Yancey Productions is a film studio that uses a job-order costing system. The company’s direct materials consist of items such as costumes and props. Its direct labor includes each film’s actors, directors, and extras. The company’s overhead costs include items such as utilities, depreciation of equipment, senior management salaries, and wages of maintenance workers. Yancey applies its overhead cost to films based on direct labor-dollars.At the beginning of the year, Yancey made the following estimates:Direct labor-dollars to support all productions $ 8,260,000Fixed overhead cost $ 4,956,000Variable overhead cost per direct labor-dollar $ 0.17Required:1. Compute the predetermined overhead rate. (I found the answer: .77 per DL$)2. During the year, Yancey produced a film titled You Can Say That Again that incurred the following costs:Direct materials $ 1,386,000Direct labor cost $ 2,478,000Compute the total job cost for this particular film.Direct Materials: $1,386,000Direct Labor: $2,478,000

Answers

Answer 1

Answer and Explanation:

The computation is shown below:

Predetermined overhead rate is

= Variable overhead cost per direct labor hours + Fixed overhead cost ÷ Direct labor-dollars

= $0.17 + $4,956,000 ÷ 8,260,000

= $0.17 + $0.6

= $0.77

Now the total cost is

= Direct material cost + direct labor cost + manufacturing cost

= $1,386,000 + $2,478,000 + ($2,478,000 × $0.77)

= $5,772,060


Related Questions

The Sheridan Inc., a manufacturer of low-sugar, low-sodium, low-cholesterol TV dinners, would like to increase its market share in the Sunbelt. In order to do so, Sheridan has decided to locate a new factory in the Panama City area. Sheridan will either buy or lease a site depending upon which is more advantageous. The site location committee has narrowed down the available sites to the following three very similar buildings that will meet their needs.
Building A: Purchase for a cash price of $612,100, useful life 26 years.
Building B: Lease for 26 years with annual lease payments of $71,490 being made at the beginning of the year.
Building C: Purchase for $655,200 cash. This building is larger than needed; however, the excess space can be sublet for 26 years at a net annual rental of $6,850. Rental payments will be received at the end of each year. The Sheridan Inc. has no aversion to being a landlord.
In which building would you recommend that The Sheridan Inc. locate, assuming a 11% cost of funds?

Answers

Answer:

Present value of Building A = $612,000

Present value of Building B = $71,490 + $71,490*Present value of Annuity for n=25,i=11% = $71,490 + $602,070.53 = $673,560.53

Present value of Building C = $655,200 - $6,850*Present value of Annuity for n=26,i=11% = $655,200 - $58,143.20 = $597,056.80

                       Net Present Value

Building A       $612,000

Building B       $673,560.53

Building C       $597,056.80

Conclusion: The Sherdian Inc. should locate itself in Building C as it has least Net Present Value

5.85 percent coupon bond with 10 years left to maturity is priced to offer a yield to maturity of 6.7 percent. You believe that in one year, the yield to maturity will be 6.0 percent. What is the change in price the bond will experience in dollars

Answers

Answer:

$50.92

Explanation:

                 10 years                    9 years

Nper =   10*2 = 20                      9*2 = 18

Rate = 6.7%/2 = 0.0335             6%/2 = 0.03

PMT = 1000*5.85%/2 = 29.25   1000*5.85%/2 = 29.25

FV =        1000                               1000

PV (Price) = -PV(RATE, NPER, PMT, FV)

Price (10 years) = $938.77

Price (9 years) = $989.68

If interest rate decrease%. Change in price of bond = $989.68 - $938.77 = $50.92

Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.)

Answers

Answer:

The information about inventory and sales is missing, so I looked for a similar question:

Beginning inventory, January 1: 390 units at  $3.80 Purchase January 9: 90 units at  $4.00 Purchase January 25: 120 units at $4.10 Sale January 26: 430 units Ending inventory, January 31:  170 units

