Answer:
person above is 100% correct
Explanation:
which of the following statements are true
a. the balance sheet should be prepared before the income statement .
b. the income statement should be prepared before the balance sheet
c.the balance sheet and the income statenent should be prepared simultaneously.
d. the order in which the balance sheet and the income statement are prepared is irrelevent
Correctly match the following with: export goods, import goods, export services, import services, investment income inflows, investment income outflows, transfer inflows, transfer outflows, capital inflows, and capital outflows.
Answer:
1. Import goods
2. Transfer outflow
3. Export services
This is what I know so far. Hope this helps.
29. Randolph is a 30 percent partner in the RD Partnership. On January 1, RD distributes $22,500 cash and inventory with a fair value of $56,000 (inside basis of $28,000) to Randolph in complete liquidation of his interest. RD has no liabilities at the date of the distribution. Randolph's basis in his RD Partnership interest is $53,625. What is the amount and character of Randolph's gain or loss on the distribution
Answer: $3125 capital loss
Explanation:
Based on the information given in the question, we should note that RD Partnership distributes $22500 cash and inventory with inside basis of $28000.
Since Randolph's basis in his RD Partnership interest is $53,625, the amount and character of Randolph's gain or loss on the distribution will be:
= ($22500 + $28000) - $53625
= $50500 - $53625
= -$3125
Therefore, there's a capital loss of $3125
What is an example for empathy and being able to recover quickly from emotional experience?
Answer:
The answer is below
Explanation:
Given that Empathy is a personal experience or ability shown by individuals to understand and share the actual feelings of other individuals.
Examples of Empathy are:
Emotional, Cognitive, and Compassionate
Emotional Regulation is the "ability to recover quickly from the emotional experience." This is a form of emotional intelligence exercised by humans.
What is a subreport?
A subreport is a report item that displays another report inside the body of a main report. Conceptually, a subreport in a report is similar to a frame in a Web page. It is used to embed a report within a report. Any report can be used as a subreport.
A callable bond:
A. Is generally call protected during the entire term of the bond issue,
B. generally will have a call protection period during the final three years prior to maturity.
C. may be structured to pay bondholders the current value of the bond on the date of call.
D. is prohibited from having a sinking fund also.
E. Is frequently called at a price that is less than par value
Answer:
C. may be structured to pay bondholders the current value of the bond on the date of call.
Explanation:
A callable bond is also called a redeemable bond. It a debt instrument that the issuer may decide to call or redeem before the maturity date.
This is used by bond issuers to have a cheaper cost of borrowing funds.
For example when interests are low the issuer can buy back his bonds at a lower cost this reducing his debt burden.
So callable bonds are structured to pay bondholders the current value of the bond on the date of call or redemption.
A note payable was executed by Sterling Inc. to Miami Finance Company. Sterling Inc. used $768,000 of its accounts receivable as collateral for the loan. The contract provided that Miami would advance 85% of the gross amount of the receivables. Sterling Inc. continues to collect payments for the receivables and the cash from customers is then remitted to the finance company. The cash remitted is first applied to the finance charges, with the remainder applied to principal.
During the first month, customers owing $524,800 paid cash, less sales returns and allowances of $20,480, originally recorded as a refund liability. The finance charge at the end of the first month was $4,480. During the second month, the remaining receivables were collected in full, except for $5,120 off as uncollectible. Final settlement was effected with the finance company, including payment of an additional finance charge of $1,920.
Required:
a. Record the entry for Sterling to record the secured borrowing.
b. Record the entries for Sterling to record (1) the collections and (2) the payment to Miami for the first month.
c. Record the entries for Sterling to record (1) the collections for the second month and (2) the final payment to Miami.
Answer:
See all the entries below.
Explanation:
a. Record the entry for Sterling to record the secured borrowing.
The entries will look as follows:
Account Name Debit ($) Credit ($)
Cash (768,000 * 85%) 652,800
Note Payable 652,800
(To record the secured borrowing.)
b. Record the entries for Sterling to record (1) the collections and (2) the payment to Miami for the first month.
The entries will look as follows:
Account Name Debit ($) Credit ($)
Cash 504,320
Refund Liability 20,480
Accounts Receivable 524,800
(To record collection on receivables for first month.)
Interest Expense 4,480
Note Payable 499,840
Cash 504,320
(To record payment to Miami for the first month.)
c. Record the entries for Sterling to record (1) the collections for the second month and (2) the final payment to Miami.
The entries will look as follows:
Account Name Debit ($) Credit ($)
Cash 238,080
Allowance for Doubtful Debt 5,120
Accounts Receivable (w.1) 243,200
(To record collection on receivables for second month Interest.)
Expense 1,920
Note Payable 151,040
Cash (w.2) 152,960
(To record final payment to Miami.)
Workings:
w.1: Accounts Receivable = Amount of accounts receivable as collateral – Cash received from customer = $768,000 - $524,800 = $243,200
w.2: Cash = Loan - First payment for principal = $652,800 - $499,840 = $152,960
Flint Corporation is subject to a corporate income tax only in State X. The starting point in computing X taxable income is Federal taxable income which is $750,000. This amount includes a $50,000 deduction for state income taxes. During the year, Flint received $10,000 interest on Federal obligations. X tax law does not allow a deduction for state income tax payments. Flint’s taxable income for X purposes is:_________
a. $800,000.
b. $790,000.
c. $810,000.
d. $750,000.
Answer:
b. $790,000.
Explanation:
The computation of the taxable income for X purpose is shown below:
Federal Taxable income $750,000
Add: Deduction for state income taxes non-deductible $50,000
Less: Interest on federal obligations i.e. deductible $10,000
Taxable income $790,000
Hence, option b is correct
ased on the segment income statement below, Chips, Inc. is considering eliminating its Barbecue Division line. Revenue from Barbecue Division sales $ 528,000 Salaries for Barbecue Division workers (128,000 ) Direct material (342,000 ) Sunk costs (equipment depreciation) (82,000 ) Allocated company-wide facility-sustaining costs (64,000 ) Net loss $ (88,000 ) If the Division is eliminated, what is the total amount of avoidable cost?
Answer:
the total amount of avoidable cost is $470,000
Explanation:
The computation of the total amount of avoidable cost is shown below:
= Salaries for Barbecue Division workers + direct materials
= $128,000 + $342,000
= $470,000
Hence, the total amount of avoidable cost is $470,000
We simply added the above two items
The cost of direct materials transferred into the Bottling Department of the Mountain Springs Water Company is $327,600. The conversion cost for the period in the Bottling Department is $528,000. The total equivalent units for direct materials and conversion are 25,200 and 8,800 liters, respectively. Determine the direct materials and conversion cost per equivalent unit. Round your answers to the nearest cent. $fill in the blank 1 per equivalent unit of materials $fill in the blank 2 per equivalent unit of conversion costs
Answer:
$13 per Equivalent Unit of Materials,
$60 per Equivalent Unit of Conversion Costs
Explanation:
Calculation to Determine the direct materials and conversion cost per equivalent unit
Direct materials equivalent units=($327,600/25,200 liters )
Direct materials equivalent units=$13
Conversion Costs equivalent units
=($528,000/8,800 liters)
Conversion Costs equivalent units= $60
Your family business produces a secret recipe salsa and distributes it through both smaller specialty stores and chain supermarkets. The chains have been demanding sizable discounts but you do not want to drop your prices to the specialty stores. When can you legally accommodate the chains without losing profits from the specialty stores
Answer:
We can make the chain supermarkets buy goods in bulk.
Explanation:
In the given scenario the chain supermarkets have been demanding heavy discounts on goods that you are selling to them.
Also you do not want the eventual price to the speciality stores to drop.
The solution will be to sell products in bulk to the chain supermarkets. This will meet their demand for larger discounts as price per unit of product will be lower with bulk purchase.
Then the speciality stores can still buy in small quantities for higher price.
This will accommodate the requirements from both stores.
Your job pays you only once a year for all the work you did over the previous 12 months. Today, December 31, you just received your salary of $58,000 and you plan to spend all of it. However, you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 3 percent of your annual salary in an account that will earn 11 percent per year. Your salary will increase at 6 percent per year throughout your career.
Required: How much money will you have on the date of your retirement 40 years from today?
Answer:
The amount you will have on the date of your retirement 40 years from today is $1,904,087.20.
