Answer: C.
Cash collections for April include:
•40% of the May credit sales
•40% X 80% X $100,000 = $ 32,000
•all of the April cash sales
•20% X $120,000 = $ 24,000
•60% of the April credit sales
•60% X 80% X $120,000 = $ 57,600
$113,600
Explanation: hope this helps!!!!!
You are considering a stock investment in one of two firms (LotsofDebt, Inc. and LotsofEquity, Inc.), both of which operate in the same industry. LotsofDebt, Inc. finances its $32.50 million in assets with $30.25 million in debt and $2.25 million in equity. LotsofEquity, Inc. finances its $32.50 million in assets with $2.25 million in debt and $30.25 million in equity.
Required:
a. Calculate the debt ratio.
b. Calculate the equity multiplier.
c. Calculate the debt-to-equity.
Answer:
See below
Explanation:
Lots of debt
1a.
Debt equity ratio
Debt ratio = debt 1 / Asset 1
Debt ratio = $30.25 / $32.50
Debt ratio = 93.1$
1b
Equity multiplier = Asset 1 / Equity 1
Equity multiplier = $32.50 / $2.25
Equity multiplier = 14.4 times
1c
Debt to equity ratio = debt 1 / equity 1
Debt to equity ratio = $30.25 / $2.25
Debt to equity ratio = 13.4%
Lots of equity inc.
2a
Debt equity ratio = debt 2 / asset 2
Debt equity ratio = $2.25 / $32.5
Debt to equity ratio = 6.9%
2b
Equity multiplier = Asset 2 / Equity 2
Equity multiplier = $32.5 / $30.25
Equity multiplier = 1.1 times
2c
Debt to equity ratio = Debt 2 / Equity 2
Debt to equity ratio = $2.25 / $30.25
Debt to equity ratio = 0.1 times
Consider a labor market in equilibrium. If the demand curve shifts to the right while the supply curve stays constant, then the wage rate in the market will ________. Group of answer choices increase decrease remain unchanged either increase or decrease or remain unchanged
Answer:
prices will increase or remain
Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory.Feb. 2 Wrote a $350 check to establish a petty cash fund.5 Purchased paper for the copier for $16.55 that is immediately used.9 Paid $38.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory.12 Paid $7.25 postage to deliver a contract to a client.14 Reimbursed Adina Sharon, the manager, $74 for mileage on her car.20 Purchased office paper for $68.77 that is immediately used.23 Paid a courier $19 to deliver merchandise sold to a customer, terms FOB destination.25 Paid $10.40 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory.27 Paid $55 for postage expenses.28 The fund had $25.95 remaining in the petty cashbox. Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures.28 The petty cash fund amount is increased by $90 to a total of $440.
Answer:
Feb 2:
Petty Cash (Dr.) $350
Cash (Cr.) $350
Feb 28:
Petty Cash (Dr.) $90
Cash (Cr.) $90
Explanation:
Petty Cash Payments Report (February):
Feb 5 Purchased paper $16.55
Feb 9 Shipping Charges $38.50
Feb 12 Postage expense $7.25
Feb14 Reimbursement of mileage to Adina Sharon $74
Feb 23, Delivery of Customer Merchandise $19
Feb 25 Shipping charges $10.40
Feb 27 Postage expense $55
Total : $220.70
What is the importance of a city having a diverse local economy with respect to the performance of its housing market? (Select all that
apply.)
O A city with a diverse local economy is likely to suffer a significant economic downturn if its housing market suffers.
O A city with a diverse local economy is well equipped to resist an economic downturn if its housing market suffers.
O A city with a local economy that depends strongly on its housing market is likely to do what it can to sustain that market.
O A city with a local economy that depends strongly on its housing market is likely to suffer economically if that market contracts
Answer:
I would say second and fourth
Answer
The Last Three In your question but A, C, and D in edg
Explanation:
Affordable Lawn Care, Inc., provides lawn mowing services to both commercial and residential customers. The company performs adjusting entries on a monthly basis, whereas closing entries are prepared annually at December 31. An adjusted trial balance dated December, current year follows
Affordable Lawn Care, Inc.
Adjusted Trial Balance
December 31, current year
Debit Credits
Cash…………………………………………… $117,050
Accounts receivable……………………………. 9,600
Unexpired insurance…………………………. 16,000
Prepaid rent………………………………………. . 6,000
Supplies………………………………………….. 2,150
Trucks…………………………………………… 300,000
Accumulated depreciation: truck $240,000
Mowing equipment………………………. 40,000
Accumulated depreciation: mowing equipment 24,000
Accounts payables……………………………. 3,000
Notes payables………………………….................................................... 100,000
Salaries payables……............................................................................. 1,800
Interest payables…………………............................................................ 300
Income taxes payables........................................................................ 2,100
Unearned mowing revenue……........................................................ 1,800
Capital Stock............................................................................................. 40,000
Retained earnings…… ........................................................................... 60,000
Dividends……………………… 10,000
Mowing revenue earned………………..................................................... 340,000
Insurance expense………………. 4,800
Office rent expense………………….. 72,000
Supplies expense…………………….. 10,400
Salary expense………………………….. 120,000
Depreciation expense: truck……….. 60,000
Depreciation expense: mowing equipment 8,000
Repair and maintenance expense………. 6,000
Fuel expense………………………………… 3,000
Miscellaneous expense………………… 10,000
Interest expense……………………………. 6,000
Income taxes expense……………….. 12,000
$813,000 $813,000
1. Prepare an income statement and statement of retained earnings for the year ended December 31, current year. Also prepare the company’s balance sheet dated December 31, current year
2. Prepare the necessary year end closing entries
3. Prepare an after closing trial balance
4. Using the financial statement prepared in part a, briefly evaluate the company’s profitability and liquidity
Answer:
Affordable Lawn Care, Inc.
1. Income Statement for the year ended December 31,
Mowing revenue earned $340,000
Insurance expense $4,800
Office rent expense 72,000
Supplies expense 10,400
Salary expense 120,000
Depreciation expense: truck 60,000
Depreciation expense: mowing equipment 8,000
Repair and maintenance expense 6,000
Fuel expense 3,000
Miscellaneous expense 10,000
Total operating expenses $294,200
Operating income $45,800
Interest expense 6,000
Income before taxes $39,800
Income taxes expense 12,000
Income after taxes $27,800
Statement of Retained Earnings for the year ended December 31,
Retained earnings $60,000
Income after taxes 27,800
Dividends 10,000
Retained earnings, December 31 $77,800
Balance Sheet as of December 31
Assets
Current Assets:
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Total current assets $150,800
Long-term assets:
Trucks 300,000
Accumulated depreciation: truck 240,000 60,000
Mowing equipment 40,000
Accumulated depreciation:mowing 24,000 16,000
Total long-term assets $76,000
Total assets $226,800
Liabilities + Equity
Liabilities:
Accounts payables $3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Total liabilities $109,000
Equity:
Capital Stock $40,000
Retained earnings 77,800
Total Equity 117,800 $117,800
Total liabilities and equity $226,800
2. Closing Journal Entries:
Debit Credits
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Trucks 300,000
Accumulated depreciation: truck $240,000
Mowing equipment 40,000
Accumulated depreciation: mowing equipment 24,000
Accounts payables 3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Capital Stock 40,000
Retained earnings 77,800
To close the permanent accounts to the current financial period.
3. After Closing Trial Balance as of January 1:
Debit Credits
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Trucks 300,000
Accumulated depreciation: truck $240,000
Mowing equipment 40,000
Accumulated depreciation: mowing equipment 24,000
Accounts payables 3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Capital Stock 40,000
Retained earnings 77,800
Totals $490,800 $490,800
4. Evaluation of company's profitability and liquidity:
Profitability:
Net Income Margin = 8.18%
Operating margin = 13.47%
These two ratios show that more than 5% of the company's revenue was spent on interest and taxes.
Liquidity:
Current Ratio = 1.38
Quick Ratio = 1.07
The company is liquid and can meet its current maturing liabilities with its current assets. The quick ratio is based on Cash only given the nature of the business.
Explanation:
a) Data and Calculations:
Affordable Lawn Care, Inc.
Adjusted Trial Balance
December 31, current year
Debit Credits
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Trucks 300,000
Accumulated depreciation: truck $240,000
Mowing equipment 40,000
Accumulated depreciation: mowing equipment 24,000
Accounts payables 3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Capital Stock 40,000
Retained earnings 60,000
Dividends 10,000
Mowing revenue earned 340,000
Insurance expense 4,800
Office rent expense 72,000
Supplies expense 10,400
Salary expense 120,000
Depreciation expense: truck 60,000
Depreciation expense: mowing equipment 8,000
Repair and maintenance expense 6,000
Fuel expense 3,000
Miscellaneous expense 10,000
Interest expense 6,000
Income taxes expense 12,000
Totals $813,000 $813,000
b) Profitability and Liquidity Ratios:
Profitability:
Net Profit Margin = Net Income/Revenue * 100 = 27,800/340,000 * 100 = 8.18%
Operating Profit Margin = Operating Income/Revenue * 100 = 45,800/340,000 * 100 = 13.47%
Liquidity Ratios:
Current ratio = Current Assets/Current Liabilities = 150,800/109,000 = 1.38
Quick Ratio = Cash/Current Liabilities = 117,050/109,000 = 1.07
Affordable Lawn Care, Inc.
Answer 1:
Income Statement for the year ended December 31,
Dr. Cr.
Mowing revenue earned $340,000
Insurance expense $4,800
Office rent expense 72,000
Supplies expense 10,400
Salary expense 120,000
Depreciation expense: truck 60,000
Depreciation expense: mowing equipment 8,000
Repair and maintenance expense 6,000
Fuel expense 3,000
Miscellaneous expense 10,000
Total operating expenses $294,200
Operating income $45,800
Interest expense 6,000
Income before taxes $39,800
Income taxes expense 12,000
Income after taxes $27,800
Statement of Retained Earnings for the year ended December 31,Retained earnings $60,000
Income after taxes 27,800
Dividends 10,000
Retained earnings, December 31 $77,800
Balance Sheet as of December 31
Assets
Current Assets:
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Total current assets $150,800
Long-term assets:
Trucks 300,000
Accumulated depreciation: truck 240,000 60,000
Moving equipment 40,000
Accumulated depreciation:mowing 24,000 16,000
Total long-term assets $76,000
Total assets $226,800
(Liabilities + Equity)
Liabilities:
Accounts payables $3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Total liabilities $109,000
Equity:
Capital Stock $40,000
Retained earnings 77,800
Total Equity 117,800 $117,800
Total liabilities and equity $226,800
Answer 2:
Closing Journal Entries:
Debit Credits
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Trucks 300,000
Accumulated depreciation: truck $240,000
Mowing equipment 40,000
Accumulated depreciation: mowing equipment 24,000
Accounts payables 3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Capital Stock 40,000
Retained earnings 77,800
To close the permanent accounts to the current financial period.
Answer 3:
After Closing Trial Balance as of January 1:
Debit Credits
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Trucks 300,000
Accumulated depreciation: truck $240,000
Mowing equipment 40,000
Accumulated depreciation: mowing equipment 24,000
Accounts payables 3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Capital Stock 40,000
Retained earnings 77,800
Totals $490,800 $490,800
Answer 4:
Evaluation of the company's profitability and liquidity:
Profitability:
Net Income Margin = 8.18%
Operating margin = 13.47%
These two ratios show that more than 5% of the company's revenue was spent on interest and taxes.
Liquidity:
Current Ratio = 1.38
Quick Ratio = 1.07
The company is liquid and can meet its current maturing liabilities with its current assets. The quick ratio is based on Cash only given the nature of the business.
Working Notes:
Profitability and Liquidity Ratios:
Profitability:
Net Profit Margin = Net Income/Revenue * 100 = 27,800/340,000 * 100 = 8.18%
Operating Profit Margin = Operating Income/Revenue * 100 = 45,800/340,000 * 100 = 13.47%
Liquidity Ratios:
Current ratio = Current Assets/Current Liabilities = 150,800/109,000 = 1.38
Quick Ratio = Cash/Current Liabilities = 117,050/109,000 = 1.07
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Lego Group in Bellund, Denmark, manufactures Lego toy construction blocks. The company is considering two methods for producing special-purpose Lego parts. Method 1 will have an initial cost of $360,000, an annual operating cost of $130,000, and a life of 3 years. Method 2 will have an initial cost of $760,000, an operating cost of $130,000 per year, and a 6-year life. Assume 13% salvage values for both methods. Lego uses an MARR of 13% per year.
Required:
a. Which method should it select on the basis of a present worth analysis?
b. If the evaluation is incorrectly performed using the respective life estimates of 3 and 6 years, will Lego make a correct or incorrect economic decision? Explain your answer.
Answer:
a) method 1 has a lower present worth, so it should be selected.
b) in order to properly compare both projects, we must assume that method 1 will be repeated at he end of year 3. That way both projects will have the same life span.
Explanation:
we must first determine the equivalent cash flows:
method 1 method 2
initial outlay -360,000 -760,000
cash flow year 1 -130,000 -130,000
cash flow year 2 -130,000 -130,000
cash flow year 3 -443,200 -130,000
cash flow year 4 -130,000 -130,000
cash flow year 5 -130,000 -130,000
cash flow year 5 -83,200 -31,200
the present worth of method 1 = -$1,074,266
the present worth of method 2 = -$1,232,226
Broha Company manufactured 1,500 units of its only product during 2016. The inputs for this production are as follows:
450 pounds of Material A at a cost of $1.50 per pound
300 pounds of Material H at a cost of $2.75 per pound
300 direct labor hours at $20 per hour
The firm manufactured 1,800 units of the same product in 2015 with the following inputs:
500 pounds of Material A at a cost of $1.20 per pound
360 pounds of Material H at a cost of $2.50 per pound
400 direct labor hours at $18 per hour
The partial operational productivity of Material H in 2015 is: ___________
a. 0.20.
b. 5.00.
c. 2.00.
d. 0.50.
e. 6.00.
Answer:
c. 2.00.
Explanation:
The computation of the partial operating activity is given below:
The cost of material H is
= 360 × $2.50
= $900
Now the partial productivity of material H is
= 1,800 ÷ 900
= 2
Hence, the correct option is c.
The Flemings secured a bank loan of $312,000 to help finance the purchase of a house. The bank charges interest at a rate of 5%/year on the unpaid balance, and interest computations are made at the end of each month. The Flemings have agreed to repay the loan in equal monthly installments over 25 years. What should be the size of each repayment if the loan is to be amortized at the end of the term
Answer:
The size of each repayment should be $1,823.92
Explanation:
The periodic payment of loan is a form of annuity cash flow.
Use the following formula to calculate the size of the payment
PV of Annuity = Annuity Payment x ( 1 - ( 1 + interest rate )^-Numbers of periods ) / Interest rates
Where
Interest rate = Monthly interest rate = 5% / 12
Numbers of periods = Numbers of monthly payments = 25 years x 12 months per years = 300
PV of Annuity = Bank loan value = $312,000
Annuity Payment = Size of repayment = ?
Placing values in the formula
$312,000 = Size of repayment x ( 1 - ( 1 + 5%/12 )^-300 ) / 5%/12
$312,000 = Size of repayment x 171.060047
Size of repayment = $312,000 / 171.060047
Size of repayment = $1,823.92093
Size of repayment = $1,823.92
Convertible bonds are:________.
I. options attached to bonds that give the bondholder the right to purchase stock at a preset price without giving up the bond.
II. bonds in which the issue matures (converts) a little each year.
III. bonds collateralized with certain types of automobiles.
IV. bonds that may be converted to a certain number of shares of stock determined by the conversion ratio.
Answer: bonds that may be converted to a certain number of shares of stock determined by the conversion ratio.
Explanation:
Convertible bonds are simply refered to as the bonds that which despite the fact that they yield interest payments, such bonds can be converted into either equity shares or common stock. This is done based on the bondholder's discretion.
Convertible bonds are bonds that may be converted to a certain number of shares of stock determined by the conversion ratio.
The following events apply to Kate Enterprises:______.
Collected $16,200 cash for services to be performed in the future. Acquired $50,000 cash from the issue of common stock. Paid salaries to employees: $3,500 cash. Paid cash to rent office space for the next 12 months: $12,000. Paid cash of $17,500 for other operating expenses. Paid on accounts payable: $1,752. Paid cash for utilities expense: $804. Recognized $45,000 of service revenue on account. Paid a $2,500 cash dividend to the stockholders. Purchased $3,200 of supplies on account. Received $12,500 cash for services rendered. Recognized $5,200 of accrued salaries expense. Recognized $3,000 of rent expense. Cash had been paid in a prior transaction (see Event 4). Recognized $5,000 of revenue for services performed. Cash had been previously collected (see Event 1).
Required:
Identify each event as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also identify the account that is to be debited and the account that is to be credited when the transaction is recorded.
Event No. Type of Event Account Debited Account Credited
1 AS Cash Common Stock
The first event is recorded as an example.
Answer:
Kate Enterprises
Event No. Type of Event Account Debited Account Credited
1 AS Cash Common Stock
2. AS Cash Service Revenue
3. AU Salaries Expense Cash
4. AE Prepaid Rent Cash
5. AU Other operating exp. Cash
6. AU Accounts payable Cash
7. AU Utilities Expense Cash
8. AS Accounts Receivable Service Revenue
9. AU Dividends Cash
10. AS Supplies Accounts Payable
11. AS Cash Service Revenue
12. AE Salaries Expense Salaries Payable
13. AE Rent Expense Rent Payable
14. AE Unearned revenue Earned Revenue
Explanation:
Asset source (AS) = increases an asset and a claim on the asset
Asset use (AU) = decreases an asset and a claim on the asset
Asset exchange (AE) = does not change the value of assets or claims
Claims exchange (CE) = decreases one claim account and decreases another.
Required information SB Exercise 6-14 through Exercise 6-15 (Static) Skip to question [The following information applies to the questions displayed below.] Chuck Wagon Grills, Inc., makes a single product—a handmade specialty barbecue grill that it sells for $210. Data for last year’s operations follow: Units in beginning inventory 0 Units produced 20,000 Units sold 19,000 Units in ending inventory 1,000 Variable costs per unit: Direct materials $ 50 Direct labor 80 Variable manufacturing overhead 20 Variable selling and administrative 10 Total variable cost per unit $ 160 Fixed costs: Fixed manufacturing overhead $ 700,000 Fixed selling and administrative 285,000 Total fixed costs $ 985,000 Exercise 6-15 (Static) Absorption Costing Unit Product Cost and Income Statement [LO6–1, LO6–2]
Required:
1. Assume that the company uses absorption costing. Compute the unit product cost for one barbecue grill.
2. Assume that the company uses absorption costing. Prepare an income statement for last year.
Answer:
Results are below.
Explanation:
The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
First, we need to calculate the unitary cost under absorption costing:
Unitary varaible production cost= 50 + 80 + 20= $150
Unitary fixed cost= 700,000/20,000= $35
Total unitary cost= $185
Now, we the income statement:
Sales= 19,000*210= 3,990,000
COGS= (19,000*185)= (3,515,000)
Gross profit= 475,000
Total selling and administrative= (285,000 + 10*19,000)= (475,000)
Net operating income= 0
In January, Tongo, Inc., a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction of the effects on the accounting equation under the accrual basis.
a. (Sample) Received $10,600 cash for consulting services rendered in January.
b. Issued common stock to investors for $15,500 cash.
c. Purchased $17,600 of equipment, paying 25 percent in cash and owing the rest on a note due in two years.
d. Received $7,750 cash for consulting services to be performed in February.
e. Bought and received $1,100 of supplies on account.
f. Received utility bill for January for $2,070, due February 15.
g. Consulted for customers in January for fees totaling $16,500, due in February.
h. Received $13,500 cash for consulting services rendered in December.
i. Paid $550 toward supplies purchased in (e).
Answer:
Cash + Supplies = Accounts Payable + common stock - dividends + sales commission - Rent expense.
$10,600 + 1,100 = $13,125 - $15,500 +$7,750 - $2,070 - $550 +13,500 + $16,500
Explanation:
Tongo Inc. has incurred transaction in business for the routine business activities. These transaction have impact on asset, liabilities and equity side of the balance sheet. The effect of each transaction is given through the equation based on accrual concept.
Ethnocentric managers believe that their native country, culture, language, and behavior need to be changed. are equal to all other cultures. make them citizens of the world. are hurtful to others. are superior to all others.
Answer:
are superior to other cultures.
Explanation:
Ethnocentrism is the belief that indigenous culture, customs, and way of life are more important than other cultures. Ethnographers believe that their own culture, country, language and all other characteristics are superior to other cultures.so correct answer are superior to other cultures.
A team made up of employees from about the same hierarchical level, but different
functional areas of an organization is called a:
O A. cross-functional team
There are different kinds of team. A team made up of employees from about the same hierarchical level, but different functional areas of an organization is called a cross-functional team.
Cross-functional teams are known to be a kind of team that is made up of members who has different areas of expertise but they share a common goal.
This teams is composed of employees that arise from about the same hierarchical level but they have different work areas but they do come together to accomplish a task.
Example are; marketing, product, sales, customer success etc.
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On January 1, 2024, Tyson Manufacturing Company purchased a machine for $41,100,000. Tyson's management expects to use the machine for 28,000 hours over the next six years. The estimated residual value of the machine at the end of the sixth year is $40,000. The machine was used for 4,000 hours in 2024 and 5,500 hours in 2025. What is the depreciation expense for 2024 if the company uses the units−of−production method of depreciation? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
Answer:
Annual depreciation= $5,865,714.29
Explanation:
Giving the following information:
Purchase price= $41,100,000
Salvage value= $40,000
Useful life in hours= 28,000
To calculate the depreciation expense for 2024, we need to use the following formula:
Annual depreciation= [(original cost - salvage value)/useful life of production in hours]*hours operated
Annual depreciation= [(41,100,000 - 40,000) / 28,000]*4,000
Annual depreciation= $5,865,714.29
The correct depreciation expense will be 5865714.28 dollars. This will be achieved only under the units of production depreciation method. In case of any other methods the values obtained will be different.
The units of production method of depreciation is obtained by calculated by dividing the machinery's net cost by its expected lifetime production and expense is calculated using the values obtained from this formula.
The annual depreciation expense will be determined only after calculation of depreciation under the method that follows the units of production method. The values have been given to us in the queries itself.The net cost of machinery is 41,100,000 expected life of machine is 28000 hours and the salvage value is 40000 at the end of 6 years. In this year the machine was used by Tyson Co. for 4000 hours.The values will be obtained by putting values to the formula of Depreciation under units of production method as[tex]Depreciation\ for\ 2024=\frac{Cost\ of\ purchase- salvage\ value}{total\ expected\ life}[/tex]
Putting the values in the formula we get[tex]depreciation\ for\ 2024=\frac{41100000-40000}{28000}[/tex]
[tex]depreciation\ for\ 2024=\frac{41060000}{28000}[/tex]
[tex]depreciation\ for\ 2024= 1466.42[/tex]
The value that has been obtained will now be put up in the formula of depreciation expense.[tex]Depreciation\ expense\ for\ 2024= 1466.42 *4000[/tex]
[tex]Depreciation\ expense\ for\ 2024= 5865714.28[/tex]
So, it is clear that the depreciation expense the firm has made is $5865714.28Hence, the correct choice for depreciation of Tyson Manufacturing company for the year 2024 will be $5865714.28
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PC Company uses the weighted-average method in its process costing system, in which all materials are added at the beginning of the process, and conversion costs are incurred uniformly. The Painting Department started the month with 800 units in a process that was 40% complete, transferred 2,500 units to Finished Goods Inventory, and had 500 units in process at the end of the period, 70% complete. The amount of direct materials cost in beginning inventory was $16,320, and the amount of direct materials cost added this period totaled $121,440.
