Answer:
Guillermo's Oil and Lube Company
1. The number of quarts of oil that should have been used (Standard Quantity) for 940 changes is:
= 6,204 quarts.
2. The hours of direct labor that should have been used (Standard Hours) for 940 oil changes is:
= 470 hours.
Explanation:
a) Data and Calculations:
Time taken for a typical oil change = 30 minutes or 0.5 hours (30/60)
Standard quarts of oil for a typical oil change = 6.6 quarts
Total oil changes in June = 940
1. The number of quarts of oil that should have been used (Standard Quantity) for 940 changes = 6,204 (940 * 6.6) quarts
2. The hours of direct labor that should have been used (Standard Hours) for 940 oil changes = 470 (0.5 * 940) hours
Fill in the missing amounts.
Crane Company Sheridan Company
Sales revenue $94,200 $enter a dollar amount Sales returns and allowances enter a dollar amount $ 3,000 Net sales 80,200 100,000 Cost of goods sold 54,200 enter a dollar amount Gross profit $enter a subtotal of the two previous amounts 50,000 Operating expenses 14,700 enter a dollar amount Net income $enter a total net income 15,600
Calculate the profit margin and the gross profit rate for each company. (Round answers to 1 decimal place, e.g. 15.5%. )
Crane Company Sheridan Company
Profit margin
Gross profit rate
SHOW LIST OF ACCOUNTS
LINK TO TEXT LINK TO TEXT
Answer:
Find my analysis below
Explanation:
The gross profit rate is the portion of net sales earned as gross profit prior to considering operating expenses as indicated by the formula below:
gross profit rate=gross profit/net sales
The profit margin measures the net income as a percentage of net sales
profit margin=net income/net sales
Crane company Sheridan company
Sales revenue $94,200 $103,000
sales returns and allowance $14,000 $3,000
Net sales $80,200 $100,000
cost of goods sold $54,200 $50,000
Gross profit $26,000 $50,000
Operating expenses $14,700 $34,400
Net income $11,300 $15,600
Gross profit rate=gross profit /net sales 32.4% 50.0%
Profit margin=net income/net sales 14.1% 15.6%
Crane company Sheridan company
Sales revenue 94200 =F5+F4
sales returns and allowance =E3-E5 3000
Net sales 80200 100000
cost of goods sold 54200 =F5-F7
Gross profit =E5-E6 50000
Operating expenses 14700 =F7-F9
Net income =E7-E8 15600
Gross profit rate=gross profit /net sales =E7/E5 =F7/F5
Profit margin=net income/net sales =E9/E5 =F9/F5
The subject of the auditing procedure observing is least likely to be: a. procedures. b. inventory taking. c. personnel d. processes. e. physical assets.
Answer:
e. physical assets.
Explanation:
Audit procedures can be regarded as processes or techniques, or methods that is been followed by auditors in obtaining audit evidence that will give them enablement to make a conclusion as regards to set audit objective so they can express their opinion. audit procedures can as well be called audit programs. It should be noted that The subject of the auditing procedure observing is least likely to be physical assets. physical asset can be regarded as item of economic, even exchange value which has a material existence. They are regarded asPhysical assets tangible assets. Example is
properties, equipment,
Hammerhead Inc. uses practical capacity as the denominator to set the cost of supplying capacity and for the current period the budgeted cost per unit of supplying capacity was $42. Practical capacity was set at 10,000 units with theoretical capacity at 14,000 units. During the period, only 4,000 units were produced while the master budget assumed that the company would produce 9,000 units. What is the value of the manufacturing resources NOT used during the period
Answer:
the value of the manufacturing resources not used is $252,000
Explanation:
The computation of the value of the manufacturing resources not used is shown below
= (practical capacity - number of units produced) × budgeted cost per unit of supplying capacity
= (10,000 units - 4,000 units) × $42
= 6,000 units × $42
= $252,000
Hence, the value of the manufacturing resources not used is $252,000
The internal rate of return for a project will increase if: the initial cost of the project can be reduced. the total amount of the cash inflows is reduced. each cash inflow is moved such that it occurs one year later than originally projected. the required rate of return is reduced. the discount rate is increased.
Answer:
the initial cost of the project can be reduced
Explanation:
As we know that the internal rate of return is the return where the net present value comes to zero or we can say that the initial investment would be equivalent to the present value of annual cash inflows
In the case when the internal rate of return is rise up so the initial investment or initial cost would be decreased
Therefore the first option is correct
Joint ventures offer low potential for leveraging a firm's existing competencies because they typically entail a short-term relationship between two or more firms.
A. True
B. False
Answer:
B. False
Explanation:
The main purpose of the joint venture is to help two or more companies so that they are in the position to gain the competitive advantage. So the potential for firm leverage that is existed would be high instead of low due to this reason also
So as per the given situation, the option b is correct
Hence, the option a is not correct
There are different types of business. Joint ventures offer low potential for leveraging a firm's existing competencies is a False statement.
A joint venture is known as when two or more businesses gather their resources and expertise together to achieve a set goal.It is also called a partnership between 2 or more firms where there is significant equity stake by the partners and often resulting in the creation of a new business entity.
Joint ventures uses a good amount of equity investment from each partner and can lead to the establishment of a new separate entity.
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the month-end bank stataement of der torossian incorporated shows a balance of 36,500, deposits in transit are 6500 outstanding checks are 12000. there also shows a credit memo of 1,000 for the interest income collected on a note recievable. the adjusted balance per bank at month end is
Answer:
$31,000
Explanation:
Calculating the adjusted balance per bank at month end.
Details Amount
Unadjusted Balance $36,500
Add: Deposits in Transit $6,500
Less: Outstanding Checks $12,000
Adjusted Balance $31,000
The price of the stock at the beginning of 2018 was $56.81 and you sold the stock at $68.14 at the end of the year. What is the dividend yield (use your answer from 3a above), capital gain(loss), and total percentage return
Question Completion:
The total dividends paid is $1,743,400 and the outstanding shares are 1,300,000.
Answer:
a. The dividend per share = $1.34
b. The dividend yield = 1.97%
c. The capital gain = $11.33
d. The total percentage return = 22.3%.
Explanation:
a) Data and Calculations:
Dividends paid = $1,743,400
Outstanding shares = 1,300,000
Dividends per share = $1.34 ($1,743,400/1,300,000)
Dividend yield = Dividend per share/Stock price
= $1.34/$68.14 = 1.97%
Capital gain = $11.33 ($68.14 - $56.81)
Total return = $12.67 ($11.33 + $1.34)
Total percentage return = Total return/Beginning Stock Price * 100
= $12.67/$56.81 * 100
= 22.3%
What is an advantage of using Excel’s built-in templates to create invoices?
a The setting and data heading are already made and the data just needs to be inserted.
b A built-in template cannot be modified in any way, so the file’s look will be consistent.
c Only one invoice template is available, so it will be easy to learn how to use a template.
d Templates take a lot of time to set up initially, but then they save time for future applications.
Answer:
A. The setting and data heading are already made and the data just needs to be inserted.
Explanation:
here's your answer..
Silver Corporation incurred costs of $600,000 for managing the wholesale division during the year. The customer details of the company were as follows: X Y Z Sales $600,000 $400,000 $200,000 COGS $40,000 $20,000 $15,000 How much cost will be allocated to customer Y, if a cause-effect relationship cannot be established with any cost driver
Answer: $200,000
Explanation:
The cost will be allocated to customer Y, if a cause-effect relationship cannot be established with any cost driver will be calculated thus:
Total sales = $600,000 + $400,000 + $200,000 = $1,200,000
The percentage of Y on total sales will be:
= $400,000/$1,200,000 × 100
= 1/3 × 100
= 33.33%
Therefore, the cost that's allocated to Y will then be:
= $600,000 × 33.33%
= $600,000 × 0.3333
= $200,000
Therefore, the correct answer is $200,000
A very large company would be most likely to have a(n) ___ at the ahead of its accounting department.
A. Executive vice president
B. Controller
C. Chief financial officer
D. Accounting manager
A very large company would be most likely to have a Chief financial officer as the head of its accounting department.
The Chief Financial Officer (CFO) would most likely be in charge of the accounting division of a very large corporation. A company's Chief Financial Officer (CFO) is in charge of all financial operations, including accounting, budgeting, financial reporting, and forecasting. The day-to-day accounting activities of a corporation are managed by the controller, who holds a mid-level role. The basic duties of the accounting manager include leading a group of accountants and supervising the creation of financial statements and reports. Even though the executive vice president may be in charge of the entire organization, they could not have specific knowledge of accounting and finance.
A Chief Financial Officer (CFO) is a senior executive accountable for directing the financial actions of a firm. Monitoring cash flow, assessing the firm's financial advantages and disadvantages, and creating strategies for financial expansion are all tasks assigned to the CFO. Also, they are in charge of supervising the creation of predictions and current financial reports. In conclusion, the CFO is essential to the efficient management of a company's finances.
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what is the difference between quantity demand and quantity supply.
Answer:
The distinction between supply and quantity supplied is similar to the difference between demand and quantity demanded. If the market price of a product increases, then the quantity supplied increases, and vice versa.
