cr Cash $2,000
[Being To record payment of rent]
Oct.7
Dr Equipment $18,400
Cr Cash $4100
Cr Accounts payable $14,300
($18,400-$4,100)
[BeingTo record purchase of equipment]
Oct.8
Do Advertising expense $500
Cr Cash $500
[Being To record payment of advertising expense]
Oct.10
Dr Repair expense $400
Cr Accounts payable $400
[Being To record repair expense]
Oct.12
Dr Accounts receivable $3,300
Cr Service revenue $3,300
[Being To record services performed on account]
Oct.16
Dr Supplies $420
Cr Accounts payable $420
[Being To record purchase of supplies on account]
Oct.21
Dr Accounts payable $14,300
Cr Cash $14,300
($18,400-$4,100)
[Being To record cash paid for accounts payable]
Oct.24
Dr Utilities expense $151
Cr Cash $151
[Being To record payment of utilities]
Oct.27
Dr Cash $3,300
Cr Accounts receivable $3,300
[Being To record collections from customers]
Oct.31
Dr Salaries and wages expense $5,200
Cr Cash $5,200
[Being To record payment of salaries and wages expense]
Assume that the price of a pizza at your local pizza parlor is $12. Illustrate what happens to producer surplus if the price falls from $12 to $6. First indicate the producer surplus lost by those sellers that leave the market because of this lower price. Label this A. Then indicate the decrease in producer surplus lost to those sellers that continue to sell pizza at the lower price. Label this B.
Answer:
attached below
Explanation:
Initial price of pizza at local parlor = $12
new price of pizza = $6
a) Product surplus = area above supply curve and below price ( A )
b) Decrease in producer surplus lost to sellers that continue selling pizza at lower price is represented with B
Your firm expects sales of $672,500 next year. The profit margin is 4.6 percent and the firm has a dividend payout ratio of 15 percent. What is the projected increase in retained earnings
Answer:
$26,294.8
Explanation:
Total expects sales at Next years = $672,500
The profit margin =4.6 percent
For the profit margin of expects sales at Next years= (4.6/100 ×$672,500)
= $30,935
dividend payout ratio =15 percent
distributed dividends= (15/100× $30,935)
= $26,294.75
the projected increase in retained earnings= difference between the profit margin of expects sales at Next years and distributed dividends
= ($30,935 - $4,640.25)
= $26,294.8
Thomlin Company forecasts that total overhead for the current year will be $15,000,000 with 300,000 total machine hours. Year to date, the actual overhead is $16,000,000 and the actual machine hours are 330,000 hours. If Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is
Answer:
$50,000 overapplied
Explanation:
The computation of the overhead is shown below:
The predetermined overhead rate is
= $15,000,000 ÷ 3,000,0000 machine hours
= $50
Now the applied overhead is
= $50 × 330,000 hours
= $16,500,000
Now the overapplied overhead is
= $16,500,000 - $16,000,000
= $50,000 overapplied
Following are the January transactions:
a) Received a $795 deposit from a customer who wanted her piano rebuilt in February.
b) Rented a part of the building to a bicycle repair shop: $545 rent received for January.
c) Delivered five rebuilt pianos to customers who paid $14,425 in cash.
d) Delivered two rebuilt pianos to customers for $7,600 charged on account.
e) Received $6,400 from customers as payment on their accounts.
f) Received an electric and gas utility bill for $750 for January services to be paid in February.
g) Ordered $1,140 in supplies.
h) Paid $3,400 on account in January.
i) Paid $16,900 in wages to employees in January for work done this month.
j) Received and paid cash for the supplies in (g).
Prepare journal entries for the above January transactions.
Answer:
a) Received a $795 deposit from a customer who wanted her piano rebuilt in February.
Account Debit Credit
Cash $795
Unearned Revenue $795
b) Rented a part of the building to a bicycle repair shop: $545 rent received for January.
Account Debit Credit
Cash $545
Rent Revenue $545
c) Delivered five rebuilt pianos to customers who paid $14,425 in cash.
Account Debit Credit
Cash $14,425
Service Revenue $14,425
d) Delivered two rebuilt pianos to customers for $7,600 charged on account.
Account Debit Credit
Accounts Receivable $7,600
Service Revenue $7,600
e) Received $6,400 from customers as payment on their accounts.
Account Debit Credit
Cash $6,400
Accounts Receivable $6,400
f) Received an electric and gas utility bill for $750 for January services to be paid in February.
Account Debit Credit
Utilities Expense $750
Utilities Payable $750
g) Ordered $1,140 in supplies.
Account Debit Credit
Supplies Expense $1,140
Supplies Payable $1,140
h) Paid $3,400 on account in January.
Account Debit Credit
Cash $3,400
Accounts Payable $3,400
i) Paid $16,900 in wages to employees in January for work done this month.
Account Debit Credit
Cash $16,900
Wage Expense $16,900
j) Received and paid cash for the supplies in (g).
