Answer:
Madison Park Co-op
Allocation of Departmental Costs:
Service Departments Operating Departments
Administration Janitorial Groceries Gifts
Departmental costs
before allocations $200,000 $50,000 $3,850,000 $330,000
Administration -200,000 206,250 1,700,000 93,750
Janitorial -256,250 242,857 13,393
Total costs 0 0 $5,792,857 $437,143
Explanation:
a) Data and Calculations:
Service Departments Operating Departments
Administration Janitorial Groceries Gifts
Departmental costs
before allocations $200,000 $50,000 $3,850,000 $330,000
Employee-hours 470 330 2,720 150
Space occupied
square feet 900 1,100 9,100 900
Administration costs:
Janitorial = $200,000 * 330/3,200 = $206,250
Groceries = $200,000 * 2,720/3,200 = $1,700,000
Gifts = $200,000 * 150/3,200 = $93,750
Janitorial costs:
Groceries = $256,250 * 2,720/2,870 = $242,857
Gifts = $256,250 * 150/2,870 = $13,393
The following information is available for the first month of operations of Bahadir Company, a manufacturer of mechanical pencils:
Sales $792,000
Gross profit $462,000
Cost of goods manufactured $396,000
Indirect labor $171,600
Factory deprecation $26,400
Materials purchased $244,200
Total manufacturing costs for the period $244,200
Materials inventory, ending $33,000
Using the information given, determine the following missing amounts:
Cost of goods sold
Finished goods inventory at the end of the month
Direct materials cost
Direct labor cost
Work in process inventory at the end of the month
Answer: See explanation
Explanation:
a. Cost of goods sold
This will be:
= Sales - Gross profit
= $792,000 - $462,000
= $330,000
b. Finished goods inventory at the end of the month.
This will be:
= Cost of goods manufactured - Cost of goods sold
= $396000 - $330000
= $66000
c. Direct materials cost
This will be:
= Materials purchased - Material inventory ending
= $244200 - $33000
= $211200
d. Direct labor cost
This will be:
= Manufacturing cost - Direct materials - Overhead
= $455400 - $211200 - $198000
= $46200
e. Work in process inventory at the end of the month
This will be:
= $455400 - $396000
= $59400
Note that:
Overhead cost= Indirect labor cost + Depreciation
= $171600 + $26400
= $298000
On January 1, 2017, Doone Corporation acquired 70 percent of the outstanding voting stock of Rockne Company for $378,000 consideration. At the acquisition date, the fair value of the 30 percent noncontrolling interest was $162,000 and Rockne's assets and liabilities had a collective net fair value of $540,000. Doone uses the equity method in its internal records to account for its investment in Rockne. Rockne reports net income of $160,000 in 2018. Since being acquired, Rockne has regularly supplied inventory to Doone at 25 percent more than cost. Sales to Doone amounted to $220,000 in 2017 and $320,000 in 2018. Approximately 40 percent of the inventory purchased during any one year is not used until the following year.
Part A:
What is the noncontrolling interest's share of Rockne's 2018 income?
Noncontrolling interest's share
Part B:
Prepare Doone's 2018 consolidation entries required by the intra-entity inventory transfers:(Prepare entry *G, TI, and G)
Answer:
Answer is explained in the explanation section below.
Explanation:
Solution:
Part A: First of all, we need to perform the conversion to gross profit rate as follows:
Conversion to Gross Profit Rate = 25% / 125%
Conversion to Gross Profit Rate = 20%
Non Controlling Interest's Share of Subsidiary Income
Reported income in 2018 = $160000
Add : 2017 Intra Company gross Profit Realized in 2018
($220000*40%*20%) = $17600
Less : Deferred Intra Company Gross Profit for 2018
($320000*40%*20%) = $25600
2018 Subsidiary Realized Income = $152000
Outside Ownership Percentage = 30%
Non Controlling Interest's Share of Subsidiary Income = $45600
Part B: Journal Entries:
Date: Dec. 31:
Particulars Debit Credit
Retained Earnings A/c Dr. 17600
To Cost of Goods Sold 17600
Sales A/c Dr. 320000
To Cost of Goods Sold 320000
Cost of Goods Sold A/c Dr. 25600
To Inventory 25600
Total 363200 363200
If a business wants to open in a new country, when would it be the best time to do that on the Business Cycle? Why?
