Answer and Explanation:
The classification is as follows
a. Manufacturing overhead as it is an indirect cost
b. Manufacturing overhead as it is related to factory
c. Direct labor as it represent the hours
d. Manufacturing overhead as it is an indirect material cost
e. Direct material as it represent the material cost
f. Manufacturing overhead as it is an indirect cost
g. Manufacturing overhead as it is an indirect material cost
In this way it could be categorized
Oriole Company has issued three different bonds during 2022. Interest is payable annually on each of these bonds. 1. On January 1, 2022, 1,000, 8%, 5-year, $1,000 bonds dated January 1, 2022, were issued at face value. 2. On July 1, $854,000, 9%, 5-year bonds dated July 1, 2022, were issued at 101. 3. On September 1, $281,000, 7%, 5-year bonds dated September 1, 2022, were issued at 99. Prepare the journal entry to record each bond transaction at the date of issuance.
Answer:
Transaction 1
Debit : Cash ($1,000 x 1,000) $1,000,000
Credit : Bond Payable $1,000,000
Transaction 2
Debit : Cash ($854,000 x 101.30%) $865,102
Credit : Bond Payable $865,102
Transaction 3
Debit : Cash ($281,000 x 99%) $278,190
Credit : Bond Payable $278,190
Explanation:
On each issuance date recognize a cash inflow and a liability - Bond Payable to the extent of the amount paid on issue.
Jefferson Inc. (JI) is a relatively new company that wants to improve its employee rewards, compensation, and benefits. The company understands that there are effective reward systems that will motivate employees. However, JI management is not sure which would be the best for the company. Compensation, another important area, must also be improved so that it will satisfy all employees effectively. In addition, the company wants to create benefits to keep the employees not just satisfied, but also motivated. Yet another pressing issue is deciding on the training methods that are to be used to successfully teach the new employees.
JI believes that it will be on the right path if all of these changes can be successfully accomplished. The company plans to incorporate performance appraisals so it can be sure that the rewards, compensation, and benefits are effectively distributed. Refer to Jefferson, Inc. JI management must consider implementing the many different types of benefits. These include all of the following except :__________
a. insurance packages.
b. pension and retirement programs.
c. worker's compensation insurance.
d. Social Security.
e. profit sharing.
Answer:
E. Profit sharing
Explanation:
Employee benefits are the additional gains that employees enjoy in an organization in addition to their salaries.
There are different types of benefits that employers offer their employees.
Some of these are:
1. Medical benefits
2. Retirement benefits
3. Disability benefits
4. Insurance
5. Social security
E. T. C
Profit sharing is not an employee benefit so it is the odd 1 out of these options.
Sports Company makes snowboards, downhill skis, cross-country skis, skateboards, surfboards, and in-line skates. The company has found it beneficial to split operations into two divisions based on the climate required for the sport: Snow Sports and Non-Snow Sports. The following divisional information is available for the past year:
Sales Operating Income Total Assests Current Liabilities
Snow Sports $57,00,000 1010,500 4,300,000 450,000
Non- Snow Sport 8500000 1332500 6500,000 750,000
Required:
a. Calculate each division's ROI.
b. Top management has extra funds to invest. Which division will most likely receive those funds? Why?
c. Can you explain why one division's ROI is higher? How could management gain more insight?
Answer:
Sports Company
a. Division's ROI:
SnowSports = 23.5%
Non-SnowSport = 20.5%
b. Naturally, management will invest in Division SnowSports. The company earns more returns on its investment in the division.
c. One division's ROI on investment because it earned more returns from the division when compared with its investment. This shows that SnowSports is more efficient than the other division in the use of resources.
Management can gain more insight by computing the Assets Turnover ratio and the operating leverage.
Explanation:
a) Data and Calculations:
Sales Operating Total Assets Current Liabilities
Income
Snow Sports $5,700,000 1,010,500 4,300,000 450,000
Non- SnowSport 8,500,000 1,332,500 6,500,000 750,000
ROI (Return on Investments) = Operating income/Total assets * 100
Snow Sports = $1,010,500/$4,300,000 * 100 = 23.5%
Non-SnowSport = $1,332,500/$6,500,000 * 100 = 20.5%
A bicameral legislature is made up of how many bodies?
O one
O two
O three
O four
Answer:
two
Explanation:
A bicameral legislature is made up of two bodies. Thus, option B is the correct option.
What is a bicameral legislature?A bicameral legislature, which is distinguished by having two distinct assemblies, chambers, or houses, is one that practices bicameralism. Unicameralism, in which all members discuss and vote as a single body, is distinct from bicameralism. Bicameralism will be used by about 40% of national legislatures throughout the world as of 2022, compared to 60% at the national level and significantly more at the subnational level for unicameralism.
The techniques used to elect or choose the members of the two chambers sometimes varied from jurisdiction to jurisdiction. This frequently results in the membership of the two chambers being significantly different. Primary legislation frequently has to be approved by majorities in both houses of the legislature in order to be passed. If this is the case, the legislature may be seen as the epitome of bicameralism.
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When Crossett Corporation was organized in January, Year 1, it immediately issued 4,000 shares of $50 par, 6 percent, cumulative preferred stock and 50,000 shares of $20 par common stock. Its earnings history is as follows: Year 1, net loss of $35,000; Year 2, net income of $125,000; Year 3, net income of $215,000. The corporation did not pay a dividend in Year 1.
Required:
a. How much is the dividend arrearage as of January 1, Year 1?
b. Assume that the board of directors declares a $25,000 cash dividend at the end of year 1 (remember that the year 1 and year 2 preferred dividends are due). How will the dividend be divided between the preferred and common stockholders?
Answer:
a. $0
The company was organized in January, Year 1. They do not have to pay dividends because the company just started operations. The cumulative dividends are only to be paid at the end of the period so there is no dividend arrear here.
b. Preferred shareholders are meant to get:
= 4,000 shares * 50 * 6%
= $12,000 per year
As they are owed $12,000 from the first year and are now owed for the second, the dividends they will get is:
= 12,000 + 12,000
Preferred Dividends = $24,000
Ordinary shareholders get what is left:
= 25,000 - 24,000
= $1,000
Exercise 10-2 Recording bond issuance at par, interest payments, and bond maturity LO P1 Brussels Enterprises issues bonds at par dated January 1, 2019, that have a $2,700,000 par value, mature in four years, and pay 6% interest semiannually on June 30 and December 31. 1. Record the entry for the issuance of bonds for cash on January 1. 2. Record the entry for the first semiannual interest payment and the second semiannual interest payment. 3. Record the entry for the maturity of the bonds on December 31, 2022 (assume semiannual interest is already recorded).
Answer:
June 30 Bond Interest Expense Dr $81000
Cash Cr $81000
(6%/2*$2,700,000)
December 31 Bond Interest Expense Dr $81000
Cash Cr $81000
Bonds Payable Dr $2,700,000
Cash Cr $2,700,000
Explanation:
Record the entry for the first semiannual interest payment and the second semiannual interest payment.
June 30 Bond Interest Expense Dr $81000
Cash Cr $81000
(6%/2*$2,700,000)
December 31 Bond Interest Expense Dr $81000
Cash Cr $81000
Record the entry for the maturity of the bonds on December 31, 2022 (assume semiannual interest is already recorded).
Bonds Payable Dr $2,700,000
Cash Cr $2,700,000
Warrants exercisable at $15 each to obtain 81000 shares of common stock were outstanding during a period when the average market price of the common stock was $20. Application of the treasury stock method for the assumed exercise of these warrants in computing diluted earnings per share will increase the weighted average number of outstanding shares by:_________
a. 20250.
b. 81000.
c. 27000.
d. 60750.
Answer:
a. 20250
Explanation:
Calculation to determine diluted earnings per share will increase the weighted average number of outstanding shares
Diluted earnings per share=[$81,000- (81,000 × $15) ÷ $20 ]
Diluted earnings per share=[$81,000-($1,215,000÷$20)]
Diluted earnings per share=$81,000-$60,750
Diluted earnings per share=$20,250.
Therefore in computing diluted earnings per share will increase the weighted average number of outstanding shares by:$20,250
Identify whether each of the following examples belongs in M1 or M2. If an example belongs in both, be sure to check both boxes.
Example M1 M2
Susan has $8,000 in a two-year certificate of deposit (CD).
Larry has a roll of quarters that he just withdrew from the bank to do laundry.
Raphael has $25,000 in a money market account.
Answer and Explanation:
The identification is as follows:
As we know that
M! money supply involved all the currecies that have physical existance i.e. notes, coins, demand deposits etc
While on the other hand, M2 involves M1 + near money i.e. mutual funds, checking deposits, money market etc
Since Susan has 2 year CD so it would be classified as a M2 money supply
Since larry withdraw from the bank so it would be included in M1 and M2
And, since raphael has $25,000 in money market so would be classified as a M2 money supply
Suppose that an initial $20 billion increase in investment spending expands GDP by $20 billion in the first round of the multiplier process. Also assume that GDP and consumption both rise by $18 billion in the second round of the process. Instructions: Round your answers to 1 decimal place. a. What is the MPC in this economy
Answer: 0.9
Explanation:
The marginal propensity to consume (MPC) is calculated by using the formula:
= Change in consumption / Change in income
where,
Change in consumption = $18 billion
Change in income = $20 billion
MPC = Change in consumption / Change in income
= $18 billion / $20 billion
= 0.9
Therefore, MPC is 0.9.
what is money placed in a checking account called
Answer:
bank account
Explanation:
Yozamba Technology has two divisions, Consumer and Commercial, and two corporate service departments, Tech Support and Purchasing. The corporate expenses for the year ended December 31, 20Y7, are as follows:
Tech Support Department $516,000
Purchasing Department 89,600
Other corporate administrative expenses 560,000
Total corporate expense $1,165,600
The other corporate administrative expenses include officers' salaries and other expenses required by the corporation. The Tech Support Department charges the divisions for services rendered, based on the number of computers in the department, and the Purchasing Department charges divisions for services, based on the number of purchase orders for each department. The usage of service by the two divisions is as follows:
Tech Support Purchasing
Consumer Division 375 computers 1,960 purchase prder
Commercial Division 225 3640
Total 600 computers 5,600 purchase order
The service department charges of the Tech Support Department and the Purchasing Department are considered controllable by the divisions. Corporate administrative expenses are not considered controllable by the divisions. The revenues, cost of goods sold, and operating expenses for the two divisions are as follows:
Consumer Commercial
Revenues $7,430,000 $6,184,000
Cost of goods sold 4,123,000 3,125,000
Operating expenses 1,465,000 1,546,000
Required:
Prepare the divisional income statements for the two divisions.
Answer:
Yozamba Technology
Divisional Income Statements:
Consumer Commercial Total
Revenues $7,430,000 $6,184,000 $13,614,000
Cost of goods sold 4,123,000 3,125,000 7,248,000
Gross profit $3,307,000 $3,059,000 $6,366,000
Operating expenses 1,465,000 1,546,000 3,011,000
Corporate expenses:
Tech Support 322,500 193,500 516,000
Purchasing 31,360 58,240 89,600
Other corporate administrative expenses 560,000
Total expenses $1,818,860 $1,797,740 $4,176,600
Net income (loss) $1,488,140 $1,261,260 $2,189,400
Explanation:
a) Data and Calculations:
Corporate expenses for the year ended December 31, 20Y7:
Tech Support Department $516,000 Number of computers
Purchasing Department 89,600 Number of POs
Other corporate administrative expenses 560,000
Total corporate expense $1,165,600
Usage of Service:
Tech Support Purchasing
Consumer Division 375 computers 1,960 purchase order
Commercial Division 225 3,640
Total 600 computers 5,600 purchase order
Overhead Rates:
Tech Support = $860 per computer ($516,000/600)
Purchase = $16 per purchase order ($89,600/5,600)
Allocation of Corporate Expenses:
Tech Support Purchasing Total
Consumer Division $322,500 $31,360 353,860
(375 * $860) (1,960 * $16)
Commercial Division 193,500 58,240 251,740
(225 * $860) (3,640 * $16)
Total $516,000 $89,600 $605,600
The grouping of living things according to similar characteristics is
Answer:
see the explanation
Explanation:
A species can be defined as a group of organisms with similar features, and these organisms are capable of breeding and produce fertile offspring. You are probably aware of the fact that horses and donkeys belong to the same kingdom, phylum, class, order, family as well as genus but they are from different species.
