A study has been conducted to determine if one of the departments in Carry Corporation should be discontinued.The contribution margin in the department is $80,000 per year.Fixed expenses charged to the department are $95,000 per year.It is estimated that $50,000 of these fixed expenses could be eliminated if the department is discontinued.These data indicate that if the department is discontinued,the yearly financial advantage (disadvantage)for the company would be:________.A) ($15,000)B) $15,000C) ($30,000)D) $30,000

Answer:

C) ($30,000)

Explanation:

The contribution margin in the department is $80,000

Fixed expenses charged to the department are $95,000

$50,000 of these fixed expenses could be eliminated

So controllable contribution is $80,000 - $50,000 = $30,000.

This contribution will be lost if the department is discontinued.

Therefore,

The yearly financial disadvantage for the company would be $30,000

Company Omega bought new petroleum refining equipment in the year 2000. The purchase cost was 172,024 dollars and in addition it had to spend 10,610 dollars for installation. The refining equipment has been in use since February 1st, 2000. Omega forecasted that in 2030 the equipment would have a net salvage value of $10,000. Using the US Straight Line Depreciation Schedule, estimate the value of depreciation recorded in the accounting books in the year 2004 if the company decided to sell the equipment on August 5th (of 2004). (note: round your answer to the nearest cent and do not include spaces, currency signs, or commas)

You just won a lottery that promises to pay you $1 million exactly 10 years from today. Because the $1 million payment is guaranteed by the state in which you live, opportunities exist to sell the claim today for an immediate lump-sum cash payment. What is the least you will sell your claim for if you could earn 8.73 % on similar-risk investments during the 10-year period

Richards Corporation uses the weighted-average method of process costing. The following information is available for October in its Fabricating Department:

Units:
Beginning Inventory: 94,000 units, 80% complete as to materials and 25% complete as to conversion.
Units started and completed: 278,000.
Units completed and transferred out: 372,000.
Ending Inventory: 37,000 units, 40% complete as to materials and 15% complete as to conversion.

Costs:
Costs in beginning Work in Process - Direct Materials: $47,200.
Costs in beginning Work in Process - Conversion: $89,700.
Costs incurred in October - Direct Materials: $759,920.
Costs incurred in October - Conversion: $929,300.

Required:
Calculate the cost per equivalent unit of materials.

Peyton Manufacturing has the following data:
Work-in-process inventory, January 1, 20x8 $ 57,000
Work-in-process inventory, December 31, 20x8 62,500
Conversion costs during the year 429,000
If direct materials used during the year were $149,000, what was cost of goods manufactured?
a. $572,500.
b. $154,500.
c. $567,000.
d. $423,500.
e. None of the answers is correct.

On January 1, 2020, Beyonce Co. purchased 25,000 shares (a 10% interest) in Elton John Corp. for $1,400,000. At the time, the book value and the fair value of John’s net assets were $13,000,000. On July 1, 2021, Beyonce paid $3,040,000 for 50,000 additional shares of John common stock, which represented a 20% investment in John. As a result of this transaction, Beyonce owns 30% of John and can exercise signifi cant infl uence over John’s operating and fi nancial policies. John reported the following net income and declared and paid the following dividends.
Net Income Dividend per Share
Year ended 12/31/20 $700,000 None
Six months ended 6/30/21 500,000 None
Six months ended 12/31/21 815,000 $1.55
Instructions
Determine the ending balance that Beyonce Co. should report as its investment in John Corp. at the end of 2021.

The following information is from Amos Company for the year ended December 31, 2019. Retained earnings at December 31, 2018 (before discovery of error), $858,000. Cash dividends declared and paid during the year, $18,000. Two years ago, it forgot to record depreciation expense of $42,600 (net of tax benefit). The company earned $220,000 in net income this year. Prepare a statement of retained earnings for Amos Company. (Amounts to be deducted should be indicated with a minus sign.)

Which scenarios provided would cause a change in demand for grape jelly?
A)
The price of grape jelly increases considerably.
B)
Grape jelly is placed on sale at a local supermarket.
The prices of peanut butter and bread increase substantially.
D)
Summer is approaching and more people prefer sandwiches for lunch.
E)
The federal government releases a report on the positive health benefits of
grape jelly

A Giffen good is a good for which price and quantity demanded are positively related. A Giffen good arises when:_______.
a. the income effect and the substitution effect move quantity demanded in opposite directions, with the income effect outweighing the substitution effect.
b. the income effect and the substitution effect move quantity demanded in opposite directions, with the substitution effect outweighing the income effect.
c. the income effect and the substitution effect move quantity demanded in the same direction, with the income effect outweighing the substitution effect.
d. the income effect and the substitution effect move quantity demanded in the same direction, with the substitution effect outweighing the income effect.

Compute cost of goods sold for the period using the following information. Finished goods inventory, beginning $ 354,000 Work in process inventory, beginning 83,000 Work in process inventory, ending 77,100 Cost of goods manufactured 944,200 Finished goods inventory, ending 292,000

Information related to Riverbed Co. is presented below.

a. On April 5, purchased merchandise on account from Tamarisk Company for $36,000, terms 3/10, net/30, FOB shipping point.
b. On April 6, paid freight costs of $920 on merchandise purchased from Tamarisk.
c. On April 7, purchased equipment on account for $30,500.
d. On April 8, returned damaged merchandise to Tamarisk Company and was granted a $4,200 credit for returned merchandise.
e. On April 15, paid the amount due to Wilkes Company in full.

Required:
Prepare the journal entries to record these transactions on the books of Kerber Co. under a perpetual inventory system.

Refer to the data below to answer the following questions:

Expenditure Income
C. Consumer goods and services $11,502 Wages and salaries $8,868
Corporate profits 1,686
I: Investment in plants, equipment, and inventory 2,670 Proprietor's income 1,348
G. Government goods and services 3,125 Rents 59
Interest 619
X: Exports 2,260 Taxes on output and import 1,147
Depreciation 2,647
M: Imports (2,757) Statistical discrepancy (106)
GDP: Total value of output $16,800 = Total value of income $16,800

Required:
What share of U.S. total income in 2013 consisted of

a. Wages and salaries
b. Corporate profits

Juno Corporation's stockholders' equity section at December 31, 2019 appears below: Stockholder's equity Paid-in capital Common stock, $10 par, 60,000 outstanding $600,000 Paid-in capital in excess of par 150,000 Total paid-in capital $750,000 Retained earnings 150,000 Total stockholder's equity $900,000 On June 30, 2020, the board of directors of Juno Corporation declared a 20% stock dividend, payable on July 31, 2020, to stockholders of record on July 15, 2020. The fair value of Juno Corporation's stock on June 30, 2020, was $15. On December 1, 2020, the board of directors declared a 2 for 1 stock split effective December 15, 2020. Juno Corporation's stock was selling for $20 on December 1, 2020, before the stock split was declared. Par value of the stock was adjusted. Net income for 2020 was $190,000 and there were no cash dividends declared.
Prepare the journal entries on the appropriate dates to record the stock dividend and the stock split. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 6/30/17 7/15/17 7/31/17 12/1/17 12/15/17 SHOW LIST OF ACCOUNTS Fill in the amount that would appear in the stockholders' equity section for Juno Corporation at December 31, 2017, for the following items:
1. Common stock $
2. Number of shares outstanding
3. Par value per share $
4. Paid-in capital in excess of par $
5. Retained earnings $
6. Total stockholders’ equity $

Amanda, one of Abigail's fellow workers at BOSS, was surprised to learn that her department's schedule was changed from a standard 8 a.m. to 5 p.m. day, with an hour for lunch, to a work day that began at 8 a.m. and ended at 6 p.m., and that included a two-hour lunch. BOSS was located in the far suburbs, and there was little Amanda could do during the two-hour lunch period. What especially upset Amanda was the realization that when she got off work at 6 p.m. and drove 30 minutes to pick up her child at day care, she would be at least an hour late for daycare and would have to pay a very costly penalty. There were no day care facilities closer to the job, so Amanda had little recourse. She raised this concern to her supervisor, and when she was told that the new schedules were going to remain 8-6 with a two-hour lunch, Amanda began a campaign to pressure BOSS to change that schedule back. She wrote letters to the local newspaper, and called a local TV station. When Amanda's employer learned of Amanda's actions, it discharged her under Employment at Will (EAW). Amanda filed suit for wrongful discharge, claiming that this was a public policy exception to EAW because it constrained her Constitutional First Amendment right to Freedom of Speech. Which of the following is most correct?

a. Amanda will not win her lawsuit for wrongful discharge.
b. Amanda will not win her lawsuit for wrongful discharge unless the court decides that Amanda had legal standing to bring the case.
c. Amanda will win her lawsuit for wrongful discharge unless the court decides that BOSS had legitimate business necessity for changing the schedule.
d. Amanda will win her lawsuit for wrongful discharge.

Long Company has recently tried to improve its analysis, for its manufacturing process. Units started into production equaled 6,000, and ending work in process equaled 400 units. Long had no beginning work in process inventory. Conversion costs are applied equally throughout production, and materials are applied, at the beginning of the process. How much is the materials cost per unit, if ending work in process was 25% complete, and total materials costs equaled $24,000?
a. 4.21
b. 15.00
c. 4.00
d. 3.75

A semiprofessional baseball team near your town plays two home games each month at the local baseball park. The team splits the concessions 50/50 with the city but keeps all the revenue from ticket sales. The city charges the team $500 each month for the three-month season. The team pays the players and manager a total of $2500 each month. The team charges $10 for each ticket, and the average customer spends $6 at the concession stand. Attendance averages 100 people at each home game.

The team earns an average of $_________ in revenue for each game and $_____________ of revenue each season. With total costs of $___________ each season, the team finishes the season with $____________ of profit.

Albatross Software has two main products: WindSong is a program that can be used to edit audio files and SunBurst is a program that can be used to edit digital photos. The two major types of customers are small businesses and home users. The small business customers have a reservation price of $300 for WindSong and $450 for SunBurst. The home users have a reservation price of $100 for WindSong and $125 for SunBurst. Which of the following statements is true?
A) Bundling the two software products is not likely to be profitable because the marginal cost of producing sofware is positive by very small.
B) Bundling the two software products is not likely to be profitable because the consumer demands are homogeneous.
C) Bundling the two software products is likely to be profitable because the demands are negatively correlated
D) Bundling the two software products is not likely to be profitable because the demands are positively correlated.

what is a tax bracket?​

name 5 kids who helped the world

Which of the following typically occurs during an expansionary phase of a business cycle?
A. Nominal interest rates decrease.
B. Income taxes decrease.
C. The price level decreases.
D. Government transfer payments increase.
E. Employment increases.

Texas Plating Company reported a cost of goods manufactured of $520,000, with the firm's year-end balance sheet revealing work in process and finished goods of $70,000 and $134,000, respectively. If supplemental information disclosed raw materials used in production of $80,000, direct labor of $140,000, and manufacturing overhead of $240,000, the company's beginning work in process must have been:_______
A. $130,000.
B. $10,000.
C. $66,000.
D. $390,000.
E. some other amount.

Gibson Cinemas is considering a contract to rent a movie for $2,200 per day. The contract requires a minimum one-week rental period. Estimated attendance is as follows: Monday Tuesday Wednesday Thursday Friday Saturday Sunday 420 340 190 570 1,030 1,030 490 Required Determine the average cost per person of the movie rental contract separately for each day. Suppose that Gibson chooses to price movie tickets at cost as computed in Requirement a plus $2.00. What price would it charge per ticket on each day of the week

d (i). Suppose that ZX Inc. is currently selling at $50 per share. You buy 200 shares, using $5,000 of your own money and borrowing the remainder of the purchase price from your broker. The rate on the margin loan is 5%. What is the rate of return on your margined position (assuming again that you invest $5,000 of your own money) if ZX Inc. is selling after one year at $46 (use whole number percentage with two decimals rounded up/down - i.e. 0.3245 input 32.45) ? Group of answer choices -21% -20% -19% -18%

Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,000 uncollectible account of its customer, A. Hopkins. On July 10, Gideon received a check for the full amount of $2,000 from Hopkins. On July 10, the entry or entries Gideon makes to record the recovery of the bad debt is:________
A. Accounts Receivable-A. Hopkins 2,000
Allowance for Doubtful Accounts 2,000
Cash
Accounts Receivable-A. Hopkins 2,000
B. Cash 2.000
Bad debts expense 2,000
C. Accounts Receivable-A. Hopkins
Bad debts expense 2,000
Cash 2,000
Accounts Receivable-A. Hopkins
D. Accounts Receivable-A. Hopkins 2,000
Bad debts expense 2,000
Cash 2,000
Accounts Receivable-A. Hopkins 2,000
E. Allowance for Doubtful Accounts 2,000
Accounts Receivable-A. Hopkinse 2,000
Accounts Receivable-A. Hopkins 2,000
Cash 2,000
F. Cash 2,000
Accounts Receivable-A. Hopkins 2,000

makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.7 pounds $ 7.20 per pound $ 48.24 Direct labor 0.6 hours $ 26.00 per hour $ 15.60 Variable overhead 0.6 hours $ 4.20 per hour $ 2.52 In June the company's budgeted production was 3600 units but the actual production was 3700 units. The company used 22,350 pounds of the direct material and 2310 direct labor-hours to produce this output. During the month, the company purchased 25,600 pounds of the direct material at a cost of $172,180. The actual direct labor cost was $57,221 and the actual variable overhead cost was $9531. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for June is:

Maxim Corp. has provided the following information about one of its products: Date Transaction Number of Units Cost per Unit 1/1 Beginning Inventory 200 $ 140 6/5 Purchase 400 $ 160 11/10 Purchase 100 $ 200 During the year, Maxim sold 400 units. What is cost of goods sold using the average cost method

The expected average rate of return for a proposed investment of $5,330,000 in a fixed asset, using straight-line depreciation, with a useful life of 20 years, no residual value, and an expected total net income of $15,990,000 over the 20 years is (round to two decimal points). a.1.50% b.15.00% c.60.00% d.30.00%

Match each description to the appropriate cost flow assumption (a-c).
a. FIFO
b. LIFO
c. Weighted average
5. Produces the same cost of merchandise sold under both the periodic and the perpetual inventory system
6. Rarely used with a perpetual inventory system
7. Produces results that are similar to the specific identification method
8. Widely used for tax purposes
9. Never results in either the highest or lowest possible net income
10. Produces the highest gross profit when costs are decreasing
11. Produces the highest ending inventory when costs are increasing
12. Assigns the same value to all inventory units
13. Prohibited under International Financial Reporting Standards (IFRS)
14. Does not follow the physical flow of goods in most cases
15. Cost of the latest purchases are assigned to ending inventory

Company X paid Company Y $1.85 million for a new plant. During the same accounting period, Company X experienced the following changes in its balance sheet: Cash decreased by $353,000, Accounts Receivable increased by $321,800, Inventory increased by $276,300, Property, Plant, and Equipment increased by $753,400, and Bonds Payable increased by $2 million. The net cash flow provided by financing activities is:

To determine the consumer price index (CPI), _____. a. only the current market basket at current prices needs to be known. b. the values of the base-year market basket at current and base-year prices need to be known. c. the values of the current market basket at current and base-year prices need to be known. d. only the current market basket at base-year prices needs to be known. e. the values of the current market basket at current prices and the base-year market basket at base-year prices need to be known.

Headland Company loans Sarasota Company $2,190,000 at 6% for 3 years on January 1, 2020. Headland intends to hold this loan to maturity and has the financial ability to do so. The fair value of the loan at the end of each reporting period is as follows. December 31, 2020 $2,238,000 December 31, 2021 2,210,000 December 31, 2022 2,190,000 Prepare the journal entry(ies) at December 31, 2020, and December 31, 2022, for Headland related to these bonds, assuming (a) it does not use the fair value option, and (b) it uses the fair value option. Interest is paid on January 1.