Patriot Company produces flak jackets for military use. The company recently adopted a standard costing system and set the following standards for materials per unit of product:
Materials (Ballistic Nylon): 8 yards
$4 per yard During the most recent month, Patriot produced 5,500 units of flak jackets. Actual materials purchased and used were 40,000 yards at the price of $4.20 per yard. Based on the information above, answer the following questions: L 5 points]
(1) What was the total material costs incurred by the company during the month (i.e, actual costs of materials)?
(2) What should be the total material costs allowed for the production during the month (i.e., standard costs of materials)?
(3) What is the total variance for materials to be reported during the month? Is it favorable (F) or unfavorable (U)? materials price and quantity (usage) variances below. Indicate whether each variance is favorable (F or unfavorable (U
(4) Using either the template (columnar) approach or the formula approach, compute direct

Answer:

Patriot Company

1. The total material costs incurred by the company during the month (actual costs of materials) = $168,000

2. The total material costs allowed for the production during the month (i.e., standard costs of materials) = $176,000

3. The total variance for materials to be reported during the month is $8,000 F.

4. The Direct material price variance is = $8,000 U

5. The Direct material quantity variance is = $16,000 F

Explanation:

a) Data and Calculations:

Standard for materials per unit:

Materials (Ballistic Nylon): 8 yards  $4 per yard = $32 per unit

Production in the most recent month = 5,500 units

Actual materials purchased and used = 40,000 yards at $4.20 per yard

1. The total material costs incurred by the company during the month (actual costs of materials) = $168,000 (40,000 * $4.20)

2. The total material costs allowed for the production during the month (i.e., standard costs of materials) = $176,000 (8 * 5,500 * $4.00)

3. The total variance for materials to be reported during the month = $8,000.  It is favorable (F)

4. Direct materials price variance = (Standard price - Actual price) * Actual quantity

= ($4.00 - $4.20) * 40,000

= $8,000 U

5. Direct materials quantity variance = Standard quantity - Actual quantity * Standard price

= (44,000 - 40,000) * $4

= 4,000 * $4

= $16,000 F

Albert owns 100 acres of land on which he grows spruce trees. His adjusted basis for the land is $89,600. He receives condemnation proceeds of $8,960 when the city's new beltway takes 5 acres along the eastern boundary of his property. He also receives a severance award of $5,376 associated with the possible harmful effects of exhaust fumes on his trees. Albert invests the $14,336 in a growth mutual fund.

Required:
a. Determine the tax consequences to Albert of the condemnation proceeds.
b. Determine the tax consequences to Albert of the severance award.

Presente perOW IS INTormation rerarea Orrounder company.
Retail
Cost
$148,740
1,359,000
Beginning inventory
Purchases
Markups
Markup cancellations
Markdowns
Markdown cancellations
Sales revenue
$285,000
2,148.000
96.200
16,300
31,800
4,700
2,209,000
Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, eg.
78% and final answer to O decimal places, eg. 28,987.)
Ending inventory using conventional retail inventory method
$

On February 28, 2009, $5,000,000 of 6%, 10-year bonds payable, dated December 31, 2008, are issued. Interest on the bonds is payable semiannually each June 30 and December 31. If the total amount received (including accrued interest) by the issuing corporation is $5,060,000, which of the following is correct?
a) The bonds were issued at a premium.
b) The amount of cash paid to bondholders on the next interest date, June 30, 2009, is $300,000.
c) The amount of cash paid to bondholders on the next interest date, June 30, 2009, is $50,000.
d) The bonds were issued at a discount.

The Jessica Co. has the following errors on its books as of December 31, 2018. The books for 2018 have not yet been closed.
a. On January 1, 2016, a machine had been purchased for $6,500. The machine had an estimated life of five years, but it was expensed in error. Straight-line depreciation with no salvage value should have been used.
b. On January 1, 2017, the company bought a four-year insurance policy for $800 and immediately charged the full premium to expense.
Required:
Prepare journal entries to correct these errors on December 31, 2018. Ignore income taxes.

