Answer:
B) $472,087 million
Explanation:
The computation of the year 2 inventory is shown below
= LIFO inventory + LIFO reserve
= 468,611 + $3,476
= $472,087 million
We simply added the lifo inventory and lifo reserve of year 2 in order to determine the year 2 inventory
Hence, the correct option is B.
Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Account Titles Debit Credit Cash $ 42,000 Accounts receivable 11,600 Supplies 900 Prepaid insurance 800 Service trucks 19,000 Accumulated depreciation $ 9,200 Other assets 8,300 Accounts payable 3,000 Wages payable Income taxes payable Note payable (3 years; 10% interest due each December 31) 17,000 Common stock (5,000 shares outstanding) 400 Additional paid-in capital 19,000 Retained earnings 6,000 Service revenue 61,360 Remaining expenses (not detailed; excludes income tax) 33,360 Income tax expense Totals $ 115,960 $ 115,960 Data not yet recorded at December 31 included: The supplies count on December 31 reflected $300 in remaining supplies on hand to be used in the next year. Insurance expired during the current year, $800. Depreciation expense for the current year, $3,700. Wages earned by employees not yet paid on December 3, $640. Income tax expense, $5,540.
Data not yet recorded at December 31 included:_____.
The supplies count on December 31 reflected $300 in remaining supplies on hand to be used in the next year.
Insurance expired during the current year, $800.
Depreciation expense for the current year, $3,700.
Wages earned by employees not yet paid on December 3, $640.
Income tax expense, $5,540.
Problem: Prepare an income statement and a classified balance sheet that include the effects of the preceding five transactions.
Answer:
try your best and try hard don't matter what
Your firm expects sales of $672,500 next year. The profit margin is 4.6 percent and the firm has a dividend payout ratio of 15 percent. What is the projected increase in retained earnings
Answer:
$26,294.8
Explanation:
Total expects sales at Next years = $672,500
The profit margin =4.6 percent
For the profit margin of expects sales at Next years= (4.6/100 ×$672,500)
= $30,935
dividend payout ratio =15 percent
distributed dividends= (15/100× $30,935)
= $26,294.75
the projected increase in retained earnings= difference between the profit margin of expects sales at Next years and distributed dividends
= ($30,935 - $4,640.25)
= $26,294.8
Lego Group in Bellund, Denmark, manufactures Lego toy construction blocks. The company is considering two methods for producing special-purpose Lego parts. Method 1 will have an initial cost of $360,000, an annual operating cost of $130,000, and a life of 3 years. Method 2 will have an initial cost of $760,000, an operating cost of $130,000 per year, and a 6-year life. Assume 13% salvage values for both methods. Lego uses an MARR of 13% per year.
Required:
a. Which method should it select on the basis of a present worth analysis?
b. If the evaluation is incorrectly performed using the respective life estimates of 3 and 6 years, will Lego make a correct or incorrect economic decision? Explain your answer.
Answer:
a) method 1 has a lower present worth, so it should be selected.
b) in order to properly compare both projects, we must assume that method 1 will be repeated at he end of year 3. That way both projects will have the same life span.
Explanation:
we must first determine the equivalent cash flows:
method 1 method 2
initial outlay -360,000 -760,000
cash flow year 1 -130,000 -130,000
cash flow year 2 -130,000 -130,000
cash flow year 3 -443,200 -130,000
cash flow year 4 -130,000 -130,000
cash flow year 5 -130,000 -130,000
cash flow year 5 -83,200 -31,200
the present worth of method 1 = -$1,074,266
the present worth of method 2 = -$1,232,226
Ethnocentric managers believe that their native country, culture, language, and behavior need to be changed. are equal to all other cultures. make them citizens of the world. are hurtful to others. are superior to all others.
Answer:
are superior to other cultures.
Explanation:
Ethnocentrism is the belief that indigenous culture, customs, and way of life are more important than other cultures. Ethnographers believe that their own culture, country, language and all other characteristics are superior to other cultures.so correct answer are superior to other cultures.Thomlin Company forecasts that total overhead for the current year will be $15,000,000 with 300,000 total machine hours. Year to date, the actual overhead is $16,000,000 and the actual machine hours are 330,000 hours. If Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is
Answer:
$50,000 overapplied
Explanation:
The computation of the overhead is shown below:
The predetermined overhead rate is
= $15,000,000 ÷ 3,000,0000 machine hours
= $50
Now the applied overhead is
= $50 × 330,000 hours
= $16,500,000
Now the overapplied overhead is
= $16,500,000 - $16,000,000
= $50,000 overapplied
Convertible bonds are:________.
I. options attached to bonds that give the bondholder the right to purchase stock at a preset price without giving up the bond.
II. bonds in which the issue matures (converts) a little each year.
III. bonds collateralized with certain types of automobiles.
IV. bonds that may be converted to a certain number of shares of stock determined by the conversion ratio.
Answer: bonds that may be converted to a certain number of shares of stock determined by the conversion ratio.
