Answer:
30-Sep-18
Dr Sales revenue 325,600
Cr Income tax expense 10,500
Cr Office expenses 6,300
Cr Rent expense 164,200
Cr Salaries and wages expense 128,700
Retained earnings $15,900
Explanation:
Preparation of the closing entry required at September 30, 2018
30-Sep-18
Dr Sales revenue 325,600
Cr Income tax expense 10,500
Cr Office expenses 6,300
Cr Rent expense 164,200
Cr Salaries and wages expense 128,700
Retained earnings $15,900
(325,600-10,500-6,300-164,200-128,700)
(To record closing entries)
Which of the following is NOT a benefit provided by a stakeholder analysis document?
Select an answer:
You will know who the project stakeholders are.
You can prioritize stakeholders so you make sure to keep the most important ones happy.
You will know the best way to communicate project information to the stakeholders.
You will understand the best way to work with different stakeholders to get results.
Answer:
This is not a benefit provided by a stakeholder analysis document:
You can prioritize stakeholders so you make sure to keep the most important ones happy.
Explanation:
A stakeholder analysis document identifies a project's stakeholders, their participation levels, interests, and influences in the project. It determines the best approach to involve, and therefore, communicate with each stakeholder group. The purpose of the document is not to prioritize stakeholders but to identify the groups.
4.7 Discuss the role that computers play in modern society.
Answer:
Computer roles in education in modern society
Storage of information.
Quick data processing.
Audio-visual aids in teaching.
Better presentation of information.
Access to the Internet.
Quick communication between students, teachers and parents.
Explanation:
Computers make people's lives easier and more comfortable:
they provide opportunities for staying in touch to billions of people who are in different parts of the world.
People can drive computerized cars and work for employers from other countries without even seeing them.
The cash flow data for GM is below Cash dividend..............................................$ 94,000 New PPE........................................................$ 61,000 Interest paid on debt.................................$ 39,000 Sales of old equipment.............................$ 86,000 Repurchase of stock..................................$ 83,000 Cash payments to suppliers...................$ 109,000 Cash collections from customers.........$ 440,000 A) Find the net cash provided by or used in investing activities.
Answer:
the net cash provided by investing activities is $25,000
Explanation:
The computation of the net cash provided by or used in investing activities is shown below
= Sale of old equipment - New PPE
= $86,000 - $61,000
= $25,000
Hence, the net cash provided by investing activities is $25,000
Janbo Company produces a variety of stationery products. One product, sealing wax sticks, passes through two processes: blending and molding. The weighted average method is used to account for the costs of production. After blending, the resulting product is sent to the molding department, where it is poured into molds and cooled. The following information relates to the blending process for August:A. Work in Process on August 1, had 30,000 pounds, 20% complete. Costs associated with partially completed units were:Materials $220,000Direct labor 30,000Overhead applied 20,000B. Work in Process on August 31, had 50,000 pounds, 40% complete.C. Units completed and transferred out totaled 480,000 pounds. Costs added during the month were (all inputs are added uniformly):Materials $5,800,000Direct labor 4,250,000Overhead applied 1,292,500Required:1A. Prepare a physical flow schedule.1B. Prepare an equivalent unit schedule.2. Calculate the unit cost.3. Compute the cost of EWIP and the cost of goods transferred out.4. Prepare a cost reconciliation.5. Suppose that the materials added uniformly in blending are paraffin and pigment and that the manager of the company wants to know how much each of these materials costs per equivalent unit produced. The costs of the materials in BWIP are as follows:Paraffin $120,000Pigment 100,000The costs of the materials added during the month are also given:Paraffin $3,250,000Pigment 2,550,000Prepare an equivalent unit schedule with cost categories for each material.
