Answer:
$27,000,000
Explanation:
Cost of Goods Manufactured = Direct Material Used + Direct Labor + Manufacturing Overhead + Opening Work In Progress - Closing Work In Progress
When Direct Material Used = Beginning raw materials inventory + Raw materials purchased + Ending raw materials inventory
Direct Material Used = 300,000 + 1,060,000 - 480,000 = 880,000
Direct Material Used = $880,000
Hence, Cost of Goods Manufactured = 880,000 + 820,000 + 820,000 + 1,080,000 - 900,000
Cost of Goods Manufactured= $27,000,000
Swifty Corporation's cost of goods manufactured for the year is $27,000,000
Nielson Motors is considering an opportunity that requires an investment of $1,000,000 today and will provide $250,000 one year from now, $450,000 two years from now, and $650,000 three years from now. If the appropriate interest rate is 15%, then Nielson Motors should
Answer:
The NPV is - $14958.49 . The opportunity should not be pursued as the NPV of the project discounted at the interest rate of 15% comes out to be negative . Thus, Nielson Motors should not proceed with the project.
Explanation:
To determine whether the project should be accepted or not, we need to calculate the NPV or Net Present Value of the project. If the NPV is positive, the project should be accepted.
The formula to calculate the NPV is attached.
NPV = - 1000000 + 250000 / (1 + 0.15) + 450000 / (1 + 0.15)² +
650000 / (1 + 0.15)³
NPV = - $14958.49429
The opportunity should not be pursued as the NPV of the project discounted at the interest rate of 15% comes out to be negative. Thus, Nielson Motors should not proceed with the project.
Prom Night Formal Wear has the following stockholders' equity accounts at December 31, 2018: Common Stock, $1 par value, 1,900,000 shares; Additional Paid-in Capital, $23 million; Retained Earnings, $16 million; and Treasury Stock, 40,000 shares, $1.85 million. Prepare the stockholders' equity section of the balance sheet. (Enter your answers in dollars, not in millions. Amounts to be deducted should be indicated with a minus sign.)
Answer:
Prom Night Formal Wear
Balance sheet
Stockholders' equity section
December 31, 2018
PARTICULAR AMOUNT
Stockholders equity
Common stock $1,900,000
Additional Paid-in capital $23,000,000
Total Paid-Up Capital $24,900,000
Retained earning $16,000,000
Treasury stock ($1,850,000)
Total Stockholder equity $39,050,000
Hubert: Demand decreased, but it was perfectly inelastic. Kate: Demand decreased, but supply was perfectly inelastic. Manuel: Demand decreased, but supply increased at the same time. Poornima: Supply increased, but demand was perfectly inelastic. Shen: Supply increased, but demand was unit elastic. Who could possibly be right
The complete part of the question.
The price of coffee fell sharply last month, while the quantity sold remained the same. Five people suggest various explanations
Answer:
Kate, Manuel and Poornima
Explanation:
Given that, the price of coffee fell but the quantity sold remained the same.
1. Hubert: Demand decreased, but it was perfectly inelastic.
If an elastic demand shifts the demand curve will move to the left. This would cause both prices as well as quantity to decline. So HUBERT's statement is not correct.
2. Kate: Demand decreased, but supply was perfectly inelastic.
This can be true, because of the inelastic supply curve. If the supply curve is an inelastic vertical line then a fall in demand will not affect quantity while the price will fall. So, KATE's statement can be right.
3. Manuel: Demand decreased, but supply increased at the same time.
If there is a decrease in the demand curve, it will shift to the left. Now, if there is an increase in the supply by the same amount the price will fall but quantity will remain the same. So, MANUEL's statement is right.
4. Poornima: Supply increased, but demand was perfectly inelastic.
Here, the rightward shift in the supply curve will cause the price to fall but quantity will remain the same. So, POORNIMA's statement is right.
