Answer:
A. Disbursement Float $53,800
Collection Float $47,600
Net Float $6,200
B. Disbursement Float $53,800
Collection Float $23,800
Net Float $30,000
Explanation:
A. Calculation for the company’s disbursement float, collection float, and net float.
Calculation for Disbursement Float using this formula
Disbursement Float = Average amount of check* Time to clear
Let plug in the formula
Disbursement Float= $13,200*4 days
Disbursement Float= $53,800
Calculation for Collection Float
Collection Float =($23,800*2days)
Collection Float = $47,600
Calculation for Net Float using this formula
Net Float = Disbursement Float + collection Float
Let plug in the formula
Net Float= $53,800-$47,600
Net Float= $6,200
Therefore the company’s disbursement float, collection float, and net float will be:
Disbursement Float $53,800
Collection Float $47,600
Net Float $6,200
B.Calculation to determine what would be the company's disbursement float, collection float, and net float If the collected funds were available in one day instead of two
Calculation for Disbursement Float using this formula
Disbursement Float = Average amount of check* Time to clear
Let plug in the formula
Disbursement Float= $13,200*4 days
Disbursement Float= $53,800
Calculation for Collection Float
Collection Float =($23,800*1 days)
Collection Float = $23,800
Calculation for Net Float using this formula
Net Float = Disbursement Float + collection Float
Let plug in the formula
Net Float= $53,800-$23,800
Net Float= $30,000
Therefore what would be the company's disbursement float, collection float, and net float If the collected funds were available in one day instead of two will be:
Disbursement Float $53,800
Collection Float $23,800
Net Float $30,000
Why is a country better off isolating itself from all other countries
Answer:
Para se proteger dos vazamentos de informações confidenciais do país
Which of the following statements is true of browse-wrap agreements?
Answer:
Im sorry I dont see anything? Theres no pictures.
Lance Brothers Enterprises acquired $755,000 of 4% bonds, dated July 1, on July 1, 2021, as a long-term investment. Management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 5% for bonds of similar risk and maturity. Lance Brothers paid $675,000 for the investment in bonds and will receive interest semiannually on June 30 and December 31.
Prepare the journal entries (a) to record Lance Brothers' investment in the bonds on July 1, 2021, and (b) to record interest on December 31, 2021, at the effective (market) rate. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 2 > Record Lance Brothers' investment in the bonds on July 1, 2021. Record interest on December 31, 2021, at the effective (market) rate.
Answer:
A. July 1, 2021
Dr Investment in bonds755,000
Cr Discount on bondinvestment80,000
Cr Cash 675,000
B. December 31, 2021
Dr Cash 25,100
Cr Discount on bond investment 1,775
Cr Interest revenue16,875
Explanation:
A. Preparation of the journal entries to record Lance Brothers' investment in the bonds on July 1, 2021,
July 1, 2021
Dr Investment in bonds755,000
Cr Discount on bondinvestment80,000
(755,00-675,000)
Cr Cash 675,000
(To record Lance Brothers' investment in the bonds)
B. Preparation of the journal entries to record interest on December 31, 2021, at the effective (market) rate
December 31, 2021
Dr Cash 25,100
(4.00%/2 × $755,000)
Cr Discount on bond investment 1,775
(25,100-16,875)
Cr Interest revenue16,875
(5%2 × $675,000)
(To record interest at the effective)
kofi electronics bought a shipment of Tvs at a net price of $477.36 each, after discounts of 15%,10% and 4%. what is the list price?
Answer:
$650
Explanation:
Let x be the list price of the Tvs
85% of x = 0.85x
90% of 0.85x = (0.9)(0.85)x
96% of (0.9)(0.85)x = (0.96)(0.9)(0.85)x
The net price is given by $477.36
Therefore, $477.36 = (0.96)(0.9)(0.85)x
Hence x = $477.36 / (0.96)(0.9)(0.85)
x = $477.36 / 0.7344
x = $650
So, the list price is the list price
business is art and skill
Answer:
Yes, I can confirm that business is indeed art and skill
What is a learning outcome for sales
Answer: A Learning Outcome (LO) is a measurable, observable, and specific statement that clearly indicates what a student should know and be able to do as a result of learning. Well-written learning outcomes involve the following parts: Action verb. Subject content.
