aAnswer:
Note: See the lower part of the attached excel for the table for the answer.
Explanation:
In the attached excel file, the following calculations are done:
(a) Operating income = Sales * Profit margin = $6,000,000 * 20% = $1,200,000
(b) Invested assets = Operating income / Return on investment = $1,200,000 / 16% = $7,500,000
(c) Investment turnover = Return on investment / Profit margin = 16% / 20% = 0.80 times
(d) Sales = Operating income / Profit margin = 1,512,000.00 / 12% = $12,600,000
(e) Investment assets = Sales / Investment turnover = $12,600,000 / 1.40 = $9,000,000.00
(f) Return on investment = Investment turnover * Profit margin = 1.40 * 12% = 16.80%
(g) Operating income = Invested assets * Return on investment = $11,000,000 / 17.50% = $1,925,000
(h) Profit margin = (Operating income / Sales) * 100 = ($1,925,000 / $13,750,000) * 100 = 14.0%
(i) Investment turnover = Return on investment / Profit margin = 17.50% / 14.0% = 1.25 times
(j) Return on investment = (Operating income / Invested assets) * 100 = ($840,000 / $3,500,000) * 100 = 24.0%
(k) Profit margin = (Operating income / Sales) * 100 = ($840,000 / $5,250,000) * 100 = 16.0%
(l) Investment turnover = Return on investment / Profit margin = 24.0% / 16.0% = 1.50
William is preparing to file his tax return. Which two items are necessary to complete his tax return?
W-2 form from an employer
driver's license
receipts for expenses taken as deductions or credits
copy of a birth certificate
voter registration card
employment verification
Answer:
W-2 form from an employer, Receipts for expenses taken as deductions or credits
Explanation:
Got it right on Plato
The following information was obtained from the records of Appleton Corporation during 2018.
Manufacturing Overhead was applied at a rate of 100 percent of direct labor dollars.
Beginning value of inventory follows:
Beginning Work in Process Inventory, $9,000.
Beginning Finished Goods Inventory, $12,000.
During the period, Work in Process Inventory decreased by 20 percent, and Finished Goods Inventory increased by 25 percent.
Actual manufacturing overhead costs were $88,000.
Sales were $418,000
Adjusted Cost of Goods Sold was $302,000.
Required:
Use the preceding information to find the missing values in the following table:
Item Amount
Direct Materials Used
Direct labor
Manufacturing Overhead Applied 85,000
Total Current Manufactoring Costs
Plus: Begining work in process inventory 9,000
Less: Ending Work in process inventory
Cost of goods manufactured
Plus: Beginning finished goos inventory 12,000
Less: Ending Finished goods inventory
Unadjusted cost of goods sold
Overhead Adjustment
Adjusted Cost of Goods Sold $319,000
Answer:
See below
Explanation:
Items
Direct materials used
($300,200 - $85,000 - $85,000)
$130,200
Direct labor ($85,000/100%)
$85,000
Manufacturing overhead applied $85,000
Total current manufacturing costs
($302,000 + $7,200 - $9,000)
$300,200
Plus: Beginning work in process inventory
$9,000
Less: Ending work in process inventory
($9,000 × 80%)
$7,200
Cost of goods manufactured
($299,000 + $15,000 - $12,000)
$302,000
Plus: Beginning finished goods inventory
$12,000
Less: Ending finished goods inventory
($12,000 × 125%)
$15,000
Unadjusted cost of goods sold ($302,000 - $3,000)
$299,000
Add: Overhead adjustment ($88,000 - $85,000)
$3,000
Adjusted cost of goods sold
$302,000
Using the preceding information to find the missing values in the following table, titled Production Cost Schedule, is as below.
What is a Production Cost Schedule?A production cost schedule is a cost schedule or table that shows the total costs of production at different levels of input and output.
For example, the missing values in the Production Cost Schedule are as follows:
Direct Materials Used $152,000
Direct labor 85,000
Manufacturing Overhead Applied 85,000
Total Current Manufacturing Costs 322,000
Plus: Begining work in process inventory 9,000
Less: Ending Work in process inventory 12,000
Cost of goods manufactured 319,000
Plus: Beginning finished goods inventory 12,000
Less: Ending Finished goods inventory 15,000
Unadjusted cost of goods sold 316,000
Overhead Adjustment 3,000
Adjusted Cost of Goods Sold $319,000
Data and Calculations:Actual manufacturing overhead costs = $88,000
Adjusted cost of goods sold = $302,000
Work in ProcessBeginning Balance $9,000
Ending balance = $10,800 ($9,000 x 1.20)
Finished GoodsBeginning Balance $12,000
Ending balance = $15,000 ($12,000 x 1.25)
Missing Values TableDirect Materials Used 152,000 ($322,000 - $85,000 - $85,000)
Direct labor 85,000 ($85,000/100%)
Manufacturing Overhead Applied 85,000
Total Current Manufactoring Costs 322,000 ($319,000 + $12,000 - 9,000)
Plus: Begining work in process inventory 9,000
Less: Ending Work in process inventory 12,000
Cost of goods manufactured 319,000 ($316,000 +$15,000 - $12,000)
Plus: Beginning finished goods inventory 12,000
Less: Ending Finished goods inventory 15,000
Unadjusted cost of goods sold 316,000 ($319,000 - $3,000)
Overhead Adjustment 3,000 ($88,000 - $85,000)
Adjusted Cost of Goods Sold $319,000
Learn more production schedules at https://brainly.com/question/14930678
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6. Problems and Applications Q6 Suppose the Federal Reserve's policy is to maintain low and stable inflation by keeping unemployment at its natural rate. However, the Fed believes that the natural rate of unemployment is 4 percent when the actual natural rate is 5 percent. If the Fed bases its policy decisions on its belief, there will be a
Answer: Rising trend
Explanation:
If the actual natural rate is 5%, it would be higher than the natural rate of 4%. This would prompt the Fed to act in such a way as to reduce unemployment in the economy. To do this, they would embark on an expansionary monetary policy to get the economy growing so that more people can be employed.
When there is more money in the economy though, people will have more to buy goods and services and this increase in demand will cause inflation to rise to reflect that there is more demand than supply.
You are considering a new product launch. The project will cost $1,950,000, have a four-year life, and have no salvage value; depreciation is straight-line to zero. Sales are projected at 180 units per year; price per unit will be $24,000, variable cost per unit will be $15,000, and fixed costs will be $540,000 per year. The required return on the project is 10 percent, and the relevant tax rate is 34 percent.
1. What is the cash break-even level of output for this project (ignoring taxes)? (Round your answer to 2 decimal places. (e.g., 32.16))
Cash break-even
2. What is the accounting break-even level of output for this project? (Round your answer to 2 decimal places. (e.g., 32.16))
Accounting break-even
Answer:
20,708.33
141,17
Explanation:
Breakeven quantity are the number of units produced and sold at which net income is zero
Breakeven quantity = fixed cost / price – variable cost per unit
Breakeven price = (fixed cost / quantity sold) + variable price per unit
Gallerani Corporation has received a request for a special order of 4,300 units of product A90 for $26.90 each. Product A90's unit product cost is $26.40, determined as follows: Direct materials$2.55 Direct labor 7.85 Variable manufacturing overhead 6.95 Fixed manufacturing overhead 9.05 Unit product cost$26.40 Assume that direct labor is a variable cost. The special order would have no effect on the company's total fixed manufacturing overhead costs. The customer would like modifications made to product A90 that would increase the variable costs by $3.30 per unit and that would require an investment of $22,000 in special molds that would have no salvage value. This special order would have no effect on the company's other sales. The company has ample spare capacity for producing the special order. The annual financial advantage (disadvantage) for the company as a result of accepting this special order should be:
Answer:
Effect on income= $4,875 increase
Explanation:
Giving the following formula:
Production costs:
Direct materials$2.55
Direct labor 7.85
Variable manufacturing overhead 6.95
Total= $17.35
Special offer:
Selling price= $26.9
Number of units= 4,300
Increase in variable cost= $3.3
Increase in fixed costs= $22,000
Because it is a special offer and there is unused capacity, we will take into account only the incremental fixed costs.
To calculate the effect on income, we need to use the following formula:
Effect on income= incremental contribution margin - incremental fixed costs
Effect on income= 4,300*(26.9 - 17.35 - 3.3) - 22,000
Effect on income= $4,875 increase
Products A and B are joint products. Product A can be sold for $1,200 at the split-off point, or processed further at a cost of $600 and then sold for $1,700. Product B can be sold for $3,000 at the split-off point, or processed further at a cost of $800 and then sold for $4,000. The company should process further: Multiple Choice Product A. Product B. Both products. Neither of the products.
Answer:
The company should process further:
Product B.
Explanation:
a) Data and Calculations:
Product A sales value at split-off point = $1,200
Cost of further processing of Product A = $600
Sales proceeds from Product A after further processing = $1,700
Product B sales value at split-off point = $3,000
Cost of further processing of Product B = $800
Sales proceeds from Product B after further processing = $4,000
b) There is no additional revenue gained from further processing of Product A. Instead, there is a loss of $100 ($1,800 - $1,700). This is unlike Product B where there is a gain of $200 ($4,000 - $3,800) from further processing. The company's decision should be to sell Product A at split-off while further processing Product B to realize incremental revenue.
Maplewood Company incurred the following costs for 70,000 units: Variable costs $420,000 Fixed costs 392,000 Maplewood has received a special order from a foreign company for 3,000 units. There is sufficient capacity to fill the order without jeopardizing regular sales. Filling the order will require spending an additional $6,300 for shipping. If Maplewood wants to break even on the order, what should the unit sales price be
Answer:
$8.1
Explanation:
Variable cost to be incurred for the offer = ($420,000/70,000) * 3,000
Variable cost to be incurred for the offer = $6 * 3,000
Variable cost to be incurred for the offer = $18,000
Additional Fixed cost = $6,300
Total Cost incurred for the offer = Variable cost to be incurred for the offer + Additional Fixed cost
Total Cost incurred for the offer = $18,000 + $6,300
Total Cost incurred for the offer = $24,300
Unit Sales Price (Break even) = Total Cost incurred for the offer / 3,000 units
Unit Sales Price (Break even) = $24,300 / 3,000 units
Unit Sales Price (Break even) = $8.1
Ann Company borrowed $240,000 to buy an equipment on January 1, 2019, and signed a 7% instalment note requiring annual equal payments, including principal and interest at the end of every year for 15 years. Rounded to the nearest dollar, determine the balance in the Instalment Note Payable account after making the first annual payment.
Answer:
$2,000
Explanation:
Payment include repayment of Capital Amount and Payment of Interest expense
Therefore the balance in the Instalment Note Payable account after making the first annual payment is
QS 7-5 (Algo) Allowance method for bad debts LO P2 Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $2,800 account of a customer, C. Green. On March 9, it receives a $2,300 payment from Green. 1. Prepare the journal entry for January 31. 2. Prepare the journal entries for March 9; assume no additional money is expected from Green.
Answer:
1. Jan 31
Dr Allowance for doubtful accounts $2,800
Cr Accounts receivable—C. Green $2,800
2. Mar 09
Dr Accounts receivable—C. Green $2,300
Cr Allowance for doubtful accounts $2,300
3. Mar 09
Dr Cash $2,300
Cr Accounts receivable—C. Green $2,300
Explanation:
1. Preparation of the journal entry for January 31.
Jan 31
Dr Allowance for doubtful accounts $2,800
Cr Accounts receivable—C. Green $2,800
2. Preparation of the journal entry for March 9
Mar 09
Dr Accounts receivable—C. Green $2,300
Cr Allowance for doubtful accounts $2,300
3. Mar 09
Dr Cash $2,300
Cr Accounts receivable—C. Green $2,300
wo firms, A and B, each currently emit 100 tons of chemicals into the air. The government has decided to reduce the pollution and from now on require a pollution permit for each ton of pollution emitted into the air. The government gives each firm 50 pollution permits, which it can either use of sell to the other firm. It costs Firm A $200 for each ton of pollution that it eliminates before it is emitted into the air, and it cots Firm B $100 for each ton of pollution that it eliminates before it is emitted into the air. If the two firms have the same bargaining power, what would be the gains from trade for Firm B
Answer:
Firm A will buy all of the firm B's pollution permits. Each one will cost between $100 and $200.
Explanation:
The firm B will gain from the trade of pollution permits. Firm A will need higher pollution permits since it emits 100 tons of chemicals into air and the cost for eliminating each ton is $200. This cost is higher than the cost to Firm B which is $100 only. Firm A will buy all the pollution permits from Firm B and there will advantage for the Firm B to gain from the trade.
Classical economists support which amount of
government intervention into the economy?
A. limited
B. negligent
C. large
Consider the economies of Sporon and Gribinez, both of which produce agricultural products using only land and labor. The following tables show the supply of land, population size, and real GDP for these two economies from 2020 to 2023. Calculate real GDP per capita for the two economies, and complete the last column of the following two tables.
Sporon
Year Land Population Real GDP Real GDP per Capita
(Acres)
2020 20,000 1,000 $15,000 $
2021 20,000 2,000 $28,000 $
2022 20,000 3,000 $36,000 $
2023 20,000 4,000 $40,000 $
Gribinez
Year Land Population Real GDP Real GDP per Capita
(Acres)
2020 20,000 500 $4,500 $
2021 20,000 1,000 $10,000 $
2022 20,000 1,500 $16,500 $
2023 20,000 2,000 $24,000 $
Rapid population growth tends to threaten economic growth in economies with land-to-labor ratios. Which of the following is a correct description of the effect of population growth on economic growth in Gribinez from 2020 to 2023?
a. *Real GDP per capita rose initially but eventually fell as population continued to expand.
b. *Real GDP per capita rose from 2011 to 2014 as population increased.
c. *Real GDP per capita fell in*Real GDP per capita fell from 2011 to 2014 as population increased.
Answer:
Sporon
2020 $15
2021 $14
2022 $12
2023 $10
Gribinez
2020 $9
2021 $10
2022 $11
2023 $12
Real GDP per capita rose from 2020 to 2023 as population increased.
Explanation:
Real Per capita GDP measures the standard of living of the people in a country. The higher the Real Per capita GDP, the higher the standard of living
Real Per capita GDP = Real GDP / population
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.
Sporon
2020 : $15,000 / 1000 = $15
2021: $28,000 / 2000 = $14
2022 : $36,000 /3,000 = $12
2023: $40,000/4000 = $10
Gribinez
2020 : $4500 / 500= $9
2021 : $10,000 / 1000 = $10
2022 $16,500 / 1500= $11
2023: $24,000 / 2000 = $12
The real GDP per capita of Gribinez rose from 2011 to 2014 as population increased because the rate of increase of real GDP per capita was higher than the rate of increase in population
Rate of increase of population in 2022 = (1500 / 1000) - 1 = 0.5 = 50%
Rate of increase in Real GDP in 2022 = (16500 / 10,000) - 1 = 0.65 = 65%
Mrs. Eller's corporate employer has a cafeteria plan under which its employees can receive a $3,000 year-end Christmas bonus or enroll in a qualified medical reimbursement plan that pays up to $3,000 of annual medical bills. Mrs. Eller is in a 24 percent tax bracket, and her medical bills average $2,300 each year.
a. Should Mrs. Eller choose the cash bonus or the nontaxable fringe benefit? (Ignore any payroll tax implications.)
b. Does your answer change if Mrs. Eller is in the 12 percent tax bracket?
Answer and Explanation:
a. The computation is shown below;
Cash bonus after tax is ($3,000 × (1 - 0.24) $2,280
And, non taxable fringe benefit is $2,300
So here he should use the nontaxable fringe benefit
b. Yes answer would be changed
Cash bonus after tax is ($3,000 × (1 - 0.12) $2,640
And, non taxable fringe benefit is $2,300
hence, the same is to be considered
On December 31, 2016, Beckford Company issues 150,000 stock-appreciation rights to its officers entitling them to receive cash for the difference between the market price of its stock and a pre-established price of $10. The fair value of the SARs is estimated to be $4 per SAR on December 31, 2017; $1 on December 31, 2018; $10 on December 31, 2019; and $9 on December 31, 2020. The service period is 4 years, and the exercise period is 7 years.
Instructions:
(a) Prepare a schedule that shows the amount of compensation expense allocable to each year affected by the stock-appreciation rights plan.
(b) Prepare the entry at December 31, 2014, to record compensation expense, if any, in 2014.
(c) Prepare the entry on December 31, 2014, assuming that all 150,000 SARs are exercised.
Answer: See attachment and explanation
Explanation:
(a) Prepare a schedule that shows the amount of compensation expense allocable to each year affected by the stock-appreciation rights plan.
The above has been attached.
(b) Prepare the entry at December 31, 2014, to record compensation expense, if any, in 2014.
31/12/2014:
Debit Compensation expense = $225000
Credit Stock Appreciation Plan = $225000
(To record the compensation expense)
(c) Prepare the entry on December 31, 2014, assuming that all 150,000 SARs are exercised.
31/12/2014:
Debit: Stock Appreciation Plan = $1350000
Credit Cash = $1350000
(To record the realization of cash exercised)
How are a startup's financing requirements estimated
Answer:
How are Startups Financing Requirements Estimated?
1. Make Use of a Startup Work Sheet to be Able to Plan the Initial Financing.
2. Focus on the Expenses versus Assets. Another way for startups to estimate their financing requirements is by means of focusing on the expenses versus assets.
3. Similar Articles.
4. Cash Balance Prior to the Starting Date.
Explanation:
Andrea has prepared the following list of statements about corporations. Identify whether each statement is true or false. 1. A corporation is an entity separate and distinct from its owners. select an option 2. As a legal entity, a corporation has most of the rights and privileges of a person. select an option 3. Most of the largest U.S. corporations are privately held corporations. select an option 4. Corporations may buy, own, and sell property; borrow money; enter into legally binding contracts; and sue and be sued. select an option 5. The net income of a corporation is not taxed as a separate entity. select an option 6. Creditors have a legal claim on the personal assets of the owners of a corporation if the corporation does not pay its debts. select an option 7. The transfer of stock from one owner to another requires the approval of either the corporation or other stockholders. select an option 8. The board of directors of a corporation legally owns the corporation. select an option 9. The chief accounting officer of a corporation is the controller. select an option 10. Corporations are subject to fewer state and federal regulations than partnerships or proprietorships.
Answer:
1. TRUE.
A corporation truly is separate from its owners.
2. TRUE.
As a result of this separation, it has most of the rights and privileges of a person.
3. FALSE.
Most of the largest American companies are public held corporations which is how they got the resources needed for expansion.
4. TRUE.
As corporations are separate entities, they can do all these things.
5. FALSE.
The net income of a corporation is taxed as separate from the income of the owners.
6. FALSE.
Creditors only have a legal claim to the assets of the corporation and not its owners because they are separate entities.
7. FALSE.
The transfer of stock requires the permission of the stockholder selling the stock and the party buying. This is a two party transaction that does not require company approval.
8. FALSE.
The shareholders own the corporation. The Board of Directors simply represent the shareholders.
9. TRUE.
The Chief Accounting Officer truly is the controller.
10 . FALSE.
Corporations are subject to more regulations than partnerships and proprietorships.
what is a marketing plan ?? answer please .
Answer:
marketing plan is defined as a comprehensive document or blueprint that outlines the advertising and marketing efforts for the coming year. It describes business activities involved in accomplishing specific marketing objectives within a set time frame. A marketing plan also includes a description of the current marketing position of a business, a discussion of the target market and a description of the marketing mix that a business will use to achieve their marketing goals.
Q 9.20: City Mission is a not-for-profit organization that provides hot meals, living quarters, and showers for homeless people. Based on their yearly budget, they expect to spend $450,000 on food expenses, $350,000 on housing expenses, $280,000 on staff salaries, $90,000 on utilities, and $118,000 on other expenses. How much will City Mission need to raise in donations
Answer:
at least $1,288,000 in donation
Explanation:
With regards to the above information, we would add up all the expenses to arrive at how much donation that need City Mission needs to raise.
= Expenses on food + Housing expenses + Staff salaries + Utilities + Other expenses
= $450,000 + $350,000 + $280,000 + $90,000 + $118,000
= $1,288,000
The above is a large sum of money to raise only from donations, and by right a level or various levels of government should help pay for these expenses as no one go homeless either that or provide low cost homes for the homeless.
how much should a charm bracelet be with 1 tassel and mermaid tail.
Answer: The cost should be around $6 at least
Explanation:
Answer:
any where from 10 to 24 dollars. If it super lux maybe 50 something
Explanation:
9. The NOI for a small income property is expected to be $150,000 for the first year. Financing will be based on a 1.2 DCR applied to the first year NOI, will have a 10 percent interest rate, and will be amortized over 20 years with monthly payments. The NOI will increase 3 percent per year after the first year. The investor expects to hold the property for five years. The resale price is estimated by applying a 9 percent terminal capitalization rate to the sixth-year NOI. Investors require a 12 percent rate of return on equity (equity yield rate) for this type of property. a. What is the present value of the equity interest in the property
Answer:
a. The present value of the equity interest in the property is:
= PV = $1,096,338
Explanation:
a) Data and Calculations:
Debt Coverage Ratio = 1.2
Debt interest = $150,000/1.2 = $125,000
Interest rate = 10%
Therefore, total financing or debt obtained = $125,000/10% = $1,250,000
NOI for the first year = $150,000
NOI for other years = 3% per year after the first year.
Holding period of property = 5 years
Therefore, expected NOIs for the second to fifth year are calculated as follows:
Net operating income (NOI):
First Year = $150,000
Second Year = $154,500 ($150,000 * 1.03)
Third Year = $159,135 ($154,500 * 1.03)
Fourth Year = $163,909 ($159,135 * 1.03)
Fifth Year = $168,826 ($163,909 * 1.03)
Sixth year NOI = $173,891 ($168,826 * 1.03)
Terminal capitalization rate = 9%
Resale price = NOI of the sixth year/Terminal cap rate
= $173,891/9% = $1,932,122
The present value of the equity interest in the property:
From an online financial calculator:
N (# of periods) 5
I/Y (Interest per year) 12
PMT (Periodic Payment) 0
FV (Future Value) $1,932,122
Results
PV = $1,096,337.91
Total Interest $835,784.09
Your boss has asked you to obtain marketing feedback on one of the products for your company produces. But people are less likely to respond honestly if they know it’s the company requesting the information. So your boss tells you to use a fake marketing research name. Would you follow your boss’s direction? Why or why not?
Answer:
no I won't follow my boss
because I don't use Fake information
What is the relationship between property and financial claims
The budgeted income statement presented below is for Burkett Corporation for the coming fiscal year. Compute the number of units that must be sold in order to achieve a target pretax income of $183,500. Sales (55,000 units) $ 990,000 Costs: Direct materials $ 202,000 Direct labor 240,500 Fixed factory overhead 102,500 Variable factory overhead 150,500 Fixed marketing costs 110,500 Variable marketing costs 50,500 856,500 Pretax income $ 133,500
Answer:
see explanation
Explanation:
Units to achieve target profit = Target Profit + Fixed Cost ÷ Contribution margin ratio.
where ,
Contribution margin ratio = Contribution ÷ Sales
Bramble Company established a petty cash fund on May 1, cashing a check for $105. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $3.40. Receipts: delivery expense $27.40, postage expense $37.90, and miscellaneous expense $33.30. July 1: Cash in fund $3.95. Receipts: delivery expense $20.95, entertainment expense $53.20, and miscellaneous expense $26.90. On July 10, Bramble increased the fund from $105 to $135.00. Prepare journal entries for Bramble Company for May 1, June 1, July 1, and July 10.
Answer:
May 01
Dr Petty cash $105
Cr Cash $105
Jun 01
Dr Delivery Expense $27.40
Dr Postage Expense $37.90
Dr Miscellaneous Expense $33.30
Dr Cash over/short $3.00
($101.6-$27.40-$37.90-$33.30)
Cr Petty Cash $101.6
Jul 01
Dr Delivery expense $27.40
Dr Entertainment expense $53.20
Dr Miscellaneous expense $33.30
Cr Petty Cash $113.9
Jul 10
Dr Petty cash $30.00
Cr Cash $30.00
Explanation:
Preparation of the journal entries for Bramble Company for May 1, June 1, July 1, and July 10
May 01
Dr Petty cash $105
Cr Cash $105
Jun 01
Dr Delivery Expense $27.40
Dr Postage Expense $37.90
Dr Miscellaneous Expense $33.30
Dr Cash over/short $3.00
($101.6-$27.40-$37.90-$33.30)
Cr Petty Cash ($105 - $3.40) $101.6
Jul 01
Dr Delivery expense $27.40
Dr Entertainment expense $53.20
Dr Miscellaneous expense $33.30
Cr Petty Cash $113.9
($27.40+$53.20+$33.30)
Jul 10
Dr Petty cash $30.00
Cr Cash $30.00
($135-$105)
Prepare the journal entries to record the following transactions on Kwang Company's books using a perpetual inventory system.
a. On March 2, Kwang Company sold $900,000 of merchandise to Sensat Company, terms 2/10, n/30. The cost of the merchandise sold was $620,000.
b. On March 6, Sensat Company returned $90,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $62,000.
c. On March 12, Kwang Company received the balance due from Sensat Company. From the information in BE5-4, prepare the journal entries to record these transactions on Sensat Company's books under a perpetual inventory system.
Answer:
Solution BE5-4
Journal Entries
Date Particulars Debit Credit
(a) 02-Mar Accounts Receivable $900,000
Sales Revenue $900,000
02-Mar Cost of goods sold $620,000
Inventory $620,000
(b) 06-Mar Sales Return & allowances $90,000
Accounts receivable $90,000
06-Mar Inventory $62,000
Cost of goods sold $62,000
(c) 12-Mar Cash $793,800
Sales Discount $16,200
($810,000*2%)
Accounts receivable $810,000
($900000- $90000)
Solution BE5-5:
Journal Entries
Date Particulars Debit Credit
(a) 02-Mar Inventory $900,000
Accounts payable $900,000
(b) 06-Mar Accounts payable $90,000
Inventory $90,000
(c) 12-Mar Accounts Payable $810,000
($900000- $90000)
Inventory ($810000*2%) $16,200
Cash $793,800
Nicholas is the production manager for a manufacturing firm. He has two supervisors who are experiencing conflict with each other based upon personality differences. Nicholas should have held a meeting last week to discuss next year's budget, but cancelled it because the two supervisors had a verbal confrontation on the shop floor the previous day. What conflict handling style is Nicholas demonstrating
Answer:
Avoidance
Explanation:
Conflict or disagreement usually occurs when individuals or members of a group engage in an expressed struggle that hinders a task accomplishment. This occurs mainly due to the real and perceived differences that exist among individuals or members of a group.
Communication
Simply deals with how individuals coordinate actions and achieve goals. It is usually refered to as the process by which information is exchanged between individuals via a common system such as symbols, signs, or behavior. People communicate differently and when you don't understand each other ways, attitude or method of communication, conflict is bound to occur.
Avoiding conflict-handling style
This is a type of conflict handling style that is generally of little/low concern for meeting the needs of both yourself and your group members. It is the act of deliberately ignoring or withdrawing yourself and hopingthe problem will go away and letting others to handle it. It is only useful when facing trivial/temporary issues, no chance to get what you want, when others can, when people need to cool down/get more information etc. But it usually makes other people perceive you as uncaring and a conflict simmers.
The cost of equipment purchased by Tamarisk, Inc., on June 1, 2020, is $142,800. It is estimated that the machine will have a $8,400 salvage value at the end of its service life. Its service life is estimated at 7 years, its total working hours are estimated at 67,200, and its total production is estimated at 672,000 units. During 2020, the machine was operated 7,020 hours and produced 64,350 units. During 2021, the machine was operated 6,435 hours and produced 56,160 units.
Compute depreciation expense on the machine for the year ending December 31, 2020, and the year ending December 31, 2021, using the following methods. (Round depreciation per unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 45,892.) 2020 2021 0
(a) Straight-line - 0
(b) Units-of-output - 0
(c) Working hours - 0
(d) Sum-of-the-years-digits - 0
(e) Double-declining-balance (twice the straight-line rate) $
Answer:
A. 2020 $11,200
2021 $19,200
B. 2020 $12,870
2021 $11,232
C. 2020 $14,040
2021 $12,870
D. 2020 $19,600
2021 $30,800
E. 2020 $23,799
2021 $33,999
Explanation:
Computation depreciation expense on the machine for the year ending December 31, 2020, and the year ending December 31, 2021,
(A)Computation for depreciation expense using Straight-line method
Using this formula
(cost-salvage) / useful life x depreciation from purchase date to end year
Let plug in the formula
2020
Depreciation expense= $142,800 - 8,400 / 7
Depreciation expense= 19,200 x (7/12)
Depreciation expense= $11,200 (for 2020)
2021
Depreciation expense= $142,800 - 8,400 / 7
Depreciation expense= 19,200 (for 2021)
(B) Computation for depreciation expense using Units-of-output Method
Using this formula
(cost - salvage) / total units produced x estimated units 2020/21
Let plug in the formula
Depreciation expense 2020:
Depreciation expense= ($142,800 - 8,400) / 672,000) x 64,350
Depreciation expense= 0.20x 64,350
Depreciation expense= $12,870
Depreciation expense 2021:
Depreciation expense=($142,800 - 8,400) / 672,000) x 56,160
Depreciation expense= 0.20x 56,160
Depreciation expense= $11,232
(C) Computation for depreciation expense using Working hours
Using this formula
(cost-salvage) / total working hours x estimated working hours 2020/21
Let plug in the formula
Depreciation expense 2020:
Depreciation expense= (($142,800 - 8,400)/67,200) x 7,020
Depreciation expense= 2 x 7,020
Depreciation expense= $14,040
Depreciation expense 2021:
Depreciation expense= ($142,800 - 8,400)/67,200) x 6,435
Depreciation expense= 2 x 6,435
Depreciation expense= $12,870
(D)Computation for depreciation expense using
Sum-of-the-years'-digits
n(n+1)/2
Depreciation expense 2020:
Depreciation expense= ($142,800 - 8,400)x 7/28 x 7/12
Depreciation expense=$134,400 x (7/28) x (7/12)
Depreciation expense= 33,600 x (7/12)
Depreciation expense= $19,600
Depreciation expense 2021:
Depreciation expense= (($142,800 - 8,400) x 7/28 x 5/12) +(($142,800-8,400) x 6/28 x 7/12)
Depreciation expense= $14,000 + $16,800
Depreciation expense= $30,800
(E) Computation for depreciation expense using Double-declining-balance
First step
1 / useful life x 100 x 2
= 1/7 x 100 x 2
= 28,57%
Now let calculate the Depreciation expense for 2020 and 2021
Depreciation expense 2020:
Depreciation expense=142,800 x 28.57 x (7/12)
Depreciation expense= $23,799
Depreciation expense 2021:
Depreciation expense=(142,800 -$23,799 ) x 28.57
Depreciation expense= $33,999
Starting with the finished version of the file for Example 9.3, change the fixed cost in cell B5 to $4000. Change the probabilities in cells B9 (make it smaller), B14 (make it larger), and B15 (make it smaller) in some systematic way (you can choose the details) and, for each combination, calculate the EVI. Does EVI change in the way you’d expect? Why?
Answer:
hello your question lacks the required file ( excel file ) attached below is the missing file
Answer : The EVI does not change in the way expected and this is because of the higher probability assignment
Explanation:
1) calculate the EVI for the first combination
i.e. B5 = $2000, B9 = 0.4, B14 = 0.8, B15 = 0.3
EVI = EMI with information - EMI without information
= 3250 - 3400
= $ 150
note : EMI with information is gotten via solution tree
2) Calculate the EVI for the second combination
i.e. B5 = $4000 , B9 = 0.3 , B14 = 0.9, B15 = 0.2
EVI = EMI with information - EMI without information
= $1378 - $500 = $878
Residents of poor countries tend to have fewer automobiles per capita because Group of answer choices lower per capita real gross domestic product (GDP) growth rates allow for less spending on automobiles. residents of poor countries generally prefer to walk. tax rates are higher in poor countries, which leaves less money to spend on cars. residents of poor countries tend to live on farms, where cars are unnecessary. residents of wealthy countries have automobiles provided to them by the government.
Answer:
lower per capita real gross domestic product (GDP) growth rates allow for less spending on automobiles.
Explanation:
Gross Domestic Products (GDP) is a measure of the total market value of all finished goods and services made within a country during a specific period.
Simply stated, GDP is a measure of the total income of all individuals in an economy and the total expenses incurred on the economy's output of goods and services in a particular country.
Generally, the Gross Domestic Products (GDP) of a country's economy gives an insight to the social well-being of the country, such as;
Adjusting the Real gross domestic product (Real GDP) for price level changes by using a price index. This simply means, Real GDP is adjusted for inflation to measure the value of goods and services produced by a country in a specific period of time.
Mathematically, [tex]{Real GDP}=\frac{\text{Nominal GDP}}{\text{GDP deflator}}[/tex]
Hence, residents of poor countries tend to have fewer automobiles per capita because lower per capita real gross domestic product (GDP) growth rates allow for less spending on automobiles.
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $770,000; Allowance for Doubtful Accounts has a credit balance of $7,000; and sales for the year total $3,470,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $32,200. a. Determine the amount of the adjusting entry for uncollectible accounts. $fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $fill in the blank 4 c. Determine the net realizable value of accounts receivable.
Answer:
A. $25,200
B. Accounts Receivable $770,000
Allowance for Doubtful Accounts $32,200
Bad Debt Expense $25,200
C. $744,800
Explanation:
a. Calculation to Determine the amount of the adjusting entry for uncollectible accounts using this formula
Uncollectible accounts Adjusting entry= Allowance for Doubtful Accounts - Credit balance on Allowance for doubtful accounts
Let plug in the formula
Uncollectible accounts Adjusting entry=$32,200 - $7,000
Uncollectible accounts Adjusting entry= $25,200
Therefore the amount of the adjusting entry for uncollectible accounts is $25,200
B. Based on the information given the adjusted balances of Accounts Receivable will be $770,000
Based on the information given the adjusted balances of Allowance for Doubtful Accounts will be $32,200
Bad Debt Expense = $32,200 - $7,000
Bad Debt Expense= $25,200
c. Calculation to Determine the net realizable value of accounts receivable
Using this formula
Net realizable value of accounts receivable = Accounts receivables - Bad debt
Let plug in the formula
Net realizable value of accounts receivable= $770,000 - $25,200
Net realizable value of accounts receivable=$744,800
Therefore Net realizable value of accounts receivable is $744,800