Answer: b. $270,000
Explanation:
The opportunity cost is the contribution margin of sales that would be foregone if the special order was fulfilled.
Contribution margin = Selling price - Variable cost
= 165 - 75
= $90
Total contribution cost for the 3,000 units that will be foregone:
= 90 * 3,000
= $270,000
Alfarsi Industries uses the net present value method to make investment decisions and requires a 15% annual return on all investments. The company is considering two different investments. Each require an initial investment of $15,700 and will produce cash flows as follows:
End of Year Investment
A B
1 $8,000 $0
2 8,000 0
3 8,000 24,000
The present value factors of $1 each year at 15% are: ________
a. 1
b. 0.8696
c. 2
d. 0.7561
e. 0.6575
Answer:
e
Explanation:
the present value factor is the discount rate used to determine the present value of the investment
pv factor = 1 / (1 + r)^n
1 / 1.15^3 = 0.6575
Organic Laboratories allocates research and development costs to its three research facilities based on each facility's total annual revenue from new product developments:______.
Facility location Kentucky Arizona Illinois Total New product revenue $ 56,000,000 $ 100,000,000 $ 84,000,000 $ 240,000,000
Research & Development $ 90,000,000
Using revenue as an allocation base, the amount of costs allocated to the Illinois research facility is calculated to be:_______.
Answer:
Amount of costs allocated to the Illinois research facility = $31,500,000
Explanation:
Given:
Research cost
Kentucky = $56,000,000
Arizona = $100,000,000
Illinois = $84,000,000
Research and development cost = $90,000,000
Find:
Amount of costs allocated to the Illinois research facility
Computation:
Amount of costs allocated to the Illinois research facility = Research cost of Illinois[Research and development cost / Total research cot]
Amount of costs allocated to the Illinois research facility = 84,000,000[90,000,000 / (56,000,000 + 100,000,000 + 84,000,000)]
Amount of costs allocated to the Illinois research facility = 84,000,000[90,000,000 / (240,000,000)]
Amount of costs allocated to the Illinois research facility = 84,000,000[0.375]
Amount of costs allocated to the Illinois research facility = $31,500,000
In a query, if you want to summarize the data and use a sum to apply addition to the summarized data, use the _____ tool.
SUM
Add
Summarize
Totals
Match the accounting terms with the corresponding definitions.
Accounting term
1. Specific identification
2. Materiality concept
3. Last-in, first-out (LIFO)
4. Conservatism
5. Consistency principle
6. Weighted-average
7. Disclosure principle
8. First-in, first-out (FIFO)
Definitions
A. Treats the oldest inventory purchases as the first units sold.
B. Requires that a company report enough information for outsiders to make knowledgeable decisions.
C. Identifies exactly which inventory item was sold. Usually used for higher cost inventory.
D. Calculates a weighted-average cost based on the cost of goods available for sale and the number of units available.
E. Principle whose foundation is to exercise caution in reporting financial statement items.
F. Treats the most recent/newest purchases as the first units sold.
G. Businesses should use the same accounting methods from period to period.
H. Principle that states significant items must conform to GAAP.
Answer:
Matching Accounting Terms with Corresponding Definitions:
Accounting Terms Definitions:
1. Specific identification C.
2. Materiality concept H.
3. Last-in, first-out (LIFO) F.
4. Conservatism E.
5. Consistency principle G.
6. Weighted-average D.
7. Disclosure principle B.
8. First-in, first-out (FIFO) A.
Explanation:
Definitions
A. FIFO: Treats the oldest inventory purchases as the first units sold.
B. Disclosure principle: Requires that a company report enough information for outsiders to make knowledgeable decisions.
C. Specific identification: Identifies exactly which inventory item was sold. Usually used for higher cost inventory.
D. Weighted-average: Calculates a weighted-average cost based on the cost of goods available for sale and the number of units available.
