On June 25, Obermayer Repair Service extended an offer of $127,000 for land that had been priced for sale at $145,000. On July 9, Obermayer Repair Service accepted the seller's counteroffer of $138,000. On October 1, the land was assessed at a value of $207,000 for property tax purposes. On December 22, Obermayer Repair Service was offered $221,000 for the land by a national retail chain.
At what value should the land be recorded in Obermayer Repair Service's records?
$fill in the blank 1
Answer:
$138,000
Explanation:
Based on the information given the value at which the land should be recorded is 138,000 reason been that we were told that the repairer which is Obermayer Repair Service accepted the seller's counteroffer of the amount of $138,000 and based on accounting principle of COST CONCEPT the land should be recorded at the value or amount of $138,000 which is the seller's counteroffer amount that was accepted by Gallatin Repair Service.
In March, Kelly Company had the following unit production costs: materials $12 and conversion costs $8. On March 1, it had no work in process. During March, Kelly transferred out 27,500 units. As of March 31, 4,900 units that were 32% complete as to conversion costs and 100% complete as to materials were in ending work in process. Compute the total units to be accounted for. Total units Type your answer here
Answer:
32,400 units
Explanation:
Compute the total units to be accounted for
Total units to be accounted for = Units transferred out + Ending Inventory
Total units to be accounted for = 27,500 units + 4,900 units
Total units to be accounted for = 32,400 units
Thus, total units to be accounted for are 32,400 units
Lucky Company's direct labor information for the month of February is as follows: Actual direct labor hours worked (AQ) 61,500 Standard direct labor hours allowed (SQ) 63,000 Total payroll for direct labor $774,900 Direct labor efficiency variance $18,000 The direct labor flexible-budget variance for February was: $54,900 unfavorable. $42,300 unfavorable. $46,350 unfavorable. $18,900 unfavorable. $44,500 unfavorable.
Answer:
d. $18,900 unfavorable.
Explanation:
Direct labor efficiency variance = SR*(SH-AH)
18000 = SR*(63000-61500)
18000 = 1500 SR
SR = $12
Total standard direct labor cost for February = 63000*12= $756,000
Direct labor flexible-budget variance = $774,900 - $756,000 = $18900 Unfavorable
Applying the research findings to a marketing strategy plan is the ______ step in the marketing research process. Multiple choice question.
Answer:
Fifth.
Explanation:
Market research can be defined as a strategic technique which typically involves the process of identifying, acquiring and analyzing informations about a business. It involves the use of product test, surveys, questionnaire, focus groups, interviews, etc.
Secondary market research can be defined as a method designed to determine the demographics of a particular target market.
Applying the research findings to a marketing strategy plan is the fifth step in the marketing research process.
If a 30 percent decline in the price of gasoline leads to a 15 percent rise in the quantity of gasoline being bought by consumers, the price elasticity of demand for gasoline in this range must be
Answer: 0.5 making the demand for gas to be inelastic in this range.
Explanation:
The price elasticity of demand is calculated as:
= % change in quantity demanded / % change in price
= 15% / -30%
= -0.5
Based on the above calculation, we can see that the elasticity of demand equals to 0.5. Since, it is less than 1, it is said to be inelastic.
Farrel Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year:
Direct labor cost $ 574,000
Manufacturing overhead:
Indirect labor cost $ 163,000
Other manufacturing overhead costs incurred $ 584,000
What is the journal entry to record the direct and indirect labor costs incurred during the year?
Multiple Choice
Wages Payable 737,000
Direct Labor 574,000
Manufacturing Overhead 163,000
Direct Labor 574,000
Manufacturing Overhead 163,000
Wages Payable 737,000
Wages Payable 737,000
Work in Process 574,000
Manufacturing Overhead 163,000
Work in Process 574,000
Manufacturing Overhead 163,000
Wages Payable 737,000
Answer:
Dr Work in Process 574,000
Dr Manufacturing Overhead 163,000
Cr Wages Payable 737,000
Explanation:
Preparation of the journal entry to record the direct and indirect labor costs incurred during the year
Based on the information given the appropriate journal entry to record the direct and indirect labor costs incurred during the year will be :
Dr Work in Process 574,000
Dr Manufacturing Overhead 163,000
Cr Wages Payable 737,000
(574,000+163,000)
(Being to record direct and indirect labor costs incurred )
(1 point) When one rents an apartment, one is often required to give the landlord a security deposit that is returned if the apartment is undamaged when you leave. In some localities, the landlord is required to pay the tenant interest once a year compounded yearly. Assume that the landlord is required to pay the tenant interest of 5 % compounded annually. (a) Suppose the landlord invests a security deposit of $ 550 at a rate of 4.3 % compounded continuously. What is his net gain or loss after one year, rounded to the nearest cent
Answer:
Amount of Loss = $3.85
Explanation:
Data Given:
Tenant Interest = 5% compounded Annually
Investment = $550
Rate of Interest = 4.3%
Amount by compound interest after "n" years can be calculated by using the following formula:
A = P[tex](1 + \frac{R}{100}) ^{n}[/tex]
P = Principal Amount
R = rate of interest
n = Time period
Amount to be paid to tenant after one year:
A1 = 550 [tex](1 + \frac{5}{100}) ^{1}[/tex]
A1 = $577.5
a) Amount after investing at 4.3% for one year
A2 = 550 [tex](1 + \frac{4.3}{100}) ^{1}[/tex]
A2 = $573.65
As we can see, A1 is greater than A2 so, there is a clear loss.
Amount of Loss = A1-A2
Amount of Loss = $577.5 - $573.65
Amount of Loss = $3.85
Permanent insurance plans include various options available to the policyowner. What whole life insurance policy options protect a policyowner against an unintentional coverage lapse
Answer:
Non-forfeiture option
Explanation:
Insurance is usually taken to guard against uncertainty of an event in the future. For example if a fire breaks out in an office, insurance can be used to regain an agreed portion of the office value from the insurance company.
It is a way of guarding against risk.
Non-forfeiture option is used to prevent unintentional coverage payment lapse.
This is done with the use of automatic premium loan and grace periods in case of default.
The Atlanta Braves signed an outfielder to a five-year contract. The contract calls for the following cash flows: a signing bonus of $4.00 million today, $12.09 million in year 1, $13.36 million in year 2, $14.17 million in year 3, $15.26 million in year 4, and $16.43 million in year 5. If the outfielder has a discount rate of 6.00% per year, what is the value of his contract today (in millions)
Answer:
$63.56 million
Explanation:
We are to find the present value of the cash flows in order to determine the value of the contract today
Present value is the sum of discounted cash flows
Present value can be calculated using a financial calculator
Cash flow in year 0 = $4.00 million
Cash flow in year 1 = $12.09 million
Cash flow in year 2 = $13.36 million
Cash flow in year 3 = $14.17 million
Cash flow in year 4 = $15.26 million
Cash flow in year 5 = $16.43 million
I = 6%
Present value = $63.56 million
To find the PV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
Question # 2
Multiple Choice
Why might workers leave sheet piling in place even after construction is finished?
Sheet piling is often made from hazardous substances and is dangerous to handle
O Sheet piling is an integral part of the structure of any building,
Sheet piling is often useful for shallow excavations, which require extra stabilization throughout the building's life cycle.
O Sheet piling may be incorporated into the foundation, especially if soil conditions necessitate it.
Answer: Sheet piling may be incorporated into the foundation, especially if soil conditions necessitate it.
Suppose that in Milford, Connecticut, owners of used cars that are lemons value their cars at $2,500, and owners of used cars that are reliable value their cars at $6,000. There are equal quantities of each type of car on the market. Buyers value low-quality cars at $1,500 and high-quality cars at $7,000. In this market:
a. only low-quality cars will be sold at a price of $1,500.
b. only low-quality cars will be sold at a price of $2,500.
c. all cars will sell at a price of $4,250.
d. only high-quality cars will be sold at a price of $6,000.
e. only high-quality cars will be sold at a price of $7,000.
Answer:
e. only high-quality cars will be sold at a price of $7,000
Explanation:
Based on the information given only cars that are of high-quality will be sold at the amount of $7,000 in the market reason been that we were told that Buyers of low-quality cars value them at the amount of $1,500,$2,500 and $6,000, while high-quality cars on the other hand are been value at the amount of $7,000 because they are of high quality compare to the low quality car which are value at a different price and are sold at a lesser amount.
Therefore In this market only high-quality cars will be sold at the amount of $7,000.
The table contains information on the price per month and the monthly demand and supply of online music streaming subscriptions. Price Quantity demanded (thousands) Quantity supplied (thousands) $ 9.80 250 180 $ 10.00 210 210 $ 10.20 160 280 $ 10.40 80 410 What is the quantity demanded at $ 10.20
Answer:
160
Explanation:
The computation of the quantity demanded at $10.20 is given below;
As seen in the chart, at price of $10.20 there is a quantity demanded of 160
So according to the information given in the question, the quantity demanded at $ 10.20 is 160
What are potential problems that could arise out of this approach to e-mail
The approach to in e-mail communication as suggested by Elon Musk might encounter the following potential problems:
Tendency of idle talks during work hour.Sensitive information might be divulged.Messages might be misinterpreted.The e-mail from Elon Musk describes a free flow of communication between employees, their managers and anyone without hindrances created by having to follow a chain of command that may end up wasting time in resolving an issue that might cost a company fortunes.
Thus, Elon Musk is suggesting there should be no barriers in communicating via e-mail among employees and managers as are common where one has to go through the chain of command.
This approach to e-mail in communication is good, however, the following problems could arise:
Tendency of .Sensitive information might be divulged.Messages might be misinterpreted.Learn more here:
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Assume the following information:
Direct materials $ 70,000
Direct labor $ 37,000
Variable manufacturing overhead $ 12,000
Fixed manufacturing overhead $ 25,000
Total manufacturing overhead $ 37,000
Variable selling expense $ 15,000
Fixed selling expense 20,000
Total selling expense $ 35,000
Variable administrative expense $ 8,000
Fixed administrative expense $12,000
Total administrative expense $ 20,000
What is the total product cost?
Answer:
Total product cost= $181,000
Explanation:
The product cost is the sum of the direct material, direct labor, and manufacturing overhead:
Direct materials $ 70,000
Direct labor $ 37,000
Variable manufacturing overhead $ 12,000
Fixed manufacturing overhead $ 25,000
Total manufacturing overhead $ 37,000
Total product cost= $181,000
Name a great organization. how do think management contributes to making it great?
Answer:
A great organization I feel is 24 Hour Fitness. I feel that the management allows their trainers to do what they do best, thus making happy workers and happy customers 6. Name an ineffective organization. What can management do to improve it?
Walmart to me seems to be an ineffective organization, just because the people who work there do not seem happy. I feel like people in general shop there because it’s inexpensive, but I feel management should care more about their workers. Maybe a pay increase, or more breaks.
Explanation:
What will a contingency note contain?
Answer:
Contingencies are potential liabilities that might result because of a past event
Explanation:
Reasonably possible losses are only described in the notes and remote contingencies can be omitted entirely from financial statements.
1
Select the correct answer.
Which job is an entry-level position?
OA.
auditor
OB. marketing manager
OC.
restaurant manager
OD
room attendant
Reset
Next
Answer:
Option D: Room attendant
Explanation:
Its the only entry level jobs, as listed above b and c are managment positions which means you have to have experience. Auditors are appointed by a company to execute an audit you need to be certified by the regulatory authority of accounting and auditing or process certain specified qualifications.
PLEASE HELP!! ILL GIVE 10 POINTS AND BRAINLIEST
how can passion help lead to a successful business?
Answer: A person with passion typically exudes confidence, and confidence creates value for themselves and others by leading the way, not showing the way.
Professionals who are confident are great leaders and earn the respect and confidence of others. Passion creates excitement.
Materials used in product $125,700 Advertising expense $51,700 Depreciation on plant 63,400 Property taxes on plant 23,100 Property taxes on store 8,100 Delivery expense 24,700 Labor costs of assembly-line workers 116,100 Sales commissions 43,900 Factory supplies used 31,700 Salaries paid to sales clerks 52,800 Work in process inventory was $13,800 at January 1 and $17,600 at December 31. Finished goods inventory was $68,800 at January 1 and $45,700 at December 31. (a) Compute cost of goods manufactured. Cost of goods manufactured $enter the Cost of goods manufactured in dollars
Answer:
cost of goods manufactured= $356,200
Explanation:
To calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
Overhead:
Depreciation on plant 63,400
Property taxes on plant 23,100
Factory supplies used 31,700
Total overhead= $118,200
cost of goods manufactured= 13,800 + 125,700 + 116,100 + 118,200 - 17,600
cost of goods manufactured= $356,200
The following information has been taken from the ledger accounts of Kingbird Corporation. Total income since incorporation $343,000 Total cash dividends paid 57,000 Total value of stock dividends distributed 28,000 Gains on treasury stock transactions 17,000 Unamortized discount on bonds payable 29,000 Determine the current balance of retained earnings.
Answer:
the current balance of retained earnings is $258,000
Explanation:
The computation of the current balance of retained earnings is shown below:
= Total income - cash dividend paid - stock dividend paid
= $343,000 - $57,000 - $28,000
= $258,000
hence, the current balance of retained earnings is $258,000
We simply deduct the two items amount from the total income
If a company is using a cost leadership strategy, which of the following potential pitfalls is not a characteristic of that strategy? Multiple Choice Too much focus on one value-chain activity can lead to greater loss. Cost advantages erode when pricing information is readily available. A lack of parity on differentiation is evident. The strategy is not easily imitated.
Answer:
If a company is using a cost leadership strategy, the potential pitfall which is not a characteristic of that strategy is:
The strategy is not easily imitated.
Explanation:
Cost-leadership is one of the competitive strategies advocated by Michael Porter, which is designed to deliver goods or services to customers at the lowest possible cost. While a cost-leadership strategy makes it difficult for new companies to enter the market because of low profit margins, it does not prevent existing competitors from lowering their own prices in order to gain the advantage of increased market share.
In March 2012, Daniela Motor Financing (DMF), offered some securities for sale to the public. Under the terms of the deal, DMF promised to repay the owner of one of these securities $1,000 in March 2037, but investors would receive nothing until then. Investors paid DMF $500 for each of these securities; so they gave up $500 in March 2012, for the promise of a $1,000 payment 25 years later.
a. Assuming that you purchased the bond for $500, what rate of return would you earn if you held the bond for 25 years until it matured with a value $1,000? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Rate of return _________ %
b. Suppose under the terms of the bond you could redeem the bond in 2022. DMF agreed to pay an annual interest rate of .9 percent until that date. How much would the bond be worth at that time? (Do not round intermediate calculations. Round your answer to 2 decimal places, e.g., 32.16.)
Bond value _________ $
c. In 2022, instead of cashing in the bond for its then current value, you decide to hold the bond until it matures in 2037. What annual rate of return will you earn over the last 15 years? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Rate of return ______ %
Answer:
A. 2.81%
B. $546.87
C.4.11%
Explanation:
A. Calculation for the rate of return
Rate of return= (1000/500)^(1/25)-1
Rate of return=2^(1/25)-1
Rate of return=1.0281-1
Rate of return= 0.0281*100
Rate of return= 2.81%
Therefore the Rate of return will be 2.81%
B. Calculation for How much would the bond be worth at that time
Bond value= (500*(1+0.009)^10)
Bond value= (500*(1.009%)^10)
Bond value=500*1.09373387
Bond value= $546.87
Note that 2012 to 2022 will give us 10 years.
Therefore Bond value will be $546.87
C. Calculation for what annual rate of return will you earn over the last 15 years
Return in last 15 years= (1000/546.87)^(1/15)-1
Return in last 15 years=1.828588^(1/15)-1
Return in last 15 years=1.0411-1
Return in last 15 years=0.0411*100
Return in last 15 years= 4.11%
Note that 2022 to 2037 will give us 15 years
Therefore the rate of return will be 4.11%
PLEASE HELP!! ILL GIVE BRAINLIEST
1. Even when economic indicators show that the economy is down, small businesses often thrive. Think of a small business in your community that would do well, even if people did not have a lot of extra money to spend, and explain the advantages it has over larger businesses.
Answer:
hi i want to help you but i dont
understand it
Explanation:
Consider the market for Asparagus. Green beans are a substitute for Asparagus. Asparagus is a normal good. Potassium is typically used as a fertilizer when growing asparagus. If consumer income in this market were to increase, then the market equilibrium price of asparagus would __________ and the market equilibrium quantity of asparagus would __________.
Answer:
increase
increase
Explanation:
Normal goods are goods that are goods whose demand increases when income increases and falls when income falls
If income of Asparagus consumers increases, the demand for the good would increase. This would lead to a rightward shift of the demand curve for Asparagus. As a result, them equilibrium price would increase and equilibrium quantity would increase
If consumer income in this market were to increase, then the market equilibrium price of asparagus would increase and the market equilibrium quantity of asparagus would increase
Normal goods are goods that are goods whose demand increases when income increases and falls when income falls.
In conclusion, the market equilibrium price of asparagus would increase and the market equilibrium quantity of asparagus would increase
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Applying the midpoint formula, what is the price elasticity of demand if a drop in the price of energy drinks from $2 to $1 per can leads to an increase in the quantity demanded from 100 million to 150 million cans
Answer:
-0.6
Explanation:
Price elasticity of demand = Δ Change in quantity / Δ Change in price
Price elasticity of demand = [150-100/((150+100)/2)] / [1-2/((1+2)/2)]
Price elasticity of demand = [50/125]/ [-1/1.5]
Price elasticity of demand = 0.4/-0.66666
Price elasticity of demand = -0.6
Helen spent the last 85 days of 2020 in a nursing home. The cost of the services provided to her was $27,625 ($325 per day). Medicare paid $8,400 toward the cost of her stay. Helen also received $15,440 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is $380. If the amount is zero, enter 0. What is the effect on Helen's gross income
Answer:
Amount included in gross income of Helen is $0.
Hence, There will be no effect upon the gross income of Helen.
Explanation:
Data Given:
Number of Days Helen Spent = 85 days
Cost of the services = $27,625
Medicare Paid = $8400
Benefits received = $15440
Assumption: Federal Daily Excludible amount = $380
Solution:
Daily Statutory amount = Daily Excludible amount x number days spent
Daily Statutory amount = $380 x 85 days
Daily Statutory amount = $32300
We know that,
Amount of Medicare Paid = $8400
So, now we need to calculate the amount of exclusion first.
1. Amount of Exclusion = cost of the services - Medicare paid
Amount of Exclusion = $27625 - $8400 = $19225
So, now we calculate the amount included into the gross income of Helen.
2. Amount included in gross income = Benefits Received - Amount of Exclusion
Amount included in gross income = $15440 - $19225
Amount included in gross income = -$3785
Here, we will not cater the negative, which means that amount included in gross income of Helen is $0.
Hence, There will be no effect upon the gross income of Helen.
Gear Co has computed its indifference level of EBIT to be $50,000 between an equity financing option and a debt financing option. Interest expense under the debt option is $25,000 and $10,000 under the equity option. The EBIT for the firm is approximately normally distributed with an expected value of $62,000 and a standard deviation of $19,000. What is the probability that the equity financing option will be preferred
Answer:
26.43%
Explanation:
The Z-score is needed to find the probability of having EBIT lower than $50,000.
Z-score = The Indifference point - The Expected EBIT / Standard Deviation
Z-score = $50,000 - $62,000 / $19,000
Z-score = -$12,000 / $19,000
Z-score = -0.63
From the standard normal distribution table, the probability that z-score will be less than -0.63 is 0.2643. So therefore, the probability of the equity financing will be preferred is 0.2643.
Spud, Inc. a manufacturer of gourmet potato chips, employs activity-based costing. The budgeted data for each of the activity cost pools is provided below for the year 2020. Activity Cost Pools Estimated Overhead Estimated Use of Cost Drivers per Activity Ordering and receiving $91,476 12,600 orders Food processing 535,680 64,000 machine hours Packaging 1,514,040 444,000 labor hours For 2020, the company had 11,400 orders and used 50,900 machine hours, and labor hours totaled 510,000. Calculate the overhead rates for each activity. (Round answers to 2 decimal places, e.g. 12.25.) Overhead Rates Ordering and receiving $ per order Food processing $ per machine hour Packaging $ per labor hour eTextbook and Media What is the total overhead applied
Answer:
Results are below.
Explanation:
To calculate the overhead activity rate, we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Ordering and receiving= 91,476/12,600= $7.26 per order
Food processing= 535,680/64,000= $8.37per machine hour
Packaging= 1,514,040/444,000= $3.41 per labor hour
Now, we can apply overhead:
Ordering and receiving= 7.26*11,400= $82,764
Food processing= 8.37*50,900= $426,033
Packaging= 3.41*510,000= $1,739,100
DiSalvio Co. uses a job order cost system. The following data summarize the operations related to production for May:a. Materials purchased on account, $634,000.b. Materials requisitioned, $646,200, of which $74,500 was for general factory use.c. Factory labor used, $660,200, of which $91,200 was indirect.d. Other costs incurred on account for factory overhead, $147,500; selling expenses, $234,000; and administrative expenses, $146,400.e. Prepaid expenses expired for factory overhead were $29,200; for selling expenses, $26,800; and for administrative expenses, $18,000.f. Depreciation of office building was $84,600; of office equipment, $43,340; and of fac-tory equipment, $32,000.g. Factory overhead costs applied to jobs, $362,000.h. Jobs completed, $1,002,000.i. Cost of goods sold, $890,000.InstructionsJournalize the entries to record the summarized operations.SHOWME HOWGeneral Ledger Chapter 2 Job Order Costing 69Ex 2-18PR
Answer:
Date Account Description Debit Credit
May 1 Material inventory $634,000
Accounts Payable $634,000
Date Account Description Debit Credit
May 2 Work in Process (646,200 - 74,500) $571,700
Factory Overhead $74,500
Materials $646,200
Date Account Description Debit Credit
May 31 Work in Process (660,200 - 91,200) $569,000
Factory Overhead $91,200
Materials $660,200
Date Account Description Debit Credit
May 31 Factory Overhead $147,500
Selling expenses $234,000
Admin expenses $146,400
Accounts payable $527,900
Date Account Description Debit Credit
May 31 Factory Overhead $29,200
Selling expenses $26,800
Admin expenses $18,000
Prepaid expenses $74,000
Date Account Description Debit Credit
May 31 Depreciation expense - Office building $84,600
Depreciation expense - Office equipment $43,340
Factory Overhead $32,000
Accumulated depreciation $159,940
Date Account Description Debit Credit
May 31 Work in Process $362,000
Factory Overhead $362,000
Date Account Description Debit Credit
May 31 Finished Goods $1,002,000
Work in Process $1,002,000
Date Account Description Debit Credit
May 31 Cost of goods sold $890,000
Finished Goods $890,000
If the adjustment for Supplies used during the period wasn't made,
A. revenue would be too high.
B. assets would be too low.
C. expenses would be too low.
D. expenses would be too high,
Answer:
D
Explanation:
It will give the suppliers an upper hand or edge over the consumers
Answer: think its expenses would be to low
Explanation: