Answer:
8%
Explanation:
Following is the require reserve ratio:
Required reserve ratio = Reserves/ Deposits
Required reserve ratio = $800/$10,000 * 100
Required reserve ratio = 0.08 * 100
Required reserve ratio = 8%
So, the required reserve ratio for YooHoo Bank’s is 8%.
A sole proprietor in the 37% tax bracket pays her 16-year-old son a reasonable salary of $14,000 for services performed for the proprietorship. Compute the family's income tax savings if the son has no other income and takes a $12,400 standard deduction.
Answer: $5020
Explanation:
The family's income tax savings if the son has no other income and takes a $12,400 standard deduction will be calculated as:
Explanation:
Tax savings from deduction = ($14,000 × 37%) = $5180
Less: Tax on child's taxable income = 10% × ($14,000 - $12,400) = 10% × $1600 = $160
Family's income tax savings = $5180 - $160 = $5020
Gap, Inc. owns Banana Republic, Old Navy, and Gap brands, all of which are brands of clothing targeting different segments of the clothing and accessories markets. Banana Republic is positioned as upscale, Old Navy is positioned as value, and Gap is positioned as targeting younger consumers. Gap, Inc.'s brands are intended to help the company pursue a(n) ______ strategy.
Answer:
multi-segment
Explanation:
The multi-segmentation strategy used by GAP Inc. consists of segmenting the market in the use of different product lines for different target audiences in order to increase their market share by reaching different audiences for the different product brands of the company.
This is an effective strategy for large companies that want to increase their positioning, perception of value by their consumers, satisfaction and reliability, and this is achieved when the company has an effective marketing and communication strategy, which helps in the perception of the characteristics of the brand. that are aligned to meet the needs of a specific audience.
On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480 units for Job 305 at $5 per unit.
Required:
Journalize the entry on May 7 to record the purchase
Answer:
The entry on May 7 to record the purchase
Debit : Raw Materials $80,000
Credit : Accounts Payable $80,000
Explanation:
The entry on May 7 to record the purchase is prepared above.
Galvanized Products is considering purchasing a new computer system for their enterprise data management system. The vendor has quoted a purchase price of $130,000. Galvanized Products is planning to borrow 1/4th of the purchase price from a bank at 12.00 % compounded annually. The loan is to be repaid using equal annual payments over a 3-year period. The computer system is expected to last 5 years and has a salvage value of $5,200 at that time. Over the 5-year period, Galvanized Products expects to pay a technician $20,000 per year to maintain the system but will save $51,000 per year through increased efficiencies. Galvanized Products uses a MARR of 20.00 %/year to evaluate investments.
What is the present worth of this investment?
Answer:
The present worth of this investment = -$31,204.78
Explanation:
Note: See the attached excel file for the calculation of the present worth of this investment (in bold red color).
In the attached excel file, the following are used:
Loan from bank = Purchase price * (1 / 4) = $130,000 * (1 / 4) = $32,500
Initial cost = Purchase price - Loan from bank = $130,000 - $32,500 = $97,500
The annual required equal loan payments is calculated using the formula for calculating loan amortization as follows:
P = (A * (r * (1 + r)^n)) / (((1 + r)^n) - 1) .................................... (1)
Where,
P = Annual required equal loan payment = ?
A = Loan amount from bank = $32,500
r = interest rate = 12%, or 0.12
n = number of payment years = 3
Substituting all the figures into equation (1), we have:
P = Annual required equal loan payment = ($32,500 * (0.12 * (1 + 0.12)^3)) / (((1 + 0.12)^3) - 1) = $13,531.34
From the attached excl file, the present worth of this investment is equal to -$31,204.78
Consider two $10,000 face value corporate bonds. Bond A is currently selling for $9,980 and matures in 15 years. The Bond B sells for $9,350 and matures in 3 years. a) Calculate the current yield as a percentage to 2 decimal places for both bonds if both have a coupon rate equal to 5%. Bond A % Bond B % b) Calculate the yield to maturity as a percentage to 2 decimal places for both bonds if both have a coupon rate equal to 5%. Bond A % Bond B % Which current yield is a better approximation of the yield to maturity, A or B
Solution :
Current yield of the Bond if the bonds are selling at a price of $ 9980.
Current yield = annual coupon amount / current selling price
Current yield [tex]$=\frac{10000 \times 5\%}{9980}$[/tex]
[tex]$=\frac{500}{9980}$[/tex]
= 0.0501
= 5.01 %
The current yield of a bond if the bonds are selling at $ 9350
Current yield = annual coupon amount / current selling price
Current yield [tex]$=\frac{10000 \times 5\%}{9350}$[/tex]
[tex]$=\frac{500}{9350}$[/tex]
= 0.0535
= 5.35 %
Sarafiny Corporation is in the process of preparing its annual budget. The following beginning and ending inventory levels are planned for the year. Beginning Inventory Ending Inventory Finished goods (units) 30,000 80,000 Raw material (grams) 60,000 50,000 Each unit of finished goods requires 3 grams of raw material. The company plans to sell 770,000 units during the year. How much of the raw material should the company purchase during the year
Answer:
See below
Explanation:
Raw materials purchased is computed as;
Raw material purchase = Ending inventory + required for production - beginning inventory
= 50,000 + ((80,000 + 770,000 - 30,000) × 3) - 60,000
= 50,000 + 2,460,000 - 60,000
= 2,450,000 grams
Isaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment payments. In 2021, Isaac had $621 million in sales of this type. Scheduled collections for these sales are as follows:
2021 $61 million
2022 121 million
2023 131 million
2024 152 million
2025 156 million
$621 million
Assume that Isaac has a 25% income tax rate and that there were no other differences in income for financial statement and tax purposes. Ignoring operating expenses and additional sales in 2022, what deferred tax liability would Isaac report in its year-end 2022 balance sheet?
a. $128 million.
b. $59 million.
c. $104 milion.
d. $8 million.
Answer:
$109,750,000
Explanation:
Note: Options provided in the question belong to similar question but different numbers
Deferred Tax liability = (Revenue from specific sales in 2021 - Cash received against it up to 2022) * Tax rate
Deferred Tax liability = ($621 million - $61 million - $121 million) * 25%
Deferred Tax liability = $439 million * 25%
Deferred Tax liability = $109,750,000
he Coase theorem will apply only if the amount of compensation that must be made to the damaged party is small. an individual who is not affected by the externality can negotiate a settlement between the parties imposing the externality and the parties that are harmed by the externality. the courts can be used to determine the amount of compensation that must be made to the damaged party. the number of people involved is small.
Answer:
the number of people involved is small.
Explanation:
Coase theorem was developed in 1960 by a British economist and author named Ronald Coase.
Coase theorem states that when the actions of a party (X) negatively affects or harm another party (Y), then party Y should be able to create an incentive for party X to stop or limit the action creating such harm.
Generally, when transaction cost are low, the two parties are able to bargain and reach a mutual agreement in the presence of an externality such as a pollution.
The Coase theorem will apply only if the number of people involved is small, the cost of negotiation is low and there are well defined property rights.
A bank currently has $150 million in "hot money" deposits against which it wants to hold an 80 percent reserve and $90 million in vulnerable deposits against which it wants to hold a 30 percent reserve. It also has $45 million in stable deposits against which it wants to hold a 5 percent reserve. Legal reserves for the bank are 5 percent of all deposits. What is the bank's liability liquidity reserve?
Answer:
The right response is "141.7875".
Explanation:
According to the question,
The total reserves held will be:
= [tex]0.8\times 150+0.3\times 90+0.05\times 45[/tex]
= [tex]120+27+2.25[/tex]
= [tex]149.25[/tex]
Deductions will be:
= [tex]5 \ percent \ of \ 149.25[/tex]
= [tex]0.05\times 149.25[/tex]
= [tex]7.4625[/tex]
now,
The bank's liability liquidity reserve will be:
= [tex]Total \ reserves \ held-Deductions[/tex]
= [tex]149.25-7.4625[/tex]
= [tex]141.7875[/tex]
Florissa's Flowers jointly produces three varieties of flowers in the same garden: tulips, lilies, and daisies. The flowers are all watered via the same irrigation system and all receive the same amount of water; daisies require three times as much as lilies, and the water required for tulips is about halfway between the amounts needed for daisies and lilies. Although the lilies and tulips receive more water than they need due to the joint irrigation process, they are not hurt by the overwatering. The joint production cost of the three varieties of flowers is about $30 per harvest. Every harvest yields 10 tulips, 20 lilies, and 20 daisies
Allocate the joint costs of production to each product using the physical units method.
Joint Product Flowers per Harvest Proportion Joint Costs Allocation
Tulip % $ $
Lily %
Daisy %
Totals $
Which products receive the largest portion of the joint costs?
Answer:
Lily and Daisy
Explanation:
Joint product Flowers per harvest Proportion Joint cost allocation
Tulip 10 20% (10/50) $6 ($30*20%)
Lily 20 40% (20/50) $12 ($30*40%)
Daisy 20 40% (20/50) $12 ($30*40%)
Totals 50 100% $30
As per above results, both Lily and Daisy received the largest proportion of joint cost.
Prepare journal entries to record each of the following four separate issuances of stock. A corporation issued 2,000 shares of $10 par value common stock for $24,000 cash. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $52,000. The stock has a $5 per share stated value. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $52,000. The stock has no stated value. A corporation issued 500 shares of $75 par value preferred stock for $89,500 cash.
Answer:
A. Dr Cash $24,000
Cr common stock $20,000
Cr paid in capital in excess of par-value common stock $4,000
B. Dr organization Expense $52,000
Cr common stock $5,000
Cr paid in capital in excess of par-value common stock $47,000
C. Dr organization expense $52,000
Cr Common Stock $52,000
D. Dr Cash $89,500
Cr Preferred stock $37,500
Cr paid in capital in excess of par-value common stock $52,000
Explanation:
Preparation of the journal entries to record each of the following four separate issuances of stock
A. Dr Cash $24,000
Cr common stock $20,000
(2000*10)
Cr paid in capital in excess of par-value common stock $4,000
($24,000-$20,000)
B. Dr organization Expense $52,000
Cr common stock $5,000
(1,000*$5)
Cr paid in capital in excess of par-value common stock $47,000
($52,000-$5,000)
C. Dr organization expense $52,000
Cr Common Stock $52,000
D. Dr Cash $89,500
Cr Preferred stock $37,500
(500*$75)
Cr paid in capital in excess of par-value common stock $52,000
($89,500-$37,500)
DriveTrain, Inc. instituted a new process in October 2020. During October, 13,800 units were started in Department A. Of the units started, 8,950 were transferred to Department B, and 4,850 remained in Work-in-Process at October 31, 2020. The Work-in-Process at October 31, 2020, was 100% complete as to material costs and 50% complete as to conversion costs. Material costs of $37,260 and conversion costs of $45,500 were charged to Department A in October. What were the total costs transferred to Department B assuming Department A uses weighted-average process costing
Answer:
$59,965
Explanation:
Equivalent Units
Materials = 8,950 x 100 % + 4,850 x 100 % = 13,800 units
Conversion Costs = 8,950 x 100 % + 4,850 x 50 % = 11,375 units
Total Costs
Materials = $37,260
Conversion Costs = $45,500
Cost per Equivalent unit
Materials = $37,260 / 13,800 units = $2.70
Conversion Costs = $45,500/ 11,375 units = $4.00
Total Unit Cost = $2.70 + $4.00 = $6.70
Total costs transferred to Department B
Total costs = 8,950 x $6.70 = $59,965
Therefore, the total costs transferred to Department B is $59,965
Company XYZ forecasts expanding markets, see many opportunities for growth, and adopts a growth strategy. It has invested heavily into a highly efficient production process. Administratively, it has tight control over costs and lots of rules and regulations to promote efficiency. According to the adaptation model of strategy, company XYZ:_________
a. is a strategie failure
b. as prospector
c. as defender
d. as an analyzer
Answer:
c
Explanation:
The adaption model was developed by Miles and Snow (1978)
Businesses are classified as :
ReactorsDefenders AnalysersprospectorsCompany XYZ can be classified as a defender. this is because they have taken steps to increase control internally. It also has a lot of rules which might stifle adaption
Bluestone Company had three intangible assets at the end of the current year:
a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $3,200. When purchased, the patent had an estimated life of 16 years.
b. A trademark was registered with the federal government for $7,500. Management estimated that the trademark could be worth as much as $190,000 because it has an indefinite life.
c. Computer licensing rights were purchased this year on January 1 for $70,000. The rights are expected to have a five-year useful life to the company.
Required:
1. Compute the acquisition cost of each intangible asset.
Acquisition Cost
Patent
Trademark
0
2. Compute the amortization of each intangible for the current year ended December 31. (Do not round intermediate calculations.)
Amortization Expenses
Patent
Trademark
0
3. Show how these assets and any related expenses should be reported on the balance sheet and income statement for the current year.
BLUESTONE COMPANY
Income Statement (partial)
For the year ending December 31
BLUESTONE COMPANY
Balance sheet (partial)
At December 31
Intangibles:
Answer:
Bluestone Company
1. Acquisition cost of each intangible asset:
Patent $3,200
Trademark = $0
Licensing Rights = $70,000
2. Amortization for the current year ended December 31:
Amortization Expenses:
Patent = $200 ($3,200/16)
Trademark = $7,500 (expensed in full)
Licensing Rights = $14,000 ($70,000/5)
3. BLUESTONE COMPANY
Income Statement (partial)
For the year ending December 31
Amortization Expenses:
Patent $200
Licensing Rights $14,000
Trademark expense $7,500
BLUESTONE COMPANY
Balance sheet (partial)
At December 31
Intangibles:
Patent $3,200
Acc. Amortization 200 $3,000
Licensing Rights $70,000
Acc. Amortization 14,000 $56,000
Explanation:
a) Data and Calculations:
a. Purchased patent on January 1 for $3,200 Estimated life 16 years
b. Internally developed trademark is expensed: $7,500
c. Purchasing Licensing Rights on January 1 for $70,000 for 5 years
Refer to the table above. Which of the following scenarios is consistent with this statement? "The rate of inflation was 23.75 percent for 2011." A. The price of a hot dog was $2.44 rather than $3.30 in 2010, with other prices in the table remaining fixed. B. The price of a hot dog was $4.22 rather than $3.63 in 2011, with other prices in the table remaining fixed. C. The price of a hamburger was $3.80 rather than $5.50 in 2010, with other prices in the table remaining fixed. D. The price of a hamburger was $6.60 rather than $5.61 in 2011, with other prices in the table remaining fixed
Answer:
C. The price of a hamburger was $3.80 rather than $5.50 in 2010, with other prices in the table remaining fixed.
Explanation:
The given table shows the inflation rates and price movement over the years. The hamburger had inflation effect and its price increased by almost $1. The price change will create burden on the consumer and they will have to pay for inflation differential.
Longview Manufacturing Company manufactures two products (I and II). The overhead costs ($60,500) have been divided into three cost pools that use the following activity drivers:
Number of Labor
Product Number of Orders Transactions Labor Hours
I 15 50 500
II 10 150 2,000
Cost per pool $12,500 $8,000 $40,000
If the number of labor hours is used to assign labor costs from the cost pool, determine the amount of overhead cost to be assigned to Product I.
a. $8,000.
b. $58,000.
c. $9,600.
d. $32,000.
Answer:
a. $8,000.
Explanation:
The computation of the amount of overhead cost assigned to the product I is shown below:
= $40,000 ÷ 2,500 × $500
= $8,000
Hence, the amount of overhead cost assigned to the product I is $8,000
Therefore the correct option is a.
Consider the simple 3-station assembly line illustrated below, where the 2 machines at Station 1 are parallel, i.e., the product only needs to go through one of the 2 machines before proceeding to Station 2. Station 1 Machine A has a capacity of 3 units per hour; Station 1 Machine B has a capacity of 3 units per hour; Station 2 has a capacity of 5 units per hour; Station 3 has a capacity of 10 units per hour What is the bottleneck time of this process
Answer:
The bottleneck time for this process is 20 minutes.
Explanation:
a) Data and Calculations:
Station Capacity per hour Time required per unit
1 A 3 20 minutes (60/3)
1 B 3 20 minutes (60/3)
2 5 12 minutes (60/5)
3 10 6 minutes (60/10)
Total demand for the process = 38 minutes (20+12+6)
b) The bottleneck is the station that requires the longest time for its outputs to be processed. The bottleneck in this process is given by Station One, requiring 20 minutes to meet output requirements through either machine A or machine B. The bottleneck constitutes a constraint on the process capacity to achieve results.
Closing Entries After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Twin Trees Landscaping Co.: Oscar Killingsworth, Capital $503,900 Oscar Killingsworth, Drawing 8,200 Fees Earned 279,100 Wages Expense 221,600 Rent Expense 43,800 Supplies Expense 9,000 Miscellaneous Expense 10,200 Journalize the two entries required to close the accounts. If an amount box does not require an entry, leave it blank.
Answer:
Dr Income summary 284,600
Cr Wages Expense 221,600
Cr Rent Expense 43,800
Cr Supplies Expense 9,000
Cr Miscellaneous Expense 10,200
Dr Fees earned 279,100
Cr Income summary 279,100
Dr Oscar Killingsworth, Capital 5,500
Cr Income summary 5,500
Two years ago, Kimberly became a 30 percent partner in the KST Partnership with a contribution of investment land with a $12,750 basis and a $19,850 fair market value. On January 2 of this year, Kimberly has a $18,300 basis in her partnership interest, and none of her pre-contribution gain has been recognized. On January 2 Kimberly receives an operating distribution of a tract of land (not the contributed land) with a $15,575 basis and an $22,675 fair market value.
a. What is the amount and character of Kimberly's recognized gain or loss on the distribution?
b. What is Kimberly’s remaining basis in KST after the distribution?
c. What is KST's basis in the land Kimberly contributed after Kimberly recevies the distribution?
Answer:
a. What is the amount and character of Kimberly's recognized gain or loss on the distribution?
Kimberly's capital gain = land's FMV - other land's FMV = $22,675 - $19,850 = $2,825
b. What is Kimberly’s remaining basis in KST after the distribution?
Kimberly's basis = basis + gain - land basis = $18,300 + $2,825 - $15,575 = $5,550
c. What is KST's basis in the land Kimberly contributed after Kimberly receives the distribution?
KST's basis on the land = land's basis + Kimberly's gain = $12,750 + $2,825 = $15,575
When the government imposes an excise tax in a market with a downward-sloping demand curve and an upward-sloping supply curve: _________.
a. consumer surplus falls, producer surplus falls, and a deadweight loss occurs.
b. consumer surplus falls.
c. producer surplus falls.
d. a deadweight loss occurs.
Answer:
A
Explanation:
Tax is a compulsory sum levied on the price of goods and services. It increases the price of goods and services
Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.
Consumer surplus = willingness to pay – price of the good
Producer surplus is the difference between the price of a good and the least price the seller is willing to sell the product
Producer surplus = price – least price the seller is willing to accept
If tax increases the price of the good, consumer surplus would reduce
For example, willingness to pay is $20, price before tax is $5 and price after tax is $10. consumer surplus becomes $10 when it was $15 initially
Tax reduces the amount that would be received by the seller. This reduces consumer surplus.
Deadweight loss is the decrease in quantity demanded as a result of tax. Because tax increases price, the quantity demanded would reduce
A sales manager, Dev, is facing an ethical situation wherein his bicycle company that specializes in mountain bikes sold a bicycle with a defective component. If he informs the customer and issues a recall, it would cost him a substantial amount of money. If the bike malfunctions, there is a very small chance that it could cause serious injury to a cyclist who might use it on rough terrain. He decides to use the egoism approach to decision making and remain silent about the defect, because he:________.
A) is motivated by self-interest.
B) is looking to accomplish the greatest good for the greatest number of people.
C) wants to first consult with his insurer.
D) is motivated to protect the interests of his employees.
E) wants to first consult with others whom he respects.
Answer:
A) is motivated by self-interest.
Explanation:
He decides to use the egoism approach to decision making and remain silent about the defect, because he is motivated by self-interest.
Self-interest refers to some actions that elicit personal benefit.
The egoist approach to ethics is based on the principles of self-interest, individual good, and satisfaction.
Therefore the correct answer is that sales manager, Dev is motivated by self-interest.
Lilliput is a country that has closed borders and does not import or export any goods or services; hence, they do not worry about trade with other countries. Total spending for the federal government of Lilliput for the last fiscal year was $24.19 billion. The country collected $22.9 billion in taxes during this same fiscal year. Assume government transfers were zero. Based on this information, what is Lilliput's budget balance?
Answer: Lilliput is a country that has closed borders and does not import or export any goods or services
Explanation:
Howard Co.'s 2016 income from continuing operations before income taxes was $280,000. Howard Co. reported before-tax income on discontinued operations of $50,000. All tax items are subject to a 40% tax rate. In its income statement for 2016, Howard Co. would show which of the following line-item amounts for net income and income tax expense:
a. $213,600 and $117,600 respectively.
b. $356,000 and $318,800 respectively.
c. $117,600 and $213,600 respectively.
d. $232,000 and $269,200 respectively.
Answer:
$198,000 and $112,000 respectively
Explanation:
Income tax expense = Income from continuing operations before income taxes * Tax rate
Income tax expense = $280,000 * 40%
Income tax expense = $112,000
Net income = Income from continuing operations before income taxes - Income tax expense + (Before-tax income on discontinued operations * (1 - 40%)
Net income = ($280,000 - $112,000) + ($50,000 * 0.6)
Net income = $168,000 + $30,000
Net income = $198,000
ABC Christmas shop signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on October 1 in the amount of $20,000 with annual interest of 6%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest
Answer: See explanation
Explanation:
To know the the adjusting entry to be made on December 31 for the interest expense accrued to that date, we have to calculate the interest expense for the three months and this will be:
= $20000 × 6% × 3/12
= $20000 × 0.06 × 0.25
= $300
Therefore, the adjusting entry to be made on December 31 for the interest expense accrued to that date will be:
Debit: Interest expenses $300
Credit: Interest Payable $300
Presented below is information for Kingbird Company.
1. Beginning-of-the-year Accounts Receivable balance was $16,600.
2. Net sales (all on account) for the year were $102,400. Kingbird does not offer cash discounts.
3. Collections on accounts receivable during the year were $90,000.
a. Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. SHOW LIST OF ACCOUNTS
b. Compute Kingbird's accounts receivable turnover and days to collect receivables for the year. The company does not believe it will have any bad debts. (Round answers to 2 decimal places, e.g. 4.57.) Accounts receivable turnover times Days to collect accounts receivable days Use the results to analyze Kingbird's liquidity. The turnover ratio last year was 8.1. This is a trend in liquidity.
Answer:
Kingbird Company
a) Journal Entries:
1. No journal required
2. Debit Accounts Receivable $102,400
Credit Sales Revenue $102,400
To record sales on account.
3. Debit Cash $90,000
Credit Accounts Receivable $90,000
To record the collections on account.
b) Accounts receivable turnover and days:
Accounts receivable turnover = Sales/Average Receivable
= $102,400/22,800
= 4.49
Accounts receivable days = 365/4.49 = 81.29 days
c) The accounts receivable turnover ratio for the current year is 4.49. This is better than last year's 8.1. The current year's ratio shows that liquidity had been improved.
Explanation:
a) Data and Calculations:
Accounts Receivable:
Beginning balance $16,600
Net sales 102,400
Cash collections (90,000)
Ending balance $29,000
Average receivable = ($16,600 + $29,000)/2 = $22,800
Purchases of merchandise on account were $300,000. b. The cost of freight to receive the inventory was $10,000. This was paid in cash. c. Debra returned $5,000 of the merchandise due to an ordering error. Debra received a full credit for the return. d. Debra paid the remaining balance for the merchandise. Calculate the dollar amount that Debra will have in inventory at the end of the month. Assume Debra uses the perpetual inventory system and there were no sales.
Answer:
$305,000
Explanation:
Calculation for the dollar amount that Debra will have in inventory at the end of the month
Purchases of merchandise on account were $300,000
Add Cost of freight to receive the inventory was $10,000
Less merchandise returned $5,000
Inventory ending Dollar amount $305,000
($300,000+$10,000-$5,000)
Therefore the dollar amount that Debra will have in inventory at the end of the month is $305,000
Terrace Corporation makes an industrial cleaner in two sequential departments, Compounding and Drying. All material is added at the beginning of the process in the Compounding Department. Conversion costs are added evenly throughout each process. Terrace uses the weighted average method of process costing. In the Compounding Department, beginning work in process was 3,600 pounds (60% processed), 61,200 pounds were started, 57,600 pounds were transferred out, and ending work in process was 60% processed.
Calculate equivalent units for the Compounding Department for August 2016.
Terrace Corporation
Flow of Units and Equivalent Units Calculation, August 2016
Equivalent Units
% WorkConversion % Work done Direct Materials Done Costs
Complete/Transferred
Ending Inventory
Total
Answer:
Terrace Corporation
Equivalent Unit
% D.Material % Conversion
Completed transferred 57,600 100% 57,600 100% 57,600
to drying
Ending Inventory of WIP 7,200 100% 7,200 60% 4,320
Total 64,800 64,800 61,920
Note:
Ending Inventory of Wip = Opening WIP Inventory + Added(Started) - Transferred out = 3,600 + 61,200 - 57,600 = 7,200 pounds
Chelsea’s goal is to someday have her own restaurant. Taking cooking classes in high school would help prepare Chelsea for her future career.
A.
True
B.
False
Answer:
True
Although operations of restaurant has nothing to do with cooking as Chelsea can hire a chef for her restaurant. But still it would be helpful for her in a sense that she can calculate the right amount of ingredients needed and their respective costs required. Also she can herself be a chef at her restaurant that would save the salary expense of a chef.
Explanation:
Answer:
True
Explanation:
If it is a small restaurant she maybe the cook and the skill of knowing how to cook would be needed
When a buyer's product is not working properly and they have a warranty, what is the first step the buyer should take to resolve the problem?
A:contact the local or state Consumer Affairs Office
B:contact the product manufacturer
C:sue the retailer who sold the product and/or the manufacturer
D:contact the retailer who sold the product
A buyer's product is not working properly and they have a warranty, contacting the retailer who sold the product is the first step the buyer should take to resolve the problem. Thus option D is correct.
What is a product?A product is something that is being sold. A business or an object both qualify as products. Every product has a cost associated with it, and each one has a price. The marketplace, the grade, the promotion, and the group that is being targeted all affect the price that could be charged.
In general, if a customer relied mostly on the store's education, experience, or advice when selecting the goods, they may demand a refund as well as replacement when it is unable to perform its intended function. This was to ensure that the people will not be cheated by the product that is present.
Therefore, option D is the correct option.
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A(n) _____ is a situation in which moral implications shape an individual’s decisions.
ethical issue
revelatory issue
moral dilemma
situational imperative