Answer:
1a. Janbo Company
Physical Flow Schedule
Units to account for:
Units in beginning work in process 30000
Units started 500000
Total units to account for 530,000
Units accounted for:
Units completed 480,000
From ending work in process 50,000
Total units accounted for 530,000
1b. Janbo Company
Schedule of Equivalent Units
Weighted Average Method
Units completed 480,000 100% 480,000
Units in ending work in process 50,000 40% 20,000
Total equivalent units 500,000
2. Particulars Amount Amount
Beginning work in process:
Materials $220,000
Direct labor $30,000
Overhead applied $20,000 $270,000
Cost added during the month
Materials $5,800,000
Direct labor $4,250,000
Overhead applied $1,292,500 $11,342,500
Total cost $11,612,500
Equivalent cost per unit = Total cost/Total equivalent units
Equivalent cost per unit = $11,612,500/500,000
Equivalent cost per unit = $23.225
3. Ending work in process= 20000 * $23.225 = 464500
Goods transferred out = 480000 * $23.225 = 11148000
4. Janbo Company
Cost Reconciliation
Costs to account for:
Beginning WIP 270000
August costs 11342500
Total to account for 11,612,500
Costs accounted for:
Transferred out 11,148,000
Ending WIP 464,500
Total costs accounted for 11,612,500
Communicating Negative News EffectivelyAt some point, everyone will have to deliver bad news. The bad feelings associated with this type of message can be alleviated if the receiver knows the reason for the bad news, feels the news is revealed sensitively, thinks the matter is treated seriously, and believes that the decision is fair. When applying these strategies, make sure to follow the writing process and determine whether to use a direct or an indirect pattern in your message. Read the following scenario:Your company started using shipping company two months ago. During your short relationship with a new the company, you notice that it regularly inflates its shipping rates, fails to meet scheduled deliveries, and loses packages. You decide to write a letter to them ending the business relationship. 1. What are your goals when responding to the previous scenario? A. To encourage follow-up correspondence from the receiver. B. To ensure that the company knows you are angry.C. To convey fairness.D. To avoid creating legal liability for your company.E. To make the receiver understand the bad news.2. Staying calm and using polite language while offering a clear explanation of why the negative message was necessary helps the sender to:___.A. Limit legal liability.B. Be firm in their decision.C. Project a professional image.D. Avoid apologizing.
Answer:
Communicating Negative News Effectively
1. The goals when responding to the previous scenario is:
E. To make the receiver understand the bad news.
2. Staying calm and using polite language while offering a clear explanation of why the negative message was necessary helps the sender to:___
D. Avoid apologizing.
Explanation:
To effectively communicate negative news to a recipient, the sender needs to clarify her goal. The goal is the purpose that she wants to achieve through the communication. There are many goals one can pursue when delivering negative news. They include avoiding further clarification, legal liability, or erroneous admission of guilt, maintaining relationships, reducing tensions, and achieving the intended outcome.
Statement of Owner's Equity Zack Gaddis owns and operates Gaddis Advertising Services. On January 1, 20Y3, Zack Gaddis, Capital had a balance of $186,000. During the year, Zack invested an additional $9,300 and withdrew $65,100. For the year ended December 31, 20Y3, Gaddis Advertising Services reported a net income of $89,800.
Prepare a statement of owner's equity for the year ended December 31, 20Y3. Use the minus sign to indicate negative values.
Answer:
Zack Gaddis
Statement of owner's equity for the year ended December 31, 20Y3
Capital Retained Earnings Total
Beginning of the Year :
Opening Balance $186,000 - $186,000
During the year :
Additional Capital $9,300 - $9,300
Drawings ($65,100) - ($65,100)
Net Income - $89,800 $89,800
At the end of the year $130,200 $89,800 $220,000
Explanation:
The statement of owner's equity for the year ended December 31, 20Y3 is prepared as above.
Sheffield Corp. includes one coupon in each bag of dog food it sells. In return for eight coupons, customers receive a leash. The leashes cost Sheffield $4 each. Sheffield estimates that 45 percent of the coupons will be redeemed. Data for 2020 and 2021 are as follows:______.
2020 2021
Bags of dog food sold 480000 620000
Leashes purchased 19000 24000
Coupons redeemed 110000 130000
The premium liability at December 31, 2015 is?
Answer: $108875
Explanation:
First, we calculate the Premium liability at December 31, 2020 which will be:
= (480,000 × 45%) - $110,000/8 × 4
= (216000 - 110000)/8 × 4.
= $53000.