E. Conservatism: Principle whose foundation is to exercise caution in reporting financial statement items.
F. LIFO: Treats the most recent/newest purchases as the first units sold.
G. Consistency Principle: Businesses should use the same accounting methods from period to period.
H. Materiality Concept: Principle that states significant items must conform to GAAP.
1. Construct the project network, given the activity precedence information provided.
Activity Immediate Predecessors
A -
B -
C B
D A
E B
F B
G D, E
H F
2. Construct the project network, given the activity precedence information provided.
Activity Immediate Predecessors
A -
B -
C A, B
D B
E B
F C, D, E
G E
Answer:
SO like basically yopujust gea
Explanation:
Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Yerbury during a recent year. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.
Feb. 2 Purchased for cash 5,300 shares of Wong Inc. stock for $20 per share plus a $110 brokerage commission.
Mar. 6 Received dividends of $0.30 per share on Wong Inc. stock.
June 7 Purchased 2,000 shares of Wong Inc. stock for $26 per share plus a $125 brokerage commission.
July 26 Sold 6,000 shares of Wong Inc. stock for $35 per share less a $100 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold.
Sept. 25 Received dividends of $0.40 per share on Wong Inc. stock.
Answer:
Yerbury Corp.
Journal Entries:
Feb. 2 Debit Investment in Wong Inc. $106,110
Credit Cash $106,110
To record the purchase of 5,300 shares of Wong Inc. stock for $20 per share plus a $110 brokerage commission.
Mar. 6 Debit Cash $1,590
Credit Dividend Revenue $1,590
To record the receipt of dividends of $0.30 per 5,300 shares on Wong Inc. stock.
June 7 Debit Investment in Wong Inc. $52,125
Credit Cash $52,125
To record the purchase of 2,000 shares of Wong Inc. stock for $26 per share plus a $125 brokerage commission.
July 26 Debit Cash $210,000
Credit Investment in Wong Inc. $124,354
Credit Gain from Investment in Wong Inc. $85,646
To record the sale of 6,000 shares of Wong Inc. stock for $35 per share less a $100 brokerage commission.
Sept. 25 Debit Cash $ 520
Credit Dividends revenue $ 520
To record the receipt of dividends of $0.40 per 1,300 shares on Wong Inc. stock.
Explanation:
a) Data and Analysis:
Feb. 2 Investment in Wong Inc. $106,110 Cash $106,110
5,300 shares of Wong Inc. stock for $20 per share plus a $110 brokerage commission.
Mar. 6 Cash $1,590 Dividend Revenue $1,590
dividends of $0.30 per share on Wong Inc. stock.
June 7 Investment in Wong Inc. $52,125 Cash $52,125
2,000 shares of Wong Inc. stock for $26 per share plus a $125 brokerage commission.
July 26 Cash $210,000 Investment in Wong Inc. $124,354 Gain from Investment in Wong Inc. $85,646
6,000 shares of Wong Inc. stock for $35 per share less a $100 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold.
Sept. 25 Cash $ 520 Dividends revenue $ 520 dividends of $0.40 per 1,300 shares on Wong Inc. stock.
7. How can you use nonverbal communication to express an idea to someone?
The Five & Dime store has a cost of equity of 15.8%, a pretax cost of 7.7%, and a tax rate of 35%. What is the firm's weighted average cost of capital if the debt-equity ratio is 0.40?
a. 10.18
b. 11.72
c. 12.72
d. 13.49
e. 14.93
Answer: 12.72%
Explanation:
The firm's weighted average cost of capital if the debt-equity ratio is 0.40 will be calculated thus:
= (1 /1+debt equity ratio)(cost of equity) + (Debt Equity ratio/1 + Debt Equity ratio)(Pre-tax cost)(1 - Tax rate)
=(1/1.40)(0.158) + (0.40/1.40)(0.077)(1 - 0.35)
= 12.72%
The firm's weighted average cost of capital is 12.72%
ABC has not ordered linen in some time, but when it did order in the past it ordered frequently, and its orders were of the highest monetary value. Under the given circumstances, Ajax is most likely to have an RFM score:________
Answer: 511
Explanation:
The RFM model enables a company to group its customers by their buying habits such that they can be treated accordingly to ensure repeated sales.
