Answer:
The single plantwide overhead rate= $4.94
Explanation:
The single factory wide overhead absorption rate is that which is used to charge overhead to different product units. The amount to be charged to units would depend on the number of processing hours required
The single plantwide overhead rate = Budgeted overhead/Budgeted processing hours
= 61,776/12,500=$4.94 per hour
The single plantwide overhead rate= $4.94
it takes fena tailoring 2 hr of cutting and 4 hr of sewing to make a tiered silk organza bridal dress. it takes 4 hr of cutting and 2 hr of sewing to make a lace sheath bridal dress. the shop has at most 18 hr per week available for cutting and at most 18 hr per week for sewing. the profit is $318 on an organza dress and $167 on a lace dress. how many of each kind of bridal dress should be made each week in order to maximize profit
Answer:
Fena should make 2 organza bridal dresses and 4 lace dresses which will yield maximum profit of $1,498.
Explanation:
Fena has choice between two types of bridal dresses for stiching. She can make either organza dresses or lace dresses. The combination of both dress will be identified by equation :
P = 318x + 216y
2x + 4y ≤ 18
3x + 2y ≤ 24
solving the equation we will get maximum profit of $1,498.
A sales representative lives in Bloomington and must be in Indianapolis next Thursday. On each of the days Monday, Tuesday, and Wednesday, he can sell his wares in Indianapolis, Bloomington, or Chicago. From past experience, he believes that he can earn $12 from spending a day in Indianapolis, $16 from spending a day in Bloomington, and $17 from spending a day in Chicago. Where should he spend the first three days
Answer:
Bloomington.
Explanation:
Since a sales representative lives in Bloomington and must be in Indianapolis next Thursday, and on each of the days Monday, Tuesday, and Wednesday, he can sell his wares in Indianapolis, Bloomington, or Chicago, and from past experience, he believes that he can earn $ 12 from spending a day in Indianapolis, $ 16 from spending a day in Bloomington, and $ 17 from spending a day in Chicago, to determine where he should spend the first three days, the following calculation must be performed:
Indianapolis: 12 x 3 = 36
Bloomington: 16 x 3 = 48
Chicago: 17 x 3 = 51
Thus, in principle, the representative should spend his 3 days in Chicago, but if the cost of travel is discounted, he should spend those 3 days in Bloomington, since he will earn more money than if he moves in advance to Indianapolis.
Strong brand names: multiple choice 1 are easy to create. guarantee brand loyalty. guarantee product quality. act as a signal of quality. A negative impact of branding is that: multiple choice 2 it makes firms with no reputation more competitive. it may create false perceptions about product differences. it provides additional information to buyers. it may encourage firms to create quality products.
Answer:
1. Strong brand names:
guarantee brand loyalty.
2. A negative impact of branding is that:
it may create false perceptions about product differences.
Explanation:
Brand names differentiate the products and services of competitors providing similar goods and services. It is usually represented as a logo. To make the brand name strong, the brand should reflect the style of customer services, marketing materials, and advertising chosen by a particular company in a competitive market.
Suppose that Healdsburg enters into a sales contract with an auto manufacturer on January 1, 2021, to provide tires that cost Healdsburg $18 million to produce. The buyer offers Healdsburg $6 million in cash and agrees to take over only the principal payment on Healdsburg's 6.55% debt notes. Assume that the going market interest is 7% at the time. What would Healdsburg's gross profit be on the sale
Answer: hello your question is incomplete attached below is the complete question
answer : $9,836,000.
Explanation:
Revenue of Healdsburg will be calculated as
= cash in hand + PV of the 6.55% note principal
= 6 million + ( 25million * 0.87344 ) = $27,836,000
hence Gross profit made by Healdsburg = 27,836,000 - 18,000,000 = $9,836,000.
given that ; n = 2 , interest ( i ) = 7%
Are you smart first to reply gets braaaaaiiiiiiiinnnliest
Answer:
Hello
Explanation:
This is a homie checkpoint and i would just like to ask if you are ok? And if you do not answer that is fine. But just know there is always someone here for you.