Explanation:
This can be determined using the formula for calculating the future value of growing annuity as follows:
FV = M * (((1 + r)^n - (1 + g)^n) / (r - g)) ...................................... (1)
Where
FV = Future value or the amount on the date of retirement = ?
M = First annual deposit = Annual salary * Deposit percentage = $58,000 * 3% = $1,740
r = annual interest rate = 11%, or 0.11
g = salary growth rate = 6%, or 0.06
n = number of years = 40 years
Substituting all the values into equation (1), we have:
FV = $1,740 * (((1 + 0.11)^40 - (1 + 0.06)^40) / (0.11 - 0.06))
FV = $1,740 * 1,094.30298736951
FV = $1,904,087.20
Therefore, the amount you will have on the date of your retirement 40 years from today is $1,904,087.20.
A truck was acquired on July 1, 2018, at a cost of $311,850. The truck had a six-year useful life and an estimated salvage value of $34,650. The straight-line method of depreciation was used. On January 1, 2021, the truck was overhauled at a cost of $28,875, which extended the useful life of the truck for an additional two years beyond that originally estimated (salvage value is still estimated at $34,650). In computing depreciation for annual adjustment purposes, expense is calculated for each month the asset is owned.
Answer:
Details Amount($)
Cost $311,850
Less: Salvage value ($34,650)
Depreciation base July 1, 2018 $277,200
Less: Depreciation to date ($277,200/6)*2.5 ($115,500)
Depreciation base Jan 1, 2021 (unadjusted) $161,700
Overhaul $28,875
Depreciation base Jan 1, 2021 (adjusted) $190,575
Date Particulars Debit($) Credit($)
2021, Jan 1 Depreciation accumulated A/c Dr $34,650
To cash A/c $34,650
2021, Dec 31 Expense for depreciation A/c Dr $19,922
($109,575/5.5)
To Depreciation accumulated A/c $19,922
As long as a firm's net income is positive, then the firm can use the positive net income to pay dividends to its shareholders.
True
False
Cynthia, a sole proprietor, was engaged in a service business and reported her income on the cash basis. On February 1, 2013, she incorporates her business as Dove Corporation and transfers the assets of the business to the corporation in return for all of the stock in addition to the corporation’s assumption of her proprietorship’s liabilities. All of the receivables and the unpaid trade payables are transferred to the newly formed corporation. The balance sheet of the corporation immediately after its formation is as follows:
Dove Corporation
Balance Sheet
February 1, 2013
Assets
Basis to Dove Fair Market Value
Cash $ 80,000 $ 80,000
Accounts receivable 0 240,000
Equipment (cost $180,000; 120,000 320,000
depreciation previously claimed $60,000)
Building (straight-line depreciation) 160,000 400,000
Land 40,000 160,000
Total $400,000 $1,200,000
Liabilities and Stockholder’s Equity
Liabilities:
Accounts payable—trade $ 120,000
Notes payable—bank 360,000
Stockholder’s equity:
Common stock 720,000
Total $1,200,000
Discuss the tax consequences of the incorporation of the business to Cynthia and to Dove Corporation.
Answer:
Cynthia and Dove CorporationAny profits generated by Dove Corporation will be taxed to the corporation and also taxed to Cynthia as a shareholder whenever Dove distributes the profits as dividends. Taxing Dove and Cynthia creates a double taxation burden for both Dove and Cynthia. Dove Corporation does not get a tax deduction when it distributes dividends to Cynthia. Furthermore, Cynthia cannot deduct any corporation loss when incurred. These are unlike when the business was only a sole proprietorship.
Explanation:
a) Data and Calculations:
Dove Corporation
Balance Sheet
February 1, 2013
Assets
Basis to Dove Fair Market Value
Cash $ 80,000 $ 80,000
Accounts receivable 0 240,000
Equipment (cost $180,000; 120,000 320,000
depreciation previously claimed $60,000)
Building (straight-line depreciation) 160,000 400,000
Land 40,000 160,000
Total $400,000 $1,200,000
Liabilities and Stockholders' Equity
Liabilities:
Accounts payable—trade $ 120,000
Notes payable—bank 360,000
Stockholders' equity:
Common stock 720,000
Total $1,200,000
Assume that a state government currently provides no child-care subsidies to working single parents, but it now wants to adopt a plan that will encourage labor force participation among single parents. Suppose that child-care costs are hourly, and suppose the government adopts a child-care subsidy that pays $3 per hour for each hour the parent works, up to 8 hours per day. Draw a current budget constraint (net of child-care costs) for an assumed single mother and then draw in the new constraint. Discuss the likely effects on labor force participation and hours of work.
