Answer:
Thorin Corp.
Assuming the LIFO method, cost of goods sold should be reported in the 12/31/17 income statement at:________.
= $41,600
Explanation:
a) Data and Calculations:
Date Units Cost Per Unit Total Cost
1/02/17 400 $12 $4,800
1/16/17 300 $20 $6,000
3/18/17 600 $24 $14,400
6/25/17 300 $28 $8,400
10/16/17 300 $32 $9,600
12/16/17 100 $36 $3,600
12/31/17 2,000 Units available for sale $46,800
12/31/17 (1,580) Sales
12/31/17 420 Ending Inventory
Goods available for sale 2,000 $46,800
Ending Inventory is estimated to be =
1/02/17 400 $12 $4,800
1/16/17 20 $20 $400
Total 420 $5,200
Cost of goods sold = Cost of goods available for sale minus the estimated cost of Ending inventory = $46,800 - $5,200 = $41,600
b) Unfortunately, the dates of sales were not indicated, to enable the exact determination of the cost of goods sold under the LIFO method.
When Unraveling the Unit Circle the sine function creates a relationship between the _________and the ________ starting at 0 radians going counter-clockwise. The cosine function creates a relationship between the _________ and the ________ starting at 0 radians going counter-clockwise . The tangent function creates a relationship of the _______ starting at 0 radians going counter-clockwise.
Answer:
Vertical distance
y-axis
Horizontal distance
x-axis
where n are integers
Explanation:
The relationship between x-axis and y-axis is determined by cosine function. The sine and cosine functions have a domain of all real numbers. These distances are determined by the vertical distance ratio.
Taveras Corporation is currently operating at 50% of its available manufacturing capacity. It uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production 260,000 Fixed manufacturing overhead cost $ 5,720,000 Variable manufacturing overhead cost per machine-hour $ 2.00 Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job P90 was started, completed, and sold to the customer for $4,400. The following information was available with respect to this job: Direct materials $ 2,024 Direct labor cost $ 1,452 Machine-hours used 91 Compute the total manufacturing cost assigned to Job P90.
Answer:
Results are below.
Explanation:
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= (5,720,000 / 260,000) + 2
Predetermined manufacturing overhead rate= $24 per machine hour
Now, we can determine the total cost of Job P90:
Total cost= 2,024 + 1,452 + (91*24)
Total cost= $5,660
(Predetermined OH rates; capacity measures) Albertan Electronics makes inexpensive GPS navigation devices and uses a normal cost system that applies over- head based on machine hours. The following 2010 budgeted data are available:
Variable factory overhead at 100,000 machine hours $1,250,000
Variable factory overhead at 150,000 machine hours 1,875,000
Fixed factory overhead at all levels between 10,000 and 180,000 machine hours
1,440,000
Practical capacity is 180,000 machine hours; expected capacity is two-thirds of practical.
a. What is Albertan Electronics’ predetermined variable OH rate?
b. What is the predetermined FOH rate using practical capacity?
c. What is the predetermined FOH rate using expected capacity?
d. During 2010, the firm records 110,000 machine hours and $2,710,000 of overhead costs. How much variable overhead is applied? How much fixed overhead is applied using the rate found in part (b)? How much fixed overhead is applied using the rate found in part (c)? Calculate the total under- or over applied overhead for 2010 using both fixed FOH rates.
Answer:
Albertan Electronics
a. Albertan Electronics’ predetermined variable OH rate is $20.50.
b. The predetermined FOH rate using practical capacity is $8.00.
c. The predetermined FOH rate using expected capacity is $12.00.
d1. The variable overhead applied is $1,375,000.
d2. The fixed overhead applied using the rate in (b) is $880,000.
d3. The fixed overhead applied using the rate in (c) is $1,320,000.
d4. The total under-applied overhead for 2010 at $8.00 FOH rate is $455,000 and the total under-applied overhead for 2010 at $12 FOH rate is $15,000.
Explanation:
a) Available 2010 budgeted data:
Variable factory overhead at 100,000 machine hours $1,250,000 ($12.50)
Variable factory overhead at 150,000 machine hours 1,875,000 ($12.50)
Fixed factory overhead at all levels between 10,000 and 180,000 machine hours = 1,440,000 ($8.00)
Practical capacity is 180,000 machine hours; expected capacity is two-thirds of practical (120,000) = $12 ($1,440,000/120,000)
Predetermined Overhead Rate:
Variable factory overhead = $12.50
Fixed factory overhead = 8.00
Predetermined overhead rate = $20.50
During 2010, the firm records 110,000 machine hours and $2,710,000 of overhead costs. How much variable overhead is applied? How much fixed overhead is applied using the rate found in part (b)? How much fixed overhead is applied using the rate found in part (c)? Calculate the total under- or overapplied overhead for 2010 using both fixed FOH rates.
