Answer: Hospitableness is being able to make someone feel welcomed in your home,Such as asking them if they need a drink,or food etc. Basically anything to make the person feel comfortable.
Pinder Co. produces and sells high-quality video equipment. To finance its operations, Pinder issued $25,000,000 of five-year, 7% bonds, with interest payable semiannually, at a market (effective) interest rate of 9%. Determine the present value of the bonds payable, using the present value tables in Exhibit 5 and Exhibit 7. Round to the nearest dollar. $fill in the blank 1
Answer:
Bond Price or Present value = $23021820.4557 rounded off to $23021820
Explanation:
To calculate the quote/price of the bond today, the present value, we will use the formula for the price of the bond. As the bond is a semi annual bond, the semi coupon payment, semi annual number of periods and semi annual YTM will be,
Coupon Payment (C) = 25000000 * 0.07 * 6/12 = $875000
Total periods (n) = 5 * 2 = 10
r or YTM = 0.09 * 6/12 = 0.045 or 4.5%
The formula to calculate the price of the bonds today is attached.
Bond Price = 875000 * [( 1 - (1+0.045)^-10) / 0.045] +
25000000 / (1+0.045)^10
Bond Price or Present value = $23021820.4557 rounded off to $23021820
An analyst gathered the following information about a company for a fiscal year: QuarterPurchases in UnitsCost per UnitPurchases in DollarsUnit Sales Per Quarter Q1100$12.00$1,200200 Q2200$14.00$2,800200 Q3300$16.00$4,800300 Q4400$18.00$7,200300 FY total1,000 $16,0001000 Beginning Inventory200$10.00$2,000 Ending Inventory under LIFO perpetual is closest to:
Answer:
Ending Inventory under LIFO perpetual is closest to:
$2,800.
Explanation:
a) Data and Calculations:
Quarter Purchases Cost per Unit Purchases in Sales Per Quarter
in Units Dollars Unit
Beginning 200 $10.00 $2,000
Q1 100 $12.00 $1,200 200
Q2 200 $14.00 $2,800 200
Q3 300 $16.00 $4,800 300
Q4 400 $18.00 $7,200 300
FY total 1,200 $16,000 1000
LIFO Ending Inventory:
Beginning 100 $10.00 $1,000
Q4 100 $18.00 $1,800
Total 200 $2,800
b) LIFO (Last-in, First-out) is based on the assumption that inventory items sold are from the latest units in store and not from the earlier units. This means that items bought last are sold first. Therefore, to determine the value of ending inventory,
The balance sheet of Sheffield Company at December 31, 2019, includes the following.
Notes receivable $51,200
Accounts receivable 195,600
Less: Allowance for doubtful accounts 24,600 $222,200
Transactions in 2020 include the following.
1. Accounts receivable of $151,300 were collected including accounts of $67,500 on which 4% sales discounts were allowed.
2. $5,670 was received in payment of an account which was written off the books as worthless in 2019.
3. Customer accounts of $24,800 were written off during the year.
4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $20,900. This estimate is based on an analysis of aged accounts receivable.
Required:
Prepare all journal entries necessary to reflect the transaction above.
Answer:
S/n Accounts titles Debit Credit
1. Cash[$151,300 - ($67,500*4%)] $148,600
Sales Discounts ($67,500*4%) $2,700
Accounts Receivable $151,300
2. Accounts Receivable $5,670
Allowance for Doubtful Accounts $5,670
Cash $5,670
Accounts Receivable $5,670
3. Allowance for Doubtful Accounts $24,800
Accounts Receivable $24,800
4. Bad Debt Expense $15,430
Allowance for Doubtful Accounts $15,430
Workings:
$24,600 + $5,670 - $24,800 = $5,470
$20,900 - $5,470 =
Arrabellia Cunningham is 24 years old and single, lives in an apartment with no dependents. Last year she earned $55,000 as a sales representative for Planning Associates. $3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of $142. She takes the standard deduction. Calculate her taxable income, tax liability and tax refund or tax owed for 2018.