Answer:
The line on the graph will be parallel to the pre-subsidy line and the new constraint will then be equal to the points connecting the two lines.
Explanation:
The subsidy by government to single parents is $3 per hour for up to 8 hours. The total of subsidy will be $16 for each day. The labor force who were not receiving the subsidy before had steep indifference curve but now few workers will find utility maximization with flatter indifference curve so the workers will join the subsidy program.
describe how posts on social media can portray poor ethics to an employer. (answer in a complete sentence)
Answer:
Posts on social media can portray poor ethics to an employer, because if you post something that goes against what they work for or towards it can get in the way of what they believe!
Explanation:
Hope this helps! :)
An investment project has annual cash inflows of $4,300, $4,000, $5,200, and $4,400, for the next four years, respectively. The discount rate is 13 percent. a. What is the discounted payback period for these cash flows if the initial cost is $5,800? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the discounted payback period for these cash flows if the initial cost is $7,900? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. What is the discounted payback period for these cash flows if the initial cost is $10,900? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer:
1.64 years
2.27 years
3.13 years
Explanation:
Discounted payback calculates the amount of time it takes to recover the amount invested in a project from it cumulative discounted cash flows
Present value of cash flow in year 1 = 4300 / 1.13 = 3805.31
Amount recovered in year 1 = -5800 + 3805.31 = -1994.69
Present value of cash flow in year 2 = 4000 / (1.13^2) = 3132.59
Amount recovered in year 2 =-1994.69 + 3132.59 = 1137.90
Payback period = 1 + 1994.69/3132.59 = 1.64 years
B
Present value of cash flow in year 1 = 4300 / 1.13 = 3805.31
Amount recovered in year 1 = -7900 + 3805.31 = -4094.69
Present value of cash flow in year 2 = 4000 / (1.13^2) = 3132.59
Amount recovered in year 2 = -4094.69 + 3132.59 = -962.10
Present value of cash flow in year 3 = 5200 / (1.13^3) = 3603.86
Amount recovered in year 3 = -962.10 + 3603.86 = 2641.76
Payback period = 2 years + -962.10 / 3603.86 = 2.27 years
C
Present value of cash flow in year 1 = 4300 / 1.13 = 3805.31
Amount recovered in year 1 = -10900 + 3805.31 = -7094.69
Present value of cash flow in year 2 = 4000 / (1.13^2) = 3132.59
Amount recovered in year 2 = -7094.69 + 3132.59 = -3962.10
Present value of cash flow in year 3 = 5200 / (1.13^3) = 3603.86
Amount recovered in year 3 = -3962.10 + 3603.86 = -358.24
Present value in year 4 = 4400 / (1.13^4) = 2698.60
Amount recovered in year 4 = -358.24 + 2698.60 = 2340.36
Payback period = 3 years + 358.24 + 2698.60 = 3.13 years
Ace Products has a bond issue outstanding with 15 years remaining to maturity, a coupon rate of 8% with semiannual payments of $40, and a par value of $1,000. The price of each bond in the issue is $1,196.00. The bond issue is callable in 5 years at a call price of $1,080. What is the bond's current yield
Answer:
6.69%
Explanation:
Price of Ace products bond issue = $1,196
Annual coupon payment = $80
Current yield = Annual coupon payment / Bond price
Current yield = $80/$1,196
Current yield = 0.0668896
Current yield = 6.69%
On January 1, 2021, the Montgomery Company agreed to purchase a building by making six payments. The first three are to be $25,000 each, and will be paid on December 31, 2021, 2022, and 2023. The last three are to be $40,000 each and will be paid on December 31, 2024, 2025, and 2026. Montgomery borrowed other money at a 10% annual rate. (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. At what amount should Montgomery record the note payable and corresponding cost of the building on January 1, 2021
Answer:
1. The amount Montgomery should record the note payable and corresponding cost of the building on January 1, 2021. is $136,907.65.
2. The amount of interest expense on this note which Montgomery will recognize in 2021 is $13,690.76.
Explanation:
Note: This question is not complete. The complete question is therefore presented before answering the question as follows:
On January 1, 2021, the Montgomery Company agreed to purchase a building by making six payments. The first three are to be $25,000 each, and will be paid on December 31, 2021, 2022, and 2023. The last three are to be $40,000 each and will be paid on December 31, 2024, 2025, and 2026. Montgomery borrowed other money at a 10% annual rate. (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. At what amount should Montgomery record the note payable and corresponding cost of the building on January 1, 2021?
2. How much interest expense on this note will Montgomery recognize in 2021?
Explanation of the answer is now given as follows:
1. At what amount should Montgomery record the note payable and corresponding cost of the building on January 1, 2021?
Note: See the attached excel file for the calculation of the present value of all payments (In bold red color).
From the attached excel file, we have:
Present value of all payments = $136,907.65
This present value of all payments of $136,907.65 is the amount Montgomery should record the note payable and corresponding cost of the building on January 1, 2021.
2. How much interest expense on this note will Montgomery recognize in 2021?
This can be calculated as follows:
Interest expense = Cost of the building * Interest rate = $136,907.65 * 10% = $13,690.76
Therefore, the amount of interest expense on this note which Montgomery will recognize in 2021 is $13,690.76.
Casey transfers property with a tax basis of $2,640 and a fair market value of $7,000 to a corporation in exchange for stock with a fair market value of $5,100 and $835 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $1,065 on the property transferred. Casey also incurred selling expenses of $547. What is the amount realized by Casey in the exchange
Answer: $6453
Explanation:
The amount realized by Casey in the exchange will be calculated thus:
Fair market value of stock received = $5100
Add: Deferral = $835
Add: Assumed mortgage = $1065
Less: Selling expense = $547
Amount realized = $6453
Therefore, the amount realized by Casey in the exchange is $6453
The following information relates to Schmidt Sausage Co.'s defined benefit pension plan during the current reporting year: ($ in millions) Plan assets beginning of the year $ 400 Expected return on plan assets 40 Actual return on plan assets 32 Cash contributions 60 Amortization of net loss 8 Retiree benefits 9 Required: Determine the amount of pension plan assets at fair value on December 31.
Answer:
400 dollars is expected on the year and return the asssests as 40 actual return is actually 32 but then u add a little and get 60 so then you lose 8 dollars because your mom wanted u to buy something for her then retiree from your job and get 9 dollars of benefit that you need the amount of a pension plens assest a fair in december 33
Explanation:
The corporate charter of Maine Yacht Corporation allows the issuance of a maximum of 3,000,000 shares of $1 par value common stock. During its first three years of operation, Maine issued 2,200,000 shares at $15 per share. It later acquired 30,000 of these shares as treasury stock for $25 per share. Based on the above information, answer the following questions:
a. How many shares were authorized?
b. How many shares were issued?
c. How many shares are outstanding?
d. What is the balance of the Common Stock account?
Answer:
a)3,000,000 shares
b)2,200,000 shares
c)2,170,000 shares
d)$2,200,000
Explanation::
a) Based on the information given 3,000,000 shares were authorized
b) Based on the information given 2,200,000 shares were issued
c) Calculation for many shares are outstanding
Outstanding shares= (2,200,000 issued-30,000 in treasury)
Outstanding shares=2,170,000 shares
d) Calculation for the balance of the Common Stock account
Balance of the Common Stock account = ($1 × 2,200,000 shares
Balance of the Common Stock account=$2,200,000
Aliya and Samuel, managers from different departments at Finger Lakes Financial, are discussing the troubling behavior of an employee. Aliya says that it is the responsibility of high-level managers to take steps to prevent legal wrongdoing by punishing offenders. However, Samuel believes that every individual should take personal responsibility for his or her own behavior and that everyone needs to understand how to do the right thing. Samuel prefers a(n) ________ ethics program.
Answer:
Ethics Program
Samuel prefers a(n) ________ ethics program.
personal (individual) ethics program.
Explanation:
But such a personal ethics program cannot work in an organization. An organization is made up of persons from different backgrounds and orientations with differing work and personal ethics. An organizational ethics program cannot succeed by being dependent on personal scruples, as being suggested by Samuel. Every organization requires a company-wide ethics program that is equally applicable to all persons in the organization. The tone of such ethics program should be set at the top of the organization's hierarchy.
Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: Sales are budgeted at $320,000 for November, $300,000 for December, and $290,000 for January. Collections are expected to be 55% in the month of sale and 45% in the month following the sale. The cost of goods sold is 70% of sales. The company would like to maintain ending merchandise inventories equal to 70% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $23,800. Monthly depreciation is $14,800. Ignore taxes. Balance Sheet October 31 Assets Cash $ 21,400 Accounts receivable 71,400 Merchandise inventory 156,800 Property, plant and equipment, net of $573,400 accumulated depreciation 1,095,400 Total assets $ 1,345,000 Liabilities and Stockholders' Equity Accounts payable $ 255,400 Common stock 821,400 Retained earnings 268,200 Total liabilities and stockholders' equity $ 1,345,000 The difference between cash receipts and cash disbursements for December would be:
Answer:
Bramble Corporation
The difference between cash receipts and cash disbursements for December would be:
= $71,000
Explanation:
a) Data and Calculations:
Balance Sheet October 31
Assets Cash $ 21,400
Accounts receivable 71,400
Merchandise inventory 156,800
Property, plant and equipment,
net of $573,400 accumulated
depreciation 1,095,400
Total assets $ 1,345,000
Liabilities and Stockholders' Equity
Accounts payable $ 255,400
Common stock 821,400
Retained earnings 268,200
Total liabilities and
stockholders' equity $ 1,345,000
November December January
Budgeted sales $320,000 $300,000 $290,000
Cash Collections:
55% month of sale 176,000 165,000 159,500
45% following month 71,400 144,000 135,000
Total collections $247,400 $309,000 $294,500
Cost of goods sold $224,000 $210,000 $203,000
= (70% of Sales for the month)
Ending Inventory 147,000 142,100
Goods available $371,000 $352,000
Beginning Inventory 156,800 147,000 142,100
Purchases $214,200 $205,000
Cash disbursements:
Payment to suppliers 255,400 214,200 205,000
Other monthly exp. 23,800 23,800
Total disbursements $279,200 $238,000
Comparison of Cash receipts with Cash disbursements:
November December
Cash receipts $247,400 $309,000
Cash disbursements $279,200 $238,000
Difference ($31,800) $71,000
Berends corporation makes a product with the following standard costs: standard quantity or hours standard price or rate direct materials 9.2 pounds $3.00 per pound direct labor 0.3 hours $17.00 per hour variable overhead 0.3 hours $3.00 per hour the company reported the following results concerning this product in april. actual output 8,800 units raw materials used in production 78,150 pounds purchases of raw materials 85,900 pounds actual direct labor-hours 2,560 hours actual cost of raw materials purchases $240,520 actual direct labor cost $39,424 actual variable overhead cost $6,912 the company applies variable overhead on the basis of direct labor-hours. the direct materials purchases variance is computed when the materials are purchased.
1. The variable overhead efficiency variance for april is:______.
A. $240 F
B. $216 U
C. $216 F
D. $240 U
2. The materials quantity variance for April is:____.
A. $8,430 U
B. $8,430 F
C. $7,868 U
D. $7,868 F
3. The materials price variance for April is:_______.
A. $17,180 U
B. $16,192 F
C. $16,192 U
D. $17,180 F
4. The labor efficiency variance for April is:_______.
A. $1,232 F
B. $1,360 F
C. $1,360 U
D. $1,232 U
5. The labor rate variance for April is:_______.
A. $4,224 F
B. $4,224 U
C. $4,096 U
D. $4,096 F
The variable overhead rate variance for April is:_______.
A. $792 F
B. $792 U
C. $768 F
D. $768 U
Answer:
1. Variable Overhead Efficiency
= Standard rate * (Actual hours - Standard hours)
= 3 * ( 8,800 * 0.3 - 2,560)
= 3 * 80
= $240 Favorable
2. Materials Quantity Variance:
= Standard price * (Standard quantity - Actual quantity)
= 3 * (8,800 * 9.2 - 78,150)
= 3 * 2,810
= $8,430 favorable
3. Materials price variance:
= Standard cost of purchased materials -Actual cost of purchased materials
= (3 * 85,900) - 240,520
= $17,180 Favorable
4. Labor efficiency variance
= Standard labor rate * ( Actual hours worked - Standard labor hours)
= 17 * ( 2,560 - 8,800 * 0.3)
= 17 * 80
= $1,360 Favorable
5. Labor rate variance:
= (Standard rate * actual hours worked) - Actual labor cost
= 17 * 2,560 - 39,424
= $4,096 favorable
6. Variable Overhead rate variance:
= (Overhead rate * Actual hours) - Overhead cost
= (3 * 2,560) - 6,912
= $768 Favorable
The basic economic problem is that consumers have too many products and services to choose from.
a. True
b. False
g Units: Beginning Inventory: 85,000 units, 70% complete as to materials and 20% complete as to conversion. Units started and completed: 260,000. Units completed and transferred out: 345,000. Ending Inventory: 32,500 units, 40% complete as to materials and 15% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $37,200. Costs in beginning Work in Process - Conversion: $79,700. Costs incurred in October - Direct Materials: $646,800. Costs incurred in October - Conversion: $919,300. Calculate the equivalent units of materials. Group of answer choices 227,500 349,875 298,500 332,875 358,000
Answer: 358,000 units
Explanation:
Assuming this is the weighted average method.
Equivalent units = Units completed and transferred out + Ending inventory Equivalent units.
Ending inventory Equivalent units = Ending inventory * %complete for materials
= 32,500 * 40%
= 13,000 units
Equivalent units = 345,000 + 13,000
= 358,000 units
The accountant for Eva's Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct. Identify the errors in the accountant's adjusting entries, assuming that none of the accounts were affected by more than one adjusting entry.
Eva's Laundry
Trial Balances
May 31, 2018
Unadjusted Adjusted
Debit Balances Credit Balances Debit Balances Credit Balances
Cash . 7,500 7,500
Accounts Receivable . 18,250 23,250
Laundry Supplies 3,750 6,750
Prepaid Insurance* 5,200 1,600
Laundry Equipment . . 190,000 177,000
Accumulated Depreciation—Laundry
48,000 48,000
Accounts Payable 9,600 9,600
Wages Payable 1,000
Capital Stock . . 35,000 35,000
Retained Earnings 75,300 75,300
Dividends 28,775
Laundry Revenue 182,100 182,100
Wages Expense 49,200 49,200
Rent Expense . . 25,575 25,575
Utilities Expense . 18,500 18,500
Depreciation Expense 13,000
Laundry Supplies Expense 3,000
Insurance Expense 600
Miscellaneous Expense .3,250 3,250
350,000 350,000 358,000 351,000
Answer:
See the errors identified below.
Explanation:
Note: The data in this question are merged together. They are therefore sorted before answering the question. See the attached pdf file for the complete question with the sorted data.
The explanation of the answer is now given as follows:
The following errors can be identified in the accountant's adjusting entries:
1.The accountant debited the account receivable for $5,000 (i.e. $23,250 - $18,250 = $5,000) without crediting laundry revenue.
Therefore, we should have:
Correct amount of laundry revenue = Laundry revenue in trial balance + (Adjusted account receivable - Unadjusted account receivable) = $182,100 + ($23,250 - $18,250) = $187100
2. The accountant debited laundry suppliers expense instead of crediting laundry suppliers for $3,000.
3. The the accountant credited Prepaid insurance for $3,600 (i.e. $5,200 - $1,600 = $3,600). However, the insurance expense was debited for $600.
4. Instead of crediting accumulated depreciation, the laundry equipment for depreciation expense was erroneously credited by the accountant for $13,000.
5. A debit of $1,000 to wages expense was not made by the accountant.
Additional Note:
After correcting the errors identified above, the correct adjusted trial balance will look as the one in the attached photo.
Okay favorite Haikyuu character GO!
Answer:
It's either Iwaizumi or suna- or kenma
Explanation:
JASEISJJEUDJ IT'S HARD TO PICK