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Ace Company purchased 10,000 bonds issued by Jack Company in 2018 for $53 per bond and classified the investment as securities available-for-sale. The value of the Jack investment was $83 per bond on December 31, 2019, and $100 per bond on December 31, 2020. During 2021, Ace sold all of its Jack investment at $148 per bond. In its 2021 income statement, Ace would report: Multiple Choice A gain of $950,000. A gain of $480,000. A gain of $470,000. A gain of $1,420,000.
Answer:
A gain of $950,000
Explanation:
The computation is shown below:
= ($83 - $53) × 10,000 bonds + ($100 - $83) × 10,000 bonds + ($148 - $100) × 10,000 bonds
= $300,000 + $170,000 + $480,000
= $950,000
Hence, the first option is correct
Crane Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31.
Nov. 1 Loaned $66,600 cash to C. Bohr on a 12-month, 6% note.
Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $7,200, 90-day, 6% note.
Dec. 16 Received a $9,600, 180-day, 8% note to settle an open account from A. Murdock.
Dec. 31 Accrued interest revenue on all notes receivable.
Required:
Journalize the transactions for Crane Company
Answer:
Nov 1
Debit : Note Receivable - C. Bohr $66,600
Credit : Cash $66,600
Dec. 11
Debit : Note Receivable - K. R. Pine, Inc. $7,200
Credit : Sales $7,200
Dec. 16
Debit : Cash $9,600
Credit : Note Payable - A. Murdock $9,600
Dec. 31
Debit : Note Receivable - C. Bohr $666
Debit : Note Receivable - K. R. Pine, Inc. $100.80
Credit : Interest Income $766.80
Dec 31
Debit : Interest expense $64
Credit : Note Payable - A. Murdock $64
Explanation:
Interest Income calculations :
Note Receivable - C. Bohr = $66,600 x 2/12 x 6 % = $666
Note Receivable - K. R. Pine, Inc = $7,200 x 21/ 90 x 6 % = $100.80
Interest expense calculations :
Note Payable - A. Murdock $9,600 x 15 / 180 x 8 % = $64
A researcher sets up an experiment involving the use of some sophisticated equipment. The research proposal is approved by the IRB and a grant to cover the cost of the equipment is received from a funding agency. The researcher does not mention that he owns stock in the company he chooses to supply the equipment. The same type of equipment is available from other companies, of comparable quality and price. Is this ethical or unethical
Answer:
This is unethical
Explanation:
Unethical behaviour is defined as a behaviour that is considered o be morally wrong for a group of people or in a given industry.
In the given scenario the researcher is using sophisticated equipment for an experiment.
He chose a company that he has shares in to supply the equipment.
This can be seen as a use of his influence for financial gain that is outside the normal compensation he is receiving
g In the Shaping Department of Crane Company the unit materials cost is $2.00 and the unit conversion cost is $1.50. The department transferred out 7000 units and had 1500 units in ending work in process 20% complete. If all materials are added at the beginning of the process, the total cost to be assigned to the ending work in process is $1050. $5250. $3000. $3450.
Answer:
$3,450
Explanation:
Step 1 : Equivalent units of production in work in process
Materials = 1,500 x 100 % = 1,500
Conversion Costs = 1,500 x 20 % = 300
Step 2 : Cost to be assigned to the ending work in process
Materials (1,500 x $2.00) $3,000
Conversion (300 x $1.50) $450
Total $3,450
Conclusion
the total cost to be assigned to the ending work in process is $3,450.
You are the manager of a small hotel with 40 rooms in Niagara. Your business has dropped almost 90% in recent months. Your cash remaining is enough to run the business for 3 more months.
Apply the 6 thinking hats approach, what would you recommend to do if you were:
1. wearing a blue hat?
2. wearing a white hat?
3. wearing a green hat?
4. wearing a red hat?
5. wearing a yellow hat?
6. wearing a black hat?
After considering the views from different perspectives, what is your recommendation?
During the next year, sales of Fluoro2211 are expected to be 10,000 units. All costs will remain the same except for fixed manufacturing overhead, which will increase by 20%, and material, which will increase by 10%. The selling price per unit for next year will be $160. Based on these data, Razor Inc.'s total contribution margin for next year will be:
Answer:
$1,080,000
Explanation:
Calculation to determine what Razor Inc.'s total contribution margin for next year will be:
First step is to calculate the Total cost
Selling price per unit for next year $160
Less Direct Materials ($22)
(110%*20)
Less Direct Labor ($15)
Less Variable Manufacturing Overhead ($12)
Less Variable Selling ($3)
Total $108
Now let calculate the Next year contribution margin
Next year contribution margin=$108*10,000 units
Next year contribution margin= $1,080,000
Therefore Razor Inc.'s total contribution margin for next year will be:$1,080,000
What do you need to file your taxes?
