Larned Corporation recorded the following transactions for the just completed month. $76,000 in raw materials were purchased on account.
$74,000 in raw materials were used in production. Of this amount, $64,000 was for direct materials and the remainder was for indirect materials.
Total labor wages of $107,500 were paid in cash. Of this amount, $100,000 was for direct labor and the remainder was for indirect labor.
Depreciation of $199,000 was incurred on factory equipment.
Required:
Record the above transactions in journal entries.
No Transaction General Journal Debit Credit
1 a. Raw materials 90,000
Accounts payable 90,000
2 b. Work in process
Manufacturing overhead
Raw materials
3 c. Work in process
Manufacturing overhead
Wages payable
4 d. Manufacturing overhead

Answer:

1. Dr Raw material $76,000

Cr Account payable $76,000

2. Dr Work in process $64,000

Dr Manufacturing overhead $10,000

Cr Raw material $74,000

3. Dr Work in process $100,000

Dr Manufacturing overhead $7,500

Cr Cash $107,500

4. Dr Manufacturing overhead $199,000

Cr Accumulated depreciation-factory equipment $199,000

Explanation:

Preparation of the journal entries

1. Dr Raw material $76,000

Cr Account payable $76,000

2. Dr Work in process $64,000

Dr Manufacturing overhead $10,000

($74,000-$64,000)

Cr Raw material $74,000

3. Dr Work in process $100,000

Dr Manufacturing overhead $7,500

($107,500-$100,000)

Cr Cash $107,500

4. Dr Manufacturing overhead $199,000

Cr Accumulated depreciation-factory equipment $199,000

Explain the basic functions and
characteristics of money, and describe the
composition of the money supply in the United States

As of December 31, 2019, Sheffield Corp. had $3000 of raw materials inventory. At the beginning of 2019, there was $2500 of materials on hand. During the year, the company purchased $375000 of materials; however, it paid for only $322500. How much inventory was requisitioned for use on jobs during 2019

The pumping cost for delivering water from the Ohio River to Wheeling Steel for cooling hot rolled steel was $1.8 million for the first 4 years. An effective energy conservation program resulted in a reduced cost of $1.77 million in year 5, and $1.74 million in year 6, and amounts decreasing by $30,000 each year through year 10. What is the present worth of the pumping costs in year 0 at an interest rate of 12% per year?

IN the light of Nike Case, identify the following:
Nike company marketing management.
Nike is following marketing orientation rather than a product orien
Nike's competitive advantage as a market leader.. identify Nike e
opportunities through the scanning tools.

A television assembly plant has a variable production output ranging from 200 sets to 850 sets a day. The building for both manufacturing and warehousing has an area of 80,000 square feet and is leased from a real estate firm at an annual rate of $7.95 per square foot. It employs 250 people and their wage cost is, in large part, a function of the number of televisions produced. Most of the components that go into the assembly are also produced in the plant with in-house equipment that is operated based on production requirements. The most likely example of fixed cost in this plant is ______________.

By promoting transparency, the government can improve

a.profit margins
b.economies of scale
c.market efficiency
d.zoning

Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,770 and two jobs in process: Job No. 429 for $2,430, and Job No. 430 for $1,340. During May, a summary of source documents reveals the following:
Materia Labor Time
Job # Requisition Slips Tickets
429 $2,940 $2,300
430 3,850 3,400
431 4,680 $11,470 8,170 $13,870
General use 940 1,570
$12,410 $15,440
Stine Company applies manufacturing overhead to jobs at an overhead rate of 68% of direct labor cost. Job No. 429 is completed during the month.
The following are summary journal entries to record the requisition slips, time tickets, assignment of manufacturing overhead to jobs, and the completion of Job No. 429:
No. Date Account Tiles and Explanation Debit Credit
1 May 31 Work in Process Inventory 11,470
Manufacturing Overhead 940
Raw Materials Inventory 12,410
2 May 31 Work in Process Inventory 13,870
Manufacturing Overhead 1,570
Factory Labor 15,440
3 May 31 Work in Process Inventory 9,432
Manufacturing Overhead 9,432
4 May 31 Finished Good Inventory 9,234
Work in Process Inventory 9,234
Required:
a. Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets.

If TOMS advertised its shoes differently

What requires frequent safety and health inspections

Don operates a taxi business, and this year one of his taxis was damaged in a traffic accident. The taxi was originally purchased for $15,500 and the adjusted basis was $1,050 at the time of the accident. The taxi was repaired at a cost of $2,975 and insurance reimbursed Don $757 of this cost. What is the amount of Don's casualty loss deduction

What is the presses that creates a shortcut on your taskbar

9. Physical and mental examinations:
A. are not legitimate forms of discovery because such information is privileged.
B. are permissible forms of discovery if physical or mental condition of the party is relevant and requires a court
order.
C. are legitimate forms of discovery without court order.
D. are not permissible because it is an invasion of one's privacy.

During March, a firm expects its total sales to be $160,000, its total variable costs to be $95,000, and its total fixed costs to be $25,000. The contribution margin for March is: Multiple Choice

At the beginning of 2021, Artichoke Academy reported a balance in common stock of $154,000 and a balance in retained earnings of $54,000. During the year, the company issued additional shares of stock for $44,000, earned net income of $34,000, and paid dividends of $10,400. In addition, the company reported balances for the following assets and liabilities on December 31.

Assets Liabilities
Cash $52,600 Accounts payable $9,100
Supplies 13,400 Utilities payable 2,400
Prepaid rent 24,000 Salaries payable 3,500
Land 200,000 Notes payable 15,000

Required:
Prepare a statement of stockholders’ equity. Prepare a balance sheet.

Smith Brothers, a furniture manufacturer based in North Carolina, has tie-ups with raw material suppliers and shipping companies who provide Smith Brothers a uniform pricing option across the United States. Despite the cost of production and distribution being the same across the United States, Smith Brothers charges more for its products on the West Coast than in other parts of the United States. Which of the following acts prohibits this practice?

a. Sherman Antitrust Act
b. Wheeler-Lea Amendment
c. Credit Card Accountability, Responsibility, and Disclosure Act
d.Telephone Consumer Protection Act
e. Robinson-Patman Act

Consider an economy with a corn producer, some consumers, and a government. In a given year, the corn producer grows 30 million bushels of corn and the market price for corn is $5 per bushel. Of the 30 million bushels produced, 20 million are sold to consumers, 5 million are stored in inventory, and 5 million are sold to the government to feed the army. The corn producer pays $60 million in wages to consumers and $20 million in taxes to the government. Consumers pay $10 million in taxes to the government, receive $10 million in interest on the government debt, and receive $5 million in Social Security payments from the government. The profits of the corn producer are distributed to consumers.

Required:
a. Calculate GDP using (i) the product approach, (ii) the expenditure approach, and (iii) the income approach.
b. Calculate private disposable income, private sector saving, government saving, national saving, and the government deficit. Is the government budget in deficit or surplus?

Discuss whether the human capital and signaling models have different implications for each of the following education policies:
A. Providing financial aid to students for college.
B. Introducing a test that high school students could take to provide reliable measures of task commitment and capacity to work effectively in teams.
C. Increasing the age at which students can drop out of high school from 16 to 17.

The full array of tangible products offered for sale by a business represents the business's
Group of answer choices

product mix.

services.

depth.

product line.

Ananda owns a clothing store that sells graphic T-shirts. N is the number of shirt she sells each month. the revenue function of her store is our equals 25n the cost function of her store is C equals 10n +900 using a calculator what is the breaking even point of Amanda store

Gibson Products produces cast bronze valves for use in offshore oil platforms. Currently, Gibson produces 1600 valves per day. The 20 workers at Gibson work from 7 a.m. until 4 p.m., with 30 minutes off for lunch and a 15-minute break during the morning work session and another at the afternoon work session. Gibson is in a competitive industry, and needs to increase productivity to stay competitive. They feel that a 20 percent increase is needed.
Gibson's management believes that the 20 percent increase will not be possible without a change in working conditions, so they change work hours. The new schedule calls on workers to work from 7:30 a.m. until 4:30 p.m., during which workers can take one hour off at any time of their choosing. Obviously, the number of paid hours is the same as before, but production increases, perhaps because workers are given a bit more control over their workday. After this change, valve production increased to 2000 units per day.
Calculate labor productivity for the initial situation
Calculate labor productivity for the hypothetical 25 percent increase, and its impact on output.
What is the productivity after the change in work rules?

Risk is defined as:_____.
a. the tendency of people to evaluate the hazardousness of a situation or decision based on biases.
b. the estimated likelihood that a decision or action will have a negative consequence.
c. the degree to which probabilities cannot be assessed.
d. a product, process, or condition that potentially threatens people and their reproduction.

The controller of the South Charleston plant of Ravinia, Inc., monitored activities associated with materials handling costs. The high and low levels of resource usage occurred in September and March for three different resources associated with materials handling. The number of moves is the driver. The total costs of the three resources and the activity output, as measured by moves for the two different levels, are presented as follows:
Resource Number of Moves Total Cost
Forklift depreciation:
Low 4,000 $3,200
High 15,000 3,200
Indirect labor:
Low 4,000 $83,200
High 15,000 147,000
Fuel and oil for forklift:
Low 4,000 $ $3,550
High 16,000 11,360
Required:
If required, round your answers to two decimal places. Enter a "0" if required.
1. Determine the cost behavior formula of each resource. Use the high-low method to assess the fixed and variable components.
Forklift depreciation:
V $
F $
Y $
Indirect labor:
V $
F $
Y $ + $X
Fuel and oil for forklift:
V $
F $
Y $X
2. Using your knowledge of cost behavior, predict the cost of each item for an activity output level of 11,000 moves.
Forklift depreciation $
Indirect labor $
Fuel and oil for forklift $

The Freebird Turbocharger is being recalled. All customers who submitted warranty cards can have their installed turbochargers serviced free by authorized mechanics. If you do not have a warranty with Freebird, bring your original receipt to your local Freebird dealership and they will complete the repairs at cost.
1. What is the primary purpose of this message?
a. To give a price quote
b. To sell a turbocharger
c. To inform a customer about a recall
d. To refuse a refund
2. What is the secondary purpose of this message?
a. To retain the customer’s goodwill
b. To provide a refund
c. To sell more turbochargers

Which of the following best describes what investment is?
A required payment to owners of a company
An amount of money to pay for larger operations
A new company with several shareholders
A renewable technology in a developing country

Financial instruments Financial instruments are assets that have a monetary value or record a monetary transaction. To coordinate the exchange of capital between borrowers and lenders, financial instruments trade in the financial markets. These financial instruments can be categorized on the basis of their issuers, maturity, risk, and other factors.

Identify the financial instruments based on the following descriptions.

a. Backed by the U.S. government, these financial instruments are short-term debt obligations with a maturity of less than one year. They are considered risk-free investments.
b. Issued by money-centered financial firms, these short- or medium-term insured debt instruments pay higher interest than a regular savings account. They are low-risk instruments and have low returns.
c. These financial instruments are investment pools that buy such short-term debt instruments as Treasury bills (T-bills), certificates of deposit (CDs), and commercial paper. They can be easily liquidated.
d. These financial instruments are contractual agreements that give one party a long-term agreement to use an asset by providing regular payments.

Which of the following instruments are traded in the capital markets? Check all that apply.
a. Common stocks
b. Corporate bonds
c. Preferred stocks
d. Certificates of deposit
e. Long-term bank loans

The process in which derivatives are used to reduce risk exposure is called :________

Consider the following budgeted data for the client case of Carla's accounting firm. The client wants a fixed-price quotation.

Direct professional labour $20,700
Direct support labour 10,200
Fringe benefits for direct labour 13,500
Photocopying 1,800
Telephone calls 2,000
Computer lines 5,700

Overhead is allocated at the rate of 100% of direct labour cost.

Required:
Prepare a schedule of the budgeted total costs for the client.

Brendan buys a used car in April 2020 from his neighbor for $20,000. After one month, he loses his job and decides to sell the car to get some cash. He sells the car for $22,000 to a car dealer. The dealer fixes a few things here and there and sells the car for $27,000 in July 2020. Because of these transactions, the 2020 nominal GDP increases by ______ dollars.

A farmer in Germany can use his land to produce corn or wheat. Suppose he can produce 1 million bushels of corn if it devotes all of its land to corn or 10 million bushels of wheat if it devotes all time to wheat. Plot the PPF with corn on the vertical access and wheat on the horizontal axis. What is the opportunity cost of a bushel of corn

A Union worker is to see an increase in pay of 2.5% per year next year. Her salary is $41,000 yr. If inflation was predicted

to be 1.9% for the upcoming year, how much more purchasing power would she have in dollars next year?

You work in the customer care division at Flannery Electronics. Mr. Gallegos, a longtime customer, is experiencing a problem with his home theater system and has submitted a letter requesting that Flannery Electronics either fix or replace his system at no cost. Unfortunately, Mr. Gallegos’s customer service and factory warranties expired three months ago. You must write to Mr. Gallegos and inform him that Flannery will be unable to honor his request.
1. Should the tone for this message be formal or informal?
A. Formal
B. Informal
2. Which communication channel would be most appropriate?
A. Phone call
B. Letter
C. Instant message
D. Face-to-face meeting
3. Mr. Gallegos will most likely have a_____response to the message you send him.
4. Who might be the secondary audience for your message to Mr. Gallegos?
5. Assume you just wrote the following e-mail message to a subordinate about a presentation.
Hey Jim,
Nice work on that presentation. I’m going to send a copy to the CEO to show off your creativity. Congratulations to you and your team.
Speaking of teams, I’m sending a recommendation to Human Resources. Your leadership during the presentation really shows, and you deserve a promotion for all that hard work. A team is only as good as its leader, after all.
Before sending the message, it occurs to you that your e-mail will probably be forwarded to other subordinates.
What will you need to change to make the message appropriate for both a subordinate and other subordinates?
A. Start with the promotion discussion and use a more formal tone.
B. Focus on congratulating the team using each individual’s name and use a more formal tone. C. Send news about the promotion recommendation in a separate e-mail.
D. Make the message even more friendly and informal but focus only on congratulating the team.