Answer:
Shanika CompanyStatement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6:
Materials:
Beginning Inventory $457,760
Purchases 850,190
Cost of materials available $1,307,950
Less Ending Inventory 563,040
Cost of materials used $744,910
Beginning Work in process 823,970
Direct Labor 867,080
Factory Overhead 298,430
Less Ending Work in process (765,730)
Cost of goods manufactured $1,968,660
Explanation:
1) Data and Calculations:
a) Shanika Company for 20Y6:
Inventories January 1 December 31
Materials $457,760 $563,040
Work in process 823,970 765,730
Finished goods 791,920 782,630
Advertising expense $382,300
Depreciation expense-office equipment 54,050
Depreciation expense-factory equipment 72,630
Direct labor 867,080
Heat, light, and power-factory 28,720
Indirect labor 101,350
Materials purchased 850,190
Office salaries expense 296,720
Property taxes-factory 23,650
Property taxes-headquarters building 48,980
Rent expense-factory 39,980
Sales 3,980,690
Sales salaries expense 488,720
Supplies-factory 19,710
Miscellaneous costs-factory 12,390
b) Factory Overhead:
Depreciation expense $72,630
Heat, light, and power 28,720
Indirect labor 101,350
Property taxes-factory 23,650
Rent expense-factory 39,980
Supplies-factory 19,710
Miscellaneous costs 12,390
Total Factory overhead $298,430
c) The cost of goods manufactured is made up of the costs of materials, direct labor, work in process, and manufacturing overhead.
"This bond pays interest on January 1st and July 1st. How many days of accrued interest will the customer pay if today is Monday, March 9th, and the trade is executed this day regular way settlement?"
Answer:
70 days of accrued interest
Explanation:
The clean price of the bond is the market price of the bond without any accrued interests, while the dirty price includes accrued interests. In order to calculate the dirty price of the bond, we need to determine the time that passed between the last coupon payment and the settlement date:
when you use the regular way settlement, we consider a 360 day year, so every month has 30 days, and we must add 1 business day at the end:
30 days from January + 30 days from February + 9 days of March + 1 business day = 70 days
Which of the following instruments are traded in the capital markets? Check all that apply. Commercial paper Long-term bank loans Bankers’ acceptances Common stocks Eurodollar time deposits
Answer:
Commercial paperLong-term bank loans Common stocksEurodollarExplanation:
The financial assets listed above can be traded in the capital market. Note that a capital market represents a place where savings and investments are transacted between
the suppliers who have capital andbuyers in need of capital.Thus, an investor can decide which assets interests him or her.
A corporation sold 10,000 shares of its $10 par value common stock at a cash price of $12 per share. The entry to record this transaction would include
Answer: A credit to common stock for $100,000.
Explanation:
From the question, we are informed that a corporation sold 10,000 shares of its $10 par value common stock at a cash price of $12 per share. The entry to record this transaction would include a credit to common stock for $100,000.
The journal would therefore be:
Debit cash account $120,000($10000 × 12)
Common stock will be $100,000 i.e ($10,000 × 10)
Paid-in Capital in the excess of par Value will be:
= $120,000 - $100,000
= $20,000
If a corporation sold 10,000 shares of its $10 par value common stock at a cash price of $12 per share. The entry to record this transaction would include: a credit to Common stock for $100,000.
The journal entry will be:
Debit Cash $120,000
(10,000 ×$12)
Credit Paid-in Capital in the excess of par value $20,000
[10,000×($12-$10)]
Credit Common stock $100,000
(10,000 × $10)
(To record issuance of shares )
Inconclusion if a corporation sold 10,000 shares of its $10 par value common stock at a cash price of $12 per share. The entry to record this transaction would include: a credit to Common stock for $100,000.
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A country has a total civilian population (over age 16) of 300 million. Of this population, 225 million are employed, 25 million are unemployed, and the remainder of the population is not in the labor force. Then, the unemployment rate is:________
a. .100. b. .150. c. .111. d. .083.
Answer:
Unemployment rate= 0.1
Explanation:
Giving the following information:
Labor force= 225 + 25= 250
Employed people= 225
Unemployed people= 25
To calculate the unemployment rate, we need to use the following formula:
Unemployment rate= unemployed people / labor force
Unemployment rate= 25/250
Unemployment rate= 0.1
The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of milk is $2.50 per gallon. Complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding. Statement The government has instituted a legal minimum price of $3.00 per gallon for milk. The government prohibits grocery stores from selling milk for more than $2.30 per gallion There are many teenagers who would like to work at grocery stores, but they are not hired due to minimum-wage laws. Price Control Binding or Not Grade It Now Save & Continue Continue without saving.
Answer:
Price floor binding
b. price ceiling binding
price floor and binding
Explanation:
A price floor is when the government or an agency of the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.
Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.
The minimum price of milk is above equilibrium price. So, it is a binding price floor
The maximum price of milk is below equilibrium price. It is binding price ceiling
If teenagers can't find jobs due to minimum wages law. It means that the minimum wage must be above equilibrium price. This is because it is when price is above equilibrium price that supply of labour outstrips demand. So, it is a binding price floor
Electronic Component Company (ECC) is a producer of high-end video and music equipment. ECC currently sells its top of the line "ECC" video player for a price of $250. It costs ECC $210 to make the player. ECC's main competitor is coming to market with a new video player that will sell for a price of $220. ECC feels that it must reduce its price to $220 in order to compete. The sales and marketing department of ECC believes the reduced price will cause sales to increase by 15%. ECC currently sells 200,000 video players per year. Assuming sales and marketing are not correct in their estimation and the volume of sales is not changed and ECC meets the competitive price, what is the target cost if ECC wants to maintain its same income level
Answer:
ECC and Target Costing
Target cost to maintain same income level is:
$180
Explanation:
a) Data and Calculations:
Unit Selling price = $250
Unit Cost price = $210
Competitors' unit selling price = $220
Current annual quantity sold = 200,000
Target unit profit = $40 ($250 - 210)
b) For ECC to meet the competitive price of $220 and still maintain the same income level of $40 per unit, the target cost will not exceed $180 ($220 - 40). The target cost is the cost that ECC must not exceed in order to achieve a target contribution or profit of $40 per unit of video players sold.
In terms of commonly traded organizational currencies, sharing tasks that increase someone's skills and abilities and letting others have ownership and influence are examples of ________-related currencies.
Answer:
Personal
Explanation:
Personal related currencies refers to the currencies that deals with the insipitration and the morality, vision, strength. It basically shows the needs of the person nd the value that actually what person could do
Since in the question it is mentioned that the if the tasks are shared that rise the skills and ablities of the person than this would represent the personal related currencies and hence the same is to be considered
[Tutorial] 888^210^2883 Fix Login Problems of QuickBooks Online on Chrome & Mac
Answer:
what is this can you explain?
A dispute between a registered representative and a member firm is submitted to arbitration. If either party is dissatisfied with the decision:___________. A. an appeal may be filed with FINRIA B. an appeal may be filed with the Securities and Exchange Commission C. an appeal may be filed in Federal Court D. no appeal is permitted because the decision is binding
A dispute between a registered representative and a member firm is submitted to arbitration. If either party is dissatisfied with the decision an appeal may be filed with FINRA. The correct option is A.
How long do you have to file a complaint with FINRA?According to FINRA Rule 4530(b), a member firm must notify FINRA within 30 calendar days of the time it determines—or reasonably should have determined—that an enumerated violation has occurred.
FINRA investigates complaints made against brokerage firms and their employees through its complaint program. FINRA has the authority to penalize brokers and the businesses they work for. Fines, suspensions, a ban from the securities industry, and other suitable sanctions are all possible sanctions.
Thus, the ideal selection is option A.
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The ability to see organizations as systems is called: A. system decomposition. B. systems thinking. C. organizational analytics. D. algorithmic analysis. E. analytical thinking.
Answer:
B. systems thinking
Explanation:
System thinking refers to thinking in which the person is helped in order to present a system in a broad perspective that involves entire structure, its patters, cycles instead of seeing in only specific events occurred in the system
In the given situation, the capability to view an organization as a system we called as a system thinking and the same is to be considered
Hence, the correct option is b.
Daniele Corporation uses an ABC system with the following three cost pools:Cost Pool Total ActivityFabrication 50,000 Machine HoursOrder Processing 500 OrdersOther Not ApplicableThe company has provided the following data concerning its costs:Wages and Salaries $280,000Depreciation $200,000Occupancy $140,000Total $620,000The distribution of resource consumption across activity cost pools is given below:Fabrication Order Processing Other TotalWages/Salaries 60% 30% 10% 100%Depreciation 20% 35% 45% 100%Occupancy 10% 50% 40% 100%The activity rate for the Fabrication cost pool is:
Answer:
$4.44 per machine hour
Explanation:
The computation of the activity rate for the fabrication cost pool is shown below:
= (Wages and salaries × given percentage + depreciation × given percentage + occupancy × given percentage) ÷ (fabrication hours)
= ($280,000 × 60% + $200,000 × 20% + $140,000 × 10%) ÷ (50,000 machine hours)
= ($168,000 + $40,000 + $14,000) ÷ (50,000 machine hours)
= $4.44 per machine hour
Use the following information to determine the break-even point in units (rounded to the nearest whole unit): Unit sales 58,000 Units Unit selling price $14.90 Unit variable cost $8.30 Fixed costs $194,000
Answer:
29,394 units
Explanation:
The formula for break even point is given as Fixed cost / Contribution margin.
Where;
Contribution margin = Sales per unit - Variable cost per unit
Given that ;
Fixed cost = $194,000
Unit selling price = $14.90
Unit variable cost = $8.30
Therefore;
BEP(units) = $194,000 / $14.90 - $8.30
= $194,000 / $6.6
= 29,394 units
A Question of Ethics—Stare Decisis. On July 5, 1884, Dudley, Stephens, and Brooks—"all able-bodied English seamen"—and a teenage English boy were cast adrift in a lifeboat following a storm at sea. They had no water with them in the boat, and all they had for sustenance were two one-pound tins of turnips. On July 24, Dudley proposed that one of the four in the lifeboat be sacrificed to save the others. Stephens agreed with Dudley, but Brooks refused to consent—and the boy was never asked for his opinion. On July 25, Dudley killed the boy, and the three men then fed on the boy’s body and blood. Four days later, the men were rescued by a passing vessel. They were taken to England and tried for the murder of the boy. If the men had not fed on the boy’s body, they would probably have died of starvation within the four-day period. The boy, who was in a much weaker condition, would likely have died before the rest. [Regina v. Dudley and Stephens, 14 Q.B.D. (Queen’s Bench Division, England) 273 (1884)] (See Common Law Tradition.) 1. The basic question in this case is whether the survivors should be subject to penalties under English criminal law, given the men’s unusual circumstances. You be the judge and decide the issue. Give the reasons for your decision. 2. Should judges ever have the power to look beyond the written "letter of the law" in making their decisions? Why or why not?
Answer:
Considering the first question
As the judge my decision will be to penalize the man under the law for the crime they have committed
because the only justification for taking the life of another is self-defense, and given that the younger man didn't appears as a threat to the stronger man remaining man.
Considering the second question
It is obligation of the court to carry out their activities within the letter of the law.in addition to that for judges they know that the spirit of the law is crucial, so it is the obligation of the a judge to look beyond the letters of law to the intent of the law as it relates to the issues of the case they are settling
Explanation:
"Long Margin Account Market Value: $210,000 Debit Balance: $100,000 If the debit balance in the account is reduced to $90,000, the market value where the account will be at minimum maintenance margin is?"
Answer:
25%
Explanation:
The formula to compute the equity in the long margin account is
long market value - debt = equity
Also we know that the account will be at maintenance if the equity is 25% of the long market value
Here 25% represents the equity so 75% would be debit
And, the drop in the market value is of
= $90,000 ÷ 0.75
= $120,000
So at this point, the equity is $30,000
Now the margin percentage is
= $30,000 ÷ $120,000
= 25%
You determine that you have an increase in inventory of $5,600 at the end of the period. Which of the statements are true?
Answer:
Inventory is tracked by the organization/inventory was received during the period
Explanation:
having an increase in inventory by the end of the accounting year would only mean that new inventory was received during the relevant year. This can only be determined by the organization if there is an inventory management system in place to account for inventory: inventory level, inventory going out and inventory coming in such as inventory sales and orders. Inventory methods include:Economic order quantity, Minimum order quantity.
ABC analysis, Just-in-time inventory management., Safety stock inventory, FIFO and LIFO, Reorder point formula, Batch tracking. There also inventory softwares used by organizations I'm tracking inventory
If the price level falls and the money wage rate does not change, some firms ________ and there is ________.
Answer:
1. shut down;
2. a decrease in the quantity of real GDP supplied
Explanation:
The price level is finance or business term that describes the general price of the cost of commodities; this includes products and services in an economy at a given period.
Hence, in a situation whereby the price level falls and the money wage rate does not change, some firms have to SHUT DOWN and which in turn will lead to "a decrease in the quantity of real Gross Domestic Product supplied."
A supplier has offered to sell the component to Carver for per unit. If Carver buys the component from the supplier, the released facilities can be used to manufacture a product that would generate a contribution margin of annually. Assuming that Carver needs components annually and that the fixed manufacturing overhead is unavoidable, what would be the impact on operating income if Carver outsources?
Answer:
A. Operating income would decrease by $100,000
Explanation:
The computation of the impact on operating income if Carver outsources is shown below:-
Particulars Per unit 3,000 units
Make Buy Make Buy
Direct material 410 1,230,000
Direct labor 110 330,000
Variable manufacturing
overhead 90 270,000
Opportunity cost 20,000
Purchase cost 650 1,950,000
Total cost 1,850,000 1,950,000
Operating income would decrease
= $1,950,000 - $1,850,000
= $10,000
Real-world economies get hit with lots of shocks to aggregate demand and real shocks. Categorize each scenario as an aggregate demand shock or a real shock. How does each shock affect the aggregate demand curve and the long run aggregate supply curve of United States Economy? (i.e., Increase A/D, Decrease A/D, Increase LRAS, Decrease LRAS). a) Steelworkers go on strike, so less steel is produced Select b) A tornado destroys factories in Louisiana. Select c) Consumer optimism increases. Select d) The stock market rallies to 52-week highs increasing consumer wealth.
Answer:
a) Decrease LRAS
b) Decrease LRAS
c) Increase AD
d) Increase AD
Explanation:
steel workers go on strike so less steel is produced : this will cause a decrease in the log run aggregate supply of steel in the economy
A tornado destroys factories in Louisiana.: this will cause a decrease in the log run supply of factory products and by-products in the economy
Consumer optimism increases.leads to an increase in the aggregate demand curve
The stock market rallies to 52-week highs increasing consumer wealth. this will definitely lead to an increase in the aggregate demand curve because with more money to spend the demand curve will increase
An increase in the interest rate A. increases the percentage yield of holding money. B. decreases the opportunity cos
Answer:
increases the opportunity cost of holding money
Explanation:
An increase in the interest rate actually increases the opportunity cost of holding money.
The opportunity cost of holding money is the nominal interest rate. Opportunity cost can be referred to as the interest rate that is forgone on alternative assets. So, when interest rate increases, the opportunity cost of holding money also increases.
The survival of an organization depends on not just how productive the organization is, but also on ________. which products they produce their economy of scale the strength of their competitors their geographic expansion how well they fit in the environment
Answer:
on what they produce, yh
The income statements for Federer Sports Apparel for 2019 and 2018 are presented below Required Prepare a horizontal analysis for 2019 using 2018 as the base year. (Decreases should be indicated with a minus sign. Round your percentage answers to 1 decimal place.)
FEDERER SPORTS APPAR
Income Statement
For the Years Ended December 31
Increase Decrease Year
2019 2018
Amount % Net sales 18,800,000 15,500,000
goods 13,200,000 7,000,000
Gross prof 5,600,000 8,500,000
1,600,000 1,200,000
1,000,000 1,000,000 0
Loss (litigation 1,500,000 300,000
Cost of sold Operating expenses Depreciation expense Inventory 200,000
Answer:
FEDERER SPORTS APPAREL
Income Statement For the Years Ended December 31
Years Increase /(Decrease)
2019 2018 Amount %
Net sales 18,800,000 15,500,000 3,300,000 21.29%
Cost of goods sold 13,200,000 7,000,000 6,200,000 88.57%
Gross profit 5,600,000 8,500,000 (2,900,000) -34.12%
Operating expenses 1,600,000 1,200,000 400,000 33.33%
Depreciation expense 1,000,000 1,000,000 0 0
Inventory write-down 200,000 0 200,000 100%
Loss (litigation) 1,500,000 300,000 1,200,000 400%
Net Income $1,300,000 $6,000,000 (4,700,000) 78.33%
Explanation:
a) Federer Sports Apparel can use horizontal analysis as a technique for analyzing the financial statement changes over a period of time. It is a useful tool for Federer to evaluate its trend situations, using the financial statements of two years with the earlier year serving as the base year (or independent variable) while the latter year is the dependent variable.
A company receives a 10%, 120-day note for $1, 500. The total interest due on the maturity date is:______.a) $50,00. b) $150,00. c) $75,00. d) $37, 50. e) $87, 50.
Answer:a) --A -$50.00
Explanation:
Using days of year = 360 days
Interest due = Principal x rate x period
= $1500 x 10% x 120/360
= $50
The total interest due on the maturity date is:__$50.00___
Leonora Whatley is the head of the marketing research department for a cosmetics manufacturer. Whatley delegates as much authority as possible to her fourteen subordinates although she still retains ultimate responsibility. Whatley manages a _____ department.
Answer:
Decentralised
Explanation:
A decentralised department is when a department where decision making and authority is delegated to mid and lower level staffs by management. This differs from a centralised department where all decisions are taken by the top management.
Advantages of a decentralised department
Decisions are made fasterEmployees have greater autonomyIt relieves some of the burden that top management might feel if they have to make all the decisionsThe high entry barriers in a given industry
Answer:
1. Economies of scale.
2. Capital requirements.
3. Product differentiation.
A formal rotational program makes talent assessment easier for all of the following reasons except:______ A. Change assignments on a pre-determined schedule Short-term operational efficiency B. Observe multiple employees in a similar environment C. Observe an employee in different environments
Answer:
Short-term operational efficiency
Explanation:
A formal rotational program is when employees of a firm are rotated among the different departments in an organisation according to a schedule.
A disadvantage of this program is that the company only gets to observe employees for a short period of time. This time might not be sufficient to determine the talent of the employee in a department. Also, the employee might show efficiency in a particular department in the short term but if left for a longer period, the employee might in fact be inefficient in that department.
In the basic model of dyadic communication, there are three parts. Which of the following is NOT one of the parts?
a. source
b. receiver
c. message
d. transfer agent
You’re the manager of global opportunities for a U.S. manufacturer, who is considering expanding sales into Asia. Your market research has identi-
fied the market potential in Malaysia, Philippines, and Singapore as described next:
Success Level Big Mediocre Failure
Malaysia Probability 0.3 0.2 0.5
Units 1,200,000 384,000 0
Philippines Probability 0.4 0.3 0.3
Units 1,400,000 700,000 0
Singapore Probability 0.1 0.7 0.2
Units 500,000 300,000 0
The product sells for $10 and has unit costs of $8. If you can enter only one market, and the cost of entering the market (regardless of which market you select) is $250,000, should you enter one of these markets? If so, which one? If you enter, what is your expected profit?
Answer:
a) Yes.
b) Philippines
c) Expected profit is $1,540,000
Explanation:
a) Data and Calculations:
Market potential in Malaysia, Philippines, and Singapore as described next:
Success Level Big Mediocre Failure Expected units
Malaysia Probability 0.3 0.2 0.5
Units 1,200,000 384,000 0
Expected units 360,000 76,800 0 436,800
Philippines Probability 0.4 0.3 0.3
Units 1,400,000 700,000 0
Expected units 560,000 210,000 0 770,000
Singapore Probability 0.1 0.7 0.2
Units 500,000 300,000 0
Expected units 50,000 210,000 0 260,000
b) Determination of outcomes:
Malaysia Philippines Singapore
Expected units 436,800 770,000 260,000
Contribution per unit $2 $2 $2
Contribution margin $873,600 $1,540,000 $520,000
Cost of market entrance 250,000 250,000 250,000
Net Income $623,600 $1,290,000 $270,000
What is the future value of $3,400 in 18 years assuming an interest rate of 8.7 percent compounded semiannually?
Answer:
$15,747.34.
Explanation:
The Future Value of the Investment, FV can be determined using a financial calculator as follows :
Pv = - $3,400
n = 18 × 2 = 36
p/yr = 2
r = 8.70 %
Pmt = $0
Fv = ?
Using a Financial calculator, the Future Value of the Investment, FV is $15,747.34.
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following:
1. The specific seven-digit Codification citation (XXX-XX-XX) that contains discussion of the measurement of ending inventory using the lower of cost or net realizable value (LCNRV) rule and the lower of cost or market (LCM) rule.
2. The specific eight-digit Codification citation (XXX-XX-XX-X) that describes the measurement of the ceiling using the lower of cost or market (LCM) rule.
3. The specific eight-digit Codification citation (XXX-XX-XX-X) that describes the measurement of the floor using the lower of cost or market (LCM) rule.
Answer:
FASB ASC 330-10-35
Explanation:
The correct answer to the given question is FASB ASC 330-10-35.
The specific seven digit codification citation for the measurement of ending inventory using lower of cost or net realisable value is FASB ASC 330-10-35. The codification is provided by FASB.
Mistor Co. amended its pension plan on January 2 of the current year. It also granted $600,000 of unrecognized prior service costs to its employees. The employees are all active and expect to provide 2,000 service years in the future, with 350 service years this year. What is Mistor's unrecognized prior service cost amortization for the year?
Answer: $105,000
Explanation:
Given, unrecognized prior service costs granted = $600,000
service years in future = 2,000
service years this year = 350
Mistor's unrecognized prior service cost amortization for the year = (unrecognized prior service costs granted) ÷ (service years in future) ×(service years this year )
= $(600000÷2000×350)
= $105,000
Hence, Mistor's unrecognized prior service cost amortization for the year = $105,000