Explanation:
Convertible bonds are simply refered to as the bonds that which despite the fact that they yield interest payments, such bonds can be converted into either equity shares or common stock. This is done based on the bondholder's discretion.
Convertible bonds are bonds that may be converted to a certain number of shares of stock determined by the conversion ratio.
Melinda is excited about working on her financial plan. She has taken the time to look at all of her current resources, accounts, and investments. She also has identified some short- and long-term financial goals. What should Melinda do NEXT to continue her steps in the financial planning process?
Answer:
Melinda should save and invest for the short term as well as long term goal as she planned.
Explanation:
Financial planning is very important for a stable future in terms of finance and monetary matters. Financial planning may be defined as the process that will reduce the stress about the finances, helps to support the current needs. It also helps to build or save money for a long term goal. Financial planning is very important as it allows one to make the most use of one's assets, and also ensures one to meet their future goals.
In the context, Melinda is making a financial plan. She had looked over all her her current resources and investments and also made some long term and short term goal which will help her better plan for the future.
Once Melinda had identified her goal, she needs to act on it as soon as possible and contribute or save some money according to the plans. She should invest in the plans in order to support her long term goals.
Answer:
its A decide what her biggest financial risks are\
Explanation:
When OSHA was enacted in 1970, it was heralded as the most important new source of protection for the U.S. worker in the second half of the twentieth century. From the information in this chapter, what is your opinion about the effectiveness or the ineffectiveness of the act? Should it be expanded, or it should businesses have more freedom to determine safety standards for their workers?
Explanation:
This act OSHA is effective in the establishment of safety and health standards in businesses. Without this act there would be unsafe working conditions for employees in some companies.
The act is ineffective because of the political administration of the day. A new administration may decide to increase the budget, while another may decide to cut it. There is no standard budget for OSHA.
I do not think the act should be expanded. But it does need an amendment which should follow technological advancements.
Although this act has set safety guidelines for companies to follow, so as to make sure that workers are safe where they work, I believe that companies, businesses, should be allowed to some extents to set safety standards for their workers above that of OSHA.
name any two money associated instruments??
Answer:
discount window and swaps
Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory.Feb. 2 Wrote a $350 check to establish a petty cash fund.5 Purchased paper for the copier for $16.55 that is immediately used.9 Paid $38.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory.12 Paid $7.25 postage to deliver a contract to a client.14 Reimbursed Adina Sharon, the manager, $74 for mileage on her car.20 Purchased office paper for $68.77 that is immediately used.23 Paid a courier $19 to deliver merchandise sold to a customer, terms FOB destination.25 Paid $10.40 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory.27 Paid $55 for postage expenses.28 The fund had $25.95 remaining in the petty cashbox. Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures.28 The petty cash fund amount is increased by $90 to a total of $440.
Answer:
Feb 2:
Petty Cash (Dr.) $350
Cash (Cr.) $350
Feb 28:
Petty Cash (Dr.) $90
Cash (Cr.) $90
Explanation:
Petty Cash Payments Report (February):
Feb 5 Purchased paper $16.55
Feb 9 Shipping Charges $38.50
Feb 12 Postage expense $7.25
Feb14 Reimbursement of mileage to Adina Sharon $74
Feb 23, Delivery of Customer Merchandise $19
Feb 25 Shipping charges $10.40
Feb 27 Postage expense $55
Total : $220.70
Prepare an amortization schedule for a three-year loan of $114,000. The interest rate is 11 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan?
Answer:
$1254.000 loan
Explanation:
hope help keep learning
Jerome has insignificant influence of Melina Corporation because it owns less than 20% of the voting stock. The cost of the Melina stock is $5,000 and has a fair value of $6,000 on December 31 at the end of the first year it held the securities. Complete the necessary adjusting entry selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
Answer:
Dec 31
Dr Fair value adjustment - stock $1,000
Cr Unrealized gain - Income $1,000
Explanation:
Preparation of the necessary adjusting entry
Based on the information given if The cost of the Melina stock was the amount of $5,000 in which it has a fair value of the amount of $6,000 on December 31 which means that the necessary adjusting entry will be :
Dec 31
Dr Fair value adjustment - stock $1,000
Cr Unrealized gain - Income $1,000
($6,000 - $5,000)
A team made up of employees from about the same hierarchical level, but different
functional areas of an organization is called a:
O A. cross-functional team
There are different kinds of team. A team made up of employees from about the same hierarchical level, but different functional areas of an organization is called a cross-functional team.
Cross-functional teams are known to be a kind of team that is made up of members who has different areas of expertise but they share a common goal.
This teams is composed of employees that arise from about the same hierarchical level but they have different work areas but they do come together to accomplish a task.
Example are; marketing, product, sales, customer success etc.
Learn more about Teams from
https://brainly.com/question/1490525
Assume that the price of a pizza at your local pizza parlor is $12. Illustrate what happens to producer surplus if the price falls from $12 to $6. First indicate the producer surplus lost by those sellers that leave the market because of this lower price. Label this A. Then indicate the decrease in producer surplus lost to those sellers that continue to sell pizza at the lower price. Label this B.
Answer:
attached below
Explanation:
Initial price of pizza at local parlor = $12
new price of pizza = $6
a) Product surplus = area above supply curve and below price ( A )
b) Decrease in producer surplus lost to sellers that continue selling pizza at lower price is represented with B
Which of the following statements about the W-2 form is TRUE?
1.AW-2 lists all the money you earned in cash over the last year
2. You need a separate W-2 form from EACH of your employers in order to file your taxes
3.The W-2 includes information about the interest you earned from your investments
4.The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-2 form
Answer:
I believe it it the second option.
Explanation:
Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $28,000; factory rent, $40,000; factory utilities, $25,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $700,000 cash in April. Costs of the three jobs worked on in April follow.
Job 306 Job 307 Job 308
Balances on March 31
Direct materials $31,000 $42,000
Direct labor 21,000 17,000
Applied overhead 10,500 8,500
Costs during April
Direct materials 132,000 210,000 $100,000
Direct labor 103,000 153,000 102,000
Applied overhead ? ? ?
Status on April 30 Finished (sold) Finished (unsold) In process
Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31).
a. Materials purchases (on credit).
b. Direct materials used in production.
c. Direct labor paid and assigned to Work in Process Inventory.
d. Indirect labor paid and assigned to Factory Overhead.
e. Overhead costs applied to Work in Process Inventory.
f. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash.)
g. Transfer of Jobs 306 and 307 to Finished Goods Inventory.
h. Cost of goods sold for Job 306.
i. Revenue from the sale of Job 306.
j. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.)
Answer:
Marcelino Co.
a. Total materials purchases = $530,000
b. Direct materials used in production:
Beginning balance of direct materials = $73,000
Current direct materials used = 442,000
Total materials used in production = $515,000
c. Direct labor paid and assigned to Work in Process Inventory:
Job 307 Job 308 Total
Beginning Direct labor $17,000 $17,000
Current Direct labor 153,000 $102,000 255,000
Total Direct labor $170,000 $102,000 $272,000
d. Indirect labor paid and assigned to Factory Overhead:
Indirect labor $28,000
Applied = $27,720 (99% ($193,000/$195,000))
e. Overhead costs applied to Work in Process Inventory
=
Job 307 Job 308 Total
76,500 51,000 $127,500
f. Actual overhead costs incurred and paid in cash:
Indirect materials $51,000
Indirect labor, $28,000
Factory rent, $40,000
Factory utilities, $25,000
Total overhead costs = $144,000
g. Transfer of Jobs 306 and 307 to Finished Goods Inventory:
Job 307 Job 308 Total
Balances on March 31
Direct materials $42,000 $42,000
Direct labor 17,000 17,000
Applied overhead 8,500 8,500
Costs during April
Direct materials 210,000 $100,000 $310,000
Direct labor 153,000 102,000 255,000
Applied overhead 76,500 51,000 127,500
Total cost $507,000 $253,000 $760,000
h. Cost of goods sold for Job 306 = $349,000
i. Revenue from the sale of Job 306 = $700,000
j. Assignment of underapplied overhead to the Cost of Goods Sold account:
Total overhead applied = $179,000
Total overhead incurred = 195,000
Underapplied overhead = $16,000
Explanation:
a) Data and Calculations:
Raw materials Inventory (March 31) $88,000
Purchases of raw materials during April = $530,000
Factory Payroll cost = $386,000
Overhead costs =
Indirect materials $51,000
Indirect labor, $28,000
Factory rent, $40,000
Factory utilities, $25,000
Factory equipment depreciation, $51,000
Total overhead costs = $195,000
Job 306 Job 307 Job 308 Total
Balances on March 31
Direct materials $31,000 $42,000 $73,000
Direct labor 21,000 17,000 38,000
Applied overhead 10,500 8,500 19,000
Balances $62,500 $67,500 $130,000
Costs during April
Direct materials 132,000 210,000 $100,000 $442,000
Direct labor 103,000 153,000 102,000 358,000
Applied overhead 51,500 76,500 51,000 179,000
Total cost $349,000 $507,000 $253,000 $1,109,000
Catherine Jones has determined the following information about her own financial situation. Her checking account is worth $800 and her savings account is worth $1,500. She owns her own home that has a market value of $103,000. She has furniture and appliances worth $10,500 and a home computer and laptop worth $3,100. She has a car worth $14,000. She has recently purchased an annuity worth $5,400 and she has a retirement account worth $44,000. What is the value of her liquid assets
Answer:
$2,300
Explanation:
Calculation for the value of her liquid assets
Using this formula
Value of her liquid assets=Checking account worth+Savings account worth
Let plug in the formula
Value of her liquid assets=$800 + $1,500
Value of her liquid assets=$2,300
Therefore Value of her liquid assets will be $2,300
PC Company uses the weighted-average method in its process costing system, in which all materials are added at the beginning of the process, and conversion costs are incurred uniformly. The Painting Department started the month with 800 units in a process that was 40% complete, transferred 2,500 units to Finished Goods Inventory, and had 500 units in process at the end of the period, 70% complete. The amount of direct materials cost in beginning inventory was $16,320, and the amount of direct materials cost added this period totaled $121,440.
What is the direct material cost per equivalent unit?
a. $45.92 per equivalent unit
b. $48 per equivalent unit
c. $48.34 per equivalent unit
d. $55.20 per equivalent unit
Answer:
a. $45.92 per equivalent unit
Explanation:
Calculation for direct material cost per equivalent unit
First step is to calculate the Total units
Total units = 2,500 + 500 - 800
Total units = 2,200
Now let calculate direct material cost per equivalent unit
Direct material cost per equivalent unit=($16,320+$121,440)/(2,200+$800)
Direct material cost per equivalent unit=$137,760/3,000
Direct material cost per equivalent unit=$45.92 per equivalent unit
Therefore the Direct material cost per equivalent unit will be $45.92 per equivalent unit
Moby Enterprises reports the following information for 2019. ($ numbers are totals for 2019, not per unit) Selling price per unit $800 Beginning and ending balances of Work in Process Inventory 0 Beginning balance of Finished Goods Inventory (50 units) $28,750 Units produced 90 Units sold 100 Direct material used (variable) $12,000 Direct labor used (variable) $28,000 Manufacturing overhead (variable) $4,550 Manufacturing overhead (fixed) $10,800 Selling and admn. expenses: sales commission (variable) $4,000 fixed $10,000 Notes: Moby uses FIFO for maintaining its finished goods inventory account. The Beginning Finished Goods Inventory balance of $28,750 consists of $24,250 in variable manufacturing costs and $4,500 of fixed manufacturing overhead. REQUIRED: Part 1. Compute the following for 2019 using absorption costing: a. Total Manufacturing Costs b. Cost-of-Goods-Manufactured c. Per unit cost of production d. Ending balance of Finished Goods Inventory (in units and dollars) e. Cost-of-goods sold f. Gross Margin g. Net Income Part 2. Identify clearly how the fixed manufacturing overhead (both that in the opening inventory and that incurred in 2019) has moved.
Answer:
Moby Enterprises
Part 1:
a. Total Manufacturing Costs:
Direct material used (variable) $12,000
Direct labor used (variable) $28,000
Manufacturing overhead (variable) $4,550
Manufacturing overhead (fixed) $10,800
Total manufacturing costs = $55,350
b. Cost-of-Goods-Manufactured:
Total manufacturing costs = $55,350
c. Per unit cost of production = $55,350/90 = $615
d. Ending balance of Finished Goods Inventory (in units and dollars)
Beginning inventory of finished goods = 50
Plus units produced 90
Less units sold (100)
Ending inventory of finished goods = 40 units
Cost of ending inventory of finished goods = $24,600 (40 * $615)
e. Cost-of-goods sold:
Beginning Finished Goods Inventory $28,750
Cost of goods manufactured 55,350
Less Ending Finished goods inventory (24,600)
Cost of goods sold = $59,500
f. Gross Margin:
Revenue ($800 * 100) = $80,000
Cost of goods sold = (59,500)
Gross Margin = $20,500
g. Net Income:
Gross Margin $20,500
Less expenses (14,000)
Net income = $6,500
Part 2. Identify clearly how the fixed manufacturing overhead (both that in the opening inventory and that incurred in 2019) has moved.
Fixed manufacturing overhead in Beginning Inventory = $4,500
= $90 per unit ($4,500/50)
Fixed manufacturing overhead in current period = $10,800
= $120 per unit ($10,800/90)
This shows that the per unit cost of fixed manufacturing overhead has increased from $90 to $120.
