Answer:
The correct answer is the option A: Nothing. Once you determine the root cause, your work is done whether it is in your control or not.
Explanation:
To begin with, the question is related to what is called "Root Cause Analysis" known in the management field as a process by which the managers tend to identify what cause a problem by looking deeply into the root of it thanks to an excesive analysis done by a team. It is necessesary to clarify that the main purpose of this method is just to identify the problems' root and from there to come out with solutions regarding the situation if able, but it is not the point of the analysis to take action or to implement those solutions. So therefore that if the situation turns to be out of the control of the person responsible for the analysis then there is nothing he could do because his job has already been done.
As a developing nation, India has relied on assistance for building roads, power plants, schools, and hospitals. In order to receive assistance, the government of India has lower trade barriers and fosters private business. Many high-tech start-ups and call centers are now located in India. This example illustrates the function of the _______.
Answer:
international monetary fund (IMF)
Explanation:
This example illustrates the function of the international monetary fund (IMF). This fund is what helps India build all the infrastructure that they need in order to maintain its financial stability and allows it to improve its international trade and relationships. Since India is a member of the International monetary fund and contributes to it they are able to receive assistance for such expenses from the fund itself. All country members contribute to the fund and mutually benefit from doing so.
Following is an extract of account balances of Wilson Mowing Services as of December 31 of the first year of operation. Accounts Receivable $7,000 Accounts Payable 4,000 Salaries Expense 6,000 Repairs Expense 500 Truck 8,000 Equipment 10,000 Notes Payable 8,100 Cash 7,300 Supplies Expense 1,400 Service Revenue 35,000 Gasoline Expense 3,800 Salaries Payable 300 What is the amount of total assets at the end of the year
Answer:
$32,300
Explanation:
With regards to the above, the amount of total assets is the addition of current assets + Fixed assets.
= Accounts receivables + Cash + Truck equipment
= $7,000 + $7,300+ $8,000 + $10,000
= $32,300
Therefore ,
Total assets = $32,300
Equivalent-unit calculations are necessary to allocate manufacturing costs between: Multiple Choice cost of goods manufactured and beginning work in process. cost of goods manufactured and cost of goods sold. beginning work in process and units completed. units sold and ending work in process. units completed and ending work in process.
Answer:
units completed and ending work in process.
Explanation:
Process costing can be defined as a cost accounting method used for assigning manufacturing or production costs to the units of goods produced by a business firm over a specific period of time. It is mostly used by firms that produce a large quantity of homogeneous or similar products on a continuous basis. Process costing typically uses more than one Work in Process Inventory account because costing at each stage of production or manufacturing process.
Basically, when manufacturing overhead costs of a business firm or company are applied to the cost of production in a process costing system, they are debited to the Work-in-Process inventory account.
In the manufacturing process, partially or partly completed goods that are still in the process of being converted into a finish product are defined as work-in-process inventories.
Generally, the work-in-process inventories include the following raw materials cost, direct labor cost and factory overhead cost.
The equivalent-unit calculations is done by multiplying the number of partially completed physical goods by the percentage of completion.
Hence, equivalent-unit calculations are necessary to allocate manufacturing costs between units completed and ending work in process.
The Beckham Company has the following information about their activity cost pools: Activity Cost Pools Total Overhead Cost Total Activity Machine Setups $ 125,000 5,000 setups Customer Orders $ 200,000 1,250 orders Product Design $ 300,000 2,500 product design hours The activity rate for machine setups is ________. multiple choice $125,000 $0.04 per setup $10 per setup $25 per setup
Answer:
$25 per setup
Explanation:
With regards to the above, activity rate is computed as;
= Activity cost pool resources / Activity driver
Activity cost pool resources = $125,000
Activity driver = 5,000
Activity rate for machine setup = $125,000/5,000 = $25 per setup
The amount of joint costs allocated to product DBB-1 using the sales value at split-off method is (calculate all ratios and percentages to 2 decimal places, for example 33.33%, and round all dollar amounts to the nearest whole dollar): $2,213,640. $939,240. $216,870. $757,800. $447,120.
Answer:
$2,213,640
Explanation:
Calculation for the amount of joint costs allocated to product DBB-1 using the sales value at split-off method
First step is to calculate the total amount
DBB-1= 16,000 units *$25
DBB-1= 400,000
DBB-2= 24,000 units *$35
DBB-2= 840,000
DBB-2= 36,000 units *$55
DBB-2= 1,980,000
Total =3,220,000
(400,000+840,000+1,980,000)
Second step is to calculate the Weight for DBB-3
Weight for DBB-3= 1,980,000 / 3,220,000 Weight for DBB-3=61.49%
Now let calculate the Joint cost for DBB-3
Joint cost for DBB-3=$36,00,000*61.49%
Joint cost for DBB-3=$2,213,640
Therefore The amount of joint costs allocated to product DBB-1 using the sales value at split-off method is $2,213,640
The balanced scorecard: Multiple Choice Fails to reflect environmental and social effects of the firm's operations. Helps focus managers' attention to bottom line profits. Is not comprehensive, since it doesn't include all the critical success factors which contribute to competitive success. Is forward looking, stressing nonfinancial measures that can lead to benefits in the future. Is heavily weighted toward the financial critical success factors.
Answer:
Is forward looking, stressing nonfinancial measures that can lead to benefits in the future.
Explanation:
Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.
In Financial accounting, Horizontal analysis can be defined as an analysis and evaluation of a financial statement which illustrates or gives information about changes in the amount of corresponding financial statement items, benchmarks or financial ratio over a specific period of time. It is one of the most important technique that is used to measure how a business is doing financially.
Hence, the balanced scorecard is forward looking, stressing nonfinancial measures that can lead to benefits in the future and as such it is a strategic management planning technique.
The name for a variety of methods used to examine how an amount will change if factors involved in predicting that amount change is: Cost analysis. Cost-volume-profit analysis. Sensitivity analysis. Contribution margin analysis. Factor analysis.
Answer:
Sensitivity analysis.
Explanation:
Sensitivity analysis studies how an economic variable would change due to changes in one of the input variables.
Due to the fact that the future is uncertain, it would be wise to accommodate a varying range of scenarios to be able to be well prepared for the future.
Sensitivity analysis involves changing one input at a time to determine how they would affect results.
For example, in determining NPV, there can be different ranges of discount rate
f
These are selected 2017 transactions for Swifty Corporation: Jan. 1 Purchased a copyright for $122,750. The copyright has a useful life of 5 years and a remaining legal life of 30 years. Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 26 years for $51,120. Sept. 1 Purchased a small company and recorded goodwill of $154,200. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization required by the events.
Answer:
Dr Amortization expense $24,550
Cr Copyright asset $24,550
Dr Amortization $10,650
Cr Patent asset $10,650
Explanation:
Preparation of all adjusting entries at December 31 to record amortization required by the events
Based on the information given the adjusting entries at December 31 to record amortization required by the events will be :
Dr Amortization expense $24,550
Cr Copyright asset $24,550
Dr Amortization $10,650
Cr Patent asset $10,650
Calculation for Annual amortization of copyrights
Annual amortization of copyrights = Cost of copyright/Useful life
Annual amortization of copyrights= $122,750/5
Annual amortization of copyrights= $24,550
Calculation for Annual amortization of patent
Annual amortization of patent = Cost of patents/Useful life
Annual amortization of patent= $51,120/4
Annual amortization of patent= $12780
Amortization of patent for 2017 = $12780 x 10/12
= $10,650
[The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $ 43,000 $ 52,000 Work in process 10,200 21,300 Finished goods 63,000 35,600 Activities and information for May Raw materials purchases (paid with cash) 210,000 Factory payroll (paid with cash) 345,000 Factory overhead Indirect materials 15,000 Indirect labor 80,000 Other overhead costs 120,000 Sales (received in cash) 1,400,000 Predetermined overhead rate based on direct labor cost 70 % Raw materials purchases for cash. Direct materials usage. Indirect materials usage. Prepare journal entries for the above transactions for the month of May.
Answer:
Journals have been prepared below !
Explanation:
Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2018 bank statement included the following information:
Balance, July 1, 2018 $56,428
Deposits 180,100
Checks processed (193,210 )
Service charges (60 )
NSF checks (1,500 )
Monthly loan payment deducted directly by bank from account (includes $520 in interest) (3,620 )
Balance, July 31, 2018 $38,138
The company's general ledger account had a balance of $38,918 at the end of July. Deposits outstanding totaled $6,300 and all checks written by the company were processed by the bank except for those totaling $8,420. In addition, a $2,000 July deposit from a credit customer was recorded as a $200 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $30 disbursement was incorrectly processed by the bank as a $300 disbursement.
