Answer:
$2,344,356
Explanation:
Given the above information,
June production :
Planned sales + ending inventory - beginning inventory
= (27,000 + 70 - 490) units
= 26,580 units
Total direct labor hour required for production
= 26,580 units × 4.2
= 111,636 labor hour
Cost of production
= Total direct labor hour × rate per hour
= 111,636 × $21
= $2,344,356
jayda started a corporation that creates software products for clients. which statement correctly reflects jayde's role in the corporation?
Answer:
good for herlelellelelel
Answer:
idgaf
Explanationk bye
Avery works for Proctor and Gamble as a market researcher in the United States. P&G is interested in launching a new line of shampoo in India and has asked her to look into doing research to support this decision. Since Avery is not familiar with the language or the culture, what should she do?
Explanation:
According to the scenario in question, an effective alternative for market researcher Avery would be to hire an Indian market research company to carry out the research that P&G needs to do before launching a new shampoo line in India, because as Avery does not is familiar with the Indian language and culture, these could be significant barriers to conducting effective research, since India is a country known for having a very strong culture, so an Indian company could achieve the objective of Proctor and Gamble of more effectively, as it would have more specific information about the culture and the need of the Indian people about a particular product.
Bryant Company has a factory machine with a book value of $85,700 and a remaining useful life of 7 years. It can be sold for $25,900. A new machine is available at a cost of $420,000. This machine will have a 7-year useful life with no salvage value. The new machine will lower annual variable manufacturing costs from $594,400 to $522,800. Prepare an analysis showing whether the old machine should be retained or replaced. (In the first two columns, enter costs and expenses as positive amounts, and any amounts received as negative amounts. In the third column, enter net income increases as positive amounts and decreases as negative amounts. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Answer: i don’t remember this that well but i think u have to add the two numbers
Explanation:
Watson Oil recently reported (in millions) $8,250 of sales, $5,750 of operating costs. The company had $3,200 of outstanding bonds that carry a 5% interest rate, and its federal-plus-state income tax rate was 35%. In order to sustain its operations and thus generate future sales and cash flows, the firm was required to make $600 of capital expenditures on operating long-term assets and to invest $300 in net operating working capital. By how much did the firm's net income exceed its free cash flow
Answer:
$796
Explanation:
The computation of the excess amount is shown below:
As we know that
Free cash flows = Net Income + Depreciation + Interest (1-tax) - Capital expenditures +- changes in Working capital
Now the difference could be determined by the following formula
-Depreciation - interest (1-tax) + capital expenditure + changes in Working capital
= -$650 - 0.05 × $3,200 × (1 - 0.35) + $1,250 + $300
= $796
The Astro World amusement park has the opportunity to expand its size nowâ (the end of yearâ 0) by purchasing adjacent property for â$ and adding attractions at a cost of â$. This expansion is expected to increase attendance by percent over projected attendance without expansion. The price of admission is â$â, with aâ $5 increase planned for the beginning of year 3. Additional operating costs are expected to beâ $100,000 per year. Estimated attendance for the next fiveâ years, without expansionâ, is asâ follows:
Year 1 2 3 4 5
Attendance 31,000 35,000 36,750 38,500 42,000
a. The cash flows attributable to theâ park's expansion in year 1 are:_______
b. The cash flows attributable to theâ park's expansion in year 2 are:_______
c. The cash flows attributable to theâ park's expansion in year 3 are:_______
d. The cash flows attributable to theâ park's expansion in year 4 are:_______
e. The cash flows attributable to theâ park's expansion in year 5 are:_______
Answer:
Percent increase as a result of expansion = 30%
Price of admission = $35
Cashflow attributable to the park's expansion = Estimated attendance without expansion * percent increase as a result of expansion * admission fee - additional operating costs per year.
Year 1
= 31,000 * 30% * 35 - 100,000
= $225,500
Year 2
= 35,000 * 30% * 35 - 100,000
= $267,500
Year 3
= 36,750 * 30% * 40 - 100,000
= $341,000
Year 4
= 38,500 * 30% * 40 - 100,000
= $362,000
Year 5
= 42,000 * 30% * 40 - 100,000
= $404,000
For each hypothetical scenario, indicate whether the tariff described is more likely a protective tariff or a revenue tariff.
a. In response to concerns from business leaders, a legislator has designed a new tariff on raw materials used by many manufacturing firms. The legislator felt the new tariff was necessary based on input from the private sector that new discoveries of natural re
sources abroad would threaten to put domestic producers of raw materials out of business. To meet this goal, this tariff will charge $1,500 on every crate of the imported goods plus an additional 6% of the total value of the imported goods.
b. In an effort to balance next year's budget, a senator has proposed a new tariff. She proposed the new tariff with a goal of raising a total of $100 million, To meet this goal, this tariff will charge $2,000 on every ton that is imported.
Answer:
a. In response to concerns from business leaders, a legislator has designed a new tariff on raw materials used by many manufacturing firms. The legislator felt the new tariff was necessary based on input from the private sector that new discoveries of natural resources abroad would threaten to put domestic producers of raw materials out of business. To meet this goal, this tariff will charge $1,500 on every crate of the imported goods plus an additional 6% of the total value of the imported goods.
protective tariff since it is designed to protect domestic industries from competition of out of state producers. It is designed to increase the price of imported goods.b. In an effort to balance next year's budget, a senator has proposed a new tariff. She proposed the new tariff with a goal of raising a total of $100 million, To meet this goal, this tariff will charge $2,000 on every ton that is imported.
revenue tariff since its main purpose is to increase government revenue, not to protect domestic industries.The first scenario describes protective tariff whereas the second scenario explains revenue tariff.
What is protective and revenue tariff?In international trade, protective tariffs are applied on the imported goods to protect and prevent the domestic industries from competition.
In scenario a, a tariff of $1,500 and additional of 6% was charged on imported goods to protect the domestic producers. Therefore the first scenario describes protective tariff.
The revenue tariff on the other hand refers to a tariff that is designed with an intention to increase revenues.
The scenario b describes a tariff that was applied to reach the target revenue of $100 million. Therefore it is a revenue tariff.
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Which of the following statements about real and nominal interest rates is correct? A. An increase in the real interest rate is necessarily accompanied by either an increase in the nominal interest rate, an increase in the inflation rate, or both. B. When the inflation rate is positive, the nominal interest rate is necessarily greater than the real interest rate. C. When the nominal interest rate is rising, the real interest rate is necessarily rising; when the nominal interest rate is falling, the real interest rate is necessarily falling. D. If the nominal interest rate is 4 percent and the inflation rate is 3 percent, then the real interest rate is 7 percent.
Answer:
B. When the inflation rate is positive, the nominal interest rate is necessarily greater than the real interest rate.
Explanation:
A real interest rate can be regarded as
an interest rate that adjustment has been made on in order to remove the effects of inflation so that the real cost of funds to the borrower as well as real yield to the lender can be reflected. A nominal interest rate on the other hand can be regarded as interest rates calculated before consideration of inflation. It should be noted that When the inflation rate is positive, the nominal interest rate is necessarily greater than the real interest rate.
Rupesh wants to buy a new BMW priced at $54,000. He makes a down payment of 20% of the original price. He also trades-in his old car for $10,000. (This means he sells the old car to the dealer for $10,000). For the balance, Rupesh takes a 60-month car loan at an interest rate of 3.45%. What will be the approximate payment at the end of every month
Answer:
The approximate payment at the end of every month will be $603.22.
Explanation:
Since the payment is going to be made at the end of every month, this can be calculated using the formula for calculating the present value of an ordinary annuity as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)
Where;
PV = Present value or the balance = Price of BMW - Down payment - Old car sales amount = $54,000 - ($54,000 * 20%) - $10,000 = $33,200
P = Monthly payment = ?
r = Monthly interest rate = Annual interest rate / 12 = 3.45% / 12 = 0.0345 /
12 = 0.002875
n = number of months = 60
Substitute the values into equation (1) and solve for P, we have:
$33,200 = P * ((1 - (1 / (1 + 0.002875))^60) / 0.002875)
$33,200 = P * 55.0377058660197
P = $33,200 / 55.0377058660197
P = $603.22
Therefore, the approximate payment at the end of every month will be $603.22.
Which of the following should be considered last when searching for financing? Question 1 options: Family members Banks Commercial finance companies Credit cards
Answer:
Credit cards
Explanation:
A credit card can be defined as a small rectangular-shaped plastic card issued by a financial institution to its customers, which typically allows them to purchase goods and services on credit based on the agreement that the amount would be paid later with an agreed upon interest rate.
Credit cards should be considered last when searching for financing.
The main sources of finance are; Family members, Banks Commercial and finance companies.
Kraus Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheet. The Rolling Department received 31,600 tons from the Casting Department in October. During October, the Rolling Department completed 45,900 tons, including 15,900 tons of work in process on October 1. The ending work in process inventory on October 31 was 1,600 tons.How many tons were started and completed during October?
Answer:
30,000 tons
Explanation:
Units Completed = Beginning Work in Process Units Completed + Units started and Completed during October
45,900 = 15,900 + Units started and Completed during October
Units started and Completed during October = 45,900 - 15,900
Units started and Completed during October = 30,000 tons
Transactions for the Sandhill Company for the month of November are presented below.
a. Stockholders invested an additional $36,000 cash in the business.
b. Purchased land costing $17,000 for cash.
c. Purchased equipment costing $54,000 for $4,500 cash and the remainder on credit.
d. Purchased supplies on account for $800. 5. Paid $3,200 for a one-year insurance policy.
e. Received $2,800 cash for services performed.
f. Received $6,600 for services previously performed on account.
g. Paid wages to employees for $2,400.
h. Paid dividends to stockholders of $600.
Requried:
Journalize each transaction and identify each transaction by number.
Answer:
Part a.
Debit : Cash $36,000
Credit : Common Stock $36,000
Part b.
Debit : Land $17,000
Credit : Cash $17,000
Part c.
Debit : Equipment $54,000
Credit : Cash $4,500
Credit : Accounts Payable $49,500
Part d.
Debit : Supplies $800
Credit : Accounts Payable $800
Item 5
Debit : Prepaid Insurance $3,200
Credit : Cash $3,200
Part e.
Debit : Cash $2,800
Credit : Service Revenue $2,800
Part f.
Debit : Cash $6,600
Credit : Accounts Receivable $6,600
Part g.
Debit : Wages $2,400
Credit : Cash $2,400
Part h.
Debit : Dividends $600
Credit : Cash $600
Explanation:
The first step is to identify the accounts affected by the transaction (usually more than2). Then record the transactions in journal as above.
Dehner Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on the following data: Total direct labor-hours 47,000 Total fixed manufacturing overhead cost $ 202,100 Variable manufacturing overhead per direct labor-hour $ 2.00 Recently, Job P951 was completed with the following characteristics: Number of units in the job 50 Total direct labor-hours 100 Direct materials $ 850 Direct labor cost $ 4,700 The total job cost for Job P951 is closest to: (Round your intermediate calculations to 2 decimal places.)
Answer:
Total cost= $6,180
Explanation:
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= (202,100/47,000) + 2
Predetermined manufacturing overhead rate= $6.3 per direct labor hour
Now, we can allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 6.3*100
Allocated MOH= 630
Finally, the total cost:
Total cost= 850 + 4,700 + 630
Total cost= $6,180
explain the importance of financial planning
Answer:
Financial planning is a step-by-step approach to meet one's life goals. A financial plan acts as a guide as you go through life's journey. Essentially, it helps you be in control of your income, expenses and investments such that you can manage your money and achieve your goals.
Austin Company uses a job order cost accounting system. At the beginning of the year, the company's executives estimated that direct labor would be $2,000,000 (200,000 hours at $10/hour) and that factory overhead would be $1,500,000 for the current period. At the end of the year, the records show that there had been 180,000 hours of direct labor and $1,200,000 of actual overhead costs. Using direct labor hours as a base, what was the predetermined overhead allocation rate
Answer:
$7.50 per direct labor hour
Explanation:
Calculation for the predetermined overhead allocation rate
Using this formula
Predetermined overhead allocation rate = Factory overhead/Direct labor hours
Let plug in the formula
Predetermined overhead allocation rate = $1,500,000/200,000 hours
Predetermined overhead allocation rate = $7.50 per direct labor hour
Therefore the predetermined overhead allocation rate is $7.50 per direct labor hour
A drawback to using stock options as part of manager compensation is that Group of answer choices it encourages managers to engage in empire building. All of the listed answers are true. None of the listed answers are true. it can create an incentive for mangers to manipulate information to prop up a stock price temporarily, giving them a chance to cash out before the price returns to a level reflective of the firm's true prospects. it encourages managers to undertake projects that will increase stock price.
Answer:
C. it can create an incentive for mangers to manipulate information to prop up a stock price
temporarily, giving them a chance to cash out before the price returns to a level reflective of
the firm's true prospects.
Explanation:
A management stock option gives enable managers to have legal right in order to purchase some certain number of shares with the fixed price during some time in future time. Though there are some condition that are needed to be satisfied such as continued employment. It should be noted that drawback to using stock options as part of manager compensation is that it can create an incentive for mangers to manipulate information to prop up a stock price
temporarily, giving them a chance to cash out before the price returns to a level reflective of the firm's true prospects.
A debit balance in the Allowance for Doubtful Accounts A. indicates that actual bad debt write-offs have exceeded previous provisions for bad debts. B. is the normal balance for that account. C. cannot occur if the percentage of receivables method of estimating bad debts is used. Click Save and Submit to save and submit. Click Save All Answers to save all answers. D. indicates that actual bad debt write-offs
Answer:
D. indicates that actual bad debt write-offs
Explanation:
A debit balance can be regarded as negative cash balance when checking ones account with a bank. It should be noted that debit balance in the Allowance for Doubtful Accounts
indicates that actual bad debt write-offs
In each of the following cases, calculate the price of one share of the foreign stock measured in United States dollars (US$). a. A Belgian stock priced at euros () when the exchange rate is US$/ (i.e., each euro is worth $). b. A Swiss stock priced at Swiss francs (Sf) when the exchange rate is US$/Sf. c. A Japanese stock priced at yen (¥) when the exchange rate is ¥/US$.
Answer:
$114.24
$96.18
$12.23
Explanation:
Here is the complete question :
In each of the following cases, calculate the price of one share of the foreign stock measured in United States dollars(US$).
a. A Belgian stock priced at 103.1 euros (euro) when the exchange rate is 0.9025 euro/US$.
b. A Swiss stock priced at 93.1 Swiss francs (Sf) when the exchange rate is 0.968 Sf/US$.
c. A Japanese stock priced at 1,334 yen (¥) when the exchange rate is 109.1149 ¥/US$.
Exchange rate is the rate at which one currency is exchanged for another currency
In this question, US dollar is the base currency while the other currencies are the price currency
1. (103.1 / 0.9025) x 1usd = $114.24
2. (93.1 / 0.9680) x 1 usd = $96.18
c.( 1334/109.1149) x 1 usd = $12.23
The consequences of poor
mangement to the government
and society .
Which means the same as human resources?
A)
capital resources
B)
service providers
C)
labor resources
D)
unskilled workers
Answer:
A. Capitol Resources
Explanation:
Explanation:
Answer:
Capital resources
Explanation:
"Human capital" is sometimes used synonymously with human resources, although human capital typically refers to a more narrow view. Likewise, other terms sometimes used include "manpower", "talent", "labour", or simply "people".
Hope this helps out. if not, please let me know so i can edit my answer
Foxmoor Company applies manufacturing overhead by using a predetermined rate of 50% of direct labor cost. The data that follow pertain to job no. 764:
Direct material cost $55,000
Direct labor cost 80,000
If Foxmoor adds a 40% markup on total cost to generate a profit, which of the following choices depicts a portion of the accounting needed to record the sale of job no. 764?
Account Debited Amount
A. Cost of Goods Sold $175,000
B. Cost of Goods Sold $245,000
C. Finished Goods Inventory $175,000
D. Finished Goods Inventory $245,000
E. Sales Reveune $245,000
a. Choice A
b. Choice B
c. Choice C
d. Choice D
e. Choice E
Answer:
e. Choice E
Explanation:
Total cost of job no. 764 = $55,000 + $80,000 + 80,000 x 50%
= $175,000
Total Revenue for job no. 764 = $175,000 + $175,000 x 40%
= $245,000
E. Sales Revenue $245,000
Choose the scenarios provided that would cause an increase in the cell phone quantity produced based on the law of supply.
A)
The price of cell phones increases considerably.
B)
Government subsidies provided to cell phone producers increases.
C)
The cost of the main component of cell phones decreases substantially
D)
The price of cell phones is placed on sale around popular holiday seasons.
E)
The federal government decreases the tariff on the imported computer
chip inside cell phones
The following scenarios would cause an increase in the cell phone quantity produced based on the law of supply:
B) Government subsidies provided to cell phone producers increases.
C) The cost of the main component of cell phones decreases substantially.
E) The federal government decreases the tariff on the imported computer
chip inside cell phones.
If the price of the cell phones will increase then the demand for cell phones will decrease. Hence, option A is incorrect. The price of cell phones is placed on sale during holiday seasons will not affect the law of supply because the sale price if less then the demand will increase and considerably the sale. Hence, option C is incorrect. If the government subsidies on cell phone increase then the producers will able to produce more cell phones and this will help in increasing the cell phone supply. Hence, option B is correct. If the cost of the main component of the cell phone decreases then the producers can purchase more number of main components for the production of cell phones and the supply for cell phone increases. Hence, option C is correct. If the federal government decreases the tariff on the chip being imported and used in the cell phones. Then it will decrease the production cost and more number of cell phones are expected to be produced and it will increase the supply of cell phone. Hence, option E is correct.Hence, options B, C, and E are correct.
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Before preparing financial statements for the current year, the chief accountant for Oriole Company discovered the following errors in the accounts.
1. The declaration and payment of $47,000 cash dividend was recorded as a debit to Interest Expense $47,000 and a credit to Cash $47,000.
2. A 10% stock dividend (1,100 shares) was declared on the $10 par value stock when the market price per share was $19. The only entry made was Stock Dividends (Dr.) $11,000 and Dividend Payable (Cr.) $11,000. The shares have not been issued.
3. A 4-for-1 stock split involving the issue of 354,000 shares of $5 par value common stock for 91,750 shares of $20 par value common stock was recorded as a debit to Retained Earnings $1,835,000 and a credit to Common Stock $1,835,000.
Required:
Prepare the correcting entries at December 31.
Answer:
Oriole Company
Correcting Journal Entries:
1. Debit Dividends $47,000
Credit Interest Expense $47,000
To correct the error.
2. No corrections required
3. Debit Common Stock $1,835,000
Credit Retained Earnings $1,835,000
To correct the error.
Explanation:
a) Data and Analysis:
1. Dividends $47,000 Interest Expense $47,000
2. No corrections required
3. Common Stock $1,835,000 Retained Earnings $1,835,000
b) When a stock split is done, there is no journal entry involving an amount of money. What is recorded is just a memo entry. The memo entry serves to notify that the number of Oriole shares and the par value per share have changed to reflect the reality.
The village of Shelburne operates a nine-hole golf course as an enterprise fund. You are provided with the following information for the current year:
1. Net income for the year was $161,511.
2. The beginning net position balances are net investment in capital assets $585,400; restricted $5,000; and unrestricted $254,790.
3. New golf carts were leased. The present value of the lease liability is $200,000. A principal payment of $40,000 was made during the year and amortization of the leased asset totaled $37,500.
4. Lawn edging equipment with a carrying value of $6,100 was sold for $6,300.
5. A new lawn mower was purchased for $75,000. At the end of the year, a $25,000 note associated with the machine remains outstanding. Depreciation of the mower was $7,500.
6. Additional depreciation of other assets totaled $30,000.
Required: Prepare the net position section of Shelburne’s statement of net position.
Net Position:Net Position - Net investment in capital assets:Net Position - Restricted:Net Position - Unestricted:Total Net Position:
Answer:
$1,006,701
Explanation:
Preparation of the net position section of Shelburne’s of net position
First step is to calculate the ending balance
Net investment in capital assets:
Beginning balance$585,400
Add Leased equipment $200,000
Less Lease obligation $160,000
($200,000 − $40,000)
Less Sale of equipment $6,100
Add New equipment (lawnmower) $75,000
Less Note related to lawnmower $25,000 Less Depreciation and amortization $75,000
Ending balance$594,300
Now let Prepare the net position section of Shelburne’s of net position
VILLAGE OF SHELBURNE Golf Course Enterprise Fund
Partial Statement of Net Position As of year End
Net Position:
Net Position—Net Investment In Capital Assets $594,300
Add Net Position—Restricted$5,000
Add Net Position—Unrestricted$407,401
Total Net Position $1,006,701
($594,300+$5,000+$407,401)
Therefore the net position section of Shelburne’of net position will be $1,006,701
Needham Company uses a job-order costing system. During the month of September, the company worked on three jobs. The job-order cost sheets for the three jobs contained the following information at the end of September: Job A Job B Job C Beginning Balances $ 4,900 $ 3,900 $ 6,900 Direct Materials 1,900 2,500 2,900 Direct Labor 3,300 5,500 2,700 The company applies overhead at 120% of direct labor cost. The total cost of Job A at the end of September was:
Answer is in the file below
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Penny’s Pool Service & Supply, Inc. (PPSS) is completing the accounting process for the year just ended, December 31, 2015. The transactions during 2015 have been journalized and posted. The following data with respect to adjusting entries are available:
a. PPSS owed $7,500 wages to the office receptionist and three assistants for working the last 10 days in December. The employees will be paid in January 2016.
b. On October 1, 2015, PPSS received $24,000 from customers who prepaid pool cleaning service for one year beginning on November 1, 2015.
c. The company received a $520 utility bill for December utility usage. It will be paid in January 2016.
d. PPSS borrowed $30,000 from a local bank on May 1, 2015, signing a note with a 10 percent interest rate. The note and interest are due on May 1, 2016.
e. On December 31, 2015, PPSS cleaned and winterized a customer’s pool for $800, but the service was not yet recorded on December 31.
f. On August 1, 2015, PPSS purchased a two-year insurance policy for $4,200, with coverage beginning on that date. The amount was recorded as Prepaid Insurance when paid.
g. On December 31, 2015, PPSS had $3,100 of pool cleaning supplies on hand. During 2015, PPSS purchased supplies costing $23,000 from Pool Corporation, Inc., and had $2,400 of supplies on hand on December 31, 2014.
h. PPSS estimated that depreciation on its buildings and equipment was $8,300 for the year.
i. At December 31, 2015, $110 of interest on investments was earned
Required: Prepare adjusting entries for Penny's Pool Service & Supply, Inc., on December 31, 2015.
Answer:
Penny's Pool Service & Supply, Inc.