Variable overhead applied = $12.50 * 110,000 = $1,375,000
Fixed overhead applied with $8 * 110,000 = 880,000
Total overhead applied $2,255,000
Underapplied overhead = ($2,710,000 -2,255,000) 455,000
Variable overhead applied = $12.50 * 110,000 = $1,375,000
Fixed overhead applied with $12 * 110,000 = 1,320,000
Total overhead applied $2,695,000
Underapplied overhead = ($2,710,000 -2,695,000) 15,000
Vocabulary - Mortgage-related concepts and terminology Are All Mortgage Loans Alike? In short, the answer is no! Mortgage loans vary with the preferences of the individual lender and the borrower In general, mortgage loans can be differentiated according to their terms of payment, their down payment requirements, and whether they are insured or guaranteed. Mortgage loans, or loans that use as collateral, are made by commercial banks, thrift institutions, and mortgage bankers. In addition to these traditional sources, mortgage brokers also solicit borrowers and originate a large volume of these loans. Brokers often place their loans with these traditional mortgage lenders as well as with Which of the following statements accurately describe the similarities and differences between mortgage bankers and mortgage brokers? Check all that apply. Although mortgage brokers often appear to work on behalf of their borrowing customers, they are ultimately paid by the mortgage lender Mortgage brokers lend their own money to borrowers, while mortgage bankers find borrowers for interested lenders as well as lenders for interested borrowers. Mortgage brokers earn their income from the interest on the mortgage loans, whille bankers earn their income in the form of commissions and loan-origination fees. To review the differences in the characteristics of different types of mortgage loans, match the types of mortgages and related programs listed on the left with their descriptions on the right. Read each description carefully and type the letter of the description in the Answer column next to the correct term. These are not necessarily complete definitions, but there is only one possible answer for each term. Description Answer on the loan for a Making Automobile and Housing Decisions These are not necessarily complete definitions, but there is only one possible answer for each term. Term Answer Description Fixed-rate mortgage
A. This mortgage allows the borrower to pay only the accrued interest on the loan for a specified period of time; after this date, all payments require the payment of both interest and principal Interest-only mortgage
B This mortgage is characterized by an interest rate and monthly payments that can be adjusted over the life of the loan based on movements in market interest rates. VA loan guarantee
C This mortgage is characterized by a constant interest rate and constant monthly payments over the life of the loan. Biweekly mortgage
D. This mortgage allows a borrower to convert from an adjustable-rate loan to a fixed-rater loan during a prespecified time period. Two-step ARM
E. This mortgage uses 26, rather than 12, payments per year to reduce the total amount of interest paid over the life of the loan and accelerate the repayment of the mortgage loan's principal-compared to an otherwise identical fixed-rate mortgage. This adjustable rate mortgage allows for only one rate change: a lower rate remains
F. Adjustable-rate constant for the first five to seven years of the loan's term and then increases to a mortgage higher constant rate that continues throughout the remaining life of the loan. This loan program, offered through a department of the federal government, provides
G. Convertible ARM mortgage insurance to lenders offering mortgage loans with loan-to-value ratios greater than 80% . This loan quarantee is offered by a department of the federal government to lenders
H. Graduated-payment ARM who make qualified loans to eligible veterans of the U.S. Armed Forces and their surviving spouses. This type of mortgage typically requires a down payment of 20% of the value of the
I. FHA mortgage insurance mortgaged property. This mortgage allows borrowers to make smaller-but gradually and constantly
J. Conventional mortgage increasing-payments for the first three to five years. At the end of this period, the payments then stabilize at the higher level and are repaid over the remaining life of the loan.
Answer:
A. Interest-only mortgage
B. Adjustable-rate mortgage
C. Fixed rate mortgage
D. Convertible ARM.
E. Biweekly mortgage
F. Two-step ARM.
G. FHA mortgage insurance.
H. VA loan Guarantee.
I. Conventional mortgage.
J. Graduated-payment ARM
Naya has done a lot of shopping recently. Which receipt should she probably keep the longest? *
CVS receipt for a juice and a pack of ponytail holders
Mall store for 5 shirts and 2 pants, all of which she's tried on and fit
Restaurant receipt for sandwich, salad, and lemonade
Target receipt for bluetooth headphones for her and a popular toy for her niece's birthday
Target receipt...
Explanation:
she tried on the clothes at the mall so she knows they fit and wont have to return them....she only got juice and stuff for her hair at CVS.... and a reciept for somthing she alredy ate is not going to be important...
Buffalo Corporation issues $630,000 of 9% bonds, due in 11 years, with interest payable semiannually. At the time of issue, the market rate for such bonds is 10%. Click here to view factor tables. Compute the issue price of the bonds. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.) Issue price of the bonds
Answer:
the issue price of the bonds is $593,177
Explanation:
The computation of the issue price of the bonds is shown below:
Particulars Amount PV factorat 5% Present value
Semi-annual interest $28,350 11.68959 $331,400
Principal $630,000 0.41552 $261,778
Total $593,177
hence, the issue price of the bonds is $593,177
What is an observation quite different from the rest of the data called?
Answer:
2 words china
Explanation:
Prepare the journal entries to record the sale of any job(s) during the month. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. Account Titles and Explanation Debit Credit
(1)
(To record sale of jobs)
(2)
(To record cost of jobs)
SHOW LIST OF ACCOUNTSLINK TO TEXT
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of?
Finished Goods Inventory $
Job No. 50 Job No. 51 Job No. 52 Jobs 50 and 51 Jobs 51 and 52 Jobs 50 and 52
SHOW LIST OF ACCOUNTS
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
What is the amount of over- or underapplied overhead?
Manufacturing Overhead $
Overapplied Underapplied
Complete Question:
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows:
direct materials $ 22,000 ,
direct labor $ 13,200
manufacturing overhead $ 17,600
As of January 1, Job No. 49 had been completed at a cost of $ 99,000 and was part of finished goods inventory. There was a $ 16,500 balance in the Raw Materials Inventory account.
During the month of January, Lott Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $ 134,200 and $ 173,800 , respectively. The following additional events occurred during the month.
1. Purchased additional raw materials of $ 99,000 on account.
2. Incurred factory labor costs of $ 77,000 . Of this amount $ 17,600 related to employer payroll taxes.
3. Incurred manufacturing overhead costs as follows: indirect materials $ 18,700 ; indirect labor $ 22,000 ; depreciation expense on equipment $ 13,200 ; and various other manufacturing overhead costs on account $ 17,600 .
4. Assigned direct materials and direct labor to jobs as follows.
Job No. Direct Direct
Materials Labor
50 $ 11,000 $ 5,500
51 42,900 27,500
52 33,000 22,000
Answer:
Lott Company
1. Journal Entries to record the sale of Job 49 and Job 50:
Debit Cost of Goods Sold $175,450
Credit Finished Goods
Job 49 $99,000
Job 50 $76,450
To record the cost of Jobs 49 and 50 sold during the period.
Debit Accounts Receivable:
Job 49 $134,200
Job 50 $173,800
Credit Sales Revenue $308,000
To record the sale of Jobs 49 and 50 during the period.
2. The balance in the Finished Goods Inventory account at the end of the month is:
= $106,150.
This balance consists of Job 51 only.
3. There is no provision of estimated manufacturing overhead. Therefore, there is no overapplied or underapplied overhead in this situation. The manufacturing overhead costs were applied based on the actual costs incurred.
Explanation:
a) Data and Calculations:
Cost of Work-in-Process or Production:
Job No. Direct Direct WIP Overhead
Materials Labor Beginning Costs Closing
50 $ 11,000 $ 5,500 $52,800 $7,150 $76,450
51 42,900 27,500 0 35,750 106,150
52 33,000 22,000 0 28,600 83,600
January 1, Job 50 Cost of WIP:
direct materials $ 22,000
direct labor 13,200
manufacturing overhead 17,600
Beginning WIP of Job 50 $52,800
Manufacturing overhead costs:
indirect materials $ 18,700
indirect labor $ 22,000
depreciation expense
on equipment $ 13,200
other overhead costs $ 17,600
Total overhead costs = $71,500
Allocation of manufacturing overhead costs:
Jobs Direct Labor Overhead Allocation
50 $ 5,500 $7,150 ($5,500 * $1.30)
51 27,500 $35,750 ($27,500 * $1.30)
52 22,000 $28,600 ($22,000 * $1.30)
Total $ 55,000 $71,500
Differential Analysis for a Lease or Sell Decision Granite Construction Company is considering selling excess machinery with a book value of $281,300 (original cost of $401,500 less accumulated depreciation of $120,200) for $275,000, less a 5% brokerage commission. Alternatively, the machinery can be leased for a total of $283,300 for five years, after which it is expected to have no residual value. During the period of the lease, Granite Construction Company's costs of repairs, insurance, and property tax expenses are expected to be $26,200. a. Prepare a differential analysis, dated November 7 to determine whether Granite should lease (Alternative 1) or sell (Alternative 2) the machinery. Differential Analysis Lease Machinery (Alt. 1) or Sell Machinery (Alt. 2) November 7 Lease Machinery (Alternative 1) Sell Machinery (Alternative 2) Differential Effect on Income (Alternative 2) Revenues $fill in the blank 12173b05f07a00b_1 283,300 $fill in the blank 12173b05f07a00b_2 275,000 $fill in the blank 12173b05f07a00b_3 Costs fill in the blank 12173b05f07a00b_4 26,200 fill in the blank 12173b05f07a00b_5 fill in the blank 12173b05f07a00b_6 Income (Loss) $fill in the blank 12173b05f07a00b_7 $fill in the blank 12173b05f07a00b_8 $fill in the blank 12173b05f07a00b_9
Solution :
Lease machinery Sell Machinery Differential effect
on income
Revenues $ 283,300 $275,000 $ 8,300
Cost $26,200 $ 13,750 $ 12,450
Income $257,100 $ 261,250 $ 4,150 (loss) (loss)
Since to sell the machinery would be profitable for the company, hence it is advisable for the company to sell the machinery.
why the feedback form is so important for the trainer and the training itself?
Answer:
It tells on how he or she can improve his ways of training based on the previous people he or she trained feedbacks.
hmmm.. good question,the feedback means.. like.. what I say is ya it's important words for English I use much these words
If Chelsea decides to wait two years
before making the down payment,
instead of one, how much money
will she have after two years?
Here are some important figures from the budget of Crenshaw, Inc., for the second quarter of 2019:
April May June
Credit sales $403,000 $352,000 $440,000
Credit purchases 180,000 168,000 201,000
Cash disbursements
Wages, taxes
and expenses 79,800 75,300 104,000
Interest 9,500 9,500 9,500
Equipment purchases 33,500 6,000 148,000
The company predicts that 5 percent of its credit sales will never be collected, 30 percent of its sales will be collected in the month of the sale, and the remaining 65 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2019, credit sales were $330,000.
Using this information, complete the following cash budget.
April May June
Beginning cash balance $110,000
Cash receipts
Cash collections from credit sales
Total cash available
Cash disbursements
Purchases $172,000
Wages, taxes, and expenses
Interest
Equipment purchases
Total cash disbursements
Ending cash balance
Answer:
Ending cash balances are as follows:
April = $150,600
May = $247,350
June = $178,650
Explanation:
Note: See the attached excel file for the cash budget.
In the attached excel file, Cash collections from credit sales are calculated as follows:
April = 65 percent of March sales + 30 percent of April sales = (65% * $330,000) + (30% * $403,000) = $335,400
May = 65 percent of April sales + 30 percent of May sales = (65% * $403,000) + (30% * $352,000) = $367,550
June = 65 percent of May sales + 30 percent of June sales = (65% * $352,000) + (30% * $440,000) = $360,800
Ravine Corporation purchased 30 percent ownership of Valley Industries for $94,800 on January 1, 20X6, when Valley had capital stock of $260,000 and retained earnings of $56,000. During the period of January 1, 20X6, through December 31, 20X9, the market value of Ravine's investment in Valley's stock increased by $11,000 each year. The following data were reported by the companies for the years 20X6 through 20X9:
Dividends Declared
Year Operating Income, Ravine Corporation Net Income, Valley Industries Ravine Valley
20X6 $ 140,000 $ 30,000 $ 70,000 $ 20,000
20X7 80,000 50,000 70,000 40,000
20X8 220,000 10,000 90,000 40,000
20X9 160,000 40,000 100,000 20,000
Required:
a. What net income would Ravine Corporation have reported for each of the years, assuming Ravine accounts for the intercorporate investment using the cost method and the equity method?
b-1. Give all appropriate journal entries for 20X8 that Ravine made under the cost method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answer:
A. Ravine Corporation net income using the cost method
20X6 Net income=$146,000
20X7 Net income=$92,000
20X8 Net income =$229,000
20X9 Net income=$166,000
Ravine Corporation net income using the equity method
20X6 Net income=$149,000
20X7 Net income=$95,000
20X8 Net income=$223,000
20X9 Net income=$172,000
b-1 Dr Cash $12,000
Cr Dividend income $9,000
Cr Investment in S $3,000
b-2 Dr Cash $12,000
Cr Investment in S $12,000
Dr Investment in Valley stock $3,000
Cr Income from S $3,000
Explanation:
a. Calculation for what net income would Ravine Corporation have reported for each of the years
Ravine Corporation net income using the cost method
20X6 Net income= $140,000 + 0.30($20,000)
20X6 Net income=$146,000
20X7 Net income= $80,000 + 0.30($40,000)
20X7 Net income=$92,000
20X8 Net income= $220,000 + 0.30($30,000)
20X8 Net income =$229,000
20X9 Net income= $160,000 + 0.30($20,000)
20X9 Net income=$166,000
Calculation 20X8 Dividend declared
Dividend declared=($30,000 + $50,000 – $20,000 – $40,000 )+ $10,000
Dividend declared=$20,000+$10,000
Dividend declared=$30,000
Ravine Corporation net income using the equity method
20X6 Net income= $140,000 + 0.30($30,000)
20X6 Net income=$149,000
20X7 Net income= $ 80,000 + 0.30($50,000)
20X7 Net income=$95,000
20X8 Net income=$220,000 + 0.30($10,000)
20X8 Net income=$223,000
20X9 Net income=$160,000 + 0.30($40,000)
20X9 Net income=$172,000
b-1 Preparation of the journal entries for 20X8 that Ravine made under the cost method
Dr Cash $12,000
(0.30*$40,000)
Cr Dividend income $9,000
(0.30*$30,000)
Cr Investment in S $3,000
($12,000-$9,000)
b-2 Preparation of the journal entries for 20X8 that Ravine made under the Equity method
Dr Cash $12,000
Cr Investment in S $12,000
(0.30*$40,000)
Dr Investment in Valley stock $3,000
Cr Income from S $3,000
($12,000-$9,000)
The City of Troy collects its annual property taxes late in its fiscal year. Consequently, each year it must finance part of its operating budget using tax anticipation notes. The notes are repaid upon collection of property taxes. On April 1, the city estimated that it will require $2,500,000 to finance governmental activities for the remainder of the fiscal year. On that date, it had $770,000 of cash on hand and $830,000 of current liabilities. Collections for the remainder of the year from revenues other than current property taxes and from delinquent property taxes, including interest and penalties, were estimated at $1,100,000.
Required:
a. Calculate the estimated amount of tax anticipation financing that will be required for the remainder of FY 2017. Show work in good form.
b. Assume that on April 2, 2017, the City of Troy borrowed the amount calculated in part a by signing tax anticipation notes bearing 6 percent per annum to a local bank. Record the issuance of the tax anticipation notes in the general journals of the General Fund and governmental activities at the government- wide level.
c. By October l, 2017, the city had collected a sufficient amount of current property taxes to repay the tax anticipation notes with interest. Record the repayment of the tax anticipation notes and interest in the general journals of the General Fund and governmental activities at the government-wide level.
PAnswer:
A. $1,460,000
B. Dr Cash $1,460,000
Cr Tax anticipation note Payable $1,460,000
C.General fund
Dr Tax anticipation note Payable $1,460,000
Dr Expenditure $43,800
Cr Cash $1,503,800
Government activities
Dr Tax anticipation note Payable $1,460,000
Dr General government interest expense $43,800
Cr Cash $1,503,800
Explanation:
a. Calculation for the estimated amount of tax anticipation financing that will be required for the remainder of FY 2017.
Estimated amount of Tax Anticipation Financing
Budgeted expenditures, remainder of year 2,500,000
Add Current liabilities payable 830,000
Less Estimated Resources Available:
Cash on hand, beginning of year (770,000)
Collections of budgeted revenues and delinquent property taxes (1,100,000)
Estimated Amount of Required Tax Anticipation Note Financing $1,460,000
b. Preparation of the Journal entry to Record the issuance of the tax anticipation notes
Dr Cash $1,460,000
Cr Tax anticipation note Payable $1,460,000
c. Preparation of journal entry to Record the repayment of the tax anticipation notes and interest
General fund
Dr Tax anticipation note Payable $1,460,000
Dr Expenditure $43,800
($1,460,000*6%*6/12)
Cr Cash $1,503,800
($1,460,000+$43,800)
Government activities
Dr Tax anticipation note Payable $1,460,000
Dr General government interest expense $43,800
($1,460,000*6%*6/12)
Cr Cash $1,503,800
($1,460,000+$43,800)
OHaganBooks has two principal competitors: JungleBooks and FarmerBooks. Combined website traffic at the three sites is estimated at 8,000 hits per day. Only 10% of the hits at OHaganBooks result in orders, whereas JungleBooks and FarmerBooks report that 20% of the hits at their sites result in book orders. Together, the three sites process 1,300 book orders per day. FarmerBooks appears to be the most successful of the three and gets as many book orders as the other two combined. What is the traffic (in hits per day) at each of the sites?
On January 1, Year 1, Poultry Processing Company purchased a freezer and related installation equipment for $69,600. The equipment had a three-year estimated life with a $4,500 salvage value. Straight-line depreciation was used. At the beginning of Year 3, Poultry Processing revised the expected life of the asset to four years rather than three years. The salvage value was revised to $3,500.
Required Compute the depreciation expense for each of the four years, Year 1-Year 4
Depreciation Expense
Year 1
Year 2
Year 3
Year 4
Answer:
Depreciation Expense
Year 1 = $21,700
Year 2 = $21,700
Year 3 = $11,350
Year 4 = $11,350
Explanation:
depreciation expense for years 1 and 2 = ($69,600 - $4,500) / 3 = $21,700
book value at the end of year 2 = $26,200
depreciation expense for years 3 and 4 = ($26,200 - $3,500) / 3 = $11,350
What are the four bases of market segmentation?
Answer:
Demographic segmentation.
Psychographic segmentation.
Behavioral segmentation.
Geographic segmentation
Explanation:
No way of explaining this at the moment! Sorry!
Smoky Mountain Corporation makes two types of hiking boots--Xtreme and the Pathfinder. Data concerning these two product lines appear below:
Xtreme Pathfinder
Selling price per unit $140.00 $99.00
Direct materials per unit $72.00 $53.00
Direct labor per unit $24.00 $12.00
Direct labor-hours per unit 2.0 DLHs 1.0 DLHs
Estimated annual production and sales 20,000 units 80,000 units
The company has a traditional costing system in which manufacturing overhead is applied to units based on direct labor-hours. Data concerning manufacturing overhead and direct labor-hours for the upcoming year appear below:
Estimated total manufacturing overhead $1,980,000
Estimated total direct labor-hours 120,000 DLHs
Required:
Compute the product margins for the Xtreme and the Pathfinder products under the company's traditional costing system. (Round your intermediate calculations to 2 decimal places.)
Answer:
Results are below.
Explanation:
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 1,980,000 / 120,000
Predetermined manufacturing overhead rate= $16.5 per direct labor hour
Now, we can determine the unitary product margin for each product:
Xtreme:
Selling price= 140
Total cost per unit= 72 + 24 + (16.5*2)= (129)
Product margin= $11
Pathfinder:
Selling price= 99
Total cost= 53 + 12 + (16.5*1)= (81.5)
Product margin= $17.5
Select all the correct answers.
Which three statements are true as they relate to supply and demand?
As supply rises, prices generally decrease.
As demand decreases, costs generally increase.
OOOOO
As supply decreases, prices increase.
The average rate of change describes how much a quantity changes as price increases.
As demand rises, the price of the product decreases.
Answer:
As supply rises, prices generally decrease.
As supply decreases, prices increase.
The average rate of change describes how much a quantity changes as price increases.
Explanation:
I beleve these are your 3 answers
Paige independently owns and operates HiZ Inc., a company with 22 employees. She manages aggressively and expects rapid sIn the context of the entrepreneurial strategy matrix, a new pasanger vehicel is most likely to have the highest risks and returns.ales and profit growth. Paige's company is considered a(n) ________ venture.
Answer:
entrepreneurial
Explanation:
An entrepreneurial venture is a small business that has the potential to grow very rapidly and be very profitable. They are managed by entrepreneurs that are trying to introduce a new project or service. They have the potential to yield very high profits, but they are also extremely risky.
The Pioneer Company has provided the following account balances: Cash $39,400; Short-term investments $5,400; Accounts receivable $7,400; Supplies $55,000; Long-term notes receivable $3,400; Equipment $103,000; Factory Building $194,000; Intangible assets $7,400; Accounts payable $28,600; Accrued liabilities payable $3,300; Short-term notes payable $16,800; Long-term notes payable $99,000; Common stock $194,000; Retained earnings $73,300. What is Pioneer's current ratio
Answer:
2.20
Explanation:
Calculation for What is Pioneer's current ratio
First step is to calculate current assets
Current assets = $39,400 + $5,400 + $7,400 + $55,000
Current assets = $107,200
Second step is to calculate Current liabilities
Current liabilities =
=$28,600 + $3,300 + $16,800.
Current liabilities =$48,700
Now let calculate Current ratio
Using this formula
Current ratio=Current assets/Current Liabilities
Let plug in the formula
Current ratio = $107,200 ÷ $48,700.
Current ratio=2.20
Therefore Pioneer's current ratio will be 2.20
Presented below are four statements which you are to identify as true or false. If false, explain why the statement is false.
If false, explain why the statement is false.
1. GAAP is the term used to indicate the whole body of FASB authoritative literature.
2. Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements.
3. The primary governmental body that has influence over the FASB is the SEC.
4. The FASB has a government mandate and therefore does not have to follow due process in issuing a standard.
Answer and Explanation:
1. The first statement is true
2. The second statement is false as the company that claims the compliances would comply with the standard, interpretations and the disclosure requirements
3. The third statement is true
4. The fourth statement is false as for creating a standard there si two basic premises i.e.
a. It should be responsive to the needs and the viewpoints with respected to the overall economic community
b. It should be operated in complete public view
Asset management ratios are used to measure how effectively a firm manages its assets, by relating the amount a firm has invested in a particular type of asset (or group of assets) to the amount of revenues the asset is generating. Examples of asset management ratios include the average collection period (also called the days sales outstanding ratio), the inventory turnover ratio, the fixed asset turnover ratio, and the total asset turnover ratio
Consider the following case:
Crawford Construction has a quick ratio of: 2.00x, $36,225 in cash, $20,125 in accounts receivable, some inventory, total current assets of $80,500, and total current liabilities of $28,175. The company reported annual sales of $100,000 in the most recent annual report.
Over the past year, how often did Crawford Construction sell and replace its inventory?
a. 4.14 x
b. 4.55 x
c. 2.86x
d. 8.01 x
The inventory turnover ratio across companies in the construction industry is 4.55x. Based on this information, which of the following statements is true for Crawford Construction?
a. Crawford Construction is holding less inventory per dollar of sales compared to the industry average
b. Crawford Construction is holding more inventory per dollar of sales compared to the industry average
Answer:
Crawford Construction
1. Crawford Construction sold and replaced its inventory:
a. 4.14 x
2. With Construction Industry Inventory Turnover Ratio as 4.55x, Crawford Construction:
b. Crawford Construction is holding more inventory per dollar of sales compared to the industry average
Explanation:
a) Data and Calculations:
Quick ratio = 2.00x,
Cash = $36,225
Accounts receivable = $20,125
Inventory = x
x= $80,500 - 36,225 - 20,125 = $24,150
Total current assets = $80,500
Total current liabilities = $28,175
Annual sales = $100,000
Using annual sales instead of cost of goods sold to calculate the inventory turnover, = Turnover/Inventory = $100,000/$24,150 = 4.14x
b) Quick ratio equals (Current assets - Inventory)/Current Liabilities. Computing the quick ratio in place of the current ratio can be used to identify how Crawford Construction can meet its current (short-term) debts without selling inventory and recovering funds from the sale.
c) The Inventory Turnover Ratio divides the cost of goods sold by the average inventory. The Sales value can approximate the cost of goods sold. The ratio shows the efficiency of Crawford Construction in handling its inventory. The higher the value of the ratio, the better, showing that Crawford is more efficient when it gets a higher turnover ratio.
The SEC has lifted its requirement that foreign companies, which have used IFRS as the basis for preparing their financial statements, must reconcile their financial statements using U.S. GAAP in order to be eligible to list their shares on U.S. stock exchanges. When did this happen
Answer: November 2007
Explanation:
The SEC came to a conclusion to remove the requirement that restricted foreign private issues from using IFRS from reconciling their financial statement to the U.S GAAP. The reason for this move was because the SEC recognizes IFRS having high quality set of accounting rules which they believe is capable of ensuring adequate disclosure for the protection of investors. This was their reason for the allowance
assume that by continuing your education, you increased your yearly earning potential from 21,484 to 39746.
The following preliminary unadjusted trial balance of Ranger Co., sports ticket agency, Errors in trial balance
Ranger Co. Unadjusted
Trial Balance
August 31, 2014
Debit balance Credit Balances
Cash 77600
Accounts Receivable. 377500
Prepaid Insurance 12000
Equipment.. 19000
Accounts Payable 29100
Unearned Rent..... 10800
Carmen Meeks, Capital 110000
Carmen Meeks, Drawing. 13,000
Service Revenue 385000
Wages 213000
Expense
Advertising Expense.. 16350
Miscellaneous Expense 18,400
273,700 668,300
When the ledger and other records are reviewed, you discover the following:
(1) the debits and credits in the cash account total $77,600 and $62,100, respectively;
(2) a billing of $9,000 to a customer on account was not posted to the accounts receivable account
(3) a payment of $4,500 made to a creditor on account was not posted to the accounts payable accOunt;
(4) the balance of the unearned rent account is $5,400;
(5) the correct balance of the equipment account is $190,000; and
(6) each account has a normal balance.
Prepare a corrected unadjusted trial balance.
Answer and Explanation:
The preparation of the corrected un-adjusted trial balance is presented below:
Particulars Dr Amount Cr Amount
Cash $15,500
Accounts Receivable $46,750
Prepaid Insurance $12,000
Equipment $190,000
Accounts payable $24,600
Unearned rent $5,400
Common stock $40,000
Retained Earnings $70,000
Dividends $13,000
Service Revenue $385,000
Wages expense $213,000
Advertising expense $16,350
Miscellaneous expense $18,400
Total $525,000 $525000
The corrected un-adjusted trial balance is presented below:
"Ranger Co. Unadjusted Trial Balance on August 31, 2014"
Particulars Dr Amount Cr Amount
Cash $15,500
Accounts Receivable $46,750
Prepaid Insurance $12,000
Equipment $190,000
Accounts payable $24,600
Unearned rent $5,400
Common stock $40,000
Retained Earnings $70,000
Dividends $13,000
Service Revenue $385,000
Wages expense $213,000
Advertising expense $16,350
Miscellaneous expense $18,400
Total $525,000 $525000
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The usual stated political goal of rent control isGroup of answer choicesto conduct social engineering via economic rules.prices that allow rationing to the highest bidder.to assist the low income at a cost to society, in convenient, affordable housing.to pander to the low income voters by assuring them enough living space.to pander to real estate landlords by assuring them a low occupancy rate.
Answer:
to assist the low income at a cost to society, in convenient, affordable housing.
Explanation:
Rent control can be defined as a process which typically involves keeping the cost of rent within a certain amount that is affordable for the citizens. Therefore, it ensures the amount of money spent as rent doesn't go above the chosen amount or grow at an increased rate.
Price control can be defined as standard restrictions or regulatory conditions that are typically set and enforced by the government of a country.
This ultimately implies that, price controls are used to impose the minimum and maximum prices set by the government, which are to be charged for various goods and services in the market. This minimum price that can be charged such as minimum wage is known as price floor while the maximum price that can be charged such as rent control is known as price ceiling.
Basically, rent control is considered to be a price ceiling.
Hence, the usual stated political goal of rent control is to assist the low income at a cost to society, in convenient, affordable housing.
On January 1, 2018, Bradley Recreational Products issued $120,000, 8%, four-year bonds. Interest is paid semiannually on June 30 and December 31. The bonds were issued at $112,244 to yield an annual return of 10%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare an amortization schedule that determines interest at the effective interest rate. 2. Prepare an amortization schedule by the straight-line method. 3. Prepare the journal entries to record interest expense on June 30, 2020, by each of the two approaches. 5. Assuming the market rate is still 10%, what price would a second investor pay the first investor on June 30, 2020, for $12,000 of the bonds
Answer:
Answer is explained in the explanation section below.
Explanation:
Part 1:
Effective Interest Method:
Payment Cash Payment Effective Interest Increase Balance Carrying Value
$$112,244
1. $4,800 $5,612 $812 $113,056
2. $4,800 $5,653 $853 $113,909
3. $4,800 $5,695 $895 $114,804
4. $4,800 $5,740 $940 $115,745
5. $4,800 $5,787 $987 $116,732
6. $4,800 $5,837 $1,037 $117,769
7. $4,800 $5,888 $1,088 $118,857
8. $4,800 $5,943 $1,143 $120,000
Totals $38,400 $46,156 $7,756
Calculations:
Cash payment = $120,000 x 4% = $4,800
Effective interest = Preceding carrying value x 5%
Increase in balance = Effective interest - Cash payment
Carrying value = Preceding carrying value + Increase in balance
Solution to part 2:
Similarly, we will be doing the part 2. Since, it is difficult to put here all the entries of the table. So, I have attached the tabulated part of the solution of part 2 in the attachment. Please refer to it.
Straight Line Method: Please refer to the attachment named Straight Line
Calculations used in the solution of part 2 are:
Cash payment = $120,000 x 4% = $5,600
Increase in balance = [$120,000-$112,244] ÷ 8 payments = $969.50
Effective interest = Cash payment + Increase in balance
Carrying value = Preceding carrying value + Increase in balance
Solution to Part 3:
In this we have to prepare the journal entries by each of the two approaches done above. So, for your ease, I have tabulated it and attached in the attachment below. Please refer to attachment named as Effective Interest Method Solution to part 3 and Straight Line method Solution to part 3:
Solution to part 5:
As, Carrying value of $12000 on June 30,2020 is $116,732
Thus, price of the bonds of $12,000 on June 30,2020 is $11,673
Three friends are trying to decide what to do on Saturday night. The options are to go to a party, go see a play, or hang out at their apartment. Abdul prefers to see a play over going to the party, which he prefers to hanging out. Gina prefers to hang out over seeing a play, which she prefers to going to the party. Shaquille would most like to go to the party, his second choice is to hang out, and the play is his least preferred option. In the spirit of democracy, they decide to vote on their options. In a three-way vote, they each vote for a different choice, leading to a tie and failing to solve their problem. They thus decide to consider the options in pairs.
(1 point) Shaquille suggests that they first vote on hanging out versus going to the play and then vote on the winner of that versus going to the party. Which option will be chosen?
Choose one:
A. Go to the play.
B. Go to the party.
C. Hang out.
Answer:
go to party
Explanation:
Scale of preference can be described as a list of wants of individuals. They are usually arranged in order of importance or preference.
If the individuals vote on hanging out versus going to the play :
Abdul would vote to see a play because it is his most preferred activity
Gina would vote to go hangout because it is her most preferred activity
Shaquille would vote to hangout. this is because going to the play is his second most preferred activity
so hangout would win with 2 votes to 1 in this round.
In the next round of voting, the two contenders would be hangout and going to the party.
Abdul would vote to go the party. Going to the party is his second most preferred activity and hangout is his least preferred activity
Gina would vote to go hangout because it is her most preferred activity
Shaquille would vote to go to the party. This is his most preferred activity.
Going to the party would win the second round of voting
Panarin Company entered into two contracts on the same date with Hjalmarsson Corporation. Panarin has provided the following analysis of price and cost for the contracts:
Contract A Contract B
Contract price $125,000 $80,000
Cost of related goods 70,000 55,000
Gross profit (loss) $55,000 $25,000
Hjalmarsson, the customer, may cancel both contracts if either of them is not fulfilled by Panarin in a timely manner. Stand-alone prices are typically $120,000 for the goods in Contract A and $80,000 for the goods in Contract B.
Required:
a. Should the two contracts be combined for purposes of applying the 5-step revenue recognition model?
b. What amount of revenue should Panarin associate with each of the contracts?
c. When should revenue be recognized on each of the contracts?
Answer:
a. The 2 contracts should be combined.
b. $123,000 for Contract A
$82,000 for Contract B
c. Revenue should be recognized when control of goods has transferred to the customer.
Explanation:
Part a:
Answer: Yes. The 2 contracts should be combined.
Reasoning:
5-step revenue recognition model indicates identification of contracts with customer in the first step, identification of performance obligations of the contract in the second step, transaction price determination in the third step, allocation of transaction price to the performance obligations to the fourth step and recognition of revenue as the performance obligations in the fifth step. Therefore, two contracts should be combined.
Part b:
Calculate the amount of revenue should P associate with each of the contracts.
There are two performance obligations:
Goods from contract A ($120,000 + ($5000 x 60%)) = $123000
Goods from contract B ($80,000 + ($5000 x 40%)) = $82000
Reasoning: It is given that the stand-alone prices for Contract A is $120,000 and Contract B is $80,000. Contract price of Contract A is $125,000. Thus, the additional $5,000 should be split between the 2 contracts. Hence, the performance obligations for goods from contract A is $123,000 and goods from contract B is $82,000.
Part C:
Revenue should be recognized when control of goods has transferred to the customer.
Reasoning:
Performance obligation is satisfied when transfer the good or service to the customer. Recognize revenue when the performance obligation is satisfied is the fifth step of the 5-step revenue recognition model. Hence, revenue should be recognized when control of goods has transferred to the customer.