Instructions
1. Column C. should be type asset liabilitt revenue equity or expense
2. Coloumn D OR E should have a YES OR NO.
3. Fill in debit or credit- which is normal balance of the account, (INCREASE SIDE)
4. Fill in which type of account is it? Temporary or permanent.
Account Name Type: Asset, Will be Will be Normal Temporary or
liability, equity, on the on the Balance Permanent
revenue or Income balance is Debit
Expense statement Sheet or Credit
Cash
Capital Stock
Mortgage Payable
Interest Receivable
Supplies
Account Payable
Short Term Investments
Repair Expense
Unearned Service Revenue
Equipment
Depreciation Expense
Interest Revenue
Salaries Expense
Retained Earnings
Accumulated Depreciation
Utilites Expense
Salaries Payable
Account Receivable
Notes Payable
Service Revenue"
Answers
Answer:
I attached a picture of an Excel table I used to work this. I also attached the proper format of the question that I found that helped answer this.
Related Questions
The Converting Department of Hopkinsville Company had 640 units in work in process at the beginning of the period, which were 70% complete. During the period, 13,600 units were completed and transferred to the Packing Department. There were 720 units in process at the end of the period, which were 25% complete. Direct materials are placed into the process at the beginning of production.
Determine the number of equivalent units of production with respect to direct materials and conversion costs. If an amount is zero, enter in "0".
Hopkinsville Company
Number of Equivalent Units of Production
Whole Units Direct Materials Equivalent Units Conversion Equivalent Units
Inventory in process, beginning
Started and completed
Transferred to Packing Department
Inventory in process, ending
Total
Answers
Answer:
Whole units 14,320
Direct materials equivalent units 13,680
Conversion costs equivalent units 13,332
Explanation:
Calculation to Determine the number of equivalent units of production with respect to direct materials and conversion costs.
Hopkinsville Company Number of Equivalent Units of Production
WHOLE UNITS
Inventory in process, beginning 640
Started and completed 12,960
(13,600-640)
Transferred to Packing Department 13,600
(640+12,960)
Inventory in Process ending 720
Total 14,320
(13,600+720)
DIRECT MATERIALS EQUIVALENT UNITS
Inventory in process, beginning 0
Started and completed 12,960
(13,600-640)
Transferred to Packing Department 12,960
Inventory in Process ending 720
Total 13,680
(12,960+720)
CONVERSION EQUIVALENT UNITS
Inventory in process, beginning 192
[640-(640*70%)]
Started and completed 12,960
(13,600-640)
Transferred to Packing Department 13,152
(192+12,960)
Inventory in Process ending 180
(720*25%)
Total 13,332
(13,152+180)
Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $1,125. Fragmental collected the entire $9,000 cash on October 1 and recorded it as unearned revenue. Assuming adjusting entries are only made at year-end, the adjusting entry made by Fragmental Co. on December 31 would be:
Answers
Answer:
Debit unearned rent for $3,375
........Credit rent revenue for $3,375
Explanation:
The adjusting entry made by Fragmental Co. on December 31 is calculated as;
Number of months from October 1st to December 31st = 3 months
Rent revenue earned for 3 months = $1,125 × 3 = $3,375
Therefore, the adjusting entry would be;
Debit unearned rent for $3,375
..........Credit rent revenue for $3,375
The adjusting entry made by Fragmental Co. on December 31 would be a debit to Unearned Rent and a credit to Rent Revenue for $3,450. The correct option is d.
$3,450 in unearned rent a/c Dr.
$3,450 in rent revenue.
Unearned rent is deducted because it is the company's liability. The value of unearned rent is reduced due to the company's adjustment of unearned rent into rent income, and a fall in the value of unearned rent is always debited because it is a liability.
Rent revenue is credited since it is a company revenue/gain, and all company revenue/gains are always recognised in the books of accounts.