5. Shen: Supply increased, but demand was unit elastic.
if the demand curve is unitary elastic, an increase in supply will cause the price to fall and quantity to increase. So, SHEN's statement is not correct.
The following inventory balances have been provided for the most recent year: The cost of goods manufactured was $714,000. What was the cost of goods sold? Select one: a. $738,000 b. $693,000 c. $714,000 d. $733,000
Answer:
a. $738,000
Explanation:
Calculation for the cost of goods sold
Beginning Finished goods inventory $57,000
Add: Cost of goods manufactured $714,000
Goods available for sale $771,000
($714,000+$57,000)
Less Ending Finished goods inventory $33,000
Cost of goods sold $738,000
($771,000-$33,000)
Therefore the cost of goods sold will be $738,000
Explain the elements of managing, monitoring, and controllong project risk that would be important to you as a newly assigned project manager.
Answer:
Risk analysis is the management and control and assessment of risk to a firm.
Explanation:
A risk is a likelihood that a project will fall to meet its objectives. A project risk s a certain event or condition. Risk management focuses on identifying and assessing the risks of the project to minimize the impacts. Some of the management tools to manage risks are to plan risk management, risk identification, perform a quantitative risk analysis. Risk audits, meetings, reserve analysis, variance, and trend analysis, etc. Compute the risk to the stakeholders and monitor and control the risks. Check for incidence and determine future outcomes.Which security should sell at a greater price? a. A 9-year Treasury bond with a 9.25% coupon rate or a 9-year T-bond with a 10.25% coupon. A 9-year T-bond with a 10.25% coupon A 9-year Treasury bond with a 9.25% coupon rate
Answer: A 9-year T-bond with a 10.25% coupon
Explanation:
Generally the higher the coupon rate, the higher the price of the bond. This is because the price of a bond is simply the present value of all the expected Cashflow from the bond. If the bond has a higher coupon rate that would mean that more cash will be paid by the bond thereby increasing it's price.
In short, coupon rates and bond prices have a direct relationship.
The following data are provided:
December 31
2018 2017
Cash $ 1,500,000 $ 1,000,000
Accounts receivable (net) 1,600,000 1,200,000
Inventories 2,600,000 2,200,000
Plant assets (net) 7,000,000 6,500,000
Accounts payable 1,100,000 800,000
Income taxes payable 200,000 100,000
Bonds payable 1,400,000 1,400,000
10% Preferred stock, $50 par 2,000,000 2,000,000
Common stock, $10 par 2,400,000 1,800,000
Paid-in capital in excess of par 1,600,000 1,300,000
Retained earnings 4,000,000 3,500,000
Net credit sales 12,800,000
Cost of goods sold 8,400,000
Operating expenses 2,900,000
Net income 1,500,000
Additional information:
Depreciation included in the cost of goods sold and operating expenses is $1,220,000. On May 1, 2018, 60,000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2018.
The accounts receivable turnover for 2018 is____________.
a. 12,800 / 1,600.
b. 8,400 / 1,600.
c. 12,800 / 1,400.
d. 8,400 / 1,400.
The inventory turnover for 2018 is____________.
a. 12,800 / 2,600.
b. 8,400 / 2,600.
c. 12,800 / 2,400.
d. 8,400 / 2,400.
The profit margin on sales for 2018 is______________.
a. 4,400 / 12,800.
b. 1,500 / 12,800.
c. 4,400 / 8,400.
d. 1,500 / 8,400
The return on common stock holders’ equity for 2018 is______________.
a. 1,500 / 7,200.
b. 1,500 / 8,000.
c. 1,300 / 7,200.
d. 1,300 / 8,000.
The book value per share of common stock at 12/31/18 is_____________
a. 7,800 / 240.
b. 7,760 / 240.
c. 7,800 / 220.
d. 8,000 / 220.
Answer:
The accounts receivable turnover for 2018 is 9.14.
accounts receivable turnover = net sales / average accounts receivable, in thousands it would equal:
c. 12,800 / 1,400.
The inventory turnover for 2018 is 3.5.
inventory turnover = cost of goods sold / average inventories, in thousands it would equal:
d. 8,400 / 2,400.
The profit margin on sales for 2018 is 11.72%.
profit margin = net income / net sales, in thousands it would equal:
b. 1,500 / 12,800.
The return on common stockholders’ equity for 2018 is 18.75%.
return on equity = net income / equity, in thousands it would equal:
b. 1,500 / 8,000.
The book value per share of common stock at 12/31/18 is $36.36
book value per share of common stock = (total stockholders' equity - preferred stocks) / average number of common stocks, in thousands it would equal:
d. 8,000 / 220
In its first year of operations, Sheridan Company recognized $33,800 in service revenue, $7,200 of which was on account and still outstanding at year-end. The remaining $26,600 was received in cash from customers.
The company incurred operating expenses of $19,300. Of these expenses, $13,670 were paid in cash; $5,630 was still owed on account at year-end. In addition, Sheridan prepaid $3,230 for insurance coverage that would not be used until the second year of operations.
Required:
a. Calculate the first year’s net earnings under the cash basis of accounting, and accrual basis of accounting.
b. Which basis of accounting (cash or accrual) provides more useful information for decision-makers?
Answer:
a. Net income under Cash Basis is $9,700; while net income unde acrrual basis is $28,170.
b. Accrual basis of accounting provides more useful information for decision-makers.
Explanation:
a. Calculate the first year’s net earnings under the cash basis of accounting, and accrual basis of accounting.
Particular Cash Basis ($) Accrual Basis ($)
Service revenue 26,600 33,800
Operating expenses (13,670) (5,630)
Insurance expenses (3,230) 0
Net income 9,700 28,170
b. Which basis of accounting (cash or accrual) provides more useful information for decision-makers?
Accrual basis of accounting provides more useful information for decision-makers.
The reason is that under accounting basis of accounting, revenue is accounted when it is earned and expenses are accounted for only when it is incurred. This makes it porive all the necessary information about actual revenue, expenses and income of an entity for a particular period.
However, under cash basis, revenues are accounted for when cash are received while epenses are reported when cash is paid. This makes it not to provide alll necessary information by under or overstating all necessary information about the operation about an entity in particular a period.
A package delivery service uses vans and employees to deliver the maximum number of packages given a fixed budget. The last van added 600 packages to total output, while the last employee added 500 packages. If vans cost exist400 per week and employees earn exist300 per firm:________.
a. could deliver more packages with the same budget by using more employees and fewer Vans
b. could deliver more packages the same budget by using more vans and fewer with employees
c. use more vans and fewer employees because the last dollars spent on vans added more to total output than the last dollar spent on employees
d. is delivering the maximum number of packages given the fixed budget
e. both b and c
Answer: e. both b and c
Explanation:
Van delivered 600 per week and cost $400.
The cost per package for the Van is;
= 600/400
= $1.5 per package
Employees delivered 500 and cost $300 which means the cost per package is;
= 500/300
= $1.67 per package.
The results show that it costs more to deliver with Employees ($1.67) than with the Vans ($1.5). Using more Vans will therefore allow for more packages to be delivered using a fixed budget as the last dollar spent on Vans gave more output than the last dollar spent on Employees.
Clay Earth Company sells ceramic pottery at a wholesale price of $ 5.00 per unit. The variable cost of manufacture is $ 1.25 per unit. The fixed costs are $ 6 comma 700 per month. It sold 4 comma 200 units during this month. Calculate Clay Earth's operating income (loss) for this month. A. $ 9 comma 050 B. $ 14 comma 300 C. ($ 6 comma 700) D. ($ 9 comma 050)
Answer:
A. $ 9 comma 050
Explanation:
The operating income(loss) of a business is the result of the sales less operating costs. The operating cost is made up of the fixed cost and the variable cost.