On June 30, 2017, Wisconsin, Inc., issued $200,200 in debt and 19,300 new shares of its $10 par value stock to Badger Company owners in exchange for all of the outstanding shares of that company. Wisconsin shares had a fair value of $40 per share. Prior to the combination, the financial statements for Wisconsin and Badger for the six-month period ending June 30, 2017, were as follows:
Wisconsin Badger
Revenues $(1,050,000) $-402,000
Expenses 732,000 293,000
Net income $(318,000) $-109,000
Retained earnings, 1/1 $(810,000) $-223,000
Net income (318,000) -109,000
Dividends declared 103,000 0
Retained earnings, 6/30 $(1,025,000) $-332,000
Cash $72,000 $86,000
Receivables and inventory 460,000 252,000
Patented technology (net) 928,000 328,000
Equipment (net) 726,000 648,000
Total assets $2,186,000 $1,314,000
Liabilities $(531,000) $-512,000
Common stock (360,000) -200,000
Additional paid-in capital (270,000) -270,000
Retained earnings (1,025,000) -332,000
Total liabilities and equities $(2,186,000) $-1,314,000
Wisconsin also paid $36,200 to a broker for arranging the transaction. In addition, Wisconsin paid $47,800 in stock issuance costs. Badger’s equipment was actually worth $780,000, but its patented technology was valued at only $299,200. What are the consolidated balances for the following accounts?
Net Income 281,800
Retained Earnings 1/1/15 810,000
Patented Technology 1,227,200
Goodwill
Liabilities 1,243,200
Common Stock 553,000
Additional Paid-In Capital 801,200
Answer:
Wisconsin, Inc.
The consolidated balances for the following accounts are:
Net Income $427,000
Retained Earnings $1,134,000
Patented Technology $1,227,200
Goodwill ($511,800)
Liabilities $1,243,200
Common Stock $553,000
Additional Paid-In Capital $270,000
Explanation:
a) Data and Calculations:
Wisconsin Badger
Revenues $(1,050,000) $-402,000
Expenses 732,000 293,000
Net income $(318,000) $-109,000
Retained earnings, 1/1 $(810,000) $-223,000
Net income (318,000) -109,000
Dividends declared 103,000 0
Retained earnings, 6/30 $(1,025,000) $-332,000
Cash $72,000 $86,000
Receivables and inventory 460,000 252,000
Patented technology (net) 928,000 328,000
Equipment (net) 726,000 648,000
Total assets $2,186,000 $1,314,000
Liabilities $(531,000) $-512,000
Common stock (360,000) -200,000
Additional paid-in capital (270,000) -270,000
Retained earnings (1,025,000) -332,000
Total liabilities and equities $(2,186,000) $-1,314,000
Goodwill = Purchase price Minus (Fair value of assets Less Liabilities)
Purchase price:
Debt = $200,200
Stock = 193,000
Total $393,200
Fair value of assets:
Cash $86,000
Accounts receivable 252,000
Equipment 780,000
Patented technology 299,200
Assets fair value $1,417,200
Liabilities $512,000
Net assets $905,000
Net Income = $427,000 ($318,000 + $109,000)
Retained Earnings = $1,134,000 ($1,025,000 + 109,000)
Patented technology = $1,227,200 ($928,000 + 299,200)
Negative goodwill = $511,800 ($393,200 - $905,000)
Liabilities = $1,243,200 ($531,000 + 512,000 + 200,200)
Common Stock = $553,000 ($360,000 + 193,000)
Additional Paid-in Capital = $270,000
The financial statements for Wisconsin and Badger for the six-month period ending June 30, 2017:
a) Data and Calculations:
Wisconsin Badger
Revenues $(1,050,000) $-402,000
Expenses 732,000 293,000
Net income $(318,000) $-109,000
Retained earnings, 1/1 $(810,000) $-223,000
Net income (318,000) -109,000
Dividends declared 103,000 0
Retained earnings, 6/30 $(1,025,000) $-332,000
Cash $72,000 $86,000
Receivables and inventory 460,000 252,000
Patented technology (net) 928,000 328,000
Equipment (net) 726,000 648,000
Total assets $2,186,000 $1,314,000
Liabilities $(531,000) $-512,000
Common stock (360,000) -200,000
Additional paid-in capital (270,000) -270,000
Retained earnings (1,025,000) -332,000
Total liabilities and equities $(2,186,000) $-1,314,000
Working notes:
The consolidated balances for the following accounts are:
Net Income $427,000 Retained Earnings $1,134,000 Patented Technology $1,227,200 Goodwill ($511,800) Liabilities $1,243,200 Common Stock $553,000 Additional Paid-In Capital $270,000Goodwill = Purchase price Minus (Fair value of assets Less Liabilities)
Purchase price:
Debt = $200,200 Stock = 193,000 Total = $393,200Fair value of assets:
Cash $86,000 Accounts receivable 252,000 Equipment 780,000 Patented technology 299,200 Assets fair value $1,417,200 Liabilities $512,000Net assets $905,000
Net Income = $427,000 ($318,000 + $109,000) Retained Earnings = $1,134,000 ($1,025,000 + 109,000) Patented technology = $1,227,200 ($928,000 + 299,200) Negative goodwill = $511,800 ($393,200 - $905,000) Liabilities = $1,243,200 ($531,000 + 512,000 + 200,200) Common Stock = $553,000 ($360,000 + 193,000) Additional Paid-in Capital = $270,000Know more :
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When the existing spot rate exceeds the exercise price, a call option is ____, and a put option is ____. Group of answer choices out of the money; in the money out of the money; out of the money in the money; in the money in the money; out of the money
Answer:
in the money; out of the money.
Explanation:
Secondary market can be defined as a market where various investors sell and buy securities from other investors.
Some examples of secondary market around the world are New York Stock Exchange (NYSE), NASDAQ, London Stock Exchange (LSE) and National Stock Exchange (NSE).
On the other hand, the primary market refers to the market where these securities that are being sold are issued or created.
In trading and investment, a stock option can be defined as a contract that states that the buyer as the right to buy (call) or sell (put) an asset at a particular price at any time but necessarily obligational. Thus, it is strictly at the discretion of the buyer (investor).
Generally, in a long (buy) position, a buyer hopes that the price of stocks will rise because he or she will typically profit from a rise in price.
However, a short (buy) position, a buyer hopes that the price of stocks will fall because he or she will typically profit from a fall in price.
A spot rate is the cash or exchange rate placed on a contract in the stock exchange market.
When the existing spot rate exceeds the exercise price, a call option is in the money, and a put option is out of the money.
Answer:
a a b c
Explanation:
l Englehard purchases a slurry-based separator for the mining of clay that costs $700,000 and has an estimated useful life of 10 years, a MACRS-GDS property class of 7 years, and an estimated salvage value after 10 years of $75,000. It was fi nanced using a $200,000 down payment and a loan of $500,000 over a period of 5 years with interest at 10%. Loan payments are made in equal annual amounts (principal plus interest) over the 5 years. a. What is the amount of the MACRS-GDS depreciation taken in the 3rd year
Answer:
The amount of the MACRS-GDS depreciation taken in the 3rd year is $122,430.
Explanation:
The amount of the MACRS-GDS depreciation taken in the 3rd year can be calculated as follows:
Cost of the slurry-based separator = $700,000
Third year depreciation rate for a MACRS-GDS property class of 7 years from the MACRS-GDS table = 17.49%
MACRS-GDS depreciation in the 3rd year = $700,000 * 17.49% = $122,430
Therefore, The amount of the MACRS-GDS depreciation taken in the 3rd year is $122,430.
The following information pertains to Carla Vista Company.
1. Cash balance per bank, July 31, $7,738.
2. July bank service charge not recorded by the depositor $48.
3. Cash balance per books, July 31, $7,774.
4. Deposits in transit, July 31, $3,110.
5. $2,426 collected for Carla Vista Company in July by the bank through electronic funds transfer. The collection has not been recorded by Carla Vista Company.
6. Outstanding checks, July 31, $696.
Required:
Prepare a bank reconciliation.
Use the following information to answer Questions 12 - 15. Below is selected data for Gertup Corporation as of 12/31/05: Gertup has maintained the same inventory levels throughout 2005. If end of year inventory turnover was increased to 12 through more efficient relationships with suppliers, how much cash would be freed up (pick closest number)
Answer:
the cash that should be freed up is $267
Explanation:
The computation of the cash that would be freed up is shown below:
As we know that
The inventory turnover is
= Cost of goods sold ÷ average inventory
12 = $14,800 ÷ average inventory
So, the average inventory is 1,233
Now the cash that should be freed up is
= 1,500 - 1,233
= $267
hence, the cash that should be freed up is $267
During the year, Walt who is self-employed travels from Seattle to Tokyo, Japan, on business. His time was spent as follows: two days travel (one day each way), two days business, and two days personal. His expenses for the trip were as follows (meals and lodging reflect only the business portion): Airfare $3,000 Lodging 2,000 Meals 1,000 Presuming no reimbursement, Walt's deductible expenses are: a.$3,500. b.$6,000. c.$4,500. d.$5,500.
Answer:
d.$5,500.
Explanation:
The computation of the deductible expense is shown below:
= Airfare + lodging + 50% of meals
= $3,000 + $2,000 + 50% of $1,000
= $3,000 + $2,000 + $500
= $5,500
hence, the deductible expense is $5,500
Here we take 100% of airfare & lodging but we took 50% for the meals
hence, the option d is correct
Yuri owns just one ship, he calls it Previt. The ship is worth $25 million dollars. If the ship sinks, Yuri loses $25 million. The probability that it will sink is .02. Yuri's total wealth, including the value of the ship is $50 million. He is an expected utility maximizer with utility U(W) equal to W2. What is the maximum amount that Yuri would be willing to pay in order to be fully insured against the risk of losing his ship
Answer:
$745,000
Explanation:
Calculation to determine the maximum amount that Yuri would be willing to pay in order to be fully insured against the risk of losing his ship
First step is to calculate the Expected Utility (√W)
Expected Utility = (98% x √$25,000,000) + (2% x √$0)
Expected Utility = $4,900
Second step is to calculate the Fair premium of insurance policy using this formula
Fair premium of insurance policy = Probability of loss x Size of loss
Let plug in the formula
Fair premium of insurance policy = 2% x $25,000,000
Fair premium of insurance policy = $500,000
Third step is to calculate the Maximum premium using this formula
Maximum premium = Maximum utility - Expected Utility²
Let Plug in the formula
Maximum premium = $25,000,000 - $4,900²
Maximum premium = $25,000,000 - $24,010,000
Maximum premium= $990,000
Now let calculate the Maximum amount willing to pay using this formula
Maximum amount willing to pay = (Fair premium + Maximum premium) / 2
Let plug in the formula
Maximum amount willing to pay= ($ 500,000 + $990,000) / 2
Maximum amount willing to pay=$1,490,000/2
Maximum amount willing to pay= $745,000
Therefore the maximum amount that Yuri would be willing to pay in order to be fully insured against the risk of losing his ship is $745,000
In the context of customer benefit packages,__________are those that are not essential to the primary service, but enhance it.
a.
central services
b.
peripheral services
c.
tertiary services
d.
core services
EZ-Tax is a tax accounting practice with partners and staff members. Each billable hour of partner time has a $800 budgeted price and $375 budgeted variable cost. Each billable hour of staff time has a budgeted price of $210 and a budgeted variable cost of $120. For the most recent year, the partnership budget called for 5,000 billable partner-hours and 20,000 staff-hours. Actual results were as follows:
Partner revenue $4264,000 5200 hours
Staff revenue $4510,000 22,000 hours
Required
Compute the sales price and activity variances for these data. Also compute the mix and quantity variances.
Answer:
EZ-Tax
Partner Staff Total
a. Sales price variance $104,000 ($110,000) ($6,000) U
b. Activity variance $160,000 $420,000 $580,000 F
c. Mix variance $85,000 $180,000 $265,000 F
d. Quantity variance $189,000 $70,000 $259,000 F
Explanation:
a) Data and Calculations:
Partner Staff
Budgeted billable rate per hour $800 $210
Budgeted variable cost per hour 375 120
Budgeted billable hours 5,000 20,000
Budgeted revenue $4,000,000 $4,200,000
Budgeted variable cost 1,875,000 2,400,000
Actual revenue $4,264,000 $4,510,000
Actual billable hours 5,200 22,000
Actual billable rate per hour $820 $205
Budgeted billable rate per hour $800 $210
Variance in price $20 ($5)
Sales price variance $104,000 ($110,000) ($6,000)
Sales price variance = (Standard price - Actual price) * Actual billable hours
= ($800 - $820) * 5,200 + ($210 - $205) * 22,000
= $20 * 5,200 + ($5) * 22,000
= $104,000 - 110,000
= $6,000 U
Activity variance = (Actual billable hours - Standard billable hours) * Standard rate
= (5,200 - 5,000) * $800 + (22,000 - 20,000) * $210
= (200 * $800) + (2,000 * 210)
= $160,000 + 420,000
= $580,000 F
Partner Staff Total
Budgeted revenue $4,000,000 $4,200,000 $8,200,000
Budgeted variable cost 1,875,000 2,400,000 4,275,000
Budgeted contribution $2,125,000 $1,800,000 $3,925,000
Actual revenue $4,264,000 $4,510,000 $8,774,000
Actual variable cost 1,950,000 2,640,000 4,590,000
Actual contribution $2,314,000 $1,870,000 $4,184,000
Quantity variance $189,000 $70,000 $259,000
Quantity variance = Budgeted contribution - Actual contribution
= $3,925,000 - $4,184,000
= $259,000 F
Mix Variance:
Standard contribution margin $425 $90
Volume variance 200 2,000
Mix variance = $85,000 $180,000
Economists argue that the pace of economic growth: Determines the size of the population of a nation over the long term. Determines the standard of life of a nation over the long term. Determines the military capability of a nation over the long term. Determines the unemployment rate of a nation over the long term. Determines the environmental health of a nation over the long term.
