Answer:
1) Hand lotion : Joint cost = $250
body lotion : joint cost = $250
foot lotion : Joint cost = $250
2) Body lotion
The joint costs of production for each product is : $250
Explanation:
cost per batch = $250
At spit off point
one batch produces : 80 bottles of hand lotion, 40 body lotions, 25 foot lotion
After spit-off point : Hand lotion is $2.5 per bottle
cost of further processing of body lotion = $0.25
value of body lotion = $5.75
cost of further processing of foot lotion = $0.85
market value of foot lotion = $4.00
Assuming that body and foot lotion could be sold at the split-off point for $3.00 and $3.20 per bottle, respectively.
1 ) using the market value at split-off method to allocate the joint costs of production to each product
Hand lotion : Joint cost = $250
body lotion : joint cost = $250
foot lotion : Joint cost = $250
this is because the joint cost of producing each product in every batch is the same
2) The lotion that should be continued after split-off is
Body lotion because the market value after split-off - cost for further production is better off other lotions ( highest market value after split-off)
i.e : $5.75 - $0.25 = $ 5.50
The joint costs of production for each product is : $250
A client-server relationship is the basic form of a _____.
A. customized software package
B. work for hire contract
C. computer network
D. service support contract
Answer: Computer Network
Explanation: Apex
Answer:
C
Explanation:
Computer Network.
Megan, a human resource manager, recently approved the hiring of five summer interns. She will use ________ to decide which departments would benefit from the interns’ employment. As production manager, part of Jennifer’s job is to determine what raw materials will be needed to meet production needs. Sales forecasts may help Jennifer with this ______ function of management. Wesley’s company just began offering online ordering for their products. Wesley uses _______ to delegate tasks to each department that is affected.
Choose the management function being performed in each of the examples.
Example of managerial work Planning Organizing Leading Controlling
A construction project manager from Iron Horse
Construction uses a team of experts to design the
development of a new property on the top of a
very steep ridge.
The team includes geotechnical consultants, erosion
control specialists, and contractors. Jessica Lee,
director of global employer brand and communications
at Marriott International, realizes the mobile app created
by a vendor does not integrate with the company's
existing software.
George Steinbrenner transferred his passion for winning
to everyone in the New York Yankees organization.
His famous quote is, "Winning is the most important thing
in my life, after breathing. Breathing first, winning next."
Taco Bell CEO, Brian Niccol, considers what the technical
and logistical needs would be in order to offer delivery to
customers.
Answer:
FIRST QUESTION:
Organizing
Planning
Organizing
SECOND QUESTION:
Explanation:
FIRST QUESTION
Megan, a human resource manager, recently approved the hiring of five summer interns. She will use ___Organizing ____ to decide which departments would benefit from the interns’ employment. As production manager, part of Jennifer’s job is to determine what raw materials will be needed to meet production needs. Sales forecasts may help Jennifer with this___ Planning __ function of management. Wesley’s company just began offering online ordering for their products. Wesley uses ____Organizing___ to delegate tasks to each department that is affected.
Management functions involves process, action taken by the management to achieve the goals of the organization effectively. They are:
Planning
Organizing
Controlling
and others
✓Organizing in management can described as dividing task between departments, work group . It involves human resources allocation within the organization.
✓Planning on management inolves steps, ways that are deviced to carried out actions in an organization in future time inorder to achieve the goals of the organization.
✓Controlling are ways management use to monitor the set goals of the organization, is a way to supervise the running of the organization from all departments and level of the organization to efficiency.
✓Leading involves setting example for the follower to follow, it's a way in which leader in organization influence the worker/employee to achieve the organizational goals.
SECOND QUESTION
1)A construction project manager from Iron Horse Construction uses a team of experts to design the development of a new property on the top of a very steep ridge. The team includes geotechnical consultants, erosion
control specialists, and contractors. ( EXAMPLE OF ORGANIZING)
2)Jessica Lee,
director of global employer brand and communications at Marriott International, realizes the mobile app created by a vendor does not integrate with the company's existing software.
."(EXAMPLE OF CONTROLLING)
3)George Steinbrenner transferred his passion for winning to everyone in the New York Yankees organization.
His famous quote is, "Winning is the most important thing in my life, after breathing. Breathing first, winning next(EXAMPLE OF LEADING)
4)Taco Bell CEO, Brian Niccol, considers what the technical
and logistical needs would be in order to offer delivery to customers.(EXAMPLE OF PLANNING)
The management functions that is performed in different examples are as follows :
1. Megan - organizing
2. As production manager, Jennifer - planning
3. Wesley’s company - organizing
4. A construction project manager - organizing
5. Jessica Lee - Controlling
6. George Steinbrenner - Leading
7. Taco Bell CEO - Planning
Management Functions
Management functions are defined as a set of functions or disciplines which is used to run an organization. It consists of : planning, leading, organizing, staffing and controlling.
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what are you being for halloween
Answer:
maybe a fox
Explanation:
A financial institution where the users are the owners and generally share a common bond are known as
Answer: Credit unions
Explanation:
Credit union is a nonprofit-making money institution whose members can borrow from deposits at low interest rates and share profits with owners.
Their aim is to serve each member by helping them to get funds at low interest .
Hence, a financial institution where the users are the owners and generally share a common bond are known as Credit union.
You would expect a bond of the U.S. government and a bond of an Eastern European government to pay different interest rates because of differences in the bonds_____.
You would expect a bond that pays the principal in year 2040 and a bond that pays the principal in year 2020 to pay_____interest rates because of differences in the bonds.
You would expect a bond from a software company you run in your garage and a bond from Coca-Cola to pay different interest rates because of differences in the bonds_____.
You would expect a bond issued by New York State to pay_____interest rate as compared to a bond issued by the federal government.
Answer:
You would expect a bond of the U.S. government and a bond of an Eastern European government to pay different interest rates because of differences in the bonds Credit Risk.
The United States has the safest securities in the World and so pay different rates from other countries to reflect this especially with an Eastern European Government that is not as trusted.
You would expect a bond that pays the principal in year 2040 and a bond that pays the principal in year 2020 to pay higher interest rates because of differences in the bonds.
Bond with longer maturity terms are riskier as they will be exposed to more inflation and interest rate risk.
You would expect a bond from a software company you run in your garage and a bond from Coca-Cola to pay different interest rates because of differences in the bonds Credit Risk.
Coca-Cola is a big company with many assets that back up any leverage it has and so they will have a lower risk than a person with a small business in a garage that might be unable to keep up with payments and default.
You would expect a bond issued by New York State to pay higher interest rate as compared to a bond issued by the federal government.
The Federal Government will be less riskier than New York when it comes to repaying debt because if push comes to shove they can simply print more dollars. They also have higher revenue streams than New York State which means that New York is riskier and will therefore pay a higher interest rate to compensate.
Cougar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following:
Cash $ 23,000
Accounts payable $ 19,000
Investments (short-term) 2,100
Accrued liabilities payable 3,100
Accounts receivable 4,600
Notes payable (short-term) 5,200
Inventory 27,000
Notes payable (long-term) 41,000
Notes receivable (long-term) 2,700
Common stock 10,700
Equipment 57,000
Additional paid-in capital 96,300
Factory building 91,000
Retained earnings 36,600
Intangibles 4,500
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $8,600 cash.
b. Lent $6,300 to a supplier who signed a two-year note.
c. Purchased equipment that cost $24,000; paid $4,900 cash and signed a one-year note for the balance.
d. Hired a new president at the end of the year.
e. The contract was for $86,000 per year plus options to purchase company stock at a set price based on company performance.
f. Issued an additional 2,300 shares of $0.50 par value common stock for $19,000 cash.
g. Borrowed $19,000 cash from a local bank, payable in three months.
h. Purchased a patent (an intangible asset) for $1,100 cash.
i. Built an addition to the factory for $29,000; paid $8,700 in cash and signed a three-year note for the balance.
j. Returned defective equipment to the manufacturer, receiving a cash refund of $2,400.
Prepare a classified balance sheet at December 31of the current year.
Answer:
a. Purchased short-term investments for $8,600 cash.
Dr short term investments 8,600
Cr cash 8,600
b. Lent $6,300 to a supplier who signed a two-year note.
Dr notes receivable 6,300
Cr cash 6,300
c. Purchased equipment that cost $24,000; paid $4,900 cash and signed a one-year note for the balance.
Dr equipment 24,000
Cr cash 4,900
Cr notes payable 19,100
d. Hired a new president at the end of the year.
no entry
e. The contract was for $86,000 per year plus options to purchase company stock at a set price based on company performance.
no entry
f. Issued an additional 2,300 shares of $0.50 par value common stock for $19,000 cash.
Dr cash 19,000
Cr common stock 115
Cr additional paid in capital 18,885
g. Borrowed $19,000 cash from a local bank, payable in three months.
Dr cash 19,000
Cr notes payable 19,000
h. Purchased a patent (an intangible asset) for $1,100 cash.
Dr patent 1,100
Cr cash 1,100
i. Built an addition to the factory for $29,000; paid $8,700 in cash and signed a three-year note for the balance.
Dr building 29,000
Cr cash 8,700
Cr notes payable 20,300
j. Returned defective equipment to the manufacturer, receiving a cash refund of $2,400.
Dr cash 2,400
Cr equipment 2,400
Cougar Plastics CompanyBalance SheetFor the year ended December 31, 202xAssetsCurrent assets:
Cash $33,800
Accounts receivable $4,600
Inventory $27,000
Investments (short-term) $10,700
Total current assets $76,100
Long term investments:
Notes receivable $9,000
Total long term investments $9,000
Property, plant and equipment:
Equipment $78,600
Factory building $120,000
Total P, P & E $198,600
Intangible assets:
Intangibles $4,500
Patent $1,100
Total intangible assets $5,600
Total assets $289,300
Liabilities and stockholders' equityCurrent liabilities:
Accounts payable $19,000
Accrued liabilities payable $3,100
Notes payable (short-term) $43,300
Total current liabilities $65,400
Long term liabilities:
Notes payable $61,300
Total long term liabilities $61,300
Stockholders' equity:
Common stock $10,815
Additional paid-in capital $115,185
Retained earnings $36,600
Total stockholders' equity $162,600
Total liabilities + stockholder's equity $289,300
Alameda Manufacturing manufactures a variety of wooden picture frames using recycled wood from old barns. Alameda Manufacturing has reported the following costs for the previous year. Assume no production inventories.Advertising………………………………………………………………….. $25,600Cost of hardware (hangers, decorations, etc)…………….… $42,300Cost of wood…………………………………………………………..... .$121,200Depreciation on production equipment…………………….... $32,000Factory property taxes……………………………………………….....$15,500Factory rent……………………………………………………………..….. $50,000Glue……………………………………………………………………...…….… $3,030Production supervisor salary…………………………………….. $41,200Sales manager salary…………………………………………………. $41,500Utilities for factory………………………………………………………. $27,800Wages for maintenance workers.......................................$33,200Wages of assembly workers..............................................$87,400Wages of finishing workers...............................................$74,100A compute the direct material cost 1a.____ $163,500 _______Compute the direct labor cost. 1b.________ $161,500 ________Compute the manufacturing overhead. 1c.____ $232,730 ______Compute the total manufacturing cost. 1d.____ $557,730 _____Compute the prime cost. 1e_________$325,000 ______Compute the conversion cost. 1f.____ $394,230 _____Compute the total period cost 1g.____ $67,100 ________
Answer:
Direct Material Cost
= Cost of hardware + cost of wood
= 42,300 + 121,200
= $163,500
Direct labor
= Wages of Assembly workers + Finishing workers
= 87,400 + 74,100
= $161,500
Manufacturing Overhead
= Depreciation + Factory prop. taxes + Factory rent + Glue + Production Supervisor salary + Utilities for factory + Wages for maintenance workers
= 32,000 + 15,500 + 50,000 + 3,030 + 41,200 + 27,800 + 33,200
= $202,730
Prime Cost
= Direct labor + Direct material
= 161,500 + 163,500
= $325,000
Conversion Cost
= Direct labor + Manufacturing Overhead
= 161,500 + 202,730
= $364,230
Total Period Cost
= Advertising + Sales Manager's salary
= 25,600 + 41,500
= $67,100
For 2014, Taxpayer (TP) wants to recognize a deduction. The deduction involves a statute that has not changed since enacted in 1920. TP is relying on a case called JONES, which is a case decided by the United States Tax Court in 1965 which held in favor of the taxpayer. The JONES case was decided by a United States Tax Court that lies in the 5th Circuit Court of Appeals. At the time the JONES case was decided, its holding was contrary to precedent set by the 5th Circuit Court of Appeals. Which of the following is correct:a. None of the other choices are correct.b. The Golsen rule is inapplicable here and is of no concern for TP.c. The Golsen rule applies here and weakens the legal justification for the deduction.d. The Golsen rule applies here and strengthens the legal justification for the deduction.
Answer:
Option c. is correct
Explanation:
Under the Golsen rule, the Tax Court must follows the Court of Appeals such that the court of appeals has direct jurisdiction over the taxpayer. The Court is said to reach a decision without calculating the tax when a Tax Court decision is said to be entered under Rule 155.
In this question, The Golsen rule applies here and weakens the legal justification for the deduction
What makes financial professions popular in Nepal?
if im not mistaking it's cause Nepal is rich in resources even if it's economically poor, the resources there are outstanding.
Which has a negative impact on performance
Answer:
bad wi fi bad prefomancne
Explanation:
bad wi fi bad prefomancne
The maintenance director has grown to value your insights and thoughtful questions when preparing bid packets to support her team's best work. As it turns out, her predecessor verbally modified the LED lights' model ordered by your employer when the original, awarded bid reponse included the model number for LEDs noted by the maintenance staff--that were not compatible with the fixtures of the company buildings/structures. When the maintenance director asks your opinion about her plan to amend the existing contract with the LED supplier to the model numbers actually used, as opposed to the ones listed in the contract that are not compliant with the existing features. That's what they have been doing so you should probably amend the contract as the director suggests, and you will save more time (no rebidding) and money (no additional modifications to the facility) than rebidding.
a. True
b. False
Moreno Motors Inc. identifies that bikers are usually the first users of their newly launched products. The firm sends consultants to biker rallies to discover how bikers who use Moreno motorcycles modify them to extend their usage, as well as the desired benefits. Recent visits revealed that bikers were seeking items, such as bolt-on chrome products, horsepower performance enhancers, and improved braking systems in Moreno motorcycles. In this example, Moreno Motors Inc. is studying which of the following groups of customers?
a) lead users.
b) mainstream customers.
c) laggards.
d) captive customers.
e) spinners.
Answer:
a) lead users.
Explanation:
Lead users are very skilled and experienced users in certain products and this users know extensively about the product application and how this products can be modified to satisfy their needs.
Lead users find solutions to problems through the use of innovation thereby improving or changing parts of the products thereby they are significant evaluating products.
You purchase 15 shares of Initech stock at $25 per share. Later, you sell your shares when the price is $30 per share.
What is your dollar return? (Answer should be just a number. Do not include a dollar symbol.)
Answer:
dollar return would be 75 if i'm not mistaken
Explanation:
5 dollar profit per share. 5 times 15 is 75. profit would be 75
AB InBev categorizes its brands into at least three categories: global brands, international brands, and local champions. Discuss the differences across these three different types of brands.
Answer:
Global brand use one marketing strategy accross countries, international brands may use varying marketing strategy accross countries, and local champion are tailored for one country
Explanation:
Global brands are those that recognised around the world. They usually use the same marketing strategy in all locations. So there is a uniformity in the brand.
International brands are those where there is an ongoing communication between marketer and consumers to produce goods in different countries under a particular brand name. There may be variability in the marketing strategy used in each location.
Local champion is a brand that has strong presence in one location only. The focus of marketers is to make products that meet unique tastes and preferences of people from one country
The inventory on hand at the end of 2019 for Reddall Company is valued at a cost of $94,000. The following items were not included in this inventory:
1. Purchased goods in transit, under terms FOB shipping point, invoice price $4,200, freight costs $200.
2. Goods out on consignment to Marlman Company, sales price $5,600, shipping costs of $200.
3. Goods sold to Grina Co. under terms FOB destination, invoiced for $1,900 which included $178 freight charges to deliver the goods. Goods are in transit.
4. Goods held on consignment by Reddall at a sales price of $2,700 which included sales commission of 20% of sales price.
5. Purchased goods in transit, shipped FOB destination, invoice price $2,100 which included freight charges of $190.
Required:
Determine the cost of the ending inventory that Reddall should report on its December 31, 2016, balance sheet, assuming that its selling price is 140% of the cost of the inventory.
Answer: $103,830
Explanation:
Ending Inventory = Inventory on hand + Purchased goods shipping point + Goods out on consignment + Goods sold FOB Destination
Selling price of goods is 140% cost of inventory so sales figures will have to be divided by 140% to get the inventory figure.
Purchased goods shipping point
= 4,200 + 200 = $4,400
Goods out on Consignment
= (5,600 / 140%) + 200 = $4,200
Goods sold FOB Destination
= (1,900 - 178) / 140% = $1,230
Ending Inventory
= 94,000 + 4,400 + 4,200 + 1,230
= $103,830
Goods Purchased FOB Destination are not to be included as they are still the responsibility of the seller. Goods held on consignment should not be included either.
What is the amount of Maple Corp.'s charitable contribution deduction for the painting (assuming income limitations do not apply)
Answer:
The first part of the question is missing, so I looked for similar questions:
Maple Corp. owns several pieces of highly valued paintings that are on display in the corporation's headquarters. This year, it donated one of the paintings valued at $100,000 (adjusted basis of $25,000) to a local museum for the museum to display.
Maple Corp. can deduct $100,00 as charitable contribution.
When a corporation or an individual donates art work to a qualifying charity, they can deduct the fair market value of the art work if:
they have owned the art work for at least 1 year prior to the donationthe charity must use the art work in a manner directly related to its regular activities and missionthe charity must hold the art work for at least 3 years after you donated itthe IRS must classify the company or individual as an investor or art collector, e.g. artists cannot deduct donations of their own artYour supervisor has come to you with the following list of expenditures for the year and is asking you whether they should be capitalized or expensed as repairs and maintenance. Indicate all of the expenditures that would most appropriately be capitalized.
1. Re-painted the office building.
2. Added a new wing onto the office building.
3. Took their fleet of cars in for servicing (changing the oil, etc.).
4. Added newer electronic locks on the doors in the production building.
5. Had an engine rebuilt in one of their fleet cars.
Answer:
Capitalized Expenditures:
2. Added a new wing onto the office building.
5. Had an engine rebuilt in one of their fleet cars.
Explanation:
Capitalization is the process of delaying the full recognition of an expense for the acquisition of a new asset with long-term life so that the costs can be treated as an expense gradually over its useful life through an accounting method known as depreciation or amortization.
The criteria for capitalizing expenditure depend on whether the expenditure is necessary to bring the asset to the condition and location where it can be operated as desired by the management. It must also meet the threshold amount set by management for capitalization. This is because some assets can be used for more than one year and still they are not regarded as capital assets. Example is a stapling machine that costs less than a dollar.
When she was in college, Kiersten Walburg wrote a case study on Grokster, an online peer-to-peer (P2P) file-sharing network, and knew that it was shut down because its services were illegal. Several years later, Montgomery Records, Inc., which owned the copyrights to a large number of music recordings, discovered that "tereastarr", a user name associated with Walburg's Internet protocol address, had made twenty-four songs available for distribution on another P2P network. Montgomery notified Walburg that she had been identified as engaging in the unauthorized trading of music. She replaced the hard drive on her computer with a new drive that did not contain the songs in dispute. Is Walburg liable for copyright infringement?
1. Making material available on a P2P network or through the cloud is called Select (file-sharing/ obtaining copyright protection)
2. Is file-sharing always prohibited? Select (Yes/ No)
3. File sharing is prohibited Select (when it is used to download and store copyrighted music/when it is used to listen to music)
4. Under the Digital Millennium Copyright Act, a person who file-shares Select (can/ cannot) use the fair use doctrine to justify the file-sharing.
5. Montgomery notified Walburg that she had been identified as engaging in the unauthorized trading of music. She replaced the hard drive on her computer with a new drive that did not contain the songs in dispute. Walburg Select (can/ cannot) remedy her wrongful conduct by replacing her hard drive?
6. Why or why not? The illegal file sharing Select (was/ was not) already done.
7. Who is an innocent infringer? A person who Select (is/ is not) aware and had no reason to believe that his or her acts constituted copyright infringement.
8. Walburg likely Select (was/ was not) an innocent infringer.
9. Why? She had written a case study on Napster and knew file sharing was Select (right/ wrong)
10. It is Select (likely/ not likely) that Walburg replaced her hard drive to conceal her acts.
11. If that is true, Walburg's act of replacing her hard drive Select (was / was not) ethical.
12. If Walburg did commit an illegal act in sharing copyrighted material without earning a profit, she Select (can/ can not) face criminal sanctions
13. A court likely Select (would/ would not) find Walburg liable for copyright infringement.
Answer:
File-Sharing and Copyrights
1. Making material available on a P2P network or through the cloud is called Select (file-sharing/ obtaining copyright protection) .
2. Is file-sharing always prohibited? Select (Yes/ No) .
3. File sharing is prohibited Select (when it is used to download and store copyrighted music/when it is used to listen to music) .
4. Under the Digital Millennium Copyright Act, a person who file-shares Select (can/ cannot) use the fair use doctrine to justify the file-sharing.
5. Montgomery notified Walburg that she had been identified as engaging in the unauthorized trading of music. She replaced the hard drive on her computer with a new drive that did not contain the songs in dispute. Walburg Select (can/ cannot) remedy her wrongful conduct by replacing her hard drive?
6. Why or why not? The illegal file sharing Select (was/ was not) already done.
7. Who is an innocent infringer? A person who Select (is/ is not) aware and had no reason to believe that his or her acts constituted copyright infringement.
8. Walburg likely Select (was/ was not) an innocent infringer.
9. Why? She had written a case study on Napster and knew file sharing was Select (right/ wrong) .
10. It is Select (likely/ not likely) that Walburg replaced her hard drive to conceal her acts.
11. If that is true, Walburg's act of replacing her hard drive Select (was / was not) ethical.
12. If Walburg did commit an illegal act in sharing copyrighted material without earning a profit, she Select (can/ can not) face criminal sanctions .
13. A court likely Select (would/ would not) find Walburg liable for copyright infringement.
Explanation:
Copyright infringement is like plagiarism. It is the wrongful use of another person's copyrighted works or words, as if they were their own and without obtaining copyright permission from the copyright owner. It is illegal while plagiarism is unethical.
Now that he has a part-time job, your younger brother Daniel is opening up his own checking account. You want to pass on what you have learned about checking accounts to him. Prepare a list of recommendations for Daniel covering the following topics: Questions he should ask before opening an account Three ideas on how best to manage his account Three features of online and mobile banking that he should use Overdraft protection: Opt-in or opt-out?
Answer:
1. He should ask about all the fees the bank charges and interest rates. He should also ask why he should open up his checking account with them. He should compare banks to see which is the best option for him.
2. One way he can best manage his account is to download the mobile banking app if there is one. A second idea would be to make sure he is being cautious about entering the pin number in busy stores or shopping on unsecured websites. A third idea for him to best manage his account would be to not get overdraft protection. There can be a lot of fees when getting this protection.
3. One feature of online and mobile banking he should use is direct deposit. It is a fast way to directly receive money into your checking account. Another feature is many apps allow access to both the checking and savings account. It is an quick way to transfer money between these two accounts. A third feature is cashing checks online. He can cash his checks online by using the mobile app and taking a picture of it.
4. He should not get overdraft protection. He shouldn't get overdraft protection because it adds up after you have run out of money. Overdraft protection is one of the main ways banks make a profit.
Explanation:
This program consists of three lottery-funded scholarships for Florida high school graduates who demonstrate high academic achievement and enroll in eligible Florida public or private postsecondary institutions.
Financial Aid
Florida Pre-Paid College Plan
College Board
Bright Futures Scholarship
Answer: Bright Future Scholarship
Explanation:
since it’s for only Florida schools this can be the only answer.
Answer:
bright future
Explanation:
Took the test and got it right
In its first year of operations, Pharoah Company recognized $34,000 in service revenue, $8,100 of which was on account and still outstanding at year-end. The remaining $25,900 was received in cash from customers. The company incurred operating expenses of $17,100. Of these expenses, $12,940 were paid in cash; $4,160 was still owed on account at year-end. In addition, Pharoah prepaid $2,780 for insurance coverage that would not be used until the second year of operations.
Calculate the first year’s net earnings under the cash basis of accounting, and the first year’s net earnings under the accrual basis of accounting.
Cash Basis Accrual Basis
Net Income $enter net income in dollars $enter net income in dollars
Answer:
Cash Basis =$10,180
Accrual Basis=$16,900
Explanation:
Calculation for the net earnings under the cash basis and accrual basis of accounting
CASH BASIS
Cash Basis: $25,900 - $12,940 -$2,780
Cash Basis =$10,180
ACCRUAL BASIS
Accrual Basis: $34,000 - $17,100
Accrual Basis=$16,900
Therefore the net earnings under the cash basis and accrual basis of accounting are:
Cash Basis =$10,180
Accrual Basis=$16,900
Windsor, Inc. uses a perpetual inventory system and reported $548,000 of inventory at the beginning of the month. During the month, the company bought $50,000 of inventory and sold inventory that had cost $35,250. At the end of the month, the physical count of inventory shows $560,000 on hand. How much shrinkage occurred during the month
Answer:
$2750
Explanation:
How much shrinkage occurred during the month can be calculated as Summation of Beginning inventory recorded +Inventory bought during the month-Inventory sold-Physical inventory at end of month
$548,000+$50,000- $35,250- $560,000
=$2750
The amount of shrinkage occurred during the month is $2750
During the current year, Merkley Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following:
Asset Original Cost Residual Value Estimated Life Accumulated Depreciation (straight line)
Machine A $ 39,000 $ 3,000 6 years $ 24,000 (4 years)
Machine B 53,000 4,000 8 years 36,750 (6 years)
Machine C 76,900 5,200 17 years 50,612 (12 years)
The machines were disposed of during the current year in the following ways:
a. Machine A: Sold on January 1 for $14,500 cash.
b. Machine B: Sold on December 31 for $10,725; received cash, $2,300, and a $8,425 interest-bearing (12 percent) note receivable due at the end of 12 months.
c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost.
Required:
Give all journal entries related to the disposal of each machine in the current year.
a. Machine A.
b. Machine B.
c. Machine C.
Answer:
Merkley Company
a. Journal Entries:
January 1:
Debit Disposal of Machines $39,000
Credit Machine A $39,000
To transfer machine A to the Disposal of Machines account.
Debit Accumulated Depreciation $24,000
Credit Disposal of Machines $24,000
To transfer the accumulated depreciation of machine A to the Disposal of Machines account.
Debit Cash Account $14,500
Credit Disposal of Machines $14,500
To record the proceeds from disposal of machine A.
Debit Loss on Disposal of Assets $500
Credit Disposal of Machines $500
To record loss incurred on disposal of machine A.
b. December 31:
Debit Disposal of Machines $53,000
Credit Machine B $53,000
To transfer machine B to the Disposal of Machines account.
Debit Accumulated Depreciation $36,750
Credit Disposal of Machines $36,750
To transfer the accumulated depreciation of machine B to the Disposal of Machines account.
Debit Depreciation Expense $6,125
Credit Disposal of Machines $6,125
To record the depreciation expense for the year.
Debit Cash Account $2,300
Debit Notes Receivable $8,425
Credit Disposal of Machines $10,725
To record the proceeds from disposal of machine B.
Debit Disposal of Machines $600
Credit Gain from Disposal of Machines $600
To record gain from the disposal of machine B.
c. January 1:
Debit Disposal of Machines $76,900
Credit Machine C $76,900
To transfer machine C to the Disposal of Machines account.
Debit Accumulated Depreciation $50,612
Credit Disposal of Machines $50,612
To transfer the accumulated depreciation of machine C to the Disposal of Machines account.
Debit Loss on Disposal of Assets $26,288
Credit Disposal of Machines $26,288
To record loss incurred on disposal of machine C.
Explanation:
a) Data and Calculations:
Asset Original Residual Estimated Accumulated Book
Cost Value Life Depreciation Balance
Straight-line
Machine A $ 39,000 $ 3,000 6 years $ 24,000 (4 years) $15,000
Machine B 53,000 4,000 8 years 36,750 (6 years) $16,250
Machine C 76,900 5,200 17 years 50,612 (12 years) $26,288
b) Machine B recorded a gain on disposal because it was sold on December 31 of the current year. Thus the last year's depreciation expense must be provided. This automatically turned the difference between net book value and disposal proceeds into a disposal gain.
Support Department Cost Allocation-Direct Method Charlie's Wood Works produces wood products (e.g., cabinets, tables, picture frames, and so on). Production departments include Cutting and Assembly. The Janitorial and Security departments support the Cutting and Assembly departments. The Assembly Department spans about 42,560 square feet and holds assets valued at about $77,520. The Cutting Department spans about 33,440 square feet and holds assets valued at about $126,480. Charlie's Wood Works allocates support department costs using the direct method. If costs from the Janitorial Department are allocated based on square feet and costs from the Security Department are allocated based on asset value.
a. Determine the percentage of Janitorial costs that should be allocated to the Assembly Department.
b. Determine the percentage of Security costs that should be allocated to the Cutting Department.
