Answer:
niche
Explanation:
Appliance Center is an experienced home appliance dealer. Appliance Center also offers a number of services for the home appliances that it sells. Assume that Appliance Center sells ovens on a standalone basis. Appliance Center also sells installation services and maintenance services for ovens. However, Appliance Center does not offer installation or maintenance services to customers who buy ovens from other vendors. Pricing for ovens is as follows.
Oven only $800
Oven with installation service 850
Oven with maintenance services 975
Oven with installation and maintenance services 1,000
In each instance in which maintenance services are provided, the maintenance service is separately priced within the arrangement at $175. Additionally, the incremental amount charged by Appliance Center for installation approximates the amount charged by independent third parties. Ovens are sold subject to a general right of return. If a customer purchases an oven with installation and/or maintenance services, in the event Appliance Center does not complete the service satisfactorily, the customer is only entitled to a refund of the portion of the fee that exceeds $800.
a. Assume that a customer purchases an oven with both installation and maintenance services for $1,000. Based on its experience, Appliance Center believes that it is probable that the installation of the equipment will be performed satisfactorily to the customer. Assume that the maintenance services are priced separately (i.e., the three components are distinct).
b. Identify the separate performance obligations related to the Appliance Center revenue arrangement.
Answer:
Answer is explained in the explanation section.
Explanation:
Solution:
Data Given:
Price of Oven Only = $800
Price of Oven with installation services = $850
Price of Oven with maintenance services = $975
Price of Oven with Installation and maintenance = $1000
So, with this data, we can calculate the total price of the oven:
Total Price = $800 + 50 + 175 = 1025
Now, we need to find out the allocation of price to the oven by using the following formula:
PA = Price Allocation
PA = (Price of Oven Only divided by Total Price) multiplied by the Price paid by the customer.
So,
We have all the values, just plugging in the above equation:
PA = [tex]\frac{800}{1025}[/tex] x $1000
PA = $780.48 is the price allocation for Oven.
Similarly, we need to find the Price allocation of maintenance services:
PA = (Price of maintenance Only divided by Total Price) multiplied by the Price paid by the customer.
PA = [tex]\frac{175}{1025}[/tex] x 1000
PA = $170.73 is the amount that must be allocated to the maintenance services.
Similarly, for Installation services:
PA = (Price of installation Only divided by Total Price) multiplied by the Price paid by the customer.
PA = [tex]\frac{50}{1025}[/tex] x 1000
PA = $48.78 is the price allocation for installation services.
Human resource management includes all of the activities that a manager engages in to attract and retain employees and to ensure that they perform at a high level and contribute to the accomplishment of organizational goals.
a. True
b. False
Answer:
a. True
Explanation:
Human resources management (HRM) can be defined as an art of managing, controlling and improving the number of people (employees or workers), functions, activities which are being used effectively and efficiently by an organization.
This ultimately implies that, human resources managers are saddled with the responsibility of recruiting, managing and improving the welfare and working conditions of the employees working in an organization.
Hence, human resource management includes all of the activities that a manager engages in to attract and retain employees and to ensure that they perform at a high level and contribute to the accomplishment of organizational goals.
Cost-volume-profit analysis can also be used in making personal financial decisions. For example, the purchase of a new car is one of your biggest personal expenditures. It is important that you carefully analyze your options. Suppose that you are considering the purchase of a hybrid vehicle. Let’s assume the following facts. The hybrid will initially cost an additional $4,500 above the cost of a traditional vehicle. The hybrid will get 30 miles per gallon of gas, and the traditional car will get 20 miles per gallon. Also, assume that the cost of gas is $1.80 per gallon. Using the facts above, answer the following questions.
a. What is the variable gasoline cost of going one mile in the hybrid car?
b. What is the variable cost of going one mile in the traditional car?
Answer:
Results are below.
Explanation:
Giving the following information:
The hybrid will get 30 miles per gallon of gas, and the traditional car will get 20 miles per gallon. Also, assume that the cost of gas is $1.80 per gallon.
To calculate the unitary cost of one mile, we need to use the following formula:
One mile unitary cost= cost per gallon / mile sper gallon
Hybrid:
One mile unitary cost= 1.8 / 30
One mile unitary cost= $0.06
Traditional:
One mile unitary cost= 1.8 / 20
One mile unitary cost= $0.09
What is the most likely reason some people avoid all carbohydrates in order to lose weight?
Answer:
People avoid carbohydrates, because they have a high calory density.
An asset was sold during the year. The cost of the asset was $64,500. The asset was depreciated for four years, using the straight-line method at 10% per annum. The proceeds from the sale of this asset was $38,700. What was the gain or loss on the asset, if any?
Answer:
There was a loss on the asset of $3,618.45.
