Which of the following QuickBooks features can be used to save a transaction that will be re-used in the future?
A. Saved transactions
B. Memorized transactions
C. Repeat transactions
D. None of the above

Answers

Answer 1

Answer:

B. Memorized transactions

Explanation:

When using QuickBooks, the feature that allows you to save a transaction that will be re-used in the future are known as Memorized Transactions. These are transaction templates that allow the individual to speed up data entry jobs by saving the information that will be repeated. In general, this saves time, reduces mistakes, keeps better tabs on cash in the bank, and increases bookkeeping accuracy.


Related Questions

Femur Co. acquired 70% of the voting common stock of Harbor Corp. on January 1, 2020. During 2020, Harbor had revenues of $2,500,000 and expenses of $2,000,000. The amortization of fair value allocations totaled $60,000 in 2020. Not including its investment in Harbor, Femur Co. had its own revenues of $4,500,000 and expenses of $3,000,000 for the year 2020. The noncontrolling interest's share of the earnings of Harbor Corp. for 2020 is calculated to be

Answers

Answer:

The answer is $132,000

Explanation:

Solution

Given that:

Harbor revenues = $2,500,000

Expenses = $2,000,000

The amortization of fair value allocations = $60,000

Femur corporation revenues =$4,500,000

expenses = $3,000,000

Now,w e have to compute for the non controlling interest's share of the earnings of Harbor Corp which is given below:

=[revenue of harbor - expenses of harbor - amortization of fair value allocations]  30%

= [$2,500,000  - $2,000,000- $60,000] * 30%

=[$500000 - $60000]* 30%

=$132,000

Therefore the non controlling interest's share of the earnings of Harbor Corp is $132,000

Explain the provisions of section 302 of the Sarbanes-Oxley Act including obligations of officers; nature and scope of assertions; accounting requirements; and legal liability of officers.

Answers

Answer:

"Section 302 of the Sarbanes-Oxley Act states that the CEO and CFO are directly responsible for the accuracy, documentation and submission of all financial reports as well as the internal control structure to the SEC," according to sarbanes-oxley-101.com.  So, Section 302 is essentially about the responsibilities of principal officers of the company, especially the principal executive and financial officers.

1. Obligations of officers: To certify each annual and quarterly report.  To ensure that the issued financial statements and other financial information are not misleading.  To ensure that the information is fairly presented.

2. Nature and Scope of Assertions:

a) That the information presented are fairly presented with no misleading statements

b) That the internal controls are in place and operating effectively

c) To asset that they are aware of all material information relating to the issuing company

d) That they have evaluated internal controls, their effectiveness, and changes in controls.

3. Accounting requirements:

a) Ensure effective internal accounting controls

b) Disclose all material financial information to auditors and audit committee

c) File periodic reports to SEC in compliance with section 13(a) and 15(d) of the SEC Act of 1934.

4. Legal liability of officers:  This is covered in Section 906 of the Sarbanes-Oxley Act.  The section prescribes that officers are liable for "penalties upward of $5 million in fines and 20 years in prison" for any violation of the Act.

Explanation:

The Sarbanes-Oxley Act of 2002 is a federal law which was made in response to the accounting scandals following the collapse of Worldcom and Enron. The purpose of the Act was to safeguard shareholders, employees, and the public from accounting errors and fraudulent financial practices by listed companies.  According to sarbanes-oxley-101.com, the Act requires "all financial reports to include an Internal Controls Report," to prove the accuracy and adequacy of controls for ensuring that financial information is not misleading.

On December 31, 2018, Wintergreen, Inc., issued $150,000 of 7 percent, 10-year bonds at a price of 93.25. Wintergreen received $139,875 when it issued the bonds (or $150,000 × .9325). After recording the related entry, Bonds Payable had a balance of $150,000 and Discounts on Bonds Payable had a balance of $10,125. Wintergreen uses the straight-line bond amortization method. The first semiannual interest payment was made on June 30, 2019.Complete the necessary journal entry for June 30, 2019 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

Answers

Answer: Please see explanation column

Explanation:

Journal entry  for June 30

Date      Amount                                         Debit              Credit

June 30 Bond Interest expense               $5,756

Discount on Bonds Payable                                         $506

Cash                                                                                $5,250

Calculation:

Cash = 150,000 x 7%x  6/12 = $5,250

10-year bonds pay interest semiannually indicates 20 interest periods

Straight line Amortization of the discount =$10,125/20 = $506

Bond interest expense=  Interest  + amortization on discount

Interest = $150,000 x  7% x 6/12 = $5,250 + 506= $5,756.

Tropetech Inc. has an expected net operating profit after taxes, EBIT(1 – T), of $2,400 million in the coming year. In addition, the firm is expected to have net capital expenditures of $360 million, and net operating working capital (NOWC) is expected to increase by $45 million. How much free cash flow (FCF) is Tropetech Inc. expected to generate over the next year?