Answer:
w-2, Form 1040, and possibly Schedule (1... etc. )
Explanation:
Albert and his family sell beverages outside the stadium during local football matches. Local football matches take place every day because they are the main form of entertainment in the town. Albert knows that demand for beverages will depend on whom the local team is playing against. Albert has a large amount of beverages stored at home, and whatever does not get sold one day, will be stored for the next day. Based on the expected demand, Albert determines how many coolers will be needed for that day and rents the appropriate number of coolers from a local supplier (the only local supplier of coolers in town). The local supplier of coolers is an avid football fan and therefore opens the store only for a few hours early in the morning before the game. Once Albert has rented the coolers, the store closes until the next day. Which of the following statements are correct about Albert's business?A. For Georgina's business, the number of beverages is always a variable factor and the number of coolers is always a fixed factor. B. Before deciding how many coolers to rent, as long as the supply store is still open, Georgina is facing a long- run decision. C. Once Georgina has rented the coolers and the supplier has closed the store, Georgina is facing a long-run decision. D. Specifically for this problem, the long run could be described as roughly 24 hours. E. The long run is never less than 1 year.
Answer:
The correct statements about Albert's business:
C. Once Georgina has rented the coolers and the supplier has closed the store, Georgina is facing a long-run decision.
D. Specifically for this problem, the long run could be described as roughly 24 hours.
Explanation:
From the scenario, the variable factors are the number of beverages and the number of coolers for Albert's business. This is because the number of beverages and the number of coolers depend on demand. This eliminates option A. Option B is not a long-run decision but a short-run one. The long-run is a time period when the decision-maker cannot change her decisions to meet the prevailing demands.
The ledger of Cheyenne Company at the end of the current year shows Accounts Receivable $77,000, Credit Sales $810,000, and Sales Returns and Allowances $41,300. Prepare journal entries for each separate scenario below. (a) If Cheyenne uses the direct write-off method to account for uncollectible accounts, journalize the entry at December 15 if Cheyenne determines that Matisse’s $900 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $900 in the trial balance, journalize the adjusting entry at December 31, assuming uncollectibles are expected to be 10% of accounts receivable. (c) If Allowance for Doubtful Accounts has a debit balance of $496 in the trial balance, journalize the adjusting entry at December 31, assuming uncollectibles are expected to be 9% of accounts receivable.
Answer:
a. Dec 15
Dr Bad debt expense $900
Cr Account receivable $900
b. Dec 31
Dr Bad debt expense $6,800
Cr Allowance for doubtful accounts $6,800
c. Dec 31
Dr Bad debt expense $7,426
Cr Allowance for doubtful accounts $7,426
Explanation:
Preparation of the journal entries
a. Preparation of the journal entry at December 15 if Cheyenne determines that Matisse’s $900 balance is uncollectible.
Dec 15 Bad debt expense $900
Account receivable $900
b. Preparation of the adjusting entry at December 31, assuming uncollectibles are expected to be 10% of accounts receivable
Dec 31
Dr Bad debt expense $6,800
Cr Allowance for doubtful accounts $6,800
[($77,000 x 10%) - $900]
c. Preparation of the adjusting entry at December 31, assuming uncollectibles are expected to be 9% of accounts receivable
Dec 31
Dr Bad debt expense $7,426
Cr Allowance for doubtful accounts $7,426
($77,000*9%+496)
Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase 1 $31 10 Purchase 1 34 24 Purchase 1 37 Total 3 $102 Average cost per unit $34 Assume one unit sells on July 28 for $48. Determine the gross profit, cost of goods sold, and ending inventory on July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.
Answer:
(a) first-in, first-out,
Cost of Sales = $31
Ending Inventory = $71
Gross Profit = $17
(b) last-in, first-out,
Cost of Sales = $37
Ending Inventory = $65
Gross Profit = $17
(c) average cost flow methods.
Cost of Sales = $48
Ending Inventory = $96
Gross Profit = $0
Explanation:
(a) first-in, first-out,
FIFO method assumes that the units to arrive first, will be sold first. This means cost of sales will be based on earlier (old) prices whilst inventory valuation will be on recent (new) prices.
Cost of Sales = 1 x $31 = $31
Ending Inventory = 1 x $34 + 1 x $37 = $71
Gross Profit = $48 - $31 = $17
(b) last-in, first-out,
LIFO method assumes that the units to arrive last will be sold first. This means cost of sales will be based on recent (new) prices whilst inventory valuation will be on earlier (old) prices.
Cost of Sales = 1 x $37 = $37
Ending Inventory = 1 x $34 + 1 x $31 = $65
Gross Profit = $48 - $37 = $17
(c) average cost flow methods.
This method calculates a new average unit cost with each and every purchase made. This unit cost is used to determine the cost of sales and inventory value.
Cost of Sales = 1 x $48 = $48
Ending Inventory = 2 x $48 = $96
Gross Profit = $48 - $48 = $0
Which of the following statements is correct concerning liability when a partner in a general partnership commits a tort while engaged in partnership business? A. The partner committing the tort is the only party liable. B. The partnership is the only party liable. C. Each partner is jointly and severally liable. D. Each partner is liable to pay an equal share of any judgment.
The statement is correct concerning liability when a partner in a general partnership commits a tort while engaged in partnership business that is "each partner is jointly and severally liable". The correct option is C.
In a general partnership, each partner shares joint and several liability for the actions and liabilities of the partnership.
If a partner commits a tort while engaged in partnership business, the injured party can hold the partnership and all individual partners personally liable for any resulting damages.
This means that the injured party can choose to pursue a claim against the partnership as a whole or against any individual partner or a combination of partners, depending on their preference or ability to satisfy the judgment.
Therefore, the correct option is C.
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The trading securities portfolio of Jerome, Inc., had a total cost of $3,000 and
a fair value of $2,800 on December 31, which is the first year it held trading
securities. Complete the necessary adjusting entry by selecting the account
names from the pull-down menus and entering dollar amounts in the debit and credit columns
Answer and Explanation:
The journal entry is shown below:
Unrealized Loss - Income ($3,000 - $2,800) $200
To Fair value adjustment - trading $200
(being the adjustment to fair value for trading securities is recorded)
Here the unrealized loss would be debited and the fair value adjustment would be credited
What should be the primary objective of managers?
Answer:
to manage everything in that business
Answer:
In servant leadership, the organization recognizes employees as experts in their field and work to help them work efficiently. No matter which type of management style is used by an organization, the main objective of managers is to help employees reach company goals and maintain company standards and policies.
HOPE U UNDERSTAND
When the original poverty line was created, even some people living above the poverty line did not have access to a phone or running water in their homes.
Today, running water is expected. Beyond that, the norm for our contemporary society includes having cell phones and internet access. In fact, the U.S. government provides grants to bring high-speed in-home internet access to underserved rural areas.
Consider both the benefits and the shortcomings of the U.S. poverty line as a means of assessing poverty today.
The U.S. poverty line was originally set at
a. an income level of $1.90 per day.
b. sufficient income to provide for a family of four.
c. one-third of the median income in the United States.
d. three times the cost of a low-cost food plan.
Answer:
d. three times the cost of a low-cost food plan.
Explanation:
The U.S. poverty line is measured based on three times the cost of low-cost food plan. The people in the rural areas are considered more poor and they are provided with basic necessities. The U.S. government takes initiatives to encourage rural population to contribute their expertise and strengths in some projects. They provide welfare benefit to those who are needy and can not survive on their earnings.
Luzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of machine-hours. The predetermined overhead rate was based on a cost formula that estimates $1,152,000 of total manufacturing overhead for an estimated activity level of 72,000 machine-hours.During the year, a large quantity of furniture on the market resulted in cutting back production and a buildup of furniture in the company's warehouse. The company's cost records revealed the following actual cost and operating data for the year:,Machine-hours 67,000Manufacturing overhead cost $551,000 Inventories at year-end: Raw materials $13,000 Work in process (includes overhead applied of $37,520) $139,300 Finished goods (includes overhead applied of $101,840) $378,100 Cost of goods sold (includes overhead applied of $396, 640) $1,472,600Required: 1. Compute the underapplied or overapplied overhead. 2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal entry. 3. Assume that the company allocates any underapplied or over appliedoverhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry. 4. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to Work in Process, Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold?
