Answer and Explanation:
a. Outsource the lesser portion of the order furnishings to third parties. Likewise, the company can improve its productivity while ensuring that the core knowledge of the business is not shared.
b. Implement strict quality assurance system to ensure that goods are of the highest quality. In order to initially acquire market share it is essential to maintain quality for new products.
c. By requesting collateral or non-funded guarantees such as "Credit Letter," "Bank Guarantee," "Corporate Guarantee," etc. That would provide additional cushion to mitigate the risk of counter parties.
d. By offering over collateralize or facilities dependent on non-funding as described above. The method works in both directions.
e. By improving the company's capital structure, either by lowering its debt obligation or by infusing more promoter capital.
Better cash accrual through increased productivity will also provide support for the forthcoming cash flow that would favorably impact the liquidity risk. Risk reduction thus gives way to lower borrowing costs irrespective of the rise in market interest rates.
If some of the products developed by I'mASoftwareCo. must face market competition that can very quickly produce either an identical product or a close substitute for it, then
a) it may decide against R&D projects of this sort.
b) it will have to figure out innovative ways to prevent adaptation and copying of its products.
c) the other firms will all save on their R&D costs.
d) it must charge more for its products to quickly compensate for the research and development costs.
Answer:
A.It may decide against R & D projects of this sort
Explanation:
Where there is market competition, such can present an avenue for a firm to discover new products/technology. Also, a firm could generate more profit because they are able to produce goods at a cheaper rate or produce products with certain features that suits customers needs. When a firm is innovative, it will have an edge over it's competitors in the mean time hence must have made enough profits before competitors catches up.
However, in a case where competition discourages technology as in the above case i.e a new firm copying the company's idea, the company may decide against R&D projects of this sort because if the research and development effort fails, the company may incur loss which could drive it out of business. Moreover, it means that the R&D on such product has not been successful since an identical product or a close substitute product can quickly be produced by it's competitors hence must be decided against to avoid them making losses.
Prepare journal entries for each of the following. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Issued a check to establish a petty cash fund of $500. b. The amount of cash in the petty cash fund is $160. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $199 and miscellaneous selling expense, $126. Record any missing funds in the cash short and over account. For a compound transaction, if an amount box does not require an entry, leave it blank.
Answer:
A.Dr Petty cash $500
Cr To Cash Account $500
B. Dr Store supplies $199
Dr Miscellaneous expenses $126
Dr Cash over and short $15
Cr To Cash Account $340
Explanation:
Petty cash can be defined to a small or little amount of currency and coins which a company tend to use to pay small amounts without writing a cheque.
a)The Journal entry to create a petty cash fund with $500 will be recorded as:
Dr Petty cash $500
Cr To Cash Account$500
b) Preparation of the Journal entry to record any missing funds in the cash short and over account.
The total expenses as per receipts will be:
199+126=325
The balance of petty cash will have:
500-325=$175
The balance available in the petty cash fund is given as $160, which is short by $15 (175-160).
Therefore we need to replenish the fund with $ 340 which is Available fund of $160 -Original fund $500
Hence, the difference in the fund due to error will be treated just like an expense in which debit will be given to an account called ''cash over and short"
Thus, the debit is given to the expenses and credit to cash account.
The entry to record replenishing the fund would not credit the Petty Cash account.
The entry will be
Dr Store supplies $199
Dr Miscellaneous expenses $126
Dr Cash over and short $15
Cr To Cash Account $340
Brandon is a successful professional. He is a divorced father of a 10 year old. He is confident due to his award-winning work on the college debate team. He is conscious of fashion and is meticulous about his clothes. He subscribes to numerous trade and specialty magazines. He loves to tell others about the new products he buys.
A. EA
B. EM
C. L
D. LM
Answer:
A). EA (Early Adopters)
Explanation:
There are basically five categories of adopters namely (in no particular order):
Early adopters (EA);
Late majority(LM);
Early majority (EM);
Innovators (I);
Laggards (L).
The early adopters can be said to be trend setters. Their opinions are taken by others as they are quite young and have enough social contacts. They tend to adopt to new technologies easily, but not as apt as the innovators. The early adopters tend to show off their choice of fashion and trends and even suggest to others to buy similar products.
All the characteristics of Brandon listed in this case falls in the early adopters perfectly. Therefore we can say that brandon is an early adopter(EA).
Option A is correct.
Fields Cutlery, a manufacturer of gourmet knife sets, produced 20,000 sets and sold 23,000 units during the current year. Beginning inventory under absorption costing consisted of 3,000 units valued at $66,000 (Direct materials $12 per unit; Direct labor, $3 per unit; Variable Overhead, $2 per unit, and Fixed overhead, $5 per unit.) All manufacturing costs have remained constant over the 2-year period. At year-end, the company reported the following income statement using absorption costing: Sales (23,000 × $45) $ 1,035,000 Cost of goods sold (23,000 × $22) 506,000 Gross margin $ 529,000 Selling and administrative expenses 115,000 Net income $ 414,000 60% of total selling and administrative expenses are variable. Compute net income under variable costing:
Sales (23,000 × $45) $1,035,000
Cost of goods sold (23,000 × $22) 506,000
Gross margin $529,000
Selling and administrative expenses 115,000000
Net income $414,000
60% of total selling and administrative expenses are variable. Compute net income under variable costing.
a. $414,000
b. $399,000
c. $529,000
d. $429,000
e. $644,000
Answer:
d. $429,000
Explanation:
This can be obtained by preparing an income statement under variable costing. The income statement under variable costing deduct variable costs from the sales revenue to obtain contribution margin firs before deducting fixed costs in order to obtain net income. The income statement under variable costing can therefore be prepared as follows:
Fields Cutlery
Income Statement (Variable Costing)
For the Year End
Particulars $
Sales (23,000 × $45) 1,035,000
Variable cost:
Direct materials ($12 * 23,000) (276,000)
Direct labor ($3 * 23,000) (69,000)
Variable Overhead ($2 * 23,000) (46,000)
Selling $ admin exp (60% * $115,000) (69,000)
Contribution margin 575,000
Fixed cost:
Fixed overhead ($5 * 20,000) (100,000)
Selling $ admin exp (40% * $115,000) (46,000)
Net income 429,000
Note:
1. The variable cost is computed using the 23,000 units sold because the variable cost of the opening 3,000 units from the previous year has to be added to the variable cost of the 20,000 units produced this year. This is to obtain the total variable costs for the 23,000 units sold since variable cost varies with units.
2. The Fixed overhead is computed using the 20,000 units produced this year. This is because the total fixed cost does not change as units of production changes. The Fixed overhead of $5 per unit was actually arrived at by dividing $100,000 by 20,000 units. This Fixed overhead was also $100,000 previous year as it remains constant every year.
In the Solow model, in the absence of any shock, the capital stock remains at some level forever. This rest point is called the Group of answer choices Steady state Saving rate Short-run equilibrium Rate of capital accumulation
Answer:
Steady state
Explanation:
This rest point is called the steady state. At this state investment is equal to depreciation. In solow growth model, an economy in steady state is of a stable size or fluctuates just a little.
Output, population, capital stock, saving, investment, and technical progress, all grow at a constant rate or are constant. An economy gets to a steady state after a period of growth or after a downsizing period.
A machine with a cost of $164,000, accumulated depreciation of $102,000, and current year depreciation expense of $25,500 is sold for $53,600 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:
Answer:
$53,600
Explanation:
The computation of the cash flow from investing activities is shown below:
Cash flow from investing activities
Sale value of machinery $53,600
Net cash flow from investing activities $53,600
The current year depreciation expense is to be reported under operating activities and as we know that the investing activities record those activities which are held for purchased and sale of long term assets so the sale value fo machinery is only reported
In October of the current year, received a $15,520 payment from a client for 32 months of security services she will provide starting on September 1 of this year. This amounts to $485 per month. Janine is a calendar-year taxpayer.
a. When must Janine recognize the income from the $17,360 advance payment for services if she uses the cash method of accounting?
1. Year 1
2. Year 2
3. Year 0
4. Year 1 and year 2
5. Year 0 and year 1
b. When must Janine recognize the income from the $17,360 advance payment for services if she uses the accrual method of accounting?
1. Year 0 and Year 1
2. Year 0
3. Year 1
4. Year 1 and Year 2
5. Year 2
c. Suppose that instead of services, Janine received the payment for a security system (inventory) that she will deliver and install in year 2. When would Janine recognize the income from the advance payment for inventory sale if she uses the accrual method of accounting and she uses the deferral method for reporting income from advance payments? For financial accounting purposes, she reports the income when the inventory is delivered.
1. Year 2
2. Year 1
3. Year 0
4. Year 0 and year 1
5. Year 1 and year 2
d. Suppose that instead of services, Janine received the payment for the delivery of inventory to be delivered next year. When would Janine recognize the income from the advance payment for sale of goods if she uses the accrual method of accounting and she uses the full-inclusion method for advance payments?
1. Year 1
2. Year 1 and year 2
3. Year 2
4. Year 0 and year 1
5. Year 0
Answer:
a. When must Janine recognize the income from the $17,360 advance payment for services if she uses the cash method of accounting?
3. Year 0Cash method of accounting recognizes revenues and expenses when they are received or paid for.
b. When must Janine recognize the income from the $17,360 advance payment for services if she uses the accrual method of accounting?
1. Year 0 and Year 1
c. Suppose that instead of services, Janine received the payment for a security system (inventory) that she will deliver and install in year 2. When would Janine recognize the income from the advance payment for inventory sale if she uses the accrual method of accounting and she uses the deferral method for reporting income from advance payments? For financial accounting purposes, she reports the income when the inventory is delivered.
1. Year 2She will recognize revenue only after the merchandise is delivered.
d. Suppose that instead of services, Janine received the payment for the delivery of inventory to be delivered next year. When would Janine recognize the income from the advance payment for sale of goods if she uses the accrual method of accounting and she uses the full-inclusion method for advance payments?
5. Year 0Under this system, advanced payments are considered revenue on the year that they were received.
Ms. Johnson invested $10,000 in a 10-year zero coupon bond and $20,000 in a 3-year semiannual coupon bond that has a duration of 2.5 years. Her portfolio is immunized from interest rate risk if ______.
Answer:
Her investment horizon is 5 years
Explanation:
If investment = $10,000
10-year zero coupon bond
$20,000 in a 3-year semiannual duration = 2.5 years.
Duration = (1/3 )*10 + (2/3)*2.5
= 5 years
"The manufacturing operations of Bryant, Inc. had the following balances for the month of January:
Inventories January 1 January 31
Raw materials $12,000 $13,000
Work in process 21,000 23,000
Finished goods 14,000 16,000
Bryant transferred $290,000 of completed goods out of work in process during January.
Compute the cost of goods sold.
a. $293,000
b. $270,000
c. $268,000
d. $272,000
Answer:
COGS= $288,000
Explanation:
Giving the following information:
Inventories January 1 January 31
Finished goods 14,000 16,000
Bryant transferred $290,000 of completed goods out of work in the process during January.
To calculate the cost of goods sold, we need to use the following formula:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 14,000 + 290,000 - 16,000
COGS= 288,000
The Cash account of First on AlertSecurity Systems reported a balance of $ 2 comma 430at December31,2018.There were outstanding checks totaling $ 1 comma 000and a December31 deposit in transit of $ 200.The bank statement, which came from ParkCities Bank, listed the December31balance of $ 3 comma 910.Included in the bank balance was a collection of $ 690on account from Jane Lindsey,a First on Alertcustomer who pays the bank directly. The bank statement also shows a $ 20service charge and $ 10of interest revenue that First on Alertearned on its bank balance. Prepare First on Alert'sbank reconciliation at December31.
Answer:
First on Alert's bank reconciliation at December 31, 2018
Cash Account First on Alert Security Systems
Balance , December 31,2018 $2,430
Add: Collection from Jane Lindsey $690
Add: Interest revenue $10
Less:-Service charges $20.00
Adjusted Cash Account balance December 31, 2018 $3,110.00
Bank Account at Park Cities
Balance , December 31,2018 $3,910
Add: Deposit in transit $200
Less: Outstanding cheque $1,000
Adjusted bank balance December 31, 2018 $3,110.00
Marie and Ethan form Roundtree Corporation with the transfer of the following:
Marie performs personal services for the corporation with a fair market value of $80,000 in exchange for 400 shares of stock.
Ethan contributes an installment note receivable (basis $25,000; fair market value $30,000), land (basis $50,000; fair market value $170,000), and inventory (basis $100,000; fair market value $120,000) in exchange for 1,600 shares.
Determine Marie and Ethan's current income, gain or loss. Calculate the basis that each takes in the Roundtree stock.
Answer: Please see the expl;anation column
Explanation:
Current Income of Marie =$80,000 due to services done for the corporation
Basis of Marie =$80,000 basis in her 400 shares of stock
b)Current income of Ethan =$0, due to no service done for the corporation.
basis of Ethan =$175,000 basis in his 1,600 shares of stock. This is accrued from
Note Receivable 25,000
land 50, 000
Inventory 100,000
Total basis of Ethan $175,000
c) No gain or loss recognized this is because according to Section 351
When there is a transfer of property to corporation in exchange for stock and transferors take control of the corporation then No gain or loss will be recognized.
An investment, which is worth 26,800 dollars and has an expected return of 4.28 percent, is expected to pay fixed annual cash flows forever with the next annual cash flow expected in 1 year. What is the present value of the annual cash flow that is expected in 4 years from today
Answer:
Present Value = $22,663.69
Explanation:
The present value of a sum expected in the future is the worth today given an opportunity cost interest rate. In another words ,it is amount receivable today that would make the investor to be indifferent between the amount receivable today and the future sum.
The present value of a lump sum can be worked out as follows:
PV = FV × (1+r)^(-n)
PV - Present value - ?
FV - Future value - 26,800
r- Interest rate per period - 4.28%
n- number of periods- 4
PV = 26,800 × (1.0428)^(-4)=22,663.69
PV = $22,663.69
The officers of an oil refiner, trader, and hedger based in New York were arrested by the FBI for committing massive financial statement fraud. The executives used many schemes to perpetuate the fraud, one of which was to hide a $30 million accounts payable from the auditors and show it as a payable arising in the following year. To conceal the fraud, they altered purchasing records, using correction fluid, and provided only photocopies of the records to the auditors. The Big 4 firm that audited this company was later sued for audit negligence in not finding this fraud.
Required:
In your opinion, were the auditors negligent for accepting photocopies of purchasing records and not detecting this accounts payable understatement?
Answer:
Yes. The auditors were negligent for accepting photocopies of purchasing records as these are not sufficient audit evidence to base a opinion on.
Explanation:
As part of their professional skepticism, auditors must obtain sufficient audit evidence.
Audit Evidence must be reliable and relevant to be considered sufficient for the auditor to base their opinion.
Photocopies were not reliable as they do not contain the original signatures responsible personnel and may be altered.
You bought a 18-year, 7.2% semi-annual coupon bond today and the current market rate of return is 7.8%. The bond is callable in 6 years with a $1,099 call premium. What price did you pay for your bond
Answer:
$ 1,035.18
Explanation:
The price of the bond can be determined using the pv excel function as below:
=-pv(rate,nper,pmt,fv)
rate is the yield of 7.8%
nper is the number of coupons before the bonds are called which is 6
pmt is the annual coupon i.e face value*coupon rate=$1000*7.2%=$72
fv is the call price in six years' time which is $1099
=-pv(7.8%,6,72,1099)=$ 1,035.18
Which of the following is a creative form of signage?
A. Billboards
B. Scented magazine advertisements
C. Distributing flyers by hand
D. Plane banners
Answer:
D. Plane banners
Explanation:
A signage is the design or use of signs and symbols to communicate a message.
A billboard can be a signage but a more creative form would be a plane banner.
The following is a creative form of signage Plane banners. Hence, option (D) is correct.
What are plane banners?The term banners are a highly-visible commercial enterprise. A tool that allows a large book or number of people and potential customers to view an ad at one time, salvaging both time and resources, while still representing the attention of thousands or even millions.
As the signage is referred to, given to the public, the commercial signs in it as we see there are many as there are different advertisements are being also there in it the signs and symbols to communicate a message. Signage also means signs, collectively or being considered as a group.
Therefore, option(D) is correct.
Learn more about plane banners here:
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Below is budgeted production and sales information for Flushing Company for the month of December. Product XXX Product ZZZ Estimated beginning inventory 31,000 units 17,100 units Desired ending inventory 36,400 units 14,300 units Region I, anticipated sales 348,000 units 266,000 units Region II, anticipated sales 189,000 units 140,000 units The unit selling price for product XXX is $6 and for product ZZZ is $15. Budgeted production for product ZZZ during the month is a.604,400 units b.403,200 units c.406,000 units d.420,300 units
Answer:
Production= 403,200 units
Explanation:
Giving the following information:
Product ZZZ
Estimated beginning inventory= 17,100 units
Desired ending inventory 14,300 units
Sales:
Region I= 266,000 units
Region II= 140,000 units
Total= 406,000
To calculate the production required for the period, we need to use the following formula:
Production= sales + desired ending inventory - beginning inventory
Production= 406,000 + 14,300 - 17,100
Production= 403,200 units
Assume that the following balance sheet portrays the state of the banking system. the banks currently have no excess reserves.
Assets Liabilities and Net worth
(Billions of Dollars)
Total reserves 4 Chekable 20
Loans 11
Securities 5
Total 20 Total 20
What is the required reserve ratio?
a. 25%
b. 5%
c. 10%
d. 20%
Answer:
20%
Explanation:
The total reserves of banks is $4 billion
Since the banks have no excess reserves then, the total amount of required reserves is $4 billion
The checkabke deposits is $20 billion
Therefore, the required reserve ratio can be calculated as follows
Required reserve ratio= $4 billion/$20 billion
= 0.20×100
= 20%
Hence the required reserve ratio is 20%
Calculating credit card interest. Ryan Gray, a student at State College, has a balance of $380 on his retail charge card; if the store levies a finance charge of 21 percent per year, how much monthly interest will be added to his account?
Answer:
$6.65
Explanation:
Annual Interest = 21%
Monthly Interest = 21%/12 = 1.75%
So the monthly interest that will be added to Ryan's account would be
Monthly Interest = $380 x 1.75%
Monthly Interest = $6.65
In the Italian company FormFit Inc., all the important positions in its foreign subsidiaries are held by Italian nationals. According to this information, what staffing policy is pursued by the company
Answer:
Ethnocentric staffing
Explanation:
The staffing policy persued by the company is ethnocentric staffing because this is when a multinational hires people from the home country for the management positions in the subsidiaries as in this case in which the Italian company FormFit Inc hires Italian nationals for all the important positions in its foreign subsidiaries.
what is the producers surplus when barylia engages in trade and the government imposes a tariff of $1
Answer: $20
Explanation:
When the Government introduces a tariff, it will have the effect of reducing competition for the local producers because import prices will now be higher.
The Producer surplus before the tariff was G because they were forced to sell at the global price. With the imposition of the tariff, the price went to $4 or rather P2. This then increased Producer Surplus to include area F as well.
The total Producer Surplus is therefore, F + G.
This is a triangle so it will be solved for the area by the formula;
= [tex]\frac{1}{2} * base * height[/tex]
= [tex]\frac{1}{2}[/tex] * 20 * ( 4 -2)
= 10 * 2
= $20
you need to have $32000 in 7 years. you can earn an annual interest rate of 3 percent for the first 4 years, and 3.6 percent for the next 3 years. How much do you have to deposit today?
Answer:
$22,569.48 is amount i must have to deposit today
Explanation:
FV = Future Value , PV = Present Value , r = rate of interest , n= no of period
PV = FV / (1 + r )n
PV = 32000 / (1 + 3%)^4*(1+3.6%)^3
PV= $32,000/ (1 + 0.03)^4*(1+0.036%)^3
PV= $32,000/ (1.03)^4*(1.036%)^3
PV= $32,000/ (1.03)^4*(1.036)^3
PV= $32,000/ 1.12550881 * 1.111934656
PV= $32,000/ 1.251492251
PV = $22,569.47514
PV = $22,569.48
$22,569.48 is amount i must have to deposit today
A special tax was levied by Downtown City to retire and pay interest on general obligation bonds that were issued to finance the construction of a new city hall. Where are the receipts from the tax recorded?
a. Capital Projects Fund
b. Special Revenue Fund
c. Debt Service Fund
d. General Fund
e. None of the above
Answer:
C. Debt Service Fund.
Explanation:
Dept service funds can be described as monies or reserves which are been used to pay for capitals, interest and certain dept that have accrued by the company and it can cover for any other form of dept owed by the company.
It's existence is put in place to reduce the risk of a debt security for future investors. This can be paid out monthly mid-monthly, quarterly or possibly yearly.
This why the tax on general obligation bonds that has been put upon Downtown city to finance the hall has it receipts in place at the dept service fund office.
A broker moves his office without telling the FREC where he is moving. Two weeks later, a seller comes in and lists his property. The property sells, but the seller is most unhappy with the way the broker performed. The seller refuses to pay a commission to the broker. Can the seller do this?
Answer:
Yes
Explanation:
In this specific scenario, it can be said that Yes the seller can refuse to pay the broker a commission. This is because the broker's license ceases to be in force when the broker changes his address without notifying the FREC within 10 days. Therefore, since the broker moved and did not notify the FREC where he moved to, and did not register his new address then the seller is within his rights to refuse payment to the broker.
"Hindi Co. started 3,000 units during the period. Its beginning inventory is 500 units one-fourth complete as to conversion costs and 100% complete as to materials costs. Its ending inventory is 300 units one-fifth complete as to conversion costs and 100% complete as to materials costs. How many units were transferred out this period
Answer: 3,200 units
Explanation:
The Units transferred out during the year will be those that were inherited from the previous period as well as those started during the year less the closing inventory still in progress.
The formula to calculate the units is therefore;
= Opening inventory + Started during the year - Closing Inventory
= 500 + 3,000 - 300
= 3,200 units
Two types of cars (Deluxe and Limited) were produced by a car manufacturer last year. Quantities sold, price per unit, and labor hours are given below. QUANTITY $/UNIT Deluxe car 4,000 units sold $ 8,000 /car Limited car 6,000 units sold $ 9,500 /car Labor, Deluxe 20,000 hours $ 12 /hour Labor, Limited 30,000 hours $ 14 /hour What is the labor productivity for each car? Provide two sets of figures: units per labor hour, and dollar of output per dollar of labor expense. (Round your answers to 2 decimal places.)
Answer:
Explanation:
From the given information; we have:
QUANTITY $ / UNIT
Deluxe car 4,000 units sold $ 8,000 /car
Limited car 6,000 units sold $ 9,500 /car
Labor, Deluxe 20,000 hours $ 12 /hour
Labor, Limited 30,000 hours $ 14 /hour
The objective is to determine:
LABOUR PRODUCTIVITY
units per labor hour dollar of output per dollar of labor
expense
Deluxe car
Limited car
Firstly; let's us find the Labor productivity in unit/hour For the two cars;
For Deluxe car;
Labor productivity in unit/hour = Output(units)/Input ( Hours)
Labor productivity in unit/hour = [tex]\dfrac{4000 \ Units }{20000\ Hour} = 0.20 \ Units/Hour[/tex]
For Limited car;
Labor productivity in unit/hour = [tex]\dfrac{6000 \ Units }{30000\ Hour} = 0.20 \ Units/Hour[/tex]
Similarly; Labor productivity in dollar of output per dollar of labor expense is:
output in dollars/input in dollars
For Deluxe Car;
output in dollars = 4000×8000 = 32000000
input in dollars = 20000×12 = 240000
Labor productivity in dollar of output per dollar of labor expense is=
output in dollars/input in dollars
Labor productivity in dollar of output per dollar of labor expense:
[tex]=\dfrac{32000000}{240000} \\ \\ = 133.33[/tex]
For Limited Car;
output in dollars = 6000×9500 = 57000000
input in dollars = 30000×14 = 420000
Labor productivity in dollar of output per dollar of labor expense is=
output in dollars/input in dollars
Labor productivity in dollar of output per dollar of labor expense:
[tex]=\dfrac{57000000}{420000} \\ \\ = 135.71[/tex]
LABOUR PRODUCTIVITY:
units per labor hour dollar of output per dollar of labor
expense
Deluxe car 0.20 133.33
Limited car 0.20 135.71
You have just returned from a marketing convention in Boston and need to write a report detailing the event.
What should you include in the report?
A) A summary of 10 to 20 points that will benefit the reader
B) A set of minor topic headings
C) A closing that expresses appreciation
D) An exact date, name, and location
E) A summary of three to five main points that will benefit the reader
Answer:
C) D) and E)
Explanation:
In order to write a complete and accurate report that will grab an individual's attention there are a few things that need to be included. For starters an exact date, name, and location for authenticity and to make sure that the report includes the correct information. Secondly, would be a summary of three to five main points that will benefit the reader. The readers want to read the information that interests them, so getting to the point quickly is a must in order to have a successful report. Lastly would be closing that expresses appreciation for the fact that you were able to attend the event as opposed to someone else.
Coates Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $249,000, variable manufacturing overhead of $3.80 per machine-hour, and 30,000 machine-hours. The company has provided the following data concerning Job X784 which was recently completed: Number of units in the job 50 Total machine-hours 250 Direct materials $ 470 Direct labor cost $5,500 If the company marks up its unit product costs by 30% then the selling price for a unit in Job X784 is closest to:
Answer:
Selling price per unit= $233.87
Explanation:
Giving the following information:
Overhead:
Estimated overhead= $249,000
Variable manufacturing overhead= $3.80 per machine-hou
Estimated machine-hours= 30,000 machine-hours.
Job X784:
Number of units in the job 50
Total machine-hours 250
Direct materials $ 470
Direct labor cost $5,500
Selling price= 30% mark up
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= (249,000/30,000) + 3.8
Predetermined manufacturing overhead rate= $12.1 per machine hour
Now, we can determine the total cost of Job X784:
Total cost= 470 + 5,500 + (12.1*250)
Total cost= $8,995
Finally, the selling price per unit:
Unitary cost= 8,995/50= $179.9
Selling price per unit= 179.9*1.30= $233.87
The payroll register for Gamble Company for the week ended April 29 indicated the following:
Salaries $1,560,000
Social security tax withheld 93,600
Medicare tax withheld 23,400
Federal income tax withheld 312,000
In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $260,000 of salaries.
Required:
a. Journalize the entry to record the payroll for the week of April 29.
b. Journalize the entry to record the payroll tax expense incurred for the week of April 29.
Answer and Explanation:
The journal entries are shown below:
1. Salaries expense Dr $1,560,000
To Social security tax payable $93,600
To Medicare tax payable $23,400
To Federal income tax withheld payable $312,000
To Salaries payable $1,131,000
(Being the payroll is recorded)
For recording this we debited the salary expense as it increased the expenses and credited all payable as it also increased the liabilities
2. Payroll tax expense Dr $132,600
To Social security tax payable $93,600
To Medicare tax payable $23,400
To State unemployment tax payable ($260,000 × 5.4%) $14,040
To Federal unemployment tax payable ($260,000 × 0.6%) $1,560
(being the payroll tax expense is recorded)
For recording this we debited the payroll expense as it increased the expenses and credited all payable as it also increased the liabilities
Consumers have become more selective and better informed about their purchases. This macro-environmental force strongly impacts this industry.
a. True
b. False
Answer:
a. True
Explanation:
The macro-enviromental forces that impact an industry are: demographic, economic, political, ecological, socio-cultural, and technological.
In this case, we can see the socio-cultural macro-enviromental force at play, and perhaps also the demographic macro-enviromental force.
If consumers have become more selective and better informed about their purchases, it is most likely because they have change their culture or social status. Such a change in consumer behaviour can have great impact on an industry: it can boost some goods, while make other decline or disappear.
Such a change can also respond to demographic shift: for example, as consumers age, they tend to become more selective, so a good that used to be favored by a young population, might not be so anymore when that young population grows older.
2.36 Is it worth it?: Andy is always looking for ways to make money fast. Lately, he has been trying to make money by gambling.
Answer:
How may I help you?
Explanation:
What is the question?