Answers

Answer:

FCF = $1,995 million

Explanation:

DATA

EBIT(1-T) = $2,400 million

Net Capital Expenditure = $360 million

Net operating working capital (NOWC) = $45 million

Free cash flow (FCF) expected to generate over next year can be calculated as

FCF = EBIT(1-T) - Capital Expenditure - Net operating working capital (NOWC)

FCF = $2,400 million - $360 million - $45million

FCF = $1,995 million

If a company made a bank deposit on September 30 that did not appear on the bank statement dated September 30, in preparing the September 30 bank reconciliation, the company should:

Answers

Answer:

The answer is 'add the deposit to the end cash balance per bank statement'

Explanation:

The company made a deposit on the last day of September and this was not recorded by the bank i.e it will not be shown on the bank statement at September 30. The company had already recorded this deposit in the cash book at office. This means the bank statement is less this deposit amount.

To correct this anomaly, the deposit that was not recorded by the bank will be added to the end cash balance as per bank statement.

Rodriguez Company pays $310,000 for real estate plus $16,430 in closing costs. The real estate consists of land appraised at $215,000; land improvements appraised at $86,000; and a building appraised at $129,000.Required:1. Allocate the total cost among the three purchased assets.2. Prepare the journal entry to record the purchase.

Answers

Answer:

Required 1.

Land =  $163,215

Land improvements = $65,286

Buildings =  $97,929

Required 2.

Land  $163,215 (debit)

Land improvements $65,286 (credit)

Buildings $97,929 (credit)

Cash $310,000 (credit)

Explanation:

Allocation of the purchase cost must be made on the bases appraisal value.

Total Appraisal Value =  $215,000 + $86,000 + $129,000

                                    =  $430,000

Land = $215,000 /  $430,000 × $326,430

        = $163,215

Land improvements =  $86,000 / $430,000 × $326,430

                                 = $65,286

Buildings = $129,000 / $430,000 × $326,430

                = $97,929

The sales budget for Perrier Inc. is forecasted as follows:

Month Sales Revenue
May $130,000
June 150,000
July 200,000
August 130,000

To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales: 60 percent in the month of sale. 20 percent in the month following sale. 15 percent in the second month following sale.

5 percent uncollectible.
60 percent in the month of sale.
20 percent in the month following sale.
15 percent in the second month following sale.

The company gives a 2 percent cash discount for payments made by customers during the month of sale. The accounts receivable balance on April 30 is $22,000, of which $7,000 represents uncollected March sales and $15,000 represents uncollected April sales. Prepare a schedule of budgeted cash collections from sales for May, June, and July. Include a three-month summary of estimated cash collections.

Answers

Answer:

                                        budgeted cash collections    

                                           May         June      July  

sales revenue                130,000     150,000  200,000

cash sales (60% x 0.98) 76,440      88,200    117,600

accounts receivable (March)   5,250  

accounts receivable (April)   7,500        5,625  

accounts receivable (May)               26,000     19,500

accounts receivable (June)                              30,000

total cash collections        219,190    269,825    367,100

 

I used net accounts receivables, that means I already discounted the 5% of collectibles.

The open-ended question post-project evaluation meeting should contain an opportunity to talk about possible additional projects and assume permission to use the customer as a reference with potential customers.

a. True
b. False

Answers

Answer:

B. False.

Explanation:

In the rightful manner, this meeting type is said to typically happen in different formats though most of it happens to appear in different video calls, conference or zoom which is popular in recent times. This meeting should contain or entertain the ability for opportunity talks which could yield possibilities in adding works that can benefit the parties involved. But in the case above, assuming the permission to use the customer as a reference with potential customers is totally out of the line so it is said to not totally fall in as post project evaluation.

In order to find the future worth, F, from a present amount, P, 5 years from now at an interest rate of 6 % per year, compounded quarterly, what interest rate must be used in the F/P factor, (F/P,i%,n), when n is 20 quarters

Answers

Answer:

Interest rate = 1.5%

Explanation:

Given:

Future value = F

Present value = P

Number of Year (n) = 5 year × 4 quarters = 20

Interest rate = 6 % per year = 6 / 4 = 1.5% = 0.015

Computation:

Future value = Present value[tex](1+i)^n[/tex]

F/P = (1+0.015)²⁰

F/P = 1.34685501

When n = 20 quarters

F/P = (1+i)²⁰

1.34685501 = (1+i)²⁰

i = 0.015

Interest rate = 1.5%

The difference between actual hours times the actual pay rate and actual hours times the standard pay rate is the labor _________________ variance.

Answers

Answer:

"Labor price variance " is the correct choice.

Explanation:

The variation throughout the labor rate represents the distance between real as well as anticipated labor costs. These were measured by taking the difference, based upon the number of additional hourly wages, between some of the real labor amount charged as well as the minimum amount.Absolute variation in the labor rate is equivalent to absolute variation in the price of the commodity.

The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.80 on December 31, 20Y2.
Marshall Inc.
Comparative Retained Earnings Statement
For the Years Ended December 31, 20Y2 and 20Y1
1 20Y2 20Y1
2 Retained earnings, January 1 $3,704,000.00 $3,264,000.00
3 Net income 600,000.00 550,000.00
4 Total $4,304,000.00 $3,814,000.00
5 Dividends:
6 On preferred stock $10,000.00 $10,000.00
7 On common stock 100,000.00 100,000.00
8 Total dividends $110,000.00 $110,000.00
9 Retained earnings, December 31 $4,194,000.00 $3,704,000.00
Marshall Inc.
Comparative Income Statement
For the Years Ended December 31, 20Y2 and 20Y1
1 20Y2 20Y1
2 Sales $10,850,000.00 $10,000,000.00
3 Cost of goods sold 6,000,000.00 5,450,000.00
4 Gross profit $4,850,000.00 $4,550,000.00
5 Selling expenses $2,170,000.00 $2,000,000.00
6 Administrative expenses 1,627,500.00 1,500,000.00
7 Total operating expenses $3,797,500.00 $3,500,000.00
8 Income from operations $1,052,500.00 $1,050,000.00
9 Other revenue 99,500.00 20,000.00
10 $1,152,000.00 $1,070,000.00
11 Other expense (interest) 132,000.00 120,000.00
12 Income before income tax $1,020,000.00 $950,000.00
13 Income tax expense 420,000.00 400,000.00
14 Net income $600,000.00 $550,000.00
Marshall Inc.
Comparative Balance Sheet December 31, 20Y2 and 20Y1
1 20Y2 20Y1
2 Assets
3 Current assets:
4 Cash $1,050,000.00 $950,000.00
5 Marketable securities 301,000.00 420,000.00
6 Accounts receivable (net) 585,000.00 500,000.00
7 Inventories 420,000.00 380,000.00
8 Prepaid expenses 108,000.00 20,000.00
9 Total current assets $2,464,000.00 $2,270,000.00
10 Long-term investments 800,000.00 800,000.00
11 Property, plant, and equipment (net) 5,760,000.00 5,184,000.00
12 Total assets $9,024,000.00 $8,254,000.00
13 Liabilities
14 Current liabilities $880,000.00 $800,000.00
15 Long-term liabilities:
16 Mortgage note payable, 6% $200,000.00 $0.00
17 Bonds payable, 4% 3,000,000.00 3,000,000.00
18 Total long-term liabilities $3,200,000.00 $3,000,000.00
19 Total liabilities $4,080,000.00 $3,800,000.00
20 Stockholders' Equity
21 Preferred 4% stock, $5 par $250,000.00 $250,000.00
22 Common stock, $5 par 500,000.00 500,000.00
23 Retained earnings 4,194,000.00 3,704,000.00
24 Total stockholders' equity $4,944,000.00 $4,454,000.00
25 Total liabilities and stockholders' equity $9,024,000.00 $8,254,000.00
Determine the following measures for 20Y2 round to one decimal place, including percentages, except for pre-share amounts):
1. Working Capital
2. Current ratio
3. Quick ratio
4. Accounts receivable turnover
5. Number of days' sales in receivables
6. Inventory turnover
7. Number of days' sales in inventory
8. Ratio of fixed assets to long-term liabilities
9. Ratio of liabilities to stockholders' equity
10. Times interest earned
11. Asset turnover
12. Return on total assets
13. Return on stockholders' equity
14. Return on common stockholders' equity
15. Earnings per share on common stock
16. Price-earnings ratio
17. Dividends per share of common stock
18. Dividend yield

Answers

Answer:

Marshall Inc.

Ratios:

1. Working Capital  = Current assets - Current liabilities

= $2,464,000 - 880,000 = $1,584,000

2. Current ratio  = Current Assets/Current Liabilities

= $2,464,000/880,000 = 2.8 : 1

3. Quick ratio  = (Current Assets - Inventory)/Current Liabilities

= ($2,464,000 - 420,000)/880,000

= $2,044,000/880,000 = 2.3 : 1

4. Accounts receivable turnover  = Average Accounts Receivable / Net Sales

= $542,500/10,850,000 = 0.05 times

Average receivables = ($585,000 + 500,000)/2 = $542,500

5. Number of days' sales in receivables  = Days in the year/Accounts receivable turnover

= 365/0.05 = 7,300 days

6. Inventory turnover  = Cost of goods sold / Average Inventory

= $6,000,000/400,000 = 15 times

Average Inventory = (Beginning inventory + Ending inventory) / 2

= ($420,000 + 380,000)/2 = $400,000

7. Number of days' sales in inventory  = Number of days in a year divided by Inventory turnover ratio = 365 /15 = 24.3 days

8. Ratio of fixed assets to long-term liabilities  = Fixed Assets/Long-term Liabilities = $5,760,000/3,200,000 = 1.8 : 1

9. Ratio of liabilities to stockholders' equity  = Total Liabilities/Stockholders' equity = $4,080,000 / $4,944,000 = 0.83 or 80%

10. Times interest earned  = Earnings before Interest and Taxes / Interest Expense = $1,152,000/132,000 = 8.7 times

11. Asset turnover  = Sales Revenue / Average Total Assets

= $6,000,000/$8,639,000 = 0.7 or 70%

Average Total Assets = Beginning total assets + Ending total assets, all divided by 2

= ($9,024,000 + 8,254,000)/2 = $8,639,000

12. Return on total assets  = EBIT/Average Total Assets

= $1,152,000/$8,639,000 = 13%

13. Return on stockholders' equity  = Earnings after tax/Shareholders' equity = $600,000/$4,944,000 x 100 = 12%

14. Return on common stockholders' equity  = EAT/Common Shareholders' Equity = $600,000 - 10,000/($4,944,000 - 250,000) x 100

= 12.6%

15. Earnings per share (EPS) on common stock  = Net Income divided by the number of outstanding common shares = $600,000/100,000 = $6 per share.