Answer:
The Taxable income is $43,142
The Tax liability is $5,430.74
The Tax tax owed for 2018 is $1,520.74
Explanation:
To calculate the taxable income use the following formula
Taxable income = Earnings + Interest income - Standard Deduction
Earnings = $55,000
Interest income = $142
Standard Deduction = $12,000
Placing values in the formula
Taxable income = $55,000 + $142 - $12,000
Taxable income = $43,142
The Tax Liability can be calculated as follow
Tax Liability = 22% of Income above $38,700
Tax Liability = $4,453.50 + ( Taxable income - $38,700 ) x 22%
Tax Liability = $4,453.50 + ( ( $43,142 - $38,700 ) x 22%)
Tax Liability = $4,453.50 + $977.24
Tax Liability = $5,430.74
Tax owed for 2018 = Tax Liability - Tax withheld
Tax owed for 2018 = $5,430.74 - $3,910
Tax owed for 2018 = $1,520.74
Clarisa, an engineering manager, wants to purchase a resort accommodation to rent to skiers. She is considering the purchase of a three-bedroom lodge in upper Montana that will cost $250,000. The property in the area is rapidly appreciating in value because people anxious to get away from urban developments are bidding up the prices. If Clarisa spends an average of $500 per month for utilities and the investment increases at a rate of 2% per month, how long would it be before she could sell the property for $100,000 more than she has in
Answer:
18.5 months approximately
Explanation:
initial investment x (1 + appreciation rate)ⁿ = initial investment + $100,000 + ($500 x n)
$250,000 x (1 + 2%)ⁿ = $350,000 + $500n
1.02ⁿ = $350,000/$250,000 + $500n/$250,000
1.02ⁿ = 1.4 + 0.002n
I tried to solve it by trial and error:
50 months:
2.69 ≠ 1.5
40 months:
2.21 ≠ 1.48
30 months:
1.81 ≠ 1.46
20 months:
1.49 ≈ 1.44 ⇒ getting closer
18 months:
1.43 ≈ 1.44 ⇒ almost
18.5 months:
1.44 = 1.44 ✓
Aggies Candle Factory has recently been awarded a new contract with a large retailor in Doylestown. Demand for the candles is 25,0000 which a larger order than the company has ever handled before. They have called a business strategy meeting to ensure success of this project.; the Operations Manager has presented two different manufacturing options for consideration by the board:
Option A is highly automated with fixed costs of $25,000 and variable costs of $.1/candle.
Option B uses hand labor with fixed costs of $10,000 and variable costs of $.5/candle.
Which option should the board select and why?
Answer: Option A
Explanation:
From the question, the demand given is 250,000
For Option A,
Fixed cost = $25000
Variable cost = $0.1 per candle
Total cost = Fixed cost + Variable cost
Total cost = $25000 + ($0.1 × 250,000)
= $25,000 + $25,000
= $50,000
For Option B,
Fixed cost = $10000,
Variable cost = $0.5 per candle
Total cost = Fixed cost + Variable cost
Total cost = $10000 + ($0.5 × 250,000)
= $10,000 + $125,000
= $135,000
Therefore, the board should select option A as the total cost is cheaper than option B.
Solver provides sensitivity analysis information on all of the following except the a. range of values for objective function coefficients which do not change optimal solution. b. impact on optimal objective function value of changes in constrained resources. c. amount by which the right hand side of the constraints can change and still the shadow price is accurate. d. impact on right hand sides of changes in constraint coefficients.
Answer:
The correct answer is OPTION D (impact on right hand sides of changes in constraint coefficients).
Explanation:
Solver is an excel program that can be used to solve systems of equations even solve for multiple equations, using a powerful iteration technique in a bid to get a closer approximation to the solution of a problem.
A sensitivity report is one of the three reports that can be generated using the solver which can solve for the effect of how changes in the constraints no matter how small could still affect the overall solution.
The objective function is a target cell.
The solver doesn't provide information on how the impact on the right-hand sides of changes in constraint coefficients as information showed is that as long as there is a positive less than or equal constraints, increasing the values of the right-hand side values of constraints would not change the optimal solution.
Calculate the consumer surplus in the market for gasoline if the market price is $3.50. Price ($ per gallon) Quantity of gasoline (millions of gallons) 0 40 80 120 160 200 240 280 320 360 400 440 480 520 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 Demand Price Consumer surplus
Answer:
The consumer surplus in the market for gasoline is $250 million
Explanation:
Consuemr Surplus
It is the difference between the consumer is willing to pay for the commodity and the actual market price.
The consumer surplus can be calculated as follow
Consumer Surplus = 0.50 x ( Maximum Price - Market Price ) x Quantity
Where
Maximum Price = $6.00
Market Price = $3.50
Quantity = 200 million gallons
Placing values in the formula
Consumer Surplus = 0.50 x ( $6.00 - $3.50 ) x 200
Consumer Surplus = $250 million
Note: The graph in the question was missing, it is attached for your reference.
The Work-in-Process inventory account of a manufacturing firm shows a balance of $3,250 at the end of an accounting period. The job cost sheets of two uncompleted jobs show charges of $510 and $310 for materials, and charges of $410 and $670 for direct labor. From this information, it appears that the company is using a predetermined overhead rate, as a percentage of direct labor costs, of:
Answer:
$1.25
Explanation:
With regards to the above and given that;
Direct material = $510 310
Direct labor = $410 $670
Manufacturing overhead?
Work in process = Direct material + Direct labor + manufacturing overhead
$3,250 = $820 + $1,080 + MOH
$3,250 - $1,900 = MOH
MOH = $1,350
Overhead rate = MOH/Direct labor hour
= $1,350/1080
= $1.25
E7.5 (LO 2) (Recording Sales Gross and Net) On June 3, Arnold Company sold to Chester Company merchandise having a sale price of $3,000 with terms of 2/10, n/60, f.o.b. shipping point. An invoice totaling $90, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. Instructions a. Prepare journal entries on the Arnold Company books to record all the events noted above under each of the following bases. 1. Sales and receivables are entered at gross selling price. 2. Sales and receivables are entered at net of cash discounts. b. Prepare the journal entry under basis 2, assuming that Chester Company did not remit payment until July 29.
Alexa and David are managers of different sales teams. Together, they decide to have a competition between teams to see who can bring in the most new clients this month. To increase the sense of competition, they create spirit days where they wear team colors (Alexa's team: blue, David's black), strategize ways to beat the other group, and keep a running total of who is winning on a white board. Alexa and David are employing ________ to increase productivity.
Incomplete question. The options read;
Social identity theoryParasocial interaction theoryLeader-member exchange theoryVigilant interaction theoryExpectancy theoryAnswer:
Vigilant interaction theory
Explanation:
Remember, we are told that Alexa and David kept a running total of who is winning on a whiteboard for the entire team to see while also strategizing ways to beat the opposing team.
According to the vigilant interaction theory, the productivity of a team is usually dependent upon the group's attentiveness during their group interaction.
Hence, we can thus conclude that Alexa and David are employing vigilant interaction theory to increase productivity.
You and your partner have become very interested in cross-country motorcycle racing and wish to purchase entry-level equipment. You have identified two alternative sets of equipment and gear. Package K has a first cost of $200,000, an operating cost of $6,000 per quarter, and a salvage value of $30,000 after its 2-year life. Package L has a first cost of $280,000 with a lower operating cost of $2,200 per quarter and an estimated $30,000 salvage value after its 4-year life. Which package offers the lower present worth analysis at an interest rate of 20% per year, compounded quarterly
Answer:
Package K offers the lower present worth analysis.
Explanation:
This can be determined using the following 3 steps.
Step 1: Calculations of present worth of Package K
First cost = $200,000
Present value of quarterly operating cost = quarterly operating cost * ((1- (1/(1 + r))^n)/r) ....... (1)
Where;
r = quarterly interest rate = interest rate per year / Number of quarters in a year = 20% / 4 = 5%, or 0.05
n = number of quarters = Number of years * Number of quarters in a year = 2 * 4 = 8
Substituting the values into equation (1), we have:
Present value of quarterly operating cost = $6,000 * ((1- (1/(1 + 0.05))^8)/0.05) = $38,779.28
Present value of salvage value = Salvage value / (1 + quarterly interest rate)^Number of quarters = $30,000 / (1 + 0.05)^8 = $20,305.18
Present worth of package K = First cost + Present value of quarterly operating cost - Present value of salvage value = $200,000 + $38,779.28 - $20,305.18 = $218,474.10
Step 2: Calculations of present worth of Package L
First cost = $280,000
Present value of quarterly operating cost = quarterly operating cost * ((1- (1/(1 + r))^n)/r) ....... (1)
Where;
r = quarterly interest rate = interest rate per year / Number of quarters in a year = 20% / 4 = 5%, or 0.05
n = number of quarters = Number of years * Number of quarters in a year = 4 * 4 = 16
Substituting the values into equation (1), we have:
Present value of quarterly operating cost = $2,200 * ((1- (1/(1 + 0.05))^16)/0.05) = $23,843.09
Present value of salvage value = Salvage value / (1 + quarterly interest rate)^Number of quarters = $30,000 / (1 + 0.05)^16 = $13,743.35
Present worth of package L = First cost + Present value of quarterly operating cost - Present value of salvage value = $280,000 + $23,843.09 - $13,743.35 = $218,474.10 = $269,900.25
Step 3: Comparison of present worth
Present worth of package K = $218,474.10
Present worth of package L = $269,900.25
Therefore, Package K offers the lower present worth analysis.
