Answer: b. Because of unpredictable changes in the public's desire to hold cash or borrow and banks' desires to hold reserves or lend.
Explanation:
The Fed is able to embark on monetary policy that influences the entire country - and the world to some extent - because they have very strong influence over the money supply of the US$.
This influence is not absolute however because as the old adage goes, "you can lead a horse to water but you can't make him drink". In other words, the Fed can relax(impose) restrictions to make money more(less) available but they cannot force people to borrow(hold) that money.
They can't force banks either to either hold reserves or lend money out because banks are free to impose their own reserve limits on top of those of the Fed.
Traditions Home Accessories Company manufactures decorative lamps using an activity-based costing system to allocate all manufacturing conversion costs. The following information is provided for the month of June: Activity Estimated Indirect Activity Costs Allocation Base Estimated Quantity of Allocation Base Materials handling $3,000 Number of parts 6,000 parts Assembling $7,200 Number of hours 3,000 hours Packaging $4,000 Number of lamps 2,000 lamps Four lamps can be assembled in 1 hour. Each lamp consists of 9 parts. The total direct materials cost per lamp is $8.00. What is the total manufacturing cost per lamp
Answer:
$15.10 per lamp
Explanation:
Cost per part of Material handling = $3000/6000 parts
Cost per part of Material handling = $0.50 per part
Assembling per hour = $7200/3000
Assembling per hour = $2.40 per hour
Packaging per lamp = $4000/2000
Packaging per lamp = $2 per lamp
Total manufacturing cost per Lamp = $8 + (9*$0.50) + ($2.40/4) + $2
Total manufacturing cost per Lamp = $8 + $4.5 + $0.6 + $2
Total manufacturing cost per Lamp = $15.10 per lamp
Typically you do not have to worry about overdraft fees when you overdraw your bank account. * O True O False
Answer:
that should be false
Explanation:
Recording the Early Retirement of a Bond Issued at a Premium (with Premium Account) LO10-7 Several years ago, Cyclop Company issued bonds with a face value of $1,000,000 for $1,140,000. As a result of declining interest rates, the company has decided to call the bonds at a call premium of 5 percent over par. The bonds have a current book value of $1,037,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required: Record the retirement of the bonds, using a premium account.
Answer:
Date Account Titles and Explanation Debit Credit
Bonds payable $1,000,000
Loss on retirement of bond $13,000
[$1,050,000 - $1,037,000]
Premium on bond $37,000
Cash (1,000,000*105%) $1,050,000
(Record the retirement of the bonds, using a premium account)
Using a computerized Inventory Management System, a Paint Supply Store franchise continuously monitors the inventory of all the paint located at each of their 15 stores and their distribution warehouse. The Paint Supply Store franchise sells an average of 74 gallons of Purple Paint every week (for 52 weeks per year, Standard Deviation of the Demand = 8 gallons). They purchase Purple Paint from their supplier at a price of $4.00 per gallon.It takes 2.50 weeks to receive an order from the supplier.Administrative costs for Ordering paint have been estimated to be $35 per order.Holding Costs = 40% of the purchase price per gallon per year.How much Safety Stock should the company hold to have a Service Level of 99.0%?
Answer: 29.4 gallons
Explanation:
The Safety Stock that should be held by the company to have a Service Level of 99.0% will be:
= Z × σ × ✓LT
Z = 2.326
σ = Standard deviation = 8
LT = Lead time = 2.50
Safety stock = = Z × σ × ✓LT
= 2.326 × 8 × ✓2.50
= 2.326 × 8 × 1.58
= 29.4 gallons
The safety stock is 29.4 gallons.
The amount of Safety Stock that the company should hold to have a Service Level of 99.0% is 29 gallons of paint.
Using this formula
Safety stock = z×(√L/T)×σ
Where:
d=Average Demand rate per time period=74 gallons per week
σ = Standard Deviation =8 gallons
L = Performance cycle or total lead time =2.5 week
z = 99% target service level =2.326
T = Time increment= 1 week
Let plug in the formula
Safety stock = (2.329)×(√2.5/1)×8
Safety stock=(2.329)×(1.581)×8
Safety stock=29.4
Safety stock = 29 gallons of paint (Approximately)
Inconclusion the amount of Safety Stock that the company should hold to have a Service Level of 99.0% is 29 gallons of paint.
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Suppose Mike wants to pay efficiency wages to help in the construction of his beach home. If the prevailing wage rate for electricians is $30 per hour in his area, he will probably pay
a. $33
b. $18
c. $26
d. the minimum wage
Answer:
The answer to the question is c
Mike will probably pay $33 per hour because efficiency wage theory advocates that the paying your workers higher than the market wage for their role in order to improve their productivity. So, the correct option is (A).
What do you understand by the Efficiency wage theory?
According to the efficiency wage principle, employers should pay their employees well enough to encourage productivity and keep highly competent people on staff.
Efficiency wages are a level of pay given to employees above the minimum wage in labor economics in order to keep a skilled and productive workforce.
Efficiency wage theory contends that these higher rates really raise overall productivity and profitability for a firm over the long term, which helps to explain why businesses appear to overpay for workers.
Therefore, Mike will probably pay $33 per hour because efficiency wage theory advocates that the paying your workers higher than the market wage for their role in order to improve their productivity.
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The employers who physically move inventory items for storage or shipment are called _____.
A.) Shipping clerks
B.) Receiving clerks
C.) Logisticians
D.) Materials Handlers
Answer:
Materials Handlers
The employers who physically move items for storage or shipment are known as the materials handlers. The materials handlers are those who have worked almost on their own. Hence, option D is appropriate.
Who are the Material handlers?The material handlers are tasked with the job to look after the materials or the commodities which are going to be supplied. These materials need to be taken into custody.
The task of the material handlers is to pull and check the products of the customers as well as the clients. Thus, by allowing the Quality Assurance of the product.
The Materials handlers also verify the productsby pulling up the inventory. Hence, option D is correct.
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Xinhong Company is considering replacing one of its manufacturing machines. The machine has a book value of $40,000 and a remaining useful life of four years, at which time its salvage value will be zero. It has a current market value of $50,000. Variable manufacturing costs are $33,700 per year for this machine. Information on two alternative replacement machines follows. Alternative A Alternative B Cost$121,000 $118,000 Variable manufacturing costs per year 22,000 10,800 Calculate the total change in net income if Alternative A, B is adopted. Should Xinhong keep or replace its manufacturing machine
Answer:
Xinhong Company
Alternative A Alternative B
1. If Alternative 2 is adopted,
the change in net income ($8,550) $3,400
2. Xinhong should replace its manufacturing machine with Alternative B.
Explanation:
a) Data and Calculations:
Old Machine Alternatives 2
Alternative A Alternative B
Book value $40,000
Current market value 50,000 $121,000 $118,000
Variable manufacturing cost 33,700 22,000 10,800
Useful life 4 years 4 years 4 years
Straight-line Depreciation exp. 10,000 30,250 29,500
Total annual costs $43,700 $52,250 $40,300
If Alternative 2 is adopted,
the change in net income ($8,550) $3,400
With Alternative A, the change = reduced net income by $8,550 ($52,250 - $43,700)
With Alternative B, the change = increased net income by $3,400 ($43,700 - $40,300)
Mandy, who has AGI of $80,000 before considering rental activities, is active in three separate real estate rental activities. Mandy has a marginal tax rate of 22%. She has $12,000 of losses from Activity A, $18,000 of losses from Activity B, and income of $10,000 from Activity C. She also has $2,100 of tax credits from Activity A. Calculate her deductions and credits allowed and the suspended losses and credits.
Answer: See explanation
Explanation:
Mandy's deductions and credits allowed and the suspended losses and credits are calculated as follows:
Mandy's deduction (her utilized loss) total = $12000 + $18000 - $10000 = $20000
Her suspended loss = $0
After deducting the loss, Mandy has available a deduction equivalent of = $5000
Hee utilized credit is ($5000 × 22%) = $1100 and her suspended credit is ($2100 - $1100) = $1000.
You believe that the future value of the Australian dollar will be determined by purchasing power parity (PPP). You expect that inflation in Australia will be 6 percent next year, while inflation in the United States will be 1 percent next year. Today the spot rate of the Australian dollar is $0.78, and the one-year forward rate is $0.73. What is the expected spot rate of the Australian dollar in one year
Answer:
The expected spot rate of the Australian dollar in one year = 1.28 AUD per USD
Explanation:
The Current spot rate of Australian dollar against US Dollar
= [tex]\frac{1}{0.81}[/tex] AUD /USD
[tex]= 1.234[/tex] AUD per USD.
Inflation rate in Australia [tex]= 6[/tex]%
Inflation in the US [tex]= 2[/tex]%
Percentage change in Australian currency
[tex]=\frac{(1+0.06)}{(1+0.02)} -1[/tex]
[tex]=0.039 = 3.9[/tex] %
Thus, the spot exchange rate of AUD 1 year from now will be
[tex](1+0.039)*1.23 = 1.28[/tex]AUD per USD.
What happens first when the demand for a fad peaks and falls?
Explanation:
What happens first when the demand for a fad peaks and falls? he quantity supplied goes down, and the price goes up.If the demand for a fad peaks falls, the quantity will likely go down as the demand of the product What happens first when the demand for a fad peaks and falls? he quantity supplied goes down, and the price goes up.got less making the quantity to be also less, though because of it, the price are likely to go up as their products are only few in quantity. The correct answer is the sec
Answer:
the quantity supplied goes down, and the price goes up
Explanation:
Which of the following is NOT an example of economic GOODS?
Capital Goods
Traditional Goods
Consumer Goods
Durable Goods
Answer:
I nk first one d,.............
The following data are taken from the management accounting reports of Dancer Co.:
Div. A Div. B Div. C
Income from operations $1,800,000 $1,350,000 $1,350,000
Total service department charges 1,700,000 1,050,000 1,100,000
If an incentive bonus is paid to the manager who achieved the highest income from operations before service department charges, it follows that: _________
Answer:
Dancer Co.
If an incentive bonus is paid to the manager who achieved the highest income from operations before service department charges, it follows that: _________
Division A's manager will be rewarded, whereas the manager did not achieve the best results.
Explanation:
a) Data and Calculations:
Div. A Div. B Div. C
Income from operations $1,800,000 $1,350,000 $1,350,000
Total service department charges 1,700,000 1,050,000 1,100,000
Departmental net income $100,000 $300,000 $250,000
b) The incentive bonus is based on a performance reporting line that is above the bottom-line. It is the bottom-line figure that affects the company. The performance of a division should not be judged solely on a line above the bottom-line. The departmental charges are allocated costs for services consumed during a financial period. They must be taken into account before deciding on an incentive bonus.
2 points Time Remaining 5 minutes 36 seconds00:05:36 eBookItem 2 Time Remaining 5 minutes 36 seconds00:05:36 Brad proposed the purchase of a new Toshiba copier to his boss, Chin. Chin said that he has always used and liked Xerox copiers, but when he thinks about it later, he realizes he does not really feel strongly about the brand of copy machine used in the office. Chin should probably adopt a(n) ________ conflict-handling style when trying to resolve this matter with Brad. Multiple Choice compromising collaborating accommodating avoiding forcing
Answer: accommodating
Explanation:
Conflict management simply means how dispute can be solved. We've different conflict management styles such as accommodating, avoiding, compromising, collaboration and competing.
With regards to the question, the conflict-handling style that Chin should adopt when trying to resolve this matter with Brad is "accommodating".
This style is about simply putting the other parties needs before one's own. You allow them to ‘win’ and get their way.
Accommodation is typically used to keep peace and in situations whereby an individual doesn’t really care like the other person involved.
Windsor, Inc. just began business and made the following four inventory purchases in June: June 1 138 units $828 June 10 184 units 1288 June 15 184 units 1472 June 28 138 units 1242 $4830 A physical count of merchandise inventory on June 30 reveals that there are 184 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is $1610. $1105. $1150. $1656.
Answer:
$1,150
Explanation:
Given the above information, the value of the inventory method on June 30, using LIFO method would be calculated as;
= $828 + [ ($1,288 ÷ 184) × (184 - 138) ]
= $828 + (7 × 46)
= $829 + $322
= $1,150
Therefore, the ending inventory on June 30, using LIFO method is $1,150
The Kentucky government approves tax incentives to encourage more industry to move to the state. Which of the following statements best describes a potential negative externality? (1 point)
a
Development results in reduction of green space.
b
Taxes for local road maintenance decrease.
c
The state gambling industry fails to fund education.
d
The state park system loses positive media coverage.
Answer:
a
Explanation:
A good has positive externality if the benefits to third parties not involved in production is greater than the cost. an example of an activity that generates positive externality is research and development. Due to the high cost of R & D, they are usually under-produced. Government can encourage the production of activities that generate positive externality by granting subsidies.
A good has negative externality if the costs to third parties not involved in production is greater than the benefits. an example of an activity that generates negative externality is pollution. Pollution can be generated at little or no cost, so they are usually overproduced. Government can discourage the production of activities that generate negative externality by taxation. Taxation increases the cost of production and therefore discourages overproduction. Tax levied on externality is known as Pigouvian tax.
Government can regulate the amount of externality produced by placing an upper limit on the amount of negative externality permissible
The pounds of bananas sold each week at all Metro Seattle Alberstons stores as a function of price, p , in dollars/pound(lb.) is given by q ( p ) = 100 e 1.5 ( 5 − p ) 1. What is the price elasticity of demand for bananas at $.20/lb. ? (nearest 0.01) Bananas are Select an answer at that price? 2. What is the price elasticity of demand for bananas at $1/lb. ? Bananas are Select an answer at that price? 3. At what price is the maximum revenue per week achieved? +/- $0.01 4. What is that maximum revenue per week? 5. How many pounds will be sold each week at that optimal price
Answer:
a) 0.3 ( Inelastic )
b) 1.5 ( elastic )
c) $0.66 = ( 1/1.5 )
d) $44342.77
e) 66514.1633 Ib
Explanation:
Function = q (p) = 100e^1.5 ( 5 − p )
∴ q = 100e^(7.5 - 1.5p)
dq/dp = 100 ( -1.5 ) e^(7.5-1.5p)
hence E (p ) = | p/q * dq/dp |
= | -1.5p |
a) Determine the price elasticity of demand at $0.20 / Ib
E( 0.2 ) = | -1.5 * 0.2 |
= 0.3
given that E < 1 inelastic more revenue is generated when prices are increased
b) price elasticity at $1 / Ib
E ( 1 ) = | -1.5 * 1 |
= 1.5 given that E > 1 ( Elastic ) , hence when prices are raised less revenue is generated
c) Determine price at which maximum revenue is achieved
i.e. E(P) = -1 ( for max revenue )
-1 = | -1.5p |
therefore p ( price at which max revenue is achieved ) = ( 1 / 1.5 ) = $0.66
d) maximum revenue per week
q * p = ( 0.66 )* 100*e^(7.5 - 1.5*0.66)
= $44342.77
e) How many pounds will be sold each week at optimal price
quantity sold at optimal price ( q )
q = 100*e^(7.5 - 1.5*0.66)
= 66514.1633
Under its executive stock option plan, Q Corporation granted options on January 1, 2021, that permit executives to purchase 15 million of the company's $1 par common shares within the next eight years, but not before December 31, 2023 (the vesting date). The exercise price is the market price of the shares on the date of grant, $18 per share. The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures were anticipated; however, unexpected turnover during 2022 caused the forfeiture of 5% of the stock options. Ignoring taxes, what is the effect on earnings in 2023
Answer:
$18 million
Explanation:
Calculation to determine the effect on earnings in 2023
First step is to calculate the Award’s Fair Value
Using this formula
Award’s Fair Value = Purchase Granted Option × Fair Value Per Option
Let plug in the formula
Award’s Fair Value=$15 million × $4
Award’s Fair Value=$60 million
Second step is to calculate the reduction in earning
Using this formula
Reduction in earning = Award’s Fair Value ÷ Vesting years
Let plug in the formula
Reduction in earning= $60 million ÷ 3 years
Reduction in earning= $20 million each year
Now let calculate the Effect on earnings
Effect on earnings= [$60 million*(100%-5%)* 2/3] - $20 million
Effect on earnings= ($60 million*95%*2/3)-$20 million
Effect on earnings=$38 million-$20 million
Effect on earnings=$18 million
Therefore the effect on earnings in 2023 is $18 million
An adequate option pricing model estimates the fair value of the options to be $4 per option. There were no predicted forfeitures; nonetheless, unanticipated turnover during 2022 resulted in the forfeiture of 5% of the stock options. Without accounting for taxes, the effect on earnings in 2023 is $19 million.
Expense charged in 2021 = (15 million * $4) *1/3 = $20 million.
Expense charged in 2022 = [(15 million * $4 * 95%) * 2/3] - $20 million = $18 million.
Expense to be charged in 2023 = [(15 million * $4 * 95%) * 2/3] - $38 million = $19 million
Thus, without accounting for taxes, the effect on earnings in 2023 is $19 million.
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$1,500 in investment account with 8.5 percent interest
Explanation:
Results
At the end of 20 years, your savings will have grown to $4,811.
You will have earned in $3,311 in interest.
Horton Corporation is a 100 percent owned Canadian subsidiary of Cruller Corporation, a U.S. corporation. During the current year, Horton paid a dividend of C$600,000 to Cruller. The dividend qualifies for the 100 percent dividends received deduction. The dividend was subject to a withholding tax of C$30,000. Assume an exchange rate of C$1 = $1. Cruller reported U.S. source taxable income of $2,000,000 before considering the dividend received from Horton Corporation. Compute the tax consequences to Cruller as a result of this dividend.
A) Taxable income of $2,600,000, net U.S. tax of $516,000, and FTC carryover of $0.
B) Taxable income of $2,600,000, net U.S. tax of $546,000, and FTC carryover of $30,000.
C) Taxable income of $2,000,000, net U.S. tax of $390,000, and FTC carryover of $0.
D) Taxable income of $2,000,000, net U.S. tax of $420,000, and FTC carryover of $0
Answer:
D) Taxable income of $2,000,000, net U.S. tax of $420,000, and FTC carryover of $0
Explanation:
Computation for the tax consequences to Cruller as a result of this dividend
The tax consequences will be Taxable income of the amount of $2,000,000, net U.S. tax of the amount of $420,000 Calculated as ($2,000,000 × 21%) and FTC carryover of $0 reason been that withholding tax won't be creditable based on the fact that the withholding tax was been imposed on a dividend that is eligible for the 100% dividends deduction that was received.
Media Relations are marketing activities that involves writing press releases and organizing news conferences for a sports organization
A) True
B) False
Answer:
Hello! Your answer is, A)True
Explanation:
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Global businesses that have extended their public relations strategies worldwide should: Group of answer choices Ensure that communications with local media take place in the area's native language. Never decentralize their global public relations programs to ensure the company has "one voice." Assume that there is no anti-American sentiment in the countries where they have operations. Ignore local customs and emerging issues in the locations where they operate.
Answer:
Ensure that communications with local media take place in the area's native language.
Explanation:
Globalization can be defined as the strategic process which involves the integration of various markets across the world to form a large global marketplace. Basically, globalization makes it possible for various multinational enterprise (MNE) to produce goods and services that is used by consumers across the world.
A multinational enterprise (MNE) can be defined as any business firm that engages in the production of goods and services in two or more countries.
Generally, a multinational enterprise (MNE) has subsidiaries in other countries and as such derives a high amount of revenue outside its home country by providing goods and services that meets the need of customers through the use of advanced technology.
Some examples of a multinational enterprise (MNE) are Amazon, BNP Paribas, Alcatel-Lucent, Apple, Chevron, Casio, Disney, etc.
Hence, global businesses that have extended their public relations strategies worldwide should ensure that communications with local media take place in the area's native language. For example, a multinational enterprise that has a branch in Shanghai, China must ensure that its communication and PR strategies are done in Chinese language in order to appeal to the senses of the locals. This would go a long way to foster the relationship between the organization and the people living in Shanghai and consequently boosting the brand's image and acceptance of its goods and services.
Butler Corporation is considering the purchase of new equipment costing $78,000. The projected annual after-tax net income from the equipment is $2,800, after deducting $26,000 for depreciation. The revenue is to be received at the end of each year. The machine has a useful life of 3 years and no salvage value. Butler requires a 11% return on its investments. The present value of an annuity of $1 for different periods follows: Periods 11% 1 0.9009 2 1.7125 3 2.4437 4 3.1024 What is the net present value of the machine
Answer:
-$7,621
Explanation:
Calculation to determine the net present value of the machine
Using this formula
Net present value of the machine=(Net cash flow *present value of an annuity at 11%)- Amount invested
Let plug in the formula
Net present value of the machine=($2,800+$26000*2.4437)-$78,000
Net present value of the machine=($28,800*2.4437)-78,000
Net present value of the machine=$70,379-$78,000
Net present value of the machine=-$7,621
Therefore the Net present value of the machine is -$7,621
Why did bank runs cause banks to fail?
Answer:
Another phenomenon that compounded the nation's economic woes during the Great Depression was a wave of banking panics or “bank runs,” during which large numbers of anxious people withdrew their deposits in cash, forcing banks to liquidate loans and often leading to bank failure.
Explanation:
Answer:
It caused them to fail becuase people withdrew their deposits in cash, t o liquidate loans.
Explanation:
“Bank runs” was when large numbers of anxious people withdrew their deposits in cash, forcing banks to liquidate loans , leading to bank failure.
Which phrase best completes the diagram?
Features of Developing countries
Low per capita income
Limited access to luxury goods
?
O
A. Small population
B. High standard of living
C. Use of fiat currency
D. Low gross domestic product
Low gross domestic product
The diagram above can be best completed by the phrase, D. Low gross domestic product.
What completes the diagram on developing countries?Developing nations have weaker economies which is why they have a low per capita income and cannot access expensive luxury goods as much.
They also have a lower gross demestic product because their economies are not strong enough to produce much goods.
In conclusion, option D is correct.
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B MC Qu. 10-176 (Algo) The following labor standards have been ... The following labor standards have been established for a particular product: Standard labor-hours per unit of output 8.9 hours Standard labor rate $ 15.95 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 11,000 hours Actual total labor cost $ 173,030 Actual output 1,650 units What is the labor rate variance for the month
Answer:
Direct labor rate variance= $2,420 favorable
Explanation:
To calculate the direct labor rate variance, we need to use the following formula:
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Direct labor rate variance= (15.95 - 15.73)*11,000
Direct labor rate variance= $2,420 favorable
Actual rate= 173,030/11,000= $15.73
The right to a safe and healthy workplace is accurately described by which statement? Group of answer choices Over recent years no new categories of accidents or illnesses have emerged. Extensive training and careful precautions are necessary to avoid accidents, injuries, and illness. A very limited number of jobs are potentially hazardous to workers’ safety and health. Regulations and enforcement have failed to curb worker accidents.
Answer:
The correct answer is the second option: Extensive training and careful precautions are necessary to avoid accidents, injuries and illness.
Explanation:
To begin with, all of the other options are describing the fact that the laws that regulate the workplace environment are no necessary or state that are enough. That is why that in the option chosen it is stated that it is absolutely necessary to have extensive training in the areas of work, specially those who are danger, and to take precautions around all so that the accidents can be prevented and the injuries will no happen as well as the illnesses. Therefore that the right to a safe workplace is accurately described by that statement.
Explain why different communication methods are used in the business environment?
Answer:
Different communication methods are used in different circumstances because sometimes a certain method will be more effective in terms of cost, time and impact, and sometimes it will be more appropriate.
Explanation:
Different communication methods are used in the business environment to suit different situations and needs. It is important to choose the right method of communication to ensure effective communication and to avoid misunderstandings.
There are some important communication methods are:
Face-to-face communication is utilized when there needs to be rapid clarification, feedback, or discussion.
When a written record of the conversation is required or the receiver cannot be reached in person, email is the preferred means of communication.
When a formal debate or presentation is required, this approach is employed in business meetings.
Social media is a technique utilized when a wide audience has to be reached fast.
Applications for team messaging are utilized when quick, informal communication is required among team members.
As a result, the significance of the different communication methods are used in the business environment are the aforementioned.
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Cobb Company produces 8,000 parts each year, which are used in the production of one of its products. The unit product cost of a part is $36, computed as follows: Variable production costs $16 Fixed production costs 20 The parts can be purchased from an outside supplier for only $24 each. If the part is outsourced, fixed production costs would be reduced by one-fourth. If the parts are purchased from the outside supplier, the annual impact on the company's operating income will be:
Answer:
Explanation:
Total unit product cost = $36
If purchased from outside, then fixed costs will be only $15 because 25% of 20 will be reduced.
So, if purchased from outside,
Total unit cost = 24 + 15
Total unit cost = $39
So, it is more when purchased from outside. Total operating income will decrease by = 8,000 * (39 - 36) = $24,000
Marin Corporation recorded a right-of-use asset for $214,400 as a result of a finance lease on December 31, 2019. Marin’s incremental borrowing rate is 11%, and the implicit rate of the lessor was not known at the commencement of the lease. Marin made the first lease payment of $37,534 on on December 31, 2019. The lease requires 8 annual payments. The equipment has a useful life of 8 years with no residual value.
Prepare Marin's December 31, 2017, entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places e.g. 5,275)
Date Account Titles and Explanation Debit Credit
December 31, 2017
December 31, 2017 (To record amortization of the right-of-use asset)
Answer:
Date Account titles and Explanation Debit Credit
31 Dec 19 Lease liability $18,079
Interest expense $19,455
[(214,400-37,534)*11%]
Cash $37,534
(To record interest expense)
31 Dec 19 Amortization expense $26,800
[214,400/8]
Right of use asset $26,800
(To record amortization of the right of use asset)
Assume that three identical units of merchandise were purchased during October, as follows:
Units Cost
Oct. 5 Purchase 1 $5
12 Purchase 1 13
28 Purchase 1 15
Total 3 $33
Assume one unit is sold on October 31 for $28. Determine cost of merchandise sold, gross profit, and ending inventory under the average cost method.
Answer:
Cost of Merchandise sold: $11
Gross Profit: $17
Ending inventory: $22
Explanation:
STATEMENT SHOWING INVENTORY RECORD UNDER WEIGHTED AVERAGE METHOD
RECIEPTS COST OF GOODS SOLD BALANCE
DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $
balance
05-Oct 1 5 5
12-Oct 1 13 13
28-Oct 1 15 15
TOTAL 3 11 33 1 11 11 2 11 22
Gross Profit:
Sales revenue 28
Less: Cost of good sold 11
Gross Profit: 17