Learn more about rent revenue, here:
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The question is incomplete, but the complete question most probably was:
Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $1,150. Fragmental collected the entire $9,200 cash on October 1 and recorded it as unearned revenue. Assuming adjusting entries are only made at year-end, the adjusting entry made by Fragmental Co. on December 31 would be:
Multiple Choice
a)A debit to Rent Revenue and a credit to Cash for $3,450.
b)A debit to Rent Revenue and a credit to Unearned Rent for $3,450.
c)A debit to Cash and a credit to Rent Revenue for $9,200.
d)A debit to Unearned Rent and a credit to Rent Revenue for $3,450.
e)A debit to Unearned Rent and a credit to Rent Revenue for $5,750
An example of two way communication
Answers
Answer:
Radio, telephone, and computer-aided dispatch systems etc.
Explanation:
Hope it helps,
Pls mark me as the brainliest
Thank you
Cootributions of political institutions
Answers
Answer:
Contributions of political institutions are diverse, and very important for any society.
Explanation:
Institutions contribute to the law and order of a nation. They also help define and determine the government structure of a place. Institutions also promote economic development by incentivizing investment if certain specific institutions are in place, like property rights enforcement, and impartial laws. In fact, this last aspects has been explored at length by economists like Amartya Sen and Daron Acemoglu.
Amrik started a business on 1 January 2017 and purchased a machine costing $18 000. He decided to depreciate the machine at 20% per annum using the reducing (diminishing) balance method. No depreciation was to be charged in the year of disposal. The machine was up sold for \$13 30 300 on 1 July 2018. What was the profit or loss on the sale of the machine? A Loss $1100 B Loss $4700 C Profit $1780 D Profit $2500 ОА Ов Ос OD
Answers
Answer: A. Loss $1,100
Explanation:
Value at the end of the first year after depreciation:
= 18,000 * (1 - 20%)
= $14,400
No depreciation was charged in the year of sale which is 2018 so only a year of depreciation applies.
Profit (loss) = Sales price - Net book value
= 13,300 - 14,400
= -$1,100
As of December 31, 2021, Purdue Corporation reported the following: Cash dividends payable $ 29,000 Treasury stock 690,000 Paid-in capital—share repurchase 29,000 Common stock and other paid-in capital accounts 4,900,000 Retained earnings 3,900,000 During 2022, half of the treasury stock was resold for $258,000; net income was $690,000; cash dividends declared were $590,000; and small stock dividends declared and distributed were $418,000. What would shareholders' equity be as of December 31, 2022?
Answers
Answer:
$8,542,000
Explanation:
Stockholder's equity is computed as seen below;
Common stock and paid in capital
$4,900,000
Retained earnings
$3,900,000
Treasury stock
($258,000)
Total stockholder's equity
$8,542,000
Therefore the shareholder equity basis as of Dec 31 2022 is $8,542,000
Cincinnati Exporters wants to raise $40 million to expand its business. To accomplish this, it plans to sell 22-year, $1,000 face value, semiannual coupon bonds. The bonds will be priced to yield 6.85 percent and coupon rate of 5.72 percent. What is the minimum number of bonds it must sell to raise the money it needs
Answers
Answer:
Minimum number of units to be issued = 45,791.4 units
Explanation:
The units of the bonds to be sold to raise the money equals to the price of the bonds divided by the sum to be raised
The price of a bond is the present value (PV) of the future cash inflows expected from the bond discounted using the yield to maturity.
These cash flows include interest payment and redemption value
The price of the bond can be calculated as follows:
Step 1
PV of interest payment
Semi-annual coupon rate = 5.72/2 = 2.86 %
Semi-annual Interest payment =( 2.86 %×$1000)= $28.6
Semi annual yield = 6.85%/2 = 3.42%
PV of interest payment
= A ×(1- (1+r)^(-n))/r
A- interest payment, r- yield -3.42%, n- no of periods- 2 × 22 = 44 periods
= 28.6× (1-(1.0342)^(-44)/0.0342)= 645.82
Step 2
PV of redemption value (RV)
PV = RV × (1+r)^(-n)
RV - redemption value- $1000, n- 7, r- 4.5%
= 1,000 × (1+0.0342)^(-2×22)
= 1000 × 1.0342^(-44)= 227.7
Step 3
Price of bond = PV of interest payment + PV of RV
645.82 + 227.7= 873.525
Minimum number of units to be issued = $40 million/873.5= 45,791.4 units
Minimum number of units to be issued = 45,791.4 units
which of the following qualities that will help you succeed in the work place
Answers
Answer:
1. Leadership Skills you have to know how to take charge of something going on.
2. Oraganizing being organized is important becuase it shows the people around you that you have everything in order.
3. verbal communications Knowing how to speak to co- workers and coustumers you have to be clear so you can have good coustumer service.
4. Listening skills are very important that's how you understand the coustumers.
Explanation:
Being able to listen to those around
Organization skills
function of the HR manager is concerned with employing people who
possess the necessary skills, knowledge, and aptitude
O Procurement
Development
O Motivation and compensation
STOS DE
TREI
O Integration
Answers
Answer:
Integration.
Explanation:
Human resources management (HRM) can be defined as an art of managing, controlling and improving the number of people (employees or workers), functions, activities which are being used effectively and efficiently by an organization.
Thus, human resources managers are saddled with the responsibility of recruiting, managing and improving the welfare and working conditions of the employees working in an organization.
The function of the HR manager that is concerned with employing people who possess the necessary skills, knowledge, and aptitude is known as integration. This is usually achieved through a recruitment process, which typically involves advertising a vacant position and accepting applications (resumes) from applicants who meet the minimum requirements.
Acquired $70,000 cash from the issue of common stock. Purchased $61,000 of inventory on account. Received goods purchased in Event 2 FOB shipping point; freight cost of $1,870 paid in cash. Sold inventory on account that cost $51,000 for $97,000. Freight cost on the goods sold in Event 4 was $1,020. The goods were shipped FOB destination. Cash was paid for the freight cost. Customer in Event 4 returned $4,540 worth of goods that had a cost of $2,320. Collected $79,540 cash from accounts receivable. Paid $56,200 cash on accounts payable. Paid $3,020 for advertising expense. Paid $4,050 cash for insurance expense. Required a. Which of these events affect period (selling and administrative) costs? Which result in product costs? If neither, label the transaction NA. b. Record each event in a horizontal statements model. The first event is recorded as an example. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash, and NA to indicate the element is not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign.)
Answers
Answer:
Net Income = $33,820
Assets = Liabilities + Stockholders' Equity = $108,620
Explanation:
Note: This question is not complete as the introductory paragraph and the numbering are omitted. The complete question is therefore provided before answering the question as follows:
The Pet Store experienced the following events for the Year 1 accounting period:
1. Acquired $70,000 cash from the issue of common stock.
2. Purchased $61,000 of inventory on account.
3. Received goods purchased in Event 2 FOB shipping point; freight cost of $1,870 paid in cash.
4. Sold inventory on account that cost $51,000 for $97,000.
5. Freight cost on the goods sold in Event 4 was $1,020. The goods were shipped FOB destination. Cash was paid for the freight cost.
6. Customer in Event 4 returned $4,540 worth of goods that had a cost of $2,320.
7. Collected $79,540 cash from accounts receivable.
8. Paid $56,200 cash on accounts payable.
9. Paid $3,020 for advertising expense.
10. Paid $4,050 cash for insurance expense.
Required:
a. Which of these events affect period (selling and administrative) costs? Which result in product costs? If neither, label the transaction NA.
b. Record each event in a horizontal statements model. The first event is recorded as an example. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash, and NA to indicate the element is not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign.)
The explanation of the answer is now given as follows:
a. Which of these events affect period (selling and administrative) costs? Which result in product costs? If neither, label the transaction NA.
Period costs are costs that include selling and asministrative costs which are not related to cost of producing a product.
Product costs can be described as costs of creating or producing a product that is meant for sale to customers.
Therefore, we have:
Event Cost
1 . NA
2. Product costs
3. Product costs
4. NA
5. NA
6. NA
7. NA
8. NA
9. Period costs
10. Period costs
b. Record each event in a horizontal statements model. The first event is recorded as an example. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash, and NA to indicate the element is not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign.)
Note: See the attache excel file for the horizontal statements.
In the attached excel file, Retained Earnings is equal to the balance of the Net Income which is equal to $33,820.
Under the horizontal statements in the attached excel, an evidence to show that Assets is equal to Liabilities Plus Stockholders' Equity. That is:
Assets = Liabilities + Stockholders' Equity = $108,620
The customer gives you two $100 bills, two $50 bills, and one $20 bill for a clothing purchase totaling $312.69. (this is for customer service)
Answers
Answer:
It is more than enough money
Explanation:
The following transactions took place for Smart Solutions Inc. 2017 a. July 1 Loaned $71,000 to an employee of the company and received back a one-year, 9 percent note. b. Dec. 31 Accrued interest on the note. 2018 c. July 1 Received interest on the note. (No interest has been recorded since December 31.) d. July 1 Received principal on the note. Required: Prepare the journal entries that Smart Solutions Inc. would record for the above transactions.
Answers
Answer:
Jul 1, 2017
Dr Notes receivable $71,000
Cr Cash $71,000
Dec 31, 2017
Dr Interest receivable $3,197
Cr Interest revenue $3,197
Jul 1, 2018
Dr Cash $6,390
Cr Interest receivable $3,197
Cr Interest revenue $3,197
Jul 1, 2018
Dr Cash $71,000
Cr Notes receivable $71,000
Explanation:
Preparation of the journal entries that Smart Solutions Inc. would record
Jul 1, 2017
Dr Notes receivable $71,000
Cr Cash $71,000
(Being To record given loan to employee and receipt a note)
Dec 31, 2017
Dr Interest receivable $3,197
(71000*9%*6/12)
Cr Interest revenue $3,197
(Being To record interest accrued)
Jul 1, 2018
Dr Cash $6,390
(3197+3197)
Cr Interest receivable $3,197
Cr Interest revenue $3,197
(71000*9%*6/12)
(Being To record receipt of the interest on maturity date)
Jul 1, 2018
Dr Cash $71,000
Cr Notes receivable $71,000
(Being To record receipt of the full principal)
at the best answer for the question
The selling of goods and/or services to a customer is called
A.Service Industry
B.Food Service
C.Purchasing
D.Retail
Answers
Answer:
The correct answer is D. Retail.
Explanation:
Retail is the sale to the final consumer of goods and services. It is a sector formed by different branches (such as the food industry, the fashion industry, the home industry, etc.), which constitutes the last link in the supply chain that goes from the manufacturer to the consumer, it is In other words, it is the culmination of the process of production of goods and services, when they reach the consumer. This sale is usually carried out in stores, supermarkets, pharmacies, internet platforms and any other place where goods and services can be offered to final recipients.
our community has a total of approximately 100,000 households. What percentage of households would be potential customers for The Shoe Hut? What percentage of households would be potential customers for Star's Coffee and Teas?
Answers
Answer:
Your community has a total of approximately 100,000 households. ... What percentage of households would be potential customers for Star's Coffee and Teas? approximately ... The Shoe Hut Star's Coffee and Teas has a lower barrier to entry
Explanation:
Flash City Inc. manufactures small flash drives and is considering raising the price by 75 cents a unit for the coming year. With a 75-cent price increase, demand is expected to fall by 7,000 units. Current Projected Demand 78,000 units 71,000 units Selling price $9.00 $9.75 Incremental cost per unit $6.80 $6.80 Would you recommend the 75-cent price increase
Answers
Answer:
Yes, reason been that operating profits increase
Explanation:
Calculation to determine whether
Incremental analysis you would recommend the 75-cent price
Current Projected
Incremental revenue $702,000 $692,250
(78,000 units*$9.00=$702,000)
(71,000*$9.75=$692,250)
Incremental cost -$537,200 -$482,800
(78,000 units*$6.80=$537,200)
(71,000*$6.80=$482,800)
Incremental Profit (loss) $164,800 $209,450
($702,000-537,200)
($692,250-$482,800)
Profit increase by($209,450 -$164,800)
Profit increase by= $44,650
Based on the above calculation I would recommend the 75-cent price increase reason been that operating profits increase.
g Kally goes to the grocery store each week looking to purchase items that will give her as much utility as possible, given her $100 budget. Last week apples were priced at $4.50 each, and Kally purchased 3 apples. This week apples are on sale for $2.50 each, while all other prices have remained the same, and Kally chooses to purchase 7 apples. Given this information, plot Kally's demand curve for apples.
Answers
Answer:
Please check the attached image for the graph
Explanation:
The demand curve is a curve that shows the various quantities of a good that is purchased at different prices.
The demand curve is downward sloping due to the inverse relationship between price and quantity demanded. The higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded. This is known as the law of demand.
It can be seen that the quantity demanded of apples increased from 3 to 7 when price reduced to $2.50
On the demand curve, price is on the vertical axis, while quantity demanded is on the horizontal axis
Instructions: Please prepare a Balance Sheet on your scratch paper based on the following Adjusted Trial Balance and Additional Information below to answer this question and the next three (3) questions.
(Hint: you may also want to prepare a new Income Statement and Statement of Stockholders' Equity before preparing the Balance Sheet to make sure you have the necessary information for the Balance Sheet account balances.)
You will need to know the amounts for total current assets, total long-term assets, total current liabilities, total long-term liabilities, and total stockholders' equity.
Adjusted Trial
Balance As of 12/31/20xx
Accounts Debit Credit
Cash $25,486
Prepaid Rent 5,700
Supplies 4,400
Building 100,000
Accumulated Depreciation $6,000
Accounts Payable 1800
Deferred Revenue 1,300
Notes Payable (due in 24 months 80,486
Common Stock 2,100
Retained Earnings 46,400
Dividends 4,000
Service Revenue 12,400
Rent Expense 900
Supplies Expense 3,000
Utility Expense 1,000
Depreciation Expense 6,000
Totals $150,486 $150,486
Additional Information:
Beginning Balance of Common Stock on 1/1/20xx $2.100
Beginning Balance of Retained Earnings on 1/1/20xx $46,400
No new stock was issued during the accounting period. .
Hint: Please remember the formula for retained earnings when preparing this statement
Question: What is the amount shown for Total Current Assets shown on the Classified Balance Sheet you prepared on your scratch paper?
Answers
Answer:
a) Balance Sheet as of December 31, 20xx:
Assets:
Cash $25,486
Prepaid Rent 5,700
Supplies 4,400
Total current assets $35,586
Building 100,000
Acc. Depreciation (6,000) $94,000
Total assets $129,586
Current Liabilities:
Accounts Payable $1,800
Deferred Revenue 1,300
Total current liabilities $3,100
Notes Payable (due in
24 months 80,486
Total liabilities $83,586
Common Stock 2,100
Retained Earnings 43,900 46,000
Total liabilities and equity $129,586
b) Total current assets = $35,586
Explanation:
a) Data and Calculations:
Adjusted Trial
Balance as of 12/31/20xx
Accounts Debit Credit
Cash $25,486
Prepaid Rent 5,700
Supplies 4,400
Building 100,000
Accumulated Depreciation $6,000
Accounts Payable 1,800
Deferred Revenue 1,300
Notes Payable (due in 24 months 80,486
Common Stock 2,100
Retained Earnings 46,400
Dividends 4,000
Service Revenue 12,400
Rent Expense 900
Supplies Expense 3,000
Utility Expense 1,000
Depreciation Expense 6,000
Totals $150,486 $150,486
Additional data:
Beginning Balance of Common Stock on 1/1/20xx $2,100
Beginning Balance of Retained Earnings on 1/1/20xx $46,400
Income Statement for the year ended December 31, 20xx
Service Revenue $12,400
Rent Expense 900
Supplies Expense 3,000
Utility Expense 1,000
Depreciation Expense 6,000 10,900
Net Income 1,500
Statement of Stockholders' Equity:
Beginning Common Stock on 1/1/20xx $2,100
Beginning Retained Earnings on 1/1/20xx 46,400
Net Income 1,500
Dividends (4,000)
Ending Equity balance on 12/31/20xx $46,000
Retained Earnings on 12/31/20xx:
Beginning Retained Earnings on 1/1/20xx 46,400
Net Income 1,500
Dividends (4,000)
Retained Earnings on 12/31/20xx $43,900
Lyon Manufacturing Company produces products A, B, C, and D through a joint process. The joint costs amount to $100,000. Product Units Produced Sales Value at Split-Off Additional Costs of Processing Sales Value After Processing A 1,500 $10,000 $2,500 $15,000 B 2,500 $30,000 $3,000 $35,000 C 2,000 $20,000 $4,000 $25,000 D 3,000 $40,000 $6,000 $45,000 If B is processed further, profits will: Group of answer choices
Answers
Answer:
Increase by $2,000.
Explanation:
Calculation to determine what the profit will be if B is processed further,
First step is to calculate the Inremental Revenue
Inremental Revenue,=
$35,000 - $30,000
Inremental Revenue = $5,000
Now let calculate B profit if processed further
Using this formula
B profit if processed further=Inremental Revenue- Incremental Cost
Let plug in the formula
B profit if processed further=$5,000-$3,000
B profit if processed further= $2,000 Increase
Therefore If B is processed further, profits will Increase by $2,000.
Why are the incentives of a supplier the opposite of the incentives of a demander
Answers
Answer:
The incentives of a supplier are the opposite of the incentives of a demander because it is a relationship whose nature makes supply and demand inversely proportional to each other: the higher the supply, the lower the demand for each product and the lower its price; While the lower the supply, the greater the demand for each product and the higher its price. Thus, in many cases, suppliers seek to restrict supply to maximize profits, while demanders seek to lower prices through a greater quantity of goods offered.
Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of $433,200; materials of $418,000 and direct labor of $228,000. During the year Adams incurred $457,200 in materials costs, $451,600 in overhead costs and $232,000 in direct labor costs. Compute the amount of under- or overapplied overhead for the year.
a. $10,800 overapplied.
b. $18,400 overapplied.
c. $10,800 underapplied.
d. $18,400 underapplied.
Answers
Answer:
see below
Explanation:
Given that cost incurred = $457,200
Overhead
= $457,200 - $433,200
A company expects to pay a dividend of $3.50 per share one year from today. the dividend is expected to grow at 30 percent per year for three years. Thereafter, the dividend will grow at 4 percent per year in perpetuity. if the appropriate discount rate for the stock is 13 percent, what is the price of the stock today
Answers
Answer: $70
Explanation:
Price = Present value of year 1 dividend + Present value of year 2 dividend + Present value of year 3 dividend + Present value of year 4 dividend + Present value of year 4 price
Year 4 price = Year 4 dividend / ( Required return - Growth rate after 3 years)
= (3.50 * 1.30³ * 1.04) / (13% - 4%)
= $88.856
Price = (3.50 / (1 + 13%)) + ( (3.50 * 1.3) / 1.13²) + ( (3.50 * 1.3²) / 1.13³) + ( (3.50 * 1.3³) / 1.13⁴) + 88.856/1.13⁴
= $69.97
= $70
15. Consider a no-load mutual fund with $400 million in assets, 50 million in debt, and 15 million shares at the start of the year; and $500 million in assets, 40 million in debt, and 18 million shares at the end of the year. During the year investors have received income distributions of $0.50 per share, and capital gains distributions of $0.30 per share. Assuming that the fund carries no debt, and that the total expense ratio is 0.75%, what is the rate of return on the fund
Answers
Answer:
12.09%.
Explanation:
Calculation to determine the rate of return on the fund
First step is to calculate the beginning year NAV
Beginning year NAV = ($400 million assets - 50 million debt) / 15 million shares
Beginning year NAV = 23.33
Second step is to calculate the ending year NAV
Ending year NAV = ($500 million assets - (500*0.75% expense) - 40 million debt] / 18 million shares
Ending year NAV =[456.25/18 million shares]
Ending year NAV =25.35
Now let calculate the return using this formula
Return = (Ending NAV -beginning NAV + Capital gain + income) / Beginning NAV)
Let plug in the formula
Return = (25.35-23.33+0.30+0.50)/23.33
Return = 12.09%
Therefore the rate of return on the fund is 12.09%
define hedge fund economics.
Answers
Answer:
Hedge fund are financial partnerships that use pooled funds and employ different strategies to earn active returns for thier investors.. Hedge fund include long-short equity, market neutral, volatility arbitrage and merger arbitrage. They are generally only accessible to accredited investors
During Compute the number of equivalent units with respect to both materials and conversion respectively for March using the weighted-average method. Multiple Choice, the production department of a process operations system completed and transferred to finished goods 20,000 units that were in process at the beginning of March and 100,000 units that were started and completed in March. March's beginning inventory units were 100% complete with respect to materials and 54% complete with respect to conversion. At the end of March, 29,000 additional units were in process in the production department and were 100% complete with respect to materials and 29% complete with respect to conversion. Compute the number of equivalent units with respect to both materials and conversion respectively for March using the weighted-average method.
Answers
Answer:
Computing the equivalent units using the weighted-average method:
Materials Conversion
Total equivalent units 129,000 108,410
Explanation:
a) Data and Calculations:
Beginning inventory = 20,000 units
Degree of completion (Materials 100%, Conversion 54%)
Units started and completed in March = 100,000
Units transferred out = 120,000
Ending inventory = 29,000 units
Degree of completion (Materials 100%, Conversion 29%)
Total equivalent units Materials Conversion
Units started & completed 100,000 (100%) 100,000 (100%)
Units in Ending Inventory 29,000 (100%) 8,410 (29%)
Total equivalent units 129,000 108,410
b) In computing the equivalent units of production, the weighted-average method takes into account the units started and completed within the period and the ending work in process. This is unlike the FIFO method, which considers the units completed in the beginning work-in-process during the current period, the units started and completed, and the ending work-in-process inventory based on their various degrees of completion.
Please help!
Note that common contexts are listed toward the top, and less common contexts are listed toward the bottom. According to O*NET, what are common work contexts for Film and Video Editors? Check all that apply.
(1) extremely bright or inadequate lighting
(2) spend time sitting
(3) exposed to disease or infections
(4) indoors, environmentally controlled
(5) face-to-face discussions
(6) deal with physically aggressive people
Answers
Answer:
BCD is wrong on Edge 2021.| The real Answer is BDE... (Edit)
Explanation:
Using resources from comments on the anwser above (or below) and the bad rating meant that is was wrong. And was also wrong for me.
The REAL ANWSER IS BDE..
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5/28/2021
The BX11160 company has provided its contribution format income statement for a given month. Sales (8,000 units) $ 440,000 Variable expenses 280,000 Contribution margin 160,000 Fixed expenses 103,500 Net operating income $ 56,500 If the BX11160 company sells 7,900 units next month, how much would its net operating income expected to be next month? (Do not round intermediate calculations.)
Answers
Answer:
Net operating income= $48,500
Explanation:
First, we need to calculate the unitary contribution margin:
Unitary contribution margin= 160,000 / 8,000
unitary contribution margin= $20
Now, the net income for 7,600 units:
Contribution margin= 7,600*20= 152,000
Fixed expenses= (103,500)
Net operating income= $48,500
Swifty Hardware reported cost of goods sold as follows. 2022 2021 Beginning inventory $ 31,000 $ 21,500 Cost of goods purchased 203,500 153,000 Cost of goods available for sale 234,500 174,500 Less: Ending inventory 35,000 31,000 Cost of goods sold $199,500 $143,500 Swifty made two errors: 1. 2021 ending inventory was overstated by $3,600. 2. 2022 ending inventory was understated by $6,550. Compute the correct cost of goods sold for each year. 2022 2021 Cost of goods sold
Answers
Answer:
See below
Explanation:
1. Correct amount of cost of goods sold 2022
= beginning inventory + cost of goods purchased - correct ending inventory
= $31,000 + $203,500 - ($35,000 - $6,550)
= $234,500 - $28,450
= $206,050
2.Correct amount of cost of goods sold 2021
= $21,500 + $153,000 - ($31,000 - $3,600)
= $139,900
The aggregate demand aggregate supply mode is quite useful tool for us to understand the economy. So far, we saw only one change at a time, however, in reality, there can be multiple shocks at the same time. The economy was in long run equilibrium. Assuming all else equal, world scientists collaborated to invent a vaccine for everyone to be safe from deadly virus, raising productivity. This makes consumers and businesses optimist about the economy. At the same time, commodity market, namely oil market is calm, maintaining a stable supply.
1. Given above scenario, what do you think will happen to the LRAS, SRAS and AD curves in each in short run?
2. And what would happen to price level and output in the economy?
3. What about in long run?
Answers
Answer:
Explained below
Explanation:
1) From the question, we can deduce that in the short run, there will likely be news of the discovery/invention of a super vaccine which will make the consumers and the businesses to be optimistic about the future of the economy. Therefore, this will in turn lead to an increase in consumption by consumers and thus also lead to an producers making an increase in investment.
2) From answer 1 above, since there is an increase in consumption as well as investment, this will in turn also lead to an increase in the aggregate demand of the economy. Whereas, we are told that the oil market is calm and therefore we can say it does not have an effect on the supply curve.
From the first image attached, increase in the aggregate demand led to an increase in price level from point P to P1 on the y-axis while output output level increased from point Y to point Y1 on the x-axis.
3) In the long run, due to the increase in demand in the short run that makes the supply curve shift to its right, it means the producers will have more of the goods produced. This will in turn reduce the price to its initial level and also increase the output level. From the second diagram, this will lead to a shift long run aggregate supply from LRAS to LRAS1 on the x-axis.
Lyman Company has the opportunity to increase annual credit sales $100,000 by selling to a new, riskier group of customers. The expenses of collecting credit sales are expected to be 15 percent of credit sales. The company's manufacturing and selling expenses are projected at 70% of sales, and its effective tax rate is 40%. If Lyman accepts this opportunity, its after-tax profits would increase by an estimated:_____.
a. $10,200.
b. $10,000.
c. $9,000.
d. $14,400.
Answers
Answer:
Option c ($9,000) is the correct answer.
Explanation:
The given values are:
Annual increase in sales,
= $100,000
Now,
The collection expenses will be:
= [tex]100,000\times 15 \ percent[/tex]
= [tex]15,000[/tex]
Selling as well as manufacturing expenses will be:
= [tex]100,000\times 70 \ percent[/tex]
= [tex]70,000[/tex]
Tax expense will be:
= [tex]15,000\times 40 \ percent[/tex]
= [tex]6,000[/tex]
After-tax profits increase will be:
= [tex]15,000-6,000[/tex]
= [tex]9,000[/tex] ($)
A company establishes a $2,050 petty cash fund on May 2. On May 30, the fund shows $868 in cash along with receipts for the following expenditures: transportation-in, $160; postage expenses, $589; and miscellaneous expenses, $440. The petty cashier could not account for a $7 overage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare the (1) May 2 entry to establish the fund, (2) May 30 entry to reimburse the fund [Hint: Credit Cash Over and Short for $7 and credit Cash for $1,182], and (3) June 1 entry to increase the fund to $2,400.
Answers
Answer:
Explanation:
Petty cash $2,050
Cash $2,050
Merchandise inventory $160
Postage Expense $589
Misc. expenses $440
Credit:
Cash over and short $7
Cash
Petty Cash $350
Cash $350
(2400-2050)