The market equilibrium quantity without the $1.50 excise tax is ______________ units. The market equilibrium quantity with the $1.50 excise tax is ______________ units. The change in equilibrium quantity due to the $1.50 excise tax is ______________ units. (Note: Red colored supply curve should be Qs with no tax and Green supply curve is Qs with tax. Error below in labeling)
Answer:
Equilibrium quantity without excise tax is 130 units.
Equilibrium quantity with excise tax is 110 units.
The change in equilibrium quantity is 20 units decrease due to excise tax.
Explanation:
The quantity demanded without tax is 130 units because this is equilibrium point where quantity supplied equals to quantity demanded. The quantity demanded with tax is 110 units because the price will increase by $1.50 due to excise tax. The new price would be $4.50 after excise tax so the quantity will be declined to 110 units.
Jacques, who is age 45, has just resigned from his current job. He worked for Ace, which sponsors a cash balance plan and a standard 401(k) plan. Each of the plans uses the longest permitted vesting schedule and both plans are top heavy. He has a balance of $40,000 in the cash balance plan, has deferred $20,000 into the 401(k) plan and has employer matching contributions of $10,000. If he has been employed for three years, but only participating in the plans for the last two years, how much does he keep if he leaves today
Answer: hahaha
Explanation:
Drag the tiles to the correct boxes to complete the pairs.
Match the cash outflows to their cash flow activities.
investing activities
financing activities
administration expenses
operating activities
purchase of fixed assets
repayment of loan
Answer:
Operating activities - - - - - - - - > administration expenses.
Purchase of fixed assets - - - - - - - > investing activities
Repayment of loan - - - - - - - - - - > financing activities.
Explanation:
Sunland Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 340 $23 $7,820 April 15 purchase 390 28 10,920 April 23 purchase 270 30 8,100 1,000 $26,840 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory $enter a dollar amount Cost of goods sold $
Answer:
Ending inventory cost= $10,900
COGS= $15,940
Explanation:
To calculate the ending inventory using LIFO (last-in, first-out) method, we need to use the cost of the lasts units incorporated into inventory:
Ending inventory in units= 1,000 - 550= 450
Ending inventory cost= 340*23 + 110*28= $10,900
Now, the cost of goods sold:
COGS= 270*30 + 280*28= $15,940
explain the various functions of an entrepreneur
Loanstar had 150 units in beginning inventory before starting 950 units and completing 900 units. The beginning work in process inventory consisted of $2,000 in materials and $4,000 in conversion costs before $7,900 of materials and $13,280 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 30% complete with regard to conversion costs. Use the above information to complete a production cost report. Enter all amount as positive values.
Answer:
Loanstar
Production Report:
Units Materials Conversion Total
Beginning WIP 150 $2,000 $4,000 $6,000
Started 950 7,900 13,280 21,180
Total 1,100 $9,900 $17,280 $27,180
Completed 900 900 900
Ending WIP 200 200 (100%) 60 (30%)
Total equivalent units 1,100 960
Cost per equivalent unit $9 $18
Cost assigned to:
Units completed $8,100 $16,200 $24,300
Ending WIP 1,800 1,080 2,880
Total cost of production $9,900 $17,280 $27,180
Explanation:
a) Data and Calculations:
Units Materials Conversion Total
Beginning WIP 150 $2,000 $4,000 $6,000
Started 950 7,900 13,280 21,180
Total 1,100 $9,900 $17,280 $27,180
Completed 900 900 900
Ending WIP 200 200 (100%) 60 (30%)
Total equivalent units 1,100 960
Cost per equivalent unit $9 $18
Cost assigned to:
Units completed $8,100 $16,200 $24,300
Ending WIP 1,800 1,080 2,880
Total cost of production $9,900 $17,280 $27,180
Creative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Creative Images Co.:
Violet Lozano, Capital $880,000
Violet Lozano, Drawing 12,000
Fees Earned 702,400
Wages Expense 480,000
Rent Expense 69,000
Supplies Expense 11,000
Miscellaneous Expense 14,600
Required:
Journalize the two entries required to close the accounts.
