Newton Manufacturing has 31,000 labor hours available for producing M and N. Consider the following information: Product M Product N Required labor time per unit (hours) 2 3 Maximum demand (units) 6,500 8,000 Contribution margin per unit $ 5 $ 5.70 Contribution margin per labor hour $ 2.50 $ 1.90 If Newton follows proper managerial accounting practices in terms of setting a production schedule, how much contribution margin would the company expect to generate

Answers

Answer 1

Answer:

total contribution margin = $68,500

Explanation:

31,000 hours of labor available

                                                                     Product M            Product N

Required labor time per unit (hours)                 2                           3

Maximum demand (units)                               6,500                    8,000

Contribution margin per unit                             $5                      $5.70

Contribution margin per labor hour               $2.50                    $1.90

since the constraint here is the total number of labor hours, the company must first produce the product that generates the highest contribution margin per labor hour = product M.

total units produced of product M = 6,500

total labor hours required = 6,500 x 2 = 13,000

contribution margin product M = 13,000 x $2.50 = $32,500

remaining labor hours = 31,000 - 13,000 = 18,000

total units of product N produced = 18,000 / 6 = 6,000

contribution margin product N= 18,000 x $2 = $36,000

total contribution margin = $68,500


Related Questions

QS 23-11 Selection of sales mix LO P3 Excel Memory Company can sell all units of computer memory X and Y that it can produce, but it has limited production capacity. It can produce two units of X per hour or three units of Y per hour, and it has 4,700 production hours available. Contribution margin is $6 for product X and $5 for product Y. 1. Calculate contribution margin per production hour. 2. What is the most profitable sales mix for this Company

Answers

Answer:

Contribution margin per production hour

Product X = $12

Product Y = $15

Explanation:

Part 1

Contribution margin per production hour

Contribution margin per production hour = Contribution ÷ Time to produce one product

Therefore,

Product X =  $6 ÷ 0.5

                 = $12

Product Y =  $5 ÷ 0.33

                 = $15

Part 2

The Demand Units of Product X and Product Y are missing so the calculation of profitable sales mix is impossible.

This mix would have been calculated by :

Manufacturing all the units of Product Y since Y has the highest contribution margin per production hour (demand for Y × hours required per unit)With the remainder of hours out of 4,700 after producing all of Product Y demand, we would then produce Product X.

The airline companies often change their flight prices over time. Assume Mary is planning her trip to New York City during the Christmas holiday. When she first checked the price in September, the ticket price was $300 round trip per person. However, when she checked the price again in early December, she noticed the price increased to $600 round trip per person for the same flight. This is an example of _______________.

Answers

Answer:

Third degree price discrimination

Explanation:

Price discrimination is when the same product is sold at different prices to customers in different markets

types of price discrimination

1. first degree price discrimination : here sellers charge each consumer at their willingness to pay in order to eliminate consumer surplus.

2. second degree price discrimination : here firms offer different prices depending on the quantity purchased. e.g. giving discounts for bulk purchases.

3, third degree price discrimination : firms charge different prices to different groups of customers. e.g. having a certain price for senior citizens, students

A company purchased a weaving machine for $273,400. The machine has a useful life of 8 years and a residual value of $15,000. It is estimated that the machine could produce 760,000 bolts of woven fabric over its useful life. In the first year, 110,000 bolts were produced. In the second year, production increased to 114,000 units. Using the units-of-production method, what is the amount of depreciation expense that should be recorded for the second year

Answers

Answer:

Annual depreciation= $38,760

Explanation:

To calculate the depreciation expense, we need to use the following formula:

Annual depreciation= [(original cost - salvage value)/useful life of production in units]*units produced

Annual depreciation= [(273,400 - 15,000)/760,000]*114,000

Annual depreciation= $38,760

Bramble Corp. purchased a truck at the beginning of 2020 for $109000. The truck is estimated to have a salvage value of $3700 and a useful life of 121000 miles. It was driven 21000 miles in 2020 and 29000 miles in 2021. What is the depreciation expense for 2021

Answers

Answer:

2020 = 18275.206

2021 = 25237.190

Explanation:

Cost of truck at beginning of 2020 = $109,000

Salvage value = $3700

Useful life = 121,000 miles

Miles driven in 2020 = 21000

Miles driven in 2021 = 29000

Depreciation expense 2020:

((Cost of asset - salvage value) / useful life) * miles driven in 2020

((109,000 - 3700) / 121000) * 21000

0.8702479 * 21000 = 18275.206

Depreciation expense 2021:

((109,000 - 3700) / 121000) * 29000

= 25237.190

Problems and Applications Q4 Suppose that the government imposes a tax on heating oil. True or False: The deadweight loss from this tax would likely be larger in the fifth year after it is imposed than in the first year as demand for heating oil becomes more elastic. True False The tax revenue collected from a tax on heating oil is likely to be in the first year after it is imposed than in the fifth year.