Beginning inventory on January 1: 390 $3.80 = $1,482

Purchase on January 9: 90 $4.00 = $360

Purchase on January 25: 120 $4.10 = $492

total number of units = 600

total value = $2,334

average cost per unit = $3.89

cost of goods sold = 430 units x $3.89 = $1,672.70

ending inventory = 170 units x $3.89 = $661.30  

Estella Osage publishes an online travel magazine. In need of​cash, the business applies for a loan with National Bank. The bank requires borrowers to submit financial statements. With little knowledge of​ accounting, Estella​ Osage, the​ owner, does not know how to proceed.The explanations for how to prepare each​ statementRequirements:1. What are the four financial statements that the business will need to​ prepare?2. Is there a specific order in which the financial statements must be​ prepared?3. Explain how to prepare each statement.Requirements​ 1, 2, and 3. What are the four financial statements that the business will need to​ prepare? Is there a specific order in which the financial statements must be​prepared? Explain how to prepare each statementIn the first​ column, select the four financial statements that the business will need to prepare. In the second​ column, select the number corresponding with the order the financial statements must be prepared. If there is no specific​ order, select​ "n/a" for each statement. In the third​ column, select the letter grouping that corresponds with the proper explanations for how to prepare each statement.1. Financial statement 2. Order 3. How to preparea. Each asset account is listed separately and then totaled. Cash is always listed first.b. Each dollar amount is calculated by evaluating the cash column on the transaction detail.c. Each expense account is listed separately from largest to smallest and then subtotaled if necessary.d. Financing activities include cash contributions by the owner and owner withdrawals of cash.e. Investing activities include the purchase and sale of land and equipment.f. Liabilities are listed separately and then totaled. Liabilities that are to be paid first are listed first.g. Net income is calculated as total revenues minus total expenses.h. Operating activities involve cash receipts for services provided and cash payments for expenses paid.i. The beginning capital is listed first and will always be the ending capital from the previous time period.j. The ending cash balance must match the cash balance on the balance sheet.k. The header includes the name of the​ business, the title of the​statement, and the​ date, listed as a period of time.  l. The header includes the name of the​ business, the title of the​statement, and the​ date, listed as a specific date.m. The​ owner's contribution and net income are added to the beginning capital.n. The​ owner's equity is taken directly from the statement of​owner's equity.o. The​ owner's withdrawals are subtracted from capital. If there had been a net​loss, this would also be subtracted.p. The revenue accounts are always listed first and then subtotaled if necessary.q. This statement must always balance. Assets​ = Liabilities​ + Equity

Answers

Answer:

1. The four financial statements are;

Income StatementStockholder's Equity statementBalance SheetStatement of Cashflows

2. The specific order is done as follows because information from the preceding statement will be needed for the next one.

Income Statement ⇒ Stockholder's Equity statement ⇒ Balance Sheet ⇒ Statement of Cashflows

3. Income Statement

c. Each expense account is listed separately from largest to smallest and then subtotaled if necessary.g. Net income is calculated as total revenues minus total expenses.k. The header includes the name of the​ business, the title of the​statement, and the​ date, listed as a period of time.p. The revenue accounts are always listed first and then subtotaled if necessary.

Stockholder's Equity

i. The beginning capital is listed first and will always be the ending capital from the previous time periodk. The header includes the name of the​ business, the title of the​statement, and the​ date, listed as a period of time.m. The​ owner's contribution and net income are added to the beginning capital.o. The​ owner's withdrawals are subtracted from capital. If there had been a net​loss, this would also be subtracted.

Balance Sheet

a. Each asset account is listed separately and then totaled. Cash is always listed first.f. Liabilities are listed separately and then totaled. Liabilities that are to be paid first are listed first.l. The header includes the name of the​ business, the title of the​statement, and the​ date, listed as a specific daten. The​ owner's equity is taken directly from the statement of​owner's equity.q. This statement must always balance. Assets​ = Liabilities​ + Equity

Statement of Cashflows

b. Each dollar amount is calculated by evaluating the cash column on the transaction detail.d. Financing activities include cash contributions by the owner and owner withdrawals of cash. e. Investing activities include the purchase and sale of land and equipment.h. Operating activities involve cash receipts for services provided and cash payments for expenses paid.j. The ending cash balance must match the cash balance on the balance sheet.k. The header includes the name of the​ business, the title of the​statement, and the​ date, listed as a period of time.

Consider the following transactions for Huskies Insurance Company:
a. Equipment costing $42,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $7,000 per year.
b. On June 30, the company lends its chief financial officer $50,000; principal and interest at 7% are due in one year.
c. On October 1, the company receives $16,000 from a customer for a one-year property insurance policy. Deferred Revenue is credited.
Required: For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of December 31. No adjusting entries were made during the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

Answers

Answer:

31-Dec

Dr Depreciation expense $7,000

Cr Accumulated Depreciation - Equipment $7,000

31-Dec

Dr Interest receivable $1,750

Cr Interest revenue $1,750

31-Dec

Dr Deferred Revenue $4,000

Cr Revenue or Service Revenue $4,000

Explanation:

Preparation of Journal entries

31-Dec

Dr Depreciation expense $7,000

Cr Accumulated Depreciation - Equipment $7,000

(To adjust 12 month depreciation)

31-Dec

Dr Interest receivable $1,750

($50,000 x 7% x 6/12)

Cr Interest revenue $1,750

(To adjust 6 month interest revenue accrued)

31-Dec

Dr Deferred Revenue $4,000

($16,000 x 3/12)

Cr Revenue or Service Revenue $4,000

(To record earned revenue for 3 months

The journal entries are as follows:

On Dec 31

Depreciation expense $7,000

              Accumulated Depreciation - Equipment $7,000

Interest receivable $1,750 ($50,000 ×  7% × 6 ÷ 12)

        Interest revenue $1,750

Deferred Revenue $4,000 ($16,000 × 3 ÷ 12)

          Revenue or Service Revenue $4,000

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• One-pound baby carrots, $0.99
Two pounds baby carrots, $1.89
One-pound full-sized carrots, $0.68
What is the price per pound for each

Answers

Answer:

The price for the one-pound baby carrots will be the same, because it's one pound: $0.99

The price for the two pounds of baby carrots will be $0.945 (rounded to $0.95)

And for the one-pound full-sized carrots, still $0.68, because it is one pound.