Answer:
Journal 1
Debit : Fees Earned $702,400
Credit : Income Statement $702,400
Closing off Revenue against Income Statements
Journal 2
Debit : Income Statement $574,600
Credit : Wages Expense $480,000
Credit : Rent Expense $69,000
Credit : Supplies Expense $11,000
Credit : Miscellaneous Expense $14,600
Closing off Expenses against Income Statements
Explanation:
The Income Statement accounts for Incomes and expenses. Therefore, close off the Income Accounts against the Income Statement as well as Expenses Accounts.
The income statement of Whitlock Company is presented here.
Whitlock Company Income Statement For the Year Ended November 30, 2020
Sales revenue $7,700,000
Cost of goods sold
Beginning inventory $1,900,000
Purchases 4,400,000
Goods available for sale 6,300,000
Ending inventory 1,400,000
Total cost of goods sold 4,900,000
Gross profit 2,800,000
Operating expenses 1,150,000
Net income $1,650,000
Additional information:
a. Accounts receivable increased $200,000 during the year, and inventory decreased $500,000.
b. Prepaid expenses increased $150,000 during the year.
c. Accounts payable to suppliers of merchandise decreased $340,000 during the year.
d. Accrued expenses payable decreased $100,000 during the year.
e. Operating expenses include depreciation expense of $70,000.
Required:
Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2020, for Whitlock Company, using the indirect method.
Answer:
$1,130,000
Explanation:
Preparation of the operating activities section of the statement of cash flows for the year ended November 30, 2020, for Whitlock Company,
Cash flows from operating activities
Net Income $1,650,000
Adjustments to reconcile net income to net cashProvided by operating activities:
Add Depreciation expense $70,000
Add Loss on disposal of equipmentIncrease in accounts receivable $200,000
Less Increase in inventory($500,000)
Add Decrease in prepaid expenses------Increase in prepaid expenses $150,000
Less Decrease in accounts payable($340,000)
Less Increase in accrued exp payable($100,000)
Net cash provided by operating activities $1,130,000
Therefore the operating activities section of the statement of cash flows for the year ended November 30, 2020, for Whitlock Company is $1,130,000
Rex, a cash basis calendar year taxpayer, runs a bingo operation that is illegal under state law. During 2020, a bill designated H.R. 9 is introduced into the state legislature, which, if enacted, would legitimize bingo games. In 2020, Rex had the following expenses: Operating expenses in conducting bingo games $247,000 Payoff money to state and local police 24,000 Newspaper ads supporting H.R. 9 3,000 Political contributions to legislators who support H.R. 9 8,000 Of these expenditures, Rex may deduct:
Answer:
$247,000
Explanation:
Based on the information given we were told that the Operating expenses that was used in conducting bingo games was the amount of $247,000 which means that the amount that Rex may DEDUCT is the OPERATING EXPENSES amount of $247,000.
Hence, OPERATING EXPENSES can simply be defined as the amount of money that is been use to run or operate a business, company or organization such as paying for office rent , buying of office Equipment, delivery expenses , Employee wages expense among others.
Therefore Rex may deduct $247,000
Larkspur, Inc. uses a perpetual inventory system. Data for product E2-D2 include the purchases shown below.Date Numer of Units Unit priceMay 7 46 $10July 28 36 15On June 1, Larkspur, Inc. sold 23 units, and on August 27, 36 more units. Calculate the average cost of the goods sold in the sale. (Round answers to 3 decimal places, e.g. 5.125.)
Answer:
Following are the solution to this question:
Explanation:
Calculating the cost of the product sold:
FIFO:
June 1: 23 units costing of [tex]\$ 10[/tex] each [tex]= \$ 230[/tex]
Aug 27: 23 units costing of [tex]\$ 10[/tex] each [tex]= 230[/tex]
13 units costing of [tex]\$ 15[/tex] each [tex]= 195[/tex]
[tex]\$425[/tex]
Total cost of product sold[tex]= \$655[/tex]
LIFO:
June 1: 23 units costing of [tex]\$ 10[/tex] each [tex]= \$ 230[/tex]
Aug 27: 36 units costing of [tex]\$15[/tex] each = 540
Total cost of product sold [tex]= \$ 770[/tex]
Average cost:
June 1: 23 units costing of [tex]\$ 10[/tex] each [tex]= \$ 230[/tex]
Aug 27: 36 units costing of [tex]\$13.051[/tex] each [tex]= \$469.836[/tex]
Total cost of product sold [tex]= \$699.836[/tex]
Which item shows a credit balance in the Trial Balance?
O
A/P
A/R
Expesnes
O Land
Answer:
Asset and expense accounts appear on the debit side of the trial balance whereas liabilities, capital and income accounts appear on the credit side.
Answer:
A/P
Explanation:
A/R is assets, A/P is liability.
Elite Lawn & Plowing (EL&P) is a lawn and snow plowing service with both residential and commercial clients. The owner believes that the commercial sector has more growth opportunities and is considering dropping the residential service.
Twenty employees worked a total of 41,000 hours last year, 30,000 on residential jobs and 11,000 on commercial jobs. Wages were $16 per hour for all work done. Any materials used are included in overhead as supplies. All overhead is allocated on the basis of labor-hours worked, which is also the basis for customer charges. Because of increased competition for commercial accounts,EL&P can charge $60 per hour for residential work, but only $45 per hour for commercial work.
If overhead for the year was $205,000, what were the profits of the residential and commercial services using labor-hours as the allocation base?
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= 205,000 / 41,000
Predetermined manufacturing overhead rate= $5 per direct labor hour
Now, we can calculate the profit of each service:
Residential:
Revenue= 30,000*60= 1,800,000
Direct labor costs= 30,000*16= (480,000)
Overhead= 5*30,000= (150,000)
Gross profit= $1,170,000
Commercial:
Revenue= 11,000*45= 495,000
Direct labor costs= 11,000*16= (176,000)
Overhead= 5*11,000= (55,000)
Gross profit= $264,000
Album Co. issued 10-year $200,000 debenture bonds on January 2. The bonds pay interest semiannually. Album uses the effective interest method to amortize bond premiums and discounts. The carrying value of the bonds on January 2 was $185,953. A journal entry was recorded for the first interest payment on June 30, debiting interest expense for $13,016 and crediting cash for $12,000. What is the annual stated interest rate for the debenture bonds
Answer: 12%
Explanation:
Stated interest rate is used in the calculation of the annual interest payment.
Interest payment = Face value of bonds * Stated interest rate
Annual Interest payment = Semi annual interest payment * 2
= 12,000 * 2
= $24,000
24,000 = 200,000 * Stated interest
Stated interest = 24,000 / 200,000
= 0.12
= 12%
This year Don and his son purchased real estate for an investment. The price of the property was $630,000, and the title named Don and his son as joint tenants with the right of survivorship. Don provided $358,000 of the purchase price and his son provided the remaining $272,000. Has Don made a taxable gift and, if so, in what amount
Answer:
$28,000
Explanation:
Calculation for Don taxable gift amount
Taxable gift amount=[$358,000 − ($630,000)/2] − $15,000
Taxable gift amount=[$358,000 −$315,000] − $15,000
Taxable gift amount=$43,000-$15,000
Taxable gift amount=$28,000
Therefore Don has made a taxable gift of the amount of $28,000
If the price of an item decreases, producers will create fewer of the item. This is due to the
A.
Law of Demand
B.
Law of Supply
C.
Law of Price
D.
Consumer Choice
Answer:
the answer is B,law of supply
In order to get hired as an assembly line specialist, the applicant will have to show that they can perform their task in less than 5 minutes after 1000 tries. During the interview, the applicant was asked to perform their future job five times. The applicant was able to complete the task in 10.8 minutes and the company was to estimate their learning curve to be 90%. Given this information, how much time will the applicant take to perform the task a 1000th time
Answer:
The Applicant will take 3.78 minutes to perform the task a 1000th time.
Explanation:
The Learning curve is the graphical representation that determines that how much time someone takes to learn a special skill.
The time on the 1,000th applicant can be calculated as follow
[tex]T_{1000}[/tex] = [tex]T_{1}[/tex] x [tex]1000^{((log LCR/log2)}[/tex]
Where
[tex]T_{1}[/tex] = 10.8 minutes
LCR = Learning Curve Rate = 90% = 0.90
[tex]T_{1000}[/tex] = 10.8 minutes
Placing values in the formula
[tex]T_{1000}[/tex] = 10.8 minutes x [tex]1000^{((log 0.90/log2)}[/tex]
[tex]T_{1000}[/tex] = 10.8 minutes x [tex]1000^{(-0.152003093)}[/tex]
[tex]T_{1000}[/tex] = 10.8 minutes x 0.349937689
[tex]T_{1000}[/tex] = 3.779327044 minutes
[tex]T_{1000}[/tex] = 3.78 minutes
The Southern Corporation manufactures a single product and has the following cost structure: Variable costs per unit: Production $ 35 Selling and administrative $ 15 Fixed costs per year: Production $120,400 Selling and administrative $101,140 Last year, 6,020 units were produced and 5,920 units were sold. There was no beginning inventory. The carrying value on the balance sheet of the ending inventory of finished goods under variable costing would be:
Answer:
See below
Explanation:
The computation of carrying value on the balance sheet of the ending inventory of finished goods under variable costing is seen below;
Before that, we have to determine the unit cost
Unit fixed manufacturing overhead = $120,400 ÷ 6,020 units = $20
Then, the difference will be;
= Unit fixed manufacturing overhead × change in inventory in units
= $20 × (6,020 units - $5,920)
= $20 × 100 units
= $2,000 less than absorption costing
Taco Ranch uses a process cost system and the FIFO cost flow assumption. Production begins in the crafting department where materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. On November 1st, the beginning work in process inventory consisted of 10,000 units which were 60% complete and had a cost of $190,000, $100,000 of which were material costs. During November, the following occured:
Materials added $225,000
Conversion costs incurred $45,000
Units completed and transferred out in November $40,000
Units in ending work in process November 30 (20% complete) $25,000
1. What are the equivalent units of production for materials and conversion costs in the Crafting Department for the month of November?
2. What are the costs assigned to the ending work in process inventory on November 30?
3. What are the costs assigned to units completed and transferred out during November?
Answer:
no puedo tengo fuboll
Explanation:
Taco Ranch uses a process cost system and the FIFO cost flow assumption.
Equivalent Units for Materials:
Units completed and transferred out during November = 40,000 units
Units in ending work in process (20% complete)
= 25,000 units × 20% = 5,000 equivalent units
Total equivalent units for materials = Units completed and transferred out + Units in ending work in process
Total equivalent units for materials
= 40,000 units + 5,000 equivalent units
Total equivalent units for materials = 45,000 equivalent units
Equivalent Units for Conversion Costs:
Since conversion costs are incurred uniformly throughout the process, the equivalent units for conversion costs are the same as the total equivalent units for materials, which is 45,000 equivalent units.
Costs Assigned to Ending Work in Process Inventory on November 30:
To determine the costs assigned to the ending work in process inventory on November 30, we need to calculate the cost per equivalent unit for materials and conversion costs.
Cost per Equivalent Unit for Materials = Total material costs / Total equivalent units for materials
Cost per Equivalent Unit for Materials = $100,000 / 45,000 equivalent units
Cost per Equivalent Unit for Materials = $2.22 per equivalent unit (rounded to two decimal places)
Cost per Equivalent Unit for Conversion Costs = Total conversion costs / Total equivalent units for conversion costs
Cost per Equivalent Unit for Conversion Costs = $45,000 / 45,000 equivalent units
Cost per Equivalent Unit for Conversion Costs = $1 per equivalent unit
Now, we can calculate the cost assigned to the ending work in process inventory:
Ending Work in Process Inventory Cost = Cost per Equivalent Unit for Materials × Equivalent Units in Ending Work in Process
Ending Work in Process Inventory Cost = $2.22 × 5,000 equivalent units
Ending Work in Process Inventory Cost = $11,100
Costs Assigned to Units Completed and Transferred Out During November:
The costs assigned to units completed and transferred out during November include both material and conversion costs.
Total cost per equivalent unit = Cost per Equivalent Unit for Materials + Cost per Equivalent Unit for Conversion Costs
Total cost per equivalent unit = $2.22 + $1
Total cost per equivalent unit = $3.22
Cost of Units Completed and Transferred Out = Total cost per equivalent unit × Units completed and transferred out during November
Cost of Units Completed and Transferred Out = $3.22 × 40,000 units
Cost of Units Completed and Transferred Out = $128,800
Therefore, the costs assigned to the ending work in process inventory on November 30 is $11,100 and the costs assigned to units completed and transferred out during November is $128,800.
To know more about cost flow here,
https://brainly.com/question/32234217
#SPJ2