What is the direct material cost per equivalent unit?
a. $45.92 per equivalent unit
b. $48 per equivalent unit
c. $48.34 per equivalent unit
d. $55.20 per equivalent unit
Answer:
a. $45.92 per equivalent unit
Explanation:
Calculation for direct material cost per equivalent unit
First step is to calculate the Total units
Total units = 2,500 + 500 - 800
Total units = 2,200
Now let calculate direct material cost per equivalent unit
Direct material cost per equivalent unit=($16,320+$121,440)/(2,200+$800)
Direct material cost per equivalent unit=$137,760/3,000
Direct material cost per equivalent unit=$45.92 per equivalent unit
Therefore the Direct material cost per equivalent unit will be $45.92 per equivalent unit
Dawn, a grocery store manager, is packaging pasta salad for retail sale at the store. Which three of the following details should she include on the label? the ingredient list the storage guidelines the location of the distributor the date of product packaging the quantity of food
The three details which Dawn should include on the label for retail sale at the store include the following:
The ingredient list.The storage guidelines.The date of product packaging.What is a product label?A product label can be defined as a paper document that is designed and developed to provide specific information about the chemical elements, ingredient list, nutrients, storage guidelines, and other chemical compounds that are present in a product and its general use or function, including storage guidelines.
This ultimately implies that, a product label is a paper document which must be used by manufactures and store managers to specify the nutrients, ingredient list, chemical elements, storage guidelines, expiry date, and other compounds that were used to make a particular product.
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Melinda is excited about working on her financial plan. She has taken the time to look at all of her current resources, accounts, and investments. She also has identified some short- and long-term financial goals. What should Melinda do NEXT to continue her steps in the financial planning process?
Answer:
Melinda should save and invest for the short term as well as long term goal as she planned.
Explanation:
Financial planning is very important for a stable future in terms of finance and monetary matters. Financial planning may be defined as the process that will reduce the stress about the finances, helps to support the current needs. It also helps to build or save money for a long term goal. Financial planning is very important as it allows one to make the most use of one's assets, and also ensures one to meet their future goals.
In the context, Melinda is making a financial plan. She had looked over all her her current resources and investments and also made some long term and short term goal which will help her better plan for the future.
Once Melinda had identified her goal, she needs to act on it as soon as possible and contribute or save some money according to the plans. She should invest in the plans in order to support her long term goals.
Answer:
its A decide what her biggest financial risks are\
Explanation:
Thomlin Company forecasts that total overhead for the current year will be $15,000,000 with 300,000 total machine hours. Year to date, the actual overhead is $16,000,000 and the actual machine hours are 330,000 hours. If Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is
Answer:
$50,000 overapplied
Explanation:
The computation of the overhead is shown below:
The predetermined overhead rate is
= $15,000,000 ÷ 3,000,0000 machine hours
= $50
Now the applied overhead is
= $50 × 330,000 hours
= $16,500,000
Now the overapplied overhead is
= $16,500,000 - $16,000,000
= $50,000 overapplied
Jerome has insignificant influence of Melina Corporation because it owns less than 20% of the voting stock. The cost of the Melina stock is $5,000 and has a fair value of $6,000 on December 31 at the end of the first year it held the securities. Complete the necessary adjusting entry selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
Answer:
Dec 31
Dr Fair value adjustment - stock $1,000
Cr Unrealized gain - Income $1,000
Explanation:
Preparation of the necessary adjusting entry
Based on the information given if The cost of the Melina stock was the amount of $5,000 in which it has a fair value of the amount of $6,000 on December 31 which means that the necessary adjusting entry will be :
Dec 31
Dr Fair value adjustment - stock $1,000
Cr Unrealized gain - Income $1,000
($6,000 - $5,000)
The following transactions occurred during May, the first month of operations for Hunter Products, Inc: * Issued 54,000 shares of capital stock to the owners of the corporation in exchange for $648,000 cash. * Purchased a piece of land for $440,000, making a $170,000 cash down payment and signing a note payable for the balance. * Made a $64,000 cash payment on the note payable from the purchase of land. * Purchased equipment on credit from BBW, Inc. for $67,000.
