Answer:
50,600 units
Explanation:
The computation of the number of units to be produced in September is given below:
= sales + ending inventory - opening inventory
= 51,000 units + (40% of 50,000 units) - (40% of 51,000 units)
= 51,000 units + 20,000 units - 20,400 units
= 50,600 units
The term LCM refers to the process companies use to ensure they are always purchasing lowest cost items. a rule which requires a company to adjust the cost of its inventory when the market price decreases below the cost. the adjustment a company makes for inventory lost or stolen. the repeated calculations necessary to properly record LIFO costs.
Answer:
b. a rule which requires a company to adjust the cost of its inventory when the market price decreases below the cost.
Explanation:
LCM means lower of cost or market value. It is a rule under which the value of inventory is adjusted to lower of cost or market value. Also, it is a rule which requires a company to adjust the cost of its inventory when the market price decreases below the cost.
Hence, the correct option is a rule which requires a company to adjust the cost of its inventory when the market price decreases below the cost.
Assume Simple Co. had credit sales of $256,000 and cost of goods sold of $156,000 for the period. Simple uses the percentage of credit sales method and estimates that 1 percent of credit sales would result in uncollectible accounts. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $310. What amount of Bad Debt Expense would the company record as an end-of-period adjustment
Answer: $2560
Explanation:
A bad debt expense simply refers to a scenario whereby a receivable isn't collectible due to the fact that a customer isn't able to pay their outstanding debt.
Based on the information given in the question, the amount of bad debt expense that would be recorded by the company as an end-of-period adjustment will be:
= Credit sales × Percentage of uncollectible accounts
= $256000 × 1%
= $256000 × 0.01
= $2560
On July 15, 2019, Matrix Corp. sells 20,000 snow shovels to a distributor for $15 per shovel. The distributor pays the amount on July 15, 2019, and has the right to return any of the snow shovels for any reason within 180 days for a full refund. Matrix uses the expected value method and estimates that 8% of the snow shovels will be returned and it is probable that no more than 8% of the shovels will be returned. How much sales revenue should Matrix recognize on July 15, 2019, from this sale
Answer:
the sales revenue recognized is 276,000
Explanation:
The computation of the sales revenue recognized is shown below;
= (20,000 × $15) - (20,000 × $15 × 8%)
= $300,000 - $24,000
= $276,000
Hence, the sales revenue recognized is 276,000
Houston-based Advanced Electronics manufactures audio speakers for desktop computers. The following data relate to the period just ended when the company produced and sold 44,000 speaker sets:
Sales $3,608,000
Variable costs 902,000
Fixed costs 2,310,000
Management is considering relocating its manufacturing facilities to northern Mexico to reduce costs. Variable costs are expected to average $20.00 per set; annual fixed costs are anticipated to be $1,988,000. (In the following requirements, ignore income taxes.)
Required:
a. Calculate the company’s current income and determine the level of dollar sales needed to double that figure, assuming that manufacturing operations remain in the United States.
b. Determine the break-even point in speaker sets if operations are shifted to Mexico.
c. If variable costs remain constant, by how much must fixed costs change?
Answer:
a. Net Income = $396,000 and Sales to reach Target Profit $4,136,000
b. 32,065 speaker sets
c. $338,002
Explanation:
Part a
Company’s current income
Sales $3,608,000
Less Variable costs ($902,000)
Contribution $2,706,000
Less Fixed costs ($2,310,000)
Net Income $396,000
The level of dollar sales needed to double that figure
Double the Income figure gives $792,000
Sales to reach Target Profit = (Target Profit + Fixed Costs) ÷ Contribution Margin ratio
= ($792,000 + $2,310,000) ÷ 0.75
= $4,136,000
Part b
The break-even point in speaker sets if operations are shifted to Mexico
Break even point = Fixed Cost ÷ Contribution per unit
= $1,988,000 ÷ ($82.00 - $20.00)
= 32,065 speaker sets
Part c
If variable costs remain constant, by how much must fixed costs change
New Fixed Cost = Break even point x Contribution per unit
= 32,065 x ($82.00 -$20.50)
= $1,971,998
Change in Fixed Costs = $2,310,000 - $1,971,998 = $338,002
Tom got a 30 year fully amortizing FRM for $1,500,000 at 6%, with constant monthly payments. After 3 years of payments, rates fall and he can get a 27 year FRM at 5%, but he must pay 2 points and $1000 in closing costs to get the new loan. Think of the refinancing decision as an investment for Tom, he pays a fee now but saves money in the future in the form of lower payments. What is the annualized IRR of refinancing for Tom assuming he pays through maturity?