Answer:
they need to speak with community
which layer of the atmosphere provide rainwater to the planet
Camping Out Co. manufactures down sleeping bags:
a. The standard to make one sleeping bag is 4 pounds of down and takes 0.3 hours of direct labor.
b. The standard cost of the down used by Camping Out is $8 per pound and the standard labor cost is $10 per hour.
c. During the year, Camping Out purchased and actually used 15,000 pounds of down for $120,750.
d. During the year, the company manufactured 4,000 sleeping bags.
e. Payroll reported a total of 1,480 direct labor hours at a cost of $14,060.
Required:
a. Compute the total material variance, the material price variance, and the materials quantity variance, also indicate whether each variance is favorable or unfavorable.
b. Compute the total labor variance, the labor price variance, and the labor quantity variance, also indicate whether each variance is favorable or unfavorable.
Answer:
.
Explanation:
Select all of the examples of a scenario in which the firm is demonstrating financial weakness.
a. An ROA of 0.7 when the industry average is 1.4.
b. A current ratio of 0.5.
c. An ROE of 1.4 when the industry average is 1.15.
d. A quick ratio above the industry average of 0.9.
e. A fixed asset ratio of 0.6 when the industry average is 1.1.
f. A debt capital ratio of 0.7 when the industry average is 0.15
Answer:
a. An ROA of 0.7 when the industry average is 1.4
b. A current ratio of 0.5.
f. A debt capital ratio of 0.7 when the industry average is 0.15
e. A fixed asset ratio of 0.6 when the industry average is 1.1
Explanation:
A return on the asset ration may be a profitable ratio that indicates the efficiency of the usage of the assets in any business. When the ratio is higher it is better. A lower ratio shows the financial weakness of a firm for utilizing the assets.
A 0.7 debt ratio that is higher than the industry average represents a higher leverage and the higher solvency risk.
The 0.6 fixed asset ratio shows a lower utilization of the fixed assets in the generation of the turnover. Hence, it shows a financial weakness.
Current ratio represents the coverage of the current assets for the meeting of a short term obligations. The ratio is desired to be 2.
Ratio of 0.5 shows a current asset that is not sufficient for meeting the current liabilities.
Calculate the unit product cost under absorption costing using the following information.
Direct materials: $50/unit
Direct labor: $75/Unit
Variable manufacturing overhead:$27/Unit
Fixed manufacturing overhead: $30,000
Units produced: 10,000
Units sold: 6,000
Answer:
See below
Explanation:
With regards to the above, the unit product cost is calculated as;
= Fixed manufacturing overhead / units produced
Given that;
Fixed manufacturing overhead = $30,000
Unit produced = 10,000
Then,
Units product cost under absorption costing ;
= $30,000 / 10,000
= $3 unit product cost under absorption costing
d Discuss whether or not an increase in income will cause an increase in spending. (8)
You need to discuss the question with 2 points for and 2 points against the argument
Answer:
It depends on the individual.
Explanation:
Increase income will leads to increase in spending because more money is available to spend on luxurious items. There are two types of people on the world. First are those who spends more with the increase of income, while on the other hand, the second type of people can save money when their income increases. So we can say that it depends on the type of people, if the people belongs to first type then we can say that income will cause an increase in spending.
7 the follow table contains the demand from the last 10 months :
Explanation:
Month Actual Demand Month Actual Demand
1 31 6 36
2 34 7 38
3 33 8 40
4 35 9 40
5 37 10 41
Show Work and answer the following:
a.) calculate the single exponential smoothing forcast for these data using a of .30 and an initial forecast ( F1) of 31.
b.) calculate the exponential smooting with trend forecast for these data using an a of .30, & of .30, and an initial trend forecast ( T1) of 1, and an initil exponentailly smoothed forecast F1 of 30,
c.) calculate the mean absolute deviation (MAD0 for each forecast
The Clemson Company reported the following results last year for the manufacture and sale of one of its products known as a Tam.
Sales (6,500 Tams at $130 each) $845,000
Variable cost of sales 390,000
Variable distribution costs 65,000
Fixed advertising expense 275,000
Salary of product line manager 25,000
Fixed manufacturing overhead 145,000
Net loss ($55,000)
Clemson Company is trying to determine whether or not to discontinue the manufacture and sale of Tams. The operating results reported above for last year are expected to continue in the foreseeable future if the product is not dropped. The fixed manufacturing overhead represents the costs of production facilities and equipment that the Tam product shares with other products. Assume that discontinuing the Tam product would result in a $120,000 increase in the contribution margin of other product lines.
Required:
How many Tams would have to be sold next year for the company to be as well off as if it just dropped the line and enjoyed the increase in contribution margin from other products?
Answer:
See below
Explanation:
With regards to the above information, there would be no sales if Tam were to be dropped. Also, there would be no cost associated with it other than $145,000 fixed manufacturing overhead.
Again, since the net loss operating loss was $55,000, the $145,000 would increase that loss by $90,000.
An asset was sold during the year. The cost of the asset was $64,500. The asset was depreciated for four years, using the straight-line method at 10% per annum. The proceeds from the sale of this asset was $38,700. What was the gain or loss on the asset, if any?
Answer:
There was a loss on the asset of $3,618.45.
Explanation:
Given that an asset was sold during the year, and the cost of the asset was $ 64,500, after which the asset was depreciated for four years, using the straight-line method at 10% per annum, and finally the proceeds from the sale of this asset was $ 38,700, to determine what was the gain or loss on the asset, if any, the following calculation must be performed:
64,500 x 0.9 ^ 4 = X
42,318.45 = X
42,318.45 - 38,700 = X
3,618.45 = X
Thus, there was a loss on the asset of $ 3,618.45.
Answer:The company made no gain or loss on this sale
Explanation:
Cullumber Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred.
June
1 Purchased books on account for $3,065 (including freight) from Catlin Publishers, terms 4/10, n/30.
3 Sold books on account to Garfunkel Bookstore for $1,000. The cost of the merchandise sold was $850.
6 Received $65 credit for books returned to Catlin Publishers.
9 Paid Catlin Publishers in full.
15 Received payment in full from Garfunkel Bookstore.
17 Sold books on account to Bell Tower for $1,750, terms of 4/10, n/30. The cost of the merchandise sold was $950.
20 Purchased books on account for $900 from Priceless Book Publishers, terms 1/15, n/30.
24 Received payment in full, less discount from Bell Tower.
26 Paid Priceless Book Publishers in full.
28 Sold books on account to General Bookstore for $2,950. The cost of the merchandise sold was $920.
30 Granted General Bookstore $240 credit for books returned costing $55.
Required:
Journalize the transactions for the month of June for Powell Warehouse, using a perpetual inventory system.
Answer:
01-Jun
Dr Inventory $3,065
Cr Accounts Payable $3,065
03-Jun
Dr Accounts Receivable $1,000
Cr Sales $1,000
03-Jun
Dr Cost of goods sold $850
Cr Inventory $850
06-Jun
Dr Accounts Payable $ 65
Cr Inventory $ 65
09-Jun
Dr Accounts Payable $ 3,000
Cr Cash $2,880
Cr Inventory $120
15-Jun
Dr Cash $ 1,000
Cr Accounts Receivable $ 1,000
17-Jun
Dr Accounts Receivable $1,750
Cr Sales $1,750
17-Jun
Dr Cost of goods sold $950
Cr Inventory $950
20-Jun
Dr Inventory $900
Cr Accounts Payable $900
24-Jun
Dr Cash $1,680
Dr Sales Discounts $70
Cr Accounts Receivable $1,750
26-Jun
Dr Accounts Payable $ 900
Cr Cash $891
Cr Inventory $ 9
28-Jun
Dr Accounts Receivable $2,950
Cr Sales $2,950
28-Jun
Dr Cost of goods sold $920
Cr Inventory $920
30-Jun
Dr Sales Returns & Allowances $240
Cr Accounts Receivable $240
30-Jun
Dr Inventory $ 55
Cr Cost of goods sold $ 55
Explanation:
Preparation of the Journal entries for the month of June for Powell Warehouse, using a perpetual inventory system.
01-Jun
Dr Inventory $3,065
Cr Accounts Payable $3,065
03-Jun
Dr Accounts Receivable $1,000
Cr Sales $1,000
03-Jun
Dr Cost of goods sold $850
Cr Inventory $850
06-Jun
Dr Accounts Payable $ 65
Cr Inventory $ 65
09-Jun
Dr Accounts Payable $ 3,000
($3,065-65)
Cr Cash $2,880
($3,000-$120)
Cr Inventory $120
($3,000*4%)
15-Jun
Dr Cash $ 1,000
Cr Accounts Receivable $ 1,000
17-Jun
Dr Accounts Receivable $1,750
Cr Sales $1,750
17-Jun
Dr Cost of goods sold $950
Cr Inventory $950
20-Jun
Dr Inventory $900
Cr Accounts Payable $900
24-Jun
Dr Cash $1,680
($1,750-$70)
Dr Sales Discounts $70 (1,750*4%)
Cr Accounts Receivable $1,750
26-Jun
Dr Accounts Payable $ 900
Cr Cash $891
($900-$9)
Cr Inventory $ 9
($900*1%)
28-Jun
Dr Accounts Receivable $2,950
Cr Sales $2,950
28-Jun
Dr Cost of goods sold $920
Cr Inventory $920
30-Jun
Dr Sales Returns & Allowances $240
Cr Accounts Receivable $240
30-Jun
Dr Inventory $ 55
Cr Cost of goods sold $ 55
The following data relate to the Torrence Company for May and August:
May August
Maintenance hours 25,000 29,000
Maintenance cost $1,175,000 $1,247,000
May and August were the lowest and highest activity levels, and Torrence uses the high-low method to analyze cost behavior. If maintenance hours are estimated to be 26,000 hours in October, which of the following statements is true?
a. Total maintenance costs will be $1,182,000.
b. Total maintenance costs will be $1,193,000.
c. Total maintenance costs will be $1,247,000.
d. Total maintenance costs will be $1,221,000.
e. Total maintenance costs will be $1,175,000.
Answer:
Total cost= $1,193,000
Explanation:
Giving the following information:
May August
Maintenance hours 25,000 29,000
Maintenance cost $1,175,000 $1,247,000
First, we need to calculate the variable and fixed costs using the following formulas:
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (1,247,000 - 1,175,000) / (29,000 - 25,000)
Variable cost per unit= $18
Fixed costs= Highest activity cost - (Variable cost per unit * HAU)
Fixed costs= 1,247,000 - (18*29,000)
Fixed costs= $725,000
Fixed costs= LAC - (Variable cost per unit* LAU)
Fixed costs= 1,175,000 - (18*25,000)
Fixed costs= $725,000
Now, the total cost for 26,000 hours:
Total cost= 725,000 + 18*26,000
Total cost= $1,193,000
Consider the following simplified financial statements for the Wims Corporation (assuming no income taxes): Income Statement Balance Sheet Sales $ 38,000 Assets $ 27,300 Debt $ 6,700 Costs 32,600 Equity 20,600 Net income $ 5,400 Total $ 27,300 Total $ 27,300 The company has predicted a sales increase of 15 percent. It has predicted that every item on the balance sheet will increase by 15 percent as well. Create the pro forma statements and reconcile them. (Input all amounts as positive values. Do not round intermediate calculations.) What is the plug variable?
Answer:
Go up...Explanation:
money is what money does discuss
Answer:
Money is a concept which we all understand but which is difficult to define in exact terms. Money is anything serving as a medium of exchange. Most definitions of money take 'functions of money' as their starting point. 'Money is that which money does.
Money is what money does" is just a misnomer phrase
Money is legal tender and anything generally acceptable as medium of exchange.
2. When the price of good A rises, people start to drink good B. In this case, what is good B considered?
a. A luxury good
b. A complementary good
C. A substitute good
d. A normal good
Cost-volume-profit analysis can also be used in making personal financial decisions. For example, the purchase of a new car is one of your biggest personal expenditures. It is important that you carefully analyze your options. Suppose that you are considering the purchase of a hybrid vehicle. Let’s assume the following facts. The hybrid will initially cost an additional $4,500 above the cost of a traditional vehicle. The hybrid will get 30 miles per gallon of gas, and the traditional car will get 20 miles per gallon. Also, assume that the cost of gas is $1.80 per gallon. Using the facts above, answer the following questions.
a. What is the variable gasoline cost of going one mile in the hybrid car?
b. What is the variable cost of going one mile in the traditional car?