Answers

Answer:

TrueTrue

Explanation:

The deadweight loss in the fifth year will indeed be higher in the fifth year than in the first because deadweight loss has been shown to increase with elasticity.

As demand becomes more elastic as a result of the oil becoming more expensive, tax revenue will decrease in future which means that tax revenue will be less in five years than in the first.

Pacifica Industrial Products Corporation makes two products, Product H and Product L. Product H is expected to sell 40,000 units next year and Product L is expected to sell 8,000 units. A unit of either product requires 0.4 direct labor-hours.
The company's total manufacturing overhead for the year is expected to be $1,632,000.
Required:
1-a. The company currently applies manufacturing overhead to products using direct labor-hours as the allocation base. If this method is followed, how much overhead cost per unit would be applied to each product? Product H Product L Overhead cost per unit
1-b. Compute the total amount of overhead cost that would be applied to each product Product H Product L Total Total overhead cost
2. Management is considering an activity-based costing system and would like to know what impact this change might have on product costs. For purposes of discussion, it has been suggested that all of the manufacturing overhead be treated as a product-level cost. The total manufacturing overhead would be divided in half between the two products, with $816,000 assigned to Product H and $816,000 assigned to Product L If this suggestion is followed, how much overhead cost per unit would be assigned to each product? (Round your answers to 2 decimal places.)
Product H Product L
Overhead cost per unit

Answers

Answer:

1a. Product H $16,000

Product L $3,200

1b. Product H $1,360,000

Product L $272,000

Total $1,632,000

2. Product H $20.40

Product L $102.00

Explanation:

1-a. Calculation for how much overhead cost per unit would be applied to each product

Product H Product L

Number of units produced 40,000 8,000( a)

Direct labor-hours per unit (b) 0.40 0.40 (b)

(a) × (b)=Total direct labor-hours 16,000 3,200 Total =$19,200

Therefore Amount of hoverhead cost per unit applied to each product is :

Product H $16,000

Product L $3,200

1-b. Computation for the total amount of overhead cost that would be applied to each product

Product H Product L Total

Manufacturing overhead applied per unit

0.40 DLH per unit × $85.00 per DLH= $34.00 (a)

Number of units produced 40,000 8,000 (b)

(a) × (b)=Total manufacturing overhead applied $1,360,000 $272,000

Total=Product H $1,360,000+Product L $272,000

Total= $1,632,000

Predetermined overhead rate of $ 85.00 per DLH is calculated as:

Total manufacturing overhead $ 1,632,000(a)

Total direct labor-hours 19,200 DLHs(b)

(a) ÷ (b) =Predetermined overhead rate $ 85.00 per DLH

Therefore the total amount of overhead cost that would be applied to each product is :

Product H $1,360,000

Product L $272,000

Total $1,632,000

C. Calculation for how much overhead cost per unit would be assigned to each product

Product H Product L Total

Total manufacturing overhead assigned (a)

$816,000 $816,000 =$1,632,000

Number of units produced (b) 40,000 8,000

(a) ÷ (b) =Manufacturing overhead per unit $20.40 $102.00

Therefore the amount of overhead cost per unit would be assigned to each product is :

Product H $20.40

Product L -$102.00

Three years ago, Adrian purchased 430 shares of stock in X Corp. for $70,950. On December 30 of year 4, Adrian sells the 430 shares for $64,070. (Leave no answers blank. Enter zero if applicable. Loss amounts should be indicated with a minus sign.)

a. Assuming Adrian has no other capital gains or losses, how much of the loss is Adrian able to deduct on her year 4 tax return?

Answers

Answer:

6,880

Explanation:

Katherine Kocher has determined the following information about her own financial situation. Her checking account is worth $850 and her savings account is worth $1,200. She owns her own home that has a market value of $98,000. She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300. She has a car worth $12,500. She has recently purchased a mutual fund worth $5,500 and she has a retirement account worth $38,550. What is the value of her personal possessions

Answers

Answer:

Katherine Kocher

The value of her personal possessions is:

$171,900

Explanation:

a) Data and Calculations:

Checking account =        $850

Savings account =           1,200

Home value =               98,000

Furniture & appliances 12,000

Home computer/laptop 3,300

Car                                12,500

Investments:

Mutual fund                   5,500

Retirement account    38,550

Total value =             $171,900

b) Katherine's personal possessions include all her personal assets.  Her net worth will be the difference between all her personal assets and her personal debts or liabilities.

why does this app suck i a way? i looked at this question: The managers want to know how many boxes of 12 cookies can be filled with the 3,258 cookies that have been baked. Fatima starts by subtracting the largest number of boxes she can easily calculate. She knows that 100 boxes of 12 cookies can be put into one crate. How many crates can be filled from the total of 3,258 cookies?

then an expert verified its 3 so i put it in and it said incorrect. am i not getting something or is it maybe incorrect in my platform?

Answers

Answer:

this app is fine, it has helped me a lot

Explanation:

BUT, you shouldnt rely on it all the time, unless you're genuinely struggling on grasping a topic I suggest trying to teach to yourself.

Present owners of a network good receivegreater benefits as new buyers purchase the good. How do network externalities help a monopoly retain its market power? By exploiting network externalities, a firm can become a natural monopoly. If there are strong network externalities associated with a good, other goods are poor substitutes for it. Goods with network externalities are more likely to receive a government patent.

Answers

Answer:

How network externalities help a monopoly retain its market power:

By exploiting network externalities, a firm can become a natural monopoly.

Explanation:

In economics, Network externality describes a situation whereby the demand for a product depends on the demand of other consumers buying that product.  This implies that the value of the product to the consumer is increased because others are joining as buyers.  The present owners of a network product will actually gain more benefits as new buyers purchase the good because the fixed costs of rendering the service or providing the good are not increased with increasing buyers, but remain the same over a relevant range.

Analysts look for red flags in financial statements that may signal financial trouble. Which of the following is a red flag that suggests that a company may be in​ trouble? A. a consistent movement in​ sales, merchandise​ inventory, and accounts receivable B. operating activities are a major source of cash flows C. a significant decrease in net income for several years in a row D. a reduction in the debt ratio

Answers

Answer:

C. a significant decrease in net income for several years in a row

Explanation:

A  significant decrease in net income for several years in a row show that the firm is generating less revenue or its expenses are generally increasing at a rate greater than the sales. This may soon lead into a loss. A loss making firm will eventually have challenges in cashflow. So, this signals financial trouble.

Solve for the unknown number of years in each of the following (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.):
Present Value Years Interest Rate Future Value
$600 8% $1,393
850 12 2,330
18,800 18 367,247
21,900 14 382,983

Answers

Answer:1)10.94years , 2.) 8.90 years 3) 17.96years  4) 21.84years

Explanation:

Using the formula

FV = PV (1 + r)ⁿ

where

PV=present value

r=interest rate

n =number of periods

FV = future value.

Present Value Years Interest Rate Future Value

$600             ?                    8%                  $1,393

850               ?                      12                   2,330

18,800               ?                 18                    367,247

21,900           ?                     14                      382,983

Using FV = PV (1 + r)ⁿ, The number of years can be calculated

FV/PV = (1 + r)ⁿ

FV/PV/ 1+r = eⁿ

In FV/PV / In ( 1+ r) = n

1)

n ( Number of years )=In FV/PV / In ( 1+ r)

=In ( 1,393/600) / In ( 1+ 0.08)

       0.84228/0.07696

       =10.94years

2.

n ( Number of years )=In FV/PV / In ( 1+ r)

=In (2330/850) / In ( 1+ 0.12)

       1.00837625/0.113328685

       =8.90 years

3.

n ( Number of years )=In FV/PV / In ( 1+ r)

=In (367,247/ 18,800) / In ( 1+ 0.18)

       2.97217778/0.165514438

       =17.96years

4.

n ( Number of years )=In FV/PV / In ( 1+ r)

=In ( 382,983/ 21,900) / In ( 1+ 0.14)

       2.86150396/0.131028262

       =21.84 years

Bantam company calculated its net income to be $77,600 based on the unadjusted trial balance. The following adjusting entries were then made for: Salaries and wages owed but not yet paid of $795. Interest earned but not received from investments of $755. Prepaid insurance premiums amounting to $555 have expired. Deferred revenue in the amount of $755 has now been earned. Required: Determine the amount of net income (loss) that will be reported after the adjustments are recorded.