Required:
a. Prepare a bank reconciliation for the month of July.
b. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account.
Answer:
A. Corrected bank balance $35,538
Corrected cash balance $35,538
B. 1. Dr Cash 1,800
Cr Accounts receivable 1,800
2.Dr Miscellaneous expense (Bank service charges) 60
Dr Accounts receivable (NSF Check) 1,500
Dr Interest expense 520
Cr Cash 2,080
Explanation:
a. Preparation of a bank reconciliation for the month of July.
BANK RECONCILATION STATEMENT
Bank balance to correct balance
Balance per bank statement $38,138
Add: Deposits outstanding 6,300
Add: Bank error in recording check (300-30) 270
Deduct: Checks outstanding ($8,420)
Corrected bank balance $35,538
Book balance to corrected balance
Balance as per books $38,918
Add: Error in recording cash receipt (2,000-200) 1,800
Deduct: NSF checks (1,500)
Deduct: Automatic monthly loan payment (3,620)
Deduct: Service charges (60)
Corrected cash balance 35,538
b. Preparation of the necessary journal entries at the end of July to adjust the general ledger cash account.
1. Dr Cash 1,800
Cr Accounts receivable 1,800
(Being To record the correct error in recording cash receipt)
2.Dr Miscellaneous expense (Bank service charges) 60
Dr Accounts receivable (NSF Check) 1,500
Dr Interest expense 520
Cr Cash 2,080
(To record credit to cash)
Shum Manufacturing, which uses the high-low method, makes a product called Kwan. The company incurs three different cost types (A, B, and C) and has a relevant range of operation between 2,500 units and 10,000 units per month. Per-unit costs at two different activity levels for each cost type are presented below. Type A Type B Type C Total 5,000 units $ 4 $ 9 $ 4 $ 17 7,500 units 4 6 3 13 If Shum produces 10,000 units, the total cost would be: Multiple Choice $90,000. $100,000. $110,000. $125,000. None of the answers is correct.
Answer:
$110,000
Explanation:
Variable cost is determined by high-low method:
Type A = $50,000
Type B = 0
Fixed cost determined using high low method is:
Type A = 0
Type B = $60,000
The total cost of high low method is $110,000.
A firm produces truffles by using labor and capital. The price of labor is $10 per unit, and the price of capital is $20 per unit. At current output level, the marginal product of labor is 40 truffles and the marginal product of capital is 60 truffles. To reduce the total cost of producing the current quantity of truffles, how should the firm change its spending on labor and capital
Answer: See explanation
Explanation:
With the information given in the question, the firm should change its spending on labor and capital by increasing its labor and at thesame time, also reducing capital.
This is because since the marginal product of labor is 40 truffles and the price of labor is $10 per unit, it means that 4 truffles/dollar is being spent on labor, while for capital, 3 truffles/dollar is being spent.
Wildhorse Co. began operations on January 2, 2020. It employs 13 people who work 8-hour days. Each employee earns 10 paid vacation days annually. Vacation days may be taken after January 10 of the year following the year in which they are earned. The average hourly wage rate was $18 in 2020 and $19.75 in 2021. The average vacation days used by each employee in 2021 was 9. Wildhorse Co. accrues the cost of compensated absences at rates of pay in effect when earned.
Required:
Prepare journal entries to record the transactions related to paid vacation days during 2020 and 2021.
Answer and Explanation:
The Journal entries are as follows:
On 2020,
Wages expense Dr. $18,720 (13 × 8 hrs × 10 days × $18)
To vacation wages payable $18,720
(being the wages expense is recorded)
On 2021
Wages expense Dr $1,638
Vacation wages payable $16,848 (13 × 8 hrs × 9 days × $18)
To Cash $18,486 (13 × 8 hrs × 9 days × $19.75)
(being cash paid is recorded)
Wages expense Dr. $20,540 (13 × 8 hrs × 10 days × $19.75)
To vacation wages payable $20,540
(being the wages expense is recorded)
Which 4 sections of the Overview screen can be used to perform a high-level review?
A. Company Setup
B. Outstanding Taxes
C. Bank Activity
D. Common issues
E. Transaction Volume
F. Client Mileage
Answer:
Company Setup, Bank Activity, Transaction Volume and Client Mileage
Explanation:
The nature of a company setup is an important aspect to perform a high level review. The set up of the company i.e. Private Ltd. or Public Ltd. or the goal and the motive of the company its operation to earn revenue are important aspects of a high level review. Not only the company set up but also the Banking Activity, Transaction Volume and Client Mileage are also some important areas in which the review takes place. if the company has a large volume of transaction and as well as it is doing a good amount of business with the banks then it can be said that the company is healthy. Moreover the customer satisfaction is an important aspect of a high level review. The following other options are incorrect because they are less important for a high level review.
What are the costs and sources of inefficiency in a barter B apply.) A. Productivity is increased by specialization. B. Each good has only one price. C. There is increased time and effort spent looking for trading partners. D. There is a lack of standardization. E. There is difficulty in accumulating wealth. OF. Transactions costs are almost always high.
Answer:
C)There is increased time and effort spent looking for trading partners.
D)There is a lack of standardization.
E)There is difficulty in accumulating wealth.
Explanation:
barter in a trade can be regarded as a system of exchange that involves exchange of goods and services for another without using money as a medium of exchange. Barter is been considered as 'inefficient' as a result of the needs for 'double coincidence of wants'. For instance in a situation whereby someone is buying particular amount of another's goods, but the payment he/she has is for just one indivisible unit of another good, and the worth is higher than what he/she want to obtain, in this case there won't be barter transaction.
It should be noted that the costs and sources of inefficiency in a barter are;
✓There is increased time and effort spent looking for trading partners.
✓There is a lack of standardization.
✓There is difficulty in accumulating
Sorting forms of payments
Q; Sort the forms of payment into the two categories
Answer down below
Have money at time of purchase
- cash
- debit card
- check
Borrow money to make purchase
- credit card
Answer:
Have money at time of purchase.
Cash
For cash to be used to purchase something, the person must already have the required amount of cash in their possession already.
Debit Card.
Debit cards pay for purchases by using funds in the owner's bank account. This means that for a purchase to be processed, the owner must have funds in their account in the first place.
Check
This works much like the debit card above. If one wants to use a check, their bank account needs to have funds at the time of purchase so that the funds can pay for the purchase.
Borrow money to make a purchase
Credit Card
Credit card represent a debt owed to the issuing company that will need to be paid off eventually. This means therefore that whenever you use a credit card to make a purchase, you are borrowing the money used to fund the purchase.
Pension data for Goldman Company included the following for the current calendar year: Service cost $ 140,000 PBO, January 1 650,000 Plan assets, January 1 700,000 Amortization of prior service cost 5,000 Amortization of net loss 1,000 Discount rate, 6% Expected return on plan assets, 8% Actual return on plan assets, 10% Required: Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.)
Answer:
$129,000
Explanation:
Calculation for pension expense
Service Cost $140,000
Add: Interest Cost $39,000
($650,000 × 6%)
Add: Amortization of prior service cost $5,000
Add: Amortization of net loss $1,000
Less Expected return on plan assets $56,000 ($700,000 × 8%)
Pension Expense $129,000
Therefore Pension Expense is $129,000
England and Scotland both produce scones and sweaters. Suppose that an English worker can produce 50 scones per hour or 1 sweater per hour. Suppose that a Scottish worker can produce 40 scones per hour or 2 sweaters per hour.
If free trade exists between the countries, then each country will benefit if
a. England exports scones, Scotland exports sweaters.
b. England exports sweaters, Scotland exports scones.
c. both countries export scones.
d. given the production possibilities, both countries will not benefit from trade.
Answer:
A
Explanation:
The country with a comparative advantage in the production of a good should export the good
A country has comparative advantage in production if it produces at a lower opportunity cost when compared to other countries.
England
Comparative advantage in the production of scones = 1/50 = 0.02
Comparative advantage in the production of sweater = 50/1 = 50
Scotland
Comparative advantage in the production of scones = 2/40 = 0.05
Comparative advantage in the production of sweater = 40/2 = 20
England has a comparative advantage in the production of scones and should export scones
Scotland has a comparative advantage in the production of sweaters and should export sweaters
Over the past decade, many American candy companies have opened factories in Mexico and Canada to produce candy. The companies, including Hershey Company, Brach's Confections, and Ferrara Pan, then ship candy back to the United States for sale. Although lower wages in Mexico might explain part of this move, wages in Canada are comparable to U.S. wages. Price floors (price supports) for the sugar industry encouraged American candy companies to move production out of the United States. Describe how the enactment of a sugar price floor impacted the market for candy in the United States, resulting in the movement of manufacturing.
Answer:
The sugar industry in the US is very powerful and has been able to establish trade barriers and import quotas that affect domestic prices. Sugar prices in the US are extremely high compared to prices in any other country, including Canada, Mexico, China, European nation, i.e. American sugar is the most expensive in the world.
Besides imposing trade barriers, the government also imposes a binding price floor. Binding price floors always result in deadweight losses since the quantity demanded is lower than equilibrium. This is why American candy manufacturers move their production overseas. the highest cost in the candy industry is actually sugar, and wherever they decide to relocate their factories it will always be cheaper.
Suppose that Harry drinks one cup of coffee with his preferred three packs of creamer every day for seven days. What is his utility for that week
Answer:
21
Explanation:
The computation of the utility for that week is as follows:
Given that
There are three packs
Also it is for seven days
u(x,y) = min(3x,y)
C = 1
x = 1
y = 3
So,
u = min(3,3)
= 3
For 7 days it would be
= 7 × 3
= 21
Hence, the utility for that week is 21
(C____________ ) among buyers and sellers prohibits a single buyer or seller can dictate the price of a product or resource because others can undercut that price. The regulatory mechanism of the market system is ( c___________ ). As the result, the ( __________ ________ ) is widely distributed. In other words, competition diffuses ( __________ _________ ) and limits the actions of any single seller or buyer
Answer:
(Competion____________ ) among buyers and sellers prohibits a single buyer or seller can dictate the price of a product or resource because others can undercut that price. The regulatory mechanism of the market system is ( competition___________ ). As the result, the ( _economic_________ ___power_____ ) is widely distributed. In other words, competition diffuses ( __economic________ ___power______ ) and limits the actions of any single seller or buyer.
Explanation:
Economic power refers to the ability of countries, businesses, or individuals to improve their standard of living, making decisions that benefit themselves alone, and reducing the ability of any outside force to reduce their freedom. Competition refers to the selling and buying of goods and services with others, who are also selling and buying the same goods and services. It balances economic power, preventing a single individual from monopolizing the market interaction.
Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 6.5% service charge for sales on its credit card and credits the bank account of Mayfair immediately when credit card receipts are deposited. Mayfair deposits the Zisa credit card receipts each business day. When customers use Access credit cards, Mayfair accumulates the receipts for several days before submitting them to Access for payment. Access deducts a 5.5% service charge and usually pays within one week of being billed. Mayfair completes the following transactions in June. (The terms of all credit sales are 2/15, n/30, and all sales are recorded at the gross price.)
4 Sold $600 of merchandise (that had cost $300) on credit to Natara Morris.
5 Sold $9,400 of merchandise (that had cost $4,700) to customers who used their Zisa cards.
6 Sold $5,674 of merchandise (that had cost $2,837) to customers who used their Access cards.
8 Sold $4,250 of merchandise (that had cost $2,125) to customers who used their Access cards.
10 Submitted Access card receipts accumulated since June 6 to the credit card company for payment.
13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $473 balance in McKee’s account stemmed from a credit sale in October of last year.
17 Received the amount due from Access.
18 Received Morris’s check in full payment for the purchase of June 4.
Required:
Prepare journal entries to record the preceding transactions and events.
Answer:
4-Jun
Dr Accounts receivable—N. Morris 600
Cr Sales 600
4-Jun
Dr Cost of goods sold 300
Cr Merchandise inventory 300
5-Jun
Dr Cash 8,883
Dr Credit card expense 517
Cr Sales 9,400
5-Jun
Dr Cost of goods sold 4,700
Cr Merchandise inventory 4,700
6-Jun
Dr Accounts receivable—Access 5,560
Dr Credit card expense 113.5
Cr Sales $5,674
6-Jun
Dr Cost of goods sold 2,837
Cr Merchandise inventory 2,837
8-Jun
Dr Accounts receivable—Access 4,165
Dr Credit card expense 85
Cr Sales $4,250
8-Jun
Dr Cost of goods sold $2,125
Cr Merchandise inventory $2,125
10-Jun No journal entry required
13-Jun
Dr Allowance for doubtful accounts 473
Cr Accounts receivable—A. McKee 473
17-Jun
Dr Cash 9,725
Cr Accounts receivable—Access 9,725
18-Jun
Dr Cash 588
Dr Sales discounts 12
Cr Accounts receivable—N. Morris 600
Explanation:
Preparation of the journal entries to record the preceding transactions and events.
4-Jun
DrAccounts receivable—N. Morris 600
Cr Sales 600
4-Jun
Dr Cost of goods sold 300
Cr Merchandise inventory 300
(Being to record Sales on credit)
5-Jun
Dr Cash 8,883
(9,400-517)
Dr Credit card expense 517
(5.5%*9,400)
Cr Sales 9,400
5-Jun
Dr Cost of goods sold 4,700
Cr Merchandise inventory 4,700
6-Jun
Dr Accounts receivable—Access 5,560.5
($5,674-113.5)
Dr Credit card expense 113.5
($5,674*2%)
Cr Sales $5,674
6-Jun
Dr Cost of goods sold 2,837
Cr Merchandise inventory 2,837
8-Jun
Dr Accounts receivable—Access 4,165
($4,250-$85)
Dr Credit card expense 85
(2%*$4,250)
Cr Sales $4,250
8-Jun
Dr Cost of goods sold $2,125
Cr Merchandise inventory $2,125
10-Jun No journal entry required
13-Jun
Dr Allowance for doubtful accounts 473
Cr Accounts receivable—A. McKee 473
17-Jun
Dr Cash 9,725
Cr Accounts receivable—Access 9,725
(5,560+4,165)
18-Jun
Dr Cash 588
(600-12)
Dr Sales discounts 12
(2%*600)
Cr Accounts receivable—N. Morris 600
Uncle Fred recently died and left $280,000 to his 45-year-old favorite niece. She immediately spent $80,000 on a town home but decided to invest the balance for her retirement at age 65. What rate of return must she earn on her investment over the next 20 years to permit her to withdraw $75,000 at the end of each year through age 80 if her funds earn 10 percent annually during retirement
Answer:
6.06%
Explanation:
The computation of the rate of return is shown below:
Given that
NPER = 20 years
PV = ($280,000 - $80,000) = $200,000
PMT = $0
FV = $75,000 × PVIFA factor at 10% for 21 years
= $75,000 × 8.6487
= $648,652.50
The following formula should be applied
= RATE(NPER;PMT;-PV;FV;TYPE)
The present value comes in negative
After applying the above formula, the rate of return is 6.06%
Sheffield Corp. applies overhead to production at a predetermined rate of 90% based on direct labor cost. Job No. 250, the only job still in process at the end of August, has been charged with manufacturing overhead of $11700. What was the amount of direct materials charged to Job 250 assuming the balance in Work in Process inventory is $45000
Answer:
$20,300
Explanation:
Calculation for What was the amount of direct materials charged to Job 250 assuming the balance in Work in Process inventory is $45000
Direct materials charged to Job 250=$45,000 - ($11,700 / .90) - $11,700
Direct materials charged to Job 250=$45,000 - $13,000- $11,700
Direct materials charged to Job 250= $20,300
Therefore the amount of direct materials charged to Job 250 assuming the balance in Work in Process inventory is $45000 will be $20,300
As a long-term investment at the beginning of the 2021 fiscal year, Florists International purchased 30% of Nursery Supplies Inc.'s 20 million shares for $63 million. The fair value and book value of the shares were the same at that time. During the year, Nursery Supplies earned net income of $40 million and distributed cash dividends of $1.00 per share. At the end of the year, the fair value of the shares is $59 million. Required:Prepare the appropriate journal entries from the purchase through the end of the yea
Answer:
1. Dr Investment in Nursery supplies $63million
Cr Cash $63million
2. Dr Investment in Nursery supplies $12million
Cr Investment Revenue $12million
3. Dr Cash $6million
Cr Investment in Nursery supplies $6million
4. No Entry
Explanation:
Preparation of the appropriate journal entries from the purchase through the end of the yea
1. Preparation of the journal entry to Record the investment in Nursery Supplies shares.
Dr Investment in Nursery supplies $63million
Cr Cash $63million
(Being To record purchase of 30% shares for $63 million)
2. Preparation of the journal entry to Record the investor's share of net income
Dr Investment in Nursery supplies ($40 million x 30%) $12million
Cr Investment Revenue $12million
(Being To record investor share of investee's net income)
3. Preparation of the journal entry to Record the cash dividends received from Nursery Supplies shares.
Dr Cash (20 million shares x 30% share x $1 per share) $6million
Cr Investment in Nursery supplies $6million
(Being To record receipt of dividend)
4. Preparation of the journal entry to Record fair value adjustment at year-end.
No Entry
in 2001 an outbreak of hoof-and-mouth disease in europe led to the burning of millions of cattle carcasses. discuss the demand and supply implication caused by the outbreak, for an in-depth analysis of the discussion topic you may use all of the resources available to you. what impact would you expect on the supply of cattle hides, hide prices, the supply of leather goods, and the price of leather goods
Answer:
High demand
Low supply
High prices
Explanation:
The demand and supply of products, goods and services is heavily dependent on several factors ranging from economic, health and social factors. Disease and viral outbreaks have devastating effects on the market forces of demand and supply which in most cases will impact the market negatively with characteristically high prices and scarcity of products. The mouth and hoof outbreak in Europe was one which impacted the economy including farmers, leather and hides workers and all whose businesses and sustainability depends on cattles and its products. Due to the contagious nature of the disease and the ease at which it could spread if curtailment isn't effected on time, millions of cattles were slaughtered on sighting the symptoms and it's products including skins are burnt leading to losses in billions on the path of cattle rearers, shortage of lather, hides and skins, restriction in international product trade in other to avoid its spread to other parts of the world. These resulted in low supply and high demand of cattles and its products including leather goods meaning High prices for little available.
Northwest Hospital is a full-service hospital that provides everything from major surgery and emergency room care to outpatient clinics.
Required:
For each of the following costs incurred at Northwest Hospital, indicate whether it would most likely be a direct cost or an indirect cost of the specified cost object
Cost Cost Object Direct cost/indirect Cost
Ex. Catered food served to patients A particular patient
The wages of pediatric nurses The pediatric department
Prescription drugs A particular patient
Heating the hospital The pediatric department
The salary of the head of pediatrics The pediatric department
The salary of the head of pediatrics A particular pediatric patient
Hospital chaplain's salary A particular patient
Lab tests by outside contractor A particular patient
Lab tests by outside contractor A particular department
Answer:
Cost and Cost object / Explanation
a. The wages of pediatric nurses/The pediatric department
The wages of pediatric nurses are the costs and the pediatric department is the cost object and are directly related to each other. Wages is an element of direct cost. The wages of pediatric nurses relating to the pediatric department are Direct costs.
b. Prescription drugs / A particular patient
The prescription drugs are the costs and a particular patient is the cost object. The prescription drugs are direct costs as such costs are directly attributable to the treatment of a particular patient. This cost is incurred in direct proportion to the requirement of the pediatric patient.
c. Heating the hospital / The pediatric department
The cost of heating the hospital is an indirect cost as it is not directly required for the treatment of the pediatric patient. The cost of heating the hospital is to be incurred irrespective of the number of patients. It is a fixed cost and is not related to the level of activity.
d. The salary of the head of pediatrics / The pediatric department
The expenses of pediatric department are dependent upon the number of pediatric patients as it is the principal source of revenue for the department. The salary of the head of pediatrics relating to the pediatric patient is directly related to the number of pediatric patients. Thus, it is a direct cost.
e. The salary of the head of pediatrics / A particular pediatric patient
The treatment of the particular patient involves certain fixed or variable costs. The salary of the head of pediatrics is not directly relevant for the treatment of the particular patient. Thus, it is an indirect cost.
f. Hospital chaplain's salary / A particular patient
Hospital chaplain’s salary relating to a particular patient is not directly related to the patient. It is an indirect cost as it is a period cost or fixed cost. It has to be incurred irrespective of the number of patients.
g. Lab tests by outside contractor / A particular patient
Lab test is for the treatment of a particular patient due to which it is considered as a direct cost for the hospital. Lab tests by outside contractor relating to a particular patient is a direct cost as the nature of the expense is variable.
h. Lab tests by outside contractor / A particular department
This cost is a direct cost as it relates to a particular department and not the entire hospital. Lab tests by outside contractor relating to a particular department is a direct cost as the nature of the expense is variable.
1. Friedman distinguishes between the two concepts that (a) businesses really do act in ways to maximize profit and (b) businesses have a moral responsibility (or, as he puts it, a social responsibility) to act to maximize profit. How does he defend the latter position? (See both the Friedman and Sandbu readings)
Explanation:
Friedman defends the position that companies have a social responsibility to act to maximize profit, in the sense that, the primary function of companies is to generate profit. The author goes against the growing opinions in society that companies must have social responsibility, that is, they need to create a positive and sensitive corporate image to please political and society interests and counter or even soften the words and actions its central purpose, which is profit generation. For him, social responsibility cannot be politicized in order to be an obligation of companies, as it limits freedom and interests arising from the business.
Analyze the role individual team members and leaders play in ensuring or detracting from team success. In the analysis, considering the advantages and disadvantages of the team effectiveness model (Exhibit 7.2). For example, what would be some of the effective and ineffective individual and leadership behaviors regarding team environmental, design, process, and effectiveness practices
The correct answer to this open question is the following.
Unfortunately, you did not attach the team effectiveness model (Exhibit 7.2). You did not a link or picture of it.
However, trying to help you, we can comment on the following model.
We are going to use the Katzenbach and Smith Team Model.
This team effectiveness model has three important components at the base of the pyramid: collective work product, commitment, and personal growth.
From there, the next level indicates the specific goals of the team, the ground rules, the common approach, and the meaningful purpose of the team.
Going up the pyramid we have the Skills and Accountability.
In the Skills, the authors include interpersonal skills, technical skills, and problem-solving abilities. Regarding Accountability, the authors include mutual and personal accountability.
At the very top of the pyramid, we have the performance results.
This model helps to establish the foundation of the role individual team members and leaders play in ensuring team success.
For this to happen, leaders have to set the example of the n¿behavior they like to observe on team members. On the other hand, setting that example, team members are expected to follow through with the goals and expectations, following high standards of performance to accomplish goals.
During January, Year 2, Geo entered into the following transactions: Paid $728 on account for utilities that were used during December, Year 1. Purchased $488 of supplies for cash. Signed a rental agreement for office space and paid $6,100 in advance for six months of rent beginning February 1, Year 2. Purchased $21,000 of new equipment, signing a promissory note. Provided $32,500 of services. $16,000 was received in cash and $16,500 was provided on credit. Paid workers $7,400 for work done in January. Required: Prepare journal entries for each of the following January activities, and post results to the relevant T-accounts. Compute the ending balance of each T-account. Beginning balances have been entered.
Answer:
Geo
1. Journal Entries:
1. Debit Utilities Payable $728
Credit Cash $728
To record the payment of utilities on account.
2. Debit Supplies $488
Credit Cash $488
To record the purchase of supplies for cash.
3. Debit Prepaid Rent $6,100
Credit Cash $6,100
To record the prepayment of rent for 6 six months.
4. Debit Equipment $21,000
Credit Note Payable $21,000
To record the purchase of equipment on account.
5. Debit Cash $16,000
Debit Accounts Receivable $16,500
Credit Services Revenue $32,500
To record the rendering of services for cash and on account.
6. Debit Salaries Expense $7,400
Credit Cash $7,400
To record the payment of salaries for January.
2. T-accounts:
Utilities Payable
Accounts Titles Debit Credit
Cash $728
Cash
Accounts Titles Debit Credit
Utilities payable $728
Supplies 488
Prepaid Rent 6,100
Service Revenue $16,000
Salaries Expense 7,400
Supplies
Accounts Titles Debit Credit
Cash $488
Prepaid Rent
Accounts Titles Debit Credit
Cash $6,100
Equipment
Accounts Titles Debit Credit
Note Payable $21,000
Note Payable
Accounts Titles Debit Credit
Equipment $21,000
Accounts Receivable
Accounts Titles Debit Credit
Service Revenue $16,500
Services Revenue
Accounts Titles Debit Credit
Cash $16,000
Accounts Receivable 16,500
Salaries Expense
Accounts Titles Debit Credit
Cash $7,400
Explanation:
Since the beginning balances were not supplied, the T-accounts are not balanced at the end of the period. Journal entries were prepared to record the daily business transactions for the first time in the accounting system. The entries showed the accounts to be debited and credited respectively.