What is the balance in the Cash account at the end of May?
Answer:
$414,000
Explanation:
Calculation of balance of cash account:
Issuance of capital stock to the $648,000
owners of the corporation
Cash down payment for purchase ($170,000)
a piece of lane
Cash payment on the note payable ($64,000)
from the purchase of land
Balance in the Cash account $414,000
at the end of May
Moby Enterprises reports the following information for 2019. ($ numbers are totals for 2019, not per unit) Selling price per unit $800 Beginning and ending balances of Work in Process Inventory 0 Beginning balance of Finished Goods Inventory (50 units) $28,750 Units produced 90 Units sold 100 Direct material used (variable) $12,000 Direct labor used (variable) $28,000 Manufacturing overhead (variable) $4,550 Manufacturing overhead (fixed) $10,800 Selling and admn. expenses: sales commission (variable) $4,000 fixed $10,000 Notes: Moby uses FIFO for maintaining its finished goods inventory account. The Beginning Finished Goods Inventory balance of $28,750 consists of $24,250 in variable manufacturing costs and $4,500 of fixed manufacturing overhead. REQUIRED: Part 1. Compute the following for 2019 using absorption costing: a. Total Manufacturing Costs b. Cost-of-Goods-Manufactured c. Per unit cost of production d. Ending balance of Finished Goods Inventory (in units and dollars) e. Cost-of-goods sold f. Gross Margin g. Net Income Part 2. Identify clearly how the fixed manufacturing overhead (both that in the opening inventory and that incurred in 2019) has moved.
Answer:
Moby Enterprises
Part 1:
a. Total Manufacturing Costs:
Direct material used (variable) $12,000
Direct labor used (variable) $28,000
Manufacturing overhead (variable) $4,550
Manufacturing overhead (fixed) $10,800
Total manufacturing costs = $55,350
b. Cost-of-Goods-Manufactured:
Total manufacturing costs = $55,350
c. Per unit cost of production = $55,350/90 = $615
d. Ending balance of Finished Goods Inventory (in units and dollars)
Beginning inventory of finished goods = 50
Plus units produced 90
Less units sold (100)
Ending inventory of finished goods = 40 units
Cost of ending inventory of finished goods = $24,600 (40 * $615)
e. Cost-of-goods sold:
Beginning Finished Goods Inventory $28,750
Cost of goods manufactured 55,350
Less Ending Finished goods inventory (24,600)
Cost of goods sold = $59,500
f. Gross Margin:
Revenue ($800 * 100) = $80,000
Cost of goods sold = (59,500)
Gross Margin = $20,500
g. Net Income:
Gross Margin $20,500
Less expenses (14,000)
Net income = $6,500
Part 2. Identify clearly how the fixed manufacturing overhead (both that in the opening inventory and that incurred in 2019) has moved.
Fixed manufacturing overhead in Beginning Inventory = $4,500
= $90 per unit ($4,500/50)
Fixed manufacturing overhead in current period = $10,800
= $120 per unit ($10,800/90)
This shows that the per unit cost of fixed manufacturing overhead has increased from $90 to $120.
Explanation:
a) Data and Calculations:
Selling price per unit $800
Beginning and ending balances of Work in Process Inventory 0
Beginning balance of Finished Goods Inventory (50 units) $28,750
$24,250 in variable manufacturing costs and $4,500 of fixed manufacturing overhead
Units produced 90
Units sold 100
Ending Finished Goods Inventory = 40 units (50 + 90 = 100)
Direct material used (variable) $12,000
Direct labor used (variable) $28,000
Manufacturing overhead (variable) $4,550
Manufacturing overhead (fixed) $10,800
Selling and admin. expenses:
sales commission (variable) $4,000
fixed $10,000
∑⊂⊃⊃⊆⊇⊄⊅∀⇵←→∨∧∉∈⇔∛ what do this means
[tex]\left[\begin{array}{ccc}1&2&3\\4&5&6\\7&8&9\end{array}\right][/tex]
Answer:
hello
Explanation:
hi
Which of the following statements about the W-2 form is TRUE?
1.AW-2 lists all the money you earned in cash over the last year
2. You need a separate W-2 form from EACH of your employers in order to file your taxes
3.The W-2 includes information about the interest you earned from your investments
4.The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-2 form
Answer:
I believe it it the second option.
Explanation:
A real estate agent is considering changing her land line phone plan. There are three plans to choose from, all of which involve a monthly service charge of $20. Plan A has a cost of $.39 a minute for daytime calls and $.19 a minute for evening calls. Plan B has a charge of $.49 a minute for daytime calls and $.14 a minute for evening calls. Plan C has a flat rate of $75 with 225 minutes of calls allowed per month and a charge of $.36 per minute beyond that, day or evening.
Required:
a. Determine the total charge under each plan for this case: 120 minutes of day calls and 40 minutes of evening calls in a month.
b. If the agent will use the service for daytime calls, over what range of call minutes will each plan be optimal?
c. Suppose that the agent expects both daytime and evening calls. At what point (i.e., percentage of total call minutes used for daytime calls) would she be indifferent between plans A and B?
Answer:
PLAN A:
(120 * 0.39) + (40 * 0.19) + 20 = $74.40
PLAN B:
(120 * 0.49) + (40 * 0.14) + 20 = $84.40
PLAN C:
$20 + $75 = $95 ;
PLAN A is optimal from 0 to 192 minutes
PLAN C is optimal from 192 minutes onward ;
Explanation:
PLAN A :
Service charge = $20
Daytime = $0.39 per minute
Evening = $0.19 per minute
PLAN B :
Service charge = $20
Daytime = $0.49 per minute
Evening = $0.14 per minute
PLAN C :
Service charge = $20
225 minutes = $75
Minutes beyond 225 = $0.36 per minute
A.)
Determine the total charge under each plan for this case: 120 minutes of day calls and 40 minutes of evening calls in a month.
PLAN A:
(120 * 0.39) + (40 * 0.19) + 20 = $74.40
PLAN B:
(120 * 0.49) + (40 * 0.14) + 20 = $84.40
PLAN C:
$20 + $75 = $95
b. If the agent will use the service for daytime calls, over what range of call minutes will each plan be optimal?
PLAN A:
20 + 0.39D = 95
0.39D = 95 - 20
D = 75 / 0.39
D = 192.31
list the methods of obtaining information about foreign employment
Explanation:
social media
new papers
personal contact
recruitment website.
name any two money associated instruments??
Answer:
discount window and swaps
Which of the following takes less time to perform tasks and processes?
A. Intranet
B. Virtual private network (VPN)
C. Enterprise portal
D. Application service provider (ASP)
Answer:
D. Application service provider (ASP)
Explanation:
Cloud computing can be defined as a type of computing that requires shared computing resources such as cloud storage (data storage), servers, computer power, and software over the internet rather than local servers and hard drives.
Generally, cloud computing offers individuals and businesses a fast, effective and efficient way of providing services.
Cloud computing comprises of three (3) service models and these are;
1. Platform as a Service (PaaS).
2. Infrastructure as a Service (IaaS).
3. Software as a Service (SaaS).
Application service provider (ASP) takes less time to perform tasks and processes. It is also known as software as a service (SaaS).
Software as a Service (SaaS) can be defined as a cloud computing delivery model which involves the process of making licensed softwares available over the internet for end users on a subscription basis through a third-party or by centrally hosting it.
Hence, Application service provider (ASP) enhances or facilitates the automation of business services and effectively reduces the time required to perform various tasks.
Assume that the price of a pizza at your local pizza parlor is $12. Illustrate what happens to producer surplus if the price falls from $12 to $6. First indicate the producer surplus lost by those sellers that leave the market because of this lower price. Label this A. Then indicate the decrease in producer surplus lost to those sellers that continue to sell pizza at the lower price. Label this B.
Answer:
attached below
Explanation:
Initial price of pizza at local parlor = $12
new price of pizza = $6
a) Product surplus = area above supply curve and below price ( A )
b) Decrease in producer surplus lost to sellers that continue selling pizza at lower price is represented with B
Wings Co. budgeted $571,000 manufacturing direct wages, 2,000 direct labor hours, and had the following manufacturing overhead:
Overhead Cost Pool Budgeted Overhead Cost Budgeted Level for Cost Driver Overhead Cost Driver
Materials handling $ 144,000 4,800 pounds Weight of materials
Machine setup 22,000 550 setups Number of setups
Machine repair 1,580 31,600 machine hours Machine hours
Inspections 16,000 320 inspections Number of inspections
Requirements for Job #971 which manufactured 4 units of product:
Direct labor 20 hours
Direct material: 130 pounds
Machine setup 30 setups
Machine hours 15.000 machine hours
Inspections 15 inspections
Using ABC, overhead cost assigned to Job #971 for machine setup is:
a. $2,300
b. $990
c. $6,500
d. $690
e. $1,020
Using ABC, overhead cost assigned to Job #971 for machine repair is:
a. $2,300
b. $990
c. $6,500
d. $690
e. $1,020
Answer:
Machine setup= $1,200
Machine repair= $750
Explanation:
First, we need to calculate the activities cost rate for each activity:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Materials handling= 144,000/4,800= $30 per pound
Machine setup= 22,000/550= $40 per setup
Machine repair= 1,580/31,600= $0.05 per machine hour
Inspections= 16,000/320= $5 per inspection
Now, we can allocate costs to Job 971:
Machine setup= 40*30= $1,200
Machine repair= 0.05*15,000= $750