16. Price-earnings ratio  = Market price of shares/EPS = $82.80/$6 = 13.8

17. Dividends per share of common stock  = Dividends/Common Stock shares = $100,000/100,000 shares = $1

18. Dividend yield = Dividend per share / Market price per share = $1/$82.80 = 1.2%

Explanation:

1. Working Capital  is the difference between current assets and current liabilities.

2. Current ratio  is a liquidity ratio of current assets over current liabilities.

3. Quick ratio  is the current ratio modified with the subtraction of inventory.

4. Accounts receivable turnover  is an accounting measure that shows how quickly customers pay for the credit sales.

5. Number of days' sales in receivables  measures the number of days it takes a company to collect its credit sales.  It is a function of the number of days in a year divided by the accounts receivable turnover ratio.

6. Inventory turnover  is a ratio showing how many times a company has sold and replaced its inventory during a given period.

7. Number of days' sales in inventory  is the result of dividing the days in the period by the inventory turnover formula.  It shows the number of days inventory is held before being sold.

8. Ratio of fixed assets to long-term liabilities  shows how much of long-term liabilities is represented in fixed assets.

9. Ratio of liabilities to stockholders' equity  is a financial leverage ratio that shows the relationship between liabilities and stockholders' equity.

10. Times interest earned  (TIE) ratio measures the ability of a company to settle its debt obligations based on its current income.  To calculate the TIE number, take the Earnings before interest and taxes (EBIT) and  divide by the total interest expense.

11. Asset turnover  is a ratio of sales over average assets, which shows company's efficiency in using assets to generate sales.

12. Return on total assets  measures the percentage of earnings before interest and taxes over the average total assets.  It can  be obtained by multiplying profit margin with total asset turnover.

13. Return on stockholders' equity  is a financial ratio that is calculated by dividing a company's earnings after taxes (EAT) by the total shareholders' equity, and then multiplying the result by 100.

14. Return on common stockholders' equity  measures the ratio of earnings after taxes less Preferred Stock Dividend over the common shareholders' equity.

15. Earnings per share on common stock  is the ratio of earnings divided by the number of outstanding common stock shares.  It measures the earnings per share that the company has generated for the common stockholders.

16. Price-earnings ratio  is a ratio of the market price of shares over the earnings per share.  It is used to determine if a company's share is overvalued or undervalued.

17. Dividends per share of common stock  is the dividend paid divided by the number of outstanding common stock.

18. Dividend yield is the ratio of the dividend per share over the market price per share.

Fogerty Company makes two products, titanium Hubs and Sprockets. Data regarding the two products follow: Direct Labor-Hours per Unit Annual Production Hubs 0.60 15,000 units Sprockets 0.20 50,000 units Additional information about the company follows:
a. Hubs require $39 in direct materials per unit, and Sprockets require $18.
b. The direct labor wage rate is $12 per hour.
c. Hubs are more complex to manufacture than Sprockets and they require special equipment.
d. The ABC system has the following activity cost pools:
Estimated Activity Activity Cost Pool (Activity Measure) Overhead Cost Hubs Sprockets Total Machine setups (number of setups) $ 28,980 140 112 252 Special processing (machine-hours) $ 92,000 4,600 0 4,600 General factory (organization-sustaining) $ 89,000 NA NA NA
Required:
1. Compute the activity rate for each activity cost pool.
2. Determine the unit product cost of each product according to the ABC system. (Round intermediate calculations and final answers to 2 decimal places.)

Answers

Answer:

Fogerty Company

1. Computation of the activity rate for each activity cost pool:

a. Machine setups = Total machine setups overhead costs/total machine setups

= $28,980/252 = $115 per machine set up

b. Special processing = Total special processing overhead costs/total machine hours

= $92,000/4,600 = $20 per machine hour

c. General factory = $89,000/65,000 = $1.369 per unit produced

2. Determination of the unit product cost of each product using ABC system:

                                           Hubs              Sprockets

Total production costs   $825,640         $1,101,340

Units produced                 15,000               50,000

Unit product cost =          $55.04               $22.03

Explanation:

a) Data and Calculations:

Activity Cost Pool            Overhead      Hubs       Sprockets     Total

(Activity Measure)               Costs

Machine setups

 (number of setups)         $ 28,980        140              112            252

Special processing

 (machine-hours)             $ 92,000   4,600                 0          4,600

General factory

(organization-sustaining) $ 89,000         NA               NA            NA

Direct labor-hours per unit                   0.60             0.20

Total units produced                          15,000           50,000       65,000

Direct materials required per unit         $39                $18

Direct labor wage rate per hour            $12                 $12

b) Total direct labor-hours                 9,000            10,000        19,000

c) Activity rate for each activity cost pool:

1. Machine setups = Total machine setups overhead costs/total machine setups

= $28,980/252 = $115 per machine set up

2. Special processing = Total special processing overhead costs/total machine hours

= $92,000/4,600 = $20 per machine hour

3. General factory = Total general factory overhead costs divided by total units produced

= $89,000/65,000 = $1.3692 per unit produced

d) Overhead Allocation:

                                          Hubs             Sprockets          Total

Machine setups               $16,100            $12,880        $28,980

Special processing          96,000                 0                96,000

General factory                20,540             68,460          89,000

Total overhead costs   $132,640            $81,340      $213,980

e) Total costs per product

                                          Hubs               Sprockets             Total

Direct materials costs     $585,000         $900,000         $1,485,000

Direct labor costs            $108,000          $120,000           $228,000

Total overhead costs      $132,640             $81,340            $213,980

Total production costs   $825,640         $1,101,340         $1,926,980

Units produced                 15,000               50,000

Unit product cost =          $55.04               $22.03

f) Activity based costing system (ABC) is a costing technique that accumulates according to activity pools and allocates costs based on the activities carried out.  For example, the general factory overhead costs, could be allocated based on direct labour hours, machine hours, or total units of production.  It calculates the allocation rate based on the accepted activity pool.

On August 21, Alix Company receives a $2,000, 60-day, 6% note from a customer as payment on her account. How much interest will be due on October 20 - the due date?
a. $10
b. $20
c. $140
d. $120

Answers

Answer:

b. $20

Explanation:

Calculation of how much interest will be due on October 20 - the due date

Using this formula

Interest due = Amount received ×Numbers of days ×Note percentage

Let plug in the formula

Interest due =$2,000 x (60/360) x 0.06

Interest due=$2,000×0.17×0.06

Interest due =$20

Therefore $20 interest is the amount of interest that will be due on October 20the due date.

The company had a net income of $248,462, and depreciation expenses were equal to $72,487. What is the firm's cash flow from financing activities?

Answers

Complete Question:

The complete question can be seen the in the attachment at the end of the solution of the question.

Answer:

Option B. -$182,057

Explanation:

The Cash flow from financing activities can be calculated by using the following formula:

Cash flow from financing activities = Changes in the equity finance

+ Changes in long term borrowings + Changes in short term borrowings

- Interest paid - Dividends paid

Here

Changes in the equity = $175,000 common stock in year 2008

- $125,000 common stock in year 2008 = $50,000

Changes in long term Borrowings = $61,290 - $78,445 = - $17,155

Changes in short term Borrowings = $16,753 - $12,004 = $4749

Interest paid is $0 because interest rate is not given hence we can't calculate it.

Dividends paid = $190,568 Opening Retained Earnings + $248,462 Net Profit for the year - $219,379 Closing Retained Earnings  = $219,651

Now, by putting values in the above equations, we have:

Cash flow from financing activities = $50,000 - $17,155 + $4749 - 0 - $219,651 = -$182,057

Pharoah Company sublet a portion of its warehouse for five years at an annual rental of $71700, beginning on May 1, 2017. The tenant, Sheri Charter, paid one year's rent in advance, which Pharoah recorded as a credit to Unearned Rent Revenue. Pharoah reports on a calendar-year basis. The adjustment on December 31, 2017 for Pharoah should be

Answers

Answer:

Adjusting entries

Dr Unearned rent revenue $47,800

Cr Rent revenue $47,800 to record accrued rent revenue.

Explanation:

Contract value for one year $71,700

One month of rent $71,700/12 = $5,975

We will need to get how many month that has passed from May to December i.e 8 months

Value of 8 month of rent = 8 × $5,975

= $47,800 i.e earned portion of the contract.

Balance unearned rent revenue at year end= $71,700 - $47,800

= $23,900

A corporation produces a single product and has the following cost structure
Number of units produced each year 7000
Variable costs per unit
Direct materials 51
Direct labor 12
Variable manufacturing overhead 2
Variable selling and administrative expense 5
Fixed costs per year
Fixed manufacturing overhead.. 441000
Fixed selling expense 112000
The absorption costing unit product cost is:______.
A) $149 per unit
B) $65 per unit
C) $63 per unit
D) $128 per unit

Answers

Answer:

D) $128 per unit

Explanation:

The computation of the unit product cost using the absorption costing is shown below:

= Direct materials per unit + direct labor per unit + Variable manufacturing overhead per unit + fixed manufacturing overhead per unit

= $51 + $12 + $2 + ($441,000 ÷ 7,000 units)

= $128

We simply added the direct material, direct labor, variable manufacturing overhead per unit, and the fixed manufacturing overhead per unit

If 200,000 machine‐hours are budgeted for variable overhead at a standard rate of $5/machine‐hour, but 220,000 machine‐hours were actually used at an actual rate of $6/machine‐hour, what is the variable overhead efficiency variance?

Answers

Answer:

Variable overhead efficiency variance= $100,000 unfavorable

Explanation:

Giving the following information:

200,000 machine‐hours are budgeted for variable overhead at a standard rate of $5/machine‐hour, but 220,000 machine‐hours were used.

To calculate the variable overhead efficiency variance, we need to use the following formula:

Variable overhead efficiency variance= (Standard Quantity - Actual Quantity)*Standard rate

Variable overhead efficiency variance= (200,000 - 220,000)*5

Variable overhead efficiency variance= $100,000 unfavorable

When the Variable overhead efficiency variance is = $100,000 unfavorable

What is the Efficiency variance?