The three categories are:
Date of last purchaseFrequency of purchaseMonetary value of purchasesThe range is 0 - 5 with a higher number representing higher scores.
This particular customer will get a 5 for date of last purchase to indicate that it has been a while since they last purchased.
They will get a 1 for frequency because they haven't purchased in high frequency in a while but because they used to buy a lot, we give it a 1 instead of 0.
They will also get a 1 for the monetary value for the same reason as above.
Jim promises to marry Martha if Martha agrees to pay him a $10,000/month allowance as long as they are wedding. If this contract was not written, then once they are married Jim can still enforce the contract if Martha refuses to pay.
a. True
b. False
Jim promises to marry Martha if Martha agrees to pay him a $10,000/month allowance as long as they are wedding. If this contract was not written, then once they are married Jim can still enforce the contract if Martha refuses to pay. This statement is True.
What is Contract?A contract is an agreement between parties that establishes legal duties for both parties. The fundamental components necessary for the agreement to be a valid offer and acceptance, adequate consideration, capacity, and legality are: mutual assent, expressed through a contract-compliant offer.
Contracts are legal obligations that contain promises. State common law primarily governs contract law, and while broad contract law is prevalent nationwide, different state courts may have different interpretations of particular contract clauses.
Contracts are created when one party's promise results in the creation of a duty between the parties. A promise must be given in exchange for sufficient consideration in order for it to be regarded as a contract. There are two various theories or definitions to take into account: Benefit-Detriment theory of consideration and the bargain theory of consideration
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list three classified ways of getting into small business?
Answer:
sole , partnership , team business
The specific-factors model is often referred to as the short-run model. Why is this the case and how does it relate to the marginal product of labor (MPL) in each sector and the production possibilities frontier (PPF)?
Answer:
A short run model is one in which particular means of production such as land, are fixed and cannot be moved between sectors or businesses. There is unrestricted labour movement amongst these different sectors, therefore each market's marginal product of labour is identical. As a result, an economy's overall workforce level is optimal.
Because greater and greater labour inputs are introduced, there are decreasing returns to scale, as well as the marginal product of labour continues to fall. As a result, the PPF curve is indeed concave and slants downward. To achieve full employment, the country can export or import at any time. The United States, for example, both produces and imports oil.
do/your/assignment/did/you?
Answer:
Did you do your assignment?
This is your answer
Answer:
I did mine did you?
Explanation:
The standard cost of Product B manufactured by Pharrell Company Includes 3.7 units of direct materials at $6.8 per unit. During June, 26, 600 units of direct materials are purchased at a cost of $6.70 per unit, and 26, 600 units of direct materials are used to produce 7, 100 units of Product B.
(a) Compute the total materials variance and the price and quantity variances.
Total materials variance $
Materials price variance $
Materials quantity variance $
(b) Compute the total materials variance and the price and quantity variances, assuming the purchase price is $6.90 and the quantity purchased and used is 27,000 units.
Total materials variance $
Materials price variance $
Materials quantity variance %
Answer and Explanation:
The computation is shown below;
(a)
Total materials variance:
= ( AQ × AP ) - ( SQ × SP )
= (26600 × $6.70) - (26270 × $6.8)
= $178220 - $178636
= $416 F
Here
= 7100 × 3.7
=26,270
Materials price variance:
= ( AQ × AP ) - ( AQ × SP )
= (26600 × $6.70) - (26600 × $6.8)
= $178220 - $180,880
= $2660 F
Materials quantity variance:
= ( AQ × SP ) - ( SQ × SP )
= (26600 × $6.8) - (26270 × $6.8)
= $180,880- $178636
= $2244 U
(b)
(a) Total materials variance:
= ( AQ × AP ) - ( SQ × SP )
= (27000 × $6.90) - (26270 × $6.8)
= $186300 - $178636
= $7664 U
Here
= 7100 × 3.7
=26,270
Materials price variance:
= ( AQ × AP ) - ( AQ × SP )
= (27000 × $6.90) - (27000 × $6.8)
= $186300 - $183600
= $2700 U
Materials quantity variance:
= ( AQ × SP ) - ( SQ × SP )
= (27000 × $6.8) - (26270 × $6.8)
= $180,880- $178636
= $4964 U
The following data are taken from the financial statements of Crane Company.
2022 2021 Accounts receivable (net), end of year $ 567,900 $ 555,000 Net sales on account 4,831,000 4,179,000 Terms for all sales are 1/10, n/45
1) Compute for each year the accounts receivable turnover. At the end of 2015, accounts receivable was $511,500. (Round answers to 1 decimal place, e.g. 12.5.)
2) Compute for each year the average collection period. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)
Answer and Explanation:
The computation is shown below;
(1)
As we know that
The receivables turnover = Net credit sales ÷ Average account receivable
For the year 2017
Receivables turnover = $4,831,000 ÷ $561,450 = 8.60 times
for the year 2016:
Receivables turnover = $4,179,000 ÷ $533,250 = 7.84 times
Average net AR = (Beginning AR + Ending AR) ÷ 2
2017 = ($567,900 + $555,000) ÷ 2 = $561,450
2016 = ($555,000 + $511,500) ÷ 2 = $533,250
(2)
The average collection period = 365 days ÷ Receivables turnover
For 2017:
Average collection period = 365 ÷ 8.60 = 42.44 days
For 2016
Average collection period = 365 ÷ 7.84 = 46.56 days
When making a big decision, there's a six-step process that can help you.
True
False
Answer:True
Explanation:
(Learning Outcome 2) Watson Plumbing performed plumbing services for ABC Daycare on account for $565. How will this transaction affect ABC Daycare's accounting equation?
Answer:
ABC Daycare
Effect of Performing Plumbing Services on account on the Accounting Equation:
Assets (Accounts receivable) will increase by $565 and Equity (Retained Earnings) will equally increase by $565
Explanation:
a) Data and Analysis:
Accounts receivable $565 Service Revenue $565
The accounting equation that equals assets to liabilities and equity is always true at all times and with every correctly posted transaction. It implies that assets are financed through the contributions made by either the owners (equity) or the creditors (debts), or a combination of the two. This equation forms the basis for the double-entry system of financial accounting.
Which of the following is true of resumes?
A personal cover letter should be included with a resume.
A resume is not necessary if you completed an application.
The formats of electronic and hard copy resumes are the same.
An objective tells an employer what the applicant learned in school.
Answer:
Hello! Your answer would be, BELOW
Explanation:
Job objective should be listed last
Use action words when describing your experience.
These are the statements that are true about resumes. Resumes should include job objectives. However, these should be listed at the end of the resume. A second thing to remember when drafting a resume is that it is important to use action words to describe your experiences. This is because the statements become more interesting, and because this structure will highlight the role that you played in each instance.
Hope I helped! Brainiest plz! Hope you make an 100% and have a wonderful day! -Amelia♥
Tristen Company purchased a five-story office building on January 1, 2019, at a cost of $5,000,000. The building has a residual value of $200,000 and a 30-year life. The straight-line depreciation method is used. On June 30, 2021, construction of a sixth floor was completed at a cost of $1,650,000.
Required:
Calculate the depreciation on the building and building addition for 2018 and 2019 assuming that the addition did not change the life or residual value of the building.
Answer:
Depreciation expense on Building
Depreciation expense per annum under straight line method = (Cost - Residual value) / Useful life
= ($5,000,000 - $200,000) / 30
= $4,800,000 / 30
= $160,000
Depreciation expense for 2018 = $160,000
Depreciation expense for 2019 = $160,000
Depreciation expense on Building addition
Useful life = 30.00 years - 2.50 years = 27.50 years
Depreciation expense per annum under straight line method = (Cost - Residual value) / Useful life
= ($1,650,000 - $0) / 27.50
= $60,000
Depreciation expense for 2018 for 6 months = $60,000 * (6/12) = $30,000
Depreciation expense for 2019 = $60,000
You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: guppy gummies, frizzles, and mookies. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of guppy gummies decreases by 20%, the quantity of frizzles sold decreases by 22% and the quantity of mookies sold increases by 7%. Your job is to use the cross-price elasticity between guppy gummies and the other goods to determine which goods your marketing firm should advertise together.
Complete the first column of the following table by computing the cross-price elasticity between guppy gummies and raskels, and then between guppy gummies and mookies.
Cross-Price Elasticity of Demand Complement or Substitute Recommend Marketing with Guppy Gummies
Raskels
Mookies
Answer:
1.1 substitutes do not market together
-0.35 complements market together
Explanation:
1.1
-0.35
Cross price elasticity of demand measures the responsiveness of quantity demanded of good A to changes in price of good B.
If cross price elasticity of demand is positive, it means that the goods are substitute goods.
Substitute goods are goods that can be used in place of another good.
if the price of a good increases, the demand for the substitute increases and if the price of the good reduces, the demand for the substitute increases.
If the cross-price elasticity is negative, it means that the goods are complementary goods.
Complementary goods are goods that are consumed together
Cross price elasticity = percentage change in quantity demanded of good A / percentage change in the price of good B
Frizzles = -22% / -20% = 1.1
Mookies = 7 / -20 = -0.35
Suppose that a Treasury coupon security is purchased on April 8 and that the last coupon payment was on February 15. Assume that the year in which this security is purchased is not a leap year.
(a) How many days are in the accrued interest period?
(b) If the coupon rate for this Treasury security is 7% and the par value of the issue purchased is $1 million, what is the accrued interest?
Answer:
A. 52 days
B. $1.00
Explanation:
A. Calculation to determine How many days are in the accrued interest period
February 15 to February 28 14 days
March (31 days in March) 31 days
April 1 to April 8 7 days
Actual number of days 52 days
(14 days+ 31 days+7 days)
Therefore The number of days that are in the accrued interest period is 52 days
B. Calculation to determine the accrued interest
Using this formula
Accrued interest=(Annual Dollar Coupon/2)x (Days in Accrued interest /Days in Coupon)
Let plug in the formula
Accrued interest=($7/2)x (52 days /182 days)
Accrued interest= $1.00
Note that February 15 through August 15 will give us 182 days in a coupon period
Therefore The Accrued interest is $1.00
Paulina Lesky is 27 years old and has accumulated $7,500 in her self-directed defined contribution pension plan. Each year she contributes $2,000 to the plan, and her employer contributes an equal amount. Paulina thinks she will retire at age 63 and figures she will live to age 90. The plan allows for two types of investments. One offers a 3% risk-free real rate of return. The other offers an expected return of 12% and has a standard deviation of 39%. Paulina Lesky is 27 years old and has accumulated $7,500 in her self now has 20% of her money in the risk-free investment and 80% in the risky investment. She plans to continue saving at the same rate and keep the same proportions invested in each of the investments. Her salary will grow at the same rate as inflation. How much can Paulina be sure of having in the safe account at retirement?
A) $45,473.
B) $62,557.
C) $78,943.
D) $54,968.
E) $74,643.
Answer:
The answer is "Option D".
Explanation:
The amount accrued in the pension system until now [tex]= 7500[/tex]
Danger or security account proportion [tex]= 20 \%[/tex]
The percentage of the amount kept in a safe account [tex](PV) = 7500\times 20\% = 1500\%[/tex]
Number of investment years owned by [tex](n)=63-27=36[/tex]
Risk-free return rate [tex]I = 3\%[/tex]
Combined total amount up to age 63 (formula for the current value) = [tex]Present \ value\times (1+i)^n[/tex]
[tex]=1500\times (1+3\%)^{36}\\\\=4347.417492[/tex]
The contribution is [tex]\$2000[/tex] a year and the employer corresponds with the same amount for the pension plan.
Total annual contribution [tex]= 2000+2000 = 4000[/tex]
Risk-free or healthy account proportion[tex]= 20\%[/tex]
Amount invested annually [tex](P) = 4000\times 20\% = 800 \ (Risk \ free)[/tex]
Annual deposit amount (n) for years[tex]=63-27 =36[/tex]
Returns free of risk [tex]I = 3\%[/tex]
An cumulative sum due to an annuity[tex]= P\times \frac{(((1+i)^n)-1)}{i}[/tex]
[tex]=800\times \frac{(((1+3\%)^{36})-1)}{3\%}\\\\=50620.75541[/tex]
Total amount accumulated in safe account [tex]= FV\ of \ PV + FV[/tex] of annuity
[tex]=4347.417492+50620.75541\\\\=54968.1729\\\\=54968[/tex]
Tiger, Inc., a calendar year S corporation, is owned equally by four shareholders: Ann, Becky, Chris, and David. Tiger owns investment land that was purchased for $160,000 four years ago. On September 14 of the current year when the land is worth $240,000, it is distributed to David. Assume that David's basis in his S corporation stock is $270,000 on the distribution date.
Required:
Discuss any Federal income tax ramifications.
Answer:
Capital gain $80,000
Shareholder $20,000
David Basis $50,000
Explanation:
Calculation to Discuss any Federal income tax ramifications
Calculation to discuss the CORPORATE LEVEL, capital gain Federal income tax ramifications
Using this formula
Capital gain =Land Worth - Purchased value of land
Let plug in the formula
Capital gain= $240,000 - $160,000
Capital gain= $80,000
Therefore CORPORATE LEVEL, capital gain Federal income tax ramifications will be $80,000
SHAREHOLDERS
Based on the information given we have 4 shareholders which means that the amount each shareholder held will be:
Shareholder= $80,000 ÷ 4
Shareholder= $20,000
DAVID BASIS
Based on the information given David Basis in S corporation will be calculated as:
David Basis= $270,000 - $240,000 + $20,000
David Basis= $50,000
Therefore David Basis in S corporation will be $50,000
Bertucci Corporation makes three products that use the current constraint which is a particular type of machine. Data concerning those products appear below:
TC GL NG
Selling price per unit $ 494.40 $ 449.43 $ 469.68
Variable cost per unit $ 395.20 $ 320.21 $ 373.92
Minutes on the constraint 8.00 7.10 7.60
Assume that sufficient constraint time is available to satisfy demand for all but the least profitable product. Up to how much should the company be willing to pay to acquire more of the constrained resource?
a. $12.40 per minute
b. $18.20 per minute
c. $129.22 per unit
d. $95.76 per unit
Answer:
Bertucci Corporation
The amount the company should be willing to pay to acquire more of the constrained resource per minute is:
a. $12.40 per minute
Explanation:
a) Data and Calculations:
TC GL NG
Selling price per unit $ 494.40 $ 449.43 $ 469.68
Variable cost per unit $ 395.20 $ 320.21 $ 373.92
Contribution per unit $99.20 $129.22 $95.76
Minutes on the constraint 8.00 7.10 7.60
Contribution per minutes $12.40 $18.20 $12.60
Answer:
M
Explanation:
The process of identifying the actual measurement scale to assess the variables of interest is called
Answer:
Operationalizing.
Explanation: None
The process of identifying actual measurement scales to asses variables of interest is called as concretizing.
What is variables of interest ?A variable of interest is a changeable quantity that is measured in an experimental investigation. One or more of these elements, also known as the study's variables, are controlled in order to gather information on how the factors affect the response variable, also known as the response.
There are two basic types of variables: category and numeric. Then, each category is divided into two subcategories: discrete or continuous for numeric variables, and nominal or ordinal for categorical variables.
Example: A scientist wants to know how a car's weight impacts its gas mileage. The gas mileage is the variable of interest, thus that is what we are measuring when we respond.
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Statement 1: "In the game of chicken, two teen agers had cars and were directed to drive as fast as they could at each other and either 'Go for Broke' or 'Wimp Out'. There was a single Nash equilibrium in pure strategies that solved the game."
Statement 2: "If the game of chicken was played repeatedly (with living teens replacing the teens that died along the way in car crashes) then there is incentive for a player to develop a reputation for 'Going for Broke!"
a. Both statements are true
b. Both statements are false.
c. Statement 2 is true, ad 1 is false
d. Statement 1 is true, but 2 is false
Answer:
Statement 2 is true and 1 is false ( C )
Explanation:
From the statements given above we can deduce that statement 2 is true while statement 1 is false and this is because there isn't one pure Nash Equilibrium in a pure strategy game that will solve the game as portrayed in statement 1, instead there will be two(2) pure Nash equilibrium.
Please Help!
Rosa works as an administrative assistant for a clothing company. Which of the following tasks might she do in her
job?
Teaching young children how to read
Arranging travel plans for clients
Manage schedules and help with office meetings
Answer:
C. Manage schedules and help with office meetings
Farrina Manufacturing uses a predetermined overhead application rate of $8 per direct labor hour. A review of the company's accounting records for the year just ended discovered the following: Underapplied manufacturing overhead: $7,200 Actual manufacturing overhead: $392,000 Budgeted labor hours: 50,000
Simone's actual labor hours worked totaled:_______.
a. 49,100.
b. 49,900.
c. 48,100.
d. 50,900.
e. cannot be determined based on the information presented.
Answer:
c. 48,100.
Explanation:
The computation of the actual labor hours worked is shown below;
Actual Overhead $392,000.00
Less: Underapplied overhead $7,200.00
Applied Overhead ($392,000 - $,7200) $384,800.00
Predetermined overhead rate $8.00
Actual labor hours ($384,800 ÷ 8) $48,100
hence, the actual labor hours worked is $48,100
Therefore the option c is correct
Farrina Manufacturing uses a predetermined overhead application rate of $8 per direct labor hour. A review of the company's accounting records for the year just ended discovered the following: Underapplied manufacturing overhead: $7,200 Actual manufacturing overhead: $392,000 Budgeted labor hours: 50,000
Simone's actual labor hours worked totaled:_______.
a. 49,100.
b. 49,900.
c. 48,100.d. 50,900.
e. cannot be determined based on the information presented.
-KeonLee
I hope it help
#Carry on learning
On December 31, the trial balance shows wages expense of $390. An additional $130 of wages was earned by the employees, but has not yet been paid. Analyze this adjustment for wages using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.)
(Income Statement)
Wages Expense
(Balance Sheet)
Wages Payable
Page:
CREDIT DATE DOC. POST NO. REF ACCOUNT TITLE DEBIT 1 20- Dec. 31 1 2 2
Answer:
(Income Statement)
Wages Expenses
Trial balance $390 |
Adjustment $130 |
Balance $520 |
(Balance Sheet)
Wages Payable
| Adjustment $130
Date Account Titles Debit Credit
Dec 31 Wages expenses $130
2020 Wages payable $130
On January 1, 2021, White Water issues $570,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year. Assuming the market interest rate on the issue date is 7%, the bonds will issue at $570,000. Record the bond issue on January 1, 2021, and the first two interest payments on December 31, 2021, and December 31, 2022.
Required:
1. Complete the first three rows of an amortization schedule.
Date Cash Paid Interest Expense Increase in Carrying Value Carrying Value
01/01/2021
12/31/2021
12/31/2022
2. Record the bond issue on January 1, 2021, and the first two interest payments on December 31, 2021, and December 31, 2022.
Answer:
White Water
1. Schedule
Date Cash Paid Interest Expense Increase in Carrying value FV
01/01/2021 0 $570,000.00
12/31/2021 $39,900.0 $39,900.00 0 $570,000.00
12/31/2022 $39,900.0 $39,900.00 0 $570,000.00
2. January 1, 2021:
Debit Cash $570,000
Credit 7% Bonds Payable $570,000
To record the issue of bonds for cash.
December 31, 2021:
Debit Interest Expense $39,900
Credit Cash $39,900
To record the first interest payment.
December 31, 2022:
Debit Interest Expense $39,900
Credit Cash $39,900
To record the second interest payment.
Explanation:
a) Data and Calculations:
Face value of 7% bonds = $570,000
Proceeds from the bond issue = $570,000
No premiums, no discounts on bonds.
Coupon interest rate = 7%
Market interest rate = 7%