Answer:
Answer is explained in the explanation section below.
Explanation:
Solution:
Note: In this question, Cash Flow table is used as well, which I have attached below. Please refer to that table as well.
Monthly payment for the 30 year FRM loan:
PV = 1,500,000; r (monthly interest rate) = 6%/12 = 0.5%; n (number of monthly payments) = 30*12 = 360
PMT (monthly payment) = [tex]\frac{r . PV}{1-(1+r)^{-n} }[/tex]
PMT (monthly payment) = = (0.5%*1,500,000)/(1 -(1+0.5%)^-360) = 8,993.26
Balance remaining after 8 years (if refinancing is not done):
PMT = 8,993.26; r = 0.5%; n = 360 - (8*12) = 264
PV = PMT*(1 - (1+r)^-n)/r = 8,993.26*(1 - (1+0.5%)^-264)/0.5%
PV = 1,316,585.31
Balance remaining after 3 years (if refinancing is done):
PMT = 8,993.26; r = 0.5%; n = 360 - (3*12) = 324
PV = PMT*(1 - (1+r)^-n)/r = 8,993.26*(1 - (1+0.5%)^-324)/0.5%
PV = 1,441,261.05
Cost of refinancing = 2%*remaining balance + 1,000 = (2%*1,441,261.05) + 1,000
Cost of refinancing = 29,825.22
Monthly payment (if refinancing is done):
PV = 1,441,261.05; r = 5%/12 = 0.4167%; n = 27*12 = 324
PMT = (1,441,261.05*0.4167%)/(1 -(1+0.4167%)^-324)
PMT = 8,114.86
Balance remaining after 5 years (after refinancing):
PMT = 8,114.86; r = 0.4167%; n = 22*12 = 264
PV = 8,114.86*(1-(1+0.4167%)^-264)/0.4167%
PV = 1,297,794.91
Note: Cash flow table is attached below.
Using financial calculator:
CF0 = -29,825.22;
CF1 = 878.40; N0 = 59 (5 years less one month);
CF2 = 19,668.80; N2 = 1, solve for IRR.
IRR = 2.69%
Hence,
Annual IRR = 2.69%*12 = 32.29%
Arrabellia Cunningham is 24 years old and single, lives in an apartment with no dependents. Last year she earned $55,000 as a sales representative for Planning Associates. $3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of $142. She takes the standard deduction. Calculate her taxable income, tax liability and tax refund or tax owed for 2018.
Answer:
The Taxable income is $43,142
The Tax liability is $5,430.74
The Tax tax owed for 2018 is $1,520.74
Explanation:
To calculate the taxable income use the following formula
Taxable income = Earnings + Interest income - Standard Deduction
Earnings = $55,000
Interest income = $142
Standard Deduction = $12,000
Placing values in the formula
Taxable income = $55,000 + $142 - $12,000
Taxable income = $43,142
The Tax Liability can be calculated as follow
Tax Liability = 22% of Income above $38,700
Tax Liability = $4,453.50 + ( Taxable income - $38,700 ) x 22%
Tax Liability = $4,453.50 + ( ( $43,142 - $38,700 ) x 22%)
Tax Liability = $4,453.50 + $977.24
Tax Liability = $5,430.74
Tax owed for 2018 = Tax Liability - Tax withheld
Tax owed for 2018 = $5,430.74 - $3,910
Tax owed for 2018 = $1,520.74
Please Help!!
1. True or False: A tax lien which is a failure of an individual to pay his or her taxes and it can remain on a credit report for up to 10 years.
2. True or False: Credit utilization is the ratio of an individual's credit balance to their credit card limit.
3. True or false: Chapter 7 bankruptcy is focused more on the restructuring of an individual's finances rather than the elimination of debt altogether.
Answer:
1. True
2. True
3. False
Explanation:
1. True (If a tax is unpaid then it remains on the credit report up to 10 years)
2. True ( The statement correctly stats that Credit utilization is the ratio of an individual's credit balance to their credit card limit )
3. False because Chapter 7 bankruptcy is focused more on restructuring of debt altogether.
Creative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Creative Images Co.:
Violet Lozano, Capital $880,000
Violet Lozano, Drawing 12,000
Fees Earned 702,400
Wages Expense 480,000
Rent Expense 69,000
Supplies Expense 11,000
Miscellaneous Expense 14,600
Required:
Journalize the two entries required to close the accounts.
Answer:
Journal 1
Debit : Fees Earned $702,400
Credit : Income Statement $702,400
Closing off Revenue against Income Statements
Journal 2
Debit : Income Statement $574,600
Credit : Wages Expense $480,000
Credit : Rent Expense $69,000
Credit : Supplies Expense $11,000
Credit : Miscellaneous Expense $14,600
Closing off Expenses against Income Statements
Explanation:
The Income Statement accounts for Incomes and expenses. Therefore, close off the Income Accounts against the Income Statement as well as Expenses Accounts.
FASB revenue recognition requirements require nonprofits to apply five steps to each type of exchange contract to determine when to recognize revenue. The first 4 steps are (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, and (4) allocate the transaction price to the performance obligations in the contract. What is the 5th step
Answer:
Recognize revenue when (or as) the entity satisfies a performance obligation
Explanation:
The known five steps in the revenue recognition process includes
1. Identifcation of the contract(s) with customers.
2. Identify the separate performance obligations in the contract.
3. Determine the transaction price.
4. Allocate the transaction price to the separate performance obligations.and
5. Recognize revenue when each performance obligation is satisfied.
Recognize revenue is important for an entity especially as it fulfill the performance obligation need through the process of transfer of a promised good or service to a customer. If an entity cannot fulfill a performance obligation need in the cost of time, the performance obligation is then fulfilled at a point in time.
When performance obligation is satisfied, there is a change in control. That is a control is transferred when the customer has the ability to direct the use of and obtain substantially all the remaining benefits from the asset or service. Control is also shows if the customer has the ability to prevent other companies from directing the use of, or receiving the benefit, from the asset or service.
An elastic demand indicates that A. quantity demanded does not vary with changes in the price. B. relatively large changes in price are required to obtain a relatively small change in quantity demanded. C. relatively small changes in price are required to obtain a relatively large change in quantity demanded. D. relatively large changes in quantity demanded lead to relatively large changes in price.
Answer:
C. relatively small changes in price are required to obtain a relatively large change in quantity demanded.
Explanation:
An elastic demand indicates that relatively small changes in price are required to obtain a relatively large change in quantity demanded.
Buyer and seller enter into a contract for buyer to purchase seller's condominium unit using the TREC Residential Condominium Contract with an effective date of January 31. The roof of the complex is partially destroyed by a fire on February 3. Seller notified buyer on February 5 of the fire. What is the latest date buyer can terminate the contract because of the fire
Answer: February 12
Explanation:
Part of the Texas Real Estate Commission(TREC) Residential Agreement calls for the Seller to send a Seller's Disclosure to the buyer. This will tell the buyer the condition of the house.
After the buyer receives the disclosure, they are allowed to terminate the contract within 7 days of the receipt of said disclosure. 7 days from February 5 is February 12 so this is the latest date the buyer can terminate the contract because of the fire.
Solver provides sensitivity analysis information on all of the following except the a. range of values for objective function coefficients which do not change optimal solution. b. impact on optimal objective function value of changes in constrained resources. c. amount by which the right hand side of the constraints can change and still the shadow price is accurate. d. impact on right hand sides of changes in constraint coefficients.
Answer:
The correct answer is OPTION D (impact on right hand sides of changes in constraint coefficients).
Explanation:
Solver is an excel program that can be used to solve systems of equations even solve for multiple equations, using a powerful iteration technique in a bid to get a closer approximation to the solution of a problem.
A sensitivity report is one of the three reports that can be generated using the solver which can solve for the effect of how changes in the constraints no matter how small could still affect the overall solution.
The objective function is a target cell.
The solver doesn't provide information on how the impact on the right-hand sides of changes in constraint coefficients as information showed is that as long as there is a positive less than or equal constraints, increasing the values of the right-hand side values of constraints would not change the optimal solution.
Drag the tiles to the correct boxes to complete the pairs.
Match the cash outflows to their cash flow activities.
investing activities
financing activities
administration expenses
operating activities
purchase of fixed assets
repayment of loan
Answer:
Operating activities - - - - - - - - > administration expenses.
Purchase of fixed assets - - - - - - - > investing activities
Repayment of loan - - - - - - - - - - > financing activities.
Explanation:
Sunland Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 340 $23 $7,820 April 15 purchase 390 28 10,920 April 23 purchase 270 30 8,100 1,000 $26,840 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory $enter a dollar amount Cost of goods sold $
Answer:
Ending inventory cost= $10,900
COGS= $15,940
Explanation:
To calculate the ending inventory using LIFO (last-in, first-out) method, we need to use the cost of the lasts units incorporated into inventory:
Ending inventory in units= 1,000 - 550= 450
Ending inventory cost= 340*23 + 110*28= $10,900
Now, the cost of goods sold:
COGS= 270*30 + 280*28= $15,940
An analyst gathered the following information about a company for a fiscal year: QuarterPurchases in UnitsCost per UnitPurchases in DollarsUnit Sales Per Quarter Q1100$12.00$1,200200 Q2200$14.00$2,800200 Q3300$16.00$4,800300 Q4400$18.00$7,200300 FY total1,000 $16,0001000 Beginning Inventory200$10.00$2,000 Ending Inventory under LIFO perpetual is closest to:
Answer:
Ending Inventory under LIFO perpetual is closest to:
$2,800.
Explanation:
a) Data and Calculations:
Quarter Purchases Cost per Unit Purchases in Sales Per Quarter
in Units Dollars Unit
Beginning 200 $10.00 $2,000
Q1 100 $12.00 $1,200 200
Q2 200 $14.00 $2,800 200
Q3 300 $16.00 $4,800 300
Q4 400 $18.00 $7,200 300
FY total 1,200 $16,000 1000
LIFO Ending Inventory:
Beginning 100 $10.00 $1,000
Q4 100 $18.00 $1,800
Total 200 $2,800
b) LIFO (Last-in, First-out) is based on the assumption that inventory items sold are from the latest units in store and not from the earlier units. This means that items bought last are sold first. Therefore, to determine the value of ending inventory,
Danner Company expects to have a cash balance of $53,100 on January 1, 2020. Relevant monthly budget data for the first 2 months of 2020 are as follows.
Collections from customers: January $100,300, February $177,000.
Payments for direct materials: January $59,000, February $88,500.
Direct labor: January $35,400, February $53,100. Wages are paid in the month they are incurred.
Manufacturing overhead: January $24,780, February $29,500. These costs include depreciation of $1,770 per month. All other overhead costs are paid as incurred.
Selling and administrative expenses: January $17,700, February $23,600. These costs are exclusive of depreciation. They are paid as incurred.
Sales of marketable securities in January are expected to realize $14,160 in cash. Danner Company has a line of credit at a local bank that enables it to borrow up to $29,500. The company wants to maintain a minimum monthly cash balance of $23,600.
Required:
Prepare a cash budget for January and February.
Answer:
Ending Cash Balance:
January = $32,450
February = $23,600
Loan Balance End of Month
January = $0
February = $7,080
Explanation:
Note: See the attached excel file for the cash budget for January and February.
In the attached excel file, the following calculation is made:
Additional loan in February = Minimum monthly cash balance - Preliminary cash balance in February = $23,600 - $16,520 = $7,080
From the attached excel file, we have:
Ending Cash Balance:
January = $32,450
February = $23,600
Loan Balance End of Month
January = $0
February = $7,080
Broderick Company began operations on January 2, 2019. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows:
Actual Hourly Wage rate: 2016-$10.00 - 2017-$11
Vacation Days Used by each employee - 2016-0 days and 2017-9 days
Sick Days Used by Each Employee - 2016 -4 days and 2017 5 days
Broderick Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned.
Required:
a. Prepare journal entries to record transactions related to compensated absences during 2019 and 2020.
b. Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 and 2020.
Answer:
A. 2019
Dr Salaries and Wages Expense $7,200
Cr Salaries and Wages Payable $7,200
2019
Dr Salaries and Wages Expense $4,320
Cr Salaries and Wages Payable $4,320
2019
Dr Salaries and Wages Payable $2,880
Cr Cash $2,880
2020
Dr Salaries and Wages Expenses $7,920
Cr Salaries and Wages Payable $7,920
2020
Dr Salaries and Wages Expenses $4,752
Cr Salaries and Wages Payable $4,752
2020
Dr Salaries and Wages Expenses $648
Dr Salaries and Wages Payable $6,480
Cr Cash $7,128
2020
Dr Salaries and Wages Expenses $ 144
Dr Salaries and Wages Payable $3,816
Cr Cash $3,960
B. Vacation Wages Payable at December 31, 2019 $7,200
Sick Pay Wages Payable at December 31, 2019 $1,440
Vacation Wages Payable at December 31, 2020 $8,640
Sick Pay Wages Payable at December 31, 2020 $2,376
Explanation:
(a) Preparation of the journal entries to record transactions related to compensated absences during 2019
2019
Dr Salaries and Wages Expense $7,200
Cr Salaries and Wages Payable $7,200
(9 employees * $10 per hour * 8 hours per day * 10 days = $7,200)
(Record Accrue expenses and liabilities for Vacations)
2019
Dr Salaries and Wages Expense $4,320
Cr Salaries and Wages Payable $4,320
(9 employees * $10 per hour * 8 hours per day * 6 days = $4,320)
(Record Accrue expenses and liabilities for Sick Pay)
2019
Dr Salaries and Wages Payable $2,880
Cr Cash $2,880
(9 employees * $10 per hour * 8 hours per day * 4 days = $2,880)
(Record Sick leave paid)
Preparation of the journal entries to record transactions related to compensated absences during 2020
2020
Dr Salaries and Wages Expenses $7,920
Cr Salaries and Wages Payable $7,920
(9 employees * $11 per hour * 8 hours per day * 10 days = $7,920)
(Record Accrue the expense and liability for Vacations)
2020
Dr Salaries and Wages Expenses $4,752
Cr Salaries and Wages Payable $4,752
(9 employees * $11 per hour * 8 hours per day * 6 days = $4,752)
(Record Accrue the expense and liability for Sick Pay)
2020
Dr Salaries and Wages Expenses $648
($7,128-$6,480)
Dr Salaries and Wages Payable $6,480
(9 employees * $10 per hour * 8 hours per day * 9 days = $6,480)
Cr Cash $7,128
( 9 employees * $11 per hour * 8 hours per day * 9 days = $7,128)
(Record Vacation Time paid)
2020
Dr Salaries and Wages Expenses $ 144
Dr Salaries and Wages Payable $3,816
[( 9 employees * $10 per hour * 8 hours per day * 2 days = $1,440)-(9 employees * $11 per hour * 8 hours per day * 3 days = $2,376)]
Cr Cash $3,960
( 9 employees * $11 per hour * 8 hours per day * 5 days = $3,960)
(Record Sick Leave Paid)
B. Computation for the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 and 2020
2019
Vacation Wages Payable at December 31, 2019=$0 + $7,200 - $0
Vacation Wages Payable at December 31, 2019 = $7,200
Sick Pay Wages Payable at December 31, 2019=$0 + $4,320 - $2,880
Sick Pay Wages Payable at December 31, 2019= $1,440
2020
Vacation Wages Payable at December 31, 2020=$7,200 + $7,920 - $6,480
Vacation Wages Payable at December 31, 2020 = $8,640
Sick Pay Wages Payable at December 31, 2020=$1,440 + $4,752 - $3,816
Sick Pay Wages Payable at December 31, 2020= $2,376
Based on the following production and sales data of Frixion Co. for March of the current year, prepare the following:
Product T Product X
Estimated inventory, March 1 28,000 units 20,000 units
Desired inventory, March 31 32,000 units 15,000 units
Expected sales volume:
Territory I 320,000 units 260,000 units
Territory II 190,000 units 130,000 units
Unit sales price $6 $14
A. Prepare a sales budget.
B. Prepare a production budget.
Answer:
A. Totals Sales in Territories I and II are as follows:
Product T Totals Sales in Territories I and II = $3,060,000
Product X Totals Sales in Territories I and II = $5,460,000
B. Required Production Units in March are as follows:
Product T Required Production Units in March = 514,000
Product T Required Production Units in March = 385,000
Explanation:
A. Prepare a sales budget.
Note: See part a of the attached excel file for sales budget and the formulae used in the calculations.
From the attached excel file, Totals Sales in Territories I and II are as follows:
Product T Totals Sales in Territories I and II = $3,060,000
Product X Totals Sales in Territories I and II = $5,460,000
B. Prepare a production budget.
Note: See part b of the attached excel file for sales budget and the formulae used in the calculations.
From the attached excel file, Required Production Units in March are as follows
Product T Required Production Units in March = 514,000
Product X Required Production Units in March = 385,000
Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. $fill in the blank a69834fa4fcefa6_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. fill in the blank d7bbac03b019006_2 fill in the blank d7bbac03b019006_3 fill in the blank d7bbac03b019006_5 fill in the blank d7bbac03b019006_6 fill in the blank d7bbac03b019006_8 fill in the blank d7bbac03b019006_9
Answer and Explanation:
The computation is shown below:
a The Due date
= (21 days in april + 31 days in may + 30 days in june + 31 days in july + 7 days in august
So the due date is August 7
b The maturity value is
= $450,000 + ($450,000 × 8% × 120 ÷ 360)
= $462,000
c The journal entry is
Cash $462,000
To Notes Receivable $450,000
To Interest Revenue $12,000
(Being the receipts of the payment of the note at maturity is recorded)
A note or promissory note is a written promise to pay a certain amount of money on a future date. A future date is called a maturity date.
What do you mean by maturity of a note?The maturity date of the note is the time and day when interest and principal must be paid in full and must be paid.
The calculation of the maturity date is shown below:
a. The Due date of the note is:
= (21 days in April + 31 days in may + 30 days in June + 31 days in July + 7 days in August
So the due date is August 7
b. The maturity value is
[tex]= \$450,000 + (\$450,000 \times 8\% \times \frac{120}{360} ) \\\\= \$462,000[/tex]
c. The journal entry is
Cash $462,000
To Notes Receivable $450,000
To Interest Revenue $12,000
(Being the receipts of the payment of the note at maturity is recorded)
Hence, The calculation of maturity date, maturity value, and the journal for the receipt of the payment of the note at maturity is passed as shown.
To learn more about maturity date of the note, refer:
https://brainly.com/question/10152834
HELLPPPPPPPPPPP PLEAEE!!!!!!!!!
Answer:
c
Explanation:
relocation is the moving of people from one place to another
Answer:
relocation
Explanation:
but for me I will say it's called migration
[Hair Stylist Woes] Ryan, a college student, went to see his hair stylist, Melissa. Ryan, who had black, curly hair, requested straight, blond hair. Melissa told him that she could make those changes, but that there would be significant upkeep involved. Melissa made the changes, but Ryan did not do the upkeep required. Ryan proceeded to falsely claim that Melissa did not do what Ryan asked her to do that Melissa lied to him, and that Melissa was professionally incompetent. Ryan made the statements about Melissa to friends of his. He also wrote a letter to his college newspaper saying that Melissa's shop should be avoided at all costs because Melissa was incompetent In fact, Melissa was a good hair stylist and enjoyed a good reputation up until the time that Ryan started his criticism. Melissa threatened to sue Ryan for defamation, but Ryan told Melissa that she could not prevail because she could not prove loss of income. Melissa had to admit that while her reputation had been damaged somewhat and she felt embarrassed and humiliated, the damage was primarily her appointment times were booked for weeks ahead. Statements made by Ryan to his friends that were defamatory of Melissa are what type of defamation? a. Libel but not slander. b. No tort was committed because the statements were made only to friends of Ryan, not to business acquaintances of Candy. c. No tort was committed because the falsehood involved matters of appearance not business related matters. Slander but not libel. d. Both libel and slander.
Answer:
The type of defamation statements made by Ryan against Melissa are:
d. Both libel and slander.
Explanation:
Ryan made a libelous statement against Melissa by writing to his college newspaper, advising potential clients to avoid Melissa's shop because of her alleged incompetence. Ryan also made slanderous statements against Melissa to his friends. The defamation of character and reputation was both libelous and slanderous.
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the first process. During November, the first process transferred 755,000 units of product to the second process. Additional information for the first process follows. At the end of November, work in process inventory consists of 200,000 units that are 70% complete with respect to conversion. Beginning work in process inventory had $248,300 of direct materials and $179,000 of conversion cost. The direct material cost added in November is $1,661,700, and the conversion cost added is $3,401,000. Beginning work in process consisted of 74,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 74,000 were from beginning work in process and 681,000 units were started and completed during the period.
A. Compute both the direct material cost and the conversion cost per equivalent unit.
B. Compute the direct material cost and the conversion cost assigned to units completed and transferred out and ending work in process inventory.
Answer:
Victory Company
Materials Conversion
A. Cost per equivalent unit $2.00 $4.01
B. Costs assigned to:
i. Units completed and transferred out $1,510,000 $3,027,550
ii. Ending work in process inventory $400,000 $561,400
Explanation:
a) Data and Calculations:
Units Materials Conversion Total
Beginning Work in Process 74,000 $248,300 $179,000 $427,300
Started 881,000 $1,661,700 3,401,000 5,062,700
Units completed 755,000 $1,910,000 $3,590,000 $5,490,000
Ending Work in Process 200,000
Equivalent units:
Started and Completed 755,000 755,000 755,000 (100%)
Ending work in Process 200,000 200,000 140,000 (70%)
Equivalent units 955,000 895,000
Cost per equivalent unit
Total production costs $1,910,000 $3,590,000
Equivalent units 955,000 895,000
Cost per equivalent unit $2.00 $4.01
Cost assigned to:
Units completed and transferred out:
Materials = $1,510,000 ($2 * 755,000)
Conversion = 3,027,550 ($4.01 * 755,000)
Total $4,537,550
Ending Work in Process Inventory:
Materials = $400,000 ($2 * 200,000)
Conversion = 561,400 ($4.01 * 140,000)
Total $961,400
Quantum Logistics, Inc., a wholesale distributor, is considering the construction of a new warehouse to serve the southeastern geographic region near the Alabama-Georgia border. There are three cities being considered. After site visits and a budget analysis, the expected income and costs associated with locating in each of the cities has been determined. The life of the warehouse is expected to be 12 years, and MARR is 15%/year. City Initial Cost Net Annual Income Lagrange $320,000 $205,000 Auburn $880,000 $35,000 Anniston $1,040,000 $455,000 a. What is the annual worth of each site
Answer:
Lagrange Annual Worth $145,966.15
Auburn Annual Worth $873,543.17
Anniston Annual Worth=$435,814
Explanation:
Calculation to determine the annual worth of each site
Using this formula
Annual worth of Project = A - P* r/(1-(1+r)^-N)
Let plug in the formula
Lagrange Annual Worth = $205,000-$320,000*15%/(1-(1+15%)^-12)
Lagrange Annual Worth = $145,966.15
Auburn Annual Worth = $880,000-$35,000*15%/(1-(1+15%)^-12)
Auburn Annual Worth=$873,543.17
Anniston Annual Worth = $455,000-$104,000*15%/(1-(1+15%)^-12)
Anniston Annual Worth=$435,814
Therefore the annual worth of each site will be :
Lagrange Annual Worth $145,966.15
Auburn Annual Worth $873,543.17
Anniston Annual Worth=$435,814
Acme Investors is considering the purchase of the undeveloped Baker Tract of land. It is currently zoned for agricultural use. If purchased, however, Acme must decide how to have the property rezoned for commercial use and then how to develop the site. Based on its market study, Acme has made estimates for the two uses that it deems possible, that is, office or retail. Based on its estimates, the land could be developed as follows:
Which would be the highest and best use of this site?