If the Sales is more than the operating cost, the business makes an income otherwise, a loss.
Sales = $5 * 4200
= $21,000
Operating cost = $1.25 * 4200 + $6,700
= $11,950
Operating income(loss) = $21,000 - $11,950
= $9,050
Valotic Tech Inc. sells electronics over the Internet. The Consumer Products Division is organized as a cost center. The budget for the Consumer Products Division for the month ended January 31 is as follows (in thousands):
1. Customer service salaries $546,840.00
2. Insurance and property taxes 114,660.00
3. Distribution salaries 872,340.00
4. Marketing salaries 1,028,370.00
5. Engineer salaries 836,850.00
6. Warehouse wages 586,110.00
7. Equipment depreciation 183,792.00
8. Total $4,168,962.00
During January, the costs incurred in the Consumer Products Division were as follows:
1. Customer service salaries $602,350.00
2. Insurance and property taxes 110,240.00
3. Distribution salaries 861,200.00
4. Marketing salaries 1,085,230.00
5. Engineer salaries 820,008.00
6. Warehouse wages 562,632.00
7. Equipment depreciation 183,610.00
8. Total $4,225,270.00
Required:
1. Prepare a budget performance report for the director of the Consumer Products Division for the month of January. Enter all amounts as positive numbers.
Valotic Tech Inc.
Budget Performance Report—Director, Consumer Products Division
For the Month Ended January 31, 2016
1 Budget Actual Over Budget Under Budget
2 Customer service salaries
3 Insurance and property taxes
4 Distribution salaries
5 Marketing salaries
6 Engineer salaries
7 Warehouse wages
8 Equipment depreciation
9 Total
2. For which costs might the director be expected to request supplemental reports?
Answer:
Total Over budget = $112370
Total Under Budget= $ 56062
Explanation:
Valotic Tech Inc.
Budget Performance Report—Director, Consumer Products Division
For the Month Ended January 31, 2016
Budget Actual (Over) Under Budget
Customer service salaries $546,840 $602,350 (55,510)
Insurance & property taxes 114,660 110,240 4420
Distribution salaries 872,340 861,200 11,140
Marketing salaries 1,028,370 1,085,230 (56,860)
Engineer salaries 836,850 820,008 16842
Warehouse wages 586,110 562,632 23478
Equipment depreciation 183,792 183,610 182
Total $4,168,962 $4,225,270 (56308)
Total Over budget = $112370
Total Under Budget= $ 56062
Over budget means that the amount is spent more than the amount budgeted.
The Customer service salaries and Marketing salaries are over budgeted and the the director is expected to request supplemental reports of these to analyze where the amount has been overspent.
A company using the periodic inventory system has inventory costing $142 on hand at the beginning of a period. During the period, merchandise costing $432 is purchased. At year-end, inventory costing $400 is on hand. The cost of goods sold for the year is
Answer:
$174
Explanation:
The computation of the cost of goods sold is shown below:
As we know that
Cost of goods sold = Opening inventory + Purchase - ending inventory
= $142 + $432 - $400
= $174
By adding the purchase of merchandise and deducting the ending inventory from the opening inventory we can get the cost of goods sold and the same is to be applied
Hence, the cost of goods sold is $174
Quality Timber Pty Ltd is a well-established logging company. With below-average performance, their packaging department is consistently behind schedule. Employees often take long lunch breaks and frequently stop to chat with co-workers. However, the employees get along very well and frequently spend time together, even outside work. In this scenario, the performance norms are _____ and cohesiveness is _____, so productivity is ____.
Answer:
Quality Timber Pty Ltd
In this scenario, the performance norms are _below-average____ and cohesiveness is _ high____, so productivity is _low___.
Explanation:
It has been established that group norms influence individual behavior and group performance. Performance Norms refer to how a person should work in a given group and what his or her output should be.
