Answer:
The answer is "Option c".
Explanation:
The whole teaching requires its principal (StarQuest ltd) to also be held liable for only certain acts unless the agent or worker speaks up which damages or injury. From the above case, Morges' behavior is inaccurate as well as the corporation is responsible for its behavior.
Parens patriae is indeed a principle that covers State intervention whenever a negligent parent is involved.Res ipsa loquitor is indeed a principle which, throughout the absence of evidence, makes misconduct or perhaps an accident as 'negligence.'In the fairness doctrine is concerned with both the transmission of contentious news not with the liability of even an undertaking for its conduct.You purchased five August 13 futures contracts on soybeans at a price quote of 1056′6. Each contract is for 5,000 bushels with the price quoted in cents and 1/8 ths of a cent per bushel. Assume the contract price is 1061′4 when you close out your contract six weeks from now. What will be your total profit or loss on this investment? A) $6,480.75 B) $1,187.50 C) $950.25 D) $24,000.00 E) $16,200.50
Answer:
B) $1,187.50
Explanation:
The computation of the total profit or loss on this investment is given below:
Expiration price = 1061'4 = 1061 + 4 ÷ 8 = 1061.50
Quoted price = 1056'6 = 1056 + 6 ÷ 8 = 1056.75
Now the profit is
= (1061.50 - 1056.75) × 5000 × 5
= $1,187.50
Hence, the profit on this investment is $1,187.50
1. Explain in details the five models of Database Structures:
2. Explain four types of database:
3. Explain what is data warehouse, data mining, and data mart:
Answer:
A
Explanation:
well because when you sit and think about it, it kinda would just make a little bit of sense to just be A because i guess pernally to me i just feel as if itll be that answer you know ? but when you think about the round square root beer to the 7up it just doesnt sprite there honesty
Answer:
Nepali database
25. On January 1, X9, Gerald received his 50 percent profits and capital interest in High Air, LLC, in exchange for $2,700 in cash and real property with a $3,700 tax basis secured by a $2,700 nonrecourse mortgage. High Air reported a $15,700 loss for its X9 calendar year. How much loss can Gerald deduct, and how much loss must he suspend if he only applies the tax basis loss limitation
Answer:
The amount of loss that Gerald
can deduct is $5,050, and how much loss must he suspend if he only applies the tax basis loss limitation is $2,700
Explanation:
Calculation to determine How much loss can Gerald deduct, and how much loss must he suspend if he only applies the tax basis loss limitation
Calculation for Gerald's initial tax basis is
Gerald's initial tax basis= [$2,700 + $3,700 - $2,700 + (50% × $2,700)]
Gerald's initial tax basis= [$2,700 + $3,700 - $2,700 + $1,350]
Gerald's initial tax basis= $5,050
Calculation for Gerald allocation
Gerald 50% allocation =50%*$15,500
Gerald 50% allocation =$7,750
Calculation for the Remaining loss that would be suspended and carried forward indefinitely
Suspended loss= $7,750-$5,050
Suspended loss= $2,700
Therefore the amount of loss that Gerald
can deduct is $5,050, and how much loss must he suspend if he only applies the tax basis loss limitation is $2,700 ($7,750-$5,050)
Martin Company purchases a machine at the beginning of the year at a cost of $160,000. The machine is depreciated using the double-declining-balance method. The machine’s useful life is estimated to be 4 years with a $13,300 salvage value. The machine’s book value at the end of year 3 is:
Answer:
$6,700.
Explanation:
How to find
Depreciation Expense = Beginning of Year Book Value × Double Straight-line Rate
Depreciation Expense = $160,000 × (2 × 25%) = $80,000 (Depreciation Expense, year 1)
Depreciation Expense = Beginning of Year Book Value × Double Straight-line Rate
Depreciation Expense = ($160,000 − $80,000) × (2 × 25%) = $40,000 (Depreciation Expense, year 2)
Depreciation Expense = Beginning of Year Book Value × Double Straight-line Rate
Depreciation Expense = ($160,000 − $120,000) × (2 × 25%) = $20,000 (Depreciation Expense, year 3) Depreciation Expense = Beginning of Year Book Value × Double Straight-line Rate
Depreciation Expense = ($160,000 − $140,000) × (2 × 25%) = $10,000, but this would reduce the book value to less than salvage. Therefore, depreciation expense in year 4 is limited to $6,700.
(Book value at the beginning of the year, $20,000, minus the $13,300 salvage.)
On January 1, Garcia Supply leased a truck for a four-year period, at which time possession of the truck will revert back to the lessor. Annual lease payments are $11,000 due on December 31 of each year, calculated by the lessor using a 5% discount rate. Negotiations led to Garcia guaranteeing a $39,800 residual value at the end of the lease term. Garcia estimates that the residual value after four years will be $38,600. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) What is the amount to be added to the right-of-use asset and lease liability under the residual value guarantee
Answer:
$987
Explanation:
Calculation to determine the amount to be added to the right-of-use asset and lease liability under the residual value guarantee
First step is to determine the Present value of $1: n= 4, i = 5%
Present value of $1: n= 4, i = 5%
Present value of $1=.8227
Now let calculate the amount to be added to the right-of-use asset and lease liability under the residual value guarantee
Using this formula
Amount added to right-of-use asset and lease liability=(Guaranteed -Actual)*Present value
Let plug in the formula
Amount added to right-of-use asset and lease liability=($39,800-$38,600)*.8227
Amount added to right-of-use asset and lease liability= $1,200*.8227
Amount added to right-of-use asset and lease liability=$987
Therefore the amount to be added to the right-of-use asset and lease liability under the residual value guarantee is $987
PEZ Candy Inc. produces the popular small candy that is dispensed in collectible flip-top dispensers. In the United States, PEZ candies are produced in a factory in Connecticut. Over 3 billion of the small brick-shaped candies are consumed in the U.S. each year. PEZ candy is made from sugar, fruit flavoring, coloring, and corn syrup; the ingredients are put under pressure to form the hard tablets. About 95% of a PEZ tablet is sugar. The Connecticut location also houses PEZ's US headquarters and the PEZ Visitor Center. The Visitor Center offers birthday parties that include a staff member to host the party, goodie bags, pizza, soft drinks, and other options. When a family wants to have a birthday party, the family will work with PEZ staff to customize the birthday party.
1. Would PEZ Candy Inc. be more likely to use job costing or process costing for the manufacture of its PEZ candies? Why?
2. Give an example of each of the following types of costs that PEZ Candy Inc. would be likely to incur in the manufacture of its PEZ candies:
a. Direct material
b. Direct labor
c. Manufacturing overhead
i. Indirect materials
ii. Indirect labor
iii. Other manufacturing overhead
3. Would PEZ Candy Inc. be more likely to use job costing or process costing to calculate the cost of one particular birthday party hosted at the PEZ Visitor Center? Why?
Answer:
PEZ Candy Inc.
1. PEZ Candy Inc. would be more likely to use process costing for the manufacture of its PEZ candies.
The reason is that the manufacturing of candies involves continuous processing of materials that results into candies. The processes are not customizable for separate orders.
2. PEZ Candy Inc. would incur these types of costs in the manufacture of its PEZ candies:
a. Direct material = sugar
b. Direct labor = wages of factory workers
c. Manufacturing overhead = utilities expenses
i. indirect materials = cleaning supplies
ii. indirect labor = factory supervisor's salary
iii. other manufacturing overhead = depreciation expense of factory equipment
3. PEZ Candy Inc. would be more likely to use job costing to calculate the cost of one particular birthday party hosted at the PEZ Visitor Center. The reason is that it is a specific event. It does not involve a continuous process.
Explanation:
a) Data and Calculations:
Materials for PEZ candy include:
Direct materials:
Sugar (95%)
Fruit flavoring
Coloring
Corn syrup
Product = PEZ candies
Services: customized birthday parties
The gross domestic product (GDP) of the United States is defined as the __________all _____________ in a given period of time.
Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in 2018
a. Rotato, a U.S. tire company, produces a set of tires at a plant in Michigan on September 13, 2018. It sells the set of tires to Speedmaster for use in the production of a two-door coupe that will be made in the United States in 2018.
b. Zippycar, a U.S. automobile company, produces a convertible at a manufacturing plant in Minneapolis on January 21, 2018. It sells the car at a dealership in Houston on February 10, 2018.
c. Sofaland, a Swedish furniture company, produces a table at a plant in Virginia on December 5, 2018. It sells the table to a college student on December 24.
d. You chop down a cherry tree on your property in California and make a dining room table in 2018. A similar table sells for $800 in a local furniture store.
Answer:
MARKET VALUE OF
FINAL GOODS AND SERVICES, PRODUCED IN THE U.S.
NOT INCLUDED
INCLUDED
INCLUDED
NOT INCLUDED
Explanation:
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
Net export = exports – imports
When exports exceed import there is a trade deficit and when import exceeds import, there is a trade surplus.
Items not included in the calculation off GDP includes:
1. services not rendered to oneself
2. Activities not reported to the government
3. illegal activities
4. sale or purchase of used products
5. sale or purchase of intermediate products
a. the tire sold is not included in US GDP because it is an intermediate good. An intermediate good is a good that is used in the production of other goods. The tire is used as an input in the production of a two-door coupe
b. The car would be included as part of business spending in US GDP
C. The table would be included in GDP as part of consumption spending on durables
d. Services rendered to ones self is not recorded in GDP
Meiji Isetan Corp. of Japan has two regional divisions with headquarters in Osaka and Yokohama. Selected data on the two divisions follow: Division Osaka Yokohama Sales $ 10,200,000 $ 32,000,000 Net operating income $ 816,000 $ 3,200,000 Average operating assets $ 2,550,000 $ 16,000,000 Required: 1. For each division, compute the return on investment (ROI) in terms of margin and turnover. 2. Assume that the company evaluates performance using residual income and that the minimum required rate of return for any division is 17%. Compute the residual income for each division. 3. Is Yokohama’s greater amount of residual income an indication that it is better managed?
Answer: See explanation
Explanation:
1. The return on investment for Osaka will be:
= (816000/10200000) × (10200000 × 2550000)
= 32%
The return on investment for Yokohama will be:
= (3200000/32000000) × (32000000/16000000)
= 20%
2. See attachment
3. Yokohama’s greater amount of residual income is not an indication that it is better managed. Since Yokohama Division is bigger than Osaka Division, it's expected that Yokohama will have a greater residual amount.
A corporation declared and issued a 20% stock dividend on October 1. The following information was available immediately prior to the dividend: Retained earnings $ 760,000 Shares issued and outstanding 61,000 Market value per share $ 16 Par value per share $ 5 The amount that contributed capital will increase (decrease) as a result of recording this stock dividend is:
Answer:
$195,200 increase
Explanation:
The computation of the amount of the contributed capital increase or decrease is shown below:
Given that
Stock Dividend = Outstanding shares × 20%
= 61,000 Shares × 20%
= 12,200 shares
Now the Value of Stock Dividend is
= Number of Shares × Market Value per share
= 12,200 Shares × $16
= $195,200
There is an increase in the contributed capital
State of the Economy Probability of the States Percentage Returns Economic recession 25% 5% Moderate economic growth 50% 10% Strong economic growth 25% 13% The standard deviation from investing in the asset is:
Answer:
The standard deviation from investing in the asset is 14.40%.
Explanation:
Note: The data in the question are first sorted before answering the question as follows:
State of the Economy Probability of the States Percentage Returns
Economic recession 25% 5%
Moderate economic growth 50% 10%
Strong economic growth 25% 13%
The standard deviation from investing in the asset is:
The explanation of the answer is now given as follows:
Note: See the attached excel file for the calculation of Variance from investing in the asset.
From the attached excel file, we have:
Variance = 2.07%
Therefore, we have:
Standard deviation = Variance^0.5 = 2.07%^0.5 = 14.40%
Therefore, the standard deviation from investing in the asset is 14.40%.
