At his new job, Carlos notices that everyone places high values on their families and each others' families, birthdays are always celebrated, and flexible schedules are permitted to facilitate family involvement as long as the work is still getting done. Everyone is very relaxed and friendly. Carlos has made several observations about the:________

a. organizational structure.
b. ethical climate.
c. morale and performance programs.
d. codes of conduct.
e. corporate culture.

Answers

Answer 1

Answer:

e. corporate culture

Explanation:

Carlos has made several observations about the corporate culture. In other words, his observations were mainly about the believes and decisions that the company has made regarding its employees and outside of work factors. Which in this case are families. Their corporate culture values family a lot and they seem to hire individuals whose traits match these values as well. This is why they allow all of these leeways and benefits when regarding employee families.


Related Questions

Based on Jacobs (1954). The Carter Caterer Company must have the following number of clean napkins available at the beginning of each of the next four days: day 1, 1500; day 2, 1200; day 3, 1800; day 4, 600. After being used, a napkin can be cleaned by one of two methods: fast service or slow service. Fast service costs 50 cents per napkin, and a napkin cleaned via fast service is available for use the day after it is last used. Slow service costs 30 cents per napkin, and these napkins can be reused two days after they are last used. New napkins can be purchased for a cost of 95 cents per napkin. Determine how to minimize the cost of meeting the demand for napkins during the next four days. (Note: There are at least two possible modeling approaches, one network and one nonnetwork. See if you can model it each way.)

Answers

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Pack-and-Go, a new competitor to FedEx and UPS, does intra-city package deliveries in seven major metropolitan areas. The performance of Pack-and-Go is measured by management as: (1) delivery time (relative to budgeted delivery time), (2) on-time delivery rates (defined as agreed-upon delivery date/time plus or minus a specified cushion), and (3) percentage of lost or damaged deliveries. In response to competitive pressures, Pack-and-Go is evaluating an investment in new technology that would improve customer service and delivery quality, particularly in terms of items (2) and (3) above. The annual cost of the new technology, for each of the seven metropolitan areas serviced by Pack-and-Go, is expected to be $80,000. You have gathered the following information regarding delivery performance under both existing operations and after implementing the new technology:
Decision Alernative
After Implementing
Item Current System New Technology
On-time delivery rate 80% 95%
Variable cost per package lost or damaged $30 $30
Allocated fixed cost per package lost or damaged $10 $10
Annual number of packages lost or damaged 300 100
Based on a recent marketing study commissioned by Pack-and-Go, the company estimates that each percentage point increase in the on-time performance rate would lead to an annual revenue increase of $10,000. The average contribution margin ratio for packages delivered by Pack-and-Go is estimated as 40%.
Required:
1. From a financial perspective, should pack-and-Go invest in the new technology?
2. Based on the data collected by Pack-and-Go, the company is fairly confident about the reduction in costs associated with lost or damaged packages. However, because of uncertainties in terms of pricing in the markets in which Pack-and-Go operates, it is less sure about the predicted increase in revenues associated with the implementation of the new technology. What is the break-even increase in annual revenue that would justify the investment in the new technology?

Answers

Answer:

Pack-and-Go

1. From a financial perspective, Pack-and-Go should invest in the new technology.  It will enjoy a contribution margin of 97.5%.

2. The break-even increase in annual revenue that would justify the investment in the new technology is:

Fixed cost = Contribution

$80,000 = Contribution - $8,000

= $72,000 ($80,000 - $8,000

Explanation:

a) Data and Calculations:

Expected cost of new technology investment = $80,000

Delivery performance:

                                           Decision Alternative

                                              After Implementing

Item                               Current System      New Technology

On-time delivery rate              80%                       95%

Variable cost per package lost

 or damaged                          $30                        $30

Allocated fixed cost per

 package lost or damaged   $10                         $10

Annual number of packages

 lost or damaged                 300                         100

Variable cost for lost or

 damaged packages      $9,000 (300*$30)      $3,000 (100*$30)

Fixed cost for lost or

 damaged packages        3,000 (300*$10)       $1,000 (100*$10)

Total cost for lost or

damaged packages      $12,000                       $4,000

Increase in the on-time performance rate = 95% - 80% = 15%

Increase in annual Revenue = $10,000 * 15 = $150,000

Savings from lost or damaged packages =           8,000 ($12,000 - $4,000)