Answer:
Results are below.
Explanation:
Giving the following information:
The hybrid will get 30 miles per gallon of gas, and the traditional car will get 20 miles per gallon. Also, assume that the cost of gas is $1.80 per gallon.
To calculate the unitary cost of one mile, we need to use the following formula:
One mile unitary cost= cost per gallon / mile sper gallon
Hybrid:
One mile unitary cost= 1.8 / 30
One mile unitary cost= $0.06
Traditional:
One mile unitary cost= 1.8 / 20
One mile unitary cost= $0.09
LBSC, Inc., operates a milk processing plant in Kenosha, Wisconsin. Its union, the Brotherhood of Food Processing Workers (BFPW), represents all nonsupervisory production employees in the facility. The contract between LBSC and BFPW expires in six months, so LBSC must start to prepare for the negotiations. LBSC’s HR department plans to conduct a number of management meetings asking for feedback on the appropriate goals of bargaining, and to ask the finance department to estimate the acceptable cost profile for the term of the next contract. It will gather information on plant average seniority and inventory levels, and forecast customer demand. It will analyze grievances and find out what it can do about the course of other recent negotiations for the BFPW. Its finance department will estimate the costs of one additional holiday and a 401(k) plan. Finally, it will decide how much latitude it will have to make concessions and what will have to be referred to the corporate office before it can be approved. This activity is important because the outcome of contract negotiations can have a major impact on the ability of a company to meet its competitive challenges.
Match scenarios to each of the seven steps management should take in preparing to negotiate.
a. Analyze grievances
b. Gather seniority and inventory into.
c. Determine the authority of the bargaining team.
d. Conduct management meetings
e. Determine cost of a new holiday
1. Establishing Inter departmental contract objectives.
2. Preparing and analyzing data.
3. Anticipating union demands.
4. Establishing the cost of potential union demands.
5. Determining strategy and logistics.
Answer:
a. Analyze grievances ⇒ Anticipating union demands.
In analyzing the grievances of the workers, the company would be anticipating the demands of the unions as these will be based on the grievances of the workers.
b. Gather seniority and inventory info. ⇒ Preparing and analyzing data.
When they gather information on the seniority and inventory levels of the company, they are preparing and analyzing data to have better information on the company that will enable them plan ahead.
c. Determine the authority of the bargaining team. ⇒ Determining strategy and logistics.
Determining the authority the bargaining team has falls under determining the strategy and logistics because it is here that the company decides how they will approach the negotiations.
d. Conduct management meetings ⇒ Establishing Inter departmental contract objectives.
When they conduct management meetings across departments, this is to enable them establish objectives that will cut across departments.
e. Determine cost of a new holiday ⇒ Establishing the cost of potential union demands.
Estimating just how much the holiday will cost falls under the cost of accepting the Union demands and these need to be done to find out how much management can accept from the unions.
Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $81,400. The machine's useful life is estimated at 20 years, or 387,000 units of product, with a $4,000 salvage value. During its second year, the machine produces 32,700 units of product.
Required:
Determine the machine's second-year depreciation using the double-declining balance method.
Answer:
$7,326
Explanation:
Double Decline Balance = 2 x SLDP x SLDBV
where,
SLDP = Straight Line Depreciation Percentage
= 100 ÷ useful life
= 100 ÷ 20
= 5 %
and
SLDBV = Straight Line Percentage Book Value
Year 1
Double Decline Balance = 2 x 5% x $81,400
= $8,140
Year 2
Double Decline Balance = 2 x 5% x ($81,400 - $8,140)
= $7,326
Therefore
The machine's second-year depreciation using the double-declining balance method is $7,326.
is the term used to describe the ideas that there is competition between buyers and sellers, and the articles for sale have essentially the same qualities, purposes, performance, and price.?
Pure or perfect competition is a theoretical market structure in which the following criteria are met:
All firms sell an identical product (the product is a "commodity" or "homogeneous").
All firms are price takers (they cannot influence the market price of their product).
Market share has no influence on prices.
Buyers have complete or "perfect" information—in the past, present and future—about the product being sold and the prices charged by each firm.
Resources for such a labor are perfectly mobile.
Firms can enter or exit the market without cost.
Explanation:
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Victorinox is the name of the company that manufactures Swiss army knives. The _____ channel the company utilizes to get its knives to market is to wholesalers, than to retailers, and finally to consumers.
promotional
service
consumer
industrial
distribution
Answer:
Explanation:
Distribution channel is how you products to consumers.
The distribution channel the company utilizes to get its knives to market is to wholesalers, then to retailers, and finally to consumers. Thus the correct option is E.
What is a Distribution channel?A distribution channel is referred to as a pathway followed to deliver the goods to final consumers. These channels are associated with different levels based on the demands of the goods in the market.
The wholesaler buys large quantities of products from the manufacturer and resells them to retailers in smaller quantities. The vital work that wholesalers do is essential to the efficient exchange of information, ownership, and commodities.
Retail refers to the practice of purchasers purchasing goods and selling them directly to consumers, as opposed to suppliers or wholesalers. Between wholesalers and customers, retailers act as a middleman.
Therefore, option E is appropriate.
Learn more about the Distribution channel, here:
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Michigan State Figurine Inc. (MSF) sells crystal figurines to Spartan fans. MSF buys the figurines from a manufacturer for $10 per unit. They send orders electronically to the manufacturer, costing $20 per order and they experience an average lead time of 8 days for each order to arrive from the manufacturer. Their inventory carrying cost is 20%. The average daily demand for the figurines is 2 units per day. They are open for business 250 days a year. Answer the following questions:
Required:
a. How many units should the firm order each time? Assume there is no uncertainty at all about the demand or the lead time.
b. How many orders will it place in a year?
c. What is the average inventory?
d. What is the annual ordering cost?
e. What is the annual inventory carrying cost?
Answer:
Follows are the solution to the given points:
Explanation:
Given:
[tex]cost= \$10 / \ unit \\\\s= \$20 / \ order \\\\Lt= 8 / days \\\\H= 20 \% \ of \ cost \\\\[/tex]
[tex]= \frac{20}{100} \times 10\\\\= \frac{200}{100}\\\\= 2 \ \frac{unit}{year}[/tex]
[tex]d= 2 \ \frac{units}{day}\\\\n= 250 \ \frac{days}{year}\\\\D=d\times n \\\\[/tex]
[tex]=2 \times 250\\\\=500 \ \frac{units}{day}[/tex]
For point a:
[tex]\to EOQ=\sqrt{\frac{2DS}{H}}[/tex]
[tex]=\sqrt{\frac{ 2 \times 500 \times 20 }{2}} \\\\=\sqrt{500 \times 20}\\\\=\sqrt{1,000}\\\\=100 \ units[/tex]
For point b:
[tex]\to N=\frac{D}{Q} =\frac{500}{100} =5 \ orders[/tex]
For point c:
Calculating the average inventory:
[tex]\to \frac{Q}{2} =\frac{100}{2} =50 \ units[/tex]
For point d:
Calculating the annual ordering cost:
[tex]\to \frac{D}{Q} \times S\\\\[/tex]
[tex]=\frac{500}{100} \times 20\\\\ = 5\times 20 \\\\= \$100[/tex]
For point e:
Calculating the annual inventory carrying cost:
[tex]\to \frac{Q}{2} \times H =\frac{100}{2} \times 2=\$ 100[/tex]
Select from the option list provided the most likely classification(s) of net assets, if any, that are affected by each transaction of a not-for-profit entity. The entity reports the minimum required classes of net assets. Each choice may be used once, more than once, or not at all.
1. Legally restricted gains.
2. Expenses reported by functional classification.
3. Contributions of services that do not create or enhance nonfinancial assets or require special skills.
4. Costs of collection items not capitalized by the NFP.
5. Board-designated endowment.
6. Expenses reported by natural classification.
7. Conditional promise to give if the barrier has not been overcome.
8. Unconditional promises to give cash with amounts due in future periods.
9. Receipt of a gift restricted to acquisition of a long-lived asset that has been placed in service. The entity chooses to imply a time restriction over the life of the asset.
10. Investment return on a donor-restricted perpetual endowment fund with no donor restriction on the investment return, which has not been appropriated by the governing board.
11. Losses on an underwater endowment fund.
a. Net Assets without Donor Restrictions
b. Net Assets with Donor Restrictions
c. Net Assets without Donor Restrictions or Net Assets with Donor Restrictions
d. Temporarily Restricted Net Assets
e. Permanently Restricted Net Assets
f. No Effect on Net Assets
Answer:
1. Legally restricted gains
Classification: Net Assets without Donor Restrictions
2. Expenses reported by functional classification
Classification: Net Assets without Donor Restrictions
3. Contributions of services that do not create or enhance nonfinancial assets or require special skills
Classification: No Effect on Net Assets
4. Costs of collection items not capitalized by the NFP
Classification: No Effect on Net Assets
5. Board-designated endowment
Classification: Net Assets without Donor Restrictions
6. Expenses reported by natural classification
Classification: Net Assets without Donor Restrictions
7. Conditional promise to give if the barrier has not been overcome
Classification: No Effect on Net Assets
8. Unconditional promises to give cash with amounts due in future periods
Classification: Temporarily Restricted Net Assets
9. Receipt of a gift restricted to acquisition of a long-lived asset that has been placed in service. The entity chooses to imply a time restriction over the life of the asset
Classification: Net Assets with Donor Restrictions
10. Investment return on a donor-restricted perpetual endowment fund with no donor restriction on the investment return, which has not been appropriated by the governing board
Classification: Net Assets with Donor Restrictions
11. Losses on an underwater endowment fund
Classification: Net Assets with Donor Restrictions
Hassick Corporation produces and sells a single product whose contribution margin ratio is 63%. The company's monthly fixed expense is $460,530 and the company's monthly target profit is $19,000. The dollar sales to attain that target profit is closest to:
Answer:
the dollar sales to attain that target profit is $761,159
Explanation:
The computation of the dollar sales is shown below:
= (Fixed cost + target profit) ÷ (Contribution margin ratio)
= ($460,530 + $19,000) ÷ (0.63)
= $761,159
hence, the dollar sales to attain that target profit is $761,159
Can someone please help me on this
Answer:
The question that corresponds to this is
Explanation:
Brent called insurance companies and got insurance quotes for the three trucks. Both the 1996 Ford F150 and the 1998 Chevy 1500 were quoted for $250 and the 2000 Toyota Tundra was quoted for $245. To help Brent make his decision gather some more reliable information by using newspapers, or looking at their Web sites, and reviewing consumer magazines and Web sites. Also, look at the manufacturer Web site or www.fueleconomy.gov for information about gas mileage. List the sources you use and include the notes you take from each source.
On January 1, 2016, D Corp. granted an employee an option to purchase 8,500 shares of D's $3 par common stock at $21 per share. The options became exercisable on December 31, 2017, after the employee completed two years of service. The option was exercised on January 10, 2018. The market prices of D's stock were as follows: January 1, 2016, $31; December 31, 2017, $57; and January 10, 2018, $45. An option pricing model estimated the value of the options at $8 each on the grant date. For 2016, D should recognize compensation expense of:A. $ 0.B. $131,750.C. $25,500.D. $34,000.
Answer:
D. $34,000
Explanation:
Calculation for what D should recognize as compensation expense
First step is to calculate the total compensation
Total compensation=$8*8,500
Total compensation= $68,000
Now let calculate the compensation expense
Compensation expense=$68,000 ÷ 2 years
Compensation expense=$34,000
Therefore what D should recognize as compensation expense is $34,000
Appliance Center is an experienced home appliance dealer. Appliance Center also offers a number of services for the home appliances that it sells. Assume that Appliance Center sells ovens on a standalone basis. Appliance Center also sells installation services and maintenance services for ovens. However, Appliance Center does not offer installation or maintenance services to customers who buy ovens from other vendors. Pricing for ovens is as follows.
Oven only $800
Oven with installation service 850
Oven with maintenance services 975
Oven with installation and maintenance services 1,000
In each instance in which maintenance services are provided, the maintenance service is separately priced within the arrangement at $175. Additionally, the incremental amount charged by Appliance Center for installation approximates the amount charged by independent third parties. Ovens are sold subject to a general right of return. If a customer purchases an oven with installation and/or maintenance services, in the event Appliance Center does not complete the service satisfactorily, the customer is only entitled to a refund of the portion of the fee that exceeds $800.
a. Assume that a customer purchases an oven with both installation and maintenance services for $1,000. Based on its experience, Appliance Center believes that it is probable that the installation of the equipment will be performed satisfactorily to the customer. Assume that the maintenance services are priced separately (i.e., the three components are distinct).
b. Identify the separate performance obligations related to the Appliance Center revenue arrangement.
Answer:
Answer is explained in the explanation section.
Explanation:
Solution:
Data Given:
Price of Oven Only = $800
Price of Oven with installation services = $850
Price of Oven with maintenance services = $975
Price of Oven with Installation and maintenance = $1000
So, with this data, we can calculate the total price of the oven:
Total Price = $800 + 50 + 175 = 1025
Now, we need to find out the allocation of price to the oven by using the following formula:
PA = Price Allocation
PA = (Price of Oven Only divided by Total Price) multiplied by the Price paid by the customer.
So,
We have all the values, just plugging in the above equation:
PA = [tex]\frac{800}{1025}[/tex] x $1000
PA = $780.48 is the price allocation for Oven.
Similarly, we need to find the Price allocation of maintenance services:
PA = (Price of maintenance Only divided by Total Price) multiplied by the Price paid by the customer.
PA = [tex]\frac{175}{1025}[/tex] x 1000
PA = $170.73 is the amount that must be allocated to the maintenance services.
Similarly, for Installation services:
PA = (Price of installation Only divided by Total Price) multiplied by the Price paid by the customer.
PA = [tex]\frac{50}{1025}[/tex] x 1000
PA = $48.78 is the price allocation for installation services.
Rovinsky Corporation, a company that produces and sells a single product, has provided its contribution format income statement for November.
Sales (6,900 units) $400,200
Variable expenses 262,200
Contribution margin 138,000
Fixed expenses 103,500
Net operating income $34,500
If the company sells 6,800 units, its net operating income should be closest to:________
a. $33,979
b. $32,500
c. $34,500
Answer:
b. $32,500
Explanation:
The computation of the net operating income is shown below:
Sales ($400,200 ÷ 6,900 × 6,800) $394,400
Less: variable expense ($262,200 ÷ 6,900 × 6,800) -$258,400
Contribution margin $136,000
less: fixed cost - $103,500
Net operating income $32,500
You should indicate that you are available for an interview in which part of a cover letter?
in the final paragraph
in the second paragraph
in the third paragraph
in the first paragraph
Answer: NOT the second paragraph
Explanation: ed 2021
Answer:
in the final paragraph
Explanation:
The Food Max grocery store sells three brands of milk in half-gallon cartons—its own brand, a local dairy brand, and a national brand. The profit from its own brand is $0.97 per carton, the profit from the local dairy brand is $0.83 per carton, and the profit from the national brand is SO.69 per carton. The total refrigerated shelf space allotted to half-gallon cartons of milk is 36 square feet per week. A half-gallon carton takes up 16 square inches of shelf space. The store manager knows
that each week Food Max always sells more of the national brand than of the local dairy brand and its own brand combined and at least three times as much of the national brand as its own brand. In addition, the local dairy can supply only 10 dozen cartons per week. The store manager wants to know how many half-gallon cartons of each brand to stock each week in order to maximize profit.
a. Formulate a linear programming model for this problem.
b. Solve this model by using the computer.
Answer:
O = amount of own brand
L = amount of local brand
N = amount of national brand
maximize = 0.97O + 0.83L + 0.69N
constraints:
space ⇒ O + L + N = 324
N ≥ O + L
N ≥ 3O
L ≤ 120
O,L,N ≥ 0
O,L,N are integers (whole numbers)
optimal solution using Solver = 540 + 108L + 162N
maximum profit = $253.80