Paul had a great job as a bank executive. Unfortunately, his bank came under scrutiny by federal regulators, and although Paul had done nothing illegal, he ended up being fired. Unfortunately for Paul, he had a number of debts. Among his assets were a house worth $250,000 on which he owed $150,000 to a bank that held a security interest; three vehicles; an expensive watch worth $5,000; and $120,000 in an Individual Retirement Account (IRA). He owed $900 per month in child support to his ex-wife Suzy and was behind on payments in the amount of $1,800. He also owed $2,000 in wages consisting of four months of back pay to Bob who took care of Paul's landscaping needs and swimming pool care. All creditors angrily demanded payment from liquidation of Paul's assets. Paul, on the other hand, claims that he needs all the above-mentioned assets and that he should not have to give up anything. Only federal bankruptcy exemptions apply to Paul's case. Which of the following is true regarding Paul's claim to his Individual Retirement Account (IRA)?

a. The IRA is entirely exempt from the claims of creditors.
b. The IRA is entirely subject to the claims of creditors.
c. The IRA is exempt up to $1,000.
d. The IRA is exempt up to $10,000.
e. The IRA is exempt up to $100,000.

In current business publications, find examples of firms whose strategies to increase profits focus primarily on generating more revenue. Compare these cases with firms that are trying to cut costs to increase profits. In your initial post, include a summary of these firms and how the different strategies have been successful or unsuccessful.
Having a nice size profit margin is the goal for most companies. In order to make this happen there has to be a plan/strategy that is carefully thought out and implemented. You want to take your time and make sure things are done correctly and in a way that it is profitable and not detrimental to your company at the same time. One good example of this act comes from McDonalds. One McDonalds franchise in New York increased the price of their Big Mac from $5.98 to $6.28 currently to increase revenue. Prior to this there was an anual increase that took place. "The Golden Arches' pricing in the U.S. Rose 2% year over year in the first quarter, which was still less than the consumer Price Index's overall".
On the other end of the spectrum we have companies like Apple. Apple fired 1,600 full time employees from retail stores to increase their profit margin. "The retail segment reported operating income of $308 million during the second quarter of 2009 down from #334 million....". In cutting down on those full time positions they were able to increase their profits by paying less full time salaries to employees. "Revenue increase 8.7% to 8.16 Billion, which is more than 7.96 billion expected...". I do not feel that this is the best way to go about getting results. A merger of the two would be effective. Gradually increasing sales prices and not eliminating so many positions at once or merging positions even would be effective. You have to take into account that less employees mean more work for the workers that are left, which could leave them in a stressful work environment. In turn could mean customer service quality decreases drastically. Things have to be looked at on both sides of the spectrum.

Tickets Today contracts with the producer of Riverdance to sell tickets online. Tickets Today charges each customer a fee of $6 per ticket and receives $15 per ticket from the producer. Tickets Today does not take control of the ticket inventory. Average ticket price for the event is $150. How much revenue should Tickets Today recognize for each Riverdance ticket sold?

a. $6 because the $15 from the producer is similar to a negative cost of goods sold
b. $150 because the $135 is cost of goods sold paid to the Riverdance producer
c. $21 because both the fee from the customer and the producer are earned
d. $156 because the $135 is cost of goods sold paid to the Riverdance producer
e. None of the above

The Consumer Division lost $28,000 and the Industrial Division had operating income of $58,000. Management has analyzed the situation and wants you to do a differential analysis to determine the increase or decrease in overall operating income based on the following:

Expected decrease in revenues $280,000
Expected decrease in total variable costs $200,000
Expected decrease in fixed costs $102,000

a. $2,000 increase in operating income
b. $80,000 decrease in operating income
c. $22,000 increase in operating income
d. $80,000 decrease in operating income

Steve and Stephanie Pratt purchased a home in Spokane, Washington, for $575,000. They moved into the home on February 1 of year 1. They lived in the home as their primary residence until June 30 of year 5, when they sold the home for $927,500. (Leave no answer blank. Enter zero if applicable.)
a. What amount of gain on the sale of the home are the Pratts required to include in taxable income?
Recognized gain
b. Assume the original facts, except that Steve and Stephanie lived in the home until January 1 of year 3 when they purchased a new home and rented out the original home. They finally sell the original home on June 30 of year 5 for $927,500. Ignoring any issues relating to depreciation taken on the home while it was being rented, what amount of realized gain on the sale of the home are the Pratts required to include in taxable income?
Recognized gain
c. Assume the same facts as in part (b), except that the Pratts lived in the home until January of year 4 when they purchased a new home and rented out the first home. What amount of realized gain on the sale of the home will the Pratts include in taxable income if they sell the first home on June 30 of year 5 for $927,500?
Recognized gain
d. Assume the original facts, except that Stephanie moved in with Steve on March 1 of year 3 and the couple was married on March 1 of year 4. Under state law, the couple jointly owned Steve’s home beginning on the date they were married. On December 1 of year 3, Stephanie sold her home that she lived in before she moved in with Steve. She excluded the entire $102,500 gain on the sale on her individual year 3 tax return. What amount of gain must the couple recognize on the sale in June of year 5?
Recognized gain

On October 1, 2021, Sonoma Company leased equipment from Napa Inc. in lease payable in five equal annual payments of $540,000, beginning Oct 1, 2022. Similar transactions have carried an 11% interest rate. The right-of-use asset would be recorded at:________ (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.)