Premium liability at December 31, 2021 will be:
= 53000 + [(620000 × 45%) - $130,000]/8 × 3
= 53000 + 55875
= $108875
One of the four major time value of money terms; the amount to which an individual cash flow or series of cash payments or receipts will grow over a period of time when earning interest at a given rate of interest.
a. True
b. False
Answer:
true
Explanation:
XYZ company sells wooden carvings for $300 each. The direct materials cost per unit is $160 and the direct labor per unit is 2 hours at a rate of $26 per hour. Manufacturing overhead (all fixed costs) is applied based on labor hours at a rate of $36 per hour. XYZ makes and sells 1,000 units per period. How many units must XYZ sell to breakeven
Answer:
818 units
Explanation:
Unit Contribution margin
= 300 - 160 - (2 × $26)
= $88
Fixed cost period
= (2 × $36) × 1,000 units
= $72,000
Break even = Fixed cost / Contribution margin
Break even = $72,000 / $88
Break even = 818 units
Therefore, XYZ company must sell 818 units to break even.
what is businesss?explain with examples
Answer:
Explanation:
a person's regular occupation, profession, or trade which he/she is doing regularly in his/her daily life.
If in the textile markets we know that two brands, X and Z, are substitutes. Suppose that the supply of X increases and, at the same time, the supply of the Z decreases. Other things being equal, what would be the expectations for the change in the equilibrium quantities in the two markets
Answer:
Equilibrium quantity of X increases and that of z decreases.
Explanation:
If two goods are substitutes then 1 can be used in the place of the other. As supply of Z falls, we would have market demand to be greater than supply. This brings about a price rise. The price rise will make consumers of Z to want it less and opt for a cheaper good X. Increase in the demand for X causes its supply to rise in the market.
So we would have increase in equilibrium quantity of X and that of Z would fall.
TeaForMe is a tea company that considered branching out into the snack food business. The TeaForMe team offered many new ideas such as flavored chips or paleo cookies. After much discussion, the team eliminated the chips and the cookies because they were inconsistent with the organization's new-product strategy, which was to develop new flavors of tea. In the new-product development process, the TeaForMe company is in the _______ stage.
Answer:
In the new-product development process, the TeaForMe company is in the idea screening stage
Explanation:
The new-product development process has 8 stages that are:
-Idea generation: is when the company looks for new ideas.
-Idea screening: the company evaluates the ideas and filters them to drop the bad ones and pick the good ones.
-Concept development and testing: is when the company develops and evaluates the product concept.
-Marketing strategy: the company creates the marketing strategy to introduce the product to the market.
-Business analysis: the company evaluates if the idea is a good business.
-Product development: is when the concept is developed into a physical product.
-Test marketing: the company evaluates the product and the marketing strategy in the market.
-Commercialisation: this refers to launching the product to the market.
According to this, the answer is that in the new-product development process, the TeaForMe company is in the idea screening stage because they generated a new idea an then, evaluated that idea and decided to drop it because it was inconsistent with the organization's new-product strategy.
Your firm designs PowerPoint slides for computer training classes, and you have just received a request to bid on a contract to produce the slides for an eight-session class. From previous experience, you know that your firm follows an 85 percent learning rate. For this contract, it appears the effort will be substantial, running 50 hours for the first session. Your firm bills at the rate of $100/hour and the overhead is expected to run a fixed $600 per session. The finder will pay you a flat fixed rate per session. If your nominal profit margin is 20 percent, what will be the total bid price, the per session price, and at what session will you break even
Answer:
Answer is explained in the explanation section below.
Explanation:
To figure out the total bidding price, we must first figure out the total cost of all eight sessions.
To calculate the total expense, we must first determine the total number of hours required for each of the eight sessions.
Now that we know the learning rate is 85% and the first session took 50 hours, we can look up the coefficient of 8 under 85% in the learning curve table E3 and calculate it by the time spent on the first session. The average time taken for 8 sessions with an 85 percent learning curve would be the result.
Total time taken for 8 sessions = 50 x 5.936 (coefficient of 8 under 85% learning rate) = 296.8 = 297 hrs
Fixed cost = 600 x 8 = $4800
Variable cost = 100 x 297 = $29700
Total Cost = 29700 + 4800 = $34500
Total bid price = 34500 x 1.2 = $41400 (adding 20% profit margin on cost)
Price per session = 41400 / 8 = $5175
Break Even Session = 34500 / 5175
Break Even Session = 6.67
Hence, the total cost will be covered by the 7th session.
The conclusion details as below :
To know about the total bidding prices firstly we should know about the total cost of all the session.
We should know the number of hours provided to each Session .
As we all know the learning rates is 85% and the first beginning session took 50hrs, we can look up the coefficient of 8 under 85% in the learning curve table E3 and calculate it by the time spent on the first session
Total time taken for 8 sessions = 50 x 5.936 (coefficient of 8 under 85% learning rate) = 296.8 = 297 hrs
Fixed cost = 600 x 8 = $4800
Variable cost = 100 x 297 = $29700
Total Cost = 29700 + 4800 = $34500
Total bid price = 34500 x 1.2 = $41400 (adding 20% profit margin on cost)
Price per session = 41400 / 8 = $5175
Break Even Session = 34500 / 5175
Break Even Session = 6.67
So as per the above calculation , the cost will be covered by
the 7th Session.
For more information please refer the below link :
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commercial bank definition in your own words.
Answer:
The term commercial bank refers to a financial institution that accepts deposits, offers checking account services, makes various loans, and offers basic financial products like certificates of deposit (CDs) and savings accounts to individuals and small businesses.
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31
Cash balance according to company’s records $11,100
Add: Outstanding checks $3,585
Error by Chesner Co. in recording Check No. 1056 as $950 instead of $590 360
Note for $12,000 collected by bank, including interest 12,480 16,425
$27,525
Deduct: Deposit in transit on August 31 $7,200 Bank service charges 25 7,225
Cash balance according to bank statement $20,300
Required:
a. From the data prepared by the accounting clerk, prepare a new bank reconciliation for Chesner Co.,
b. If a balance sheet were prepared for Chesner Co. on July 31, 2016, what amount should be reported for cash?
Answer:
See below
Explanation:
Chesner Co.
Bank reconciliation statement
a.
Cash balance according to bank statement
$20,300
Add:
Deposit in transit on July 31
$7,200
Deduct:
Outstanding checks
($3,585)
Balance
$3,615
Adjusted balance
$23,915
Cash balance according to company's record
$11,100
Add:
Error in recording check no
1056 as $950 instead of $590
$360
Note for $12,000 collected by bank including interest
$12,480
Deduct:
Bank service charge
($25)
Balance
$12,815
Adjusted balance
$23,915
b. The amount that should be reported as cash if a balance sheet were prepared for Chesner Co. on July 31, 2016 is $23,915
It is better to ___ than to ___.
A. pay with a credit card; use cash
B. pay down a credit card; save the money
C. save the money, pay off a credit card
D. use cash; save the money
Answer:
It is better to pay down a cred card than to save the money.
Or B
Explanation: I just took the quiz.
It is better to "save the money, pay off a credit card" than to "use cash". The correct option is C.
Why is it important to save money early?The first step toward financial independence is saving money. The sooner children and teenagers begin saving, the more probable it is that it will become a habit. Children and teenagers can benefit from compound interest by saving frequently and early. Finding ways to generate additional money might help kids and teenagers increase their savings.
This is because paying off a credit card debt can help reduce overall debt and save money in the long term by avoiding high-interest charges. On the other hand, using cash may provide a sense of security and control over spending, but it does not necessarily address existing debt or help build credit history.
Thus, the ideal selection is option C.
Learn more about saving money here:
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The total sales of a product, by all competitors in the industry, is:____.a. highest in the introduction stage.b. lowest in the market maturity stage.c. highest in the sales decline stage.d. lowest in the market growth stage.e. lowest in the market introduction stage.
Answer:
The total sales of a product, by all competitors in the industry, is:____
e. lowest in the market introduction stage.
Explanation:
The product life cycle refers to the time period when a product is first introduced to a market until it exits the market. There are four main stages in a product life cycle. They include introduction, growth, maturity, and decline. It is during the introduction phase that the total sales are lowest. The low sales are witnessed again during the latter stage of decline. The highest sales are achieved during the maturity stage.
Harrison Forklift's pension expense includes a service cost of $26 million. Harrison began the year with a pension liability of $46 million (underfunded pension plan).
1. Interest cost, $7; expected return on assets, $20; amortization of net loss, $6.
2. Interest cost, $22; expected return on assets, $16; amortization of net gain, $6.
3. Interest cost, $22; expected return on assets, $16; amortization of net loss, $6; amortization of prior service cost, $7 million.
Required:
Prepare the appropriate general journal entries to record Harrison's pension expense in each of the above independent situations regarding the other components of pension expense ($ in millions).
Answer:
1. ($ in millions)
Dr Pension expense $19
Dr Plan assets (expected return on assets) $20
Cr PBO$33
Cr Net loss—AOCI(current amortization) $6
2. ($ in millions)
Dr Pension expense $26
Dr Plan assets (expected return on assets) $16
Dr Net gain—AOCI(current amortization) $6
Cr PBO $48
3. ($ in millions)
Dr Pension expense $45
Dr Plan assets (expected return on assets) $16
Cr PBO $48
Cr Net loss—AOCI(current amortization) $6
Cr Prior service cost (current Amortization) $7
Explanation:
Preparation of the appropriate general journal entries to record Harrison's pension expense
1. ($ in millions)
Dr Pension expense $19
($33+$6-$20)
Dr Plan assets (expected return on assets) $20
Cr PBO($26 service cost + $7 interest cost) $33
Cr Net loss—AOCI(current amortization) $6
2. ($ in millions)
Dr Pension expense $26
($48-$16-$6)
Dr Plan assets (expected return on assets) $16
Dr Net gain—AOCI(current amortization) $6
Cr PBO($26 service cost + $22 interest cost) $48
3. ($ in millions)
Dr Pension expense $45
($48+$6+$7-$16)
Dr Plan assets (expected return on assets) $16
Cr PBO($26 service cost + $22 interest cost) $48
Cr Net loss—AOCI(current amortization) $6
Cr Prior service cost (current Amortization) $7
At Beleza Natural, one of the steps of the process is drying and styling, which include having cut and/or colored. 35% of the clients had their hair cut, which took an average of 20 min. Hairdresser spent 10 minutes with the customer while coloring the hair and only 15% of the customers chose to have their hair colored. Drying and styling the hair took 10 min on average and all the customers requested drying and styling. What is the expected activity time for this step of the process in Beleza Natural
Answer:
18.50 minutes
Explanation:
cutting and drying/styling
= 20 + 10 = 30 minutes
percentage = 35%
= 30 * 0.35 = 10.50
coloring and styling/drying
= 10 + 10 = 20 minutes
percentage = 15 percent
0.15 * 20 = 3.00
only dryind and styling
time = 10 minutes
probability = 1 - 0.15+0.35 = 0.50
0.50 * 10 = 5.00
the expected activity time for this process = 10.50 + 5.00 + 3.00
= 18.50
Everything Looks Like a Nail, Inc is a manufacturing company that produces hammers. The company faces a number of fixed and variable costs in the short run. Determine which of the costs below are examples of fixed costs or examples of variable costs by placing them in the correct category. Assume the company cannot easily adjust the amount of capital it uses.Fixed Costs Variable Costsa. interest rate on current debtb. regulatory compliance costsc. annual salaries of top managementd. cost of metal used in manufacturinge. cost of wood used in manufacturingf. postage and packaging costsg. lease on buildingh. industrial equipment costs
Answer:
Fixed costs do not depend on the level of output. They are therefore paid regardless of production.
Variable costs are only incurred as production goes on.
Fixed cost
a. Interest rate on current debt
b. Regulatory compliance costs
c. Annual salaries of top management
g. Lease on building
h. Industrial equipment costs
Variable Costs
d. Cost of metal used in manufacturing
e. Cost of wood used in manufacturing
f. Postage and packaging costs
Quantity of Flower A Total Utility Marginal Utility Quantity of Flower B Total Utility Marginal Utility 1 16 16 1 30 30 2 30 14 2 46 16 3 42 12 3 61 15 4 52 10 4 75 14 5 60 8 5 88 13 6 66 6 6 100 12 7 70 4 7 111 11 Your mother needs help deciding how many of two kinds of flowers to purchase for a bouquet she is making. She wants to purchase two kinds of flowers: Flower A and Flower B. If the price of Flower A is $2 and the price of Flower B is $3, how many of Flower A should your mother purchase for her bouquet to maximize her utility if she can spend at most $17 on flowers
Answer:
she should buy 4 As and 3 Bs
Explanation:
utility per dollar
flower A flower B total money spent
1 flower 8 10 $5
2 flowers 7.5 7.67 $10
3 flowers 7 6.78 $15
4 flowers 6.5 $17
total 29 24.45 $17
You run a hospital with 100 rooms. Fixed daily cost is $2000 which includes staff salary, property charges, maintenance etc. Variable cost per room is $10 which includes cleaning, equipment rentals, utility cost etc. which is incurred only when the room is full. You charge $50 per room per day. You sold 30 rooms today, how much profit/loss did you earn.
Answer:
lost $800
profit per room is 50-10= 40 per full room. 30 rooms at 40 each is $1200. fixed cost is $2000, $800 more than the days revenue
A company has two departments, Y and Z that incur wage expenses. An analysis of the total wage expense of $24,000 indicates that Dept. Y had a direct wage expense of $3,000 and Dept. Z had a direct wage expense of $5,000. The remaining expenses are indirect and analysis indicates they should be allocated evenly between the two departments. Departmental wage expenses for Dept. Y and Dept. Z, respectively, are:
Answer:
$11,000;$13,000
Explanation:
Calculation for Departmental wage expenses for Dept. Y and Dept. Z, respectively, are:
First step is to calculate the Indirect wages
Indirect wages = 24,000 - (3000+5000)
Indirect wages= 16,000
Now let calculate Departmental wage expenses for Dept. Y and Dept. Z, respectively,
Departmental wages for dept Y
= 3000 + (16,000/2)
Departmental wages for dept Y=$ 11,000
Departmental wages for dept Z
= 5000 + (16,000/2)
Departmental wages for dept Z= $13,000
Therefore Departmental wage expenses for Dept. Y and Dept. Z, respectively, are:$11,000 ; $13,000
The manager of the main laboratory facility at Center is interested in being able to predict the overhead costs each month for the lab. The manager believes that total overhead varies with the number of lab tests performed but that some costs remain the same each month regardless of the number of lab tests performed. The lab manager collected the following data for the first seven months of the year. Number of Lab Total Laboratory Tests Performed Overhead CostsMonth January 2,700 $22,900February 2,500 $23,500March 3,500 $29,800 April 4,000 $32,500May 4,600 $31,100 June 2,250 $22,000 July 2,000 $19,100 1. Use the high-low method to determine the laboratory's cost equation for total laboratory overhead. Use your results to predict total laboratory overhead if 3,200 lab tests are performed next month.2. Use the high-low method to determine UrbanFit's operating cost equation.
Answer:
Total cost= 9,871 + 4.615*x
x=number of lab tests
Explanation:
To calculate the variable and fixed costs using the high-low method, we need to use the following formulas:
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (31,100 - 19,100) / (4,600 - 2,000)
Variable cost per unit= $4.615
Fixed costs= Highest activity cost - (Variable cost per unit * HAU)
Fixed costs= 31,100 - (4.62*4,600)
Fixed costs= $9,871
Fixed costs= LAC - (Variable cost per unit* LAU)
Fixed costs= 19,100 - (4.615*2,000)
Fixed costs= $9,870
Total cost= 9,871 + 4.615*x
x=number of lab tests
Answer:
you need to use exel to find the awnser
Explanation:
High Country, Inc., produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May, the first month of the plant’s operation: Beginning inventory 0 Units produced 47,000 Units sold 42,000 Selling price per unit $ 84 Selling and administrative expenses: Variable per unit $ 4 Fixed (per month) $ 560,000 Manufacturing costs: Direct materials cost per unit $ 17 Direct labor cost per unit $ 7 Variable manufacturing overhead cost per unit $ 3 Fixed manufacturing overhead cost (per month) $ 893,000
Management is anxious to assess the profitability of the new camp cot during the month of May.
Required:
1. Assume that the company uses absorption costing.
a. Calculate the unit product cost.
b. Prepare an income statement for May.
2. Assume that the company uses variable costing.
a. Calculate the unit product cost.
b. Prepare a contribution format income statement for May.
Answer:
Results are below.
Explanation:
The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
Unitary product cost= 17 + 7 + 3 + (893,000 / 47,000)
Unitary product cost= 27 + 19
Unitary product cost= $46
Now the income statement:
Sales= 42,000*84= 3,528,000
COGS= (42,000*46)= (1,932,000)
Gross profit= 1,596,000
Total Selling and administrative expenses= (42,000*4) + 560,000= (728,000)
Net operating profit= 868,000
The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead).
Unitary variable product cost= 17 + 7 + 3
Unitary variable product cost= $27
Now, the income statement:
Sales= 3,528,000
Total variable cost= 42,000*(27 + 4)= (1,302,000)
Total contribution margin= 2,226,000
Total fixed manufacturing cost= (893,000)
Total Selling and administrative expenses= (560,000)
Net operating profit= 773,000
what are the intermediaries of netflix
What is the price today (in dollars and cents) of a 20-year zero coupon bond if the required rate of return is 6.95%. The bond face value is $1000. $ Place your answer in dollars and cents. You should set your calculator for at least four decimal places of accuracy. I'll remind you of this from time to time but this is a working rule throughout the semester. Do not include a dollar sign or comma in your answer. This is another rule that I'll remind you of but should be a working rule throughout the semester.
Answer:
Bond Price - Zero Coupon Bond = 260.8460 rounded off to 260.85
Explanation:
A zero coupon bond is a kind of bond which pays no periodic interest of coupon payments. Instead it is offered at a discount and it pays the par/face value at maturity. The difference between the par/face value and the issue price is the interest rate which is embedded in price of the bond. Thus, the formula to calculate the price of a zero coupon bond is as follows,
Bond Price - Zero Coupon Bond = Face Value / (1+r)^n
Where,
r is the required rate of returnn is the number of periods till maturityBond Price - Zero Coupon Bond = 1000 / (1+0.0695)^20
Bond Price - Zero Coupon Bond = 260.8460 rounded off to 260.85
On January 1, 2017 Preibus acquired 100 % of Spicer. This acquisition was not a bargain purchase. On the date of acquisition, Spicer's Equipment had a net book value of 1,600,000 and a fair value of 1,723,000. Preibus determined that Spicer's equipment had a remaining life of 5 years at the date of acquisition. What is the consolidation adjustment (in addition to adding the two trial balance amounts together) that must be made to the Equipment account when preparing consolidated statements for Preibus as of 12/31/2017
Answer:
Dr Investment in Spicer $123,000
Cr Equipment $123,000
Dr Equipment $24,600
Cr Depreciation expense $24,600
Explanation:
Preparation of the consolidation adjustment that must be made to the Equipment account when preparing consolidated statements for Preibus as of 12/31/2017
Dr Investment in Spicer $123,000
Cr Equipment $123,000
(1,600,000-1,723,000)
(To record the equipment at their fair value)
Dr Equipment $24,600
Cr Depreciation expense $24,600
($123,000/5 years)
(To record excess Depreciation charged on overvalued Equipment)
se the information below for Harding Company to answer the question that follow. Harding Company Accounts payable $36,681 Accounts receivable 60,524 Accrued liabilities 6,727 Cash 24,556 Intangible assets 40,334 Inventory 71,626 Long-term investments 90,463 Long-term liabilities 79,713 Marketable securities 32,237 Notes payable (short-term) 25,302 Property, plant, and equipment 627,557 Prepaid expenses 2,404 Based on the data for Harding Company, what is the amount of quick assets
Answer:
See below
Explanation:
With regards to the above,
Computation of quick assets is shown below
Quick assets = Account receivable + cash + marketable securities
= $60,524 + $24,556 + $32,237
= $117,317
Mark Johnson saves a fixed percentage of his salary at the end of each year. This year he saved $3,000. For each of the next 5 years, he expects his salary to increase at an 4% annual rate, and he plans to increase his savings at the same 4% rate. There will be a total of 6 investments, the initial $3,000 plus five more. If the investments earn a return of 9% per year, how much will Mark have at the end of six years?
Answer:
Mark Johnson
At the end of six years, Mark will have:
= $26,945.
Explanation:
a) Data and Calculations:
Savings for the first year = $3,000
Annual rate of salary and savings increase = 4%
Interest rate = 9%
Savings for Year 2 = $3,120 ($3,000 * 1.04)
Savings for Year 3 = $3,245 ($3,120 * 1.04)
Savings for Year 4 = $3,375 ($3,245 * 1.04)
Savings for Year 5 = $3,510 ($3,375 * 1.04)
Savings for Year 6 = $3,650 ($3,510 * 1.04)
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Savings $3,000 $3,120 $3,245 $3,375 $3,510 $3,650
FV factor 1.677 1.539 1.412 1.295 1.188 1.090
FV = $5,031 $4,802 $4,592 $4,371 $4,170 $3,979
Total FV = $26,945
Total principal contribution = $19,900
Total interest = $7,045