Answer:
the madison taxes refunded is -$2,230
Explanation:
The computation of the madison taxes due is shown below:
= Gross tax liability - tax credits available - taxes withheld by the employer
= $11,450 - $3,030 - $10,650
= -$2,230
Hence, the madison taxes refunded is -$2,230
External hiring reduces organizational diversity.
Answer:
The statement is not true.
Explanation:
External hiring does not reduce organizational diversity, it actually does the opposite: it increases organizational diversity.
External allows managers to include in their working teams new mebers who bring different knowledge and experience to the organization. In fact, one of the main motivations for managers to engage in external hiring is precisely increasing the variety of viewpoints inside the firm.
Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows:
Engine parts $760,400
Shop direct labor 555,000
Shop and repair equipment depreciation 57,000
Shop supervisor salaries 158,500
Shop property taxes 28,800
Shop supplies 22,100
Advertising expense 15,200
Administrative office salaries 65,400
Administrative office depreciation expense 8,400
Total costs and expenses $1,670,800
The average shop direct labor rate is $15.00 per hour.
Required:
Determine the predetermined shop overhead rate per direct labor hour.
Answer:
See bekow
Explanation:
Number of direct labor hours = 555,000 / 15 = 37,000
Overhead cost = $57,000 + $158,500 + $28,800 + $22,100
Barbara's Bakery purchased three new 7-year assets last year. She chose NOT to use Section 179 immediate expensing or take bonus depreciation. The furnishings were purchased for $15,000 in April, the equipment for $6,000 in July, and the appliances for $40,000 in November. Using the appropriate MACRS depreciation tables in the Appendix, what amount of depreciation expense is allowable in the current (second) year of ownership?
a) $16,806
b) $14,939
c) $16,163
d) $16,072
Answer:
$ 4,748
Explanation:
The depreciation expenses = [tex]$(\$ 15000 \times 17.85 \%) + (\$ 6000 \times 10.71 \%)+(\$ 40000 \times 3.57 \%)$[/tex]
[tex]$= \$ 2677.50 + \$ 642.6 + \$ 1428$[/tex]
= $ 4748
Generally we have use half year convention for assets that are purchased during the year but here we used the mid quarter as of more than the 40% of the assets are being purchased in last quarter of the year
[tex]$=\frac{\text{assets purchased in last quarter}}{\text{total assets purchased in the year}} \times 100$[/tex]
[tex]$=\frac{40000}{61000} \times 100$[/tex]
[tex]$=65.57 \%$[/tex] (it is more than 40%)
Thus we can use the mid quarter mars depreciation rates for the 7 years assets that are purchased this year.
White Company has two departments, Cutting and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The Cutting Department bases its rate on machine-hours, and the Finishing Department bases its rate on direct labor-hours. At the beginning of the year, the company made the following estimates:
Department
Cutting Finishing
Direct labor-hours 6,100 72,000
Machine-hours 59,000 3,200
Total fixed manufacturing overhead cost $390,000 $443,000
Variable manufacturing overhead per machine-hour $3.00 -
Variable manufacturing overhead per direct labor-hour - $4.75
a. Compute the predetermined overhead rate to be used in each department.
b. Assume that the overhead rates you computed in (1) above are in effect. The job cost sheet for Job 203, which was started and completed during the year, showed the following:
Department
Cutting Finishing
Direct labor-hours 4 19
Machine-hours 80 4
Materials requisitioned $770 $360
Direct labor cost $36 $180
Compute the total manufacturing cost assigned to Jobe 203.
c. Would you expect substantially different amounts of overhead cost to be charged to some jobs if the company use a plantwide overhead rate based on direct labor-hours instead of using departmental rates?
Answer:
White Company
a. Predetermined overhead rates:
Departments Cutting Finishing
Total fixed manufacturing overhead cost $390,000 $443,000
Usage 6,100 3,200
Fixed overhead cost per unit $6.61 $6.15
Variable overhead cost per unit $3.00 $4.75
Predetermined overhead rates $9.61 $10.90
b. Job 203:
Department
Cutting Finishing
Direct labor-hours 4 19
Machine-hours 80 4
Materials requisitioned $770 $360
Direct labor cost $36 $180
Total manufacturing cost assigned to Job 203:
Cutting Finishing
Materials requisitioned $770 $360
Direct labor cost $36 $180
Manufacturing overhead $769 $207
Total manufacturing costs $1,575 $747
c. Yes. The amounts of overhead cost assigned to some jobs would be substantially different.
Explanation:
a) Data and Calculations:
Departments Cutting Finishing
Direct labor-hours 6,100 72,000
Machine-hours 59,000 3,200
Total fixed manufacturing overhead cost $390,000 $443,000
Variable manufacturing overhead per m/h $3.00 -
Variable manufacturing overhead per dlh - $4.75
In the Investment marketplace, Investors will likely accept a high-risk investment only if it promises
Select the best answer from the choices provided.
А.
real returns
B.
nominal returns
C. high returns
D. low, constant returns
Answer: C. high returns
Explanation: Risk-return tradeoff is an investing theory which indicates that as higher the risk, the greater the return reward. In order to determine an acceptable risk-return tradeoff, investors need to weigh several aspects, including total risk exposure, the ability to substitute missing capital, and more.
Damian invests $5,000 today in an account earning 6% per year. How much is the investment worth in 4 years
Answer:
$6,312
Explanation:
The amount that the investment will be worth in 4 years is known as the future value. We compound the Present Value using the interest rate to determine the future value.
Note : Here I will use a financial calculator to compute the future value
PV = $5,000
r = 6 %
P/yr = 1
n = 4
Pmt = $0
Fv = ?
Thus, the investment will be worth $6,312 in 4 years.
Sofia worries that if something happens to her husband and he dies, she will lose everything—their home, their cars, etc. Which type of business should Sofia consult to see if there is a plan available to cover her expenses if her husband dies?
A.
stock-held savings institution
B.
web-only financial institution
C.
mutual fund company
D.
life insurance company
Answer:
D
Explanation:
She is worried about losing everything and having life insurance is what everyone does when wanting to keep something after a love one dies.
Answer:
D.
life insurance company
Explanation:
D.
life insurance company