Answer:
Answer:
1. Overhead over applied= $521,000
2. Factory Overhead Dr. $ 521,000
Cost Of Goods Sold Cr. $ 521,000
3. Work in Process, (ratio) $521,000 * 7%= 36,470
Finished Goods, $521,000 * 19%= 98,990
Cost of Goods Sold $521,000 * 74%= 385,540
Total $521,000 100%
4. Difference between the two CGS= $ 136,060
Explanation:
Predetermined Overhead Costs $1,152,000
Estimated activity level of 72,000 machine-hours
Overhead rate= $ 1152,000/ 72,000= $ 16 per hour
Manufacturing overhead cost $551,000
Actual hours = 67,000
Overhead applied to WIP = 67,000 * 16= $ 1072,000
Overhead over applied= $ 1072,000 - $551000= $521,000
Part 2:
Factory Overhead Dr. $ 521,000
Cost Of Goods Sold Cr. $ 521,000
The Cost of Goods Sold is credited and Factory overhead is debited.
Part 3:
Suppose the overhead is applied in the following ratio
Work in Process, (ratio) $37,520 7% (37520/536,00*100%)
Finished Goods, $101,840 19% (101840/536,00*100%)
Cost of Goods Sold $396, 640 74% (396,640/536,00*100%)
Total $536,000 100%
The overhead over applied would be allocated in the following way applying the same ratio as determined above.
Work in Process, (ratio) $521,000 * 7%= 36,470
Finished Goods, $521,000 * 19%= 98,990
Cost of Goods Sold $521,000 * 74%= 385,540
Total $521,000 100%
Part 4:
Cost of Goods Sold ( overhead applied of $396, 640) $1,472,600
Less Overhead overapplied $ 521,000
CGS = $ 951,000
Cost of Goods Sold (overhead applied to WIP & FG) $1,472,600
Less Overapplied Overhead $ 385,540
CGS= $ 1087,060
Difference between the two CGS = $ 1087,060- $ 951,000= $ 136,060
A company had stock outstanding as follows during each of its first three years of operations: 2,500 shares of 10%, $100 par, cumulative preferred stock and 50,000 shares of $10 par common stock. The amounts distributed as dividends follow. Determine the total and per-share dividends for each class of stock for each year by completing the schedule. Preferred Common Year Dividends Total Per Share Total Per Share1 $10,000 2 25,000 3 60,000
Answer:
See the attached photo for the completed the schedule.
Explanation:
Note: See the attached photo for the completed the schedule.
In the attach excel file, the following formulae and calculations are used:
Peferred stock dividend per share = Total cumulative preferred stock dividend paid in a year / Number of cumulative preferred shares
Common stock dividend per share = Total common stock dividend paid in a year / Number of common shares
Total cumulative preferred stock dividend = Number of cumulative preferred stock * Par value * Dividend rate = 2,500 * $100 * 10% = 2,500 * $100 * 10% = $25,000
Outstanding cumulative preferred stock dividend in Year 1 = Total cumulative preferred stock dividend - Total cumulative preferred stock dividend paid in Year 1 = $25,000 - $10,000 = $15,000
Outstanding cumulative preferred stock dividend in Year 2 = Outstanding cumulative preferred stock dividend in Year 1 = $15,000
Total cumulative preferred stock dividend paid in Year 3 = Total cumulative preferred stock dividend + Outstanding cumulative preferred stock dividend in Year 2 = $25,000 + $15,000 = $40,000
Total common stock dividend paid in Year 3 = Dividend distributed in Year 3 - Total cumulative preferred stock dividend paid in Year 3 = $60,000 - $40,000 = $20,000
During April, Cavy Company incurred factory overhead as follows:Indirect materials $10,500Factory supervision labor 4,000Utilities 500Depreciation (factory) 620Small tools 370Equipment rental 730Journalize the entry to record the factory overhead incurred during April. If an amount box does not require an entry, leave it blank.