Answer:
a. 56%
b. 62%
Explanation:
a. Janitorial costs are allocated based on square feet.
Assembly Department Square feet = 42,560
Total area for both departments = 42,560 + 33,440 = $76,000
Percentage of costs
= 42,560/ 76,000
= 56%
b. Security costs are allocated based on asset value.
Cutting Department Asset Value = $126,480
Total asset value for both departments = 77,520 + 126,480 = $204,000
Percentage of costs
= 126,480/ 204,000
= 62%
Drag each label to the correct location on the table. Match the companies to their business categories.
Answer:
Trading- A wholesaler a department store
service-an auditing firm, a commercial bank, logistics company
Explanation:
Trading businesses wholesalers, department stores, service businesses- auditing firms, commercial banks, and logistics companies.
What are trading businesses?Trading companies are businesses working with different kinds of products which are sold for consumer, business, or government purposes. Trading companies buy a specialized range of products, maintain a stock or a shop, and deliver products to customers.
Different kinds of practical conditions make for many kinds of business. Usually, two kinds of businesses are defined in trading. Importers or wholesalers maintain a stock and deliver products to shops or large end customers. They work in a large geographical area, while their customers, the shops, work in smaller areas and often in just a small neighbourhood. Today "trading company" mainly refers to global B2B traders, highly specialized in one goods category and with a strong logistic organization.
Changes in practical conditions such as faster distribution, computing and modern marketing have led to changes in their business models.
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Newland Company reported retained earnings at December 31, 2019, of $310,000. Newland had 200,000 shares of common stock outstanding at the beginning of 2020. Determine retained earnings balance. The following transactions occurred during 2020.
1. An error was discovered. In 2015, depreciation expense was recorded at $70,000, but the correct amount was $50,000.
2. A cash dividend of $0.50 per share was declared and paid.
3. A 5% stock dividend was declared and distributed when the market price per share was $15 per share.
4. Net income was $285,000.
Prepare a retained earnings statement for 2020.
Answer:
Retained earnings = $345,000
Explanation:
Particulars Amount
Retained earnings December 31,2019 $310,000
Less: Cash dividend $100,000
(200000 * $0.50)
Less: Stock dividend $150,000
(200,000*5%*$15)
$60,000
Add: Net income $285,000
Retained earnings $345,000
Retained earnings, December 31,2019 $310,000
Less: Cash dividend -$100,000 ($200,000 × 0.50)
Less: Stock dividend -$150,000 ($200,000 × 5% × 15)
Add: Net income $285,000
Retained earnings $345,000
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Chelene had been a caregiver for Marta’s elderly mother, Janis, for nine years. Shortly before Janis passed away, Chelene convinced her to buy Chelene’s house for Marta. Janis died before the papers were signed, however. Four months later, Marta used her inheritance to buy Chelene’s house without having it inspected. The house was built in the 1950s, and Chelene said it was in "perfect condition." Nevertheless, one year after the purchase, the basement started leaking. Marta had the paneling removed from the basement walls and discovered that the walls were bowed inward and cracked. Marta then had a civil engineer inspect the basement walls, and he found that the cracks had been caulked and painted over before the paneling was installed. He concluded that the "wall failure" had existed "for at least thirty years" and that the basement walls were "structurally unsound." Using the information presented in the chapter, answer the following questions.
1. Can Marta avoid the contract on the ground that both parties made a mistake about the condition of the house? Explain. 2. Can Marta sue Chelene for fraudulent misrepresentation? Why or why not? What element (or elements) might be lacking?. 3. Now assume that Chelene knew that the basement walls were cracked and bowed and that she hired someone to install paneling before offering to sell the house. Did she have a duty to disclose this defect to Marta? Could a court find that Chelene's silence in this situation constituted misrepresentation? Explain.
Answer and Explanation:
1. Marta cannot avoid the contract on the basis of a mistake of buying the house because she was supposed to inspect the house she was buying
2. Marta cannot sue Chelene for fraudulent misrepresentation because Chelene was not aware of the condition of the house. The elements in fraudulent misrepresentation are lacking : no intention to deceive, no misrepresentation of material facts
3. It would be Chelene's duty to reveal that there is defect in the house and if not the court would see this as misresprentation.
4. There was no undue influence from Chelene in selling the house and so Marta and Janis even she was alive cannot revoke the contract on this basis
Solar Innovations Corporation bought a machine at the beginning of the year at a cost of $42,000. The estimated useful life was five years and the residual value was $5,000. Assume that the estimated productive life of the machine is 20,000 units. Expected annual production was year 1, 4,500 units; year 2, 5,500 units; year 3, 4,500 units; year 4, 4,500 units; and year 5, 1,000 units.