Answer:

$0.99

Explanation:

Assuming the same interest rate, amount borrowed, and amortization period, which compounding (payment) period - monthly or annually - would result in less interest being paid by the borrower? Why?

Answers

Answer:

The shorter the payment period, the better for the borrower. Every time you make a payment, the principal decreases, so the next payment will include lower interests.

We can analyze this using an example:

You borrow $10,000, with a 12% interest rate and must pay it back in 3 years.

option A, 36 monthly payments

monthly payment = $10,000 / 30.10751 (PV annuity factor, 1%, 36 periods) = $332.14

total payments = $332.14 x 36 = $11,957.04

total interests paid = $1,957.04

option B, 3 annual payments

monthly payment = $10,000 / 2.40183 (PV annuity factor, 12%, 3 periods) = $4,163.49

total payments = $4,163.49 x 3 = $12,490.47

total interests paid = $2,490.47

Antwaun wants to purchase new photography equipment. He sees an advertisement on a store's website for a 35% sale on 85mm lenses this weekend . If the original price of the lens he wanted is $599, what is the new price of the lens once it goes on sale ?​

Answers

Answer:

$389.35

Explanation:

The original price is $599,

The advertised discount is 35%.

Price after discount will be

=$599- (35% of $599)

=$599 - (35/100 x $599)

=$599 - $209.65

=$389.35

The CIS Department at Tiny College maintains the Free Access to Current Technology (FACT) library of e-books. FACT is a collection of current technology e-books for use by faculty and students. Agreements with the publishers allow patrons to electronically check out a book, which gives them exclusive access to the book online through the FACT website, but only one patron at a time can have access to a book. A book must have at least one author but can have many. An author must have written at least one book to be included in the system but may have written many. A book may have never been checked out but can be checked out many times by the same patron or different patrons over time. Because all faculty and staff in the department are given accounts at the online library, a patron may have never checked out a book or they may have checked out many books over time. To simplify determining which patron currently has a given book checked out, a redundant relationship between BOOK and PATRON is maintained.

Required:
Write a query that will display all the Books that were published in 2016.

Answers

Answer:

Select BOOK_TITLE, BOOK_YEAR, BOOK_SUBJECT from book order by BOOK_SUBJECT asc, BOOK_YEAR desc, BOOK_TITLE asc;

BOOK_PUBLISH 2016;

Explanation:

The books subject will be displayed in ascending order, book year will be displayed in descending orders and book title will be displayed in ascending order. The query used will display all the books entered in the system. If there is specific year in which the search is used then the query will be update with year number instead of year such as BOOK_PUBLISH, 2016; This will show the list of all books that are published in 2016.

Sandy Kupchack just graduated from State University with a bachelor’s degree in history. During her four years at the university, Sandy accumulated $10,000 in student loans. She asks for your help in determining the amount of the quarterly loan payment. She tells you that the loan must be paid back in five years and that the annual interest rate is 8%. Payments begin in three months.

Required:
Determine Sandy's quarterly loan payment.

Answers

Answer: $611.57 or $612 rounded to nearest dollar.

Explanation:

She would have to make a constant payment per quarter which makes it an annuity.

The $10,000 is the present value of the annuity.

The quarters remaining are = 5 years * 4 = 20 quarters

Quarterly interest = 8%/4 = 2%

10,000 = Annuity * Present Value of Annuity factor, 20 periods, 2%

10,000 = Annuity * 16.3514

Annuity = 10,000/16.3514

= $611.57

basic level profession​

Answers

Answer:

The basic level profession

Communication skills business communicator is a key point for every type of job. The ability to communicate effectively is very important for business relationships.Decision- Making skills one of the hardest things in our life is to make decisions. but it is also is one of the most important abilities that has a crucial role for us.Leadership skills are among the top qualities and competencies in the professional skills list.Organizational skills you need in the workplace can include general planning, coordinating resources, and meeting deadlines.Time Management skills are an important part of organizational skills.Flexibility is among the top abilities in the professional skills list.Stress Management skills is a good professional never allows stress to reflect his/ her job and tasks

( Please Help thank you.)

Franchisors in foreign countries must be aware of
A: Ease of communication
B: Shared currency Values
C. Political Risk
D: shared values and customs

Answers

Answer:

I think it's C but I'm not 100% sure.

Explanation:

Franchisors in foreign countries must be aware of political risks. Thus, the correct option is (C).

Economic problems, related legal systems, the lack of corruption, supply chain difficulties, and taxation must all be considered by franchisors.

A franchisor selecting a market in which to expand must have thorough market information as well as undertake a study of existing competitors in that area.

A corporation may choose to employ franchising as a marketing concept for business growth.

The vast majority of courts have ruled that franchisors may be held accountable for the actions of their franchisees and franchisee employees.

Therefore, the correct option is "C".

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for countries the term specialization refers to

Answers

Answer:

we need more info

Explanation:

there's only those words nothing else

Specialization. Refers to the people, companies or countries focusing on providing a single good or service. This is so they can increase their efficiency and profit. Productivity. The amount of goods and services produced by a worker or business in a given time period. Hope this helps you out!! Please mark me brainliest!! Thank you!! :))

Presented below are a number of balance sheet accounts of Deep Blue Something, Inc.
A. Debt Investments.B. Treasury Stock.C. Common Stock.D. Dividends Payable.E. Accumulated Depreciation—Equipment.F. Construction in Process.G. Petty Cash.H. Interest Payable.I. Deficit.J. Equity Investments (ownership stake of less than 20%).K. Income Taxes Payable.L. Unearned Subscriptions Revenue.M. Work in Process.N. Salaries and Wages Payable.Instructions:
For each of the accounts above, indicate the proper balance sheet classification. In the case of borderline items, indicate the additional information that would be required to determine the proper classification.

Answers

Answer:

Balance sheet accounts          Proper balance sheet classification

(a)Debt Investments       -    Current asset

(b)Treasury Stock            -   Stockholders equity

(c)Common Stock            -    Stockholders equity

(d)Dividends Payable       -   Current Liability

(e)Accumulated Depreciation—Equipment   - Property, Plant and Equipment   & Fixed asset

(f)Construction in Process  -  Current asset

(g)Petty Cash.   -   Current asset

(h)Interest Payable  -  Current Liability

(i)Deficit  -  Stockholder's Equity

(j)Equity Investments (ownership stake of less than 20%).  -  Current asset

(k)Income Taxes Payable    -    Current Liability

(l)Unearned Subscriptions Revenue   -   Current Liability

(m)Work in Process  -   Current asset

(n)Salaries and Wages Payable  -   Current Liability

The balance sheet classification works primarily on the principle of the accounting equation which is stated as Assets = Liability + Equity.

Classification of Items in the Balance Sheet

All Assets go on the left side, while all liability and equity-related items go on the right side.

Assets (Left Side of the Balance Sheet)

Current Assets

Petty CashWork in ProcessDebt Investments

Non-Current Assets

Construction in Process

Liabilities (Right side of the Balance Sheet)

Unearned Subscriptions RevenueDividends PayableInterests PayableDeficitsIncome Taxes PayableSalaries and Wages Payable

Equity/Equity Related Items (Right side of the balance sheet under Liabilities)

Common Stock

Contra Assets Items

These items are neither assets or liability. They are:

Accumulated Depreciation of Equipment. This is deducted from the value of assets. Treasury Stock. This is subtracted from shareholder's equity.

Borderline Item

Equity Investments (Onwerhsip stake of less than 20%).

This is a borderline item because where it is placed in the asset section is determined by how long Deep Blue Somthing Inc. intends to hold it. If the company intends to hold it for less than or equal to a year, it is classified as a current asset. If more than a year, it is classed as a Non-current Asset.

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Western University has only one women’s softball scholarship remaining for the coming year. The final two players that Western is considering are Allison Fealey and Emily Janson. The coaching staff has concluded that the speed and defensive skills are virtually identical for the two players, and that the final decision will be based on which player has the best batting average. Crosstabulations of each player’s batting performance in their junior and senior years of high school are as follows:
Allison Fealey
Outcome Senior Junior
Hit 15 75
No Hit 25 175
Total At-Bats 40 250
Emily JansonOutcome Senior JuniorHit 70 35No Hit 130 85Total At-Bats 200 120
Western University has only one women’s softball scholarship remaining for
A player’s batting average is computed by dividing the number of hits a player has by the total number of at-bats. Batting averages are represented as a decimal number with three places after the decimal.
a. Calculate the batting average for each player in her junior year. Then calculate the batting average of each player in her senior year. Using this analysis, which player should be awarded the scholarship? Explain.
b. Combine or aggregate the data for the junior and senior years into one crosstabulation as follows:
Western University has only one women’s softball scholarship remaining for
Calculate each player’s batting average for the combined two years. Using this analysis, which player should be awarded the scholarship? Explain.
c. Are the recommendations you made in parts (a) and (b) consistent? Explain any apparentinconsistencies

Answers

Answer:

Explanation:

virtually identical for the two players, and that the final decision will be based on which player has the best batting average. Crosstabulations of each player’s batting performance in their junior and senior years of high school are as follows:

Allison Fealey

Outcome Senior Junior

Hit 15 75

No Hit 25 175

Total At-Bats 40 250

Emily JansonOutcome Senior JuniorHit 70 35No Hit 130 85Total At-Bats 200 120

Western University has only one women’s softball scholarship remaining for

A player’s batting average is computed by dividing the number of hits a player has by the total number of at-bats. Batting averages are represented as a decimal number with three places after the decimal.

a. Calculate the batting average for each player in her junior year. Then calculate the batting average of each player in her senior year. Using this analysis, which player should be awarded the scholarship? Explain.

b. Combine or aggregate the data for the junior and senior years into one crosstabulation as follows:apparentinconsistencies

Esquire Company needs to acquire a molding machine to be used in its manufacturing process. Two types of machines that would be appropriate are presently on the market. The company has determined the following (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)Machine A could be purchased for $48,000. It will last 10 years with annual maintenance costs of $1,000 per year. After 10 years the machine can be sold for $5,000.Machine B could be purchased for $40,000. It also will last 10 years and will require maintenance costs of $4,000 in year three, $5,000 in year six, and $6,000 in year eight. After 10 years, the machine will have no salvage value.Required:Assume an interest rate of 8% properly reflects the time value of money in this situation and that maintenance costs are paid at the end of each year. Ignore income tax considerations. (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)Calculate the present value of Machine A & Machine B. Which machine Esquire should purchase?

