Answer:
Direct Material:
Airplane seats . . . . . $220
Total= $220
Direct labor:
Assembly workers' wages . . . . . . . . $600
Total= $600
Indirect labor:
Production supervisors' salaries . . . . . . . . . . . . . . $170
Factory janitors' wages . . . . . . . . . . . . . . . . . . . . . $60
Total = $230
MOH:
Machine lubricants . . . . . . $35
Depreciation on forklifts . . . . . . $110
Total = $145
Explanation:
The given manufacturing costs of an airplane have correctly been classified along with their totals as mentioned above. Direct materials are characterized as the materials that are directly used to manufacture the product while direct labor is defined as the people who are responsible for producing the unit of the product. Indirect labor are the workers who are not directly associated with the manufacturing of the product but they ensure effective running of day-to-day work. MOH is defined as the manufacturing overhead cost which is the total of all indirect costs responsible for the manufacturing of the product.
If you receive 10 units of utility from consuming one cup of coffee and 16 units of utility from consuming two cups of coffee, which of the following is the likely amount of utility you will receive from consuming three cups of coffee?
Answer:
26
Explanation:
Answer:
18
Explanation:
1 unit= 10 2 units =16 2/16= 8
3 cups is 18
Leo is a recruitment executive for a large company. He has identified new labor resource requirements in both the marketing and production departments. What should be his first step in recruiting candidates for the positions?
A.
conduct background checks of candidates
B.
make job offers
C.
arrange interviews
D.
conduct reference checks
E.
place job ads on job sites
Answer:
E. place job ads on job sites
Explanation:
The first step for Leo is to place the Job advertisement on the various job sites. Advertising is making the public aware of the vacancy. The purpose of going public is to attract as many qualified candidates as possible. Having a large pool of candidates increases the possibility of getting the right person for the job.
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded.
1. On December 1, 2020, the company paid its annual fire insurance premium of $7,200 for the year beginning December 1 and debited prepaid insurance.
2. On August 31, 2020, the company borrowed $115,000 from a local bank. The note requires principal and interest at 8% to be paid on August 31, 2021.
3. Mazzanti owns a warehouse that it rents to another company. On January 1, 2021, Mazzanti collected $26,400 representing rent for the 2021 calendar year and credited deferred rent revenue.
4. Depreciation on the office building is $19,200 for the fiscal year.
5. Employee salaries for the month of June 2021 $19,500 will be paid on July 20, 2021.
Required:
Prepare the necessary year-end adjusting entries at the end of June 30, 2018, for the above situations.
Answer:
1. Dr Insurance expense 1,800
Cr Prepaid insurance 1,800
2. Dr Interest expense 2,300
Cr Interest payable 2,300
3. Dr Deferred rent revenue 6,600
Cr Rent revenue 6,600
4. Dr Depreciation expense 4,800
Cr Accumulated depreciation—building 4,800
5. Dr Salaries and wages expense 19,500
Cr Salaries and wages payable 19,500
Explanation:
Preparation of the necessary year-end adjusting entries at the end of June 30, 2018, for the above situations
1. Dr Insurance expense 1,800
Cr Prepaid insurance 1,800
($7,200 × 3/12)
2. Dr Interest expense 2,300
Cr Interest payable 2,300
($115,000× 8% × 3/12)
3. Dr Deferred rent revenue 6,600
Cr Rent revenue 6,600
($26,400 × 3/12)
4. Dr Depreciation expense 4,800
Cr Accumulated depreciation—building 4,800
($19,200 × 3/12)
5. Dr Salaries and wages expense 19,500
Cr Salaries and wages payable 19,500
Which of the following are sections of the Schedule of Cost of Goods Manufactured?
a. Direct Labor
b. Direct Materials
c. Factory Overhead
d. Cost of Goods Manufactured
e. Cost of Goods Sold
f. Net Income
Answer:
a. Direct Labor
b. Direct Materials
c. Factory Overhead
d. Cost of Goods Manufactured
Explanation:
Costs of Goods Manufactured Schedule records the total of manufacturing costs only. So, consider all costs related to manufacturing process for this question.
It is generally not a good idea to put a cash advance on your credit card because
It will negatively effect your credit score.