How do family environment influence moral development during adolescence?

The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year:

2016:
July 1 Issued $75,100,000 of 20-year, 8% callable bonds dated July 1, 2016, at a market (effective) rate of 10%, receiving cash of $62,213,861. Interest is payable semiannually on December 31 and June 30.
Oct. 1 Borrowed $440,000 by issuing a six-year, 7% installment note to Nicks Bank. The note requires annual payments of $92,310, with the first payment occurring on September 30, 2017.
Dec. 31 Accrued $7,700 of interest on the installment note. The interest is payable on the date of the next installment note payment.
31 Paid the semiannual interest on the bonds. The bond discount amortization of $322,153 is combined with the semiannual interest payment.
31 Closed the interest expense account.

2017:
June 30 Paid the semiannual interest on the bonds. The bond discount amortization of $322,153 is combined with the semiannual interest payment.
Sept. 30 Paid the annual payment on the note, which consisted of interest of $30,800 and principal of $61,510.
Dec. 31 Accrued $6,624 of interest on the installment note. The interest is payable on the date of the next installment note payment.
31 Paid the semiannual interest on the bonds. The bond discount amortization of $322,153 is combined with the semiannual interest payment.
31 Closed the interest expense account.

2018:
June 30 Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $11,597,527 after payment of interest and amortization of discount have been recorded. (Record the redemption only.)
Sept. 30 Paid the second annual payment on the note, which consisted of interest of $26,494 and principal of $65,816.

Required:
a. Journalize the entries to record the foregoing transactions. Round all amounts to the nearest dollar. Be sure to include the year in the date for the entries. Refer to the Chart of Accounts for exact wording of account titles.
b. Indicate the amount of the interest expense in (a) 2016 and (b) 2017.
c. Determine the carrying amount of the bonds as of December 31, 2017.

Butler Corporation is considering the purchase of new equipment costing $30,000. The projected annual after-tax net income from the equipment is $1,200, after deducting $10,000 for depreciation. The revenue is to be received at the end of each year. The machine has a useful life of 3 years and no salvage value. Butler requires a 12% return on its investments. The present value of an annuity of $1 for different periods follows:

Periods 10 Percent
1 0.9091
2 1.7355
3 2.4869
4 3.1699

Required:
What is the net present value of the machine?

Nancy and Joan bought a small farm for $300,000 under an installment land contract with a $50,000 down payment. They will pay interest only at 6% for five years when the remaining principal balance becomes due. How much interest will they pay over the life of the contract?

Over a four-year period, LaKeisha Thompson purchased shares in the Oakmark I Fund. Using the following information, answer the questions that follow.
Year Investment Amount Price per share Number of share
Feb 2008 $1500 $40 37.50
Feb 2009 1500 30 50
Feb 2010 1500 34 43.60
Feb 2011 1500 42 35.71
a. At the end of four years, what is the total amount invested?
b. At the end of four years, what is the total number of shares purchased?
c. At the end of four years, what is the average cost for each share?

Which of the following is not true of a mass customization process strategy?

The price of gasoline is $1 per gallon and the price of a hamburger is $4. If you currently receive marginal utility of 5 from gasoline and marginal utility of 8 from a hamburger, you should buy less gasoline and more hamburgers.

a. True
b. False

Suppose Blue Hamster Manufacturing Inc, is evaluation a proposed capital budgeting project (project alpha) that will require an initial investment of $500,000. The project is expected to generate the following net cash flows:
Year Cash Flow
Year 1 $325,000
Year 2 $425,000
Year 3 $450,000
Year 4 $400,000
Blue Hamster Manufacturing Inc’s weighted average cost of the capital is 10%, and project alpha has the same risk as the firm’s average project. Based on the cash flows, what is project Alpha’s net present value (NPV)?
a. $871,690
b. $1,157,991
c. $1,182,991
d. $757,991

If anyone knows about businesses can you help me please

Roy is looking to buy a new HDTV set. He knows from friends that LCD set screens reflect less light than plasma set screens, but that LCD sets are also more subject to blurring than plasma sets. This is an example of the ________ component of his attitude toward HDTVs.
A) conative.
B) objective.
C) cognitive.
D) affective.
E) situational.

Martin Clothing Company is a retail company that sells hiking and other outdoor gear specially made for the desert heat. It sells to individuals as well as local companies that coordinate adventure getaways in the desert for tourists. The following information is available for several months of the current year:
Month Sales Purchases Cash Expenses Paid
May $96,000 $70,000 $19,000
June 121,000 87,000 24,000
July 133,000 117,000 33,500
August 127,000 72,000 33,600
The majority of Martin's sales (65 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 40 percent are collected in the month of sale and 60 percent are collected in the following month. All of Martin's purchases are on account with 55 percent paid in the month of purchase and 45 percent paid the following month.
Required:
1. Determine budgeted cash collections for July and August.
2. Determine budgeted cash payments for July and August.

Purchasing power parity does not hold in the short to medium run because:____.

Santoyo Corporation keeps careful track of the time required to fill orders. Data concerning a particular order appear below: Hours Wait time 28.0 Process time 1.0 Inspection time 0.4 Move time 3.2 Queue time 5.1 The delivery cycle time was: (Round your intermediate calculations to 1 decimal place.) Multiple Choice 36.3 hours 8.3 hours 37.7 hours 3.2 hours

During January, Deluxe Printing pays employee salaries of $0.83 million. Withholdings in January are $76,000 for the employee portion of FICA, $210,000 for federal and state income tax, and $40,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $48,000 for federal and state unemployment tax, and $20,000 for the employer portion of health insurance.
The journal entry to record employer-provided fringe benefits includes:______.

In sampling for attributes (i.e. test of controls) the determination of sample size is a function of:___________

a. risk of assessing control risk too low
b. tolerable rate
c. estimated population deviation rate.

Beginning inventory, purchases, and sales for WCS12 are as follows:

Oct. 1 Inventory 300 units at $9
13 Sale 180 units
22 Purchase 380 units at $11
29 Sale 400 units
a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.
$ per unit

b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.
$
c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.
$

The following are hibiscus company cost of making and selling an item:
Description Amount per unit
Direct materials $9
Direct labor $4
Variable manufacturing overhead $2
Fixed manufacturing overhead $5
Variable selling and administrative $2
Fixed selling and administrative $8
A one-time only special order has been received for 600 units. The company has capacity to accept the oder and it would not affect regular sales. The sales price for the special order is $26 per unit. Total fixed costs would not be affected by this order. The variable selling and administrative costs would have to be incurred for this special order. The order would require an additional $3 per unit for specialized materials and a new machine that costs $2,000. What is the financial advantage or disadvantage of accepting the special order?
A. $3,600 advantage.
B $1,600 advantage.
C. $2,400 disadvantage.
D. $2,800 advantage.

The trial balance afyer one month of operation for Mason;s delivery Service as of September 30 ,20 is shown below. Data to complete the adjustments are as fellows:
(a) supplies inventory as of September 30, $90
(b) Insurance expired (used) $650
(c) Depreciation on delivery equipment $600
(d) Wages earned by employees but not paid as of September 30 $350
1. Enter the adjustments in the adjustments columds of hte work sheet and comeple the work sheet
Mason's Delivery Service
Work Sheet
For Month Ended September 30, 20--
Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 1,600
Accounts Receivable 940
Supplies 635
Prepaid Insurance 1,200
Delivery Equipment 6,400
Accum. Depr. - Delivery Equip.
Accounts Payable 1,220
Wages Payable
Jill Mason, Capital 8,000
Jill Mason, Drawing 1,400
Delivery Fees 6,200
Wages Expense 1,500
Advertising Expense 460
Rent Expense 800
Supplies Expense
Telephone Expense 165
Insurance Expense
Repair Expense 230
Oil and Gas Expense 90
Depr. Exp. - Delivery Equip.
15,420 15,420

On December 1, Spencer Department Store borrowed $19,250 from First Bank and Trust. Spencer signed a 90-day note with a face amount of $20,000. The interest rate stated on the face of the note is 15 percent per year.

Required:
a. Provide the journal entry recorded by Spencer on December 1.
b. Provide the adjusting entry recorded by Spencer on December 31 before financial statements are prepared.

On December 31, 2020, Ayayai Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Ayayai Co. agreed to accept a $296,600 zero-interest-bearing note due December 31, 2022, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 12%. Ayayai is much more creditworthy and has various lines of credit at 6%.
1.) Prepare the journal entry to record the transaction of December 31, 2020, for the Ed Abbey Co.
2.) Assuming Ed Abbey Co.’s fiscal year-end is December 31, prepare the journal entry for December 31, 2021.
3.) Assuming Ed Abbey Co.’s fiscal year-end is December 31, prepare the journal entry for December 31, 2022.