Answers

Answer: Machine B because it has the lower Present Value

Explanation:

Machine A

= Present Value of income - Present Value of Costs

Present value of Income;

Sold for $5,000 after 10 years.

= 5,000/ (1 + 8%)^10

= $2,315.97

Present Value of Costs;

Purchased for $48,000.

Maintenance of $1,000 per year for  years.

Present value of maintenance= 1,000 * Present value factor of annuity,  10 years, 8%

= 1,000 * 6.7101

= $6,710.10

Machine A Present Value

= 2,315.97 - 6,710.10 - 48,000

= ‭-$52,394

Machine B

No salvage value.

Present Value of costs

Purchased for $40,000.

Present value of maintenance = (4,000 / (1 + 8%)^3)  + (5,000 / ( 1 + 8)^6) + (6,000 / ( 1 + 8%)^8)

= -$9,567.79

Present Value = -40,000 - 9,567.79

= -$49,568

Blaine Air Transport Service, Inc., providing air delivery service for businesses, has been in operation for three years. The following transactions occurred in February:

February 1 Paid $275 for rent of hangar space in February.
February 2 Purchased fuel costing $490 on account for the next flight to Dallas.
February 4 Received customer payment of $820 to ship several items to Philadelphia next month.
February 7 Flew cargo from Denver to Dallas; the customer paid $910 for the air transport.
February 10 Paid $175 for an advertisement in the local paper to run on February 19.
February 14 Paid pilot $2,300 in wages for flying in January (recorded as expense in January).
February 18 Flew cargo for two customers from Dallas to Albuquerque for $3,800; one customer paid $1,600 cash and the other asked to be billed.
February 25 Purchased on account $2,550 in spare parts for the planes.
February 27 Declared a $200 cash dividend to be paid in March.

Required:
Prepare journal entries for each transaction. Be sure to categorize each account as an asset (A), liability (L). stockholders' equity (SE). revenue (R). or expense (E).

Answers

Answer:

Entries and their narrations are posted below

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

February 1 (Paid $275 for rent of hangar space in February)

Rent (Expense)     Dr $275

Cash (Asset)                        Cr $275

February 2 (Purchased fuel costing $490 on account for the next flight to Dallas.)

Fuel (Expense)                             Dr $490

Accountt Payable (Liability)                            Cr $490

February 4 (Received customer payment of $820 to ship several items to Philadelphia next month.)

Cash (Asset)    Dr $820

Shipment (R)              Cr $820

February 7 (Flew cargo from Denver to Dallas; the customer paid $910 for the air transport)

Cash (A)   Dr $910

Ticket (R)              Cr $910

February 10 (Paid $175 for an advertisement in the local paper to run on February 19.)

Advertisement (E)    Dr $175

Cash (A)                              Cr $175

February 14 (Paid pilot $2,300 in wages for flying in January (recorded as an expense in January))

Wages payable (L) Dr 2300

Cash (A)                                Cr 2300

February 18 Flew cargo for two customers from Dallas to Albuquerque for $3,800; one customer paid $1,600 cash and the other asked to be billed.

Cash (A)                            Dr 1600

Account Receivable (A)   Dr 2200

Ticket (R)                                             Cr 3800

February 25 Purchased on account of $2,550 in spare parts for the planes.

Spares  (E)                    Dr 2550

Account Payable (L)                   Cr 2550

February 27 (Declared a $200 cash dividend to be paid in March.)

Retained Earnings (SE) Dr 200

Dividend Payable (L)                 Cr 200

Sandhill Company expects to have a cash balance of $61,550 on January 1, 2017. These are the relevant monthly budget data for the first two months of 2017.

1. Collections from customers: January $86,550, February $161,550.
2. Payments to suppliers: January $55,550, February $90,550.
3. Wages: January $31,490, February $41,490. Wages are paid in the month they are incurred.
4. Administrative expenses: January $22,490, February $25,490. These costs include depreciation of $1,000 per month. All other costs are paid as incurred.
5. Selling expenses: January $16,490, February $21,490. These costs are exclusive of depreciation. They are paid as incurred.
6. Sales of short-term investments in January are expected to realize $13,490 in cash. Sandhill Company has a line of credit at a local bank that enables it to borrow up to $25,000. The company wants to maintain a minimum monthly cash balance of $35,550.

Required:
Prepare a cash budget for January and February.