Giving the following information are:

200,000 machine‐hours are budgeted for variable overhead at a standard rate of $5/machine‐hour, but [tex]220,000[/tex] machine‐hours were used. Now we calculate the variable overhead efficiency variance, Then we need to use the following formula are below mention. The variable overhead efficiency variance is= (Standard Quantity - Actual Quantity)*Standard rate. Then Variable overhead efficiency variance= [tex](200,000 - 220,000)*5[/tex]

Thus, Variable overhead efficiency variance= $100,000 unfavorable

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Virginia owns 100% of Goshawk Company. In the current year, Goshawk Company sells a capital asset (held for three years) at a loss of $40,000. In addition, Goshawk has a short-term capital gain of $18,000 and net operating income of $90,000 during the year. Virginia has no recognized capital gain (or loss) before considering her ownership in Goshawk.

Complete each lettered item below, outlining how much of the capital loss may be deducted for the year and how much is carried back or forward.

a. If Goshawk is a proprietorship, only $ _________ long-term capital loss can be deducted in the current year. The remaining $ ___________net capital loss is carried ___________ and then ____________Correct 3 of Item 1.

b. If Goshawk is a C corporation, only $ __________long-term capital loss can be deducted in the current year. The remaining $ ___________ net capital loss is carried ______________ and then _____________ of Item 2.

Answers

Answer:

a)  If Goshawk is a proprietorship, only $21000 long-term capital loss can be deducted in the current year. The remaining $19000 net capital loss is carried forward and then carried back

b)  If Goshawk is a C corporation, only $ 18000 long-term capital loss can be deducted in the current year. The remaining $22000 net capital loss is carried back and then forward of Item 2.

Explanation:

The gain or loss on the sale of a property is said to be the difference between between the realized value of goods and its adjusted basis. When there is a gain the realized value would be greater than the adjusted basis, while when there's loss the realized value would be less than the adjusted basis.

A) In this case, if Goshawk is a proprietorship, only $21,000 of the $40,000 long-term capital loss can be deducted in the current year. The loss will offset the short-term capital gain of $18,000 first; then, an additional $3,000 of the loss may be utilized as a deduction against ordinary income. The remaining $19,000 net capital loss is carried forward to next year and years thereafter until completely deducted. The capital loss carryover retains its character as long term.

B) If Goshawk is a C corporation, $18,000 short term capital gain can be set off for long term capital loss. Then the remaining $22,000($40,000 - $18,000) will be carried backwards

Filling your individualf ederal tax returns would be best described what type of value chain?

Answers

Answer: Government to customer (G2C)

Explanation:

Filing is one of the requirements of any business person to give proper record of what they did in their business and how they delivered to the masses. This is proper for tax clearance and returns. When filing your individual tax returns the value chain is known as government to customer (G2C). This is recommended.

Rank the steps of the (sandwich) ELISA procedure from first step to last step. Do not overlap any steps.

Answers

Answer and Explanation:

The ELISA refers to the enzyme-linked immunosorbent assay (ELISA) It is used to determine the existence of an antigen in a sample with the help of antibiotics

The ELISA procedure in sequence form is shown below:

1. The capture antibody is added and then clean it

2. Now adding the blocking buffer and then clean it

3. Now add the samples with controls, Hatch it and clean it

4. Add horseradish peroxidase (HRP) conjugated with the antibody, Hatch it and clean it

5. Add Thymidine monophosphate (TMP)

6. And finally, the last step is to record the results

Companies that show profits on the income statement will always show positive cash flows from operating activities.

a. True
b. False

Answers

Answer:

B. False.

Explanation:

Firstly, explaining a cash flow statement will be explained or tells us how much cash from the business is entering and leaving your business. This is been explained better with the aid of a balance sheets and also income statements; these are practically three most important financial statements that helps effectively in accounts of business management in a small business accounting and making sure you have enough cash to keep operating.

Using a template or probably an excel spreadsheet, the income statement and cash flow statements are been well understood and at this it is totally false to say that companies that show profits on the income statement will always show positive cash flows from operating activities.

Alden Corp. has the following balances as of December​ 31, 2019:Total Assets $90,000Total Liabilities 60,000Total Equity 30,000Calculate the debt to equity ratio.​ A. 0.64.B. 0.92.C. 1.56.D. 256.

Answers

Answer:

2.00

Explanation:

Calculation of the debt to equity ratio

Using this formula

Debt to equity ratio= Total liabilities/Total Shareholders equity

Where,

Total liabilities=60,000

Total Shareholders equity =30,000

Let plug in the formula

Debt to equity ratio=60,000/30,000

Debt to equity ratio =2.00

Therefore debt to equity ratio will be 2.00

ABC Company has the following authorized stock: Common stock: 1.00 par value, 100,000 shares On 1/11/15, ABC Company issued 10,000 shares of common stock for $5 per share (cash). How much cash does the company receive

Answers

Answer:

Amount of cash received = $50,000

Explanation:

The authorized share capital is the total maximum amount of shares in units that  a company can raised as contained in its memorandum of association.

The issued share capital is the proportion of the authorized share capital that a company has decided to offer to investors to raise capital.

The total amount of issued share capital raised would be equal to

Issued share capital = units issued × price per units

                                 = 10,000 × $5 = $50,000

Amount of cash received = $50,000

Based on the information given the amount that the company received is $50,000.

Using this formula

Cash received=Shares of common stock× Per share

Where:

Shares of common stock=10,000 shares

Per share=$5 per share

Let plug in the formula

Cash received=10,000×$5

Cash received=$50,000

Inconclusion the amount that the company received is $50,000.

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A waiter fills your water glass with ice water (containing many ice cubes) such that the liquid water is perfectly level with the rim of the glass. As the ice melts,

Answers

Answer:

As the ice melts and turns into water, the level of the liquid water will lower and it will no longer be perfectly leveled with the rim of the glass. This happens because water has a unique property, its solid state occupies a larger volume than its liquid state, i.e. as waters turns into ice, it expands and occupies more space. Generally, as liquids become solid, they will shrink and occupy less space, but that doesn't happen with water.

Explanation:

The December 31, 2014 balance sheet of Barone Company had Accounts Receivable of $400,000 and a credit balance in Allowance for Doubtful Accounts of $32,000. During 2015, the following transactions occurred: sales on account $1,500,000; sales returns and allowances, $50,000; collections from customers, $1,250,000; accounts written off $36,000; previously written off accounts of $6,000 were collected.A. Journalize the 2015 transactions.B. If the company uses the percentage-of-sales basis to estimate bad debt expense and anticipates 3% of net sales to be uncollectible, what is the adjusting entry at December 31, 2015?C. If the company uses the percentage of receivables basis to estimate bad debt expense and determines that uncollectible accounts are expected to be 8% of accounts receivable, what is the adjusting entry at December 31, 2015?D. Which basis would produce a higher net income for 2015 and by how much?

Answers

Answer:

Barone Company

General Journal for 2015 transactions:

Debit Accounts Receivable $1,500,000

Credit Sales Revenue $1,500,000

To record sales on account.

Debit Sales Returns $50,000

Credit Accounts Receivable $50,000

To record sales returns and allowances.

Debit Cash Account $1,250,000

Credit Accounts Receivable $1,250,000

To record cash collections from customers.

Debit Allowance for Doubtful Accounts $36,000

Credit Accounts Receivable $36,000

To record uncollectible written-off.

Debit Accounts Receivable $6,000

Credit Allowance for Doubtful Accounts $6,000

To reinstate previously written off accounts.

Debit Cash Account $6,000

Credit Accounts Receivable $6,000

To record collection of previous write-off.

Adjusting Entry at December 31, 2015:

B. Using 3% of net sales:

Debit Bad Debt Expense $41,500

Credit Allowance for Doubtful Accounts $41,500

To record bad debt expense.

C. Using 8% of Receivables:

Debit Bad Debt Expense $43,120

Credit Allowance for Doubtful Accounts $43,1`20

To record bad debt expense.

D. 3% of net sales produces a higher net income and by $1,620

Explanation:

1. Accounts Receivable

Beginning balance (debit) = $400,000

Sales                                     1,500,000

Sales Returns & allowances   (50,000)

Cash Collections                (1,250,000)

Uncollectible write-off            (36,000)

Reinstatement of write-off       6,000

Cash Collection                       (6,000)

Ending balance                  $564,000

2. Allowance for Doubtful Accounts

Beginning balance (Credit)   $32,000

Uncollectible write-off            (36,000)

Reinstatement of write-off        6,000

Balance pre-year adjustment $2,000

Using 3% of net sales

Bad debt expense                 $41,500

Ending balance (credit)        $43,500

Balance pre-year adjustment $2,000

Using 8% of receivable balance

Bad debt expense                 $43,120

Ending balance (credit)         $45,120

3. Allowance for Doubtful Accounts (Ending balance)

3% of net sales = $1,450,000 x 3% = $43,500

8% of receivables = $564,000 x8% = $45,120

If the December 31, 2014 balance sheet of Barone Company had Accounts Receivable of $400,000 and a credit balance in Allowance for Doubtful Accounts of $32,000.  The journal entries will be:

A. Journalize the 2015 transactions.

Debit Accounts Receivable $1,500,000

Credit Sales Revenue $1,500,000

(To record credit sales)

Debit Sales Returns and Allowances $50,000  

Credit Accounts Receivable $50,000

(To record credit to customers)

Debit Cash  $1,250,000  

Credit Accounts Receivable $1,250,000

(To records collection of receivables)

Debit Allowance for Doubtful Accounts $36,000  

Credit Accounts Receivable $36,000

(To record write of specific account)

Debit Accounts Receivable $6,000

Credit Allowance for Doubtful Accounts $6,000

(To record written off accounts)

Debit Cash Account $6,000

Credit Accounts Receivable $6,000

(To record collection of previous write-off)

B. Preparation of the journal entry using the percentage-of-sales basis

Percentage-of-sales basis:

Sales revenue $1,500,000

Less: Sales Returns and Allowances $50,000

Net Sales $1,450,000

($1,500,000-$50,000)

Bad debt percentage 3%

Bad debt provision $43,500

(3%×$1,450,000)

Journal entry

Dec. 31

Debit  Bad Debt Expense $43,500

Credit Allowance for Doubtful Account $43,500

C.  Preparation of the journal entry using the percentage of receivables basis

Percentage of receivables basis

Account receivable

Dr                          Cr

$400,000           $50,000

$1,500,000         $1,250,000

$6,000                 $36,000

                             $6.000

Bal. $564,000

Allowance for Doubtful Accounts

Dr                                Cr

$36,000                     $32,000

                                   $6,000

                                   Bal. $2,000

Required balance  $45,120

($564,000 × .08)

Less Balance before adjustment $2,000

Adjustment required $43,120

($45,120-$2,000)

Journal entry

Dec. 31

Debit Bad Debt Expense $43,120

Credit Allowance for Doubtful Account $43,120

D. Calculation to determine the basis that would produce a higher net income for 2015 and by how much?

Percentage-of-sales basis $43,500

(3%×$1,450,000)

Percentage of receivables basis $43,120

[($564,000 × .08) -$2,000]

Difference $380

Percentage-of-sales basis will produce a higher net income for 2015 by $380

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Cost centers are evaluated primarily on the basis of their ability to control costs and:_______.
A) Their return on assets.
B) Residual income.
C) The quantity and quality of the services they provide.
D) Their contribution margin ratio.

Answers

Answer:

C.

The quality and quantity of the services they provide

Explanation:

When we talk of cost centers in an organization, we refer to such as departments that does not contribute to the overall profitability of the organization but still cost the organization some amount to operate.

What this means is that although, they give no profit to the organization, they add to the total bill of the organization.

So how do we evaluate them?

Since they are not here for profitability, the measure of how they are relevant to the company is measured on two basis.

They are evaluated on their ability to control costs and also the quality and quantity of the services these centers provide

Reports are the primary means of communication in an organization. Illustrate the comment.

Answers

Answer: hi

Explanation: bye

What action can a supervisor take to reinforce the desired change and create a work environment that nourishes successful people?

Answers

Answer:

Communicate the reasons for the change.

Explanation:

Remember, reinforcement involves not necessarily employing harsh measures, but communicating with a view to persuade into action.

Since a supervisor is often seen as a head among his colleagues, he thus can exert influence on other employees by explaining the reasons and benefits for such change, doing so would steer employees into accepting the organisational change.

Garrison Company adds direct materials at the beginning of the process and adds conversion costs throughout the process. The following data represents data in the Shaping Department ​WIP, April 1 7 comma 000 units Transferredminusin costs in​ WIP, April 1 ​$79,940 Direct materials​ (100%) in​ WIP, April 1 ​$24,420 Conversion costs ​(55​%) in​ WIP, April 1 ​$23,400 Units transferredminusin 49 comma 000 Transferredminusin costs during April ​$550,900 Units completed 46 comma 000 April direct materials cost ​$155,500 April conversion costs ​$239,250 ​WIP, April 30 10 comma 000 units ​(100% for materials and 40​% for conversion​ costs) What are the equivalent units for conversion​ costs?

Answers

Answer:

Equivalent Units for conversion = 50,000 units

Cost per equivalent unit for conversion = $5.253

Explanation:

​WIP, April 1                                               = 7,000 units

Transferred-costs in​ WIP, April 1            = ​$79,940

Direct materials​ (100%) in​ WIP, April 1   = ​$24,420

Conversion costs ​(55​%) in​ WIP, April 1  = ​$23,400

Units transferred                                      = 49,000

Transferred costs during April                = ​$550,900

Units completed                                       = 46,000

April direct materials cost                        =​$155,500

April conversion costs ​                             =$239,250

WIP, April 30                                              =10,000 units

100% for materials and 40​% for conversion​ costs

Required = Equivalent Units for conversion cost?

Solution

Equivalent Units for conversion = 100% of units completed + 40% of units in work in process

Equivalent Units for conversion = (46000 x 100%) + ( 10,000 x 40%)

Equivalent Units for conversion = 46,000 + 4000

Equivalent Units for conversion = 50,000 units

Cost per equivalent unit for conversion = Total conversion cost/Equivalent unts for conversion

Cost per equivalent unit for conversion = (23,400+239,250) /50,000units

Cost per equivalent unit for conversion = $5.253

42) Joe just inherited the family business, and having no desire to run the family business, he has decided to sell it to an entrepreneur. In exchange for the family business, Joe has been offered an immediate payment of $100,000. Joe will also receive payments of $50,000 in one year, $50,000 in two years, and $75,000 in three years. The current market rate of interest for Joe is 6%. In terms of present value (PV), how much will Joe receive for selling the family business? A) $$245,641 B) $254,641 C) $641,254 D) $254,461

Answers

Answer:

Total PV= $254,641.08

Option B.

Explanation:

Giving the following information:

Cash flows:

Cf0= $100,000

Cf1= 50,000

Cf2= 50,000

Cf3= 75,000

Interest rate= 6%

To calculate the present value, we need to use the following formula on each cash flow:

PV= FV/(1+i)^n

Cf0= 100,000

Cf1= 50,000/1.06= 47,169.81

Cf2= 50,000/1.06^2= 44,499.82

Cf3= 75,000/1.06^3= 62,971.45

Total PV= $254,641.08

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