Explanation: Children have a strong sense of identity.
Children are connected with and contribute to their world.
Children have a strong sense of wellbeing.
Children are confident and involved learners.
Children are effective communicators.
Refer to the following lease amortization schedule. The 10 payments are made annually starting with the beginning of the lease. Title does not transfer to the lessee and there is no purchase option or guaranteed residual value. The asset has an expected economic life of 12 years. The lease is noncancelable.
Payment Cash Payment Effective Interest Decrease in balance Outstanding Balance
87,867
1 13,000 13,000 74,867
2 13,000 7,487 5,513 69,354
3 13,000 6,935 6,065 63,289
4 13,000 6,329 6,671 56,618
5 13,000 5,662 7,338 49,280
6 13,000 4,928 8,072 41,208
7 13,000 4,121 8,879 32,329
8 13,000 3,233 9,767 22,562
9 13,000 ? ? ?
10 13,000 ? ? ?
Required:
a. What is the effective annual interest rate?
b. What would the lessee record as annual amortization on the right-of-use asset using the straight-line method?
c. What is the outstanding balance after payment 9?
Answer:
Lease Amortization Schedule
a. The effective annual interest rate is:
= 10%.
b. The amount that the lessee would record as annual amortization on the right-of-use asset using the straight-line method is:
= $8,786.70
c. The outstanding balance after payment 9 is:
= $11,818.
Explanation:
a) Data and Calculations:
Payment Cash Payment Effective Decrease Outstanding
Interest in balance Balance
87,867
1 13,000 13,000 74,867
2 13,000 7,487 5,513 69,354
3 13,000 6,935 6,065 63,289
4 13,000 6,329 6,671 56,618
5 13,000 5,662 7,338 49,280
6 13,000 4,928 8,072 41,208
7 13,000 4,121 8,879 32,329
8 13,000 3,233 9,767 22,562
9 13,000 2,256 10,744 11,818
10 13,000 1,182 11,818 0
b) The effective annual interest rate = (1+i/n)^n - 1
where i = stated interest rate
and n = number of compounding periods (10 years)
= Effective interest/Outstanding balance
For example for year 10, the rate = $1,182/$11,818 * 100 = 10%
Using the straight-line method, annual amortization on the right-of-use asset = $87,867/10 = $8,786.70
The outstanding balance after payment 9 = $11,818 which is paid in year 10 with an interest of $1,182.
On January 1, 20Y3, The Simmons Group, Inc., purchased the assets of NWS Insurance Co. for $37,152,500, a price reflecting an $5,572,875 goodwill premium. On December 31, 20Y9, The Simmons Group determined that the goodwill from the NWS acquisition was impaired and had a value of only $1,671,863. a. Determine the book value of the goodwill on December 31, 20Y9, prior to making the impairment adjustment. $fill in the blank 1 b. Illustrate the effects on the accounts and financial statements of the December 31, 20Y9, adjustment for the goodwill impairment.
Answer:
The Simmons Group, Inc.
a. December 31, 20Y9, the book value of Goodwill before impairment = $5,572,875
b. Effects on the accounts of the December 31, 20Y9 adjustment for the goodwill impairment:
1. Impairment loss of $3,901,012 will be accounted for in the Income Statement for the year, thus reducing the reported profits by $3,901,012.
2. Goodwill be reduced to $1,671,863 in the balance sheet by deducting the impairment loss of $3,901,012 from the book value before the impairment.
Explanation:
a) Data and Calculations:
Jan. 1, 20Y3, Purchase price of NWS Insurance Co. = $37,152,500
Goodwill on acquisition = $5,572,875
December 31, 20Y9, the book value of Goodwill before impairment = $5,572,875
Impaired value - $1,671,863
Impairment loss = $3,901,012 ($5,572,875 - $1,671,863)
b) The Goodwill impairment shows that the carrying amount, $1,671,863, is less than the fair value of $5,572,875. Goodwill is an intangible asset which Simmons Group acquired from NWS Insurance on January 1, 20Y3. It is annually tested for impairment by comparing the fair value with the carrying value.
When did the court cases reach the Supreme Court?
Answer:
August 3, 1791
Explanation:
The carrying value of a long-term note payable is computed as: Group of answer choices The present value of all remaining interest payments, discounted using the current market rate of interest. The future value of all remaining payments, using the market rate of interest. The present value of all remaining payments, discounted using the market rate of interest at the time of issuance. The face value of the long-term note plus the total of all future interest payments. The face value of the long-term note less the total of all future interest payments.
Answer:
The present value of all remaining payments, discounted using the market rate of interest at the time of issuance.
Explanation:
The carrying value of the long term note payable should be shown on the liabilities side of the balance sheet so it would be determined by considering the present value of all the left amount and then apply the market rate of interest of issuance time
Therefore the above represent the answer
watch the video " the best stats youve ever seen " then answer the questions.
Answer:
thats a long video I'll pass
"I haven't missed a day of work in the past year, and I'm committed to this company, so I determined that a 20 percent salary increase is warranted for reasons of fairness," said Ted to his supervisor. In reply, Liz asked, "How did you determine that a 20 percent salary increase is fair?" If Ted had used equity theory as a basis for his request, he would have replied, "To determine a proper salary increase:______
a. I made comparisons with others' salaries."
b. I demonstrated a positive attitude as expected of me."
c. I evaluated how much I am respected."
d. I sought intrinsic rewards for myself."
e. I sought job enlargement in my position."
Answer: a. I made comparisons with others' salaries."
Explanation:
Equity theory simply refers to the principle that the actions of individuals are based on fairness and in a situation whereby there's no fairness or equity, the workers will seek to address such differences.
According to the equity theory, workers believe that everyone who puts in a similar input should get a similar reward. Therefore, in this case since Ted used the equity theory, he'll make a comparison with the salary of others.
Northwest Building Products (NBP) manufactures two lumber products from a joint milling process: residential building lumber (RBL) and commercial building lumber (CBL). A standard production run incurs joint costs of $450,000 and results in 80,000 units of RBL and 120,000 units of CBL. Each RBL sells for $10 per unit and each CBL sells for $12 per unit
Required:
a. Assuming that no further processing occurs after the split-off point, how much of the joint costs are allocated to commercial lumber (CB) on a physical measure method basis?
b. If no further processing occurs after the split-off point, how much of the joint cost is allocated to the residential lumber (RBL) on a sales value basis?
c. Assume that the CB is not marketable at split-off but must be planed and sized at a cost of $300,000 per production run. During this process, 10,000 units are unavoidably lost and have no value. The remaining units of CB are salable at S14 per unit. The RBC, although salable immediately at the split off point, is coated with a tarlike preservative that costs $200,000 per production run. The RBC is then sold for $12 each. Using the net realizable value basis, how much of the completed cost should be assigned to each unit of CB?
d. Based on information in part 3 above, should NBP choose to process RBC beyond split-off ?
Answer:
Northwest Building Products (NBP)
The completed cost that should be assigned to each unit of CB is $5.18.
Explanation:
a) Data and Calculations:
Joint cost = $450,000
Residential building lumber (RBL) produced = 80,000 units
Commercial building lumber (CBL) produced = 120,000 units
Total units produced = 200,000
RBL selling price per unit = $10; Total revenue = $800,000
CBL selling price per unit = $12; Total revenue = $1,440,000
Total revenue for RBL and CBL = $2,240,000
a. Joint costs allocation on physical measure method:
RBL = $450,000 * 80,000/200,000 = $180,000
CBL = $450,000 * 120,000/200,000 = $270,000
b. Joint costs allocation on sales value basis:
RBL = $450,000 * $800,000/$2,240,000 = $160,714
CBL = $450,000 * $1,440,000/$2,240,000 = $289,286
c. Net Realizable value after further processing:
RBL: Completed cost = $380,000 ($180,000 + $200,000)/
Total revenue = $960,000 ($12 * 80,000)
Total cost of production 380,000
Net realizable value = $580,000
CBL: Completed cost = $570,000 ($270,000 + $300,000)
Total revenue = $1,540,000 (110,000 * $14)
Total cost of production = 570,000
Net realizable value = $970,000
Cost per CBL = $5.18 ($570,000/110,000)
What is the primary purpose of a rating service company such as A.M Best?
Answer:
the primary purpose of a rating service company, such as AM Best is To determine financial strength of an insurance company. Protect consumers with guidelines regarding credit reporting and distribution..
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Answer: A
Explanation: The opportunity to earn a higher wage will often make individuals eager to work to earn more money, hence why they are attracted to the job market.
The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during this period. For example, real income per person in Zambia was $1,412 in 1960, and it actually declined to $1,309 by 2010. Zambia's average annual growth rate during this period was -0.15%, and it was the poorest economy in the table in the year 2010.
The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies.
Real Income per Person in 1960 Real Income per Person in 2010 Annual Growth Rate
Economy (Dollars) (Dollars) (Percent)
Austria 9,773 35,031 2.59
Venezuela 7,307 9,762 0.58
Botswana 468 9,515 6.21
Malaysia 1,624 11,863 4.06
Honduras 1,932 3,146 0.98
Zambia 1,412 1,309 -0.15
Indicate which economy satisfies each of the following statements.
a. This economy experienced the fastest rate of growth in real income per person from 1960 to 2010.
b. This economy had the highest level of real income per person in the year 2010.
1. Austria
2. Botswana
3. Honduras
4. Malaysia
5. Venezuela
6. Zambia
Consider the following list of four economies. Which economy began with a level of real income per person in 1960 that was well below that of Venezuela and grew fast enough to catch up with and surpass Venezuela's real income per person by 2010?
1. Austria
2. Botswana
3. Honduras
4. Malaysia
Answer:
1. The economy that satisfies each of the following statements:
a. This economy experienced the fastest rate of growth in real income per person from 1960 to 2010:
2. Botswana
b. This economy had the highest level of real income per person in the year 2010:
1. Austria
b. The economy that began with a level of real income per person in 1960 that was well below that of Venezuela and grew fast enough to catch up with and surpass Venezuela's real income per person by 2010 is:
4. Malaysia
Explanation:
a) Data and Calculations:
Real Income per Real Income per Annual Growth
Person in 1960 Person in 2010 Rate
Economy (Dollars) (Dollars) (Percent)
Austria 9,773 35,031 2.59
Venezuela 7,307 9,762 0.58
Botswana 468 9,515 6.21
Malaysia 1,624 11,863 4.06
Honduras 1,932 3,146 0.98
Zambia 1,412 1,309 -0.15
b) Botswana has the fastest rate of growth of 6.21%, growing from $468 real income per person in 1960 to $9,515 real income person in 2010.
Malaysia's real income per person in 1960 was $1,624, which was below Venezuela's $7,307. But in 2010, Malaysia's real income per person grew to $11,863 against Venezuela's $9,762.
You have been selected to lead a team to decide on a different type of structure in your organization to better serve customers who are complaining about poor service that is slow, impersonal, and not meeting their needs to be heard. Presently, the functional structure isn’t working well. Outline some information from your knowledge using this chapter that would help the team in its assignment.
Answer:
ok
Explanation:
yes and how
A person as the selected the team as the performing, the team to take the customer review of what problems are the faced. An assisted the team to take to solve the problems of the customer.
What is team?
The term team refers to the collection of people with in a one aim. A team members are achieved goal with help of all members. The team is created mostly in sports and management. The all team members are achieved common goal. There are different types of team such as operational team, virtual team, management team, and event team.
A team leader who is a member of the organization. Someone chose the team to better service customers. The services provided by the client were slow, indifferent, and disappointing. Someone is to aid the team in locating the issue. The team conducts a customer review to make a decision.
Therefore, the team assisted as the finding the issue of the customer and the take solution as improved the organization name.
Learn more about on team, here:
https://brainly.com/question/17860885
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Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 21,980 hours and the total estimated manufacturing overhead was $540,708. At the end of the year, actual direct labor-hours for the year were 21,950 hours and the actual manufacturing overhead for the year was $540,708. Overhead at the end of the year was:
Answer:
under-applied with $738
Explanation:
If Actual Overheads > Applied Overheads, we have under-applied overheads.
and
If Applied Overheads > Actual Overheads, we have over-applied overheads.
From the question amounts for overheads are as follows :
Actual Overheads = $540,708 (given)
Applied Overheads = $540,708 / 21,980 hours x 21,950 hours = $539,970
Therefore,
Since Actual Overheads > Applied Overheads
Under-applied Overheads = $540,708 - $539,970 = $738
Conclusion :
Overhead at the end of the year was: under-applied with $738
Kathy is a college student who enjoys spending her summers at the beach. For the past four years starting as a junior in high school she has worked as a waitress at a local beach resort restaurantfrom mid-June through mid-August. If Kathy is injured while working in the restaurant, she will be eligible for workers' compensation benefits.
a. True
b. False
Answer:
True
Explanation:
Workers compensation covers a range of benefits such as death benefits, medical, disability and also displacement benefits.
Workers benefits as a compensation here would cover injuries that are related to the workplace. Although it would not cover all of the person was discovered to be intoxicated or on drugs when it happened.
Kathy here is eligible for a compensation benefit.
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $5,100,000. The county estimated that 3 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $4,755,000 in taxes. During the current fiscal year, the county collected $57,500 in delinquent taxes and $5,700 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in the amount of $15,400 but only expects to collect $13,250 of that amount. At the end of the fiscal year (June 30, 2021), uncollected taxes, interest, and penalties are reclassified. They are not expected to be collected within the first 60 days for the following fiscal year.
Required
a. Record entries for the above transactions as stated.
b. Prepare journal entries to record the tax levy on July 1, 2020, in the General Fund.
Answer:
Dr Taxes Receivable- Current $5,100,000
Cr Allowance for Uncollectible Current Taxes $153,000
Cr. Revenues $4,947,000
Dr Cash $4,755,000
Cr Taxes Receivable-Current $4,755,000
Dr Taxes Receivable-Delinquent $345,000
Dr Allowance for Uncollectible Current Taxes $153,000
Cr Taxes Receivable-Current $345,000
Cr Allowance for Uncollectible Delinquent Taxes $153,000
(3%*$5,100,000)
Dr Interest & Penalties on Delinquent Taxes $15,400
Cr Allowance for Uncollectible Interest and Penalties $2,150
Cr Revenues $13,250
Dr Cash $63,200
Cr Taxes Receivable-Delinquent $57,500
Cr Interest & Penalties Receivable on Taxes $5,700
Explanation:
Preparation of the journal entries to Record entries for the transactions as stated and to Prepare the journal entries to record the tax levy on July 1, 2020, in the General Fund
Dr Taxes Receivable- Current $5,100,000
Cr Allowance for Uncollectible Current Taxes $153,000
(3%*$5,100,000)
Cr Revenues $4,947,000
($5,100,000-$153,000)
Dr Cash $4,755,000
Cr Taxes Receivable-Current $4,755,000
Dr Taxes Receivable-Delinquent $345,000
$5,100,000-$4,755,000)
Dr Allowance for Uncollectible Current Taxes $153,000
(3%*$5,100,000)
Cr Taxes Receivable-Current $345,000
Cr Allowance for Uncollectible Delinquent Taxes $153,000
(3%*$5,100,000)
Dr Interest & Penalties on Delinquent Taxes $15,400
Cr Allowance for Uncollectible Interest and Penalties $2,150
($15,400-$13,250)
Cr Revenues $13,250
Dr Cash $63,200
( $57,500+$5,700)
Cr Taxes Receivable--Delinquent $57,500
Cr Interest & Penalties Receivable on Taxes $5,700
James Corporation owns 80 percent of Carl Corporation's common stock. During October, Carl sold merchandise to James for $205,000. At December 31, 60 percent of this merchandise remains in James's inventory. Gross profit percentages were 30 percent for James and 40 percent for Carl. The amount of intra-entity gross profit in inventory at December 31 that should be eliminated in the consolidation process is
Answer:
$35,143
Explanation:
Step 1 : Determine the value of Ending Inventory
Ending Inventory = $205,000 x 60 %
= $123,000
Step 2 : Determine the amount of unrealized profit in inventory
The Subsidiary (Carl Corporation) sold inventory to Parent (James Corporation).
James Corporation is the Parent of a Group since its owns more than 50% of voting rights of Carl Corporation
We use the gross profit percentage of the seller to determine the unrealized profit in inventory which is 40%.
Unrealized profit in inventory = 40/140 x $123,000
= $35,143
Conclusion :
The amount of intra-entity gross profit in inventory at December 31 that should be eliminated in the consolidation process is $35,143.
On January 4, 2019, the DJIA opened at 10,097.90. The divisor at that time was .147621194. In January 2019, Boeing was the highest-priced stock in the DJIA and Cisco was the lowest. The closing price for Boeing on January 3, 2019, was $340.90, and the closing price for Cisco was $43.47. Suppose the next day the other 29 stock prices remained unchanged and Boeing increased 3.2 percent. What would the new DJIA level be
The question is incomplete. The complete question is :
On January 4, 2019, the DJIA opened at 10,097.90. The divisor at that time was .147621194. In January 2019, Boeing was the highest-priced stock in the DJIA and Cisco was the lowest. The closing price for Boeing on January 3, 2019, was $340.90, and the closing price for Cisco was $43.47. Suppose the next day the other 29 stock prices remained unchanged and Boeing increased 3.2 percent. What would the new DJIA level be :
1. DIJA if Boeing increases 3.2 percent
2. DIJA if Cisco increases 3.2 percent
Solution :
On 3 Jan 2019, Boeing = $ 340.90, Cisco = $ 43.47
DJIA = 10,097.90
Divisor = 0.147621194
Index value = [tex]$\frac{\text{value of all shares}}{\text{divisor}}$[/tex]
Then the value of shares,
[tex]$10097=\frac{\text{value of all shares}}{\text{0.147621194}}$[/tex]
Value of all shares = 10097 x 0.147621194
= 1490.664
The other 29 stock prices remain unchanged, then we add the increased value of a stock to total value after divide by divisor, then we get the Index value.
The new DJIA level :
1. When Boeing increases 3.2 %
Increases in the value of Boeing = [tex]$340.90 \times 3.2\%$[/tex]
= 1501.5728
The new DJIA level = [tex]$\frac{1501.5728}{0.1476211}$[/tex]
= 10171.80
2. When Cisco increases 3.2 %
Increases in the value of Cisco = [tex]$43.47 \times 3.2\%$[/tex]
= 1.39104
Total value of the shares = 1490.664 + 1.39104
= 1492.055
The new DJIA level = [tex]$\frac{1492.055}{0.1476211}$[/tex]
= 10107.32
In the first month of operations for Marigold Industries, the total of the debit entries to the cash account amounted to $36600 ($16700 investment by the owner and revenues of $19900). The total of the credit entries to the cash account amounted to $22100 (purchase of equipment $8100 and payment of expenses $14000). At the end of the month, the cash account has a(n)
What is the most important change this student should make to her profile as she begins to apply to college?
(A)She should list the address for her high school.
(B)She should tell more about her summer experiences.
(C)She should describe her plans for her social life in greater detail.
(D)She should place less emphasis on partying and tell more about her future intentions.
Answer:
D
Explanation:
ong fam
Answer:
The other person is right.
Explanation:
Hercules Inc. manufactures elliptical exercise machines and treadmills. The products are produced in its Fabrication and Assembly production departments. In addition to production activities, several other activities are required to produce the two products. These activities and their associated activity rates are as follows:
Activity Activity
Rate Fabrication $30 per machine hour
Assembly $35 per direct labor hour
Setup $90 per setup
Inspecting $20 per inspection
Production scheduling $19 per production order
Purchasing $5 per purchase order
The activity-base usage quantities and units produced for each product were as follows:
Activity Base Elliptical Machines Treadmill
Machine hours 600 400
Direct labor hours 190 223
Setups 30 30
Inspections 15 25
Production orders 40 30
Purchase orders 318 85
Units produced 500 320
Required:
Use the activity rate and usage information to determine the total activity cost and activity cost per unit for each product.
Answer:
Results are below.
Explanation:
First, we need to allocate costs using the following formula:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Elliptical Machines:
Rate Fabrication= 30*600= 18,000
Assembly= 35*190= 6,650
Setup= 90*30= 2,700
Inspecting= 20*15= 300
Production scheduling= 19*40= 760
Purchasing= 5*318= 1,590
Total allocated costs= $30,000
Treadmill:
Rate Fabrication= 30*400= 12,000
Assembly= 35*223 7,805
Setup= 90*30= 2,700
Inspecting= 20*25= 500
Production scheduling= 19*30= 570
Purchasing= 5*85= 425
Total allocated costs= $24,000
Finally, the unitary costs:
Elliptical Machines= 30,000 / 500= $60
Treadmill= 24,000 / 320= $75
Orchard Fresh, Inc., purchases apples from local orchards and sorts them into four categories. Grade A are large blemish-free apples that can be sold to gourmet fruit sellers. Grade B apples are smaller and may be slightly out of proportion. These are packed in boxes and sold to grocery stores. Apples for slices are even smaller than Grade B apples and have blemishes. Apples for applesauce are of lower grade than apples for slices, yet still suitable for canning. Information on a recent purchase of 20,000 pounds of apples is as follows: Assume that Orchard Fresh, Inc., uses the sales-value-at-split-off method of joint cost allocation and has provided the following information about the four grades of apples:
Grades Pounds Price at Split-Off(per Ib.)
Grade A $1,600 $4.00
Grade B $5,000 1.00
Splices $8,000 0.50
Applesauce $5,400 0.10
Total $20,000
Total joint cost is $18,000.
Required:
1. Allocate the joint cost to the four grades of apples using the sales-value-at-split-off method.
2. What if the price at split-off of Grade B apples increased to $1.20 per pound? How would that affect the allocation of cost to Grade B apples? How would it affect the allocation of cost to the remaining grades?
Answer:
Orchard Fresh, Inc.
1. Allocation of the joint cost to the four grades of apples using the sales-value-at-split-off method:
Total joint cost allocation rate is $18,000/$20,000 = $0.90
Grade A $1,600 * $0.90 = $1,440
Grade B $5,000 * $0.90 = $4,500
Splices $8,000 * $0.90 = $7,200
Applesauce $5,400 * $0.90 = $4,860
Total allocated costs $18,000
2. When Grades B apples price increased to $1.20 per pound:
Total joint cost allocation rate is $18,000/$21,000 = $0.857
Grade A $1,600 * $0.857 = $1,371
Grade B $6,000 * $0.857 = $5,142
Splices $8,000 * $0.857 = $6,856
Applesauce $5,400 * $0.857 = $4,628
Total allocated costs $17,997
Explanation:
a) Data and Calculations:
Grades Pounds Total costs Price at Split-
Off(per Ib.)
Grade A 400 $1,600 $4.00
Grade B 5,000 $5,000 1.00
Splices 16,000 $8,000 0.50
Applesauce 54,000 $5,400 0.10
Total $20,000
Joint cost = $18,000
Allocation of joint costs:
Total joint cost is $18,000/$20,000 = $0.90
Grade A $1,600 * $0.90 = $1,440
Grade B $5,000 * $0.90 = $4,500
Splices $8,000 * $0.90 = $7,200
Applesauce $5,400 * $0.90 = $4,860
Total allocated costs $18,000
Total joint cost is $18,000/$21,000 = $0.857
Grade A $1,600 * $0.857 = $1,371
Grade B $6,000 * $0.857 = $5,142
Splices $8,000 * $0.857 = $6,856
Applesauce $5,400 * $0.857 = $4,628
Total allocated costs $17,997
Wriston Company is preparing its cash budget for the upcoming month. The beginning cash balance for the month is expected to be $15,000. Budgeted cash disbursements are $72,500, while budgeted cash receipts are $89,600. Wriston Company wants to have an ending cash balance of $30,000. The excess (deficiency) of cash available over disbursements for the month would be
Answer:
$2,100
Explanation:
Cash Available = Opening Balance + Receipts - Disbursements - Desired Balance
= $15,000 +$89,600 - $72,500 - $30,000
= $2,100
Therefore,
The excess of cash available over disbursements for the month would be $2,100
The balance cash available after disbursement will be $2,100.
What is cash balance?Cash balance refers to the amount of cash that is available after paying off for the expenses. The cash balance is calculated using the following formula:
[tex]\rm Cash\:balance = Beginning\:balance + Receipts - Disbursements - Desired \:Balance\\\\\rm Cash\:balance = \$15,000 + \$89,600 - \$72,500 - \$30,000\\\\\rm Cash\:balance = \$2,100[/tex]
Therefore the cash balance after disbursement is $2,100.
Learn more about cash balance here:
https://brainly.com/question/27062172
A materials requisition slip showed that direct materials requested were $66000 and indirect materials requested were $15000.
The entry to record the transfer of materials from the storeroom is
1. Work In Process Inventory 66000
Manufacturing Overhead 15000
2. Raw Materials Inventory 81000
Work In Process Inventory 66000
3. Raw Materials Inventory 66000
Direct Materials 66000
4. Indirect Materials 15000
Work in Process Inventory 81000
5. Manufacturing Overhead 81000
Raw Materials Inventory 81000
Answer:
Work In Process Inventory $66,000
Manufacturing overhead $15,000
To Raw Materials Inventory $81,000
Explanation:
The journal entry is shown below;
Work In Process Inventory $66,000
Manufacturing overhead $15,000
To Raw Materials Inventory $81,000
(Being the transfer of material is recorded)
here the work in process inventory and manfacturing overhead is debited as it increased the assets and expense and credited the raw material inventory as it reduced the assets
Item7 4 points eBookPrintReferencesCheck my workCheck My Work button is now enabledItem 7 Planner Corporation owns 60 percent of Schedule Company’s voting shares. During 20X3, Planner produced 25,000 computer desks at a cost of $82 each and sold 10,000 of them to Schedule for $94 each. Schedule sold 7,000 of the desks to unaffiliated companies for $130 each prior to December 31, 20X3, and sold the remainder in early 20X4 for $140 each. Both companies use perpetual inventory systems. Required: a. What amounts of cost of goods sold did Planner and Schedule record in 20X3? b. What amount of cost of goods sold must be reported in the consolidated income statement for 20X3? (Do not round intermediate calculations.)
Answer:
Planner Corporation and Schedule Company
The cost of goods sold in 20X3:
Planner Schedule
Corporation Company Consolidated
Cost of goods sold $820,000 $658,000 $574,000
Explanation:
a) Data and Calculations:
Planner Corporation:
Cost of Goods Sold:
Cost of production = $2,050,000 (25,000 * $82)
Cost of goods sold = $820,000 (10,000 * $82)
Schedule Company:
Cost of goods sold = $658,000 (7,000 * $94)
Consolidated income statement:
Cost of goods sold = $574,000 (7,000 * $82)
In preparing a company's statement of cash flows for the most recent year, the following information is available:
Loss on the sale of equipment $14,100
Purchase of equipment 146,000
Proceeds from the sale of equipment 127,000
Re-payment of outstanding bonds 87,500
Purchase of treasury stock 62,500
Issuance of common stock 96,500
Purchase of land 116,000
Increase in accounts receivable during the year 43,500
Decrease in accounts payable during the year 75,500
Payment of cash dividends 35,500
Net cash flows from investing activities for the year were:______.
a. $128,100 of net cash used.
b. $143,000 of net cash used.
c. $270,000 of net cash used.
d. $143,000 of net cash provided.
e. $234,500 of net cash provided.
Answer:
$135,000 of net cash used
Explanation:
Cashflow from Investing Activities Section
Purchase of equipment (146,000)
Proceeds from the sale of equipment 127,000
Purchase of land (116,000)
Net Cash from Investing Activities (135,000)
therefore,
Net cash flows from investing activities for the year were ($135,000)