Answers

Answer:

                                                                            January                  February

Beginning Cash Balance                                      61,550                  36,570

Add: Receipts

Collections from Customers                               86,550                 161,550

Sale of Marketable Securities                             13,490                      0      

Total Receipts                                                    100,040                  161,550

Total Available Cash                                           161,590                  198,120

Less: Disbursements

Payments to Suppliers                                       55,550                      90,550

Wages                                                                 31,490                       41,490

Admin Expenses                                                21,490                       24,490

Selling  Expenses                                              16,490                       21,490

Total Disbursements                                       125,020‬                     178,020‬

Cash Balance                                                     ‭36,570‬                       ‭20,100‬

Financing

Add: Borrowings                                                   0                              15,450

Less: Repayments                                                0                                    0    

Ending Cash Balance                                        36,570                       35,550

Admin Expenses are independent of Depreciation which is not a cash expense.

The company wants to maintain a minimum monthly cash balance of $35,550 so in February they will have to borrow;

= 35,550 - 20,100  

= $15,450

Pearl Corporation factors $270,300 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2020. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments.

Required:
a. Assume that the conditions are met for a transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2020, for Pearl to record the sale of receivables, assuming the recourse obligation has a fair value of $4,280.
b. What conditions must be met for a transfer of receivables with recourse to be accounted for as a sale?

Answers

Answer:

A. Aug 15 2020

Dr Cash 254,082

Dr Due from factors 10,812

Dr Loss on Sale of receivables 9,686

Cr Recourse Liability $ 4,280

Cr Accounts receivables $ 270,300

B. 1. The asset that was transferred is far way from the person who makes the transfer or initiated the transfer which is the transferor as well as it's creditors.

2. The transferees of the asset have as well receive the right to either pledge or exchange the receivables

3. The transferor who makes the transfer of the asset has not agreed or come to agreement to replace receivables

Explanation:

A. Preparation of August 15, 2020 journal entry

Aug 15 2020

Dr Cash 254,082

($270,300 * 94%)

Dr Due from factors 10,812

( $270,300* 4%)

Dr Loss on Sale of receivables 9,686

[($ $270,300*2%) + $4, 280]

Cr Recourse Liability $ 4,280

Cr Accounts receivables $ 270,300

B. The conditions that must be met include the following::

1. The asset that was transferred is far way from the person who makes the transfer or initiated the transfer which is the transferor as well as it's creditors.

2. The transferees of the asset have as well received the right to either pledge or exchange the receivables

3. The transferor who makes the transfer of the asset has not agreed or come to agreement to replace receivables

Answer the following questions about prepaid​ expenses:
a. On ​1, Tree Service prepaid for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year.
b. On ​1, Tree Service paid for supplies. At ​31, has of supplies on hand. Make the required journal entry at 31. Then post all amounts to the accounts and show their balances at 31. Assume no beginning balance in supplies.
c. On ​1, Tree Service prepaid for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year. Prepare the adjusting journal entry to record the rent expense at 31.

Answers

Answer:

the numbers are missing, so I looked for a similar question:

a. On ​1, Tree Service prepaid $7,200 for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year.

Dr Rent expense 1,200 (= $7,200 / 6)

    Cr Prepaid rent 1,200

Balances:

Prepaid rent 6,000

Rent expense 1,200

b. On ​1, Tree Service paid $1,050 for supplies. At ​31, has $400 of supplies on hand. Make the required journal entry at 31. Then post all amounts to the accounts and show their balances at 31. Assume no beginning balance in supplies.

Dr Supplies expense 650 (= $1,050 - $400)

    Cr Supplies 650

Balances:

Supplies 400

Supplies expense 650

c. On ​1, Tree Service prepaid for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year. Prepare the adjusting journal entry to record the rent expense at 31.

SAME AS QUESTION A

In this exercise, decisions will be made in ethically ambiguous situations and then analyzed. As in the real world, all the background information on each situation will not be available, and assumptions will need to be made.It is recommended that the exercise be completed before reading the following mat e rial, and then revisited after you have completed the chapter.Name:Date:Part ISTEP 1Make decisions in the following situations. You will not have all the background information about each situation; instead you should make whatever assumptions you feel you would make if you were actually confronted with the decision choices described. Select the decision choice that most closely represents the decision you feel you would make personally. You should choose decision choices even though you can envision other creative solutions that were not included in the exercise.Situation 1. You are taking a very difficult chemistry course, which you must pass to maintain your scholarship and to avoid damaging your application for graduate school. Chemistry is not your strong suit, and because of a just-below-failing average in the course, you must receive a grade of 90 or better in the final examination, which is 2 days away. A janitor who is aware of your plight informs you that he found the master copy of the chemistry final in a trash barrel and saved it. He will make it available to you for a price, which is high, but which you could afford. What would you do?(a) I would tell the janitor thanks, but no thanks.(b) I would report the janitor to the proper officials.(c) I would buy the examination and keep it to myself.(d) I would not buy the examination myself, but I would let some of my friends, who are also flunking the course, know that it is available.
Situation 2. You have been working on some complex analytical data for 2 days now. It seems that each time you think you have them completed, your boss shows up with a new assumption or another "what if" question. If you only had a copy of a new software program for your personal computer, you could plug in the new assumptions and revise the estimates with ease.Then a colleague offers to let you make a copy of some software that is copyrighted. What would you do?(a) I would readily accept my friend’s generous offer and make a copy of the software.(b) I would decline to copy it and plug away manually on the numbers.(c) I would decide to go buy a copy of the software myself for $300 and hope I would be reimbursed by the company in a month or two.(d) I would request another extension on an already overdue project date.Situation 3. Your small manufacturing company is in serious financial difficulty. A large order of your products is ready to be delivered to a key customer, when you discover that the product is simply not right. It will not meet all performance specifications, will cause problems for your customer, and will require rework in the field; but this, you know, will not become evident until after the customer has received and paid for the order. If you do not ship the order and receive the payment as expected, your business may be forced into bankruptcy. And if you delay the shipment or inform the customer of these problems, you may lose the order and also go bankrupt. What would you do?(a) I would not ship the order and place my firm in voluntary bankruptcy.(b) I would inform the customer and declare voluntary bankruptcy.
(c) I would ship the order and inform the customer after I received payment.(d) I would ship the order and not inform the customer.

Answers

Answer and Explanation:

Situation 1: a) I would tell the janitor thanks, but no thanks. It would be wrong to cheat in the exam.

Situation 2:(c) I would decide to go buy a copy of the software myself for $300 and hope I would be reimbursed by the company in a month or two. Getting a copy of the software for the price would guarantee that are no copyright infringement problems which would affect the company and my job as well. Management would be happy at my dedication as I am willing to go an extra mile for the company and would likely reimburse me for expenses

situation 3: (b) I would inform the customer and declare voluntary bankruptcy. It is important that I inform the customer and let him know why the shipment didn't go through. Customers appreciate honesty and trustworthiness of sellers. He may be willing to help the company not declare bankruptcy by ordering anyways. However it is more important to not cheat the customer than it is for business to go bankrupt.

Stine Corp.'s trial balance reflected the following account balances at December 31, 2014: Accounts receivable (net) $19,000 Trading securities 6,000 Accumulated depreciation on equipment and furniture 15,000 Cash 16,000 Inventory 30,000 Equipment 25,000 Patent 4,000 Prepaid expenses 2,000 Land held for future business site 18,000 In Stine's December 31, 2014 balance sheet, the current assets total is:__________

Answers

Answer:...

Explanation:

Stine Corp.'s trial balance reflected the following account balances at December 31, 2014:

Accounts receivable (net) $19,000

Trading securities 6,000

Accumulated depreciation on equipment and furniture 15,000

Cash 16,000

Inventory 30,000

Equipment 25,000

Patent 4,000

Prepaid expenses 2,000

Land held for future business site 18,000

In Stine's December 31, 2014 balance sheet, the current assets total is [A] (please enter your answer as a whole number without any dollar sign, thousand separator, or decimal points.

12.
Planning is a
a. Useless Function
b. Obsolete Concept
c. Mental Exercise
d. One time process

Answers

C is the answerrrrrr :)
The correct answer is C. Mental Exercise

Have a nice day!

You are a management consultant with McKenzie and Company. You specialize in helping companies accurately identify and acquire the appropriate production inputs for their operations. Based on your extensive experience, you know that most production inputs fall into one or more of the following categories: materials and labor resources or information resources. However, the degree to which of these resources will be the dominant input depends on the type of business. In order to streamline your future projects, you have decided to put together a list of business types and their dominant category of production inputs. For each of the business types listed below, indicate which of the two production input categories would be most dominant for that business type.

a. Gold mining company
b. An online news publisher
c. Commercial bank
d. Automobile manufacturer
e. Accounting and bookkeeping firm
f. Food processing company

Answers

Answer:

a. Gold mining company  - Materials and Labor resources

Gold mining company would need miners and mining equipment to to get to the gold so would fall under Materials and labor resources.

b. An online news publisher  - Information resources

News is information on the current affairs of the world so the input here would fall under Online news publisher.

c. Commercial bank  - Information resources

Banks need to know who they are giving loans to and this involves a lot of risk assessment which is information so this falls under information resources.

d. Automobile manufacturer  - Materials and Labor resources

In an automobile manufacturer, the inputs would be the people assembling the cars and the materials needed to build the cars so this is under Materials and Labor.

e. Accounting and bookkeeping firm  - Information resources

Accounting firms compile information they are given to make coherent reports of financial activity in a period so the input is informational.

f. Food processing company - Materials and Labor

Food processing requires inputs of food materials for processing and will need labor to do so. They can therefore be classified under Materials and Labor.

A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise (its cost is $2,400) to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is to record the cost part.
Date Account Title Debit Credit
April 4 selectMerchandise InventoryAccounts ReceivableCashCost of Goods SoldSales select2,4002,5002,6005,000 select2,4002,5002,6005,000
selectMerchandise InventoryAccounts ReceivableCashCost of Goods SoldSales select2,4002,5002,6005,000 select2,4002,5002,6005,000
selectMerchandise InventoryAccounts ReceivableCashCost of Goods SoldSales select2,4002,5002,6005,000 select2,4002,5002,6005,000
selectMerchandise InventoryAccounts ReceivableCashCost of Goods SoldSales select2,4002,5002,6005,000 select2,4002,5002,6005,000

Answers

Answer:

1. Dr Accounts Receivable $5,000

Cr Sales for $5,000

2. Dr Cost of Goods Sold for $2,400

Cr Merchandise Inventory for $2,400

Explanation:

1.,Preparation of the journal entry to record the revenue part of the transaction

Based on the information given we were told that on April they sells the amount of $5,000 in merchandise which means that the Journal entry will be :

Dr Accounts Receivable for $5,000

Cr Sales for $5,000

2. Preparation of Journal entry to record the cost part

Based on the information given we were told that the its cost the amount of $2,400 which means that the Journal entry will be :

Dr Cost of Goods Sold for $2,400

Cr Merchandise Inventory for $2,400

Please help me!! I don’t understand :(

How did the recession influence the drug-naming process?

Answers

Answer:

Less economically stable countries implemented more pharmaceutical policy changes during the recession than economically stable countries. Unexpectedly, pharmaceutical sales volumes increased in almost all countries, whereas sales values declined, especially in less stable countries.

Hopefully this is right, there wasn't many articles on this topic.

The recession has caused many medications to be reformulated with cheaper ingredients that make them more affordable for the public. This reformulation forced a new name for medicines.

This happened because:

In times of economic recession, the entire economy of the country is deficient.This affects all industries in a very imposing way, as they can be left with poor economic conditions, which promotes a cost cut.One of the ways to promote this cost cut is with the reformulation of products, which start using alternative and cheaper materials in their compositions.This also makes the price of the product more accessible to consumers, since, in periods of recession, the consumer's purchasing power decreases.

This reformulation process is very impactful on the pharmaceutical industry, since, in some cases, the change of materials in the composition of medications, forces the name of these medications to be changed, as the formulation is different.

More information:

https://brainly.com/question/15939224?referrer=searchResults

scope definition is among the first tasks that must happen in projects. how is project scope defined

Answers

Explanation:

Project scope could be defined as a concise foreknowledge of what work needs to be done in other to accomplish the objectives of a specific project.

Therefore, it may involve having answers to some of these question:

what do want to accomplish with this project?what are the requirements, skills, or tools needed for this project?how long would the project take to complete?how much would it cost to complete the project?who should do this task or that task?

Calculating costs
Rosa is working for a consulting firm making $50,000 per year but considers starting her own consulting company. Rosa has determined that to launch the business, she needs to invest $80,000 of her own funds. The annual cost of running the business will include $50,000 for the rent of the office space, $180,000 for employee wages, and $8,000 for materials and utilities. Rosa plans to manage the business, which means that she will have to quit her current job. Suppose that the interest rate (or rate of return) on investments in the economy is 5%.

Answers

Answer:

a. $238,000

b. $292,000

Explanation:

a. Explicit Costs

These are the accounting costs associated with running the business

= Rent + Employee wages + Materials and Utilities

= 50,000 + 180,000 + 8,000

= $238,000

b. Total Cost = Explicit + Implicit Costs

Implicit Costs = Benefits foregone

= 50,000 + (5% * 80,000 if she invests the money instead)

= $54,000

Total cost = 238,000 + 54,000

= $292,000

A factory costs $290,000. You forecast that it will produce cash inflows of $85,000 in year 1, $145,000 in year 2, and $230,000 in year 3. The discount rate is 10%. a. What is the value of the factory

Answers

Answer:

The value of the factory is $79,909.84

Explanation:

The computation of the value of the factory is shown below:

= Initial investment + annual year cash flows ÷ (1 + rate of return)^number of years

= -$290,000 + $85,000 ÷ (1.10) + $145,000 ÷ (1.10)^2 + $230,000 ÷ (1.10)^3

After solving this, the value of the factory is equivalent to

= $79,909.84

Hence, the value of the factory is $79,909.84

a. Using the information below, and assuming that you want to maintain your purchasing power from 2011, what nominal wage should you demand in each of the given years? Instructions: Round your answers to 2 decimal places. CPI Values and Nominal Wages YearCPINominal Wage (dollars)2011211.7$78,5202012213.5370902013223.82014221.1 b. Assume that your annual wage in 2014 was $82,920. This represents

Answers

Answer:

a)

Year                CPI              Nominal Wage (dollars)

2011                 211.7                     $78,520

2012                213.5               = (213.5/211.7) x $78,520 = $79,187.62

2013                223.8              = (223.8/211.7) x $78,520 = $83,007.92

2014                221.1                = (221.1/211.7) x $78,520 = $82,006.48

b) if you annual wage in 2014 was $82,920, it would be equivalent to (211.7/221.1) x $82,920 = $79,394.68 in 2011.

The CPI can be used to calculate equivalent dollars and works both ways, to determine past or future equivalencies.

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