Total savings from new technology =              $158,000

Annual cost of new technology =                       (80,000)

Net savings from new technology =                  $78,000

Contribution margin based on net savings = $78,000/$80,000 * 100 = 97.5%

Average contribution margin = 40%

PLEASE HELP!!!!
How is a check treated by the US government?

a. as currency
b. as a legal contract
c. as a negotiable instrument
d. as a promise from the payee to the payer

Answers

Answer:

legal contract

Explanation:

should be it or currency

the answer should be B

a. Performed $29,400 of services on account.
b. Collected $17,500 cash on accounts receivable.
c. Paid $4,400 cash in advance for an insurance policy.
d. Paid $570 on accounts payable.
e. Recorded the adjusting entry to recognize $3,700 of insurance expense.
f. Recorded the adjusting entry to recognize $300 accrued interest revenue.
g. Received $9,500 cash for services to be performed at a later date.
h. Purchased land for $1,560 cash.
i. Purchased supplies for $1,800 cash.
Required:
Record each of the above transactions in general journal form and then show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Transaction Account Titles Debit Credit
a Accounts receivable 29,400
Service revenue 29,400
Show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. Enter any decreases to account balances with a minus sign.)

Answers

Answer:

S/n  Account Titles                  Debit$     Credit$

a.     Accounts receivable         29400

             Service revenue                           29400

b.     Cash                                   17500  

              Accounts receivable                    17500

c.     Prepaid insurance              4400

              Cash                                              4400

d.     Accounts payable               570

              Cash                                               570

e.     Insurance expense             3700  

                Prepaid insurance                       3700

f.      Interest receivable               300  

                Interest revenue                          300

g.     Cash                                    9500  

                Unearned service revenue         9500

h.     Land                                     1560  

               Cash                                               1560

i.      Supplies                               1800

               Cash                                               1800

   Asset  Liabilities  Equity  Revenue  Expense  Net income  S.Cash Flow

a. 29400                   29400  29400                          29400             NA

b. 17500                                                                                               OA

  -17500      

c. 4400                                                                                                 OA

  -4400

d. -570     -570                                                                                      OA

e. -3700                     -3700                        3700         -3700              NA

f.   300                         300      300                                300                NA

g.  9500   9500                                                                                     OA

h.  1560                                                                                                   IA

   -1560

i.   1800                                                                                                  OA

   -1800

An economic profit includes implicit costs and accounting profit does not. A distinction between them is important because an accounting profit is a relative amount of money. Some amount of accounting profit may or may not be a sufficient amount of profit to keep an entrepreneur in:________

Answers

Answer:

his/ her present line of business

Explanation:

Economic profit is accounting profit less implicit cost

Accounting cost is total revenue less explicit cost

Implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives

Explicit cost is the actual cost incurred in carrying out an activity.

In determining  profit, it is essential to consider implicit cost to determine if the business is earning economic profit

Find the EAR in each of the following cases: Stated Rate (APR) Number of Times Compounded Effective Rate (EAR) 7% Quarterly 17 Monthly 13 Daily 10 infinite

Answers

Answer:

7.19

18.39

13,88

10.51%

Explanation:

EAR = (1 + periodic interest rate)^m - 1

m = number of compounding

a. ( 1 + 0.07/4)^4 - 1 = 7.19%

b. (1 + 0.17/12)^12 - 1 = 18.39%

c. (1 + 0.13/365)^365 - 1 = 13.88%

d. EAR =

A purchase of a pair of Italian designer jeans by a resident of Japan would be considered an_____when counting GDP in Japan. As a result, this purchase would be_____Japanese GDP. A purchase of a light pickup truck made in Japan and sold in Canada would be considered an_____for Japanese GDP, which would be_____Japanese GDP.

Answers

Answer and Explanation:

In the case when the purchase of Italian jeans made by the Japan resident so it would be considered an import at the time of counting GDP in Japan. So the purchase would be deducted or excluded from Japanese GDP

In the case when the purchase of truck would be made in Japan and then sold it in Canada so it would be considered as an export so the same would be included or added in Japanese GDP.