Account Debit Credit
Cash $1,140
Supplies Payable $1,140
You need to accumulate $10,000. To do so, you plan to make deposits of $1,000 per year - with the first payment being made a year from today - into a bank account that pays 14% annual interest. Your last deposit will be less than $1,000 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal
Answer:
It will take 6.68 years to reach the $10,000 goal.
Explanation:
As the deposit of $1,000 per year is a form of the annuity payment.
We will use the following formula in order to calculate the numbers of year required to reach the goal
Future value of Annuity = Annuity payment x ( ( ( 1 + interest rate )^numbers of years ) - 1 ) / Interest rate
Where
Future value of Annuity = Target amount = $10,000
Annuity payment = Yearly deposti = $1,000
Interest rate = 14%
Numbers of years = n = ?
Placing values in the formula
Future value of Annuity = Annuity payment x ( ( ( 1 + interest rate )^numbers of years ) - 1 ) / Interest rate
$10,000 = $1,000 x ( ( ( 1 + 14% )^n ) - 1 ) /14%
$10,000 x 14% = $1,000 x ( ( ( 1.14 )^n ) - 1)
$1,400 = $1,000 x ( ( ( 1.14 )^n ) - 1)
$1,400 / $1,000 = ( ( 1.14 )^n ) - 1
1.4 = ( ( 1.14 )^n ) - 1
1.4 + 1 = 1.14^n
2.4 = 1.14^n
Log 2.4 = n x Log 1.14
n = Log 2.4 / Log 1.14
n = 6.681525965
n = 6.68 years
It will take 6.68 years to reach the $10,000 goal.
Moby Enterprises reports the following information for 2019. ($ numbers are totals for 2019, not per unit) Selling price per unit $800 Beginning and ending balances of Work in Process Inventory 0 Beginning balance of Finished Goods Inventory (50 units) $28,750 Units produced 90 Units sold 100 Direct material used (variable) $12,000 Direct labor used (variable) $28,000 Manufacturing overhead (variable) $4,550 Manufacturing overhead (fixed) $10,800 Selling and admn. expenses: sales commission (variable) $4,000 fixed $10,000 Notes: Moby uses FIFO for maintaining its finished goods inventory account. The Beginning Finished Goods Inventory balance of $28,750 consists of $24,250 in variable manufacturing costs and $4,500 of fixed manufacturing overhead. REQUIRED: Part 1. Compute the following for 2019 using absorption costing: a. Total Manufacturing Costs b. Cost-of-Goods-Manufactured c. Per unit cost of production d. Ending balance of Finished Goods Inventory (in units and dollars) e. Cost-of-goods sold f. Gross Margin g. Net Income Part 2. Identify clearly how the fixed manufacturing overhead (both that in the opening inventory and that incurred in 2019) has moved.
Answer:
Moby Enterprises
Part 1:
a. Total Manufacturing Costs:
Direct material used (variable) $12,000
Direct labor used (variable) $28,000
Manufacturing overhead (variable) $4,550
Manufacturing overhead (fixed) $10,800
Total manufacturing costs = $55,350
b. Cost-of-Goods-Manufactured:
Total manufacturing costs = $55,350
c. Per unit cost of production = $55,350/90 = $615
d. Ending balance of Finished Goods Inventory (in units and dollars)
Beginning inventory of finished goods = 50
Plus units produced 90
Less units sold (100)
Ending inventory of finished goods = 40 units
Cost of ending inventory of finished goods = $24,600 (40 * $615)
e. Cost-of-goods sold:
Beginning Finished Goods Inventory $28,750
Cost of goods manufactured 55,350
Less Ending Finished goods inventory (24,600)
Cost of goods sold = $59,500
f. Gross Margin:
Revenue ($800 * 100) = $80,000
Cost of goods sold = (59,500)
Gross Margin = $20,500
g. Net Income:
Gross Margin $20,500
Less expenses (14,000)
Net income = $6,500
Part 2. Identify clearly how the fixed manufacturing overhead (both that in the opening inventory and that incurred in 2019) has moved.
Fixed manufacturing overhead in Beginning Inventory = $4,500
= $90 per unit ($4,500/50)
Fixed manufacturing overhead in current period = $10,800
= $120 per unit ($10,800/90)
This shows that the per unit cost of fixed manufacturing overhead has increased from $90 to $120.
Explanation:
a) Data and Calculations:
Selling price per unit $800
Beginning and ending balances of Work in Process Inventory 0
Beginning balance of Finished Goods Inventory (50 units) $28,750
$24,250 in variable manufacturing costs and $4,500 of fixed manufacturing overhead
Units produced 90
Units sold 100
Ending Finished Goods Inventory = 40 units (50 + 90 = 100)
Direct material used (variable) $12,000
Direct labor used (variable) $28,000
Manufacturing overhead (variable) $4,550
Manufacturing overhead (fixed) $10,800
Selling and admin. expenses:
sales commission (variable) $4,000
fixed $10,000
name any two money associated instruments??
Answer:
discount window and swaps
How does information management differ from a management information system (MIS) ?