Explanation:
Given that an asset was sold during the year, and the cost of the asset was $ 64,500, after which the asset was depreciated for four years, using the straight-line method at 10% per annum, and finally the proceeds from the sale of this asset was $ 38,700, to determine what was the gain or loss on the asset, if any, the following calculation must be performed:
64,500 x 0.9 ^ 4 = X
42,318.45 = X
42,318.45 - 38,700 = X
3,618.45 = X
Thus, there was a loss on the asset of $ 3,618.45.
Answer:The company made no gain or loss on this sale
Explanation:
Victoria Company reports the following operating results for the month of April.
VICTORIA COMPANY
CVP Income Statement
For the Month Ended April 30, 2020
Total
Per Unit
Sales (9,000 units) $450,000 $50
Variable costs 225,000 25.00
Contribution margin 225,000 $25.00
Fixed expenses 184,950
Net income $40,050
Management is considering the following course of action to increase net income: Reduce the selling price by 5%, with no changes to unit variable costs or fixed costs. Management is confident that this change will increase unit sales by 20%.
Using the contribution margin technique, compute the break-even point in units and dollars and margin of safety in dollars: (Round intermediate calculations to 4 decimal places e.g. 0.2522 and final answer to 0 decimal places, e.g. 2,510.)
(a) Assuming no changes to selling price or costs.
Break-even point
Enter a number of units
units
Break-even point
$Enter a dollar amount
Margin of safety
$Enter a dollar amount
(b1) Assuming changes to sales price and volume as described above.
Break-even point
Enter a number of units
units
Break-even point
$Enter a dollar amount
Margin of safety
$Enter a dollar amount
Answer:
Victoria Company
1. No Changes:
Break-even point in units = 7,398
Break-even point in dollars = $369,900
Margin of safety = $80,100
2. With changes in sales price and costs:
Break-even point in units = Fixed expense/Contribution margin per unit
= 8,220
Break-even point in dollars = Fixed expense/Contribution ratio
= $390,437
Margin of safety in dollars
= $122,563
Explanation:
a) Data and Calculations:
VICTORIA COMPANY
CVP Income Statement
For the Month Ended April 30, 2020
Total Per Unit
Sales (9,000 units) $450,000 $50
Variable costs 225,000 25.00
Contribution margin 225,000 $25.00
Fixed expenses 184,950
Net income $40,050
Break-even point in units = $184,950/$25 = 7,398
Break-even point in dollars = $184,950/0.5 = $369,900
Margin of safety = $450,000 - $369,900 = $80,100
Management's decision to reduce selling price by 5%
New selling price = $47.50 ($50 * 95%)
Unit sales = 10,800 (9,000 * 1.2)
Total Per Unit
Sales (10,800 units) $513,000 $47.50
Variable costs 270,000 25.00
Contribution margin 243,000 $22.50
Fixed expenses 184,950
Net income $58,050
Break-even point in units = Fixed expense/Contribution margin per unit
= $184,950/$22.50
= 8,220
Contribution ratio = $22.50/$47.50 = 0.4737
Break-even point in dollars = Fixed expense/Contribution ratio
= $184,950/0.4737
= $390,437
Margin of safety in dollars = Budgeted Sales - Break-even Sales
= $513,000 - $390,437
= $122,563
PLEASE HELP!! i’ll give brainliest
2. How could a business demonstrate its core value of treating all employees well?
Answer:
Share your vision with them. Let employees know our plans for your company and your products and services. ...
Keep them in the loop. ...
Involve them in the launch of new products. ...
Reward them for building relationships with customers.
Explanation:
Answer:
1. Share your vision with them.
Let employees know our plans for your company and your products and services. Keep them informed of your values and goals so that they can be your advocate. Two Men and a Truck is a company that makes it a point to instill its core values so that employees can live them out in their daily lives and at work. Two of my favorite such core values are: The Grandma Rule and Give Back to the Community. Two Men and a Truck features its employees living out their core values on its blog, and the employees share those values with customers, neighbors and friends.
2. Keep them in the loop.
Don’t keep secrets from your employees -- tell them everything you know that they need to know to help you run your business. Even though it’s a privately held company, Rhino Foods regularly shares its financial information with employees so that they can help keep the business profitable. Employees know that they have the ability to impact the bottom line of the company, which also impacts their paychecks. This helps everyone in the long run.
Related: Richard Branson on Why Making Employees Happy Pays Off
3. Involve them in the launch of new products.
When Lenovo introduced its new Yoga tablet in fall 2013, the company's internal communications team decided to engage employees in the introduction of this new product launch; the decision was announced on the company intranet, Lenovo Central. Employees could win a Yoga tablet by posting their own yoga poses there. The poses with the most “likes” also won their practitioners a new tablet. This was a great example of engaging employees in a new product and brand early, then rewarding them with that product so they become brand ambassadors once the product hits the market.
4. Reward them for building relationships with customers.
Instead of providing commissions for employees to sell something a customer may not need, why not encourage the building of a relationship with that customer, accompanied by rewards for creating and maintaining customer loyalty?
I have not yet heard of a company that rewards employees for truly building and maintaining customer relationships. So, if you have, please share that information in the comment section below. But I believe such a move could become a powerful vehicle for employees to understand and harness their "inner brand ambassador" if they understand and are rewarded for such relationship-building with customers.
Camping Out Co. manufactures down sleeping bags:
a. The standard to make one sleeping bag is 4 pounds of down and takes 0.3 hours of direct labor.
b. The standard cost of the down used by Camping Out is $8 per pound and the standard labor cost is $10 per hour.
c. During the year, Camping Out purchased and actually used 15,000 pounds of down for $120,750.
d. During the year, the company manufactured 4,000 sleeping bags.
e. Payroll reported a total of 1,480 direct labor hours at a cost of $14,060.
Required:
a. Compute the total material variance, the material price variance, and the materials quantity variance, also indicate whether each variance is favorable or unfavorable.
b. Compute the total labor variance, the labor price variance, and the labor quantity variance, also indicate whether each variance is favorable or unfavorable.
Answer:
.
Explanation:
which layer of the atmosphere provide rainwater to the planet
7 the follow table contains the demand from the last 10 months :
Explanation:
Month Actual Demand Month Actual Demand
1 31 6 36
2 34 7 38
3 33 8 40
4 35 9 40
5 37 10 41
Show Work and answer the following:
a.) calculate the single exponential smoothing forcast for these data using a of .30 and an initial forecast ( F1) of 31.
b.) calculate the exponential smooting with trend forecast for these data using an a of .30, & of .30, and an initial trend forecast ( T1) of 1, and an initil exponentailly smoothed forecast F1 of 30,
c.) calculate the mean absolute deviation (MAD0 for each forecast
At December 31, 2017 Rice Company had 300,000 shares of common stock and 10,000 shares of 6%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2017 or 2018. On January 30, 2019, prior to the issuance of its financial statements for the year ended December 31, 2018, Rice declared a 100% stock dividend on its common stock. Net income for 2018 was $1,140,000. In its 2018 financial statements, Rice's 2018 earnings per common share should be
A. $1.80.
B. $1.89.
C. $3.60.
D. $3.80.
Answer:
A. $1.80
Explanation:
Earnings per share = (Net Income - Preferred dividend) / Weighted average outstanding common shares
Earnings per share = (1140000 - 10000*100*6%) / (300000 + 300000)
Earnings per share = $1.80 per share
So, Rice's 2018 earnings per common share should be $1.80 per share
American Surety and Fidelity buys and sells securities expecting to earn profits on short-term differences in price. For the first 11 months of 2021, gains from selling trading securities totaled $8 million, losses from selling trading securities were $11 million, and the company had earned $5 million in interest revenue. The following selected transactions relate to American's investments in trading securities and equity securities during December 2021, and the first week of 2022. The company's fiscal year ends on December 31. No trading securities or equity investments were held by American on December 1, 2021. Assume that the bonds are purchased at face value.
2018
Dec.
12 Purchased FF&G Corporation bonds for $12 million.
13 Purchased 2 million Ferry Intercommunications common shares for $22 million.
15 Sold the FF&G Corporation bonds for $12.1 million.
22 Purchased U.S. Treasury bills for $56 million and Treasury bonds for $65 million.
23 Sold half the Ferry Intercommunications common shares for $10 million.
26 Sold the U.S. Treasury bills for $57 million.
27 Sold the Treasury bonds for $63 million.
28 Received cash dividends of $200,000 from the Ferry Intercommunications common shares.
31 Recorded any necessary adjusting entry(s) and closing entries relating to the investments. The market price of the Ferry Intercommunications stock was $10 per share.
2019
Jan.
2 Sold the remaining Ferry Intercommunications common shares for $10.2 million.
5 Purchased Warehouse Designs Corporation bonds for $34 million.
Required:
a. Prepare the appropriate journal entry for each transaction or event during 2020.
b. Indicate any amounts that American would report in its 2020 balance sheet and income statement as a result of these investments.
c. Prepare the appropriate journal entry for each transaction or event during 2021.
Answer:
1. Amount in milions
Dec 12,2020
Dr Investment in FF&G Corporation bonds 12
Cr Cash 12
Dec 13,2020
Dr Investment in Ferry Intercommunications 22
Cr Cash 22
Dec 15,2020
Dr Cash 12.1
Cr Gain on sale of investment 0.1
Cr Investment in FF&G Corporation bonds 12
Dec 22,2020
Dr Investment in U.S. treasury bill 56
Dr Investment in U.S. treasury bonds 65
Cr Cash 121
Dec 23,2020
Dr Cash 10
Dr Loss on sale of investment 1
Cr Investment in Ferry Intercommunications common shares 11
Dec 26,2020
Dr Cash 57
Cr Gain on sale of investment 1
Cr Investment in U.S. treasury bill 56
Dec 27,2020
Dr Cash 63
Dr Loss on sale of investment 2
Cr Investment in U.S. treasury bonds 65
Dec 28,2020
Dr Cash 0.2
Cr Investment Revenue 0.2
Dec 31,2020
Dr Net unrealized holding gains and losses—I/S 1
Cr Fair value adjustment (Ferry Intercommunication) 1
Dec 31,2020
Dr Income summary 0.7
Dr Investment revenue 5.2
Dr Gain on sale of investment 9.1
Cr Loss on sale of investment 14
Cr Net unrealized holding gains and losses—I/S 1
2. BALANCE SHEET
Total $10
INCOME STATEMENT
Total Other Revenue $-1.7
3. 1/1/21
Dr Cash 10.2
Dr Loss on sale of investment 0.8
Cr Investment in Ferry Intercommunications 11
12/1/21
Dr Fair value adjustment (account balance) 1
Cr Net unrealized holding gains and losses—I/S 1
5/1/21
Dr Investment in Warehouse Designs bonds 34
Cr Cash 34
Explanation:.
1. Preparation of the appropriate journal entry for each transaction or event during 2020.
Amount in milions
Dec 12,2020
Dr Investment in FF&G Corporation bonds 12
Cr Cash 12
Dec 13,2020
Dr Investment in Ferry Intercommunications 22
Cr Cash 22
Dec 15,2020
Dr Cash 12.1
Cr Gain on sale of investment 0.1
(12.1-12)
Cr Investment in FF&G Corporation bonds 12
Dec 22,2020
Dr Investment in U.S. treasury bill 56
Dr Investment in U.S. treasury bonds 65
Cr Cash 121
(56+65)
Dec 23,2020
Dr Cash 10
Dr Loss on sale of investment 1
(11+10)
Cr Investment in Ferry Intercommunications common shares (1/2 x $22 million) 11
Dec 26,2020
Dr Cash 57
Cr Gain on sale of investment 1
(57-56)
Cr Investment in U.S. treasury bill 56
Dec 27,2020
Dr Cash 63
Dr Loss on sale of investment 2
(65-63)
Cr Investment in U.S. treasury bonds 65
Dec 28,2020
Dr Cash 0.2
Cr Investment Revenue 0.2
Dec 31,2020
Dr Net unrealized holding gains and losses—I/S 1
Cr Fair value adjustment (Ferry Intercommunication) 1
($10 million – [$22million × 1/2])
Dec 31,2020
Dr Income summary 0.7
Dr Investment revenue ($5 + 0.2 million) 5.2
Dr Gain on sale of investment ($8 + 0.1 + 1 million) 9.1
Cr Loss on sale of investment (11 + 1 +2) 14
Cr Net unrealized holding gains and losses—I/S 1
2. Calculation toIndicate any amounts that American would report in its 2021 balance sheet and income statement as a result of these investments.
BALANCE SHEET
Current Assets
Trading Securities ($22/2) 11
Less: Fair value adjustment -1
Total $10
($11-$1)
INCOME STATEMENT
Other Revenue (Expenses)
Investment revenue 5.2
Gain (Loss ) on investment):
Gain on sale of investment 1.1
Gain on sale of investment 8
Loss on sale of investment (11 + 1+2) -4
Loss on sale of investment -11
Net unrealized holding gains and losses—I/S -1
Net Loss on investments -6.9
Total Other Revenue (Expenses) -1.7
3. Preparation of the appropriate journal entry for each transaction or event during 2021.
Amount in millions
1/1/21
Dr Cash 10.2
Dr Loss on sale of investment 0.8
Cr Investment in Ferry Intercommunications (1/2 x $30 million) 11
12/1/21
Dr Fair value adjustment (account balance) 1
Cr Net unrealized holding gains and losses—I/S 1
5/1/21
Dr Investment in Warehouse Designs bonds 34
Cr Cash 34
If a business wants to open in a new country, when would it be the best time to do that on the Business Cycle? Why?
Answer:
they need to speak with community
What is product positioning
These financial statement items are for Riverbed Company at year-end, July 31, 2022.
Salaries and wages payable $1,800 Notes payable (long-term) $1,700
Salaries and wages expense 52,000 Cash 14,800
Utilities expense 22,600 Accounts receivable 10,700
Equipment 31,500 Accumulated depreciation-equipment 6,500
Accounts payable 4,600 Dividends 4,300
Service revenue 61,900 Depreciation expense 3,500
Rent revenue 8,500 Retained earnings (beginning of the year) 22,000
Common stock 32,400
Required:
Prepare an income statement for the year.