Distributors of cigarettes earn some monopoly profits in their local markets but see them slowly erode as substitutes enter the market. Suppose Nebraska has scheduled a vote on the legalization of marijuana. Additionally, suppose that marijuana and cigarettes are substitutes and that the legalization of marijuana would lead to a decrease in the price of marijuana.

Given the relationship between marijuana and cigarettes, the legalization of marijuana would lead to_______in demand for cigarettes. Thus, distributors of cigarettes would likely____the legalization of marijuana.

Answers

Answer:

The question is incomplete, the options are missing. The options are the following:

For the first gap: increase/decrease.

For the second gap: support/oppose.

And the correct answers are: Decrease/oppose.

Explanation:

To begin with, in the microeconomics theory when it comes to concept of substitutes it refers to the relationship that exists between two goods that are similar in characteristics and therefore that they are probably to substitue one for the other in the market in the case when one's price is higher that the other. That is why that in this case presented, the legalization of the marijuana would obviously lead to a decrease in the demand of the cigarattes due to the fact that now the consumers will start to consume more of the other, letting the cigarette fall. And therefore that the distributors of cigarattes would likely be oppose to the legalization because it will affect their business.

In the market for financial capital,
a. those who supply financial capital pay interest on loans.
b. those who demand financial capital receive interest on loans.
c. the demand for financial capital comes from savings, and the supply goes to making loans.
d. the supply of financial capital comes from savings, and the demand goes to making loans.

Answers

Answer:

d. the supply of financial capital comes from savings, and the demand goes to making loans.

Explanation:

Capital markets refer to the areas where deposits and investment are transferred between the capital providers and others in need of capital. Capital markets consist of the main market, where new shares are released and exchanged, and the secondary market, where already issued securities are exchanged by investors.

In Year 1, the investor acquired 10% ownership of investee and applied fair value method to account for the investment. In Year 2, the investor acquired another 30% ownership and applied equity method to account for the investment (40% ownership). In Year 3, the investor sold 35% ownership of the investee and started using fair value method again to account for the investment (5% ownership). Should the investor apply retrospective adjustment in Year 2 and Year 3

Answers

Answer:

b

Explanation:

Zeitler's Department Stores sells its products online and through traditional brick-and-mortar stores. The following parallel coordinates plot displays data from a sample of 20 customers who purchased clothing from Zeitler's either online or in-store. The data include variables for the customer's age, annual income, and the distance from the customer's home to the nearest Zeitler's store. According to the parallel coordinates plot, how are online customers differentiated from in-store customers?

Answers

Question Completion:

Choose the correct answer below

(1) in-store customers appear to be middle aged, have higher annual income and live further distance away from a store

(2) in-store customers appear to be generally younger, have lower annual income and live near a store

(3) Online customers appear to be generally younger, have higher annual income and live further distance away from a store

(4) Online customers appear to be middle aged, have lower annual income and live near a store

Answer:

Zeitler's Department Stores

Online and In-store Customers:

According to the parallel coordinates plot, online customers are differentiated from in-store customers in the following ways:

(3) Online customers appear to be generally younger, have higher annual income and live further distance away from a store

Explanation:

Younger persons tend to embrace technology more than their older counterparts.  Based on this, they also engage on online purchasing of goods and services instead of visiting the traditional brick-and-mortar stores.  With online purchase, a customer is in better control because she can search for the best deals from any location.

After graduating from college, you are hired by the Ford automobile company as an economic analyst. For your first project, you are asked to estimate what would happen to the sales of Ford Mustangs as a result of a change in (i) the price of a Chevrolet Camaro, (ii) the price of gasoline, and (iii) consumer incomes. You are given the following elasticities:

price elasticity Of demand for Ford Mustangs= -2.5
Cross-price elasticity between Ford Mustangs and Camaros =1.5
Cross-price elasticity between Ford Mustangs and gasoline= -0.80
Income elasticity of demand for Ford Mustangs= 3.00

a. Suppose the price Of a Camaro falls by 10%. With all else being equal, sales of Ford Mustangs would______ by_______%
b. If the price of gasoline increases by 20%, the quantity of Ford Mustangs would _________by_______%

Answers

Answer:

a. Decrease by 15%

b. decrease by 16%

Explanation:

a. As we know that

Camaro and ford mustangs would be considered as a substitute goods as the cross price elasticity of demand comes in positive so in the case when the price of camaro decrease so the quantity of Mustang would also decreased by 1.5 ×10% = 15%

b. As we know that Gasoline and mustang would be considered as complementary goods so if the price of gasoline would increase by 20% so the quantity of mustang be decreased by 0.80 × 20% = 16%

Kara files her income tax return 64 days after the due date of the return without obtaining an extension from the IRS. Along with the return, she remits a check for $15,400, which is the balance of the tax she owes. Note: Assume 30 days in a month.

Required:
Disregarding the interest element, enter Kara's penalty amount for each, failure to file and failure to pay.
Failure to pay________$
Failure to file________$

Answers

Answer:

failure to file :$2079

failure to pay:$231

Explanation:

given data

remits a check = $15,400

days in a month = 30

return = 64 days

solution

computation of Kara's penalty amount for failure to pay

failure to pay will be

failure to pay  = 0.5% of tax owed × number of months  .......................1

failure to pay = 0.5% × $15400 × 3

failure to pay  = $231

and

Computation of Kara's penalty amount for failure to file

failure to file will be

failure to file = (5% of tax owed × number of months or part thereof) - failure to pay penalty          .......................2  

failure to file = (5% × $15400 × 3) - $231

failure to file = $2310 - $231

failure to file = $2079

The next three questions are based on the following information: Demand for an item is 1000 units per year. A processing fee of $10 will be charged for each order placed. The purchasing cost of the item is $20. The annual cost to carry an item in inventory is 20% of the item costs. What is the unit inventory holding cost

Answers

Answer:

$4.00

Explanation:

The cost of purchasing 1000 units per year is computed thus:

the annual cost of purchase=annual demand*cost per unit

annual demand=1000

cost per unit=$20

the annual cost of purchase=1,000*$20

the annual cost of purchase=$20,000

The cost of carrying or holding the inventory for one year is 20% of cost of purchase

Annual holding cost=20%*$20,000

Annual holding cost=$4,000

the unit inventory holding cost=annual holding cost/annual demand

the unit inventory holding cost=$4,000/1000

the unit inventory holding cost=$4.00

Klingon Cruisers, Inc., purchased new cloaking machinery three years ago for $12 million. The machinery can be sold to the Romulans today for $10.8 million. Klingon's current balance sheet shows net fixed assets of $10 million, current liabilities of $830,000, long-term debt of $5 million and net working capital of $248,000. If all the current accounts were liquidated today, the company would receive $1.15 million cash. What is the book value of Klingon's equity?
a. $5,248,000.00.
b. $11,078,000.00.
c. $5,000,000.00.
d. $22,800,000.00.
e. $12,000,000.00.

Answers

Answer:

a. $5,248,000.00.

Explanation:

Calculation for the book value of Klingon's equity

Book value = $248,000 + $5,000,000

Book value = $5,248,0000

Therefore the book value of Klingon's equity will be $5,248,0000

(b) The citizens of this country are in general very clever people, but they are not good at multiplying by 2. This made shopping for potatoes excruciatingly difficult for many citizens. Therefore it was decided to introduce a new unit of currency, such that potatoes would be the numeraire. A sack of potatoes costs one unit of the new currency while the same relative prices apply as in the past. In terms of the new currency, what is the price of meatballs

Answers

Answer: 2 sacks of potatoes

Explanation:

In the past, meatballs cost 4 crowns per crock which was twice the price of Potatoes at 2 crowns per sack.

Now that potatoes were are the new currency but relative prices apply, the same notion above applies too.

If meatballs are twice the price of potatoes and potatoes are now the currency, then meatballs which are still twice the price of potatoes must be:

= 2 * 1 sack of potatoes

= 2 sacks of potatoes

When developing baseline standards, it is vital to use industry best practices. Industry best practices standards enable one to justify choices being made to regulators. Furthermore, there is increased efficiency to be gained by modifying an existing standard as opposed to creating one from the ground up.
A. True
B. False

Answers

Answer:

A. True

Explanation:

A baseline may be defined as the minimum amount of security that a network, a device or a system must adhere to. They are generally mapped to the industry standards. It is applied to the several layers of the IT infrastructure of an organization.

When developing them, it is very important to make use of the industry best practices. It enables to justify the choices that are being made to the regulators.

Hence the answer is true.

preparing its Manufacturing Overhead Budget for the fourth quarter of the year. The budgeted variable manufacturing overhead rate is $1.70 per direct labor-hour; the budgeted fixed manufacturing overhead is $116,000 per month, of which $30,000 is factory depreciation. If the budgeted direct labor time for December is 4,000 hours, then the predetermined manufacturing overhead per direct labor-hour for December would be:

Answers

35:000 hours I think

TB MC Qu. 03-111 A manufacturer of cedar shingles...
A manufacturer of cedar shingles has supplied the following data:
Bundles of cedar shakes produced and sold 262,000
Sales revenue $ 2,122,200
Variable manufacturing expense $ 975,200
Fixed manufacturing expense $ 487,000
Variable selling and administrative expense $ 260,400
Fixed selling and administrative expense $ 276,000
Net operating income $ 123,600"
The company's contribution margin ratio is closest to:__________ (Do not round Intermediate calculations. Round your answer to whole percentage)
a) 42%
b) 34%
c) 66%
d) 58%

Answers

Answer:

A. 42%

Explanation:

Given the above information,

Contribution margin ratio = (Selling price - Unitary variable cost) / Selling price

Selling price = $2,122,200 / 262,000 = $8.1

Total variable cost = Variable manufacturing expense $975,200 + Variable selling and administrative expense $260,400 = $1,235,600

Unitary variable cost = $1,235,600 / 262,000 = $4.72

Contribution margin ratio = (8.1 - 4.72)/8.1 = 41.73% = 42%

Money management includes effective tax planning. Your financial plan should include ways to lower your tax liability so you have more money to spend, invest, or donate. The key to effective tax planning is to reduce your taxable income, rather than your gross income, through all appropriate and legally available opportunities.

The act of reducing taxes in ways that are legal and compatible with the intent of Congress is called:______

Answers

Answer:

Tax Avoidance

Explanation:

A Tax is simply a compulsory payment to a local, state, or national government. It is a source of Revenue to government.

Tax Avoidance is defined as an action that an individual embark on to lreduce tax and maximize after tax income. That is to lessen one's tax liability within the limit set up by law.

In case of tax reduction or minimisation for an individual, one must;

1. Know that the arrangement is usually in the beginning of the business rather than in the course of it.

2. There must be sound commercial reasons for the arrangement.

3. Limit tax by exercising choices provided for in the Act and do not use these choices out of the manner listed by parliament. e.t.c

The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $4,000 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $3,000 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $3,800. Problem 3-9B Part 9 9. Record closing entries.

Answers

Question Completion:

Assume that Supplies were purchased during the year worth $13,000.

Record the adjusting entries.

Answer:

Adjusting Journal Entries on December 31, 2021:

Debit Interest Expense $4,000

Credit Interest payable $4,000

To record the accrued interest on the notes payable.

Debit Salaries Expense $3,000

Credit Salaries payable $3,000

To record the accrued salaries at year end.

Debit Supplies Expense $9,200

Credit Supplies $9,200

To record supplies expense for the year.

Explanation:

a) Data and Calculations:

Supplies purchased = $13,000

Supplies at year-end =   3,800

Supplies consumed = $9,200 ($13,000 - $3,800)

b) Adjusting entries are journal entries done at the end of a financial period to ensure that expenses and revenues are matched to the period they occur instead of when cash is exchanged.  This accords with the accrual concept and the matching principle of accounting.

Question 7 of 10
Your company emphasizes the important of conserving (not wasting)
resources. How can you support that value when you print an 8-page report
you were asked to bring to your department's monthly meeting?
A. Use the Print option for two-sided printing.
B. Post the report online before printing it.
C. Use the Print option to create extra copies.
D. Use the Save option to choose a format readers can open.
SUBMIT

Answers

Answer:

A. Use the Print option for two-sided printing.

I'd choose A, although I don't really understand what option D means..

The bonds in our model have a maturity close to zero; they just pay the current interest rate, i, as a flow over time. We could consider, instead, a discount bond, such as a U.S. Treasury Bill. This type of asset has no explicit interest payments (called coupons) but pays a principal of, say, $1000 at a fixed date in the future. A Bill with one- year maturity pays off one year from the issue date, and similarly for 3-month or 6-month Bills. Let PB be the price of a discount bond with one-year maturity and principal of $1000. a. Is PB greater than or less than $1000.

a. Is P^B greater than or less than $1000?
b. What is the one-year interest rate on these discount bonds?
c. If prises, what happens to the interest rate on these bonds?
d. Suppose that, instead of paying $1000 in one year, the bond pays $1000 in two years. What is the interest rate per year on this two-year discount bond?

Answers

Answer:

Answer is explained in the explanation section below.

Explanation:

Part a.

[tex]P^{B}[/tex] will be less than $1000.

Reason: [tex]P^{B}[/tex] + interest = $1000, since interest >0 (Cannot be negative)

Hence,  

[tex]P^{B}[/tex] < $1000

Part b.

Assuming the amount of interest to be i, [tex]P^{B}[/tex] would be $1000 - I

Rate of interest would be:

($1000 - ($1000-i)) / ($1000 - i) = i / ($1000 - i)

Rate of interest = i / ($1000 - i)

Part c.

If [tex]P^{B}[/tex] rises, the interest rate on these bonds would come down. Going back to a. [tex]P^{B}[/tex] = $1000 - i, and if [tex]P^{B}[/tex] rises, it implies that i reduces, which means that rate of interest will be reduced.

Part d.

If $1000 is a payment two years later, it implies that i (refer to b.) is the interest for two years. Assuming annual compounding, let's calculate rate of interest as follows:

Interest for two year (i) = $1000 - [tex]P^{B}[/tex] at the rate of i per year

= [tex]P^{B}[/tex] X i / 100 + ([tex]P^{B}[/tex] X (1+i/100))X i/100

We can solve for i to get annual rate of interest.

Swifty Corporation had the following selected transactions.
1. Kim Leppard invested $7,274 cash in the business in exchange for common stock.
2. Paid office rent of $1,382.
3. Performed consulting services and billed a client $6,838.
4. Declared and paid a $873 cash dividend.

Answers

Answer:

Missing word "Indicate the effect each transaction has on the accounting equation, (Assets = Liabilities + Stockholders' Equity), using plus and minus signs."

   Assets        =     Liabilities   +    Stockholders' Equity

1. Increase(+)         No Effect            Increase(+)

2. Decrease(-)       No Effect            Decrease(+)

3. Increase(+)        No Effect            Increase(+)

4. Decrease(-)       No Effect            Decrease(+)

The next dividend payment by Zone, Inc., will be $2.08 per share. The dividends are anticipated to maintain a growth rate of 6 percent forever. If the stock currently sells for $42 per share, what is the required return

Answers

Answer:

10.95%

Explanation:

According to the gordon growth model,

the value of stock (price) = dividend / required return - growth rate

42 = 2.08/ r - 0.06

42(r-0.06) = 2.08

2.08/42 = r - 0.06

r = 10.95%

An outside supplier has offered to sell the component for $17. If Damon purchases the component from the outside supplier, the manufacturing facilities would be unused and could be rented out for $10,000. If Damon purchases the component from the supplier instead of manufacturing it, the effect on income would be:

Answers

Answer:

C. a $10,000 decrease.

Explanation:

Calculation for what the effect on income would be

First step is to calculate Make

Make=$100,000 + $160,000 + $60,000

Make = $320,000

Second step is to calculate Buy

Buy= $20,000 × $17 = $340,000 – $10,000

Buy = $330,000

Now let calculate the effect on income

Effect on income = $320,000 – $330,00

Effect on income = –$10,000 decrease

Therefore the effect on income would be –$10,000 decrease

On January 1, Year 1, a contractor began work on a $3.2 million construction contract that is expected to be completed in 3 years. The contractor concludes that it is appropriate to recognize revenue over time using the input method based on costs incurred (cost-to-cost method). At the inception date, the estimated cost of construction was $2.4 million. The following data relate to the actual and expected construction costs:

Year 1 Year 2 Year 3
Costs incurred $720,000 $1,170,000 $1,110,000
Expected future costs $1,680,000 $810,000 $0

For this long-term construction contract, the contractor needs to calculate the estimated dollar values of the revenue and gross profit (loss) to be recognized each year. Complete the contractor's long-term construction contract using the information above. Write the appropriate amounts in the associated cells. Indicate losses by using a leading minus (-) sign. Round all amounts to the nearest dollar. If no entry is necessary, enter a zero (0).

Revenue Gross profit (loss)
Year 1
Year 2

Answers

Answer:

                   Revenue    Costs Incurred   Gross profit (loss)

Year 1         $768,000        $720,000            $48,000

Year 2     $1,248,000       $1,170,000               78,000

Year 3      $1,184,000       $1,110,000                74,000

Total      $3,200,000     $3,000,000          $200,000

Explanation:

a) Data and Calculations:

Construction contract = $3.2 million

Completion period = 3 years

Estimated cost of construction = $2.4 million

Construction costs:

                                             Year 1          Year 2         Year 3   Total Costs

Costs incurred               $720,000  $1,170,000   $1,110,000   $3 million

% of annual costs to total  24%               39%          37%           100%

Expected future costs $1,680,000    $810,000   $0

Annual Revenue            $768,000 $1,248,000  $1,184,000   $3.2 million

Revenue Calculation:

Costs incurred/Total costs * $3,200,000

                   Revenue    Costs Incurred   Gross profit (loss)

Year 1         $768,000        $720,000            $48,000

Year 2     $1,248,000       $1,170,000               78,000

Year 3      $1,184,000       $1,110,000                74,000

Total      $3,200,000     $3,000,000          $200,000

b) The revenue for each year is based on the costs incurred, as determined by the contractor.

Slapshot Company makes ice hockey sticks and sold 1,890 sticks during the month of June at a total cost of $378,000. Each stick sold at a price of $360. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price and other selling expense of $64,700. Administrative expense totaled $53,800.

Required:
Prepare an income statement for Slapshot for the month of June

Answers

Answer:

Slapshot Company

Income statement for the month of June

Sales ( 1,890 x $360)                                   $680,400

Less Costs of Sales                                    ($378,000)

Gross Profit                                                  $302,400

Selling Costs :

Commissions                           $68,040

Other Selling Expense            $64,700

Administrative Expense          $53,800    ($186,540)

Net Income                                                   $115,860

Explanation:

The Income statement shows the Profit earned during the reporting period. This is determined as Gross Profit (Sales - Cost of Sales) minus the Operating Expenses.

On December 1st, the company pays a local radio station $200,000 for 4 months of radio ads that are to be aired equally throughout December through March. Prepaid Advertising was debited on December 1st and no other entries regarding this transaction were made since then.
15. $ After the adjusting entry has been recorded on December 31", determine the amount of advertising expense for the year ended December 314 16. S After the adjusting entry has been recorded on December 31%, determine the ending balance in the prepaid advertising account that should be recorded on the December 31" Balance Sheet. Use the following transactions to answer questions
17-19 Determine the amount of revenue or expense that would be reported at the time of the transaction under the two methods. An example transaction has been completed for you.

Answers

Question Completion:

Journalize the adjusting entry.

Answer:

Adjusting Journal Entry:

December 31:

Debit Advertising Expense $50,000

Credit Prepaid Advertising $50,000

To record the advertising expense for the year (1 month's).

Explanation:

a) Data and Calculations:

December 1: Prepaid Advertising for 4 months = $200,000

Advertising expense for the year (1 month) = $50,000 ($200,000/4 months)

Balance of Prepaid Advertising for 3 months = $150,000 ($200,000 *3/4)

b) The Adjusting Journal entry recognizes the advertising expense that relates to the year and carry forward the prepaid balance to the next accounting year.  Expenses and revenue are recorded when the services are consumed or rendered and not when cash is exchanged.  In this case, the $200,000 is not recognized as advertising expense for the current year.  Instead, only $50,000 is recorded as expense.  The balance of $150,000 is carried forward to the next year when the service will be consumed.

Job 910 was recently completed. The following data have been recorded on its job cost sheet: Direct materials $ 2,430 Direct labor-hours 70 labor-hours Direct labor wage rate $ 20 per labor-hour Machine-hours 134 machine-hours The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $21 per machine-hour. The total cost that would be recorded on the job cost sheet for Job 910 would be:

Answers

Answer:

6644

Explanation:if u do the math whith your numbers you should get the answer

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