Answer:
Work in process
Explanation:
The work in process refers to the completion of the project i.e how much work is completed and how much is pending. It shows the status of work or we can say tracking.
There are three levels of inventory
1. Raw material
2. Work in progress
3. Finished goods
After completing the processing the product is called to be finished and it is ready to sell
Therefore for the cost ledger, the controlling account is work in process
Earnhardt Driving School’s 2018 balance sheet showed net fixed assets of $3 million, and the 2019 balance sheet showed net fixed assets of $3.7 million. The company’s 2019 income statement showed a depreciation expense of $200,000. What was the company's net capital spending for 2019? (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, e.g., 1,234,567.)
Answer:
$800,000
Explanation:
Calculation for Earnhardt Driving School’s net capital spending for 2019
Ending Fixed Assets $3,700,000
Less Beginning Fixed Assets ($3,000,000)
Balance $700,000
Add Depreciation $200,000
Net Capital Spending $800,000
Therefore Earnhardt Driving School’s net capital spending for 2019 will be $800,000
"A 6% corporate bond with 15 years left to maturity is currently trading at 115. The bond is callable in 5 years at 105. If a client buys the bond and then the issuer calls it in 5 years, the yield to call will be:"
Answer:
YTC = 3.72%
Explanation:
YTC = {coupon + [(call value - market value)/n]} / [(call value + market value)/2]
coupon = $1,000 x 6% = $60n = 5 yearscall value = 105% x $1,000 = $1,050market value = 115% x $1,000 = $1,150
YTC = {$60 + [($1,050 - $1,150)/5]} / [($1,000 + $1,150)/2]
YTC = ($60 - $20) / $1,075 = 0.0372 x 100 = 3.72%
Firms must compete for top talent. In attracting and selecting employees, firms must strive to select the best fit for both the employee and the firm. In an attempt to reduce wasted time and effort in interviewing too many candidates while assuring a good candidate pool, a firm should
Answer:
use a pre-interview quiz or "bozo filter"
Explanation:
Based on the needs of the firm in this scenario it can be said that the firm should use a pre-interview quiz or "bozo filter". These are quizzes or survey which all candidates must fill out when applying for the specific position, those that do not meet the requirements/standard set by the firm do not pass this section and the firm does not receive the application. This will prevent the firm from wasting time on candidates that will not be a good fit.
how do you manage different generations?
Explanation:
for the time in history,there are 5 Generations working side-by-side the transitional generation .
TRUE OR FALSE FOR BRAINLIEST ANSWER Principals are responsible for the contracts, but not the personal injury claims, created by their agents who are acting within the scope of their authority.
Answer:
FALSE
Explanation:
The principle are liable for the contracts of the agents and if only the agent was authorized by the principal to make a contract, which is expressed ie made in words, written And is implied that is agents is given the rights and not in case of the personal claims made by the agent who is acting on the scope of authority.The manager of a canned-food processing plant has two labeling machine options. On the basis of a rate of return analysis with a MARR of 20% per year, determine (a)
The manager of a canned-food processing plant has two labeling machine options. on the basis of a rate of return analysis with a marr of 20% per year, determine (a) which model is economically better, and (b) if the selection changes, provided both options have a 4-year life and all other estimates remain the same.
Answer:
The answer is below
Explanation:
First, compare the present values (PV) of all the expenses of all the investments to make an investment decision.
Given the formula of PV = ((C1/(1+r)1) + ((C2/(1+r)2) + ((C3/(1+r)3) +…….+ ((Cn/(1+r)n) + present value of investment – present value of the salvage value
Where, Cn equals to the expense incurred in the nth period and r is the rate of interest per period.
Therefore, for Machine A, present value of the expenses is
= ((1600/(1+0.20)1) + ((1600/(1+0.20)2) + 15,000 – ((3000/(1+0.20)2)
= 1333.33 + 1111.11 + 15000 – 2083.33
= 15361.11
For Machine B, present value of the expenses is
= ((400/(1+0.20)1) + ((400/(1+0.20)2) + ((400/(1+0.20)3) + ((400/(1+0.20)4) + 25,000 - ((4000/(1+0.20)2)
= 333.33 + 277.77 + 25,000 – 2777.77
= 22833.33
Therefore, it is shown that, Machine A is the least cost alternative and should be selected.
The following transactions occurred during 2020. Assume that depreciation of 10% per year is charged on all machinery and 5% per year on buildings, on a straight-line basis, with no estimated salvage value. Depreciation is charged for a full year on all fixed assets acquired during the year, and no depreciation is charged on fixed assets disposed of during the year.
Jan. 30 A building that cost $166,320 in 2003 is torn down to make room for a new building. The wrecking contractor was paid $6,426 and was permitted to keep all materials salvaged.
Mar. 10 Machinery that was purchased in 2013 for $20,160 is sold for $3,654 cash, f.o.b. purchaser’s plant. Freight of $378 is paid on the sale of this machinery.
Mar. 20 A gear breaks on a machine that cost $11,340 in 2012. The gear is replaced at a cost of $2,520. The replacement does not extend the useful life of the machine but does make the machine more efficient.
May 18 A special base installed for a machine in 2014 when the machine was purchased has to be replaced at a cost of $6,930 because of defective workmanship on the original base. The cost of the machinery was $17,892 in 2014. The cost of the base was $4,410, and this amount was charged to the Machinery account in 2014.
June 23 One of the buildings is repainted at a cost of $8,694. It had not been painted since it was constructed in 2016.
Prepare general journal entries for the transactions
Answer and Explanation:
1. Accumulated Depreciation Dr, $141,372 ( $166,320 × 5% × 17 years)
Loss on Disposal of Building Dr, $31,194
To Buildings A/c $166,320
To Cash A/c $6,246
(Being cash paid is recorded)
2. Accumulated Depreciation Dr, $14,112 ($20,160 × 10% × 7 years)
Cash Dr, $3,276 ($3,654 - $378)
Loss on disposal of plant assets Dr, $2,772
To Machinery $20,160
(Being loss is recorded)
3. Machinery Dr, $2,520
To Cash $2,520
(Being cash paid is recorded)
4. Machinery Dr, $6,930
Accumulated depreciation - Machinery Dr, $2,646
($4,410 × 10% × 6 years)
Loss on disposal of plant assets Dr, $1,764 ($4,410 - $2,646)
To Cash $6,930
To Machinery $4,410
(Being cash paid is recorded)
5. Maintenance expenses Dr, $8,694
To Cash $8,694
(Being cash paid is recorded)
During the first nine months of 2013, how much debt did Chevron issue? Please provide your answer in millions without comma separator or decimal (Ex: 343323456)
Answer:
5000 millions
Explanation:
Debt is an important source to finance business operations. The Chevron has issued 5000 million of debt in 2013. The reason for issuing such huge amount of debt is to finance the acquisition of machinery or purchase inventory. This helps the company to grow its business and expand its operations. Debt is an easy and cheap source of finance and mostly organizations prefer issuing debt instead of equity. On the other hand issuing high debt increases the company gearing and risk level.
As the VP of Global Marketing, what business objective do you want Holden Evan to achieve in Tuatara? Any choice will bring its own challenges and rewards and can lead you to success.
Answer:
The business objective that I want Holden Evan to achieve in Tuatara is to sell their products throughout the Tuatara territory.
Explanation:
As the VP of Global Marketing, the business objective that i want Holden Evan to achieve in Tuatara is to sell their products throughout the Tuatara territory reason been that Holden Evan is a multinational corporation that deal in selling of beauty products as well as other consumer goods and since Tuatara is an emerging market for consumer products, this means that Holden Evan’s main aim and objective in Tuatara territory should be to manufacture and sell their products throughout the Tuatara territory.
Harvey is planning to file a case against a petrochemical giant that has a plant in his town. The petrochemical plant is dumping toxic wastes into its surrounding areas. Harvey is mobilizing the residents of the town, all of whom have suffered from various health problems due to the activities of the plant. Which of the following would be of most help to Harvey and the other residents?
A. Affirmative defense
B. Class action
C. Demurrer
D. Directed verdict
Answer:
B. Class action
Explanation:
In this scenario, Harvey is planning to file a case against a petrochemical giant that has a plant in his town because the petrochemical plant is dumping toxic wastes into its surrounding areas. Sequel to this, Harvey is mobilizing the residents of the town, all of whom have suffered from various health problems due to the activities of the plant.
Hence, a class action would be of most help to Harvey and the other residents.
In Law, a class action is a type of lawsuit in which a collective group of people (plaintiffs) having similar injuries or suffering similar damages caused by a particular company's product or action sue the defendant on behalf of a larger group. This simply means that, the group of people (plaintiffs) have a common interest as a result of sharing similar actions from an event.
Hence, the larger group that is being represented by Harvey is referred to as the "class" in business law.
Additionally, it is required by law that the class attest to the fact that they were affected by the actions of the petrochemical plant (defendant).
At the end of the current year, Accounts Receivable has a balance of $430,000; Allowance for Doubtful Accounts has a credit balance of $4,000; and sales for the year total $1,940,000. Bad debt expense is estimated at 1/4 of 1% of sales. 1. Determine the amount of the adjusting entry for uncollectible accounts. $ 2. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ 430,000 Allowance for Doubtful Accounts $ Bad Debt Expense $ 3. Determine the net realizable value of accounts receivable.
Answer:
1. Amount of the adjusting entry for uncollectible accounts:
$4,850
Debit Bad Debts Expense $4,850
Credit Allowance for Doubtful Accounts $4,850
To record bad debts expense for the year.
2. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense:
Accounts Receivable:
Balance as per question = $430,000
Allowance for Doubtful Accounts:
Balance as per question = $4,000
Bad Debt Expense - $4,850
Adjusted balance $8,850
Bad Debt Expense:
Adjustment $4,850
3. The net realizable value of Accounts Receivable:
Accounts Receivable balance $430,000
less Allowance for Doubtful $8,850
Net Realizable Value $421,150
Explanation:
a) Bad Debt Expense = ($1,940,000 x 1%)/4 = $4,850
b) The amount of the adjusting entry for uncollectibles is the bad debt expense of $4,850.
c) The Allowance for doubtful accounts will increase by $4,850 to $8,850.
d) The net realizable value of the accounts receivable is the difference between the accounts receivable balance and the allowance for doubtful accounts. This is the estimated value that the company expects to realize after considering the probability of uncollectibles.
Which of the following statements about productivity shifts and wages is true?
Answer:
Adjustments of wages to productivity levels are often not quick.
Explanation:
Hope this helps :)
Kopi Company produces dog cages that are sold for $40 per unit. The company produced and sold 6,000 dog cages during July 2017. There were no beginning or ending inventories. Variable and fixed costs follow.
Variable Costs per Unit Fixed Costs per Month
Manufacturing: Manufacturing overhead $40,000
Direct materials $10 Selling and administrative 20,000
Direct labor 2 Total $60,000
Manufacturing overhead 5 $17
Selling and administrative 5
Total $22
Required
Prepare a contribution income statement for July.
Do not use any negative signs with your answers.
Kopi Company
Contribution Income Statement
For the Month of July 2017
Sales $ Answer
Less variable costs
Direct materials $ Answer
Direct labor Answer
Manufacturing overhead Answer
Selling and administrative Answer Answer
Contribution margin Answer
Less fixed cost:
Manufacturing overhead Answer
Selling and administrative Answer Answer
Profit $ Answer
Answer and Explanation:
The Preparation of contribution income statement for July is shown below:-
Kopi Company
Contribution income statement
for the month of July
Particulars Amount
Sales (6,000 × $40) $240,000
Less: Variable costs
Direct materials (6,000 × $10) $60,000
Direct labor ( 6000 × $2) $12,000
Manufacturing overhead (6,000 × 5) $30,000
Selling and administrative (6,000 × $5) $30,000 $132,000
Contribution margin $108,000
Less: Fixed cost
Manufacturing overhead $40,000
Selling and administrative $20,000 $60,000
Net Profit $48,000
Therefore to reach the net profit we simply deduct the fixed cost from variable cost.
Twenty additional kayakers pay $3,000 ($150 each), in addition to the $4,000 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Record the appropriate journal entry.
Answer:
Dr Cash (3,000)
Cr Deferred Revenue (4,000)
Cr Service Revenue (Clinic) (7,000)
Explanation:
Preparation of the appropriate journal entry
Since we were told that kayakers pay the sum of $3,000 at $150 each, by adding to the $4,000 that was already paid in advance on July 30 this means we have to record the transaction by Debiting Cash with the amount of (3,000); Crediting Deferred Revenue with the amount of (4,000) and Crediting Service Revenue (Clinic) with the amount of (7,000)
Note that the credit side of the transaction which is Deferred Revenue of 4,000 -Service Revenue (Clinic) of 7,000 will give us (3,000)
Journal entry
Dr Cash (3,000)
Cr Deferred Revenue (4,000)
Cr Service Revenue (Clinic) (7,000)
In producing jelly beans, 1,000 hours of direct labor were used at a rate of $12 per hour. The standard was 1,100 at $12.25 per hour. What is the direct labor efficiency variance
Answer:
Efficiency variance = $1,225 favorable
Explanation:
Labour efficiency variance is the difference between the actual time taken to achieve a given production output less the standard hours allowed for same multiplied by the standard labour rate .
It occurs as result of workers working faster or slower than expected (i.e standard hour )
Hours
standard hours 1, 100
Actual hours 1,000
efficiency varainec in Labour hour 100 favorable
Standard labour rate × $12.25f
Efficiency variance $1,225 favorable
Efficiency variance = $1,225
Assume that on January 1, 2015, a parent purchases a subsidiary with a book value of stockholders’ equity of $1,000,000 for $1,500,000. To finance the purchase, the parent issues 50,000 shares of its $1 par common stock having a market value of $30 per share and exchanges those shares with the sub’s stockholders for all of the sub’s voting shares that they own. At the date of acquisition, the sub’s book values approximated fair values except for two items. PP&E was undervalued by $200,000 and the sub had developed a patent internally that the parent estimates had a fair value of $175,000. The expected useful life of the patent is 10 years and the PP&E has a remaining useful life of 20 years. During the year ended December 31, 2015, the first year after the acquisition, the sub reported sales of $1,500,000; COGS was $900,000 and operating expenses were $390,000. The sub also paid a dividend of $31,500 to the parent. Using the Equity Method to account for the business combination both at, and subsequent to, the acquisition, determine the allocation of the excess fair value and make the appropriate journal entries to record the acquisition and 2015 activity.
Answer:
Journal entries are given below;
Explanation:
January 2015
Investment in Subsidiary (Dr.) $1500,000
Share Capital (Cr.) $50,000
Share Premium (Cr.) $1450,000
To record investment in Subsidiary
Revaluation reserve (Dr.) $200,000
PP&E (Cr.) $200,000
To record devaluation of PP&E
Patent - Intangible Asset (Dr.) $175,000
Revaluation reserve (Cr.) $175,000
To record the patent generated internally
December 2015
Amortization expense (Dr.) $17,500
Intangible Asset (Cr.) $17,500
Dividend Income (Dr.) $31,500
Investment (Cr.) $31,500
According to the liquidity premium theory of the term structure of interest rates, if the one-year bond rate is expected to be 4%, 5%, and 6% over each of the next three years, what is the interest rate on a three-year bond if the liquidity premium on a three-year bond is 0.5%
Answer:
Interest rate on the a three year bond =5.5%
Explanation:
one-year bond rate expected = 4%, 5%, 6% for the next three years
liquidity premium on a three year bond = 0.5%
number of years = 3
The interest rate on the a three year bond can be calculated as
= liquidity premium + ( summation of bond rates for the next three years/number of years )
= 0.5 + ( (4+5+6)/3)
= 0.5 + ( 15/3)
= 0.5 + 5 = 5.5%
During the month of July, Clanton Industries issued a check in the amount of $934 to a supplier on account. The check did not clear the bank during July. In preparing the July 31 bank reconciliation, the company should:
Answer: deduct the check amount from the bank balance
Explanation:
From the question, we are informed that during the month of July, Clanton Industries issued a check in the amount of $934 to a supplier on account but the check did not clear the bank during July.
Since we are told that the check did not clear the bank in July, when preparing the July 31 bank reconciliation, the company should make sure that the amount on the check is deducted from the balance of the bank.
In addition, variable factory overhead is applied at $7.50 per unit. Fixed factory overhead is applied at 150% of direct labor cost per unit. The vacuums sell for $150 each. A third party has offered to make the engines for $60 per unit. 75% of fixed factory overhead, which represents executive salaries, rent, depreciation, and taxes, continue regardless of the decision. Should the company make or buy the engines?
Answer:
Make
Explanation:
Data
Annual production = 50,000 units
Variable factory overhead = $7.5
Fixed factory overhead(150% x $2) = 3
Vacum selling price = $150
Third party offered = $60
Make or buy = ???
Solution
MAKE BUY NET INCOME
Direct Materials(w) 900,000 900,000
Direct Labor(w) 1,200,000 1,200,000
Variable Overheads(w) 375,000 375,000
Fixed overheads (w) 175,000 112,500 37,500
Purchase price (w) 3000,000 (3,000,000)
Total 2625000 3,112,500 (487,,500)
Working
Direct Materials = 75000*12 = 900,000
Direct Labor = 100,000*12 = 1,200,000
Variable Overheads = 50,000*7.5 = 375,000
Fixed overheads = 50,000*3(2x150%) = 150,000
Purchase price = 50,000 x 60 = 3,000,000
Decision: The company should make the engine instead of buying it because net income is decreasing by $487,500.
Even though most corporate bonds in the United States make coupon payments semiannually, bonds issued elsewhere often have annual coupon payments. Suppose a German company issues a bond with a par value of €1,000, 23 years to maturity, and a coupon rate of 3.8 percent paid annually. If the yield to maturity is 4.7 percent, what is the current price of the bond? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer:
Bond Price = 875.0948 euro rounded off to 875.09 euro
Explanation:
To calculate the price of the bond, we need to first calculate the coupon payment per period. We assume that the interest rate provided is stated in annual terms. As the bond is an annual bond, the coupon payment, number of periods and semi annual YTM will be,
Coupon Payment (C) = 1000 * 0.038 = 38 euro
Total periods (n)= 23
r or YTM = 0.047 or 4.7%
The formula to calculate the price of the bonds today is attached.
Bond Price = 38 * [( 1 - (1+0.047)^-23) / 0.047] + 1000 / (1+0.047)^23
Bond Price = 875.0948 euro rounded off to 875.09 euro
In transaction E on 5/14 the account that will increase is the
Answer:
The answer is "Rent Expense account, which is an expense account".
Explanation:
When the cost for rent is deal with an account so, the detailing the cost of renting apartments over the reporting period. Its costs are normally assigned between both the revenue statement's sale and administrative expenses as well as those of manufacture. In this the actual costs usually involve operating expenses, real costs could also be considered.
When preparing Schedule M-1 of Form 1120, which of the following must be added to net income per books to compute taxable income?
a. 100% of meals and entertainment expense
b. Muncipal bond interest
c. Excess of tax vs. book depreciation
d. Accrued bad debts
Answer:
d. Accrued bad debts
Explanation:
The Schedule M-1 of Form 1120 refers to the tax form in which the corporation disclosed its income, expenses and deductions if any by analyzing them in different columns
If there is any difference in the amount the changes could be made in the form
In the given case while computing the taxable income, the accrued bad debts should be added to the net income as per the books
One problem that communication, learning, and employee involvement have in minimizing resistance to change is that they:__________.
Answer: D. Are Time Consuming
Explanation:
Communication, Teaching employees and involving them in policies are very useful tools in reducing employee resistance to trade but they can be quite time consuming. Having to communicate explain every change to employees, why it is to be done and how it will be of benefit will take time that could have been spent producing results.
Also involving them in key decision making can have the same temporal effect because the decisions will have to go through more people than before to be approved. The process will become more bureaucratic.
Internal temperature for vegetables
Answer:
In simple words, The optimal internal temperature of 135 ° F (57 ° C) refers to: typically prepared, ready-to - eat foods to be eaten warm (cheese crackers, deep-fried veggies). Fruit, fruits, carbs (rice , pasta), including vegetables (beans, refried beans) to be eaten warm-held.
We can not touch, detect or taste toxic pollutants. That's why cooking food at a healthy indoor cooking temperature is necessary to prevent illness. Based on the type of food the average internal temperature at which bacteria are killed.
Daniel acquires a 30 percent interest in the PPZ Partnership from Paolo, an existing partner, for $40,000 of cash. The PPZ Partnership has borrowed $11,000 of recourse liabilities as of the date Daniel bought the interest. What is Daniel's basis in his partnership interest
Answer:
$43,300
Explanation:
Calculation for Daniel's basis in his partnership interest PPZ Partnership
Using this formula
Partnership Interest=Cash +(Recourse liabilities × Interest percentage)
Where,
Cash=$40,000
Recourse liabilities=$11,000
Interest percentage=30%
Let plug in the formula
Partnership Interest=$40,000 +($11,000×30%)
Partnership Interest=$40,000+$3,300
Partnership Interest=$43,300
What Daniel's has as his outside basis will include his $3,300 share of the partnership liabilities which was added to the cash amount of $40,000.
Therefore Daniel's basis in his partnership interest will be $43,300
A company has net income of $182,000, a profit margin of 10.00 percent, and an accounts receivable balance of $106,201. Assuming 75 percent of sales are on credit, what is the company's days' sales in receivables?
Answer:373
Explanation:
i think it is beause you do youe calater
Victor Rumsfeld Inc.'s dividend policy is under review by its board. Its projected capital budget is $2,000,000, its target capital structure is 60% debt and 40% equity, and its forecasted net income is $600,000. If the company follows a residual dividend policy, what total dividends, if any, will it pay out? Select the correct answer. a. $7,560 b. $1,890 c. $0 d. $5,670 e. $3,780
Answer:
The residual dividend is -$200,000, therefore If the company follows a residual dividend policy the total dividends will be $0
Explanation:
In order to calculate the total dividends, if any, will it pay out, we would have to calculate first the residual dividend a follows:
residual dividend=forecasted net income-(percentage equity*capital budget)
According to the given data we have the following:
forecasted net income=$600,000
percentage equity=40%
capital budget=$2,000,000
Therefore, residual dividend=$600,000-(40%*$2,000,000)
residual dividend=-$200,000
The residual dividend is -$200,000, therefore If the company follows a residual dividend policy the total dividends will be $0
"When organizing a meeting agenda, why is it a good idea to discuss old business before introducing new business?"
Answer:
c. It makes sense to complete discussion and reach decisions about old business before tackling new business.
Explanation:
For organizing a meeting agenda first we have to discuss for the old business as it gives the whole picture of the business i.e it is profitable or not that results in increase in sales of the company that reflected completed discussion.
Moreover, the organization also knows how to operates the day to day activities that are related to the functions of management
So it always it is better to make decisions for old business before tackling the new business
The percentage analysis of increases and decreases in individual items in comparative financial statements is called
Answer:
Horizontal analysis
Explanation:
Horizontal analysis is the analysis of financial statements , comparison of financial ratios, or line items over accounting periods.
A firm sells peanuts in a perfectly competitive market. Upon increasing production output from 60 packages to 75 packages, the total revenue increased from $300to $375. What was the marginal revenue of this increase in production
Answer:
$5
Explanation:
The computation of marginal revenue is shown below:-
Marginal revenue = Change in total revenue ÷ Change in output
= ($375 - $300) ÷ (75 - 60)
= $75 ÷ 15
= $5
The marginal revenue could be computed by dividing the change in total revenue from the change in output so that the increased in production could come