Answer:
Date Account Title Debit Credit
April Factory Overhead $16,720
Indirect materials $10,500
Wages payable $4,000
Utilities payable $ 500
Accumulated Depreciation $ 620
Small tools $ 370
Equipment rental $ 730
Suppose that you have found the optimal risky combination using all risky assets available in the economy, and that this optimal risky portfolio has an expected return of 0.2 and standard deviation of 0.2. The T-bill rate is 0.05. If your risk-return preferences are best described by the utility function in this class, with a risk-aversion coefficient of 4.6. What is the expected return on your optimal complete portfolio
Answer:
d
Explanation:
Declining Balance Depreciation Irons Delivery Inc. purchased a new delivery truck for $40,600 on January 1, 2019. The truck is expected to have a $2,000 residual value at the end of its 5-year useful life. Irons uses the double-declining-balance method of depreciation. Required: Prepare the journal entry to record depreciation expense for 2019 and 2020.
Answer:
A. Depreciation expense $16240
Cr Accumulated depreciation $16240
B. Dr Depreciation expense $9744
Cr Accumulated depreciation $9744
Explanation:
A. Preparation of the journal entry to record depreciation expense for 2019 and 2020.
Dr Depreciation expense $16240
Cr Accumulated depreciation $16240
(Record double-declining-balance depreciation expense)
Depreciation expense for 2019= $40,600 × (1/5 × 2)
Depreciation expense for 2019= $16240
B. Preparation of the journal entry to record depreciation expense for 2020
Dr Depreciation expense $9744
Cr Accumulated depreciation $9744
[($40,600 –$16,240) × (1/5 × 2) = 9744]
(Record double-declining-balance depreciation expense)Depreciation expense for 2020
For centuries, Alaskans relied on salmon and other freshwater fish for protein, oil, and other nutrients. But when jetliners began flying tourists who love fishing from Seattle to Anchorage in the 1950s, the stock of Alaskan salmon began falling. The Alaska Department of Fish and Game had concerns about the high fraction of young salmon caught before they could reproduce. Following the advice of environmental scientists and economists, the Alaska Department of Fish and Game introduced restrictions on the minimum size (28 inches) and the number of salmon caught (5 per day). Among their concerns was the high fraction of young salmon caught before they could reproduce.
a. Alaskan salmon are a ____________.
b. In addition to restricting the number of salmon caught and imposing minimum size limits, which of following are suitable policy interventions to deal with this market failure?
The government could :________.
i. allow only Alaska residents to purchase fishing permits.
ii. increase the cost of fishing permits for sport fishers.
iii. decrease the number of fish allowed for commercial fishers.
iv. limit the fishing season to only certain times of the year, i.e., prohibit fishing during spawning.
Answer:
a. Rivalrous and Non-excludable good.
When a good is said to be rivalrous, it means that consuming them reduces the supply left for others. When salmon, especially the younger ones, are fished, it will reduce the supply of salmon remaining which makes salmon a rivalrous good.
Salmon is also a non-excludable good which means that everyone has access to it which is why people could fly in from Seattle and still be able to fish salmon in Alaska.
b. The government could do all of the options listed in b.
Allowing only Alaska residents to fish would keep salmon stock healthy as Alaskan residents have managed to do so for centuries.
People who fish just for sport should be made to pay more for fishing permits to discourage them from reducing salmon stock for sport.
Commercial fishers should be limited in the number they can fish.
The fishing season should not be all year round but rather only in certain periods, especially after the salmon has had time to repopulate.
Luebke Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $53,000 and at the end of the month was $30,100. The cost of goods manufactured for the month was $212,500. The actual manufacturing overhead cost incurred was $55,300 and the manufacturing overhead cost applied to Work in Process was $58,400. The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold. The adjusted cost of goods sold that would appear on the income statement for November is:
Answer:
$232,300
Explanation:
With regards to the above information, and given that;
Actual overhead = $55,300
Applied overhead = $58,400
Over applied overhead = $58,400 - $55,300 = $3,100
Unadjusted cost of goods sold
= $53,000 + $212,500 - $30,100
= $235,400
Therefore, the adjusted cost of goods sold
= $235,400 - $3,100
= $232,300
Nemo Gill was hired by the Spectacular Tropical Aquarium and agreed to submit any disputes arising out of his employment to binding arbitration. Nemo was fired when he became a Rastafarian and urged his coworkers to become vegetarians and smoke ganja. Without waiting for the results of the arbitration, Nemo filed a complaint alleging religious discrimination with the EEOC. The EEOC quickly filed a lawsuit on his behalf. Spectacular moved to have the EEOC's lawsuit dismissed on the grounds that Nemo signed a valid arbitration agreement.