Adjusting Entries:
a. Debit Wages Expense $7,500
Credit Wages Payable $7,500
To record accrued wages.
b. Debit Deferred Revenue $4,000
Credit Service Revenue $4,000
To record earned revenue.
c. Debit Utility Expense $520
Credit Utility Payable $520
To record accrued utility expense.
d. Debit Interest Expense $2,000
Credit Interest Payable $2,000
To record interest expense due.
e. Debit Accounts Receivable $800
Credit Service Revenue $800
To record service revenue earned.
f. Debit Insurance Expense $875
Credit Prepaid Insurance $875
To record expired insurance for the period.
g. Debit Supplies Expense $23,700
Credit Supplies $23,700
To record supplies expense for the period.
h. Debit Depreciation Expense - building and equipment $8,300
Credit Accumulated Depreciation - building and equipment $8,300
To record depreciation expense for the period.
i. Debit Interest Receivable $110
Credit Interest Revenue $110
To record interest revenue earned.
Explanation:
a) Data and Analysis:
a. Wages Expense $7,500 Wages Payable $7,500
b. Deferred Revenue $4,000 Service Revenue $4,000 ($24,000 * 2/12)
c. Utility Expense $520 Utility Payable $520
d. Interest Expense $2,000 Interest Payable $2,000 ($30,000 * 10% * 8/12)
e. Accounts Receivable $800 Service Revenue $800
f. Insurance Expense $875 Prepaid Insurance $875 ($4,200 * 5/24)
g. Supplies Expense $23,700 Supplies $23,700 ($3,100+23,000- 2,400)
h. Depreciation Expense - building and equipment $8,300 Accumulated Depreciation - building and equipment $8,300
i. Interest Receivable $110 Interest Revenue $110
In accounting terms, the adjusting entries are the entries that are usually made at the end of the accounting or the financial year in order to allocate the income and expenditure to the period of time in which they are actually incurred.
The Journal entries have been attached below.
Working notes:
[tex]\begin{aligned}\text{Service Revenue}= \$4,000\times \$24,000 \times\frac{2}{12}\end{aligned}[/tex]
[tex]\begin{aligned}\text{ Interest Payable}= \$2,000\times\$30,000 \times 10\% \times\frac{8}{12}\end{aligned}[/tex]
[tex]\begin{a;igned}\text{Prepaid Insurance}=\ $875 \times\$4,200 \times\frac{5}{24}\end{aligned}[/tex]
[tex]\text{Supplies}=\ $23,700 \times(\$3,100+23,000- 2,400)[/tex]
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A large global automobile manufacturer is considering outsourcing the manufacturing of a solenoid used in the transmission of its SUVs. The company estimates that annual fixed costs of manufacturing the part in-house, which include equipment, maintenance, and manage-ment, amounts to $6 million. The variable costs of labor and material are $5.00 per unit. The company has an offer from a major subcontractor to produce the part for $8.00 per unit. However, the subcontractor wants the company to share in the costs of the equipment. The automobile company estimates that the total cost would be $4 million, which also includes management oversight for the new supply contact
Required:
a. How many solenoids would the automobile company need per year to make theâ in-house option leastâcostly?
b. What otherâ factors, besidesâ costs, should the automobile company consider before revising its supply chain forâ SUVs?
Answer:
A) The company must consume more than 666667 solenoids per year to make the in-house option least costly.
B) - quality of the product
- prompt delivery of products
- good communication & relationship with external parties.
Explanation:
A) Since if they use a subcontractor, they will share part of the equipment cost, Let the cross over point for manufacturing the solenoid in house and using a contractor be denoted as x.
Now, variable costs of labor and material are $5.00 per unit. This is 5x
Also from the subcontractor, production of the part is estimated at $8.00 per unit. This is 8x.
Thus;
6000000 + 5x = 4000000 + 8x
Rearranging, we have;
6000000 - 4000000 = 8x - 5x
3x = 2000000
x = 2000000/3
x ≈ 666667
Thus, the company must consume more than 666667 solenoids per year to make the in-house option least costly.
B) Apart from cost, other factors the company must consider are quality of the product, prompt delivery of products, good communication & relationship with stakeholders involved.
Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $22,025. Clayborn's May bank statement shows $19,800 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $ 6,700 Outstanding checks $ 5,600 Bank service fees, not yet recorded by company $ 75 A NSF check from a customer, not yet recorded by the company $ 1,050 The adjusted cash balance should be: Multiple Choice $20,925 $14,200 $20,900 $21,950 $26,500
Answer:
$20,900
Explanation:
Calculation for what The adjusted cash balance should be:
Using this formula
Adjusted cash balance= Bank balance + deposits in transit - outstanding check
Let plug in the formula
Adjusted cash balance = $19,800 + $ 6,700 - $ 5,600
Adjusted cash balance= $20,900
Therefore The adjusted cash balance should be:$20,900
The Hopper Leg Winery from California's Sonoma Valley is trying to enter the wine market in France. To the company's surprise, it found that the France wine distribution channel was difficult to access as an outsider. Based on this, the market must have a(n) _________ distribution channel. fragmented intensive formal exclusive concentrated
Answer:
exclusive
Explanation:
Marketing mix can be defined as the choices about product attributes, pricing, distribution, and communication strategy that a company blends and offer its targeted markets (customers) so as to build and maintain a desired response.
Generally, a marketing mix is made up of the four (4) Ps;
1. Products: this is typically the goods and services that gives satisfaction to the customer's needs and wants. They are either tangible or intangible items.
2. Price: this represents the amount of money a customer buying goods and services are willing to pay for it.
3. Place: this represents the areas of distribution of these goods and services for easier access by the potential customers.
4. Promotions: for a good sales record or in order to increase the number of people buying a product and taking services, it is very important to have a good marketing communication such as advertising, sales promotion, direct marketing etc.
In this scenario, The Hopper Leg Winery from California's Sonoma Valley is trying to enter the wine market in France. To the company's surprise, it found that the France wine distribution channel was difficult to access as an outsider. Based on this, the market must have an exclusive distribution channel i.e the exclusive or unique rights to be a retailer for the supplier or manufacturer of the wine products.
On January 1, 2021, Jasperse Corporation leased equipment under a finance lease designed to earn the lessor a 10% rate of return for providing long-term financing. The lease agreement specified ten annual payments of $90,000 beginning January 1, and each December 31 thereafter through 2029. A 10-year service agreement was scheduled to provide maintenance of the equipment as required for a fee of $8,000 per year. Insurance premiums of $7,000 annually are related to the equipment. Both amounts were to be paid by the lessor and lease payments reflect both expenditures.
Required:
At what amount will Jasperse record a right-of-use asset?
Answer:
$554,320
Explanation:
Annual payment = $90,000
Rate = 10%
Time period = 10 years
Maintenance of equipment = $8,000
PVAD of $1(n = 10, i=11) = 6.76
Lease payment = $90,000 - $8,000 = $82,000
Amount of Right-of-use asset = Lease payment * PVAD of $1
Amount of Right-of-use asset = $82,000 * 6.76
Amount of Right-of-use asset = $554,320
So, Jasperse will record $554,320 as a right-of-use asset amount.
Climate change is expected to have a major impact on local weather patterns across the United States (and the world). Use a spatial equilibrium model for simple system of two cities to predict the effect of climate change on 1) A place where climate change lowers that amenity value of the local climate (call this place Miami) and 2) A place where climate change does not change the local amenity value (call this place Chicago). Which of the following best describes the prediction of your model?
A. Real estate prices in Miami will rise, real estate prices in Chicago will fall.
B. Real estate prices in Miami will fall, real estate prices in Chicago will fall.
C. Real estate prices in Miami will rise, real estate prices in Chicago will rise.
D. Real estate prices in Miami will fall, real estate prices in Chicago will rise.
E. None of the above.
Answer:
D. Real estate prices in Miami will fall, real estate prices in Chicago will rise.
Explanation:
Real estate prices in Miami will fall because according to the model, climate change will lower the amenity value of the local climate. This means that climate change will make the climate of Miami less desirable for potential residents, causing a drop in the price of the real estate of the city due to less demand.
Chicago on the other hand, will have the amenity level of its climate increased, and this will attract more potential residents who will drive up demand, causing Chicago's real estate prices to rise.