Answers

Answer:

$77,760

Explanation:

After adjustment items of expenses will be deducted from the Net income, and items of income will be added to the net income.

Item of expenses = unpaid salary + Prepaid insurance (Expired)

Item of income = Interest earned + revenue

Net income after deduction = 77,600 - 795 - 555 + 755 + 755

Net income after deduction = $77,760

A payroll tax is collected by which of the following methods?
A.
It is automatically deducted as a percentage of the paycheck.
B.
The paycheck is brought to the bank for the tax to be deducted.
C.
The payroll tax is paid with the income tax on April 15 of each year.
D.
The government deducts a percentage of your paycheck directly from your personal bank account.


Please select the best answer from the choices provided

A
B
C
D

Answers

A. It’s automatically deducted as a % of the paycheck. This is based on the assumption you are not a contracted employee receiving a 1099 tax form.

Answer:

A.

It is automatically deducted as a percentage of the paycheck.

Explanation:

just did it on the exam

Assume that the accounts receivable (in millions) were $1,308 at the beginning of
1. Compute the accounts receivable turnover for Year 2 and Year 1. Round to two decima
Best Buy, Media Play,
Buy reported the following (in millions):
Sales
Accounts receivable at end of year
fiscal Year 1.
Year 2
$39,528
1,162
Year 1
$40,339
1,280
places.
2. Compute the days' sales in receivables at the end of Year 2 and Year 1. Use 365 dans
and round to one decimal place.
3.
What conclusions can be drawn from (1) and (2) regarding Best Buys
efficiency in collecting receivables?
4.
What assumption did we make about sales for the Best Buy ratio computa-
tions that might distort the ratios and therefore cause the ratios not to be comparable
for Year 2 and Year 1?

Answers

Answer:

hhhhhhhhhhhhhhhhggggggg

When a cable company is awarded sole possession to franchise in a community, that franchise is now a: Group of answer choices

Answers

Answer:

l think lt can be some problems._

On January 1, Vermont Corporation had 48,400 shares of $9 par value common stock issued and outstanding. All 48,400 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 910 shares of treasury stock for $24 per share and later sold the treasury shares for $18 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a

Answers

Answer:

Debit to Treasury Stock for $21,840

Explanation:

Cost = Number of Stock * Cost per Stock

Cost = 910 shares * $24

Cost = $21,840

Date      Accounts                Debit      Credit      

Feb 1     Treasury Stock    $21,840      

                     Cash                               $21,840

Note: When company reacquire its outstanding shares and not retire, it is called treasury stock.

8-4 Valuing Commercial Real Estate BuildingOne Properties is a limited partnership formed with the express purpose of investing in commercial real estate. The firm is currently considering the acquisition of an office building that we refer to simply as building B. Building B is very similar to building A, which recently sold for $36,960,000. BuildingOne has gathered general information about the two buildings, including valuation information for building A:

Answers

Answer:

the question is incomplete:

Buildings A and B are similar in size (80,000 and 90,000 square feet, respectively). However, the two buildings differ both in maintenance costs ($23 and $30 per square foot) and rental rates ($100 versus $120 per square foot). At this point, we do not know why these differences exist. Nonetheless, the differences are real and should somehow be accounted for in the analysis of the value of building B using data based on the sale of building A. Building A sold for $462 per square foot, or $36,960,000. This reflects a sales multiple of six times the building’s net operating income (NOI) of $6,160,000 per year and a capitalization rate of 16.67%.

NOI of building A = ($100 x 80,000 ft²) - ($23 x 80,000 ft²) = $6,160,000

NOI of building B = ($120 x 90,000 ft²) - ($30 x 90,000 ft²) = $8,100,000

building B's market value = NOI / capitalization rate = $8,100,000 / 0.1667 = $48,600,000

property value = $48,600,000 / 90,000 ft² = $540 per ft²

why does crime exist?​

Answers

Answer:

well for me I think

Explanation:

The world is polluted

Crime is exist because as humans we naturally greedy and want more than what we have and we all believe we are batter than someone.

Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 1,300 units at $36 May 10 650 units at $38 May 12 910 units May 20 585 units at $40 May 14 780 units May 31 390 units Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

Answers

Answer:

total cost of goods sold = $78,520

Explanation:

Inventory Purchases Sales

May 1 1,300 units at $36

May 10 650 units at $38

May 12 910 units

Cost of goods sold = (650 x $38) + (260 x $36) = $34,060

May 20 585 units at $40

May 14 780 units

Cost of goods sold = (585 x $40) + (195 x $36) = $30,420

May 31 390 units

Cost of goods sold = 390 x $36 = $14,040

total cost of goods sold = $34,060 + $30,420 + $14,040 = $78,520

Drag the tiles to the correct boxes to complete the pairs.
Determine the management style that corresponds with each term.
Lila has complete faith in her team. She believes in
empowering them to make decisions.
Jacob prefers to make all decisions himself. He does
not like it when his employees question his decisions
Hannah makes a final decision after listen to
and considering her employees' suggestions
bureaucratic
laissez-faire
11
autocratic

Answers

Answer:

Lila: laissez-faire Jacob: autocratic Hannah: bureaucratic

Explanation:

Lila lets her team do their part and does not intervene.

Jacob wants complete control and would rather make all decisions, giving his employees no say.

Hannah considers all employee decisions, but makes the final choice.

Diamond and Turf Inc. is considering an investment in one of two machines. The sewing machine will increase productivity from sewing 130 baseballs per hour to sewing 234 per hour. The contribution margin per unit is $0.48 per baseball. Assume that any increased production of baseballs can be sold. The second machine is an automatic packing machine for the golf ball line. The packing machine will reduce packing labor cost. The labor cost saved is equivalent to $26 per hour. The sewing machine will cost $305,500, have an eight-year life, and will operate for 1,400 hours per year. The packing machine will cost $131,800, have an eight-year life, and will operate for 1,200 hours per year. Diamond and Turf seeks a minimum rate of return of 12% on its investments.Present Value of an Annuity of $1 at Compound InterestYear 6% 10% 12% 15% 20%1 0.943 0.909 0.893 0.870 0.8332 1.833 1.736 1.690 1.626 1.5283 2.673 2.487 2.402 2.283 2.1064 3.465 3.170 3.037 2.855 2.5895 4.212 3.791 3.605 3.353 2.9916 4.917 4.355 4.111 3.785 3.3267 5.582 4.868 4.564 4.160 3.6058 6.210 5.335 4.968 4.487 3.8379 6.802 5.759 5.328 4.772 4.03110 7.360 6.145 5.650 5.019 4.192A. Determine the net present value for the two machines. Use the table of present values of an annuity of $1 above.B. Determine the present value index for the two machines.C. If Diamond and Turf has sufficient funds for only one of the machines and qualitative factors are equal between the two machines, in which machine should it invest?

Answers

Answer:

A) Sewing machine:

initial outlay = -$305,500

net cash flow per year = (234 baseballs per hour - 130 baseballs per hour) x 1,400 hours x $0.48 per baseball = $69,888

NPV = -$305,500 + ($69,888 x 4.968) = -$305,500 + $347,203.58 = $41,703.58

Packing machine:

initial outlay = -$131,800

net cash flow per year = 1,200 hours x $26 per hour = $31,200

NPV = -$131,800 + ($31,200 x 4.968) = -$131,800 + $155,001.60 = $23,201.60

B) PVI of sewing machine = $347,203.58 / $305,500 = 1.137

PVI of packing machine = $155,001.60 / $131,800 = 1.176

C) They should invest in the packing machine since its PVI is higher, meaning that it increases the company's value by a higher amount per dollar invested.

HELP ME ASAP!!!
Select the correct answer.
What does the term sustainability refer to in construction?
A.
a building that does not depend on traditional energy sources to power its internal systems
B.
a building that uses only non-renewable energy sources
a building that is environmentally responsible and resource-efficient throughout its life cycle
C.
D.
a building that can withstand the pressure of external forces such as strong winds

Answers

Answer:

a building that is environmentally responsible and resource-efficient throughout its life cycle

Brad's Diner is expanding and expects operating cash flows of $32,000 a year for 4 years as a result. This expansion requires $39,000 in new fixed assets. These assets will be worthless at the end of the project. In addition, the project requires $3,000 of net working capital throughout the life of the project. What is the net present value of this expansion project at a required rate of return of 12 percent

Answers

Answer: $57,101.73

Explanation:

First find the present value of the cash inflows. The $32,000 is a constant payment so is an annuity. The net working capital will be realized at the end of the project as well.

