Answer:
$13,000
Explanation:
Calculation for what The ending balance of the Work in Process Inventory account for the Fabricating Department is:
Beginning Balance 10,000
Add Direct Materials 76,000
Add Direct Labor 24,000
Add Factory Overheads 12,000
(50% *24,000)
Less Work Transferred (109,000)
Ending Balance $13,000
Therefore The ending balance of the Work in Process Inventory account for the Fabricating Department is:$13,000
Heinz Company began operations on January 1, 2017, and uses the first in, first out (FIFO) method in costing its raw material inventory. Management is contemplating a change to the last in, first out (LIFO) method and is interested in determining what effect such a change will have on net income. Accordingly, the following information has been developed: Final Inventory 2017 2018 FIFO $640,000 $ 712,000 LIFO $560,000 $636,000 Net Income (computed under the FIFO method) $980,000 $1,030,000 Based on the above information, a change to the LIFO method in 2018 would result in net income for 2018 of ________. Group of answer choices $1,070,000 $1,030,000 $954,000 $950,000
Answer:
C. $954,000
Explanation:
Final inventory FIFO LIFO Difference
2017 640,000 560,000 80,000
2018 712,000 636,000 76,000
Note: When method is changed to LIFO in 2018, it will effect ending inventory of 2018 only.
Net income as per FIFO $1,030,000
Decrease in income due to decrease -$76,000
in the ending inventory as per LIFO
Net income as per LIFO $954,000
So, a change to the LIFO method in 2018 would result in net income for 2018 of $954,000
explain the 5 methods used to measures national income
Answer:
National income can be measured through three different methods. The methods are as follows:
1. Product method
In this method National income is determined by the market value of all the final goods and services produced within a nation during a fixed time period.( The goods and Services does not include intermediate goods.)
2. Expenditure method
Under this method the national Income is determined by the total spending on final goods and services which are produced within a nation in a fixed time period.
3. Income method
As the name suggests , national Income under this method is calculated by adding the incomes received by producers.
Explanation:
:)
Home Building Inc. (HBI) seeks to schedule manual labor for 18 new homes being constructed. Historical data leads HBI to apply a 92% learning curve rate to the manual labor portions of the project. If the first home requires 3500 manual labor hours to build, estimate the time required to build (a) the fifth house, (b) the tenth house, (c) all 18 houses. What would the manual labor estimate be for all 18 of the HBI houses in the problem above if the learning curve rate is
Answer:
Follows are the solution to the given points:
Explanation:
For point a:
Using the cumulative mean method of Wright here:
Learning Rate [tex]= 92\%[/tex]
Thus the [tex]b = \frac{\log(0.92)}{\log(2)} = -0.12[/tex]
So the first home has 3,500 manual operating times, that'll be the equation.
[tex]Y=3500 X^{(-0.12)}[/tex]
At which Y = average cumulative time per unit and X was its amount of production models
Cumulative total X unit moment[tex]= X \timesY = 3500\times X^{(1-0.12)} = 3500\times X^{0.88}[/tex]
The 5th house must be X=4 and X=5, and therefore necessary time is:
[tex]= 3500 \times (5)^{0.88} - 3500\times (4)^{0.88} = 2572.1 \text{manual hours}[/tex]
For point b:
For house 10, differentiate between X=9 and X=10, so time = 2351 hours of labor.
For point c:
X=18, consequently time = 44,535.6 hours in all 18 houses
For point d:
Please find the attached file.
Stationery Supplies is considering installing an inventory control system in its store in Provo, Utah. The store carries about 1,400 different inventory items and has annual gross sales of about $80,000. The inventory control system would cost $12,500 to install and about $2,000 per year in additional supplies, time, and maintenance. If the savings to the store from the system can be represented as a fixed percentage of annual sales, what would that p
Answer:
5.63%
Explanation:
Missing word "have to be in order for the system to pay for itself in five years or less?"
Total cost = Installation cost + Holding cost
Total cost = 12500 + (2000*5)
Total cost = $22,500
Sales * Saving rate * Number of years = Total cost
80,000 * S * 5 = $22,500
S = $22,500/$400,000
S = 0.05625
S = 5.63%
Thus, it is required for the company to have 5.62% of saving rate per year to pay for the system.
Define liquidity risk and explain how it relates to bonds and bond yields.
Answer:
Liquidity risk is the inability to quickly sell a bond for its full value. This risk exists primarily in thinly traded issues. Default risk is the likelihood the issuer will default on its bond obligations and is the basis for bond ratings.
Liquidity is a prime determiner of yield spreads, explaining up to half of the cross-sectional variation in spread levels and up to two times the cross-sectional variation in spread changes that is explained by the effects of credit rating alone.
Liquidity risk Liquidity refers to the investor's ability to sell a bond quickly and at an efficient price, as reflected in the bid-ask spread. High-yield bonds can sometimes be less liquid than investment-grade bonds, depending on the issuer and the market conditions at any given time.
(If some parts overlap/relate to the exactly to other parts, I'm sorry. But there ya go !)
Discuss whether or not skilled workers are always paid more than unskilled workers.
Answer:
Unskilled workers are generally paid less than skilled workers. Demand for skilled workers is high whilst their supply is low. There are two main influences on the demand for workers. One is the amount of output they can produce and the other is the price, for which that output can be sold for.
Suppose that Denver Financial Co. expects the exchange rate of the New Zealand dollar (NZ$) to appreciate from its current level of 0.5 to 0.55 in 30 days. Denver Financial seeks to capitalize on this potential opportunity. Suppose that Denver Financial begins by borrowing $30,000,000 and converting it to New Zealand dollars (NZ$). The following table shows the short-term interest rates (annualized) in the interbank market.
Currency Lending Rate Borrowing rate
(Adjusted for 30-day period) (Adjusted for 30-day period)
U.S. Dollars 6.62% 7.10%
New Zealand Dollars (NZ$) 6.38% 6.86%
Suppose that Denver Financial takes its NZ$60,000,000.00 and invests it. Denver Financial can earn a 0.0053 percent return after 30-days. Hint: Assume 360 days in a year At the end of 30-days, Denver Financial will have a total of NZ:___________(New Zealand dollars) from the investment.
a. $54287100
b. $42223300
c. $60319000
d. $48255200
Answer:
c. $60319000
Explanation:
My actual calculation was not exactly that number, it was NZ$60,318,000, but it is the closest option. You calculate it by multiplying the present value x (1 + interest rate) = $60,000,000 x (1 + 0.0053) = $60,000,000 x 1.0053 = $60,318,000
The question only asks to calculate the interest in NZ$, not to convert them to US$.
Whats the difference between a debit card and a credit card ? ( PLEASE GIVE LARGE EXPLANATION )
Answer:
The main difference between a debit card and a credit card is that a debit card withdrawals money from your current account balance while a credit card allows you to borrow money that is to be paid back in the future. Immediate vs. Future Payment
Explanation:
Jennifer has recently found a new job at a local architectural firm. They have offered her a chance to invest money for her retirement. For every 6 percent Jennifer invests from her salary, her company will fund 3 percent. What type of investment does this describe?
A.
money market mutual fund
B.
certificate of deposit
C.
bond
D.
401k
The answer is D.) 401k
Don't worry about the picture it tells you the correct answer
Hope this helps
401k is the investment option offered by Jenifer’s employer to her.
What is a 401K plan?Popularly known as an employer-sponsored retirement plan, a 401(K) plan allows certain eligible employees to make tax-deferred contributions from their pay or compensation, based on pre-established criteria. A 401(k) match is money put into your account by your employer. Up to a predetermined percentage of your pay, your company will match all or a portion of every dollar you put into your 401(k). Employer matching is a crucial perk of your employment that, over time, can greatly increase your 401(k) retirement savings. The employer contribution is pre-tax, whereas the employee contribution is post-tax.
Employers who offer 401(K) plans are also allowed to include a profit-sharing component in the plan as well as make matching or non-elective payments to the plan on behalf of eligible employees.
The typical 401(k) plan is very versatile and provides close to 25 distinct investment possibilities. The fund fees, which were formerly a significant problem, have been steadily declining, which lessens the strain on employees' retirement funds. In fact, the 401(k) contributions that invested a sizeable sum in these index funds as low cost and low risk methods of engaging in the equity markets are responsible for the index funds' quick surge in popularity in the US, including Vanguard and Blackrock. Employees have access to a low-cost way to invest for the future, and since 401(k) contribution limits are inflation-indexed, participants can gradually make higher contributions.
Employers most frequently match worker contributions up to a percentage of annual income. There are a number possible ways to implement this constraint. Your employer has the option of matching all of your contributions up to a certain percentage of your overall compensation or only a portion of them. The latter circumstance necessitates you to make additional contributions to your plan in order to earn the maximum match, even while the overall cap on employer contributions stays the same.
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The following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential earnings as a salaried worker = $50,000 Annual lease on building = $22,000 Annual revenue from operations = $380,000 Payments to workers = $120,000 Utilities (electricity, water, disposal) costs = $8,000 Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Creamy Crisp Multiple Choice has lower implicit costs, including a normal profit, than its explicit costs. is earning a normal profit but not an economic profit. is earning an economic profit. is suffering an economic loss, when implicit costs are considered.
Answer:
is earning an economic profit.
Explanation:
implicit costs = $50,000 + $80,000 + $6,000 = $136,000
revenues = $380,000
explicit costs = $22,000 + $120,000 + $8,000 = $150,000
economic profit = $380,000 - $150,000 - $136,000 = $94,000
Management is a separate and different disciple than leadership.
Answer:
One of the main differences between management and leadership is the way in which the two disciplines motivate people and teams to achieve objectives. Managers rely on their authority to get work done. Leaders, on the other hand, influence, inspire and appeal to people at an individual level.
Explanation:
:)
Mortensen Industries, which uses a process-costing system, adds material at the beginning of production and incurs conversion cost evenly throughout manufacturing. The following selected information was taken from the company's accounting records: Total equivalent units of materials: 5,000 Total equivalent units of conversion: 4,400 Units started and completed during the period: 3,500 On the basis of this information, the ending work-in-process inventory's stage of completion is: Multiple Choice 60%. 40%. 80%. 70%. some other percentage not listed.
Answer: 60%
Explanation:
Find the ending work in process.
Materials are complete at inception so the Equivalent units of Materials represent the total units.
Ending WIP will therefore be:
= Materials EUP - Units started and completed
= 5,000 - 3,500
= 1,500 units
Stage of completion is based on Conversion.
Conversion EUP = Total started and completed + (x% * Closing WIP)
4,400 = 3,500 + (x% * 1,500)
4,400 = 3,500 + 15x
15x = 4,400 - 3,500
15x = 900
x = 900/15
x = 60%
Conversion is 60% complete so this is the stage of completion.
Here are the data for the past 21 months for actual sales of a particular product: LAST YEAR THIS YEAR January 310 270 February 405 365 March 380 360 April 470 455 May 415 395 June 490 400 July 440 340 August 325 260 September 375 360 October 540 November 595 December 515 Develop a forecast for the fourth quarter using a three-quarter, weighted moving average. Weight the most recent quarter 0.50, the second most recent 0.25, and the third 0.25. Solve the problem using quarters, as opposed to forecasting separate months. (Round your answer to 2 decimal places.)
Answer:
1041.25
Explanation:
Quarterly sales of most recent quarter Q3 = 340 + 260 + 360 = 960
Quarterly sales of most recent quarter Q2 = 455 + 395 + 400 = 1,250
Quarterly sales of most recent quarter Q1 = 270 + 365 + 360 = 995
Using 3 quarter weighted moving average:
F4 = 0.5(Q3) + 0.25(Q2) + 0.25(Q1)
F4 = 0.5(960) + .025(1250) + 0.25(995)
F4 = 1041.25
Hence, forecast for the fourth quarter using a three-quarter, weighted moving average is 1041.25
indicate whether the following responsibilities are either: A - Management's responsibilities B - Audit Committee responsibilities C - Auditor's responsibilities D - Neither Management's, the Audit Committee or the Auditor's responsibility Responsibilities 9. Role of oversight and monitoring 10. Forming and expressing an opinion about whether the financial statement s are presented fairly, in all material respects, inconformity with GAAP 11. Appoint, approve and review external audit function 12. Fairy presenting the financial statements and footnotes in conformity with GAAP 13. Establishing and maintaining an internal control system.
Answer:
A
C
B
D
A
Explanation:
whats a good song
ill mark brain star
Answer:
it depends like like this person nf.....and kpop.....
there is a song from him....clouds and intro 1 2 and 3
Explanation:
I listen to stray kids too:))))))))))
Consider two markets: the market for cat food and the market for dog food. The initial equilibrium for both markets is the same, the equilibrium price is $1.50 , and the equilibrium quantity is 21.0 . When the price is $8.75 , the quantity supplied of cat food is 57.0 and the quantity supplied of dog food is 107.0 . For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for dog food. Please round to two decimal places.
Answer:
Elasticity of supply for dog food = 0.95
Explanation:
From the question, we have:
New quantity supplied of dog food = 107.0
Old quantity supplied of dog food = Initial equilibrium quantity = 21.0
New price = $8.75
Old price = Initial equilibrium price = $1.50
Generally, the formula for calculating the elasticity of supply is as
follows:
Elasticity of supply = Percentage change in quantity supplied / Percentage change in price ................ (1)
Where, based on the midpoint formula, we have:
Percentage change in quantity supplied of dog food = {(New quantity supplied of dog food - Old quantity supplied of dog food) / [(New quantity supplied of dog food + Old quantity supplied of dog food) / 2]} * 100 = {(107.0 - 21.0) / [(107.0 + 21.0) / 2]} * 100 = 134.375%
Percentage change in price = {(New price - Old price) / [(New price + Old price) / 2]} * 100 = {(8.75 - 1.50) / [(8.75 + 1.50) / 2]} * 100 = 141.463414634146%
Substituting the values into equation (1), we have:
Elasticity of supply for dog food = 134.375% / 141.463414634146% = 0.94989224137931
Approximated to 2 decimal places, we have:
Elasticity of supply for dog food = 0.95
The government passes a new investment tax credit initiative. Which input in the production function changes, and what is the effect on economic growth in the country? The capital stock decreases, and economic growth is negatively affected. Technological advance occurs, but there is no effect on economic growth. The capital stock increases, and economic growth is positively affected. Human capital is enhanced, and economic growth is positively affected.
Answer: The capital stock increases, and economic growth is positively affected.
Explanation:
If the government offers an investment tax credit, a situation will arise where entities will invest more knowing that they do not have to pay as much in taxes.
This investment will lead to an increase in capital stock as this is what investment purchases to enable production. With more capital stock, production levels will rise and the economy will grow.
Elm Company's accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2019 Raw materials inventory $420,000 $350,000 Work in process inventory 400,000 275,000 Finished goods inventory 200,000 125,000 During 2020, $750,000 of raw materials were purchased, direct labor costs amounted to $560,000, and manufacturing overhead incurred was $630,000. The total raw materials available for use to assign to production during 2020 for Elm Company is Group of answer choices
Answer:
$680,000
Explanation:
The computation of the raw material allocated to production is shown below:
As we know that
Raw materials used in production = Beginning raw materials + Purchase of raw materials - Ending raw materials
= $350,000 + $750,000 - $420,000
= $680,000
Explain how opportunity cost is different for economic goods and free goods
Answer:
The difference is that free goods have exactly zero opportunity cost, because they cost nothing, their price is zero, and their use is non rival, and non excludable, meaning that if a person uses a free good, that person does not prevent any other person from using the good.
Economic goods, on the other hand, are goods that have a price, and that have a cost of production. Besides they are rival and/or exclusionary. The opportunity cost of an economic good varies depending on the good, but it is never zero.
How do taxes impact your weekly/monthly budget?
Answer:
it takes away your money so the liberals can give it to the lazy people who don't want to work
Explanation:
i literaly have 13% of my paycheck taken by the government
To finance the building of a new fire station, a local government is likely to borrow money by issuing?
a. junk bonds
b. treasury bonds
c. municipal bonds
d. money market bonds
Answer:
c
Explanation:
Exercise 2-4 (Algo) Journal entries [LO2-3] The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. Issued 90,000 shares of common stock in exchange for $450,000 cash. Purchased office equipment at a cost of $80,000. $32,000 was paid in cash and a note payable was signed for the balance owed. Purchased inventory on account at a cost of $180,000. The company uses the perpetual inventory system. Credit sales for the month totaled $306,000. The cost of the goods sold was $153,000. Paid $4,000 in rent on the store building for the month of June. Paid $2,160 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2021. Paid $130,050 on account for the merchandise purchased in 3. Collected $61,200 from customers on account. Paid shareholders a cash dividend of $4,500. Recorded depreciation expense of $1,600 for the month on the office equipment. Recorded the amount of prepaid insurance that expired for the month.
Answer:
S/n General Journal Debit Credit
1. Cash $450,000
Common Stock $450,000
(Issued Common stock $5 par value)
2. Furniture and Fixture $80,000
Cash $32,000
Note Payable $48,000
3. Inventory $180,000
Accounts Payable $180,000
4. Accounts receivable $306,000
Sales $306,000
Cost of goods sold $153,000
Inventory $153,000
5. Rent Expense $4,000
Cash $4,000
6. Prepaid Expense $2,160
Cash $2,160
7. Accounts payable $13,050
Cash $13,050
8. Cash $61,200
Accounts Receivables $61,200
9. Dividend $4,500
Cash $4,500
10. Depreciation Expenses $1,600
Acc. Dep. Furniture & fixtures $1,600
11. Insurance Expense $180 (2,160/12)
Prepaid Expense $180
Accrued revenues: Multiple Choice At the end of one accounting period result in cash receipts in a future period. At the end of one accounting period often result in cash payments in the next period. Are also called unearned revenues. Are listed on the balance sheet as liabilities. Are recorded at the end of an accounting period because cash has already been received for revenues earned.
Answer:
At the end of one accounting period result in cash receipts in a future period.
Explanation:
Accrued revenues is money owed by customers for goods bought or services purchased.
Accrued revenue is recorded as an asset on the balance sheet as receivables.
For example, if a customer buys a dress and is yet to pay for the dress. the amount the customer is supposed to pay is recorded as an accrued revenue at the end of the accounting period
Unearned revenue is money received by a company for services that are yet to be rendered.
On January 1, 2020, Ann Price loaned $216216 to Joe Kiger. A zero-interest-bearing note (face amount, $280000) was exchanged solely for cash; no other rights or privileges were exchanged. The note is to be repaid on December 31, 2022. The prevailing rate of interest for a loan of this type is 9%. The present value of $280000 at 9% for three years is $216216. What amount of interest income should Ms. Price recognize in 2020
Answer:
$19,459.44
Explanation
Interest expense in 2020 = Loan amount * Prevailing rate of interest
Interest expense in 2020 = $216216 * 9%
Interest expense in 2020 = $19,459.44
So, $19,459.44 is the amount of interest income that Ms. Price should recognize in 2020
Why do managers suggest that ignoring all cash flows following the assigned payback period is not a major flaw of the payback method of capital budgeting analysis? Payback is never used in real practice so it makes no difference how academics apply the method in their studies If the cash flows after the required payback period are significant, managers will use their discretion to override the payback rule. All cash flows after the first two years are highly inaccurate so including them lessens the reliability of the resulting decision. All cash flows after the assigned payback period are relatively worthless in today’s dollars so ignoring them has no consequence. The results of including the cash flows after the required payback period rarely have any effect on the accept/reject decision.v
Answer:
The answer is "choice B".
Explanation:
Please find the numbering of the question in the attachment file.
Whenever the cash flows become substantial after the required period, managers would use their option to surpass the pay-back rule, as well as the managers, recommend that ignoring all investment returns after a period of pay-back would not be an important component in the capital-budget evaluation repayment process, that's why the choice "B" is correct.
During December, the production department of a process operations system completed and transferred to finished goods a total of 66,000 units of product. At the end of December, 12,000 additional units were in process in the production department and were 50% complete with respect to materials. The beginning inventory included materials cost of $60,800 and the production department incurred direct materials cost of $192,900 during December. Compute the direct materials cost per equivalent unit for the department using the weighted-average method.
Answer:
Direct materials cost per equivalent unit is $3.25
Explanation:
The computation of the direct material cost per equivalent cost is shown below:
Completed and transferred to finished goods 66,000 units
Equivalent number of additional units in process 12000 units
Beginning inventory material cost $60,800
Direct material cost incurred $192,900
Total direct material cost $253,700
ANd, the total units is 78,000
So,
Direct materials cost per equivalent unit is $3.25
Karev Company started Year 2 with a $500 balance in its Cash account, a $500 balance in its Supplies account and a $1,000 balance in its common stock account. During Year 2 the company experienced the following events. (1) Paid $334 cash to purchase supplies (2) Physical count revealed $211 of supplies on hand at the end of Year 2 Based on this information the amount of supplies reported on the Year 2 Balance Sheet is $_______________
Answer: $211
Explanation:
Based on the information given in the question, the amount of supplies reported on the Year 2 Balance Sheet will be $211.
The answer is $211 because that is the actual inventory that was given in the question and therefore should be the value that should be reported on the Year 2 balance sheet.
A firm has $3,600,000 in its common stock account and $36,000,000 in its paid in capital accountThe firm issued 450,000 shares of common stock. What was the issue price (market value) if only one stock issuance has occurred?
Answer:
the issue price is $88 per share
Explanation:
The computation of the issue price is shown below:
= (Common stock + paid in capital) ÷ (Number of common shares issued)
= ($3,600,000 + $36,000,000) ÷ 450,000 shares
= $39,600,000 ÷ 450,000 shares
= $88 per share
Hence, the issue price is $88 per share
For each cost item, indicate whether it would be variable or fixed with respect to the number of units produced and sold, and then direct cost or an indirect cost with respect to units of product.
Manufacturing (Product) Cost
Variable or Fixed Selling Cost Administrative Cost Direct Indirect
Ex. Direct labor Variable Yes
Executive Salaries Fixed Yes
Factory rent Fixed Yes
1. Property taxes, factory
2. Boxes used for packaging detergent produced by the company
3. Salespersons' commissions
4. Supervisor's salary factory
5. Depreciation executive autos
6. Wages of workers assembling computers
7. Insurance, finished goods warehouses
8. Lubricants for production equipment
9. Advertising costs
10. Microchips used in producing calculators
11. Shipping costs on merchandise sold
12. Magazine subscriptions, factory lunchroom
13. Thread in a garment factory
14. Executive life insurance
15. Ink used in textbook production
16. Fringe benefits, materials handling workers
17. Yarn used in sweater production
18. Wages of receptionist, executive offices
Answer:
1. Property taxes, factory - Fixed - Manufacturing indirect cost
2. Boxes used for packaging detergent produced by the company - Variable - Manufacturing direct cost
3. Salespersons' commissions - Variable - Selling cost
4. Supervisor's salary factory - Fixed - Manufacturing indirect cost
5. Depreciation executive autos - Fixed - Administrative Cost
6. Wages of workers assembling computers - Variable - Manufacturing direct cost
7. Insurance, finished goods warehouses - Fixed - Selling cost
8. Lubricants for production equipment - Variable - Manufacturing indirect cost
9. Advertising costs - Fixed - Selling cost
10. Microchips used in producing calculators - Variable - Manufacturing direct cost
11. Shipping costs on merchandise sold - Variable - Selling cost
12. Magazine subscriptions, factory lunchroom - Fixed - Manufacturing indirect cost
13. Thread in a garment factory - Variable - Manufacturing indirect cost
14. Executive life insurance - Fixed - Administrative Cost
15. Ink used in textbook production - Variable - Manufacturing indirect cost
16. Fringe benefits, materials handling workers - Variable - Manufacturing indirect cost
17. Yarn used in sweater production - Variable - Manufacturing direct cost
18. Wages of receptionist, executive offices - Fixed - Administrative Cost
You oversee the $250 petty cash for your company. When an employee needs a special item that is not in inventory, you take money from petty cash to purchase that item.
One day, you are short on cash for lunch. You decide to borrow $10 each day for the next 3 days until payday for a total of $30 from petty cash. After payday, you do not have enough to repay petty cash, so you decide to record a cash short/over expense of $30.
Respond to the following in a minimum of 175 words:
Since this is the first time you have ever done this, is this a problem?
If so, what steps should be taken to fix this problem? If not, why not?
Answer:
Since this is the first time you have ever done this, is this a problem?
Of course this is a problem, you stole money. Stealing money is not right and it is a problem. If someone finds out, you will lose your job. legally, you could also be prosecuted, but the amount is very little. Another problem is that if you are able to go unpunished and no one finds out, this behavior will continue until you cannot hide it anymore. By then , the amount might be larger, not just a few dollars, and you will be in deep trouble.
If so, what steps should be taken to fix this problem? If not, why not?
Pay back the money you took. Simple as that. Sometimes, doing the correct thing is not difficult. Do not spend money on unnecessary things and pay the $30. Do it before this becomes a bad habit and you get into serious trouble that seriously damage your career. No company will hire someone fired for stealing money form their previous employer.