Changes in Growth and Stock Valuation Consider a firm that had been priced using a 10 percent growth rate and a 13 percent required rate. The firm recently paid a $2.40 dividend. The firm has just announced that because of a new joint venture, it will likely grow at a 11 percent rate. How much should the stock price change (in dollars and percentage)
Answer:
Change in dollars $45.20
Change in percentage 51.36%
Explanation:
Calculation to determine How much should the stock price change (in dollars and percentage)
First step is to calculate the Price before change
Price before change= ($2.40*1.10)/(.13 - .10)
Price before change = $2.64/0.03
Price before change = $88
Second step is to calculate Price after change
Price after change=($2.40*1.11)/(.13 - .11)
Price after change=$2.664/0.02
Price after change = $133.2
Now let calculate the in dollars and percentage
Change in dollars=$133.2 -$88
Change in dollars=$45.20
Change in percentage=$45.20/$88
Change in percentage=0.5136*100
Change in percentage=51.36%
Therefore How much should the stock price change (in dollars and percentage) will be :
Change in dollars $45.20
Change in percentage 51.36%
Indicate what happens to the unemployment rate and the labor-force participation rate in each of the following scenarios.
Effect On...
Scenario Unemployment Rate Labor-Force Participation Rate
Kenji, a full-time college student, graduates and is immediately employed.
Lucia quits her job to become a stay-at-home mom.
Paolo has a birthday, becomes an adult, and starts looking for a job.
Sharon dies working long hours at the office.
Answer and Explanation:
The effects are as follows:
a. For kenji
The rate of unemployment would be decreased and the rate of Labor-Force Participation would be increased as the person is employed now
b. For Lucia
The rate of unemployment would be increased and therate of Labor-Force Participation would be decreased as the person is no more employed
c. For Paolo
The rate of unemployment would be increased and therate of Labor-Force Participation would also be increased
d. For sharon
The rate of unemployment would be increased and the rate of Labor-Force Participation would be decreased as the person is no more employed
Sheridan Company is planning to sell 1000 buckets and produce 580 buckets during March. Each bucket requires 600 grams of plastic and one-half hour of direct labor. Plastic costs $10 per 600 grams and employees of the company are paid $14 per hour. Manufacturing overhead is applied at a rate of 110% of direct labor costs. Sheridan has 1100 kilos of plastic in beginning inventory and wants to have 600 kilos in ending inventory. How much is the total amount of budgeted direct labor for March
Answer:
Budgeted labour cost = $12,180
Explanation:
Budgeted labour cost for a forth accounting period is the product of the budgeted labour hours and the standard rate per hour.
The standard rate per hour is the amount paid to workers for each hour worked.
The budgeted labour hours is the product of budgeted production units and the standard hours per unit
Budgeted labour cost = 580× 1.5 × $14=$12,180
Budgeted labour cost = $12,180
Do you think it would be worth it to hire an interior designer to decorate your home? Why or why not?
Answer:
Yes..... Because you wouldn't have to get all the equipment they come prepared
Purchase Company recently acquired several businesses and recognized goodwill in each acquisition. Purchase has allocated the resulting goodwill to its three reporting units: RU-1, RU-2, and RU-3. Purchase opts to skip the qualitative assessment and therefore performs a quantitative goodwill impairment review annually.In its current-year assessment of goodwill, Purchase provides the following individual asset and liability carrying amounts for each of its reporting units:
Carrying Amounts
RU-1 RU-2 RU-3
Tangible assets $215,500 $261,000 $158,250
Trademark 257,000
Customer list 154,500
Unpatented technology 232,500
Licenses 100,000
Copyrights 65,500
Goodwill 190,250 187,550 136,500
Liabilities (35,000)
The total fair values for each reporting unit (including goodwill) are $773,950 for RU-1, $736,450 for RU-2, and $743,500 for RU-3. To date, Purchase has reported no goodwill impairments.
Required:
How much goodwill impairment should Purchase report this year for each of its reporting units?
Answer:
Purchase Company
RU-1 RU-2 RU-3
Goodwill Impairment loss (gain) $8,300 $44,600 ($383,250)
Explanation:
a) Data and Calculations:
Carrying Amounts
RU-1 RU-2 RU-3
Tangible assets $215,500 $261,000 $158,250
Trademark 257,000
Customer list 154,500
Unpatented technology 232,500
Licenses 100,000
Copyrights 65,500
Goodwill 190,250 187,550 136,500
Liabilities (35,000)
Book values $782,250 $781,050 $360,250
Fair values $773,950 $736,450 $743,500
Goodwill Impairment
loss (gain) $8,300 $44,600 ($383,250)
b) Purchase Company will recognize Goodwill impairment expense for RU-1 and RU-2. It will recognize a Goodwill impairment gain for RU-3. A goodwill impairment gain results when the fair value is higher than the book value of the net realizable assets.
During 2020, Vaughn Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Vaughn for a lump sum of $131,670 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below.
Type No. of Chairs Estimated Selling
Price Each
Lounge chairs 880 $90
Armchairs 660 80
Straight chairs 1,540 50
During 2020, Sarasota sells 440 lounge chairs, 220 armchairs, and 264 straight chairs.
What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020?
Answer:Gross profit realized during 2020 =$30,899
amount of inventory of unsold straight chairs on December 31, 2020 =$63,800
Explanation:
A)Vaughn Furniture Company purchases a carload of wicker chairs at a cost of a lump sum of $131,670 in 2020
Now the total number of chairs purchased per type is;
Lounge chairs 880
Armchairs 660
Straight chairs 1,540
Total = 3,080 chairs purchased
Also, Vaughn sells
440 Lounge chairs at $90 each = 440 x 90=$39,600
220 Armchairs at $80 each= 220 x 80 =$ 17600
264 Straight chairs at $50 each = 264 x 50 =$13,200
Total selling price of 924 chairs =$39,600+$ 17600+$13,200 =$70,400
Now , if 3,080 chairs can be purchased for a-lump sum amount of $131,670
924 chairs can be puchased in a lump sum of (924 x 131,670) /3080
=$39,501
Remember that the Selling price for 924 chairs =$70,400
Gross profit realized during 2020 = $70,400 -$39,501=$30,899
b).
Estimated Selling Price value for straight chair =$50
Straight chairs remaining= 1540-264=1276
1276 at $50 each = 1276 X 50 =$63,800
Tofas Car is a German automobile manufacturer that builds high-end luxury cars for sale around the world. Tofas managers recognize they are missing opportunities in emerging markets, such as China, which have an increasing number of middle-class people ready to purchase affordable cars. Competitors that entered the Chinese market experienced significant profits over the last two years. Tofas managers have been assigned the task of determining the best strategy for Tofas to do business in China. Which of the following is likely to be the most beneficial to Tofas if it builds a manufacturing facility in China?
a. low-cost labor pool.
b. government regulations.
c. solid infrastructure.
d. legal precedents.
Answer:
low cost labor pool
Explanation:
To build a manufacturing facility in China, the most beneficial to Tofa would be low cost of labour pool. This is due to the fact that if they are able to get labour supply at lower cost levels, they would have reductions in what it takes to produce these cars. low cost of labour causes low cost of production and the price of the cars would be within reach of the middle class. The middle class would be able to afford the cars.
Gomez runs a small pottery firm. He hires one helper at $10,000 per year, pays annual rent of $4,000 for his shop, and spends $16,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him $4,000 per year if alternatively invested. He has been offered $18,000 per year to work as a potter for a competitor. He estimates he could use his talents to earn an additional $2,000 per year in consulting fees if he were working full time as a potter. Total annual revenue from pottery sales is $65,000.
a. Calculate the accounting profit for Gomez’s pottery firm.
b. Now calculate Gomez's economic profit.
Answer:
$35,000
$11,000
Explanation:
Proposal for these Title
1. The impacting financial institution on the development of one's country toward poverty reduction
Answer and Explanation:
The title shown above refers to how financial institution is an important factor in reducing poverty. To support this title, it is necessary to show how the increase of this institution will promote well-established government resources to create policies and strategies of economic support for families that present serious levels of poverty. With the increase of the financial institution, a country can increase its production, either for export or for its own consumption, allowing more job vacancies and industries to be created, reducing unemployment and increasing the family's income and purchasing power.
In addition, the increase in the financial institution can promote greater financing for education, allowing more people to be qualified and to find jobs that lift them out of poverty.
Teall Corporation has a standard cost system in which it applies manufacturing overhead to products on the basis of standard machine-hours (MHs). The company has provided the following data for the most recent month:
Budgeted level of activity 10,300 MHs
Actual level of activity 10,400 MHs
Standard variable manufacturing overhead rate $7.50 per MH
Budgeted fixed manufacturing overhead cost $68,000
Actual total variable manufacturing overhead $69,600
Actual total fixed manufacturing overhead $73,800
Required:
What was the fixed manufacturing overhead budget variance for the month?
Answer:
$5,800(U)
Explanation:
Given that;
The fixed manufacturing overhead budget variance is the difference between budgeted fixed manufacturing overhead cost and actual fixed manufacturing overhead cost.
Budgeted fixed overhead cost = Budgeted fixed manufacturing overhead cost - Actual total fixed manufacturing overhead cost
= $68,000 - $73,800
= $5,800 (U)
The variance is an unfavorable since the actual overhead cost of $73,800 is more than the budgeted cost of $68,000
Therefore, the fixed manufacturing overhead budget variance for the month is $5,800(U)
Tisdale Incorporated reports the following amount in its December 31.2018. income statement.
Sales revenue $285,000 Income tax expense $27,000
Non-operating revenue 107,000 Cost of goods sold 187,000
Selling expenses 57,000 Administrative expenses 37,000
General expenses 47,000
Required:
Prepare a multiple-step income statement and analyze profitability
Answer and Explanation:
The preparation of the multiple-step income statement is presented below:
Sales revenue $285,000
Less:
cost of goods sold - $187,000
Gross profit $98,000
Less:
Selling expenses -$57,000
Administrative expenses -$37,000
General expenses -$47,000
Operating loss -$43,000
Non-operating revenue $107,000
Income before taxes $64,000
Less: income tax expense -$27,000
net income $37,000
since there is the net income so the Tisdale Incorporated would have the high profitable position
Predict how the Fed would likely respond if the output gap became more positive, so that output moved from being 0.1% above potential output to being 3% above potential output, and inflation rose above its 2% target rate. a. The Fed would likely set a interest rate target. How would you expect unemployment to change over the next year or two in response to the Fed’s actions? b. If the Fed pursued this action, you would expect unemployment to over the next year or two.
Answer:
There are some missing details in this question so I shall attempt to answer as best I can.
a. The Fed would set a higher interest rate target.
If the economy is this much above the potential output, it means that the economy is overheated and so the Fed will act to bring it back close to the potential GDP.
To do so, they will aim to increase interest rates. This would make it more expensive for people and companies to borrow money. They will therefore borrow less to fund investments which would lead to the economy's growth reducing and theoretically coming back to the potential GDP level.
b. Unemployment would increase.
As companies find it more expensive to borrow money to fund investments, there will be a decrease in the rates at which people are being hired because less ventures will be formed. Unemployment will therefore gradually rise and will mirror the reduction in economic activity and growth.
The BCD Partnership plans to distribute cash of $20,000 to partner Brad at the end of the tax year. The partnership reported a loss for the year, and Brad's share of the loss is $10,000. At the beginning of the tax year, Brad's basis in his partnership interest, including his share of partnership liabilities, was $15,000. The partnership expects to report substantial income in future years.
Required:
a. What ordering rules are used to calculate Bradâs ending basis in his partnership interest?
b. How much gain or loss will Brad report for the tax year?
c. Will the deduction for the $10,000 loss be suspended? Why or why not?
d. Could any planning opportunities be used to minimize any negative tax ramifications of the distribution? Explain.
Answer:
See below
Explanation:
a.
The rules used here is called the ordering rules. It can also be called reduce basis distribution.
b.
For the tax year report , the gain would be $5,000
c.
The deduction for the loss of $10,000 could be suspended or put on hold.
The reason is that losses are not deductible to pay off shareholders
d.
It is true that there are planning opportunities, which could mitigate the negative tax ramifications of the distribution as are under tax diversification. Here, it will open more room for flexibility in order to optimally the most tax efficient method of liquidating assets.
Contract law is a set of laws that covers sales laws and other commercial laws.
t or f
ABC Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1,000,000 and the relevant price index was 1.00. Information regarding inventory for subsequent years is as follows: Date Inventory at Current Year Prices Price Index 12/31/2019 1,000,000 1.00 12/31/2020 1,285,200 1.08 12/31/2021 1,439,100 1.23 12/31/2022 1,625,000 1.30 What is the cost of the ending inventory at December 31, 2021 under dollar-value LIFO
Answer:
$1,209,100
Explanation:
The computation of the cost of the ending inventory as on Dec 31,2021 is shown below:
= Inventory as on Dec 31,2019 + {(Inventory as on Dec 31,2021 ÷ 2021 price index × 2019 price index) - Inventory as on Dec 31,2019} × 2021 price index ÷ 2019 price index
= $1,000,000 + {($1,439,100 ÷ 1.23 × 1) - $1,000,000} × 1.23 ÷ 1
= $1,000,000 + ($1,170,000 - $1,000,000) × 1.23
= $1,000,000 + $209,100
= $1,209,100
Kesselring Corporation makes one product and has provided the following information to help prepare the master budget for the next three months of operations: Budgeted unit sales (all on credit): July8,400 August8,800 September12,200 Raw materials requirement per unit of output 4pounds Raw materials cost$3.00per pound Direct labor requirement per unit of output 2.8direct labor-hours Direct labor wage rate$18.00per direct labor-hour Predetermined overhead rate (all variable)$11.00per direct labor-hour The ending finished goods inventory should equal 40% of the following month's sales. The budgeted finished goods inventory balance at the end of August is closest to: (Round your intermediate calculations to 2 decimal places.) Select one: A. $454,816 B. $358,192 C. $304,512 D. $150,304
A company purchases a 17,160-square-foot commercial building for $385,000 and spends an additional $56,000 to divide the space into two separate rental units and prepare it for rent. Unit A, which has the desirable location on the corner and contains 3,510 square feet, will be rented for $1.00 per square foot. Unit B contains 13,650 square feet and will be rented for $0.60 per square foot. How much of the joint cost should be assigned to Unit B using the value basis of allocation
Answer: $308,700
Explanation:
First find proportion of rental income that comes from Unit B out of the total:
= (13,650 * 0.60) / [(3,510 * 1) + (13,650 * 0.60)]
= 8,190 / 11,700
= 70%
Joint cost = 385,000 + 56,000
= $441,000
Proportion to be assigned to Unit B:
= 441,000 * 70%
= $308,700
Your answer is partially correct. Prepare the amortization schedules Sunland will use over the lease term. SUNLAND COMPANY Lease Amortization Schedule Annuity-Due Basis Date Annual Payment Interest on Liability Reduction of Lease Liability Lease Liability 1/1/20 $ 1/1/20 $ $ $ 1/1/21 1/1/22 Lease Expense Schedule Date (A) Straight-Line Expense (B) Interest on Lease Liability (C) Amortization of Right-of-Use Asset (and Liability)
Answer:
c
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MediSecure Labs uses the weighted-average method in its process costing system. The following data are available for one department for September. Percent Completed Units Materials Conversion Work in process, Sept 1 30,000 65% 30% Work in process, Sept 31 15,000 60% 20% The department started 175,000 units into production during the month and transferred 190,000 completed units to the next department. Required: Compute the equivalent units of production for September.
Answer and Explanation:
The calculation of the equivalent units of production for September month is shown below:
Particulars Material Conversion
Units transferred out 190,000 190,000
Add:
Ending work in process 9,000 3,000
(15,000 × 0.60) (15,000 × 0.20)
Equivalent unit of production 199,000 193,000
Which of the following statements is false?
A)
Two common measures of the risk of a probability distribution are its variance and standard deviation.
B)
Most car loans, mortgages, and some bonds are annuities.
C)
An annuity is a stream of N equal cash flows paid at irregular intervals.
D)
A growing perpetuity is a cash flow stream that occurs at regular intervals and grows at a constant rate forever.
E)
The difference between an annuity and a perpetuity is that an annuity ends after some fixed number of payments.
Answer:
Which of the following statements is false?(A)
Explanation:
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Answer:
C
Explanation:
because an annuity is a stream of N equal cash