Cohesion, according to wikipedia.com, "can be more specifically defined as the tendency for a group to be in unity while working towards a goal or to satisfy the emotional needs of its members." Employees of the packaging department tend to be enjoying so much group cohesiveness. But, they need to break some habits to focus on achieving corporate goals by increasing their productivity.
According to Paul Krugman of the Organization for Economic Co-operation and Development, "Productivity is commonly defined as a ratio between the output volume and the volume of inputs. In other words, it measures how efficiently production inputs, such as labour and capital, are being used in an economy to produce a given level of output." A rough assessment of the packaging department employees' performance shows low productivity, as they are "consistently behind schedule and take long lunch breaks, and frequently chat with co-workers," instead of concentrating on their jobs.
You purchased a machine for $ 1.15 million three years ago and have been applying straight-line depreciation to zero for a seven-year life. Your tax rate is 40 %. If you sell the machine today (after three years of depreciation) for $ 793 comma 000, what is your incremental cash flow from selling the machine? g
Answer:
The incremental cash flow from selling the machine is $738,657
Explanation:
In order to calculate the incremental cash flow from selling the machine we would have to calculate the following formula:
incremental cash flow = sale price - (sale price - book value)*tax
Book value = $1,150,000 - $1,150,000/7*3
Book value =$657,142.86
Therefore, incremental cash flow =$793,000-($793,000-$657,142.86 )*40%
incremental cash flow =$738,657
The incremental cash flow from selling the machine is $738,657
Use the following information.
Windswept, Inc.
2010 Income Statement
($ in millions)
Net sales $9,570
Cost of goods sold 7,890
Depreciation 465 Earnings before interest and taxes $1,215
Interest paid 110
Taxable Income $1,105
Taxes 387
Net income $718
Windswept, Inc.
2009 and 2010 Balance Sheets
($ in millions)
2009 2010 2009 2010
Cash $250 $280 Accounts payable $1,470 $1,685
Accounts rec. 1,040 940 Long-term debt 1,140 1,320
Inventory 1,880 1,715 Common stock $3,420 $3,040
Total $3,170 $2,935 Retained earnings 630 880
Net fixed assets 3,490 3,990
Total assets $6,660 $6,925 Total liab. equity $6,660 $6,925
What is the days' sales in receivables for 2017?
a. 62.62 days
b. 31.81 days
c. 31.37 days
d. 45.01 day's
e. 33.85 days
Answer:
35.85 days
Explanation:
I suppose the question reads "What is the days' sales in receivables for 2010?"
To find the days' sales in receivables for 2010, use the following:
Days Sales in Receivales for 2010 = (Accounts Receivable in 2010 / Annual Sales) * 365
Where accounts receivable in 2010 from the information given is 940.
Annual sales = $9,570
Therefore,
Days Sales in Receivales for 2010 = [tex] (\frac{940}{9570}) * 365 [/tex]
= 35.85 days
The days' sales in receivables for 2010 is 35.85 days
Dave Ryan is the CEO of Ryan's Arcade. At the end of its accounting period, December 31, Ryan's Arcade has assets of $643,800 and liabilities of $244,230. Using the accounting equation, determine the following amounts: a. Stockholders' equity as of December 31 of the current year. $ b. Stockholders' equity as of December 31 at the end of the next year, assuming that assets increased by $83,730 and liabilities increased by $18,540 during the year.