Answer:
the main difference between management information system and decision support system is that the management information system (MIS) supports structured decision making while the decision support system (DSS) provides support for unstructured or semi-structured decisions.
Ralph and Elaine have brought a new marketing idea to their company, Sportswear, Inc. Elaine is a bit concerned about the ethical implications of the new strategy. Therefore, the marketing team has decided to use the IDDR approach to decide whether or not to pursue Ralph and Elaine's idea. During the inquiry step of this strategy, the team is struggling to identify the ethical problem. In doing so, they should:
Answer:
Sportswear, Inc.
IDDR Approach to Ethical Decision Making:
During the inquiry step of this strategy, the team is struggling to identify the ethical problem. In doing so, Ralph and Elaine should:
1. Identify the stakeholders of Sportswear, Inc.
2. Collect relevant data.
Explanation:
Ethical decision making relate to making decisions while considering what is right or wrong behavior. The IDDR approach to making ethical decisions involves a desire to do right. The steps include inquiry, discussion, decision, and review. The inquiry stage, in addition to collecting relevant facts about a decision, should identify the company's stakeholders. The stakeholders of any business entity include consumers of the products or services, employees, suppliers, community, owners, and the society as a whole.
PC Company uses the weighted-average method in its process costing system, in which all materials are added at the beginning of the process, and conversion costs are incurred uniformly. The Painting Department started the month with 800 units in a process that was 40% complete, transferred 2,500 units to Finished Goods Inventory, and had 500 units in process at the end of the period, 70% complete. The amount of direct materials cost in beginning inventory was $16,320, and the amount of direct materials cost added this period totaled $121,440.
What is the direct material cost per equivalent unit?
a. $45.92 per equivalent unit
b. $48 per equivalent unit
c. $48.34 per equivalent unit
d. $55.20 per equivalent unit
Answer:
a. $45.92 per equivalent unit
Explanation:
Calculation for direct material cost per equivalent unit
First step is to calculate the Total units
Total units = 2,500 + 500 - 800
Total units = 2,200
Now let calculate direct material cost per equivalent unit
Direct material cost per equivalent unit=($16,320+$121,440)/(2,200+$800)
Direct material cost per equivalent unit=$137,760/3,000
Direct material cost per equivalent unit=$45.92 per equivalent unit
Therefore the Direct material cost per equivalent unit will be $45.92 per equivalent unit
∑⊂⊃⊃⊆⊇⊄⊅∀⇵←→∨∧∉∈⇔∛ what do this means
[tex]\left[\begin{array}{ccc}1&2&3\\4&5&6\\7&8&9\end{array}\right][/tex]
Answer:
hello
Explanation:
hi
When OSHA was enacted in 1970, it was heralded as the most important new source of protection for the U.S. worker in the second half of the twentieth century. From the information in this chapter, what is your opinion about the effectiveness or the ineffectiveness of the act? Should it be expanded, or it should businesses have more freedom to determine safety standards for their workers?
Explanation:
This act OSHA is effective in the establishment of safety and health standards in businesses. Without this act there would be unsafe working conditions for employees in some companies.
The act is ineffective because of the political administration of the day. A new administration may decide to increase the budget, while another may decide to cut it. There is no standard budget for OSHA.
I do not think the act should be expanded. But it does need an amendment which should follow technological advancements.
Although this act has set safety guidelines for companies to follow, so as to make sure that workers are safe where they work, I believe that companies, businesses, should be allowed to some extents to set safety standards for their workers above that of OSHA.
All of the following are positive outcomes of employee development except: Group of answer choices development enhances the organization's capacity to control environmental forces. development increases the chances that the most capable employees will be attracted to work in the organization. development enhances retention. development ensures that employees have the knowledge and skill to effectively perform in the future.
Answer:
development enhances the organization's capacity to control environmental forces
Explanation:
Employee development can be described as when an employer takes certain certain steps to increase the skills, competences and knowledge of the employees.
Employee development can take the form of :
trainingsMentorshipsOn the job trainingconferencesjob rotationsAdvantages of employee development includes :
It reduces employee turnoverIt increases the skills of employeeIt increases the efficiency of employeesCatherine Jones has determined the following information about her own financial situation. Her checking account is worth $800 and her savings account is worth $1,500. She owns her own home that has a market value of $103,000. She has furniture and appliances worth $10,500 and a home computer and laptop worth $3,100. She has a car worth $14,000. She has recently purchased an annuity worth $5,400 and she has a retirement account worth $44,000. What is the value of her liquid assets
Answer:
$2,300
Explanation:
Calculation for the value of her liquid assets
Using this formula
Value of her liquid assets=Checking account worth+Savings account worth
Let plug in the formula
Value of her liquid assets=$800 + $1,500
Value of her liquid assets=$2,300
Therefore Value of her liquid assets will be $2,300
Where can a user adjust the setting for the number of copies to print?
Report Wizard
Print Preview
Page Setup dialog box
Windows Print dialog box
Answer:windows print dialog box (D) on Edg.
Explanation:
Answer:
The answer is D: Windows Print dialog box
Explanation: