Answer and Explanation:
The journal entry to record the purchase of the water bottle is shown below:
Deferred Revenue $20
To Sales Revenue, $20
(being the purchase of the water bottle is recorded)
The deferred revenue is debited as it decreased the liability and the sales revenue is credited as it increased the revenue
The above journal entry should be recorded
Miscavage Corporation has two divisions: the Beta Division and the Alpha Division. The Beta Division has sales of $305,000, variable expenses of $153,600, and traceable fixed expenses of $70,800. The Alpha Division has sales of $615,000, variable expenses of $337,800, and traceable fixed expenses of $132,700. The total amount of common fixed expenses not traceable to the individual divisions is $134,200. What is the company's net operating income
Answer:
$2,000
Explanation:
net operating income = total contribution - common fixed expenses
. True / False. The hedonic property value method can be used to estimate lost non-use value associated with oil pollution at remote, uninhabited locations. Explain. (3 points)
Answer:
False.
Explanation:
The hedonic property value method determines the extent that environmental or ecosystem factors affect the price of a home. This implies that the method cannot be used to estimate lost, non-use value associated with oil pollution at remote, uninhabited locations, as stated in the question. Since the hedonic property value method is used to estimate the housing prices that reflect the value of local environmental attributes, it is not useful for uninhabited, remote locations and properties.
Yasmin Company manufactures luggage sets. Yasmin sells its luggage sets to department stores. Yasmin expects to sell 1,750 luggage sets for $210 each in January and 2,000 luggage sets for $210 each in February. All sales are cash only. Prepare the sales budget for January and February.
Answer:
January = $367,500
February = $420,000
Explanation:
The Sales Budget shows the Estimated Revenue for a Particular Period.
Estimated Revenue = Units Sold x Unit Price
therefore,
January = $367,500
February = $420,000
The financial statements of an Enterprise fund are prepared using the :_______
Answer:
Accrual Method
Explanation:
I’m not sure if this is what this question is referring to or not, but the Enterprise fund uses the accrual method.
Hamix Co. is evaluating a new 4-year project. The equipment necessary for the project will cost $3,550,000 and can be sold for $720,000 at the end of the project. The asset is in the 5-year MACRS class. The depreciation percentage each year is 20.00 percent, 32.00 percent, 19.20 percent, 11.52 percent, and 11.52 percent, respectively. The company's tax rate is 35 percent. What is the aftertax salvage value of the equipment?
Answer:
3845y6374556439
Explanation:
What are the implications of CIC’s approach to staffing project teams? Is the company using project teams as training grounds for talented fast-trackers, or as dumping grounds for poor performers?
Answer:
CIC's methodology to projects team employment is based on functional structure. It gathers team individuals from several departments. They grant team players very little influence. They are not permitted to review the effectiveness of task team participants however, operational heads are permitted to do so.
Training under this approach is a very positive thing and should be welcomed by the individuals. It gives the the candidates to enhance their skill and become appropriate for the job environment.
Jammer Company uses a weighted average perpetual inventory system that reports the following August 2 purchase 19 units at $16 per unit August 18 purchase 21 units at $15 per unit August 29 sale 38 units August 31 purchase 24 units at $19 per unit what was the per-unit value of ending inventory on August 31
Answer:
$23.19
Explanation:
The the weighted average perpetual inventory system recalculates a new unit cost whenever a new purchase is made. This unit cost is used to value cost of sales and inventory balance.
Unit Cost = Total Cost of units available for sale ÷ Total units available for sale
August 18
Unit Cost = [(19 units x $16) + (21 units x $15)] ÷ 40 units
= $15.475
August 31
Unit Cost = [(2 units x $15.475 ) + (24 units x $19)] ÷ 21 units
= $23.1880 or $23.19
therefore,
The per-unit value of ending inventory on August 31 is $23.19.
Blue Lite manufactures decorative weather vanes that have a standard materials cost of two pounds of raw materials at $2 per pound. During November 500 pounds of raw materials costing $4 per pound were used in making 450 weather vanes. The materials price and quantity variance are: Group of answer choices
Answer: See explanation
Explanation:
The material price variance will be calculated as:
= (Standard price - Actual price) × Actual quantity of material used
= ($2 - $4) × 500
= -$2 × 500
= $-1000
= $1000 Unfavourable
The material quantity variance will be:
= Standard quantity - Actual quantity) × Standard price
=[(450 × 2) -500] × $2.00
= (900 - 500) × $2.00
= 400 × $2.00
= $800 Favorable
Helen, age 17, wanted to buy a motorcycle. She did not have the money to pay cash but persuaded the dealer to sell a cycle to her on credit. The dealer did so partly because Helen said that she was 22 and showed the dealer an identification card that falsely stated her age as 22. Helen drove the motorcycle away. A few days later, she damaged it and then returned it to the dealer and stated that she voided the contract because she was a minor. The dealer said that she could not do so because (a) she had misrepresented her age and (b) the motorcycle was damaged. Can she void the contract
Answer:
Yes
Explanation:
Yes, based on the information given SHE CAN VOID THE CONTRACT due to FALSELY MISREPRESENTATION of her age from her real age of 17 to the false age of 22 to the dealer of the motorcycle which therefore means that she have to pay for the motorcycle damages cause by her reason been that only the person who initiated the contract CAN VOID THE CONTRACT due to the fact that its fraudulent.
You are cautiously bullish on the common stock of the Wildwood Corporation over the next several months. The current price of the stock is $64 per share. You want to establish a bullish money spread to help limit the cost of your option position. You find the following option quotes:
Wildwoood Corp Underlying Stock price: $64.00
Expiration Strike Call Put
June 59.00 9.90 3.40
June 64.00 5.20 4.40
June 69.00 2.70 8.90
Suppose you establish a bullish spread with the puts. In June the stock's price turns out to be $58. Ignoring commissions, the net profit on your position is__________.a. $100.b. $185.c. $628.d. $528.
Answer:
a. $100.
Explanation:
The wildwood Corp will consider the spot price to find the difference in call and put. The maximum price for profit is either 0 or $58 - $64
Profit = [ $58 - $64 - $69 - $64 ] * 100
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead (a) 479,232 (b) 399,360 Bal. 79,872 Work in Process Bal. 13,640 (c) 742,000 288,000 89,000 (b) 399,360 Bal. 48,000 Finished Goods Bal. 42,000 (d) 656,000 (c) 742,000 Bal. 128,000 Cost of Goods Sold (d) 656,000 The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows: Work in Process, ending $ 23,040 Finished Goods, ending 61,440 Cost of Goods Sold 314,880 Overhead applied $ 399,360 For example, of the $48,000 ending balance in work in process, $23,040 was overhead that had been applied during the year. Required: 1. Identify reasons for entries (a) through (d). 2. Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry. 3. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry.
Answer:
Part 1:
a) We see that the actual Mfg OH is being debited with the amount incurred.
b) Work in Process Inventory Debit (b) 399,360
Mfg OH ( applied) Credit (b) 399,360
c) CGS debit (c) 742,000
WIP Credit (c) 742,000
d) CGS debit (d) 656,000
Finished Goods credit (d) 656,000
Part 2:
The journal entry is
Cost of Goods Sold $79872 Debit
Factory Overhead $ 79 872 Credit
Part 3:
Journal Entry
Work in Process, $ 24960 debit
Finished Goods, 66560 debit
Cost of Goods Sold (11648) credit
Manufacturing Overheads $ 79872 credit
Explanation:
The given accounts are
Manufacturing OverheadDebit Credit
(a) 479,232 (b) 399,360
Bal. 79,872
Work in ProcessDebit Credit
Bal. 13,640 (c) 742,000
288,000
89,000
(b) 399,360
Bal. 48,000
Finished GoodsDebit Credit
Bal. 42,000 (d) 656,000
(c) 742,000
Bal. 128,000
Cost of Goods Sold(d) 656,000
Part 1:
a) Actual manufacturing overhead
We see that the actual Mfg OH is being debited with the amount incurred.
b) Manufacturing overhead applied to Work in Process Inventory
Work in Process Inventory Debit (b) 399,360
Mfg OH ( applied) Credit (b) 399,360
c) Cost of Goods Manufactured
CGS debit (c) 742,000
WIP Credit (c) 742,000
d) Cost of Goods Sold
CGS debit (d) 656,000
Finished Goods credit (d) 656,000
Part 2:
The actual overhead is $ 479232 and applied overhead is $399,360 which is less than actual overhead.
The journal entry is
Cost of Goods Sold $79872 Debit
Factory Overhead $ 79 872 Credit
To transfer under applied overhead to cost of goods sold.
Part 3:
We find the differences between actual and applied overheads and then pass the journal entry.
Work in Process, ending $ 23,040
Finished Goods, ending 61,440
Cost of Goods Sold 314,880
Overhead applied $ 399,360
Work in Process, ending $ 48,000
Finished Goods, ending 128,000
Cost of Goods Sold 303,232
Actual Overhead $ 479,232
Work in Process, ending =$ 48,000 -$ 23,040 =$ 24960
Finished Goods, ending= 128,000-61,440 = 66560
Cost of Goods Sold = 303,232 -314,880 = (11648)
Journal Entry
Work in Process, $ 24960 debit
Finished Goods, 66560 debit
Cost of Goods Sold (11648) credit
Manufacturing Overheads $ 79872 credit
Apple’s Steve Jobs and Tim Cook have different leadership styles. Steve Jobs’ leadership is characterized as ___________ , whereas Tim Cook uses the ___________ style of leadership.
Answer: autocratic; democratic.
Explanation:
Steve Jobs has an autocratic leadership style. This is a type of leader whom dictates policies, controls all activities and decides on the goals that are to be achieved. Such leader has the full control of the team and doesn't consider the input from the subordinates.
On the other hand, Tim Cook uses a democratic leadership style. This is when the leader allows the subordinates participates and values their input. There's brainstorming which helps innovation and us required for decision making.
Which economic goal is encroached upon when the government taxes your wages in order to provide unemployment
benefits to help those out of work?
A. economic equity
B. economic stability
C. economic freedom
D. economic efficiency
Sue purchased a stock for 45 a share, held it for one year received a 2.34 divided and sold the stock for 46.45. what nominal rate of return did she earn?
Answer:
8.4
Explanation:
nominal return - price return + dividend yield
price return = 46.45 /45 - 1 = 3.2%
dividend yield = 2.34 / 45 = 5.2%
A farmer grows wheat, which she sells to a miller for $90. The miller turns the wheat into flour, which she sells to a baker for $145. The baker turns the wheat into bread, which she sells to consumers for $155. Consumers eat the bread.Assume that the above transactions account for all economic activity in an economy.GDP in this economy is $______Value added is defined as the value of a producer’s output minus the value of the intermediate goods that the producer buys to make the output.Assuming there are no intermediate goods beyond those previously described, complete the following table by calculating the value added for each of the three producers. Then enter the total value added in the final row.
Answer:
The correct answer is "$155".
Explanation:
Given:
She sells to miller,
= $90
She sells to baker,
= $145
She sells to consumers,
= $155
Now,
The value added by miller will be:
= [tex]145-90[/tex]
= [tex]55[/tex] ($)
The value added by the baker will be:
= [tex]155-145[/tex]
= [tex]10[/tex] ($)
hence,
The GDP in this economy will be:
= [tex]155[/tex] ($)
Following is information from Best Industries for Year 1. Total Year 1 revenue $1,977,040 Projected revenue growth rate, for next five years 3% Terminal revenue growth rate, after year 5 1% Net operating profit margin (NPM) 6.4% Net operating asset turnover (NOAT) 2.35 Projected Year 3 total revenue would be Select one:
Answer: $2,097,442.2
Explanation:
Projected Year 3 total revenue would be calculated thus:
Since the revenue will increase at the rate of 3% for every year and year 3, there'll be 2 years from year 1, this will then be expressed as:
= Total Year 1 revenue × (1 + 3%)²
= $1,977,040 × (1 + 0.03)²
= $1,977,040 × 1.03²
= $1,977,040 × 1.0609
= $2,097,442.2
Lynne is responsible for training in a South Brunswick School District. Her job requirements are not associated with any particular management specialty. Lynne is working in what functional area? A) Operations B) Finance C) Production D) Marketing E) Administration
Answer:
E) Administration
Explanation:
An employee can be defined as an individual who is employed by an employer of labor to perform specific tasks, duties or functions in an organization.
Basically, an employee is saddled with the responsibility of providing specific services to the organization or company where he is currently employed while being paid a certain amount of money hourly, daily, weekly, or monthly depending on the contractual agreement between the two parties (employer and employee).
Hence, while an employer may be the owner of a business firm or company, an employee is a subordinate employed to provide unwavering services to the employer while also, being professional and diligent at all times.
In this scenario, Lynne is saddled with the responsibility of training in a South Brunswick School District.
However, herr job requirements are not associated with any particular management specialty. Thus, Lynne is working in administration.
Administration is typically associated with the smooth tasks of a running a business
A $1,000 face value coupon bond will pay 5 percent interest annually for 12 years. What is the percentage change in the price of this bond if the market yield rises to 6 percent from the current level of 5.5 percent
Answer:
-4.26%
Explanation:
The computation of the percentage change in the price of the bond is shown below:
When the rate of interest is 6%, so the present value is
Given that
FV = $1,000
PMT = $50
NPER = 12
RATE = 6%
The formula is shown below;
=-PV(RATE,NPER,PMT,FV,TYPE)
After applying the above formula, the present value is $916.16
Now When the rate of interest is 5.5%, so the present value is
Given that
FV = $1,000
PMT = $60
NPER = 12
RATE = 5.5%
The formula is shown below;
=-PV(RATE,NPER,PMT,FV,TYPE)
After applying the above formula, the present value is $956.61
So, the percentage change in the price is
= ($916.16 - $956.61) ÷ $956.61
= -4.26%
McPhail Corporation $100 face value fixed-rate perpetual preferred stock pays an annual dividend of $5.75 per share. What is the value of one share of this stock to an investor who requires a rate of return of 6.25%
Answer:
$92
Explanation:
Value per share of preferred stock = Annual dividend / Required rate of return
Annual dividend = $5.75 per share
Required rate of return = 6.25%
Value of one share of this stock = $5.75/6.25%
Value of one share of this stock = $5.75/0.0625
Value of one share of this stock = $92
Retro Rides, Incorporated, operates two divisions: (1) a Management Division that owns and manages classic automobile rentals in Miami, Florida and (2) a Repair Division that restores classic automobiles in Clearwater, Florida. The Repair Division works on classic motorcycles, as well as other classic automobiles. The Repair Division has an estimated variable cost of $60.50 per labor-hour and has a backlog of work for automobile restoration. They charge $80.00 per hour for labor, which is standard for this type of work. The Management Division complained that it could hire its own repair workers for $62.00 per hour, including leasing an adequate work area. What is the minimum transfer price per hour that the Repair Division should obtain for its services, assuming it is operating at capacity?
A) $28.50.
B) $30.00.
C) $39.00.
D) $48.00.
Answer:
D) $48
Explanation:
The minimum transfer price for the Repair division will be the variable cost which is standard for the same type of work. In the given scenario the price is $80 which is the maximum transfer price while $48 will be the minimum transfer price for Repair division.
Example of job analysis template with answers
During November, TaskMaster purchased 208,000 pounds of direct materials at a total cost of $436,800. The total factory wages for November were $54,000, 90% of which were for direct labor. TaskMaster manufactured 24,000 units of product during November using 182,000 pounds of direct materials and 5,000 direct labor hours. TaskMaster computes direct material variances at the time of purchase. What is the direct materials price variance for November
Answer:
See below
Explanation:
Given the above information,
Direct material price variance is computed as;
= (Actual price - Standard price) × Actual quantity
Actual price = $436,800/208,000
Standard price = $436,800/182,000
Actual quantity = 208,000
Direct material price variance
=[ ($436,800 / 208,000) - ($436,800 / 182,000 ] × 208,000
= ($2.1 - $2.4) × 208,000
= $62,400 unfavourable
Beyer Company is considering the purchase of an asset for $185,000. It is expected to produce the following net cash flows. The cash flows occur evenly within each year. Assume that Beyer requires a 12% return on its investments. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.) Year 1 Year 2 Year 3 Year 4 Year 5 Total Net cash flows $ 87,000 $ 46,000 $ 72,000 $ 132,000 $ 41,000 $ 378,000 a. Compute the net present value of this investment. b. Should Beyer accept the investment
Answer:
a. $87,750.56
b. Accept the investment, because it gives a positive net present value.
Explanation:
the net present value is the today`s value of future cash flows. We determine the net present value by discounting the future cash flow using the required return or the cost of capital.
Using a Financial calculator this can be determined as :
- $185,000 CF0
$ 87,000 CF 1
$ 46,000 CF 2
$ 72,000 CF 3
$ 132,000 CF 4
$ 41,000 CF 5
i/yr = 12%
Then, SHIFT NPV gives $87,750.56
We accept an investment only and only if it has a positive net present value.
Estimated manufacturing overhead for the year $30,000 Estimated direct labor hours for the year 2,000 Two jobs were worked on during the year: Job A-101 and Job A-102. The number of direct labor-hours spent on Job A-101 and Job A-102 were 1,200 and 1,000, respectively. The actual manufacturing overhead was $37,000. What is the predetermined manufacturing overhead rate per direct labor hour for the year
Answer:
$15.00 per direct labor hour
Explanation:
predetermined manufacturing overhead rate = Budgeted overheads ÷ Budgeted Activity
= $30,000 ÷ 2,000 hours
= $15.00
thus,
The predetermined manufacturing overhead rate per direct labor hour for the year is $15.00 per direct labor hour
Suppose a firm has an annual budget of $150,000 in wages and salaries, $75,000 in materials, $30,000 in new equipment, $20,000 in rented property, and $35,000 in interest costs on capital. The owner-manager does not choose to pay himself, but he could receive income of $90,000 by working elsewhere. The firm earns revenues of $320,000 per year. Answer the indicated questions on the basis of this information. What are the annual implicit costs for the firm described above
Answer:
the annual implicit cost for the firm is $90,000
Explanation:
The computation of the annual implicit cost is shown below;
The implicit cost means the opportunity cost
Since in the given situation of the owner does not select to pay himself but he would received $90,000 by working somewhere
so here $90,000 represent the implicit cost
Hence, the annual implicit cost for the firm is $90,000
What is the decrease in the overall value of an asset called?
A.
depreciation
B.
deceleration
C.
amortization
D.
disinvestment
The size, sign, and timing of individual cash flows are illustrated by the ____________________, as the basis for engineering economic analysis. Write the word(s) that fill(s) in the blank below.
Answer:
Cash Flow Diagram
Explanation:
The correct statement is that the size, sign and timing of an individual cash flow are illustrated by the cash flow diagrams, as the basis of engineering economic analysis.
Cash flow diagrams are prepared by taking the data from the cash flow statements that are prepared at the end of each accounting period.
Cash FlowCash Flow of a business refers to as a cash that is either a part of income and revenue or expense for the business during a given accounting period.The cash flow diagrams are prepared by taking into account the data obtained from the cash flow statements and can be illustrated into the size of the cash flows and their timings during the financial period.
Hence, the correct statement is that cash flow diagrams are used to illustrate the size, signs and timings of the individual cash flow statements.
Learn more about cash flow here:
https://brainly.com/question/5339442
A perfectly elastic demand curve implies that the firm Select one: a. The demand curve for a purely competitive firm is downsloping, but the demand curve for a purely competitive industry is perfectly elastic. b. The demand curves are perfectly elastic for both a purely competitive firm and a purely competitive industry. c. The demand curves are downsloping for both a purely competitive firm and a purely competitive industry. d. The demand curve for a purely competitive firm is perfectly elastic, but the demand curve for a purely competitive industry is downsloping.
Answer: d. The demand curve for a purely competitive firm is perfectly elastic, but the demand curve for a purely competitive industry is downsloping.
Explanation:
In a purely competitive market, all the firms are selling the same product so there is a lot of competition. The market sets the price in this industry at the point where quantity demanded equals quantity supplied and the demand curve for the whole industry is downward sloping.
When it comes to the demand curve for the individual firm however, it is elastic because price is not set by the firm. This perfectly elastic demand shows that if the firm tries to sell at a price that is different from the market, quantity demanded from that firm would change by infinity because people would prefer the market price.
A(n) _________ refers to each and every opportunity the customer has to see or hear about the company and/or its brands or have an encounter or experience with it.
Answer:
A touch point refers to each and every opportunity the customer has to see or hear about the company and/or its brands or have an encounter or experience with it.
Explanation:
A touch point can be described as any way through which a customer can interact with a company, whether it is through a website, a person-to-person interaction, an app, or any other kind of communication.
A touch point simply refers to a point of contact or connection, particularly between a company and its clients or customers.
Therefore, the correct answer to fill in the gap is a touch point.
Bronks Co. had pension plan assets and PBO of $160,000 on 1/1/19. Service cost for the year was $40,000. It contributed $30,000 during the year and paid benefits of $20,000. The interest rate was 10%. The actual return was $15,000. Compute pension expense, PBO and PA at the end of the year.
Answer:
Pension expense:
= Service cost + Interest on PBO - actual return
= 40,000 + (10% * 160,000) - 15,000
= $41,000
PBO at end of year:
= Beginning PBO+ Service cost + Interest on PBO - Benefits paid
= 160,000 + 40,000 + (10% * 160,000) - 20,000
= $196,000
Pension Assets at end of year:
= Beginning PBO + Return + Contribution - Benefits
= 160,000 + 15,000 + 30,000 - 20,000
= $185,000