Present value of cash inflows = (32,000 * Present value interest factor of an annuity, 4 years, 12%) + 3,000/ (1 + 12%)⁴

= (32,000 * 3.0373) + 1,906.55

= ‭$99,101.73

NPV = Present value of inflows - Outflows

= ‭99,100.15‬ - (39,000 + 3,000)

= $57,101.73

Which case below best represents a case of price​ discrimination? A. A professional baseball team pays two players with different batting averages different salaries. B. A major airline sells tickets to senior citizens at lower prices than to other passengers. C. An insurance company offers discounts to safe drivers. D. A utility company charges less for electricity used during​ "off-peak" hours, when it does not have to operate its​ less-efficient generating plants.

Answers

Answer:

B. A major airline sells tickets to senior citizens at lower prices than to other passengers.

Explanation:

The pricing strategy refers to a strategy where the company charges the different prices for the similar products to the customers

In the case of the pure price discrimination, the seller would charge the price i.e. maximum he or she would have to pay also it is depend upon the specific characteristics and the amount charged to each and every group through a different price

Therefore the option B is correct

Proponents of rational expectations argued that the sacrifice ratio:______.a. could be high because people might adjust their expectations quickly if they found anti-inflation policy credible. b. could be low because people might adjust their expectations quickly if they found anti-inflation policy credible. c. could be low because it was rational for people not to immediately change their expectations. d. could be high because it was rational for people not to immediately change their expectations.

Answers

Answer:

b. could be low because people might adjust their expectations quickly if they found anti-inflation policy credible

Explanation:

In the given situation, it is mentioned that the rational expectations proponets said that the sacrified ratio would be lesser as the people wants to adjust their expectations in a fastest way in the case when they found that the anti-inflation policy is credible

Therefore as per the given situation, the option b is correct

Which factor would credit card companies most likely use to determine an
applicant's creditworthiness?

A. Hourly wages

B. Languages spoken

C. Political party

D. Size of family

Answers

A factor that credit card companies would most likely use to determine an applicant's creditworthiness is Hourly wages.

Credit card issue

When you apply for a credit card, you’re required to share an array of personal information on your application. This will include details like your name, address, Social Security number and current employment status. You’ll also be asked to list your income on your application, although the type of income card issuers ask for can vary depending on the card issuer.

Determination of hourly wages

Not all credit card issuers will ask for your annual net income. Some may explicitly ask for your gross income. If you are paid an hourly wage, on the other hand, you may need to figure out your gross income using last year’s tax return or by multiplying your gross weekly income by the number of weeks you work within a year.

Thus, A factor that credit card companies would most likely use to determine an applicant's creditworthiness is Hourly wages.

Learn more from here - brainly.com/question/3877385

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Financial well-being refers to a person that (check all that apply) *

Answers

what are the options ?

The following note transactions occurred during the year for Towell Company: Nov. 25 Towell issued a 90-day, 10% note payable for $80,000 to Hyatt Company for merchandise. Dec. 7 Towell signed a 120-day, 9% note at the bank for $120,000. Dec. 22 Towell gave Barr, Inc., a 60-day, 9%, $120,000 note for payment of account. Prepare the general journal entries necessary to adjust the interest accounts at December 31. Use 360 days for calculations and round to the nearest dollar.

Answers

Answer:

Towell Company

Journal Entries:

Debit Interest Expense $1,790

Credit Interest Payable $1,790

To record the interest expense for the year.

Explanation:

a) Data and Calculations:

i) Nov. 25: Issue of 90-day, 10% Note Payable = $80,000

Interest on the note for the year = $80,000 * 10% * 36/360 = $800

ii) Dec. 7: Issue of 120-day, 9% Note Payable = $120,000

Interest on the note for the year = $120,000 * 9% * 24/360 = $720

iii) Dec. 22: Issue of 60-day, 9% Note Payable = $120,000

Interest on the note for the year = $120,000 * 9% * 9/360 = $270

Total interest payable for the year = $1,790

The fictional country of Anastialia is a small country with rich resources in minerals. In an 8 hr work day it can produce 100 pounds of silver or 50 pounds of copper. If Anastialia decides to produce copper instead of silver it is ignoring the fact that its silver production has a(n)________ to copper.

a. production advantage
b. absolute advantage
c. comparative advantage

Answers

Answer:

c. comparative advantage

Explanation:

As we know that

The one pound of silver would be equivalent to 0.5 pound of copper

And,

one pound of copper would be equivalent to 2 pounds of silver

based on this, there is a comparative advantage with respect to the silver production

Hence, the correct option is c.

Therefore all the other options are incorrect

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