Explanation:
a) Data and Calculations:
Selling price per unit $800
Beginning and ending balances of Work in Process Inventory 0
Beginning balance of Finished Goods Inventory (50 units) $28,750
$24,250 in variable manufacturing costs and $4,500 of fixed manufacturing overhead
Units produced 90
Units sold 100
Ending Finished Goods Inventory = 40 units (50 + 90 = 100)
Direct material used (variable) $12,000
Direct labor used (variable) $28,000
Manufacturing overhead (variable) $4,550
Manufacturing overhead (fixed) $10,800
Selling and admin. expenses:
sales commission (variable) $4,000
fixed $10,000
In January, Tongo, Inc., a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction of the effects on the accounting equation under the accrual basis.
a. (Sample) Received $10,600 cash for consulting services rendered in January.
b. Issued common stock to investors for $15,500 cash.
c. Purchased $17,600 of equipment, paying 25 percent in cash and owing the rest on a note due in two years.
d. Received $7,750 cash for consulting services to be performed in February.
e. Bought and received $1,100 of supplies on account.
f. Received utility bill for January for $2,070, due February 15.
g. Consulted for customers in January for fees totaling $16,500, due in February.
h. Received $13,500 cash for consulting services rendered in December.
i. Paid $550 toward supplies purchased in (e).
Answer:
Cash + Supplies = Accounts Payable + common stock - dividends + sales commission - Rent expense.
$10,600 + 1,100 = $13,125 - $15,500 +$7,750 - $2,070 - $550 +13,500 + $16,500
Explanation:
Tongo Inc. has incurred transaction in business for the routine business activities. These transaction have impact on asset, liabilities and equity side of the balance sheet. The effect of each transaction is given through the equation based on accrual concept.
The Credit Card Processing unit of a bank receives 60 applications per hour. All applications first go through application processing that takes 6 minutes per application. There are 4 workers in the unit who process the applications. After the application is processed, all applications go through the credit check stage which takes 10 minutes per application. There are 6 workers at this stage. 20% of the applications fail the credit check and are rejected. Remaining 80% of applications that pass the credit check are sent for determining credit limit. There are 6 workers at the Determine credit limit stage, and it takes 15 minutes for a worker to process one application. After the credit limit is determined, all applications are sent to the issuing desk, who issue the credit card, and it takes 3 minutes per application.
What is the capacity of the "Credit Check" stage in number of applications per hour?
Answer:
36 applications/hour
Explanation:
Number of application/hour/worker = 60/processing time
Number of application/hour = (60/processing time) * Number of workers
Process No of Processing Number of application Number of
Workers Time (min) /hour/worker application/hour
Application 4 6 10 40
Processing
Credit Check 6 10 6 36
Determine 6 15 4 24
Credit Limit
Issue Card 2 2 30 60
Capacity of credit check in applications per hours = 36 applications/hour
Cohen Company produces and sells socks. Variable cost is $6 per pair, and fixed costs for the year total $75,000. The selling price is $10 per pair. Required: 1. Calculate the breakeven point in units. 2. Calculate the breakeven point in sales dollars. 3. Calculate the units required to make a before-tax profit of $40,000. 4. Calculate the sales dollars required to make a before-tax profit of $35,000. (Do not round intermediate calculations.) 5. Calculate the sales, in units and in dollars, required to make an after-tax profit of $25,000 given a tax rate of 30%.
Answer:
Results are below.
Explanation:
a) To calculate the break-even point in units, we need to use the following formula:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 75,000 / 4
Break-even point in units= 18,750
b)To calculate the break-even point in dollars, we need to use the following formula:
Break-even point (dollars)= fixed costs/ contribution margin ratio
Break-even point (dollars)= 75,000 / (4/10)
Break-even point (dollars)= $187,500
c) Desired profit= $40,000
Break-even point in units= (fixed costs + desired profit) / contribution margin per unit
Break-even point in units= (75,000 + 40,000) / 4
Break-even point in units= 28,750
d) Desired profit= $35,000
Break-even point (dollars)= (fixed costs + desired profit) / contribution margin ratio
Break-even point (dollars)= (75,000 + 35,000) / 0.4
Break-even point (dollars)= $275,000
e) Desired profit (before taxes)= 25,000/0.7= $35,714
Break-even point in units= (fixed costs + desired profit) / contribution margin per unit
Break-even point in units= 110,714/4
Break-even point in units= 27,679
Break-even point (dollars)= (fixed costs + desired profit) / contribution margin ratio
Break-even point (dollars)= 110,714/0.4
Break-even point (dollars)=$276,785
∑⊂⊃⊃⊆⊇⊄⊅∀⇵←→∨∧∉∈⇔∛ what do this means
[tex]\left[\begin{array}{ccc}1&2&3\\4&5&6\\7&8&9\end{array}\right][/tex]
Answer:
hello
Explanation:
hi
Rory has been an underwriting assistant at a large insurance company for the past few years. He is an extremely hard worker and goes above and beyond. He puts in long hours to ensure the accounts are current and ready for the underwriters. Noting his efforts, the company offers him a 15% pay raise along with a small bonus. Three months later, Rory submits his resignation letter and soon joins a startup organization as a senior underwriter. Which of the following best explains this situation?
A. Rory felt the pay raise was undeserved.
B. Rory found his work to be repetitive and boring.
C. Rory was motivated by the prospect of extrinsic rewards.
D. Rory was after a position with the competitor all along.
E. Rory, though highly skilled, lacked motivation
Answer:
B. Rory found his work to be repetitive and boring.
Explanation:
In this scenario, Rory is described as an individual who strives to be the best at what he does which is why he works so hard. The pay raise that they offered him at his current job was a good pay raise and it included a small bonus. Therefore, Rory did not care about the money. Instead, he most likely found the work to be repetitive and boring and probably wanted something new and interesting. Joining a startup and working on a new and innovative project where he can add real value to the team is most likely what Rory really wanted.
Consider a labor market in equilibrium. If the demand curve shifts to the right while the supply curve stays constant, then the wage rate in the market will ________. Group of answer choices increase decrease remain unchanged either increase or decrease or remain unchanged
Answer:
prices will increase or remain
Required information SB Exercise 6-14 through Exercise 6-15 (Static) Skip to question [The following information applies to the questions displayed below.] Chuck Wagon Grills, Inc., makes a single product—a handmade specialty barbecue grill that it sells for $210. Data for last year’s operations follow: Units in beginning inventory 0 Units produced 20,000 Units sold 19,000 Units in ending inventory 1,000 Variable costs per unit: Direct materials $ 50 Direct labor 80 Variable manufacturing overhead 20 Variable selling and administrative 10 Total variable cost per unit $ 160 Fixed costs: Fixed manufacturing overhead $ 700,000 Fixed selling and administrative 285,000 Total fixed costs $ 985,000 Exercise 6-15 (Static) Absorption Costing Unit Product Cost and Income Statement [LO6–1, LO6–2]
Required:
1. Assume that the company uses absorption costing. Compute the unit product cost for one barbecue grill.
2. Assume that the company uses absorption costing. Prepare an income statement for last year.
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.
First, we need to calculate the unitary cost under absorption costing:
Unitary varaible production cost= 50 + 80 + 20= $150
Unitary fixed cost= 700,000/20,000= $35
Total unitary cost= $185
Now, we the income statement:
Sales= 19,000*210= 3,990,000
COGS= (19,000*185)= (3,515,000)
Gross profit= 475,000
Total selling and administrative= (285,000 + 10*19,000)= (475,000)
Net operating income= 0
Affordable Lawn Care, Inc., provides lawn mowing services to both commercial and residential customers. The company performs adjusting entries on a monthly basis, whereas closing entries are prepared annually at December 31. An adjusted trial balance dated December, current year follows
Affordable Lawn Care, Inc.
Adjusted Trial Balance
December 31, current year
Debit Credits
Cash…………………………………………… $117,050
Accounts receivable……………………………. 9,600
Unexpired insurance…………………………. 16,000
Prepaid rent………………………………………. . 6,000
Supplies………………………………………….. 2,150
Trucks…………………………………………… 300,000
Accumulated depreciation: truck $240,000
Mowing equipment………………………. 40,000
Accumulated depreciation: mowing equipment 24,000
Accounts payables……………………………. 3,000
Notes payables………………………….................................................... 100,000
Salaries payables……............................................................................. 1,800
Interest payables…………………............................................................ 300
Income taxes payables........................................................................ 2,100
Unearned mowing revenue……........................................................ 1,800
Capital Stock............................................................................................. 40,000
Retained earnings…… ........................................................................... 60,000
Dividends……………………… 10,000
Mowing revenue earned………………..................................................... 340,000
Insurance expense………………. 4,800
Office rent expense………………….. 72,000
Supplies expense…………………….. 10,400
Salary expense………………………….. 120,000
Depreciation expense: truck……….. 60,000
Depreciation expense: mowing equipment 8,000
Repair and maintenance expense………. 6,000
Fuel expense………………………………… 3,000
Miscellaneous expense………………… 10,000
Interest expense……………………………. 6,000
Income taxes expense……………….. 12,000
$813,000 $813,000
1. Prepare an income statement and statement of retained earnings for the year ended December 31, current year. Also prepare the company’s balance sheet dated December 31, current year
2. Prepare the necessary year end closing entries
3. Prepare an after closing trial balance
4. Using the financial statement prepared in part a, briefly evaluate the company’s profitability and liquidity
Answer:
Affordable Lawn Care, Inc.
1. Income Statement for the year ended December 31,
Mowing revenue earned $340,000
Insurance expense $4,800
Office rent expense 72,000
Supplies expense 10,400
Salary expense 120,000
Depreciation expense: truck 60,000
Depreciation expense: mowing equipment 8,000
Repair and maintenance expense 6,000
Fuel expense 3,000
Miscellaneous expense 10,000
Total operating expenses $294,200
Operating income $45,800
Interest expense 6,000
Income before taxes $39,800
Income taxes expense 12,000
Income after taxes $27,800
Statement of Retained Earnings for the year ended December 31,
Retained earnings $60,000
Income after taxes 27,800
Dividends 10,000
Retained earnings, December 31 $77,800
Balance Sheet as of December 31
Assets
Current Assets:
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Total current assets $150,800
Long-term assets:
Trucks 300,000
Accumulated depreciation: truck 240,000 60,000
Mowing equipment 40,000
Accumulated depreciation:mowing 24,000 16,000
Total long-term assets $76,000
Total assets $226,800
Liabilities + Equity
Liabilities:
Accounts payables $3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Total liabilities $109,000
Equity:
Capital Stock $40,000
Retained earnings 77,800
Total Equity 117,800 $117,800
Total liabilities and equity $226,800
2. Closing Journal Entries:
Debit Credits
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Trucks 300,000
Accumulated depreciation: truck $240,000
Mowing equipment 40,000
Accumulated depreciation: mowing equipment 24,000
Accounts payables 3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Capital Stock 40,000
Retained earnings 77,800
To close the permanent accounts to the current financial period.
3. After Closing Trial Balance as of January 1:
Debit Credits
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Trucks 300,000
Accumulated depreciation: truck $240,000
Mowing equipment 40,000
Accumulated depreciation: mowing equipment 24,000
Accounts payables 3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Capital Stock 40,000
Retained earnings 77,800
Totals $490,800 $490,800
4. Evaluation of company's profitability and liquidity:
Profitability:
Net Income Margin = 8.18%
Operating margin = 13.47%
These two ratios show that more than 5% of the company's revenue was spent on interest and taxes.
Liquidity:
Current Ratio = 1.38
Quick Ratio = 1.07
The company is liquid and can meet its current maturing liabilities with its current assets. The quick ratio is based on Cash only given the nature of the business.
Explanation:
a) Data and Calculations:
Affordable Lawn Care, Inc.
Adjusted Trial Balance
December 31, current year
Debit Credits
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Trucks 300,000
Accumulated depreciation: truck $240,000
Mowing equipment 40,000
Accumulated depreciation: mowing equipment 24,000
Accounts payables 3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Capital Stock 40,000
Retained earnings 60,000
Dividends 10,000
Mowing revenue earned 340,000
Insurance expense 4,800
Office rent expense 72,000
Supplies expense 10,400
Salary expense 120,000
Depreciation expense: truck 60,000
Depreciation expense: mowing equipment 8,000
Repair and maintenance expense 6,000
Fuel expense 3,000
Miscellaneous expense 10,000
Interest expense 6,000
Income taxes expense 12,000
Totals $813,000 $813,000
b) Profitability and Liquidity Ratios:
Profitability:
Net Profit Margin = Net Income/Revenue * 100 = 27,800/340,000 * 100 = 8.18%
Operating Profit Margin = Operating Income/Revenue * 100 = 45,800/340,000 * 100 = 13.47%
Liquidity Ratios:
Current ratio = Current Assets/Current Liabilities = 150,800/109,000 = 1.38
Quick Ratio = Cash/Current Liabilities = 117,050/109,000 = 1.07
Affordable Lawn Care, Inc.
Answer 1:
Income Statement for the year ended December 31,
Dr. Cr.
Mowing revenue earned $340,000
Insurance expense $4,800
Office rent expense 72,000
Supplies expense 10,400
Salary expense 120,000
Depreciation expense: truck 60,000
Depreciation expense: mowing equipment 8,000
Repair and maintenance expense 6,000
Fuel expense 3,000
Miscellaneous expense 10,000
Total operating expenses $294,200
Operating income $45,800
Interest expense 6,000
Income before taxes $39,800
Income taxes expense 12,000
Income after taxes $27,800
Statement of Retained Earnings for the year ended December 31,Retained earnings $60,000
Income after taxes 27,800
Dividends 10,000
Retained earnings, December 31 $77,800
Balance Sheet as of December 31
Assets
Current Assets:
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Total current assets $150,800
Long-term assets:
Trucks 300,000
Accumulated depreciation: truck 240,000 60,000
Moving equipment 40,000
Accumulated depreciation:mowing 24,000 16,000
Total long-term assets $76,000
Total assets $226,800
(Liabilities + Equity)
Liabilities:
Accounts payables $3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Total liabilities $109,000
Equity:
Capital Stock $40,000
Retained earnings 77,800
Total Equity 117,800 $117,800
Total liabilities and equity $226,800
Answer 2:
Closing Journal Entries:
Debit Credits
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Trucks 300,000
Accumulated depreciation: truck $240,000
Mowing equipment 40,000
Accumulated depreciation: mowing equipment 24,000
Accounts payables 3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Capital Stock 40,000
Retained earnings 77,800
To close the permanent accounts to the current financial period.
Answer 3:
After Closing Trial Balance as of January 1:
Debit Credits
Cash $117,050
Accounts receivable 9,600
Unexpired insurance 16,000
Prepaid rent 6,000
Supplies 2,150
Trucks 300,000
Accumulated depreciation: truck $240,000
Mowing equipment 40,000
Accumulated depreciation: mowing equipment 24,000
Accounts payables 3,000
Notes payables 100,000
Salaries payables 1,800
Interest payables 300
Income taxes payables 2,100
Unearned mowing revenue 1,800
Capital Stock 40,000
Retained earnings 77,800
Totals $490,800 $490,800
Answer 4:
Evaluation of the company's profitability and liquidity:
Profitability:
Net Income Margin = 8.18%
Operating margin = 13.47%
These two ratios show that more than 5% of the company's revenue was spent on interest and taxes.
Liquidity:
Current Ratio = 1.38
Quick Ratio = 1.07
The company is liquid and can meet its current maturing liabilities with its current assets. The quick ratio is based on Cash only given the nature of the business.
Working Notes:
Profitability and Liquidity Ratios:
Profitability:
Net Profit Margin = Net Income/Revenue * 100 = 27,800/340,000 * 100 = 8.18%
Operating Profit Margin = Operating Income/Revenue * 100 = 45,800/340,000 * 100 = 13.47%
Liquidity Ratios:
Current ratio = Current Assets/Current Liabilities = 150,800/109,000 = 1.38
Quick Ratio = Cash/Current Liabilities = 117,050/109,000 = 1.07
Learn more :
https://brainly.com/question/13740795?referrer=searchResults
The following events apply to Kate Enterprises:______.
Collected $16,200 cash for services to be performed in the future. Acquired $50,000 cash from the issue of common stock. Paid salaries to employees: $3,500 cash. Paid cash to rent office space for the next 12 months: $12,000. Paid cash of $17,500 for other operating expenses. Paid on accounts payable: $1,752. Paid cash for utilities expense: $804. Recognized $45,000 of service revenue on account. Paid a $2,500 cash dividend to the stockholders. Purchased $3,200 of supplies on account. Received $12,500 cash for services rendered. Recognized $5,200 of accrued salaries expense. Recognized $3,000 of rent expense. Cash had been paid in a prior transaction (see Event 4). Recognized $5,000 of revenue for services performed. Cash had been previously collected (see Event 1).
Required:
Identify each event as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also identify the account that is to be debited and the account that is to be credited when the transaction is recorded.
Event No. Type of Event Account Debited Account Credited
1 AS Cash Common Stock
The first event is recorded as an example.
Answer:
Kate Enterprises
Event No. Type of Event Account Debited Account Credited
1 AS Cash Common Stock
2. AS Cash Service Revenue
3. AU Salaries Expense Cash
4. AE Prepaid Rent Cash
5. AU Other operating exp. Cash
6. AU Accounts payable Cash
7. AU Utilities Expense Cash
8. AS Accounts Receivable Service Revenue
9. AU Dividends Cash
10. AS Supplies Accounts Payable
11. AS Cash Service Revenue
12. AE Salaries Expense Salaries Payable
13. AE Rent Expense Rent Payable
14. AE Unearned revenue Earned Revenue
Explanation:
Asset source (AS) = increases an asset and a claim on the asset
Asset use (AU) = decreases an asset and a claim on the asset
Asset exchange (AE) = does not change the value of assets or claims
Claims exchange (CE) = decreases one claim account and decreases another.
Which of the following takes less time to perform tasks and processes?
A. Intranet
B. Virtual private network (VPN)
C. Enterprise portal
D. Application service provider (ASP)
Answer:
D. Application service provider (ASP)
Explanation:
Cloud computing can be defined as a type of computing that requires shared computing resources such as cloud storage (data storage), servers, computer power, and software over the internet rather than local servers and hard drives.
Generally, cloud computing offers individuals and businesses a fast, effective and efficient way of providing services.
Cloud computing comprises of three (3) service models and these are;
1. Platform as a Service (PaaS).
2. Infrastructure as a Service (IaaS).
3. Software as a Service (SaaS).
Application service provider (ASP) takes less time to perform tasks and processes. It is also known as software as a service (SaaS).
Software as a Service (SaaS) can be defined as a cloud computing delivery model which involves the process of making licensed softwares available over the internet for end users on a subscription basis through a third-party or by centrally hosting it.
Hence, Application service provider (ASP) enhances or facilitates the automation of business services and effectively reduces the time required to perform various tasks.
What is the importance of a city having a diverse local economy with respect to the performance of its housing market? (Select all that
apply.)
O A city with a diverse local economy is likely to suffer a significant economic downturn if its housing market suffers.
O A city with a diverse local economy is well equipped to resist an economic downturn if its housing market suffers.
O A city with a local economy that depends strongly on its housing market is likely to do what it can to sustain that market.
O A city with a local economy that depends strongly on its housing market is likely to suffer economically if that market contracts
Answer:
I would say second and fourth
Answer
The Last Three In your question but A, C, and D in edg
Explanation: