Answer:
$120,700
Explanation:
Calculation to determine what The total cost of operating the Assembly Department for the current period is
First step is to Allocate Maintenance costs to Assembly department
Assembly=$25,500 × (15,000/25 000) >= $15,300
Now let calculate the Total Assembly costs
Total Assembly costs= $105,400 + 15,300
Total Assembly costs= $120,700
Therefore The total cost of operating the Assembly Department for the current period is $120,700
Step 1:
Enter the following entries for the month of August. A. Purchased raw materials on account: $3,100. B. Selling and Administrative expenses incurred and paid: $1,200. C. Used direct materials: $3,900. D. Used indirect materials: $300. E. Manufacturing wages incurred totaled $4,000, of which 90% was direct labor and 10% was indirect labor. F. Incurred other actual factory overhead on account: $1,300. G. Factory Overhead was allocated to Work in Process Inventory at a predetermined overhead allocation rate of 60% of Direct Labor costs incurred during August. H. The cost of product completed: $10,000. I. Sales on account: $17,500. The cost of the units sold was $9,500.
Step 2:
Adjust for over or underallocated overhead.
Once you have entered the journal entries in Step 1 above, prepare and enter the necessary adjusting entry to correct for the overallocated or underallocated Factory Overhead. This entry should be dated "August 31, 2017." For the "Description," enter "Journal Entry J."
Answer:
Step 1
Item A
Debit : Raw Materials $3,100
Credit : Accounts Payable $3,100
Item B
Debit : Selling and Administrative expenses $1,200
Credit : Cash $1,200
Item C
Debit : Work in Process - Direct Materials $3,900
Credit : Raw Materials $3,900
Item D
Debit : Work in Process -Indirect Materials $300
Credit : Raw Materials $300
Item E
Debit : Work in Process - Direct Labor $3,600
Debit : Work in Process - Indirect Labor $400
Credit : Wages Payable $4,000
Item F
Debit : Factory overheads $1,300
Credit : Accounts Payable $1,300
Item G
Debit : Work in Process - Overheads $2,160
Credit : Overheads $2,160
Item H
Debit : Finished Goods Inventory $10,000
Credit : Work in Process Inventory $10,000
Item I
Debit : Accounts Receivable $17,500
Debit : Cost of Sales $9,500
Credit : Sales Revenue $17,500
Credit : Inventory $9,500
Step 2
Date : August 31, 2017
Description : Journal Entry J
Debit : Overheads $160
Credit : Cost of Sales $160
Explanation:
For step 1
If expenses are incurred, Debit the expense and credit Cash if cash was paid or Credit Accounts Payable if there was no immediate cash payment.
Ensure all manufacturing costs incurred are accumulated in the appropriate Work in Process Account.
Remember to record the corresponding cost of sales journal following the sale of completed units.
For step 2
If Actual overheads > Applied overheads, we have overheads under-applied,
and if Applied overheads > Actual overheads, we have over-applied overheads
Hence determine amounts of Actual and Applied overheads first :
Actual overheads calculation :
Indirect materials $300
Indirect labor $400
Other overheads $1,300
Total $2,000
Applied overheads :
Applied overheads = $2,160
therefore,
Over-applied overheads = $2,160 - $2,000 = $160
The cost of sales is reduced by the amount of over-applied overheads
On June 30, Petrov Co. has $140,800 of accounts receivable.
July 4 Sold $8,075 of merchandise (that had cost $5,168) to customers on credit, terms n/30.
9 Sold $20,398 of accounts receivable to Main Bank. Main charges a 8% factoring fee.
17 Received $4,441 cash from customers in payment on their accounts.
27 Borrowed $11,656 cash from Main Bank, pledging $15,153 of accounts receivable as security for the loan.
Required:
Prepare journal entries to record the above selected July transactions.
Answer:
July 04
Dr Accounts receivable $8,075
Cr Sales $8,075
July 04
Dr Cost of goods sold $5,168
Cr Merchandise inventory $5,168
July 09
Dr Cash $18,766.16
Dr Factoring fee expense $1,631.84
Cr Accounts receivable $20,398
July 17
Dr Cash $4,441
Cr Accounts receivable $4,441
July 27
Dr Cash $11,656
Cr Notes payable $11,656
July 27
No journal entry
Explanation:
Preparation of journal entries to record July transactions.
July 04
Dr Accounts receivable $8,075
Cr Sales $8,075
July 04
Dr Cost of goods sold $5,168
Cr Merchandise inventory $5,168
July 09
Dr Cash $18,766.16
($20,398-$1,631.84)
Dr Factoring fee expense $1,631.84
($20,398*8%)
Cr Accounts receivable $20,398
July 17
Dr Cash $4,441
Cr Accounts receivable $4,441
July 27
Dr Cash $11,656
Cr Notes payable $11,656
July 27
No journal entry
Certify Completion Icon Tries remaining:3 Suppose that you and a friend are playing cards and you decide to make a friendly wager. The bet is that you will draw two cards without replacement from a standard deck. If both cards are diamonds, your friend will pay you $296. Otherwise, you have to pay your friend $17. Step 1 of 2 : What is the expected value of your bet? Round your answer to two decimal places. Losses must be expressed as negative values.
Answer:
The expected value of the bet is –$0.95.
Explanation:
Number of cards in a standard deck = 52
Number of diamonds in a standard deck = 13
The probability (P) that the two cards that will be drawn without replacement will be diamonds is therefore as follows:
P = (13 / 52) * (12 / 51) = 0.0588
The probability (P) that the two cards that will be drawn without replacement will NOT be diamonds is also as follows:
1 – P = 1 – 0.0588
1 – P = 0.9412
Amount your friend will pay you if both cards are diamonds = $296
Amount you will pay your friend if both cards are NOT diamonds = -$17 (Note that this is negative since it is a loss)
Expected value of the bet = (P * $296) + ((1 – P) * ($-17)) = (0.0588 * $256) – (0.9412 * 17) = –$0.95
Assume initially that the price of X (the quantity of which is measured on the horizontal axis) is $9 and the price of Y (the quantity of which is measured on the vertical axis) is $4. If the price of X now declines to $6, the budget line will Multiple Choice be unaffected. shift outward on the vertical axis. shift inward on the horizontal axis. shift outward on the horizontal axis.
Answer:
The budget line will shift outward on the horizontal axis.
Explanation:
One of the laws of the demand is that the lower the price of a good, the higher the quantity of that good that is purchased.
From the question, a decline in the price of X from $9 to $6, will lead to an increase in the quantity of X that is bought.
Since the price of Y still remains at $4, if the price of X now declines to $6, the budget line will shift outward on the horizontal axis.
Wildhorse Company produces golf discs which it normally sells to retailers for $7 each. The cost of manufacturing 24,200 golf discs is:
Materials $ 12,342
Labor 36,542
Variable overhead 25,894
Fixed overhead 47,916
Total $122,694
Wildhorse also incurs 5% sales commission ($0.35) on each disc sold.
McGee Corporation offers Wildhorse $4.80 per disc for 4,800 discs. McGee would sell the discs under its own brand name in foreign markets not yet served by Wildhorse. If Wildhorse accepts the offer, its fixed overhead will increase from $47,916 to $53,006 due to the purchase of a new imprinting machine. No sales commission will result from the special order.
(a) Prepare an incremental analysis for the special order. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Reject
Order Accept
Order Net Income
Increase
(Decrease)
Revenues $ $ $
Materials
Labor
Variable overhead
Fixed overhead
Sales commissions
Net income $ $ $
(b) Should Wildhorse accept the special order?
Wildhorse should
reject/accept
the special order .
Answer:
Wildhorse Company
Incremental Analysis for the special order:
Sales Revenue (4,800 * $4.80) $23,040
Variable cost (4,800 * $3.09) 14,832
Contribution margin $8,208
Fixed overhead increase 5,090
Net Income $3,118
b) Wildhorse should accept the special order.
Explanation:
a) Data and Calculations:
Materials $ 12,342
Labor 36,542
Variable overhead 25,894
Total variable cost $74,778
Unit variable cost $3.09 ($74,778/24,200)
Fixed overhead 47,916
Total $122,694
Units produced = 24,200
Selling price per unit = $7
Additional cost:
Sales commission = $0.35 per disc
Special order for 4,800 discs at $4.80
Increase in fixed overhead $5,090 ($53,006 - $47,916)
a teammate tells you that you tend to take over shared projects. you've gotten this feedback from other too. what should you say? A I wish you would have mentioned this during projects. please be sure to do so on the next one. B I'm sorry you're feeling left out, I'll be sure to give you more to do on the next one. C I'm sorry maybe we can work together to divide our responsibility on the next one. D I've gotten this feedback before, I just like things done a certain way. E I'm used to leading projects, so I usually just take over without even realizing it
Answer:
C
Explanation:
even if it's unintentional we should apologize professionally
On January 14, at the end of the second week of the year, the totals of Castle Company's payroll register showed that its store employees' wages amounted to $33,482 and that's warehouse wages amounted to $13,560. Withholdings consisted of federal income taxes, $5,110, employer's Social Security taxes at the rate of 6.2 percent, and employees' Social Security taxes at a rate of 6.2 percent. Both the employer's and employees' Social Security taxes are based on the first $118,500, and no employee has reached the limit. Additional withholdings were Medicare taxes at the rate of 1.45 percent on all earnings and charitable contributions withheld, $845.
Required:
a. Calculate the amount of Social Security and Medicare taxes to be withheld and write the general journal entry to record the payroll. Round answers to two decimal places.
b. Write the general journal entry to record the employer's payroll taxes assuming that the federal unemployment tax is 0.6 percent of the first $7,000, that the state unemployment tax is 5.4 percent of the same base, and that no employee has surpassed the $7,000 limit.
Answer:
a)
Dr Store wages expense 33,482
Dr Warehouse wages expense 13,560
Cr Federal income tax withholdings payable 5,110
Cr Social security taxes withheld payable 2,916.60
Cr Medicare taxes withheld payable 682.11
Cr Charitable contributions withheld payable 845
Cr Wages payable 37,488.29
b)
Dr Payroll taxes expense 6,421.23
Cr Social security taxes payable 2,916.60
Cr Medicare taxes payable 682.11
Cr SUTA taxes payable 2,540.27
Cr FUTA taxes payable 282.25
On January 1, 2022, The Eighties Shop has 100,000 shares of common stock outstanding. The Eighties Shop incurred the following transactions in 2022.
March 1 Issues 53,000 additional shares of $1 par value common stock for $50 per share.
May 10 Purchases 4,800 shares of treasury stock for $53 per share.
June 1 Declares a cash dividend of $1.40 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.)
July 1 Pays the cash dividend declared on June 1.
October 21 Resells 2,400 shares of treasury stock purchased on May 10 for $58 per share.
Required:
Record each of these transactions.
Answer:
Date General Journal Debit Credit
March 1 Bank A/c $2,650,000
(53,000 × $50)
Share Capital A/c $53,000
(53,000 × $1)
Share Premium A/c $2,597,000
[53,000 × $49 ($50 - $1)}
(Being additional 53,000 issued shares for $50)
May 10 Treasury Stock A/c $254,400
(4,800 × $53)
Cash A/c (4,800 × $53) $254,400
(Being purchase of 4,800 treasury stock for $53 )
June 1 Retained Earning A/c $207,480
(1,53,000- 4,800) × $1.4
Dividend Payable A/c $207,480
[(153,000 - 4,800) × $1.4]
(Being cash dividend declared)
July 1 Dividend Payable A/c $207,480
Cash A/c $207,480
(Being cash dividend paid)
October 21 Cash A/c (2,400 × $58) $139,200
Treasury Stock (2,400 × $53) $127,200
Paid in Capital from treasury Stock $12,000
(2400 × $5)
(Being 2,400 Treasury Stock sold for $58)
The Eighties Shop will record the journal entries for the 2022 transactions as follows:
Journal Entries:
March 1 Debit Cash $2,650,000
Credit Common Stock $53,000
Credit Additional Paid-in Capital $2,597,000
To record the issuance of 53,000 shares at $50 per share.May 10 Debit Treasury Stock $4,800
Debit Additional Paid-in Capital $249,600
Credit Cash $254,400
To record the purchase of 4,800 shares of treasury stock at $53 per share.June 1 Debit Dividend $207,480
Credit Dividends Payable $207,480
To record the declaration of cash dividends on 148,200 shares at $1.40 per share.July 1 Debit Dividends Payable $207,480
Credit Cash $207,480
To record the payment of dividends.Oct. 21 Debit Cash $139,200
Credit Treasury Stock $2,400
Credit Additional Paid-in Capital $136,800
To record the resale of 2,400 shares of treasury stock at $58 per share.Data and Calculations:
Outstanding Common Stock = 100,000 shares
March 1 Cash $2,650,000 Common Stock $53,000 Additional Paid-in Capital $2,597,000
May 10 Treasury Stock $4,800 Additional Paid-in Capital $249,600 Cash $254,400
June 1 Dividend $207,480 Dividends Payable $207,480 (148,200 x $1.40)
July 1 Dividends Payable $207,480 Cash $207,480
Oct. 21 Cash $139,200 Treasury Stock $2,400 Additional Paid-in Capital $136,800
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should you be concerned about data security? in a recent survey _______ americans reported that they do not trust businesses with their personal information online.
a) less than 30%
b) more than 75%
c) approximately 60%
e) approximately 45%
In a recent survey more than 75% Americans reported that they do not trust businesses with their personal information online. People should you be concerned about data security.
What is data security?Data security refers to the process of protecting data from unauthorized access and corruption throughout its lifecycle. For all apps and platforms, data encryption, hashing, tokenization, and key management are all data security solutions.
Thus, option B, more than 75% is correct.
For further details about data security, click here:
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Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry, is provided: ($ in millions) Current assets: Cash and cash equivalents $ 410 Current investments 65 Net receivables 204 Inventory 136 Other current assets 145 Total current assets $ 960 Current liabilities: Accounts payable $ 1,032 Short-term debt 744 Other current liabilities 869 Total current liabilities $ 2,645 Required: 1. Calculate the current ratio and the acid-test ratio for Queen's Line. (Enter your answers in millions, not in dollars. For example, $5,500,000 should be entered as 5.5.)
Answer and Explanation:
The calculation of the current ratio and the acid ratio is shown below;
The current ratio is
= Current assets ÷ current liabilities
= $960 ÷ $2,645
= 0.3629 times
The quick ratio is
= Quick assets ÷ current liabilities
Here quick assets is
= Current assets - inventory - other current assets
= $960 - $136 - $145
= $679
So, the quick rato or acid test ratio is
= $679 ÷ $2,645
= 0.2567 times
A business that is less profitable than similar businesses, or with lower sales or higher expenses than similar businesses, may have difficulty competing.
True
False
Answer:
True
Explanation:
Ahmed Company purchases all merchandise on credit. It recently budgeted the following month-end accounts payable balances and merchandise inventory balances. Cash payments on accounts payable during each month are expected to be: May, $1,600,000; June, $1,490,000; July, $1,425,000; and August, $1,495,000.
Accounts Payable Merchandise Inventory
May 31 $150,000 $250,000
June 30 200,000 400,000
July 31 235,000 300,000
August 31 195,000 330,000
Use the available information to compute the budgeted amounts of (1) Merchandise purchases for June, July, and August (2) Cost of goods sold for June, July, and August.
Answer:
Explanation:
The merchandise purchase can be determined by using the formula:
Purchase = Cash payments + Ending Accounts Payable - Beginning Accounts Payable
For June:
Purchase = $(1490000 + 200000 - 150000)
Purchase = $(1690000 - 150000)
Purchase = $1540000
For July:
Purchases: $(1425000+235000 - 200000)
Purchases = $(1660000 - 200000)
Purchases = $1460000
For August:
Purchases: $(1495000 + 195000 - 235000)
Purchases: $(1690000 - 2235000)
Purchases: $1455000
The cost of goods sold = Beginning Inventory + Purchase - Ending inventory
For June:
Cost of goods sold= $(250000 + 1540000 - 400000)
Cost of goods sold= $(1790000 - 400000)
Cost of goods sold = $1390000
For July:
Cost of goods sold = $(400000 + 1460000 - 300000)
Cost of goods sold = $(1860000 - 300000)
Cost of goods sold = $1560000
For August:
Cost of good sold = $(300000+ 1455000 - 330000)
Cost of good sold = $(1755000 - 330000)
Cost ofgood sold = $1425000
Presented below is information for Marin Company.
1. Beginning-of-the-year Accounts Receivable balance was $23,100.
2. Net sales (all on account) for the year were $104,700. Marin does not offer cash discounts.
3. Collections on accounts receivable during the year were $85,400.
Marin is planning to factor some accounts receivable at the end of the year. Accounts totaling $13,900 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,075.
Required:
Prepare (summary) journal entries to record the items noted above.
Answer:
Debit Accounts Receivable for $104,700; and Credit Sales Revenue for $104,700.
Debit Cash for $85,400; and Credit Accounts Receivable for $85,400.
Explanation:
The (summary) journal entries to record the items noted will look as follows:
Particulars Debit ($) Credit ($)
Accounts Receivable 104,700
Sales Revenue 104,700
(To record net sales (all on account) for the year.)
Cash 85,400
Accounts Receivable 85,400
(Collections on accounts receivable during the year.)
Bramble Corporation purchased machinery on January 1, 2022, at a cost of $300,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $35,000. The company is considering different depreciation methods that could be used for financial reporting purposes.
Required:
Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate.
Answer:
Straight-line method
Year Depreciation Book value
1 $66,250 $233,750
2 $66,250 $167,500
3 $66,250 $101,250
4 $66,250 $35,000
Declining-balance method
Year Depreciation Book value
1 $150,000 $150,000
2 $75,000 $75,000
3 $37,500 $37,500
4 $2,500 $35,000
Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system and applies manufacturing overhead cost to jobs on the basis of direct labor-hours. Its predetermined overhead rate was based on a cost formula that estimated $380,000 of manufacturing overhead for an estimated allocation base of 1,000 direct labor-hours. The following transactions took place during the year (all purchases and services were acquired on account):
a. Raw materials purchased for use in production, $275,000.
b. Raw materials requisitioned for use in production (all direct materials), $260,000.
c. Utility bills were incurred, $74,000 (95% related to factory operations, and the remainder related to selling and administrative activities).
d. Salary and wage costs were incurred:
Direct labor (1,100 hours) $305,000
Indirect labor $105,000
Selling and administrative salaries $185,000
e. Maintenance costs were incurred in the factory, $69,000.
f. Advertising costs were incurred, $151,000.
g. Depreciation was recorded for the year, $87,000 (80% related to factory equipment, and the remainder related to selling and administrative equipment).
h. Rental cost incurred on buildings, $112,000 (85% related to factory operations, and the remainder related to selling and administrative facilities).
i. Manufacturing overhead cost was applied to jobs.
j. Cost of goods manufactured for the year, $920,000.
k. Sales for the year (all on account) totaled $1,950,000. These goods cost $950,000 according to their job cost sheets.
The balances in the inventory accounts at the beginning of the year were:
Raw materials $45,000
Work in process $36,000
Finished Goods $75,000
Required:
a. Prepare journal entries to record the above data.
b. Post your entries to T-accounts.
c. Prepare a schedule of cost of goods manufactured.
d. Prepare an income statement for the year.
Answer:
Froya Fabrikker A/S of Bergen, Norway
a. Journal Entries
a. Debit Raw materials $275,000
Credit Accounts payable $275,000
To record purchase of raw materials on account.
b. Debit WIP $260,000
Credit Raw materials $260,000
To record materials requisitioned for production.
c. Debit Manufacturing overhead $70,300
Debit Selling and admin. $3,700
Credit Utilities expense $74,000
To close utilities expenses.
d. Debit WIP $305,000
Debit Manufacturing overhead $105,000
Debit Selling and Admin. $185,000
Credit Payroll Expense $595,000
To close payroll expenses.
e. Debit Manufacturing overhead $69,000
Credit Maintenance expense $69,000
To close maintenance expense.
f. Debit Selling and admin. $151,000
Credit Advertising expense $151,000
To close advertising expense.
g. Debit Manufacturing overhead $69,600
Debit Selling and admin. $17,400
Credit Depreciation expense $87,000
To close depreciation expense.
h. Debit Manufacturing overhead $95,200
Debit Selling and admin $16,800
Credit Rent expense $112,000
To close rent expense.
i. Debit WIP $418,000
Credit Manufacturing overhead applied $418,000
To record manufacturing overhead applied to production at $380 for 1,100 direct labor-hours.
j. Debit Finished goods $920,000
Credit WIP $920,000
To transfer completed goods to finished goods inventory.
k. Debit Accounts receivable $1,950,000
Credit Sales revenue $1,950,000
To record sale of goods on account.
Debit Cost of goods sold $950,000
Credit Finished goods $950,000
To record the cost of goods sold.
b. T-accounts
Raw materials
Account Titles Debit Credit
Beginning balance $45,000
Accounts payable 275,000
Work in Process $260,000
Work in process
Account Titles Debit Credit
Beginning balance $36,000
Raw materials 260,000
Payroll expense 305,000
Manufacturing
overhead applied 418,000
Finished goods inventory $920,000
Finished Goods
Account Titles Debit Credit
Beginning balance $75,000
Work in Process 920,000
Cost of goods sold $950,000
Cost of goods sold
Account Titles Debit Credit
Finished goods $950,000
Accounts Payable
Account Titles Debit Credit
Raw materials $275,000
Manufacturing overhead
Account Titles Debit Credit
Utilities expense $70,300
Payroll expense 105,000
Maintenance exp 69,000
Depreciation exp. 69,600
Rent expense 95,200
Work in Process $418,000
Overhead applied 8,900
Sales Revenue
Account Titles Debit Credit
Accounts receivable $1,950,000
Accounts Receivable
Account Titles Debit Credit
Sales revenue $1950,000
Selling and admin.
Utilities expense $3,700
Payroll expense 185,000
Advertising exp. 151,000
Depreciation exp. 17,400
Rent expense 16,800
Utilities Expense
Manufacturing overhead $70,300
Selling and admin. 3,700
Payroll Expense
Work in Process $305,000
Manufacturing overhead 105,000
Selling and admin. 185,000
Maintenance expense
Manufacturing overhead $69,000
Advertising expense
Selling and admin. $151,000
Depreciation expense
Manufacturing overhead $69,600
Selling and admin. 17,400
Rent expense
Manufacturing overhead $95,200
Selling and admin. 16,800
c. Schedule of Cost of Goods Manufactured:
Beginning WIP $36,000
Raw materials 260,000
Payroll expense 305,000
Manufacturing
overhead applied 418,000
Ending WIP (99,000)
Finished goods $920,000
d. Income Statement for the year ended December 31
Sales Revenue $1,950,000
Cost of goods sold 950,000
Gross profit $1,000,000
Selling and Administrative expenses:
Utilities expense $3,700
Payroll expense 185,000
Advertising exp. 151,000
Depreciation exp. 17,400
Rent expense 16,800 $373,900
Net income $626,100
Explanation:
a) Data and Calculations:
Estimated manufacturing overhead = $380,000
Estimated direct labor-hours = 1,000
Actual direct labor-hours = 1,100
Predetermined overhead rate = $380 ($380,000/1,000)
Analysis of Transactions:
a. Raw materials $275,000 Accounts payable $275,000
b. WIP $260,000 Raw materials $260,000
c. Manufacturing overhead (Utility) $70,300 Selling and admin. $3,700 Utilities expense $74,000
d. WIP (direct labor) $305,000 Manufacturing overhead (indirect labor) $105,000 Selling and Admin. $185,000 Payroll Expense $595,000
e. Manufacturing overhead (maintenance) $69,000 Maintenance expense $69,000
f. Selling and admin. $151,000 Advertising expense $151,000
g. Manufacturing overhead $69,600 Selling and admin. $17,400 Depreciation expense $87,000
h. Manufacturing overhead $95,200 Selling and admin $16,800 Rent $112,000
i. WIP $418,000 Manufacturing overhead applied $418,000 ($380 * 1,100)
j. Finished goods $920,000 WIP $920,000
k. Accounts receivable $1,950,000 Sales revenue $1,950,000
Cost of goods sold $950,000 Finished goods $950,000
Beginning balances:
Raw materials $45,000
Work in process $36,000
Finished Goods $75,000
A person who files bankruptcy ends up paying a 6% higher fixed interest rate on a 30-year home loan than a person
who has not filed bankruptcy. The person who files bankruptcy pays a 12% interest rate on their home loan. If the loan
amount is $150,000, how much more in total interest do they pay than the person who has not filed bankruptcy?
A. $258,375.30
B. $643.59
C. $149,536.52
D. $231,693.52
Answer:
D 231,692.52
Explanation:
got it right on edge21
Based on the interest rates given to the person who has filed for bankruptcy and the person who hasn't, the additional amount in total interest that the person with bankruptcy will pay is D. $231,693.52.
What would the person who declared bankruptcy pay?The amount that they pay can be found as:
Loan amount = Amount x ( 1 - ( 1 + rate) ^ -number of periods) / rate
Rate is: Number of periods:
= 12% / 12 = 30 x 12
= 1% per month = 360 months
The amount paid monthly is:
150,000 = Amount x ( 1 - (1 + 1%) ⁻³⁶⁰) / 1%
150,000 = Amount x 97.218331079
Amount = 150,000 / 97.218331079
= $1,542.92
What would the person who has never declared bankruptcy pay?They pay a 6% less than the person who has declared bankruptcy so they will pay:
= 12% - 6%
= 6%
Rate is therefore:
= 6% / 12
= 0.5%
Amount paid monthly is:
150,000 = Amount x ( 1 - (1 + 0.5%) ⁻³⁶⁰) / 0.5%
150,000 = Amount x 166.7916143923
Amount = 150,000 / 166.7916143923
= $899.33
What is the difference in interest?= (Amount paid by person with previous bankruptcy - Person with no history of bankruptcy) x 360 months
= (1,542.92 - 899.33) x 360
= $231,693.52
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The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda $ 180,000 Adams 160,000 Fergie 150,000 Gomez 140,000 Total capital $ 630,000 Answer each of the following independent questions: Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $183,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners
Answer:
Goodwill Calculation
Amount paid to Fergie $183,000
Less: Fergie Capital $150,000
Goodwill $33,000
Fergie's share is 20% in Goodwill. Total Goodwill = $33,000 / 20% = $165,000
Calculation of Capital Balance After Fergie's retirement
Pineda Adams Fergie Gomez Total
Opening Balance $180,000 $160,000 $150,000 $140,000 $630,000
Add: Goodwill $49,500 $49,500 $33,000 $33,000 $165,000
(Distributed - 3:3:2:2)
Less: Amount Paid - - ($183,000) - ($183,000)
Balance $229,500 $209,500 - $173,000 $612,000
Simon Company's year-end balance sheets follow.
At December 2017 2016 2015
Assets
Cash $25,396 $29,685 $30,922
Accounts receivable, net 89,900 63,000 57,000
Merchandise inventory 100,500 84,000 60,000
Prepaid expenses 8,178 7,792 3,436
Plant assets, net 200,810 190,337 164,142
Total assets $434,784 $374,814 $315,500
Liabilities and Equity
Accounts payable $107,179 $62,710 $41,230
Long-term notes payable secured by mortgages on plant assets
80,922 85,345 69,028
Common stock, $10 par value 162,500 162,500 162,500
Retained earnings 84,183 64,259 42,742
Total liabilities and equity $434,784 $374,814 $315,500
The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on credit:
For Year Ended December 31 2017 2016
Sales $565,219 $446,029
Cost of goods sold $344,784 $289,919
Other operating expenses 175,218 112,845
Interest expense 9,609 10,259
Income taxes 7,348 6,690
Total costs and expenses 536,959 419,713
Net income $28,260 $26,316
Earnings per share $1.74 $1.62
Compute days' sales uncollected.
Answer:
2017 Days' Sales Uncollected 49.37 days
2016 Days' Sales Uncollected 49.10 days
Explanation:
Computation for days' sales uncollected
Using this formula
Days' Sales Uncollected=Average receivables / Credit sales x 365 days
Let plug in the formula
2017 Days' Sales Uncollected= $76,450 / $565,219 x 365
2017 Days' Sales Uncollected= 49.37 days
[($89,900+$63,000)/2=$76,450]
2016 Days' Sales Uncollected= $60,000 / $446,029 x 365 days
2016 Days' Sales Uncollected= 49.10 days
[($63,000+$57,000)/2=$60,000]
Therefore 2017 Days' Sales Uncollected will be 49.37 days and 2016 Days' Sales Uncollected will be 49.10 days
Simon Company's year-end balance sheets follow. At December 2017 2016 2015 Assets. To compute the days' sales uncollected, we need to calculate the average accounts receivable and divide it by the average daily sales.
Average Accounts Receivable:
2017:
(Beginning Accounts Receivable + Ending Accounts Receivable) / 2
= ($63,000 + $89,900) / 2
= $76,450
2016:
(Beginning Accounts Receivable + Ending Accounts Receivable) / 2
= ($57,000 + $63,000) / 2
= $60,000
Average Daily Sales:
2017: Net Sales / 365
= $565,219 / 365
= $1,547.15
2016: Net Sales / 365
= $446,029 / 365
= $1,221.53
Days Sales Uncollected:
2017: Average Accounts Receivable / Average Daily Sales
= $76,450 / $1,547.15
= 49.48 days
2016: Average Accounts Receivable / Average Daily Sales
= $60,000 / $1,221.53
= 49.12 days
Therefore, the days sales uncollected for Simon Company are approximately 49.48 days in 2017 and 49.12 days in 2016.
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The selection of delegates to the national convention produces _____.
eligen a los presidentes
At the end of the video, Keith Reinhard says that advertisers have the ability not only to lift up the brands they work for but also to lift up the human spirit. Do you think this is true? Is it their responsibility? Explain.
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Please help me with this question
Which of the following statements is not accurate descriptions of the business market? Mrs. Phillip, a retail buyer for Bloomingdale's, does all the shopping for her family at the same store. Wal-Mart has a contractual relationship with P&G to serve its customers efficiently. Goodyear tires deals globally with various suppliers of steel to make tires. Costco is a wholesale establishment that deals with various manufacturers.
Answer:
Mrs. Phillip, a retail buyer for Bloomingdale's, does all the shopping for her family at the same store.
Explanation:
The business market is the market where you can sell your product and services to the other businesses so it can be used as a raw material for the other business in order to manufacture the products. And, the other reason is to purchased the products and resell them.
So based on the given statements, the first option is considered as in the remaining statements there are business transactions but in this only one person i.e. retail buyer is considered
Exercise 9-11 Working Backwards from Labor Variances [LO9-5] The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost in the shop. The standard labor cost for a motor tune-up is given below: Standard Hours Standard Rate Standard Cost Motor tune-up 2.50 $34.00 $85.00 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 54 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance $ 350 F Labor spending variance $ 500 U Required: 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2. Determine the actual hourly rate of pay for tune-ups last week. (Round your answer to 2 decimal places.)
Answer and Explanation:
The computation is shown below;
a. The number of actual hours spent on tune-ups is
as we know that
Total Labor Variance = Labor Rate Variance + Labor Efficiency Variance
$500U = $350F + Labor Efficiency Variance
$500 = -$350 + Labor Efficiency Variance
Labor Efficiency Variance = $850
Now
Efficiency Variance = Standard Rate × (Actual Hours - Standard Hours )
$850 = 34 × (Actual hours - 2.5 × 54)
$850 = 34Actual Hours - $4,590
$5,440 = 34 actual hours
Actual Hour = 160 Hours
b. The actual hourly rate is
Labor Rate Variance = Actual hours × (Actual rate - Standard rate)
-350 = 160 × (Actual rate - $34)
-350 = 169 Actual rate - $5,440
$5,090 = 169 Actual rate
Actual rate = $30.12
State of the Economy Probability of the States Percentage Returns Economic recession 25% 5% Moderate economic growth 50% 10% Strong economic growth 25% 13% The standard deviation from investing in the asset is:
Answer:
The standard deviation from investing in the asset is 14.40%.
Explanation:
Note: The data in the question are first sorted before answering the question as follows:
State of the Economy Probability of the States Percentage Returns
Economic recession 25% 5%
Moderate economic growth 50% 10%
Strong economic growth 25% 13%
The standard deviation from investing in the asset is:
The explanation of the answer is now given as follows:
Note: See the attached excel file for the calculation of Variance from investing in the asset.
From the attached excel file, we have:
Variance = 2.07%
Therefore, we have:
Standard deviation = Variance^0.5 = 2.07%^0.5 = 14.40%
Therefore, the standard deviation from investing in the asset is 14.40%.
Identify which economic indicator should be used to track each of the following. a. The overall size of the economy the unemployment rate real GDP nominal GDP real GDP growth b. Labor market performance inflation business confidence the unemployment rate consumer confidence c. The future trajectory of economic activity the employment cost index real GDP inflation annual growth of the S&P 500 d. Wages and benefits business confidence real GDP the employment cost index consumer confidence
Answer:
a. The overall size of the economy ⇒ real GDP
The real GDP is adjusted for inflation and so would show the overall size of the economy in more accurate terms.
b. Labor market performance ⇒ the unemployment rate
The unemployment rate is best used to show how the labor market is performing because it shows the amount of people who are employed and those who are not in a given period.
c. The future trajectory of economic activity ⇒ annual growth of the S&P 500
The S&P 500 shows the performance of 500 large companies in the U.S. Their performance can be used to anticipate the trajectory of future economic activity because they influence the economy due to their large size.
d. Wages and benefits ⇒ the employment cost
The employment cost shows the wages and benefits that have to be paid to labor.
How loss on sale of sports material is entered in Income and Expenditure Account? If sports material book value is $120 but sold at $50?
Answer: $70
Explanation:
The amount of loss on sale of sports material that is entered in Income and Expenditure Account will be the difference between the sports material book value and the sales price. This will be:
= $120 - $50
= $70
Therefore, the loss on sale of sports material is $70.
The Neal Company wants to estimate next year's return on equity (ROE) under different financial leverage ratios. Neal's total capital is $20 million, it currently uses only common equity, it has no future plans to use preferred stock in its capital structure, and its federal-plus-state tax rate is 25%. The CFO has estimated next year's EBIT for three possible states of the world: $5.5 million with a 0.2 probability, $2.6 million with a 0.5 probability, and $600,000 with a 0.3 probability.
Required:
Calculate Neal's expected ROE, standard deviation, and coefficient of variation.
Answer:
Neal's expected ROE = 4.62%
Neal's standard deviation = 2.46%
Neal's coefficient of variation = 0.53
Explanation:
Note: See the attached excel file for the calculations of Neal's Expected ROE and Deviation.
From the attached excel, we can have:
Neal's expected ROE = Total expected ROE = 0.0462, or 4.62%
Neal's standard deviation = (Total Deviation)^0.5 = 0.00060736^0.5 = 0.0246, or 2.46%
Neal's coefficient of variation = Neal's standard deviation / Neal's expected ROE = 2.46% / 4.62% = 0.53
Here is a linear demand function: Q = 10 -0.5P. Find its price function by inverting the demand function. Then find its total revenue function by multiplying through by Q. The linear demand function Q = 400 -250P inverts into the price function P = 1.6 -0.004Q. Multiplying this by Q gives its total revenue function TR = 1.6Q -0.004. Evaluate the following expression.
Y = 5(2X + 3)2 -2X2
Answer:
[tex]P = 20 - 2Q[/tex]
Explanation:
[tex]Q = 10 - 0.5P[/tex]
Price function can be estimated by inverting the demand function.
[tex]Q = 10 - 0.5P \\\\0.5P = 10 - Q\\P = 10/0.5 - Q/0.5 \\P = 20 - 2Q[/tex]
This is the price function.
Total revenue function can be estimated using the given formula,
[tex]TR = P*Q \\ = (20 - 2Q) Q \\ = 20Q - 2Q^2[/tex]
The linear demand function is given by,
[tex]Q = 400 - 250P \\[/tex]
Price function is given by,
[tex]P = 1.6 - 0.004Q \\[/tex]
Total revenue function is thus given by,
[tex]TR = P*Q \\ = 1.6Q - 0.004Q^2[/tex]
[tex]Y = 5(2X+3)^2 - 2X^2 \\Y = 5(4X^2 + 9 + 12X) - 2X^2\\Y = 20X^2 + 45 + 60X - 2X^2\\Y = 18X^2 + 45 + 60X \\[/tex]
The derivative of Y with respect to x is,
[tex]dY/dX = 36X + 60\\[/tex]
Equating this equal to 0 we get,
[tex]36X + 60 = 0 \\36X = -60 \\X = -10/6 \\\\X= -1.66[/tex]
After the U.S. film Django Unchained was recut and released in China, it performed poorly, partly because Chinese filmgoers had already seen the unedited film on DVD. What disadvantage of competing globally does this situation reflect?
The situation of Django Unchained's release in China after a month tuning out to be a poor-performing one, mainly because of the fact disadvantage of global access when competing globally.
What is the significance of global competition?Global competition can be referred to or considered as a situation wherein a firm or an organization has a direct competition with the other players in the industry on a global scale. Liberalization leads to be an advantage for global competition, but not in all cases.
One of the main disadvantages that liberalization that global competition brings is the one of eased global access. This also led to failure of the film Django Unchained in China, which released a month in the country a month after its global release.
Therefore, the significance of global competition has been aforementioned.
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Alan does not want to lend his car to his co-worker, Linda, because he believes that all women are irresponsible drivers. Which of the following barriers to accepting diversity does this scenario illustrate?
a.Backlash
bPrejudice
c.Harassment
d.Pluralism