O
Credit card companies charge a higher interest rate (and often an additional fee) on cash advances than they do on
purchases
O Credit cards have no grace periods on cash advances
Student loans must be repaid and grants do not need to be repaid.
The residents of cities A, B, C, D and E consume wi-fi routers, with consumption in each city is 150 routers (see the map below). The firm that produces routers must decide how to set-up production. It could set up five factories, dispersed across each city, with each factory producing 150 routers and supplying to its own local city market. In this case, the firm incurs no cost for shipping output. Alternatively, the firm could locate its factory at centrally located city C, and supply routers to the entire region. The single factory in city C must then produce 750 routers, 600 of which are shipped to the cities A, B, D and E for a shipping cost of $6 per router.
A E
C
B D
(a) Suppose the average cost of producing a router is AC (Q) = 1500/Q, where Q is the number of routers produced in a factory. Calculate AC with Q = 150 and Q = 750, respectively. Note and explain how this production process exhibit economies of scale.
(b) Based on the AC function from part (a), find the optimal arrangement of production for the firm (one central factory or five dispersed factories). The optimal arrangement minimizes total cost for the firm, where total cost is the sum of production cost and shipping cost. Clearly write down all your calculations.
(c) Now suppose the average cost of producing a router is AC = 14000/(Q+1250). Now, repeat the calculation of AC with Q = 150 and Q = 750.
(d) Based on the AC function from part (c), now repeat your calculations to find the cost-minimizing arrangement of production in the case. (e) Explain intuitively the difference is results between responses to part (b) and (d).
(f) Suppose now production costs are those given in part (a) but let shipping cost per router be given by t (in the preceding discussion, we had t = 6, now we assume we don’t know the cost of shipping). What value of t would make the two arrangements for production (centralized versus separate factories) equivalent in terms of cost? i.e. what value of t would make the firm indifferent between a centralized versus a dispersed set-up?
Answer:
a. The production process shows that the more the quantity produced, the less the average cost of production. It proves that there are advantages arising from economies of scale.
AC with Q = 150 = $10 ($1,500/150) and
AC with Q = 750 = $2 ($1,500/750)
b. The optimal arrangement is (centralized production) to produce the 750 routers at city C and ship to the 4 other cities.
c. AC with Q = 150 = $10 (14000/(150+1250) and
AC with Q = 750 = $7 (14000/(750+1250)
d. The cost-minimizing arrangement of production in this case is decentralized production.
e. The average cost of producing 150 units at the various cities has remained unchanged while the average cost of producing the 750 units at city C has increased from $2 to $7.
f. Suppose now production costs are those given in part (a) but let shipping cost per router be given by t (in the preceding discussion, we had t = 6, now we assume we don’t know the cost of shipping).
The value of t that would make the two arrangements for production (centralized versus separate factories) equivalent in terms of cost is:
t = $10 per router
Therefore, centralized production cost will be equal to $7,500 ($1,500 + ($10 * 600), and decentralized production cost will remain at $7,500 (750 * $10).
Explanation:
a) Data and Calculations:
Cities with consumers of wi-fi routers = A, B, C, D and E
Demand for routers by each city = 150
Total number of routers required = 750 (150 * 5)
b) Suppose the average cost of producing a router is AC (Q) = 1500/Q, where Q is the number of routers produced in a factory:
Therefore AC with Q = 150 = $10 ($1,500/150) and
AC with Q = 750 = $2 ($1,500/750)
Cost of Production of routers in city C:
cost of producing 750 routers at $2 per router = $1,500
Shipping cost of 600 routers to 4 cities at $6 per router = $3,600
Total cost of producing at city C = $5,100 ($1,500 + $3,600)
Total cost of producing 750 routers at 5 cities = $7,500 ($1,500/150 * 750)
c) Suppose the average cost of producing a router is AC = 14000/(Q+1250):
Therefore, AC with Q = 150 = $10 (14000/(150+1250) and
AC with Q = 750 = $7 (14000/(750+1250)
Cost of Production of routers in city C:
cost of producing 750 routers at $7 per router = $5,250
Shipping cost of 600 routers to 4 cities at $6 per router = $3,600
Total cost of producing at city C = $8,850 ($5,250 + $3,600)
Total cost of producing 750 routers at 5 cities = $7,500 ($1,500/150 * 750)
d) $7,500 = $1,500 + tQ
where Q = 600 (150 * 4)
Therefore, $7,500 - $1,500 = t600
simplifying
t600 = $6,000
t = $6,000/600 = $10
Lucky Strike Mine (LLC) purchased a silver deposit for $1,500,000. It estimated it would extract 500,000 ounces of silver from the deposit. Lucky Strike mined the silver and sold it, reporting gross receipts of $1.8 million, $2.5 million, and $2 million for Years 1 through 3, respectively. During Years 1 through 3, Lucky Strike reported net income (loss) from the silver deposit activity in the amount of ($100,000), $400,000, and $100,000, respectively. In Years 1 through 3, Lucky Strike actually extracted 300,000 ounces of silver as follows: Ounces extracted per year Year 1 Year 2 Year 3 50,000 150,000 100,000 What is Lucky Strike's depletion deduction for Year 2 if the applicable percentage depletion for silver is 15 percent
Answer:
$375,000
Explanation:
depletion rate musts equal the lesser between:
net income = $400,000
or
15% of gross revenues = $2,500,000 x 15% = $375,000
in this case, $375,000 is the smallest amount.