a. The EEOC cannot bring a lawsuit enforcement action against Spectacular because Nemo signed the mandatory arbitration agreement.
b. The EEOC can bring a lawsuit enforcement action against Spectacular despite Nemo's agreeing to arbitration.
c. The EEOC cannot bring a lawsuit enforcement action against Spectacular because Nemo did not wait for the results of the arbitration.
d. The EEOC cannot bring a lawsuit enforcement action against Spectacular because Nemo's urging his co-workers to smoke ganja and become vegetarians had nothing to do with his job.
Answer:
The correct answer to the question above is OPTION B (The EEOC can bring a lawsuit enforcement action against Spectacular despite Nemo's agreeing to arbitration).
Explanation:
Companies (mostly private) usually desire their employees to sign an arbitration agreement giving the fact that it removes the power of an employee to take the employer to court on certain claims instead the claims go through an arbitration proceeding that happens outside of court.
EEOC (Equal Employment Opportunity Commission) enforces the laws of the state that prohibits discrimination against employees by their employers because of where they come from, their religion, their marital status, sex, their citizenship, and a whole lot more.
So, the EEOC can bring a lawsuit enforcement action against Spectacular despite Nemo's agreeing to arbitration because the EEOC itself was not a party to the arbitration agreement between Spectacular and Nemo, and the U. S. Supreme Court gave EEOC the power to exercise its enforcement powers.
9. Matilda just graduated from college. In order to devote all her efforts to college, she did not hold a job. Matilda just graduated from college. In order to devote all her efforts to college, she did not hold a job. She is going to cruise around the country on her motorcycle for a month before she starts looking for work. Other things the same, the unemployment rate ____________ and the labor force participation rate ______________.
Answer:
Remain the same; remain the same.
Explanation:
Unemployment rate refers to the percentage of the total labor force in an economy, who are unemployed but seeking to be gainfully employed. The unemployment rate is divided into various types, these include;
I. Natural Rate of Unemployment (NU).
II. Frictional unemployment rate (FU).
III. Structural unemployment rate (SU).
IV. Actual unemployment rate (AU).
V. Cyclical unemployment rate (CU).
There are different measures used in the measurement of the unemployment rate in a country's economy and these includes;
A. U-1: this is the percentage of people that are unemployed for at least 15 weeks or more.
B. U-2: this is the percentage of the people who have lost their job or the people that finished a temporary job.
C. U-3: this is the percentage of the population that is unemployed but actively seeking employment.
All things being equal (ceteris paribus), the unemployment rate would remain the same and the labor force participation rate remain the same because Matilda has decided to cruise around the country on her motorcycle for a month before she starts looking for work.
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income 285,000 Temporary difference-depreciation (20,000) Taxable income $ 265,000 Tringali's tax rate is 40%. Assume that no estimated taxes have been paid. What should Tringali report as income tax payable for its first year of operations
Answer:
$106,000
Explanation:
Calculation to determine What should Tringali report as income tax payable for its first year of operations
Using this formula
Income tax payable=Taxable income*Tringali's tax rate
Let plug in the formula
Income tax payable=265,000 x 40%
Income tax payable= $106,000
Therefore the amount that Tringali should report as income tax payable for its first year of operations is $106,000
Knowledge Check 01 Messing Company has an agreement with a third-party credit card company, which calls for cash to be received immediately upon deposit of customers' credit card sales receipts. The credit card company receives 3.5 percent of card sales as its fee. Messing has $4,000 in credit card sales on January 1. Prepare the January 1 journal entry for Messing Company by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Answer:
Messing Company
Journal Entry:
January 1:
Debit Cash $3,860
Debit Credit Card Expense $140
Credit Sales Revenue $4,000
To record the cash receipt and card expense for the card sales.
Explanation:
a) Data and Calculations:
Credit card commission = 3.5% of card sales
Credit card sales on January 1 = $4,000
Credit card fees = $140 ($4,000 * 3.5%) Cash received $3,860
Cash $3,860 Credit Card Expense $140 Sales Revenue $4,000