Required: Complete a depreciation schedule for each of the alternative methods.
a. Straight-line.
b. Units-of-production.
c. Double-declining-balance.
Which method will result in the highest net income in year 2
Answer:
Depreciation schedule for :
Straight-line Units-of-production Double-declining-balance
Year 1 $ 7,400 $8,325 $16,800
Year 2 $ 7,400 $10,175 $10,080
Year 3 $ 7,400 $8,325 $6,048
Year 4 $ 7,400 $8,325 $3,629
Year 5 $ 7,400 $1,850 $2,177
Straight Line Method will result in the highest Net Income. This is because it provides for the lowest charge of depreciation expense
Explanation:
Straight-line
Straight line method charges the same amount of depreciation (fixed on cost) over the useful life of an asset.
Depreciation Charge = (Cost - Residual Value) ÷ Estimated Useful Life
= ($42,000 - $5,000) ÷ 5
= $ 7,400
Annual Straight line Depreciation Charge
Year 1 = $ 7,400
Year 2 = $ 7,400
Year 3 = $ 7,400
Year 4 = $ 7,400
Year 5 = $ 7,400
Units of Production
Depreciation Charge = (Cost - Residual Value) / Total Expected Production × Period`s Production
Therefore,
Depreciation Charge = Rate of depreciation × Period`s Production
then,
Rate of depreciation = ($42,000 - $5,000) / 20,000 units
= $1.85 per unit of production
Annual Units of Production Deprecation Charge
Year 1 = 4,500 units × $1.85 = $8,325
Year 2 = 5,500 units × $1.85 = $10,175
Year 3 = 4,500 units × $1.85 = $8,325
Year 4 = 4,500 units × $1.85 = $8,325
Year 5 = 1,000 units × $1.85 = $1,850
Double-declining-balance.
Depreciation Expense = 2 × SLDP × BVSLDP
Where,
SLDP = 100 ÷ Number of useful life
= 100 ÷ 5
= 20 %
Annual Double-declining-balance Expense
Year 1 = 2 × 20% × $42,000
= $16,800
Year 2 = 2 × 20% × ($42,000 - $16,800)
= $10,080
Year 3 = 2 × 20% × ($42,000 - $16,800 - $10,080)
= $6,048
Year 4 = 2 × 20% × ($42,000 - $16,800 - $10,080 - $6,048)
= $3,629
Year 5 = 2 × 20% × ($42,000 - $16,800 - $10,080 - $6,048- $3,629)
= $2,177
You want your longtime employees to make sure their retirement plans are best suited for their career stages. You think that most employees make wise investment choices when they join the company. However, you find that few employees make adjustments to their retirement plans as they advance in their careers. You are particularly concerned about employees who have worked at the company for more than ten years and haven't updated their retirement packages. Which of the following statements is most likely to persuade longtime employees to attend the presentation about retirement planning?
a. Choose a retirement package that best matches your career stage. At this presentation,we'll tell you how we can help you manage your longevity risk on your retirement package.
b. Choose a retirement package that best matches your career stage. At this presentation,you'll learn how you can make sure you have enough money for as long as you live.
c. Don't miss this opportunity to maximize your retirement income. At this presentation, we'lltell you how we can help you manage your longevity risk on your retirement package.
Answer:
b. Choose a retirement package that best matches your career stage. At this presentation,you'll learn how you can make sure you have enough money for as long as you live.
Explanation:
In the given scenario we are trying to persuade employees to update their retirement plans to meet the changing situation of their careers.
We want to invite them to a meeting where they can learn the benefits of getting a better retirement plan.
The best approach is to send a message that focuses on them and their role in this process. Not the company's role.
Option B exemplifies this by stating they are learning to how to choose a retirement plan that will provide for them for the rest of their lives.
The other two options uses the statement - we'll tell you how to manage your longevity.
This creates an impression that the company wants to impose their point of view on the employees, and this may not get the expected response from employees.
Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances).
General Ledger
M. Muncel, Capital Acct. No. 301 Salaries Expense Acct. No. 622
Date PR Debit Credit Balance Date PR Debit Credit Balance
May 31 G2 88,000 May 31 G2 44,000
M. Muncel, Withdrawals Acct. No. 302 Insurance Expense Acct. No. 637
Date PR Debit Credit Balance Date PR Debit Credit Balance
May 31 G2 63,000 May 31 G2 5,460
Services Revenue Acct. No. 401 Rent Expense Acct. No. 640
Date PR Debit Credit Balance Date PR Debit Credit Balance
May 31 G2 155,056 May 31 G2 11,520
Depreciation Expense Acct. No. 603 Income Summary Acct. No. 901
Date PR Debit Credit Balance Date PR Debit Credit Balance
May 31 G2 21,000
Required:
1. Prepare closing journal entries from the above ledger accounts.
2. Post the above entries to their respective ledger accounts in the order entered under Part 1.
Answer and Explanation:
Answer and explanation attached
observe in the ledger accounts that we have posted to ledger accounts using our journal entries