The percentage of depletion is used by extraction companies, e.g. oil & gas companies or mining companies.
Ben wants to do business in the Middle East where it is an accepted practice to give gifts to government officials. However, Ben may not be able to carry out his plans because he doesn't want to violate The Foreign Corrupt Practices Act (FCPA), which was enacted because Congress was concerned about _______.
Answer:
U.S. corporations' use of illegal payments and bribes in international business dealings
Explanation:
From the question, we are informed about Ben who wants to do business in the Middle East where it is an accepted practice to give gifts to government officials. However, In this case, Ben may not be able to carry out his plans because he doesn't want to violate The Foreign Corrupt Practices Act (FCPA), which was enacted because Congress was concerned about U.S. corporations' use of illegal payments and bribes in international business dealings.
The Foreign Corrupt Practices can be regarded as one the U.S law of 1977 act. This law is about prohibition of citizens of U.S as well as entities from giving bribes to officials of government of foreign countries in order to be a beneficiary of their business interests
Staley Co. manufactures computer monitors. The following is a summary of its basic cost and revenue data: Per Unit Percent Sales price $480 100 Variable costs 312 65 Unit contribution margin $168 35 Assume that Staley Co. is currently selling 600 computer monitors per month and monthly fixed costs are $80,000. Staley Co.'s margin of safety ratio (MOS%) if 600 units are sold would be (round intermediate calculation up to nearest whole number of units): 79.5%. 19.5%. 33.4%. 17.7%. 20.5%.
Answer:
20.5%
Explanation:
Calculation for what Staley Co.'s margin of safety ratio (MOS%) if 600 units are sold would be
First step is to calculate Break-even amount
Break-even = $80,000/($480-$312)
Break-even= 476.19
Break-even= 477 approximately
Second step is to calculate the Margin of Safety
Margin of Safety = 600-477
Margin of Safety= 123
Now let calculate the margin of safety ratio
Margin of safety ratio=123/600
Margin of safety ratio=20.5%
Therefore Staley Co.'s margin of safety ratio (MOS%) if 600 units are sold would be 20.5%
The next three questions use the below information. Company A started business on January 1, 20X1, and bought the following piece of equipment. Cost of asset $150,000 Useful life 3 Tax rate 21% 20X1 estimated tax payment 1,800 Depreciation for book and tax purposes is as follows: Book Tax 20X1 40,000 100,000 20X2 40,000 20,000 20X3 40,000 0 20X1 income statement information: Sales 638,000 Expenses (does not include depreciation expense and tax expense) 510,000 What is net income for 20X1?
Answer:
$69,520
Explanation:
"Note: Let assume salvage value is $3,000"
Company A
Income Statement
For the year 20X1
Sales $638,000
Expenses $510,000
Depreciation $40,000 [(150,000-30,000)/3}
Income before tax $88,000
Income tax at 21% $18,480
Net Income $69,520
Billed Mercy Co. $2,400 for services performed.
how to journalize this?
When a business transaction requires a journal entry, we must follow these rules:
The entry must have at least 2 accounts with 1 DEBIT amount and at least 1 CREDIT amount.
The DEBITS are listed first and then the CREDITS.
The DEBIT amounts will always equal the CREDIT amounts.
For another example, let’s look at the transaction analysis we did in the previous chapter for Metro Courier (click Transaction analysis):
1. The owner invested $30,000 cash in the corporation. We analyzed this transaction by increasing both cash (an asset) and common stock (an equity) for $30,000. We learned you increase an asset with a DEBIT and increase an equity with a CREDIT. The journal entry would look like this:
2. Purchased $5,500 of equipment with cash. We analyzed this transaction as increasing the asset Equipment and decreasing the asset Cash. To increase an asset, we debit and to decrease an asset, use credit. This journal entry would be:
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Answer:
All the journal entries illustrated so far have involved one debit and one credit; these journal entries are called simple journal entries. Many business transactions, however, affect more than two accounts. The journal entry for these transactions involves more than one debit and/or credit. Such journal entries are called compound journal entries.
Explanation:
1. The owner invested $30,000 cash in the corporation. We analyzed this transaction by increasing both cash (an asset) and common stock (an equity) for $30,000. We learned you increase an asset with a DEBIT and increase an equity with a CREDIT
2. Purchased $5,500 of equipment with cash. We analyzed this transaction as increasing the asset Equipment and decreasing the asset Cash. To increase an asset, we debit and to decrease an asset, use credit.
3. Purchased a new truck for $8,500 cash. We analyzed this transaction as increasing the asset Truck and decreasing the asset Cash. To increase an asset, we debit and to decrease an asset, use credit.
4. Purchased $500 in supplies on account. We analyzed this transaction as increasing the asset Supplies and the liability Accounts Payable. To increase an asset, we debit and to increase a liability, use credit.
5. Paid $300 for supplies previously purchased. Since we previously purchased the supplies and are not buying any new ones, we analyzed this to decrease the liability accounts payable and the asset cash. To decrease a liability, use debit and to decrease and asset, use debit.
6. Paid February and March Rent in advance for $1,800. When we pay for an expense in advance, it is an asset. We want to increase the asset Prepaid Rent and decrease Cash. To increase an asset, we debit and to decrease an asset, use credit.
7. Performed work for customers and received $50,000 cash. We analyzed this transaction to increase the asset cash and increase the revenue Service Revenue. To increase an asset, use debit and to increase a revenue, use credit.
8. Performed work for customers and billed them $10,000. We analyzed this transaction to increase the asset accounts receivable (since we have not gotten paid but will receive it later) and increase revenue. To increase an asset, use debit and to increase a revenue, use credit.
9. Received $5,000 from customers from work previously billed. We analyzed this transaction to increase cash since we are receiving cash and we want to decrease accounts receivable since we are receiving money from customers who we billed previously and not new work we are doing. To increase an asset, we debit and to decrease an asset, use credit.
10 Paid office salaries $900. We analyzed this transaction to increase salaries expense and decrease cash since we paid cash. To increase an expense, we debit and to decrease an asset, use credit.
11. Paid utility bill $1,200. We analyzed this transaction to increase utilities expense and decrease cash since we paid cash. To increase an expense, we debit and to decrease an asset, use credit.
Based on this model, households earn income when _______purchase______ in factors markets.
Suppose Eileen earns $600 per week working as a corporate attorney for Rowan and Martin Associates. She uses $8 to buy a box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Clancy $350 per week to work the cash register. Clancy uses $175 to purchase legal service from Rowan and Martin Associates Identify whether each of the following events in this scenario occurs in factor market or the product market.
Event Factor Market Product Market
Clancy earns $350 per week working for Pillmart Pharmacy.
Eileen earns $600 per week working for Rowan and Martin Associates
Clancy spends $175 to purchase legal service from Rowan and Martin Associates.
Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs.
a. The $350 per week Clancy earns working for Pillmart Pharmacy
b. The $175 Clancy spends to purchase legal service from Rowan and Martin Associates
c. The aspirin Eileen receives
d. Eileen's labor
Answer:
Based on this model, households earn income when FIRMS purchase SERVICES in factors markets.
Identify whether each of the following events in this scenario occurs in factor market or the product market.
Event Factor Market Product Market
Clancy earns $350 per week working for Pillmart Pharmacy. FACTOR MARKET
Eileen earns $600 per week working for Rowan and Martin Associates FACTOR MARKET
Clancy spends $175 to purchase legal service from Rowan and Martin Associates. PRODUCT MARKET
Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs.
b. The $175 Clancy spends to purchase legal service from Rowan and Martin Associates PRODUCT MARKET, HOUSEHOLD PURCHASES PRODCUTS
d. Eileen's labor FACTOR MARKET, HOUSEHOLDS SELL SERVICES TO FIRMS
Cost of goods manufactured during the year is $240,000, and work in process inventory on December 31 is $50,000. Work in process inventory during the year decreased by 60%. Total manufacturing costs incurred are
Answer:
$165,000
Explanation:
The first step is to calculate the work in process inventory
= 50,000/40/100
= 50,000/0.4
= 125,000
Therefore the total manufacturing cost can be calculated as follows
= 240,000-125,000+50,000
= 115,000+50,000
= 165,000
Hence the total manufacturing costs is $165,000
Which of the following is a fixed expense for Maria's sandwich food truck?
(A) Salaries for her employees (B) Truck insurance (C) Advertising (D) All of the above
Answer:
Salaries for her employees
Explanation
Salaries for her staff are listed below as a fixed expense for Maria's sandwich food truck. As a result, choice (A) is the right one.
What is a Food Truck?A food truck is a sizable motorized vehicle (like a van) or trailer that is outfitted to prepare, cook, serve, and/or sell food.Some, like ice cream trucks, offer frozen or premade food; others, with on-board kitchens, either make food from scratch or reheat food that was made in a physical commercial kitchen. Sandwiches, hamburgers, french fries, and other local fast food favorites are typical.
Food truck that served gourmet cuisine, a range of specialties, and ethnic menus were incredibly popular by the early 2010s, amid the pop-up restaurant craze.
Cold drinks like water and soda pop may be sold by food trucks. Along with food stalls, carts, and trucks,
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Brief Exercise 1-1 (Algo) Accrual accounting [LO1-2] Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from customers, $290,000; Cash paid for rent, $30,000; Cash paid to employees for services rendered during the year, $110,000; Cash paid for utilities, $40,000. In addition, you determine that customers owed the company $50,000 at the end of the year and no bad debts were anticipated. Also, the company owed the gas and electric company $1,000 at year-end, and the rent payment was for a two-year period. Calculate accrual net income for the year.
Answer:
Net Income for the year is $174,000
Explanation:
Net Income Calculation for the year is done below:
Particulars $
Revenues (290,000 + 50,000) 340,000
Less: Rent (30,000 / 2) (15,000)
Less: Salaries (110,000)
Less: Utilities (40,000 + 1,000) (41,000)
Net Income 174,000
Please note the following with regard to the calculation done above:
Revenue includes both the cash collected from customers and cash owed by the customers, which received later on at the end of the year.Rent has been divided by two, this is due to the fact that calculation of net income is done for the current period so only one year rent is taken.Utilities include cash paid for utilities and the amount company owed to gas & electric company.QUESTION 9 of 10: The skill set to predict the various aspects of the business several months or even years into the future is called:
a) Supply chain management
b) Forecasting
c) Quality control
Answer:
b) Forecasting
Explanation:
The skill set that is used to predict the aspects of the business in the future is what is known as forecasting.
In field of business or management, forecasting is also known as predicting. It is used to predict the developmental strides that the business would attain in the years to come.
Forecasting is very helpful because it helps to come up with strategies that would be useful to the business in the future.
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You are writing a report on the effectiveness of upper-management meetings in your company. Your first step is to determine whether to conduct an interview, carry out an observation, or administer a survey. You decide to observe one or two meetings to obtain primary data. You arrive late for the first meeting and walk into the room unannounced. What observation rule should you have followed
Answer:
Arrive early and obtain permission to observe
Explanation:
As a profession it is important to plan in advance also it is needed to demonstrate yourself in terms of an attitude and behavior this includes the organizing of the task and aimed to delivered the work by maintaining the high quality in order to meet out the objectives. In order to work effectively it is very significant to be on time.
In the given case, you have to arrive early so that you can give the brief introduction of yourself that obtain the permission for observing and shows the professionalism
During the current year, Alpha sold inventory to Beta for $100,000. As of year end, Beta had resold only 60 percent of these intra-entity purchases. Alpha sells inventory to Beta at the same markup it uses for all of its customers. What is the total for consolidated cost of goods sold
Answer:
a. $173,000
Explanation:
Missing word "Alpha Company owns 80 percent of the voting stock of Beta Company. Alpha and Beta reported the following account information from their year-end separate financial records: Alpha Beta Inventory $95,000 $88,000 Sales Revenue 800,000 300,000 Cost of Goods Sold 600,000 180,000 During the current year, Alpha sold inventory to Beta for $100,000."
Percentage of profits Alpha charge to other customers = ($800,000 - $600,000) / $800,000 = 25% of sales
Stock held at year end by beta from the purchases made from Alpha = $100,000 * 40% =$40,000
Profit involved in stock held by beta from the purchases made from Alpha = $40,000 * 25% = $10,000
So, Value of stock of Beta = $88,000 - $10,000 = $78,000
Hence, Total for consolidated inventory = $95,000 + $78,000 = $173,000
Webber Technologies is an emerging manufacturer of 3.5 inch diagonal touch screens for mobile communication devices/media players. 2011 industry sales were reported at 17.50 million units. This number represents an 17.7 % increase over 2010 industry sales. Webber Technologies had a 2010 market share of 5.9 %, compared with a 2011 market share of 4.2%. What was the change in unit sales for Webber Technologies, from 2010 to 2011, attributable to the change in industry sales
Answer:
Industry Sales (2011) = 17,500,000
Industry Sales (2010) = Sales of 2011/1+growth = 17,500,000/1+17.7% = 17,500,000/1.177 = $14868309.26083263 = $14,868,309.26
Company Sales (2011) = 17,500,000 * 4.2% = $735,000
Company Sales (2010) = 14,868,309.26 * 5.9% = $877,230.25
Change in units = Company sales in 2011 - Company Sales in 2010 = $735,000 - $877,230.25 = $142,230.25
Change due to change in Industry growth = Company Sales in 2010 * 17.7% = $877,230.25 * 17.7% = 155,269.75
So, there is net increase of 155,269.75 units of sales due to industry growth.
Mortensen Industries, which uses a process-costing system, adds material at the beginning of production and incurs conversion cost evenly throughout manufacturing. The following selected information was taken from the company's accounting records: Total equivalent units of materials: 8,000 Total equivalent units of conversion: 7,240 Units started and completed during the period: 6,100 On the basis of this information, the ending work-in-process inventory's stage of completion is:
Answer:
60%
Explanation:
Calculation for what the ending work-in-process inventory's stage of completion is:
First step is to calculate the Total materials
Total equivalent units of materials + Units started and completed during the period = Total materials or 6,100 + x = 8,000; x = 1,900 (8,100-6,100)
Second step is to calculate Partial units with conversion costs in ending inventory
Using this formula
Partial units with conversion costs in ending inventory= Equivalent units of conversion –
Units started and completed during the period
Let plug in the formula
Partial units with conversion costs in ending inventory= 7,240 – 6,100
Partial units with conversion costs in ending inventory = 1,140 units
Now let calculate the ending work-in-process inventory's stage of completion
Ending work-in-process inventory's stage of completion= 1,140 ÷1,900
Ending work-in-process inventory's stage of completion=0.6*100
Ending work-in-process inventory's stage of completion= 60%
Therefore the ending work-in-process inventory's stage of completion is:60%
The following accounts are taken from the ledger of Crane Company at December 31, 2017. Notes Payable $19,600 Cash $5,900 Common Stock 24,500 Supplies 4,900 Equipment 74,500 Rent Expense 2,000 Dividends 7,800 Salaries and Wages Payable 2,900 Salaries and Wages Expense 37,200 Accounts Payable 8,800 Service Revenue 84,300 Accounts Receivable 7,800
Prepare a trial balance.
CRANE COMPANY
Trial Balance
For the Month Ended December 31, 2017For the Year Ended December 31, 2017December 31, 2017
Debit Credit
$ $
$ $
Answer:
DEBIT SIDE $140,100
CREDIT SIDE $140,100
Explanation:
Preparation of a trial balance.
CRANE COMPANY Trial Balance For the Month Ended December 31, 2017
DEBIT SIDE
Equipment $74,500
Accounts receivable $7,800
Cash $5,900
Supplies $4,900
Dividends $7,800
Salaries and Wages Expense $37,200
Rent Expense $2,000
TOTAL DEBIT SIDE $140,100
CREDIT SIDE
Common stock $24,500
Notes payable $19,600
Salaries and wages payable $2,900
Accounts payable $8,800
Service Revenue $84,300
TOTAL CREDIT SIDE $140,100
Therefore Prepare a trial balance CRANE COMPANY Trial Balance will have both. DEBIT and CREDIT BALANCE of $140,100
Yekutia has the resources to manufacture 320 motorcycles or 570 lawn-mowers per year. The country of Bezanitia, has the capability of producing 230 motorcycles or 410 lawn-mowers per year. Which country has the largest opportunity cost to produce one more motorcycle and what is the opportunity cost to that country?
Answer:
Bezanitia,
1.782609
Explanation:
Opportunity cost is the cost of the next best option forgone hen one alternative is chosen over another alternative.
By choosing to produce one more motorcycle, the countries would be giving up the opportunity to produce one more unit of lawn mowers
Yekutia's opportunity cost in the production of motor cycle = 570 / 320 = 1.781250
Bezanitia's opportunity cost in the production of motor cycle = 410 / 230 = 1.782609
Beta Alpha Psi, the accounting honorary fraternity, held a homecoming party. The fraternity expected attendance of 80 persons and prepared the following budget: Room rental .. $ 170 Food ....... 660 Entertainment .. 570 Decorations ... 210 Total ...... $1,610 After Beta Alpha Psi paid all the bills for the party, the total cost came to $1,885 or $275 over budget. Details are $170 for room rental; $875 for food; $570 for entertainment; and $270 for decorations. Ninety-six persons attended the party. 1. Prepare a performance report for the party that shows how actual costs differed from the budget. That is, include in your report the budgeted amounts, actual amounts, and variances. 2. Suppose the fraternity uses a management-by-exception rule. Which costs deserve further examination
Answer:
Beta Alpha Psi
1. Performance Report for the party:
Budget Actual Variance
Expected attendance (persons) 80 96 16
Room rental .. $ 170 $170 $0
Food ....... 660 875 $215 U
Entertainment .. 570 570 $0
Decorations ... 210 270 $60 U
Total ...... $1,610 $1,885 $275 U
2. The costs that deserve further examination are Food and Decorations. The party overspent on these items.
Explanation:
Since 96 persons attended the party, the food cost should have been = $792 ($660/80 * 96), which is the flexible budget cost. The cost of decorations should have remained $210 unless there were improper estimates of the items required for the decorations and the size of the party venue.
Scott wants to accumulate $3,800 over a period of 11 years so that a cash payment can be made for roof maintenance on his summer cottage. To have this amount when it is needed, he will make annual deposits at the end of each year into a savings account that earns 7.0% annual interest per year. How much must each annual deposit be
Answer:
$240.76
Explanation:
The formula to determine the annual deposit is :
p = FV / annuity factor
Annuity factor = {[(1+r)^n] - 1} / r
FV = Future value
P = Present value
R = interest rate
N = number of years
Annuity factor = (1.07^11 - 1) / 0.07 = 15.783599
p = $3800 / 15.783599 = $240.76
Use two correctly labeled side-by-side graphs of the loanable funds market in the United States and China to show how a higher interest rate in the United States will lead to capital flows between the two countries. On your graphs, be sure to label the equilibrium interest rate in each country in the absence of international cap- ital flows, the international equilibrium interest rate, and the size of the capital inflows and outflows.
Answer:
Figure is given below.
Explanation:
The graph of United states and china is as follows :
Equilibrium is a condition in which market demand and supply or market forces are balanced, resulting in steady prices. Demand and supply balance each other out, resulting in a condition of equilibrium.
The international interest rate of equilibrium is set at 4%. The chart also shows capital inflows and outflows, as well as the United States and China's off-balance interest rates.
The image is attached below to show the equilibrium graphs.
For more information regarding US and China equilibrium, refer to the link:
https://brainly.com/question/6870263
The study of the role consumers play in a economic system is called what
Answer: Can i get OWA OWA
Explanation:
With gasoline prices at $3.00 per gallon, consumers are flocking to purchase hybrid vehicles (combination of gasoline and electric motors) that get 50 miles per gallon of gasoline. The monthly payment on a three-year lease of a hybrid is $499 compared to $399 per month on a conventional, equivalent traditional gasoline car that gets 25 miles per gallon. Both vehicles require a one-time $1,500 payment for taxes, license, and dealer charges. Both vehicles have identical lease terms for the residual value, maximum number of miles allowed without penalty, and so forth.
Required:
a. Calculate how many miles the consumer must drive per year to make the hybrid the economical choice over the conventional gasoline-only vehicle.
b. How does your answer to part (a) change if the price of gasoline is $4.00per gallon?
Answer and Explanation:
The computation is shown below:
a. The number of miles driven per year is
Let us assume the mileage be M
Now
$499 + M ($3 ÷ 50) = $399 + M ($3 ÷ 25)
$100 = M(0.12 - 0.06)
M = $100 ÷ 0.06
= 1,666.66 miles per month
For year, it is
= 1,666.66 × 12
= 20,000 miles per year
c. Now in the case when the gasoline price is $4 per gallon
$499 + M ($4 ÷ 50) = $399 + M ($4 ÷ 25)
$100 = M(0.16 - 0.08)
M = $100 ÷ 0.08
= 1,250 miles per month
For year, it is
= 1,250 × 12
= 15,000 miles per year
The essential characteristics of financial statement fraud are: The misstatement is material and intentional and the users of the financial statements are investors in publicly traded companies. This misstatement is material and intentional and the preparers of the financial statements have a fiduciary obligation to the organization. The misstatement is material and intentional and the preparers of the financial statements fail to report the misstatement to the SEC or other applicable authority. The misstatement is material and intentional and the users of the financial statements have been misled.
Answer:
The misstatement is material and intentional and the users of the financial statements have been misled.
Explanation:
Financial statement fraud is defined as the intentional misstatement or ommision of information on the financial statement that is aimed at deceiving users of financial statement.
When a fraud is perpetrated the act is an intentional attempt to misrepresent a situation to illegally gain something that is not legally yours.
For example financial statement fraud can be done to obtain a loan or inflate the price of company shares.
Usually profits, assets, and revenue are overstated. While liabilities, expenses, and losses are understated
The following cost information shows that as production increases, Quantity produced/day Total Cost 0 $2,000 1 $2,500 2 $2,800 3 $3,300 4 $4,100 5 $5,300 6 $7,000 Group of answer choices average total cost decreases and then increases. average fixed cost increases. Total cost is increasing slower and slower. marginal cost falls.
Answer:
The following cost information shows that as production increases, the
average total cost decreases and then increases.
Explanation:
a) Data and Calculations:
Quantity Total Cost Marginal Average
produced/day Cost Total Cost
0 $2,000 $2,000 $0
1 $2,500 $500 $2,500
2 $2,800 $300 $1,400
3 $3,300 $500 $1,100
4 $4,100 $800 $1,025
5 $5,300 $1,200 $1,060
6 $7,000 $1,700 $1,167
b) The average total cost is the total cost divided by the quantity produced per day. When no unit was produced, the company still incurred some cost, known as fixed cost for production infrastructure, etc. As the quantity produced increases, the average total cost tends to decrease until the quantity increased to 5 units. Perhaps, the factory capacity was exceeded at this point. No wonder the entity recorded an increase in the average total cost.
In December of this year, Paul, who is single, redeemed qualified Series EE U.S. Savings Bonds. The proceeds were used to help pay for his daughter's college tuition. Paul received proceeds of $10,000 representing principal of $7,000 and interest of $3,000. The qualified higher educational expenses he paid this year totaled $6,000. Paul has other adjusted gross income of $85,350. What is the amount of interest income Paul can exclude from his income this year
Answer:
$1,800
Explanation:
The computation of the amount of interest income that should be excluded is as follows:
Given that
Proceeds received $10,000
Principle $7,000
Interest $3,000
Qualified Higher Educational expenses $6,000
Now the amount excluded is
= $3,000 ×($6,000 ÷ ($7,000 + $3,000))
= $1,800