Answer: Determines the standard of life of a nation over the long term.
Explanation:
Economists believe that the economic growth of a country determines the standard of living of its people over the long term which is why measures such as GDP per capita exist.
They argue that if the economy is growing, more wealth will be created for citizens to access and the higher production of goods and services will give citizens more choice on what to buy to be able to improve their standard of living.
All of the following are potential exchanges between the fan and the event EXCEPT
Ticket purchases
Purchase of ancillary products
Purchase of sponsor products
Referrals
Answer:
Purchase of sponsor products
Explanation:
Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 30,500 barrels of oil for purchase in June for $75 per barrel. Direct labor budgeted in the chemical process was $274,500 for June. Factory overhead was budgeted at $411,800 during June. The inventories on June 1 were estimated to be:
Oil $19,200
P1 12,900
P2 11,000
Work in process 15,900
The desired inventories on June 30 were:
Oil $21,100
P1 11,800
P2 10,400
Work in process 16,500
Required:
Use the preceding information to prepare a cost of goods sold budget for June.
Answer:
See below
Explanation:
Preparation of cost of goods sold budget for June
Finished goods inventory June 1
Working in process Inventory June 1
Direct materials
Direct materials inventory, June 1
Direct material purchases
Cost of direct materials available for sale
Brodrick Company expects to produce 20,000 units for the year ending December 31. A flexible budget for 20,000 units of production reflects sales of $400,000; variable costs of $80,000; and fixed costs of $150,000. Assume that actual sales for the year are $480,000 (26,000 units), actual variable costs for the year are $112,000, and actual fixed costs for the year are $145,000. Prepare a flexible budget performance report for the year. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.)
Answer: Check attachment
Explanation:
The flexible budget performance report for the year has been solved and attached.
Note that the selling price per unit was calculated as:
= 400,000 /20,000
= $20 per unit
Therefore, total sales was gotten as:
= 26000 × $20
= $520,000
Variable cost per unit was calculated as:
= 80,000/20,000
= $4 per unit
Then, total cost was:
= $4 × 26,000
= $104,000
Check attachment for further details.
Alamo Power historically allocates IDC for its safety program to generation facilities in Cities A and B based on the number of employees. Last year, $300,000 was distributed and the employee count was 840 in city A and 450 in city B. Implementation of the ABC method took place this year to allocate IDC on the basis of number of accidents. City A reported 345 events and city B had 142 accidents reported.
Determine the allocation based on the number of employees. The allocation based on the number of employees is as follows:
City A:________
City B: _______
Answer:
Alamo Power
Allocation of IDC cost based on the number of employees:
City A = $195,349
City B = $104,651
Explanation:
a) Data and Calculations:
IDC cost = $300,000
City A City B Total
Employee count 840 450 1,290
Number of accidents 345 142 487
Allocation of IDC cost based on the number of employees:
City A = 840/1,290 * $300,000 = $195,349
City B = 450/1,290 * $300,000 = $104,651
Total cost allocated = $300,000
Allocation of IDC cost based on the number of accidents:
City A = 345/487 * $300,000 = $212,526
City B = 142/487 * $300,000 = $87,474
Florida Seaside Oil Exploration Company is deciding whether to drill for oil off the northeast coast of Florida. The company estimates that the project would cost $4.24 million today. The firm estimates that once drilled, the oil will generate positive cash flows of $2.12 million a year at the end of each of the next four years. While the company is fairly confident about its cash flow forecast, it recognizes that if it waits two years, it would have more information about the local geology as well as the price of oil. Florida Seaside estimates that if it waits two years, the project would cost $4.59 million. Moreover, if it waits two years, there is a 85% chance that the cash flows would be $2.306 million a year for four years, and there is a 15% chance that the cash flows will be $0.705 million a year for four years. Assume that all cash flows are discounted at a 8% WACC. Will the company delay the project and wait until they have more information
Answer:
The company will invest now and not delay
Explanation:
In order to determine the better option, we have to determine the Net present value of each of the option.