Answer:
Riverbed Company
Income statement for the year July 31, 2022
Service revenue 61,900
Add Other Incomes
Rent revenue 8,500
70,400
Less Expenses
Salaries and wages expense 52,000
Utilities expense 22,600
Depreciation expense 3,500 (78,100)
Net Income / Loss (7,700)
Explanation:
In the Income Statement, we record Revenues and Incomes only. This Statement is used to calculate the Profit earned during the Reporting Period.
Victorinox is the name of the company that manufactures Swiss army knives. The _____ channel the company utilizes to get its knives to market is to wholesalers, than to retailers, and finally to consumers.
promotional
service
consumer
industrial
distribution
Answer:
Explanation:
Distribution channel is how you products to consumers.
The distribution channel the company utilizes to get its knives to market is to wholesalers, then to retailers, and finally to consumers. Thus the correct option is E.
What is a Distribution channel?A distribution channel is referred to as a pathway followed to deliver the goods to final consumers. These channels are associated with different levels based on the demands of the goods in the market.
The wholesaler buys large quantities of products from the manufacturer and resells them to retailers in smaller quantities. The vital work that wholesalers do is essential to the efficient exchange of information, ownership, and commodities.
Retail refers to the practice of purchasers purchasing goods and selling them directly to consumers, as opposed to suppliers or wholesalers. Between wholesalers and customers, retailers act as a middleman.
Therefore, option E is appropriate.
Learn more about the Distribution channel, here:
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LBSC, Inc., operates a milk processing plant in Kenosha, Wisconsin. Its union, the Brotherhood of Food Processing Workers (BFPW), represents all nonsupervisory production employees in the facility. The contract between LBSC and BFPW expires in six months, so LBSC must start to prepare for the negotiations. LBSC’s HR department plans to conduct a number of management meetings asking for feedback on the appropriate goals of bargaining, and to ask the finance department to estimate the acceptable cost profile for the term of the next contract. It will gather information on plant average seniority and inventory levels, and forecast customer demand. It will analyze grievances and find out what it can do about the course of other recent negotiations for the BFPW. Its finance department will estimate the costs of one additional holiday and a 401(k) plan. Finally, it will decide how much latitude it will have to make concessions and what will have to be referred to the corporate office before it can be approved. This activity is important because the outcome of contract negotiations can have a major impact on the ability of a company to meet its competitive challenges.
Match scenarios to each of the seven steps management should take in preparing to negotiate.
a. Analyze grievances
b. Gather seniority and inventory into.
c. Determine the authority of the bargaining team.
d. Conduct management meetings
e. Determine cost of a new holiday
1. Establishing Inter departmental contract objectives.
2. Preparing and analyzing data.
3. Anticipating union demands.
4. Establishing the cost of potential union demands.
5. Determining strategy and logistics.
Answer:
a. Analyze grievances ⇒ Anticipating union demands.
In analyzing the grievances of the workers, the company would be anticipating the demands of the unions as these will be based on the grievances of the workers.
b. Gather seniority and inventory info. ⇒ Preparing and analyzing data.
When they gather information on the seniority and inventory levels of the company, they are preparing and analyzing data to have better information on the company that will enable them plan ahead.
c. Determine the authority of the bargaining team. ⇒ Determining strategy and logistics.
Determining the authority the bargaining team has falls under determining the strategy and logistics because it is here that the company decides how they will approach the negotiations.
d. Conduct management meetings ⇒ Establishing Inter departmental contract objectives.
When they conduct management meetings across departments, this is to enable them establish objectives that will cut across departments.
e. Determine cost of a new holiday ⇒ Establishing the cost of potential union demands.
Estimating just how much the holiday will cost falls under the cost of accepting the Union demands and these need to be done to find out how much management can accept from the unions.
money is what money does discuss
Answer:
Money is a concept which we all understand but which is difficult to define in exact terms. Money is anything serving as a medium of exchange. Most definitions of money take 'functions of money' as their starting point. 'Money is that which money does.
Money is what money does" is just a misnomer phrase
Money is legal tender and anything generally acceptable as medium of exchange.
Cullumber Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred.
June
1 Purchased books on account for $3,065 (including freight) from Catlin Publishers, terms 4/10, n/30.
3 Sold books on account to Garfunkel Bookstore for $1,000. The cost of the merchandise sold was $850.
6 Received $65 credit for books returned to Catlin Publishers.
9 Paid Catlin Publishers in full.
15 Received payment in full from Garfunkel Bookstore.
17 Sold books on account to Bell Tower for $1,750, terms of 4/10, n/30. The cost of the merchandise sold was $950.
20 Purchased books on account for $900 from Priceless Book Publishers, terms 1/15, n/30.
24 Received payment in full, less discount from Bell Tower.
26 Paid Priceless Book Publishers in full.
28 Sold books on account to General Bookstore for $2,950. The cost of the merchandise sold was $920.
30 Granted General Bookstore $240 credit for books returned costing $55.
Required:
Journalize the transactions for the month of June for Powell Warehouse, using a perpetual inventory system.
Answer:
01-Jun
Dr Inventory $3,065
Cr Accounts Payable $3,065
03-Jun
Dr Accounts Receivable $1,000
Cr Sales $1,000
03-Jun
Dr Cost of goods sold $850
Cr Inventory $850
06-Jun
Dr Accounts Payable $ 65
Cr Inventory $ 65
09-Jun
Dr Accounts Payable $ 3,000
Cr Cash $2,880
Cr Inventory $120
15-Jun
Dr Cash $ 1,000
Cr Accounts Receivable $ 1,000
17-Jun
Dr Accounts Receivable $1,750
Cr Sales $1,750
17-Jun
Dr Cost of goods sold $950
Cr Inventory $950
20-Jun
Dr Inventory $900
Cr Accounts Payable $900
24-Jun
Dr Cash $1,680
Dr Sales Discounts $70
Cr Accounts Receivable $1,750
26-Jun
Dr Accounts Payable $ 900
Cr Cash $891
Cr Inventory $ 9
28-Jun
Dr Accounts Receivable $2,950
Cr Sales $2,950
28-Jun
Dr Cost of goods sold $920
Cr Inventory $920
30-Jun
Dr Sales Returns & Allowances $240
Cr Accounts Receivable $240
30-Jun
Dr Inventory $ 55
Cr Cost of goods sold $ 55
Explanation:
Preparation of the Journal entries for the month of June for Powell Warehouse, using a perpetual inventory system.
01-Jun
Dr Inventory $3,065
Cr Accounts Payable $3,065
03-Jun
Dr Accounts Receivable $1,000
Cr Sales $1,000
03-Jun
Dr Cost of goods sold $850
Cr Inventory $850
06-Jun
Dr Accounts Payable $ 65
Cr Inventory $ 65
09-Jun
Dr Accounts Payable $ 3,000
($3,065-65)
Cr Cash $2,880
($3,000-$120)
Cr Inventory $120
($3,000*4%)
15-Jun
Dr Cash $ 1,000
Cr Accounts Receivable $ 1,000
17-Jun
Dr Accounts Receivable $1,750
Cr Sales $1,750
17-Jun
Dr Cost of goods sold $950
Cr Inventory $950
20-Jun
Dr Inventory $900
Cr Accounts Payable $900
24-Jun
Dr Cash $1,680
($1,750-$70)
Dr Sales Discounts $70 (1,750*4%)
Cr Accounts Receivable $1,750
26-Jun
Dr Accounts Payable $ 900
Cr Cash $891
($900-$9)
Cr Inventory $ 9
($900*1%)
28-Jun
Dr Accounts Receivable $2,950
Cr Sales $2,950
28-Jun
Dr Cost of goods sold $920
Cr Inventory $920
30-Jun
Dr Sales Returns & Allowances $240
Cr Accounts Receivable $240
30-Jun
Dr Inventory $ 55
Cr Cost of goods sold $ 55
consider the linear function Y = 1488 + 20x. the line would cross the y axis at the point ?
Answer:
1488
Explanation:
when you want to find the y value plug in 0 for x
y=1488+20(0)
Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $81,400. The machine's useful life is estimated at 20 years, or 387,000 units of product, with a $4,000 salvage value. During its second year, the machine produces 32,700 units of product.
Required:
Determine the machine's second-year depreciation using the double-declining balance method.
Answer:
$7,326
Explanation:
Double Decline Balance = 2 x SLDP x SLDBV
where,
SLDP = Straight Line Depreciation Percentage
= 100 ÷ useful life
= 100 ÷ 20
= 5 %
and
SLDBV = Straight Line Percentage Book Value
Year 1
Double Decline Balance = 2 x 5% x $81,400
= $8,140
Year 2
Double Decline Balance = 2 x 5% x ($81,400 - $8,140)
= $7,326
Therefore
The machine's second-year depreciation using the double-declining balance method is $7,326.
Hassick Corporation produces and sells a single product whose contribution margin ratio is 63%. The company's monthly fixed expense is $460,530 and the company's monthly target profit is $19,000. The dollar sales to attain that target profit is closest to:
Answer:
the dollar sales to attain that target profit is $761,159
Explanation:
The computation of the dollar sales is shown below:
= (Fixed cost + target profit) ÷ (Contribution margin ratio)
= ($460,530 + $19,000) ÷ (0.63)
= $761,159
hence, the dollar sales to attain that target profit is $761,159
The launch of New Coke turned out to be a nightmare for CocaCola. Discuss the marketing implications of introducing New Coke.
Answer:
don't know the answer what it is the chapter name
debt financing definition
Vail Resorts, Inc., owns and operates 11 premier year-round ski resort properties (located in the Colorado Rocky Mountains, the Lake Tahoe area, the upper midwest, Vermont, and Australia). The company also owns a collection of luxury hotels, resorts, and lodging properties. The company sells lift tickets, ski lessons, and ski equipment. The following hypothetical December transactions are typical of those that occur at the resorts.
a. Borrowed $3,000,000 from the bank on December 1, signing a note payable due in six months.
b. Purchased a new snowplow for $90,000 cash on December 31.
c. Purchased ski equipment inventory for $37,000 on account to sell in the ski shops.
d. Incurred $59,000 in routine repairs expense for the chairlifts; paid cash.
e. Sold $368,000 of January through March season passes and received cash.
f. Sold a pair of skis from inventory in a ski shop to a customer for $570 on account. (The cost of the skis was $310). (Hint: Record two entries.)
g. Sold daily lift passes in December for a total of $273,000 in cash.
h. Received a $2,200 deposit on a townhouse to be rented for five days in January.
i. Paid half the charges incurred on account in (c).
j. Received $470 on account from the customer in (f).
k. Paid $263,000 in wages to employees for the month of December.
Required:
a. Prepare journal entries for each transaction. (Remember to check that debits equal credits and that the accounting equation is in balance after each transaction.)
b. Assume that ending balance in the Accounts Receivable account at the end of December based on transaction (A) through (K).
Solution :
Transaction The General Journal Debit Cash
1 a Cash 3,000,000
Notes payable 3,000,000
2 b Equipment 90,000
Cash 90,000
3 c Inventory 37,000
Accounts payable 37,000
4 d Repair expense 59,000
Cash 59,000
5 e Cash 368,000
Unearned pass revenue 368,000
6 f(1) Accounts receivable 570
Ski shop sales revenue 570
7 f(2) Cost of goods sold 310
Inventory 310
8 g Cash 273,000
Lift pass revenue 273,000
9 h cash 2,200
Unearned rent revenue 2,200
10 i Accounts Payable 18500
Cash (37,000/2) 18500
11 j Cash 470
Accounts receivable 470
12 k Salaries expense 263,000
Cash 263,000
The accounts receivable balance = 1000 + 570 - 310
= 1260
Carol is interested in field engineering. What tasks would she have to perform as a field engineer?
Answer:
Field engineer duties usually include inspecting and installing equipment and new technologies, directing crews or workers on site, conducting research, and reporting on project status. Field engineers will make sure that everything works smoothly and engineering designs are being followed.
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Michigan State Figurine Inc. (MSF) sells crystal figurines to Spartan fans. MSF buys the figurines from a manufacturer for $10 per unit. They send orders electronically to the manufacturer, costing $20 per order and they experience an average lead time of 8 days for each order to arrive from the manufacturer. Their inventory carrying cost is 20%. The average daily demand for the figurines is 2 units per day. They are open for business 250 days a year. Answer the following questions:
Required:
a. How many units should the firm order each time? Assume there is no uncertainty at all about the demand or the lead time.
b. How many orders will it place in a year?
c. What is the average inventory?
d. What is the annual ordering cost?
e. What is the annual inventory carrying cost?
Answer:
Follows are the solution to the given points:
Explanation:
Given:
[tex]cost= \$10 / \ unit \\\\s= \$20 / \ order \\\\Lt= 8 / days \\\\H= 20 \% \ of \ cost \\\\[/tex]
[tex]= \frac{20}{100} \times 10\\\\= \frac{200}{100}\\\\= 2 \ \frac{unit}{year}[/tex]
[tex]d= 2 \ \frac{units}{day}\\\\n= 250 \ \frac{days}{year}\\\\D=d\times n \\\\[/tex]
[tex]=2 \times 250\\\\=500 \ \frac{units}{day}[/tex]
For point a:
[tex]\to EOQ=\sqrt{\frac{2DS}{H}}[/tex]
[tex]=\sqrt{\frac{ 2 \times 500 \times 20 }{2}} \\\\=\sqrt{500 \times 20}\\\\=\sqrt{1,000}\\\\=100 \ units[/tex]
For point b:
[tex]\to N=\frac{D}{Q} =\frac{500}{100} =5 \ orders[/tex]
For point c:
Calculating the average inventory:
[tex]\to \frac{Q}{2} =\frac{100}{2} =50 \ units[/tex]
For point d:
Calculating the annual ordering cost:
[tex]\to \frac{D}{Q} \times S\\\\[/tex]
[tex]=\frac{500}{100} \times 20\\\\ = 5\times 20 \\\\= \$100[/tex]
For point e:
Calculating the annual inventory carrying cost:
[tex]\to \frac{Q}{2} \times H =\frac{100}{2} \times 2=\$ 100[/tex]
The following information is available for the first month of operations of Bahadir Company, a manufacturer of mechanical pencils:
Sales $792,000
Gross profit $462,000
Cost of goods manufactured $396,000
Indirect labor $171,600
Factory deprecation $26,400
Materials purchased $244,200
Total manufacturing costs for the period $244,200
Materials inventory, ending $33,000
Using the information given, determine the following missing amounts:
Cost of goods sold
Finished goods inventory at the end of the month
Direct materials cost
Direct labor cost
Work in process inventory at the end of the month
Answer: See explanation
Explanation:
a. Cost of goods sold
This will be:
= Sales - Gross profit
= $792,000 - $462,000
= $330,000
b. Finished goods inventory at the end of the month.
This will be:
= Cost of goods manufactured - Cost of goods sold
= $396000 - $330000
= $66000
c. Direct materials cost
This will be:
= Materials purchased - Material inventory ending
= $244200 - $33000
= $211200
d. Direct labor cost
This will be:
= Manufacturing cost - Direct materials - Overhead
= $455400 - $211200 - $198000
= $46200
e. Work in process inventory at the end of the month
This will be:
= $455400 - $396000
= $59400
Note that:
Overhead cost= Indirect labor cost + Depreciation
= $171600 + $26400
= $298000
On January 1, 2017, Doone Corporation acquired 70 percent of the outstanding voting stock of Rockne Company for $378,000 consideration. At the acquisition date, the fair value of the 30 percent noncontrolling interest was $162,000 and Rockne's assets and liabilities had a collective net fair value of $540,000. Doone uses the equity method in its internal records to account for its investment in Rockne. Rockne reports net income of $160,000 in 2018. Since being acquired, Rockne has regularly supplied inventory to Doone at 25 percent more than cost. Sales to Doone amounted to $220,000 in 2017 and $320,000 in 2018. Approximately 40 percent of the inventory purchased during any one year is not used until the following year.
Part A:
What is the noncontrolling interest's share of Rockne's 2018 income?
Noncontrolling interest's share
Part B:
Prepare Doone's 2018 consolidation entries required by the intra-entity inventory transfers:(Prepare entry *G, TI, and G)
Answer:
Answer is explained in the explanation section below.
Explanation:
Solution:
Part A: First of all, we need to perform the conversion to gross profit rate as follows:
Conversion to Gross Profit Rate = 25% / 125%
Conversion to Gross Profit Rate = 20%
Non Controlling Interest's Share of Subsidiary Income
Reported income in 2018 = $160000
Add : 2017 Intra Company gross Profit Realized in 2018
($220000*40%*20%) = $17600
Less : Deferred Intra Company Gross Profit for 2018
($320000*40%*20%) = $25600
2018 Subsidiary Realized Income = $152000
Outside Ownership Percentage = 30%
Non Controlling Interest's Share of Subsidiary Income = $45600
Part B: Journal Entries:
Date: Dec. 31:
Particulars Debit Credit
Retained Earnings A/c Dr. 17600
To Cost of Goods Sold 17600
Sales A/c Dr. 320000
To Cost of Goods Sold 320000
Cost of Goods Sold A/c Dr. 25600
To Inventory 25600
Total 363200 363200
The following data relate to the Torrence Company for May and August:
May August
Maintenance hours 25,000 29,000
Maintenance cost $1,175,000 $1,247,000
May and August were the lowest and highest activity levels, and Torrence uses the high-low method to analyze cost behavior. If maintenance hours are estimated to be 26,000 hours in October, which of the following statements is true?
a. Total maintenance costs will be $1,182,000.
b. Total maintenance costs will be $1,193,000.
c. Total maintenance costs will be $1,247,000.
d. Total maintenance costs will be $1,221,000.
e. Total maintenance costs will be $1,175,000.
Answer:
Total cost= $1,193,000
Explanation:
Giving the following information:
May August
Maintenance hours 25,000 29,000
Maintenance cost $1,175,000 $1,247,000
First, we need to calculate the variable and fixed costs using the following formulas:
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (1,247,000 - 1,175,000) / (29,000 - 25,000)
Variable cost per unit= $18
Fixed costs= Highest activity cost - (Variable cost per unit * HAU)
Fixed costs= 1,247,000 - (18*29,000)
Fixed costs= $725,000
Fixed costs= LAC - (Variable cost per unit* LAU)
Fixed costs= 1,175,000 - (18*25,000)
Fixed costs= $725,000
Now, the total cost for 26,000 hours:
Total cost= 725,000 + 18*26,000
Total cost= $1,193,000