Explanation:
.....
Bill thought he had received the best deal on his new car. Shortly after the purchase, Bill started to notice certain disadvantages of his new car as he learned more about other cars available. Bill is experiencing ________.a. postpurchase cultureb. selective perceptionc. information evaluationd. postpurchase cognitive dissonancee. purchase decision
Answer:
cognitive dissonance
Explanation:
Cognitive dissonance defines the situation where it includes the attitudes i.e. conflicted, behaviors, etc. It generated the mental discomfort feeling that would result in change in the attitude, belief, etc in order to decreased the discomfort also at the same time it would restore the balance
Therefore as per the given situation, it is cognitive dissonance
84,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $3,300. Using the straight-line method, the book value at December 31, 2021, would be:
Answer:
$67,860
Explanation:
Depreciation = Cost - Residual amount ÷ Useful life
= ($84,000 - $3,300) ÷ 5
= $16,140
Book Value = Cost - Accumulated depreciation
therefore,
Book Value = $84,000 - $16,140
= $67,860
thus
The book value at December 31, 2021, would be: $67,860
Mogul Company ships merchandise to Ski Outfit in a consignment arrangement. The arrangement specifies that Ski Outfit will attempt to sell the merchandise, and in return, Mogul will pay to Ski Outfit a 15% sales commission on any merchandise sold. During the year, Mogul ships inventory with a cost of $100,000 to Ski Outfit. By the end of the year, $76,000 of the merchandise has been sold to customers for a total of $105,800. What amount of inventory will Mogul report at year end
Answer:
$24,000
Explanation:
According to the consignment accounting, it States that any inventory sent on consignment by the consignor to the consignee, belongs to the consignor until the inventory is sold by the consignee.
Regarding the above, Mogu company sent inventory costing $100,000 and out of this, only $76,000 has been sold. The remaining inventory still belongs to the consignor and the amount of this inventory is;
$100,000 - $76,000 = $24,000
Therefore, Mogul would report $24,000 worth of inventories at year end.
On January 12, 2021, Jefferson Corporation purchased bonds of Rose Corporation for $77 million at par and classified the securities as available-for-sale. On December 31, 2021, these bonds were valued at $72 million. Nine months later, on October 3, 2022, Jefferson Corporation sold these bonds for $93 million.
As part of the multistep approach to record the 2022 transaction Jefferson Corporation should next take the second step of:________
a. Reversing total accumulated unrealized holding gains of $25 milion.
b. Reversing total accumulated unrealized holding gains of $18 milion
c. Reversing total accumulated unrealized holding gains of S7 million
d. Reversing total accumulated unrealized holding gains of $11 milion
Answer:
a
Explanation:
Assume that at the end of 2020, Clampett, Incorporated (an S corporation) distributes property (fair market value of $40,000, basis of $5,000) to each of its four equal shareholders (aggregate distribution of $160,000). At the time of the distribution, Clampett, Incorporated, has no corporate earnings and profits and J.D. has a basis of $50,000 in his Clampett, Incorporated, stock. What is J.D.'s stock basis after the distribution
Answer:
$45,000
Explanation:
Calculation to determine J.D.'s stock basis after the distribution
Using this formula
J.D.'s stock basis=Original basis+distributive share of the gain on the distribution -Distribution
Let plug in the formula
J.D.'s stock basis=$50,000+($40,000-$5,000)-$40,000
J.D.'s stock basis= $50,000 + $35,000 − $40,000
J.D.'s stock basis= $45,000
Therefore J.D.'s stock basis after the distribution
is $45,000
Financial institutions act as intermediaries between suppliers and demanders of funds. They accept savers' deposits and invest them in such things as business loans or mortgages. This process is called:_____
Answer:
The correct answer is: Intermediation.
Explanation:
To begin with, in the financial and business field the process in where the financial institutions act in the middle of money's lenders and money's borrowers is known basically as intermediation. This term consists of the simple action of matching those who needs money with those who are willing to lend money in order to obtain a profit from that lending. Therefore that when the banks, for example, accept the money of people who are saving it decides to use that money to put it in circulation in another activity in the economy in order to make the money grow.
Practice Do It! Review 02 The following information is available for Sunland Company. April 1 April 30 Raw materials inventory $10,000 $13,500 Work in process inventory 5,400 3,710 Materials purchased in April $98,000 Direct labor in April 80,300 Manufacturing overhead in April 156,000 Prepare the cost of goods manufactured schedule for the month of April.
Answer:
Cost of goods manufactured=$332,490
Explanation:
Giving the following information:
April 1 April 30
Raw materials inventory $10,000 $13,500
Work in process inventory 5,400 3,710
Materials purchased in April $98,000
Direct labor in April 80,300
Manufacturing overhead in April 156,000
To calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 5,400 + (10,000 + 98,000 - 13,500) + 80,300 + 156,000 - 3,710
cost of goods manufactured=$332,490
onsider the following scenario. Inflation in Argentina pushes the price of Argentine wine up 25%. Inflation in the United States pushes the price of California wine up 10%. If the exchange rate remains constant, the U.S. demand for wine from Argentina a. decreases. b. increases. c. remains constant. d. California wine is better than Argentine wine, so there never is a U.S. demand for wine from Argentina.
Answer:
If the exchange rate remains constant, the U.S. demand for wine from Argentina
a. decreases.Explanation:
Since the inflation rate in Argentina is much higher than the inflation rate in the United States, the price of Argentinean wine will increase in its domestic currency, the Argentinean peso. If the exchange rate is fixed, then Argentinean wine will become more expensive. As a good becomes more expensive, its demand tends to decrease.
On November 10 of the current year, Flores Mills sold carpet to a customer for $7,700 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on November 17, assuming the correct payment was received on that date
Answer:
Flores Mills:
The correct entry for Flores on November 17 using the gross method of accounting for sales discounts is as follows:
Journal Entry
November 17:
Debit Cash $7,546
Debit Cash Discounts $154
Credit Accounts Receivable $7,700
To record the receipt of cash from a customer on account, including 2% discounts allowed for payment within 10 days.
Explanation:
a) Data and Analysis:
November 10: Accounts Receivable $7,700 Sales Revenue $7,700
with credit terms 2/10, n/30.
November 17: Cash $7,546 Cash Discounts $154 Accounts Receivable $7,700
Alberton Electronics makes inexpensive GPS navigation devices and uses a normal cost system that applies overhead based on machine hours. The following current year budgeted data are available:
Variable factory overhead at 100,000 machine hours $2,750,000
Variable factory overhead at 150,000 machine hours 4,125,000
Fixed factory overhead at all levels between 10,000 and 180,000 machine hours 3,168,000
Practical capacity is 180,000 machine hours; expected capacity is two-thirds of practical.
Required:
a. What is Alberton Electronics’ predetermined VOH rate?
b. What is the predetermined FOH rate using practical capacity?
c. What is the predetermined FOH rate using expected capacity?
d. During 2013, the firm records 110,000 machine hours and $2,710,000 of overhead costs. How much variable overhead is applied? How much fixed overhead is applied using the rate found in (b)? How much fixed overhead is applied using the rate found in (c)? Calculate the total under- or overapplied overhead for 2013 using both fixed OH rates.
Answer:
Alberton Electronics
a. Alberton Electronics' predetermined VOH rate = $27.50 ($1,375,000/50,000)
b. The predetermined FOH rate using practical capacity = $17.60 ($3,168,000/180,000)
c. The predetermined FOH rate using expected capacity = $26.40 ($3,168,000/120,000)
d. Variable overhead applied = $3,025,000 (110,000 * $27.50)
Fixed overhead applied using $17.60 FOH rate = $1,936,000 (110,000 * $17.60)
Fixed overhead applied using $26.40 FOB rate = $2,904,000 (110,000 * $26.40)
The Total under-or applied overhead for 2013:
a) Overapplied overhead = $2,251,000 ($4,961,000 - $2,710,000)
b) Overapplied overhead = $3,219,000
Explanation:
a) Data and Calculations:
Variable factory overhead at 100,000 machine hours $2,750,000
Variable factory overhead at 150,000 machine hours 4,125,000
Difference = 50,000 machine hours and $1,375,000
Variable overhead rate = $1,375,000/50,000 = $27.50
Fixed factory overhead between 10,000 and 180,000 machine hours = $3,168,000
Practical capacity = 180,000
Expected capacity = 120,000 (180,000 * 2/3)
a. Alberton Electronics' predetermined VOH rate = $27.50 ($1,375,000/50,000)
b. The predetermined FOH rate using practical capacity = $17.60 ($3,168,000/180,000)
c. The predetermined FOH rate using expected capacity = $26.40 ($3,168,000/120,000)
d. Variable overhead applied = $3,025,000 (110,000 * $27.50)
Fixed overhead applied using $17.60 FOH rate = $1,936,000 (110,000 * $17.60)
Fixed overhead applied using $26.40 FOB rate = $2,904,000 (110,000 * $26.40)
The Total under-or applied overhead for 2013:
a) Total overhead applied = $4,961,000 ($3,025,000 + $1,936,000)
Overapplied overhead = $2,251,000 ($4,961,000 - $2,710,000)
b) Total overhead applied = $5,929,000 ($3,025,000 + $2,904,000)
Overapplied overhead = $3,219,000 ($5,929,000 - $2,710,000)
which of the following jobs function check accounting in the ledger and financial statements?
Answer:
Audit is the one who check .....
Oriole Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $280000 and credit sales are $2810000. Management estimates that 5% of accounts receivable will be uncollectible. What adjusting entry will Oriole Company make if the Allowance for Doubtful Accounts has a credit balance of $2800 before adjustment
Answer:
Dr. Bad debt expense. $11,200
---------To Allowance for doubtful accounts $11,200
Explanation:
Given that:
Accounts receivable balance = $280,000
Total credit sales = $2,810,000
5% of accounts receivables will be bad debt = $280,00 × 5% = $14,000
Credit balance allowance for doubtful account = $2,800 and it must increase to $14,000 I.e $14,000 - $2,800 = $11,200
Adjusting journal entry
Dr Bad debt expense $11,200
-------- Cr Allowance for doubtful accounts $11,200
Terps Corp.'s comparative balance sheet at December 31, 2021 and 2020 reported accumulated depreciation balances of $1,245,000 and $900,000, respectively. Property with a cost of $75,000 and a carrying amount of $57,000 was the only property sold in 2021. Depreciation charged to operations in 2021 was
Answer:
See below
Explanation:
Depreciation charged to operations in 2021 is computed as;
=
Jiffy Co. expects to pay a dividend of $3.00 per share in one year. The current price of Jiffy common stock is $60 per share. What is the cost of internal common equity (retained earnings) if the long-term growth in dividends is projected to be 9 percent indefinitely
Answer:
the cost of the internal common equity is 14%
Explanation:
The computation of the cost of internal common equity is shown below;
Stock Price = Dividend per share ÷ (required rate of return - growth rate)
$60 = $3 ÷ (required rate of return - 0.09)
60 required return - $5.4 = $3
60 required return = $8.4
So, the required return is
= 8.4 ÷ 60
= 14%
Hence, the cost of the internal common equity is 14%
In a responsibility accounting system: Question 6 options: A. Each accounting report contains only (or clearly segregates) those items that are controllable by the responsible manager. B. Each accounting report contains all items allocated to a responsibility center. C. Organized and clear lines of authority and responsibility are only incidental. D. All managers at a given level have equal authority and responsibility. E. All of the above.
Answer:
A. Each accounting report contains only (or clearly segregates) those items that are controllable by the responsible manager.
Explanation:
A responsibility center is a business entity given a specific goals and objectives, procedures and policies, as well as dedicated personnel for generating financial reports in a company.
Taylor Company neglected to amortize the discount on outstanding ten-year bonds payable. What is the effect of the failure to record discount amortization on interest expense and bond carrying value, respectively
Answer:
Taylor Company
The negligence to amortize the discount on outstanding ten-year bonds payable is the understatement of interest expense for each year. This means that the interest expense will be the same for each year instead of increasing by the amortized discount amount. The same applies to the bond carrying value, which will remain the same throughout the period.
Explanation:
The discount on bonds payable is an additional interest expense, which is written off yearly over the bonds' maturity period through amortization. It increases the amount of the periodic interest payment by the amortized discount.
In response to dwindling sales of organic meats, Hain Celestial executives decided to promote the sale of organically grown nuts as an alternative source of protein, which is an excellent example of a firm's:
Answer:
Product substitute
Explanation:
Product substitute is defined as one that meets similar needs of the consumer. As demand for one of such goods rises the demand of the other tends to fall as the meet similar needs.
In the given scenario organic meats are seen as being substituted by organically grown nuts as a source of protein.
So when Hain Celestial has dwindling sales of organic meats they were considering organically grown nuts as a different product to give to customers
List four natural resources that you think would go into the production of the following products
Answer:
sorry I think u got yr question incomplete..
Explanation:
Oil, coal, natural gas, metals, stone and sand are natural resources. Other natural resources are air, sunlight, soil and water. Animals, birds, fish and plants are natural resources as well.
stay safe healthy and happy.Bernie is a former executive who is retired. This year Bernie received $190,000 in pension payments and $15,200 of Social Security payments. What amount must Bernie include in his gross income
Answer:
$202,920
Explanation:
Calculation to determine determine What amount must Bernie include in his gross income
Using this formula
Gross income=Pension payments Received+85% of social security benefits
Let plug in the formula
Gross income=$190,000 + ($15,200 * 85%)
Gross income=$190,000+$12,920
Gross income=$202,920
Therefore The amount that Bernie must include in his gross income is $202,920