Net present value is the present value of after-tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator
The option with the higher NPV would be chosen
First option
Cash flow in year 0 = $-4.24 million
Cash flow in year 1 = $2.12 million
Cash flow in year 2 = $2.12 million
Cash flow in year 3 = $2.12 million
Cash flow in year 4 = $2.12 million
I = 8%
NPV = 2.78 million
Second option
NPV of the cash flow with $2.306 million a year for four years
Cash flow in year 0 = 0
Cash flow in year 1 = 0
Cash flow in year 2 = $-4.59 million.
Cash flow in year 3 = $2.306
Cash flow in year 4 = $2.306 million
Cash flow in year 5 = $2.306 million
Cash flow in year 6 = $2.306 million
I = 8
NPV = $2.61 million
NPV when cash flows would be $0.705 million
Cash flow in year 0 = 0
Cash flow in year 1 = 0
Cash flow in year 2 = $-4.59 million.
Cash flow in year 3 = $0.705 million
Cash flow in year 4 = $0.705 million
Cash flow in year 5 = $0.705 million
Cash flow in year 6 = $0.705 million
I = 8 %
NPV = -1.93 million
NPV of the second option = (0.85 x $2.61 million) + (0.15 x 0) = $2.22 million
The NPV when cash flows would be $0.705 million is zero because the NPV is negative and thus would not be undertaken.
The company will invest now and not delay because the NPV of not waiting is greater than the NPV of delaying
To find the NPV 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
In 2021, due to a change in marketing forecasts, Barney Corporation reduced the projected life of its patent for producing round dice. The cumulative patent amortization prior to 2021 would have been $18 million higher had the new life been used. Barney's tax rate is 25%. Barney's retained earnings as of December 31, 2021, would be:
Answer: unaffected
Explanation:
We should note that a retrospective adjustment isn't necessarily needed when there's an alternation to a accounting estimate.
With regards to this Barney's retained earnings as of December 31, 2021, would neither be understated or overstated but would be unaffected.
A local college is deciding whether to conduct a campus beautification initiative that would involve various projects, such as planting trees and remodeling buildings, to make the campus more aesthetically pleasing. For the students of the college, the visual appearance of the campus is _____________ and ___________. Thus, the visual appearance would be classified as a public good.
Suppose the college administrators estimate that the beautification initiative will cost $2,040. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 420 students, asking each of them their willingness-to-pay for the beautification project. The average willingness-to-pay, as revealed by the survey, is $12.
The benefit of the beatification initiative, as suggested by the survey, is $ __________ Because the estimated benefit is ____________ than the
cost, the college administrators ______________ undertake the beautification in initiative.
The calculation of the benefit of the beatification initiative relied on the ability of the administrators to accurately capture the true willingness-to-pay of each student.
Which of the following scenarios would cause the survey used by the college administrators to yield misleading willingness-to-pay data? Check all that apply.
a. Students believe that if the initiative does not happen, the funds for the initiative Will not be spent elsewhere.
b. An equal number of male and female students were surveyed.
Answer:
non rival, non excludable
$5040
greater
will
a. Students believe that if the initiative does not happen, the funds for the initiative Will not be spent elsewhere.
Explanation:
A public good is a good that is non excludable and non rivalrous.
Because a student is enjoying the visual appearance of the campus, another student is not prevented from enjoying the visual appearance of the campus. This means that the beautification initiative is non rivalrous
There is no way to prevent any student from viewing the initiative. This means it is non excludable
Benefit can be calculated using the willingness to pay of student
the price a student is willing to pay would be dependent on the amount of benefit she expects to derive from the project
benefit = 420 x $12 = $5040
The beautification initiative generates a positive externality
A good or initiative has positive externality if the benefits to third parties not involved in production is greater than the cost
Because the good generates positive externality, the initiative should be carried out
If . Students believe that if the initiative does not happen, the funds for the initiative Will not be spent elsewhere, they would quote a lower willingess to pay
The purpose of cascading the balanced scorecard throughout the organization is: _____________
a. To help all employees think about, discuss, and implement the corporate strategy.
b. To ensure strict hierarchical control of the organization.
c. To customize the organizational mission and goals for every employee.
d. To create detailed performance measures for each employee
Answer:
b. To ensure strict hierarchical control of the organization.
The purpose of cascading the balanced scorecard is b. To ensure strict hierarchical control of the organization.
What is cascading?Cascading is a term that describes the positions in an organization and how an organization is been set up from higher heirachy to lower heirachy.
Therefore, with cascading, hierarchical control of the organization can be checked and be monitored.
Learn more about cascading at;
https://brainly.com/question/25950911