Answer and Explanation:
As we know that
Total assets = Total liabilities + total stockholder equity
a. Stockholder equity s of December 31 of the current year is
$643,800 = $244,230 + total stockholder equity
So, the total stockholder equity is
= $643,800 - $244,230
= $399,570
b. Now in the case of increased, the total stockholder equity at the end of the year is
($643,800 + $83,730) = ($244,230 + $18,540) + total stockholder equity
$727,530 = $262,770 + total stockholder equity
So, the total stockholder equity is
= $727,530 - $262,770
= $464,760
Witt Oil issued 100,000 shares of cumulative, nonparticipating preferred stock with a par value of $100 and a stated dividend of 7%. The shares sold for $96 per share. The journal record for this transaction would be
Answer:
Dr Cash$9,600,000
Dr Paid-in Capital in Excess of Par -Preferred Stock$400,000
Cr Preferred Stock$10,000,000
Explanation:
Since Witt Oil issued 100,000 shares and preferred stock with a par value of $100 in which the shares sold for $96 per share this means we have to Debit Cash with $9,600,000, Debit Paid-in Capital in Excess of Par -Preferred Stock $400,000 and Credit Preferred Stock$10,000,000
Dr Cash$9,600,000
(100,000 Shares × $96 per shares)
Dr Paid-in Capital in Excess of Par -Preferred Stock$400,000
(10,000,000 -$9,600,000)
Cr Preferred Stock$10,000,000
($100,000× per value 100)
Answer:
Dr Cash$9,600,000
Dr Paid-in Capital in Excess of Par -Preferred Stock$400,000
Cr Preferred Stock$10,000,000
Explanation:
Gizmos, Inc. produces gizmos at an average total cost of $15 and an average variable cost of $12. The only fixed input used in the production of gizmos costs $240. How many gizmos does Gizmos, Inc. produce?
Answer:
80
Explanation:
Total cost = fixed cost + variable cost
Average total cost = average fixed cost + average variable cost.
Average total cost = Total cost / quantity
Average fixed cost = fixed cost / quantity
Average variable cost = variable cost/ quantity
$15 = average fixed cost + $12
Average fixed cost = $3
Total fixed cost = $240
$3 = $240 / q
Q = 80
I hope my answer helps you
Why are adjustments made to the accounting records at the end of the period? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)
Answer: a. To ensure assets and liabilities are reported at appropriate amounts.
b. To ensure the related revenues and expenses are reported in the proper period.
Explanation:
Adjustments must be made at the end of the period to make sure that the figures in the books are the proper and true reflection of the transactions that took place. That way records are neither overstated or understated thereby giving the users of the Accounting records a proper and accurate opportunity to assess the company's financial standing.
Records must also be adjusted to abide by the Accrual basis in accounting which posits that revenues and expenses should be recorded only in the periods when they occured regardless of if money has been received or paid for them. This way it is easier to match Expenses as well as Revenue to their respective periods.
Harry has a Personal Auto Policy (PAP) with liability limits of 100/$300/$50 and medical payments limits of $5,000 insuring his SUV. Harry also has other than collision and collision coverages with deductibles of $250 and $500, respectively. The local taxicab drivers are on strike and Harry decides to capitalize on the situation by transporting persons in his SUV for a fee. While transporting a businessman, Harry loses control of his SUV and hits a parked car. The damages are as follows:
Harry's medical costs - $2,000The businessman's medical costs - $1,000Damage to the parked car - $14,000Damage to Harry's car - $12,000How much, if any, will Harry's PAP insurer pay for damages under Part A—Liability Coverage?A. $0B. $14,000C. $17,000D. $29,000
Answer:
A) $0
Explanation:
The personal automobile policy (PAP) is an automobile insurance contract which most people purchase in order to protect their automobile from costs that may arise due to auto accidents.
Under the Part A—Liability Coverage, there are exclusions whereby the insurer won't pay for any damage, and one of the exclusions states that "for that “insured’s” liability arising out of the ownership or operation of a vehicle while it is being used as a public or livery conveyance, no liability coverage would be provided."
In this case, since Harry used his SUV to transport people for a fee, Harry's PAP insurer won't pay for damages under Part A—Liability Coverage because he used his SUV for livery conveyance.
Some quotes were stated from "Types of Automobile Policies and the Personal Automobile Policy"
Robyn's Retail had 500 units of inventory on hand at the end of the year. These were recorded at a cost of $19 each using the last-in, first-out (LIFO) method. The current replacement cost is $17 per unit. The selling price charged by Robyn's Retail for each finished product is $27. In order to record the adjusting entry needed under the lower-of-cost-or-market rule, the Merchandise Inventory will be ________. Group of answer choices debited by $8,500 credited by $8,500 debited by $1,000 credited by $1,000
Answer:
Credit inventory 1000 and debit COGS 1000
Explanation:
19*500=9500 <price it is recorded at currently
The rule requires lower cost - market vs. price. Since market cost is lower, you have to find out how much the ending inventory balance should be
17*500=8500
9500-8500=1000
The inventory booked should be lowered, thus requiring credit entry of 1000. Since it is a merchandise loss, it is counted towards cost of goods sold expense, thus debit
When Ruben wanted to start a new online news service, he was skeptical about investing in it because of the financial crisis in his country. However, he was put at ease after learning about the government's policy of levying low federal taxes on startup businesses. In this context, which dimension of the business environment is affected the most?
Answer:
Economic environment
Explanation:
The economic environment refers to the environment which is dealing with the economy as a whole
There are various factors of economic environment like interest rate, taxes, inflation rate, unemployment rate, saving rate, etc
According to the given situation, since ruben wants to start an online new service but he was skeptical due to the financial crisis
So for this case the most appropriate option is Economic environment
If daily demand is normally distributed with a mean of 15 and standard deviation of 5, and lead time is constant at 7 days, a 95% service level will require how much safety stock?
Answer: 22 units
Explanation:
Given
lead time = 7
mean = 15
Standard Deviation = 5
service level = 95%
Using the formulae
Safety stock = safety factor ( z value) x standard deviation x [tex]\sqrt{lead time}[/tex]
But
Z value for 95% service level = 1.645 = safety factor
= 1.645 x 5 x [tex]\sqrt{7}[/tex]
=21.76 which estimates to 22units
The demand for your hand-made skateboards, in weekly sales, is q = −6p + 400 if the selling price is $p. You are prepared to supply q = 4p − 300 per week at the price $p. What price should you sell your skateboards for so that there is neither a shortage nor a surplus?
Answer:
The price you should sell your skateboards so that there is neither a shortage nor a surplus is $70
Explanation:
In order to calculate the price should you sell your skateboards for so that there is neither a shortage nor a surplus we would have to make the following calculation:
−6p + 400= 4p − 300
-10p=-700
p=70
The price you should sell your skateboards so that there is neither a shortage nor a surplus is $70
Suppose that the United States and Canada both produce only two products, televisions and food. The United States can produce 100 televisions a day, 150 pounds of food a day, or any combination in between. (For example, the United States could produce 100 televisions and no food, 50 televisions and 75 pounds of food, or 150 pounds of food and no televisions.) Canada can produce 300 televisions a day, 330 pounds of food a day, or any combination in between. What is the United States’ opportunity cost for producing 1 pound of food?
a. two-thirds of a television
b. 1.5 televisions
c. 100 televisions
d. 150 televisions
Answer:
Option A. Two - Third of a television
Explanation:
Using Unitary Method,
Here, the opportunity cost of producing 150 pounds of food in US = 100 televisions
Similary the opportunity cost of producing 1 pound of food in US = 100 / 150 televisions = 0.66 televisions = 2/3 televisions
So the right option is A.
The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner was $190,000 at April 1, the beginning of the current year. Mr. Thompson invested an additional $25,000 in the business during the year. Accounts payable $1,200 Miscellaneous expense $370 Accounts receivable 12,340 Office expense 560 Cash 32,990 Supplies 1,670 Fees earned 68,980 Wages expense 25,580 Land 65,000 Drawing 3,000 Building 143,670 Prepare an income statement for the current year ended March 31. Thompson Computer Services Income Statement For the Year Ended March 31
Answer:
Thompson Computer Services
Income statement for the current year ended March 31.
Particulars Amount
Fees Earned $68,980
Expenses
Miscellaneous expense $370
Office expense $560
Wages expense $25,580
Total Expenses $26,510
NET INCOME $42.470
Robin Company wants to earn a 6% return on sales after taxes. The company’s effective income tax rate is 40%, and its contribution margin is 30%. If Robin has fixed costs of $240,000, the amount of sales required to earn the desired return is
Answer:
Answer is 1,200,000
Explanation:
return on sales after taxes = 6%
effective income tax rate = 40%, contribution margin = 30%.
Robin has fixed costs = $240,000,
We are to find the amount of sales required to earn the desired return using the information above.
Profit = Contribution - Fixed Cost
Assuming sales = K
6/(100-40)K = (30/100)K -240,000
0.1K =0.3K -240,000
0.2K =240,000
K = 240,000/0.2
so K =1,200,000.
Your neighbors have offered to pay you to look after their dog while they are on vacation. It will take you one hour per day to feed, walk, and care for the dog, which you can do either before or after you go to work. Your regular job pays $10 per hour, and you can work up to eight hours per day. The smallest amount of money you would accept to look after your neighbor’s dog each day is equal to:
Answer:
C the value you place on one hour of leisure
Explanation:
Here are the options to this question:
OA $15, because overtime wages are generally 1.5 times your regular wage when you work more than eight hours a day OB. $10, because that is your opportunity cost of one hour of work OC the value you place on one hour of leisure OD. zero, because your regular job is not available for more than eight hours per day
Caring for the dog won't interfere with my job as I can care for the dog either before or after work.
What I would be sacrificing to care for the dog would be the time I would have spent resting or doing leisure activities. So the least amount I should charge is the value i place on one hour of leisure.
I hope my answer helps you
Hannah Roberts owns and operates Hannah's Pool Service Company. On January 1, Hannah Roberts, Capital had a balance of $309,170. During the year, Hannah invested an additional $22,040 and withdrew $39,010. For the year ended December 31, Hannah's Pool Service Company reported a net income of $55,080.
Prepare a statement of owner's equity for the year ended December 31. Hannah's Pool Service Company Statement of Owner's Equity For the Year Ended December 31.
Answer:
Hannah's Pool Service Company
Statement of owner equity for the year ended December 31
Particulars Amount
Capital (January 1) $309,170
Investment during the year $22,040
Net Income $55,080
Withdrawals during the year (-$39,010)
Increase in the owner equity $38,110
Capital (December 31) $347.280
Workings
a. Increase in the owner equity = Investment during the year + Net income - withdrawal during the year
=$22040+$55080 -$39010
=$38110
b. Capital (December 31) = Capital on January 1 + Increase in owner equity
=$309170 +$38110
=$347280
White Company budgeted for $200,000 of fixed overhead cost and volume of 40,000 units. During the year, the company produced and sold 39,000 units and spent $210,000 on fixed overhead. The fixed overhead cost spending variance is: $5,000 unfavorable. $10,000 unfavorable. $5,000 favorable. $10,000 favorable.
Answer:
$8,000
Explanation:
this is the answer hopefully....
The fixed overhead cost spending variance is $5,000 unfavorable. Thus the correct option is 1.
What is fixed overhead?Costs known as fixed overheads are expenses that don't vary based on variations in the volume of business activity each month. These expenses are necessary in order to run a business.
The calculation for fixed overhead is
Fixed overhead rate= Budgeted overhead cost/ Budgeted volume
= 200,000/40,000
= 5 per unit of output
The Fixed overhead absorption rate is 5 per unit of output.
Calculation for fixed overhead cost spending variance
= (Actual output- budgeted output) * Fixed overhead absorption rate
=(39,000-40,000)* $5
=$5,000 unfavorable
Hence, the fixed overhead cost spending variance is $5,000 unfavorableTherefore, option 1 is appropriate.
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