Answer:
Golf hat inventory (Dr.) $11,700
Purchase (Cr.) $11,700
Cash (Dr.) $525,000
Sales (Cr.) $ 525,000
Redemption of coupons
10500 / 5 = 2,100
50% customers redeem the coupon then
2100 hats * 50% = 1,050 hats.
Explanation:
Marin golf has purchased hats at a price of $9 per hat. This transaction is recorded in the journal entries. The company has also introduced a promotion in which customers can redeem coupon and get a free golf hat in exchange of 5 coupons.
Answer:
To record premium inventory:
Dr. Inventory of Premiums $11,700
Cr. Cash $11,700
To record sales:
Dr. Cash $525,000
Cr. Sales Revenue $525,000
To record the expense associated with the sale:
Dr. Premium Expense $3,600
Cr. Inventory of Premiums $3,600
To record the premium liability:
Dr. Premium Expense $5,850
Cr. Premium Liability $5,850
Explanation:
To record premium inventory:
# hats purchased × cost per hat = 1,300 × $9 = $11,700
To record sales:
# golf ball dozens sold × price per dozen = 10,500 × $50 = $525,000
To record the expense associated with the sale:
(# coupons presented ÷ coupons required per redemption) × cost per hat
= (2,000 ÷ 5) × $9 = $3,600
To record the premium liability:
1. Total estimated redemptions = # golf ball dozens sold × Estimated redemptions (in percent) = 10,500 × 50% = 5,250
2. Cost of estimated redemptions = (estimated redemptions ÷ coupons required per redemption) × cost per hat = (5,250 ÷ 5) × $9 = $9,450
3. Redemptions to date = expense associated with sale (from previous entry) = $3,600
4. Liability at 12/31/2017 = Cost of estimated redemptions - redemptions to date = $9,450 - $3,600 = $5,850
Space Tech Inc. had the following expenditures this year related to a new product it was developing: Research cost for the new design - $2,200,000 Development cost of the new product (after technological feasibility and product viability is established) - $800,000 Legal and filing fees for a patent for the new design - $100,000 The product was patented before the end of the year. Required: Under GAAP, how much is Space Tech required to expense with respect to the project
Answer:
$2,200,000
Explanation:
all research and development costs incurred before a new product or service is technological feasible must be expensed. The costs incurred afterwards may be capitalized.
Expensed costs = $2,200,000
Capitalized costs = $800,000 + $100,000 = $900,000
What are the limitations and constraints that this form of business has on the operations of the Green Bay Packers?
Answer:
Green Bay Packers
The limitations and constraints of a not-for-profit association are:
1. Unlimited liability of the club members: This means that the members could be exposed to personal financial liability arising from their membership of the club. When the club is unable to meet its debt obligations, individual members will be held liable for the remaining debts.
2. An unincorporated association is subject to liquidation at the slightest event. In the event of the members' death, the association will not be able to continue.
3. A unincorporated not-for-profit organization may not be able to attain credibility as much as an incorporated organization. This disadvantage limits its ability to raise external finance.
Explanation:
The Green Bay Packers is a football club under the NFL. It is a not-for-profit association. Therefore, members do not enjoy the benefits arising from limited liability.
What can a producer gain by specializing?
A.sales
B.new customers
C.absolute advantage
D.opportunity costs
g Miller Brooks is planning to purchase a new mobile phone plan. However, she is not sure about which plan to select. The regular plan charges a fixed amount of $55 per month for 1,000 minutes plus $0.33 per minute over 1,000 minutes. The platinum plan charges a fixed amount of $100 per month. for 1,200 minutes plus $0.25 per minute over 1,200 minutes. Answer the following questions: (2 points each) 1) Miller is expecting to use her phone for 21 hours per month. Which plan should she select
Answer:
The platinum plan should be selected.
Explanation:
This can be determined using the following 4 steps:
Step 1: Calculation of the total expected minutes in a month
Total number of expected minutes in a month = Number of hours Miller is expected to use her phone per month * Numbe of minutes in one hour = 21 hour * 60 minutes = 1,260 minute
Step 2: Calculation of the expected cost of regular plan
Expected fixed cost of 1,000 minutes per months = $55
Expected cost of minutes over 1,000 minutes = (Total number of expected minutes in a month - 1,000 minutes) * Cost per minute = (1,260 - 1,000) * $0.33 = 260 * $0.33 = $85.80
Expected cost of regular plan = Expected fixed cost of 1,000 minutes per months + Expected cost of minutes over 1,000 minutes = $55 + $85.80 = $140.80
Step 3: Calculation of the expected cost of platinum plan
Expected fixed cost of 1,200 minutes per months = $100
Expected cost of minutes over 1,200 minutes = (Total number of expected minutes in a month - 1,200 minutes) * Cost per minute = (1,260 - 1,200) * $0.25 = 60 * $0.25 = $15
Expected cost of platinum plan = Expected fixed cost of 1,200 minutes per months + Expected cost of minutes over 1,200 minutes = $100 + $15 = $115
Step 4: Decision
Expected cost of regular plan = $140.80
Expected cost of platinum plan = $115
Since the expected cost of platinum plan of $115 is lower than the expected cost of regular plan of $140.80, the platinum plan should be selected.
Harding Company is in the process of purchasing several large pieces of equipment from Danning Machine Corporation. Several financing alternatives have been offered by Danning: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. Pay $1,000,000 in cash immediately. 2. Pay $420,000 immediately and the remainder in 10 annual installments of $80,000, with the first installment due in one year. 3. Make 10 annual installments of $135,000 with the first payment due immediately. 4. Make one lump-sum payment of $1,500,000 five years from date of purchase. Required: Determine the best alternative for Harding, assuming that Harding can borrow funds at an 8% interest rate. (Round your final answers to nearest whole dollar amount.)
Answer:
the best option is 4 as it have the highest present value
Explanation:
The computation is shown below:
For option 1
PV = $1,000,000
For option 2
PV = $420,000 + $80,000 × PVIFA (8% , 10)
= $420,000 + $80,000 × 6.710
= $956,800
For option 3
PV = $135,000 + $135,000 × PVIFA (8% , 9)
= $135,000 + $135,000 × 6.247
= $978,345
For option 4
PV = $1,500,000 × PVIF (8% , 5)
= $1,500,000 × 0.681
= $1,021,500
So the best option is 4 as it have the highest present value
Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 30,200 $ 35,250 $ 37,000 Accounts receivable, net 88,400 62,000 49,000 Merchandise inventory 111,000 81,200 53,500 Prepaid expenses 10,800 9,300 4,800 Plant assets, net 280,000 254,000 225,000 Total assets $ 520,400 $ 441,750 $ 369,300 Liabilities and Equity Accounts payable $ 129,200 $ 75,500 $ 51,200 Long-term notes payable secured by mortgages on plant assets 96,000 100,750 81,800 Common stock, $10 par value 163,000 163,000 163,000 Retained earnings 132,200 102,500 73,300 Total liabilities and equity $ 520,400 $ 441,750 $ 369,300 The company’s income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Current Yr 1 Yr Ago Sales $ 725,000 $ 550,000 Cost of goods sold $ 449,500 $ 341,000 Other operating expenses 232,000 126,500 Interest expense 11,200 13,000 Income tax expense 9,350 8,525 Total costs and expenses 702,050 489,025 Net income $ 22,950 $ 60,975 Earnings per share $ 1.41 $ 3.74 For both the Current Year and 1 Year Ago, compute the following ratios: (3-a) Return on total assets. (3-b) Based on return on total assets, did Simon's operating efficiency improve or worsen in the Current Year versus 1 Year Ago?
Answer:
Simon Company
a) Return on total assets:
For Year Ended December 31, Current Yr 1 Yr Ago
Return on total assets = 4.41% $13.8%
b) Based on the return on total assets, Simon's operating efficiency worsened in the Current Year versus 1 Year Ago because ROA reduced from 13.8% to 4.41%.
Explanation:
a) Data and Calculations:
Simon Company’s year-end balance sheets follow.
At December 31 Current Yr 1 Yr Ago 2 Yrs Ago
Assets
Cash $ 30,200 $ 35,250 $ 37,000
Accounts receivable, net 88,400 62,000 49,000
Merchandise inventory 111,000 81,200 53,500
Prepaid expenses 10,800 9,300 4,800
Plant assets, net 280,000 254,000 225,000
Total assets $ 520,400 $ 441,750 $ 369,300
Liabilities and Equity
Accounts payable $ 129,200 $ 75,500 $ 51,200
Long-term notes payable secured by mortgages
on plant assets 96,000 100,750 81,800
Common stock,
$10 par value 163,000 163,000 163,000
Retained earnings 132,200 102,500 73,300
Total liabilities and
equity $ 520,400 $ 441,750 $ 369,300
The company’s income statements for the Current Year and 1 Year Ago, follow.
For Year Ended December 31, Current Yr 1 Yr Ago
Sales $ 725,000 $ 550,000
Cost of goods sold $ 449,500 $ 341,000
Other operating expenses 232,000 126,500
Interest expense 11,200 13,000
Income tax expense 9,350 8,525
Total costs and expenses 702,050 489,025
Net income $ 22,950 $ 60,975
Earnings per share $ 1.41 $ 3.74
Return on Total Assets:
For Year Ended December 31, Current Yr 1 Yr Ago
Net income $ 22,950 $ 60,975
Total assets $ 520,400 $ 441,750
Return on total assets = 4.41% $13.8%
Business partners Arnetta and Xavier are designing their new office space and furnishings. They want to communicate success and impress visiting clients, so they choose high-quality hardwood flooring and elegant furniture. Which aspect of nonverbal communication does this illustrate
Answer:
environment.
Explanation:
Analyzing the information in the question, it is correct to say that Arnetta and Xavier are using the aspect of non-verbal communication related to the environment, due to the fact that their goal is to communicate success and impress visiting customers through high quality wooden floors. and elegant furniture, that is, they use physical and psychological aspects combined with the office environment that communicate success.
Environmental non-verbal communication allows to impress people through the design of their environment, and brings significant advantages to companies that use this strategy effectively, as it reinforces the desired communication and creates the expected strategic effect.
Environmental elements that are both fixed and semi-fixed
Gathering the data in the question, it is true to say that Arnetta and Xavier are employing nonverbal signals connected to the environment, as their purpose is to communicate accomplishment and impress prospective customers through high-quality hardwood surfaces.
Environmental communication process allows firms to impress people by the design of their surroundings, and it has enormous benefits for companies who employ it successfully, since it reinforces the intended communication and achieves the desired strategic result.
Learn more:https://brainly.com/question/21063809?referrer=searchResults
writing in a business environment differs from other types of writing. in professional settings, written messages and oral presentations should be purposeful, economical, and audience oriented. identify the correct business writing objective for the following description. identify the problem you are trying to solve or the information you are trying to convey, and then develop a strategy to address that need. purposeful audience oriented persuasive economical
Answer:
The correct business writing objective for the given description is:
Purposeful
Explanation:
To be purposeful is to ensure that a business communication conveys the required information, solves the identified problems, and remains relevant in both context and tune. The other business writing objectives include being persuasive, economical and audience-oriented. To be persuasive, a business writing must ensure that the audience believes and accepts the message. To be economical requires the presentation of clear, concise, and efficient messages, devoid of ambiguity. Finally, audience-orientation requires the demonstration of audience-perspective.
Ching Lee was transferred by his Asian firm to assume a managerial position in a large automobile production plant in the United States. In his first report to his supervisor, he expressed concern that U.S. workers were not giving him the proper respect. What behaviors by U.S. workers could have led Ching Lee to draw this conclusion
Answer:
cultural differences, stereotypes, and prejudice
Explanation:
There are many behaviors that could have led Ching Lee to draw this conclusion, they include cultural differences, stereotypes, and prejudice. This can include making jokes, treating people a certain way that may be common in the US, or even making comments about Ching Lee's ethnicity and/or culture. All of these behaviors could easily make Ching Lee believe that the US workers are making fun of him and not showing him the respect that he deserves as a manager.
A managerial position is one in which a person is primarily responsible for the management and direction of other employees. Managers may also be in charge of a certain function within a corporation.
One of the ways to demonstrate respect for senior employees or persons in positions of power is through communication.
In reciprocal relationships, bad communication can lead to misunderstandings, which can lead to disrespect.
Communication is a factor in Ching Lee's experience in the United States. Because of cultural and moral differences, there may be considerable communication gaps between Asian and American business contexts.
In comparison to communities in the United States, Asian communities are more patriarchal.
Workplace equality is a prominent topic in the United States, and great progress has been made in this area.
As a result, employees have unrestricted access to their bosses and it's reasonable to suppose that Lee interpreted the differences as disrespect and conveyed his displeasure to his boss.
For more information regarding the managerial position, refer to the link:
https://brainly.com/question/22867669
Conduct the necessary research to develop the policy using the library and the Internet. Some things that you need to keep in mind while developing this comprehensive policy are the links to the acceptable use policy (AUP), business ethics, and compliance policies. Specific technology issues should include the following: IT domain controls Administrative controls Operational controls Technical controls
Answer:
Not using service if part of law is violated.
Cease of account in case of rules break attempt.
Limit the access according to the designation of employees.
Explanation:
Acceptable use policy is the document which lists the terms and conditions which needs to be agreed to access the corporate network. The AUP included set of rules which must be agreed in order to access the network by user. The documents can includes rules regarding the administrative controls, operational controls and technical controls.
A company's master budget for October is to manufacture and sell 30,000 units for a total sales revenue of $270,000, total variable costs of $180,000, and total fixed costs of $24,000. The company actually manufactured and sold 32,000 units and generated $45,000 of operating income in October. The flexible-budget operating income in October was:
Answer:
$72,000
Explanation:
The Starting point for flexing a Budget is to determine the Standard unit Selling Price and unit Cost Prices, then apply the amounts to the actual activity/production as shown below ;
Flexible-budget for the month of October
Sales ($270,000/30,000 x 32,000) $288,000
Less Variable Costs ($180,000/30,000 x 32,000) ($192,000)
Contribution $96,000
Less Fixed Costs ($24,000)
Operating Income $72,000
The total cost (in dollars) of manufacturing x auto body frames is C(x)=60,000+400x. (A) Find the average cost per unit if 200 frames are produced. (B) Find the marginal average cost at a production level of 200 units. (C) Use the results from parts (A) and (B) to estimate the average cost per frame if 201 frames are produced.
Answer:
a) Average price per unit = 700
b) average marginal cost = -1.5 dollars/frame
c) For 201 frames are produced = $698.5
Explanation:
Given Data:
C(x) = 60000 + 400x
a) Average cost for 200 units:
Total Cost of 200 units will be:
C(200) = 60000 + 400(200)
C(200) = 140,000
Total Cost of 200 units = 140,000
Average price per unit = Total Cost / number of units
Average price per unit = 140,000/200
Average price per unit = 700
b) Marginal Average Cost:
We know that marginal cost = [tex]C^{'}[/tex](x)
And the average marginal cost = [tex]\frac{d}{dx}[/tex] [tex]\frac{C(x)}{x}[/tex]
So,
= the derivative of ([tex]\frac{60,000 + 400(x)}{x}[/tex])
= the derivative of ([tex]\frac{(60,000)}{x} + 400[/tex])
= [tex]\frac{-60,000}{x^{2} }[/tex] + 0
So,
average marginal cost = [tex]\frac{-60,000}{x^{2} }[/tex]
at x = 200 units
average marginal cost = [tex]\frac{-60,000}{200^{2} }[/tex]
average marginal cost = -1.5 dollars/frame
c) Average cost per frame if 201 frames are produced:
We already seen in the part b that, the average marginal cost is decreasing by 1.5 dollars /frame. So,
if 201 frames are produced the instead of 200 then the difference is of 1 frame and we discussed that average marginal cost of 1 frame is decreasing at 1.5 dollars per frame.
So,
As we know the average cost from part a = 700 dollars.
Therefore, for 201 item = 700 dollars -1.5 dollars
For 201 frames are produced = $698.5
Bank “A” is offering 2% interest and a $100 debit card on a newly opened savings account with a minimum balance of 1,000$ for one year. Bank “B” is offering 5% interest and a $50 debit card on a newly opened a savings account with a minimum balance of $1000 a year. assuming you deposit $1000 which one has the better return (interest plus card value) FOR THE FIRST MONTH?
Answer:
Bank A
Explanation:
5% of 1000 is $50. So they are giving you $50 in interest and $50 on the debit card. Whereas, the other one, 2% of 1000 is $20 in interest and they are giving you $100 debit card. That means you get $100 from Bank B, but you get $120 from Bank A.
During your presentation, you realize that you are talking too fast. This is a
problem of
O Content challenges
Organizational challenges
Presentation skills challenges
Answer:
Presentation skills challenges
Explanation:
Presentation can be defined as an act of talking or speaking formally to an audience in order to explain an idea, piece of work, project, and product with the aid of multimedia resources or samples.
Basically, any speaker who wish to create an effective presentation should endeavor to interact frequently with the audience by holding a conversation.
This ultimately implies that, to create an effective presentation, speakers are saddled with the responsibility of interacting more often with the audience by taking questions, making a joke, getting them to repeat informations loud at intervals etc.
If during your presentation, you realize that you are talking too fast. This is a problem of presentation skills challenges.
Hence, speakers are advised to be passionate and show enthusiasm during their presentation because it would enhance their ability to speak confidently and as such leading to an engaging presentation.
Refer to Women's Athletic Wear. One of the biggest differences between men and women consumers is that men tend to stay loyal to a store. Women are much more ready to shop around--perhaps because they demand more from their products than men. Andrea wants to start jogging, but she has been told she needs to find well-fitting jogging underwear. Andrea is at the first stage of the: Group of answer choices product positioning consumer decision-making process selective perception product differentiation market segment
Answer:
consumer decision-making process
Explanation:
When buyers want to make a purchase there are many factors that come into play before he makes a choice on which product to buy.
The process by which a user identifies which product best meets his needs, gathers information on how to solve their needs, examines alternatives, make purchase, and gauge satisfaction from purchase are the processes of consumer decision-making process.
On the given scenario Andrea wants to start jogging, and she has been told she needs to find well-fitting jogging underwear.
This is the the stage of identifying consumer needs, the first stage of consumer decision-making process.
Which report do you produce to see total sales for the company?
On July 1, Shady Creek Resort borrowed $310,000 cash by signing a 10-year, 11% installment note requiring equal payments each June 30 of $52,639. What amount of interest expense will be included in the first annual payment
Answer:
$34,100
Explanation:
The interest on the installment note for the first year is a function of both the face value of the note and interest rate of 11%
Interest expense on the first annual payment=$310,000*11%
Interest expense on the first annual payment=$34,100
The amount principal repayment in respect of the first annual payment is the amount of payment which is $52,639 minus the interest portion of the payment.
The Principal portion of the first payment=$52,639-$34,100=$18,539
Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March—Job P and Job Q. Job P was completed and sold by the end of the March and Job Q was incomplete at the end of the March. The company uses a plantwide predetermined overhead rate based on direct labor-hours. The following additional information is available for the company as a whole and for Jobs P and Q (all data and questions relate to the month of March. What is company's predetermined overhead rate? How much manufacture overhead was applied to Job P and Job Q? What is the direct labor hourly wage rate? If Job P includes 20 units, what is its unit product cost? What is the total amount of manufacture cost assigned to Job Q as of the end of march (including applied overhead)? Assume the ending raw material inventory is $1,000 and the company does not use and indirect materials. Prepare then journal entries to record raw materials purchases and the issuance of direct materials for use in production. Assume that the company does not use any indirect labor. Prepare the journal entry to record the direct labor costs added to production. Prepare the journal entry to apply manufacture overhead costs to production. Assume the ending raw material inventory is $1,000 and the company does not use any indirect materials. Prepare a schedule of cost of goods manufactured. Prepare the journal entry to transfer costs from Work in Process to Finished Goods. Prepare a completed work in process T-account including the beginning and ending balance and all debits and credits posted to the account. Prepare a schedule of cost of goods sold. Prepare the journal entry to transfer costs from Finished Goods to Cost of Goods Sold. What is the amount of underapplied or overapplied overhead. Prepare the journal entry to close the amount of underapplied or overapplied overhead to Cost of Goods Sold. Assume that job P includes 20 units that each sell for $3,000 and that the companys selling and administrative expense is March were $14,000. Prepare an absorption costing income statement for March.
Estimated total fixed manufacture over head $10,000
Estimated variable manufacture overhead per direct labor hour $1.00
Estimated total direct labour hours to be worked 2,000
Total Manufacturing overhead costs incurred $12,500
Job P /Job Q
Direct Material $13,000 /$8,000
Direct Labor Cost $21,000 /$7,500
Actual Direct Labor-hours worked 1,400 /500
Answer:
Sweeten Company
1. Predetermined overhead rate is:
= $6.00 per DLH
2. Manufacturing overhead applied to Job P and Job Q:
Job P Job Q
= $8,400 $3,000
3. The direct labor hourly wage rate:
= $15 per DLH
4. If Job P includes 20 units, its unit product cost is:
= $2,120
5. The total amount of manufacturing cost assigned to Job Q as of the end of March (including applied overhead):
= $3,000
6. Assuming the ending Raw Material Inventory = $1,000, Journal Entries to record Raw Materials Purchases and the Issuance of Direct Materials for use in production:
Debit Raw Materials Inventory $22,000
Credit Accounts Payable/Cash $22,000
To record the purchase of raw materials.
Debit Work in Process $21,000
(Job P $13,000
Job Q $8,000)
Credit Raw Materials Inventory $21,000
To record the issuance of raw materials to Work in Process.
7. Assuming no indirect labor, Journal Entry to record the direct labor costs added to production:
Debit Job P $21,000
Debit Job Q $7,500
Credit Factory Wages $28,500
To record direct labor costs to production.
8. Journal Entry to apply manufacturing overhead costs to production:
Debit Job P $8,400
Debit Job Q $3,000
Credit Manufacturing overhead $11,400
To apply manufacturing overhead costs to production.
9. Assuming the ending raw material inventory is $1,000, A Schedule of Cost of Goods Manufactured:
Job P
Direct Material $13,000
Direct Labor Cost 21,000
Manufacturing Overhead applied 8,400
Total cost of goods manufactured $42,400
10. Journal entry to transfer costs from Work in Process to Finished Goods:
Debit Finished Goods Inventory $42,400
Credit Work in Process: Job P $42,400
To transfer costs from WIP to Finished Goods.
11. Work in Process T-account with beginning and ending balance
Work in Process
Account Titles Debit Credit
Beginning balance $0
Direct Material $21,000
Direct Labor Cost 28,500
Manufacturing overhead 11,400
Finished Goods Inventory $42,400
Balance 18,500
Totals $60,900 $60,900
12. A Schedule of Cost of Goods Sold:
Unit of Goods Sold = 20
Unit cost = $2,120
Cost of goods sold = $42,400
13. Journal Entry to transfer costs from Finished Goods to Cost of Goods Sold:
Debit Cost of Goods Sold $42,400
Credit Finished Goods Sold $42,400
To transfer costs from Finished Goods to Cost of Goods Sold.
14. The amount of underapplied or overapplied overhead:
= $1,100
15. Journal Entry to close the amount of underapplied or overapplied overhead to Cost of Goods Sold:
Debit Cost of Goods Sold $1,110
Credit Manufacturing Overhead $1,110
To close the amount of underapplied overhead to Cost of Goods Sold.
16. Assuming Job P includes 20 units that each sell for $3,000 and that the company's selling and administrative expense is March were $14,000, Absorption Costing Income Statement for March:
Sales Revenue $60,000
Cost of Goods Sold 43,500
Gross profit $16,500
Selling and
Administrative
Expense 14,000
Net Income $2,500
Explanation:
a) Data and Calculations:
Predetermined overhead rate is based on direct labor hours
Estimated total fixed manufacturing overhead $10,000
Estimated variable manufacturing overhead per direct labor hour $1.00
Estimated total direct labour hours to be worked 2,000
Total Manufacturing overhead costs incurred $12,500
Job P Job Q Total Cost
Direct Material $13,000 $8,000 $21,000
Direct Labor Cost $21,000 $7,500 28,500
Actual Direct Labor-hours worked 1,400 500
Applied manufacturing overhead 1,400 * $6 500 * $6
= $8,400 $3,000 $11,400
Total $60,900
Predetermined overhead rate = $10,00/2,000 = $5 + $1 = $6
Direct labor wage rate = $21,000/1,400 = $15 per DLH
Unit Cost of Job P if 20 units:
Direct Material $13,000
Direct Labor Cost $21,000
Manufacturing overhead $8,400
Total costs = $42,400
Unit cost = $42,400/20 = $2,120
Raw materials used in production = $21,000
Ending raw materials 1,000
Purchase of raw materials $22,000
Underapplied or Overapplied Overhead:
Actual manufacturing overhead incurred = $12,500
Manufacturing overhead applied 11,400
Underapplied overhead = $1,100
Sales Revenue = $3,000 * 20 = $60,000
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows:
Timber rights on a tract of land were purchased for $1,600,000 on February 22. The stand of timber is estimated at 5,000,000 board feet. During the current year, 1,100,000 board feet of timber were cut and sold.
On December 31, the company determined that $3,750,000 of goodwill was impaired.
Governmental and legal costs of $6,600,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 12 years. Amortization is to be for three-fourths of a year.
Required:
1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items. Do not round your intermediate calculations.
Item Impairment, Amortization or Depletion Expense
a. $
b. $
c. $
Hide
2. Journalize the adjusting entries required to record the amortization, depletion, or impairment for each item.
Solution:
Given :
Timber rights were purchased for = $1,600,000
The stand of the timber is = 5,000,000 board feet
Goodwill impaired by the company = $3,750,000
Timber cut and sold during current year = 1,100,000 board feet
Government legal cost = $6,600,000
Therefore the amount of amortization , depletion and the impairment of the current year for each foregoing item are :
1.
Item Impairment, Amortization or the depletion
a). $ 352,000
b). $ 3,750,000
c). $ 412,500
2. Jornalizing the entries that required to record the depletion, amortization or the impairment of each of the items are :
a). The depletion expense = $ 352,000
Accumulated expense = $ 352,000
b). Loss from the impaired goodwill = $3,750,000
The goodwill = $3,750,000
c). Amortization expenses patent= $412500
Patent = $412500
If you own a business, the loan payment, rent, and your salary are examples of "
Business owners and managers prefer to hire people who are referred to them personally. True or false?
Answer:
THE ANSWER IS TRUE
Explanation:
i took the test
If you have an account with 31.99% APR, what is the periodic interest rate for February, June,
and March?
Answer: 2.67%
Explanation:
Periodic interest rate refers to the Annual Percentage Rate (APR) converted to the periods in question. It is calculated by dividing the APR by the number of periods it is to be converted to.
If for instance a monthly periodic rate is needed, divide APR by 12 as there are 12 months in a year.
If it is a daily periodic rate needed, divide the APR by 365 as that is the number of days in a year.
This question is asking for a monthly periodic interest rate:
= 31.99% / 12
= 0.026658
= 2.67%
A first saving account pays 5% compounded annually. A second saving account pays 5% compounded continuously. Which of the two investments is better in the long term?
Which of the following is the most accurate statement about the globalization of markets?
Answer:
many U.S. companies with famous brands are now controlled by global enterprises. U.S. businesses and those of other countries are seeking to expand around the world for many reasons.
You are choosing the color scheme for a Web page. Which color is considered the color of extremes and is used to capture attention, and to indicate danger and anger?
A: green
B: red
C: yellow
D: purple
please answer this im trying to finish a test <3
Two roadway designs are under consideration for access to a permanent suspension bridge. Design 1A will cost $2.7 million to build and $175,000 per year to maintain. Design 1B will cost $3.8 million to build and $40,000 per year to maintain. Both designs are assumed to be permanent. Use an AW-based rate of return equation to determine (a) the breakeven ROR and (b) which design is preferred at an MARR of 10% per year. a) The breakeven ROR is %. b) At an MARR of 10% per year, design 1B Correctis preferred.
Answer:
The answer is below
Explanation:
a)
The present cost of design 1A = 2700000 + 175000/r
The present cost of design 1B = 3800000 + 40000/r
Where r is the rate of return.
At breakeven rate of return, the present cost of both designs would be the same. Hence:
2700000 + 175000/r = 3800000 + 40000/r
3800000 - 2700000 = 175000/r - 40000/r
1100000 = 135000/r
r = 135000 / 1100000 = 0.1227
r = 12.27%
Therefore the breakeven rate of return is 12.27%
b) At an MARR of 10% per year, that is r = 0.1:
The present cost of design 1A = 2700000 + 175000/0.1 = $4.45 million
The present cost of design 1B = 3800000 + 40000/0.1 = $4.2 million
At an MARR of 10% per year, design 1B Correct is preferred because it has the lowest cost.
Peterson Manufacturing recently reported EBITDA of $18.75 million and $4.5 million of net income. It has $5 million of interest expense and its corporate tax rate is 40%. What was its depreciation and amortization expense (in millions of dollars)
Answer:
Peterson Manufacturing
Its depreciation and amortization expense (in millions of dollars) was:
= $6.25 million
Explanation:
a) Data and Calculations:
EBITDA = $18.75 million
Depreciation and amortization expense = $6.25 million
Earnings before Interest = $12.50 million
Interest expense = $5.00 million
Earnings before taxes = $7.50 million
Corporate taxes (40%) = $3.00 million
Net Income = $4.50 million
Earnings before taxes = Net income/1-tax rate
= $4.5 million/60% = $7.5 million
Corporate taxes = 40% of $7.5 million = $3.0 million
Earnings before interest = Interest expense plus earnings before taxes (earnings after interest)
= $5 million + $7.5 million = $12.5 million
Therefore, Depreciation and amortization expense = EBITDA - Earnings before Interest
= $18.75 million - $12.5 million
= $6.25 million
b) EBITDA = Earnings before Interest, Taxes, and Depreciation and Amortization.
what is the significance of operation research in modern management?
Answer:
Operations research is an important method that is used by modern management for solving complex problems under uncertain conditions. Operation research is used in business where the managers need to take risk since there are very few things are certain.
hope it helps!!
please mark as the brainliest!!
Your grandfather has offered you a choice of one of the three following alternatives: $14,000 now; $7,250 a year for ten years; or $96,000 at the end of ten years. Use Appendix B and Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. a-1. Assuming you could earn 6 percent annually, compute the present value of each alternative:
Answer:
Hi how are you doing today Jasmine
(Externalities) Complete each of the following sentences: a. Resources for which periodic use can be continued indefinitely are known as ____________ resources. b. Resources that are available only in a fixed amount are ____________ resources. c. The possibility that an open-access resource is used until the net marginal value of additional use equals zero is known as the ____________.
Answer:
a. Renewable resources
b. Exhaustible resources
c. Common pool resources
Explanation:
a. Resources for which periodic use can be continued indefinitely are known as renewable resources. These refer to resources which can be reproduced and available over a period of time
b. Resources that are available only in a fixed amount are exhaustible resources. These refer to resources which are available at fixed quantity.
c. The possibility that an open-access resource is used until the net marginal value of additional use equals zero is known as the Common pool resources. These refer to renewable resources which can be accessible by everyone.