Office Retail
Rentable Square Feet 100,000 80,000
Rents per square foot $24 $30
Operating Expenses Ratio 40% 50%
Avg. Growth in NOI Per Year 3% 3%
Required Return (r) 13% 14%
Total Construction Cost
per square foot $100 $100
Using the information from above, but assuming the site is currently improved with an industrial building that generates $400,000 of NOI per year. Investors require a return of 10% for such properties and assume no growth in NO. It would require $50,000 to demolish the existing building/prepare the site for redevelopment. From your work in above, what is the highest and best use as vacant? What is the highest and best use as improved?
Answer:
Office
Explanation:
Calculation to determine Which would be the highest and best use of this site
The analysis for the Baker Tract is as follows: OFFICE RETAIL
Rent 2,400,000 2,400,000
(100,000*$24=2,400,000)
Less Expenses (960,000) (1,200,000)
(2,400,000*40%=960,000)
(2,400,000*50%=1,200,000)
Cash Flow 1,440,000 1,200,000
(2,400,000-960,000=$1,440,000)
(2,400,000-$1,200,000=$1,200,000)
Cap Rate 0.10 0.11
(13%-3%=0.10)
(14%-3%=0.11)
Property Value 14,400,000 10,909,090
(1,440,000/0.10=14,400,000)
(1,200,000/0.11=10,909,090)
Construction Cost (10,000,000) ( 8,000,000)
(100,000*100=10,000,000)
(80,000*100=8,000,000)
Residual 4,400,000 2,909,090
(14,400,000-10,000,000=4,400,000)
( 10,909,090-8,000,000=2,909,090)
Therefore Based on the above calculation OFFICE would be the highest and best use of this site reason been that OFFICE has the HIGHEST amount of $4,400,000 compare to retail which has $2,909,090.
The Southern Corporation manufactures a single product and has the following cost structure: Variable costs per unit: Production $ 35 Selling and administrative $ 15 Fixed costs per year: Production $120,400 Selling and administrative $101,140 Last year, 6,020 units were produced and 5,920 units were sold. There was no beginning inventory. The carrying value on the balance sheet of the ending inventory of finished goods under variable costing would be:
Answer:
See below
Explanation:
The computation of carrying value on the balance sheet of the ending inventory of finished goods under variable costing is seen below;
Before that, we have to determine the unit cost
Unit fixed manufacturing overhead = $120,400 ÷ 6,020 units = $20
Then, the difference will be;
= Unit fixed manufacturing overhead × change in inventory in units
= $20 × (6,020 units - $5,920)
= $20 × 100 units
= $2,000 less than absorption costing
Assume that at the end of 2020, Clampett, Incorporated (an S corporation) distributes long-term capital gain property (fair market value of $40,000, basis of $25,000) 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 $15,000 in his Clampett, Incorporated, stock. How much total income does J.D. recognize as a result of the distribution
Answer: $25,000
Explanation:
The fair market value of the property is $40,000 but the basis is $25,000. J.D will gain the difference as a gain from property distribution:
= 40,000 - 25,000
= $15,000
J.D basis is now :
= 15,000 + 15,000
= $30,000
The distribution of $40,000 exceeds this new basis by:
= 40,000 - 30,000
= $10,000
Total income recognized = Addition to basis + Amount distribution exceeds basis by
= 15,000 + 10,000
= $25,000
Dell has been aggressively cutting their days of inventory. In the third quarter of 2009, Dell reported $952 million of inventory, $10,663 million of sales and $12,896 million of cost of goods sold. How many days of inventory did Dell have in the third quarter of 2009
Answer:
27 days
Explanation:
The computation of the days of inventory is given below:
= 365 days ÷ inventory turnover ratio
= 365 days ÷ ($12,896 million ÷ $952 million)
= 365 days ÷ 13.55
= 27 days
We assume that the inventory i.e given in the question is average inventory
can individual be too motivated? discuss
Answer:
Yes, an individual can be too motivated. It can negatively affect their personality and perception. They may feel that they have to get things done no matter the cots and they may mistreat people or make poor decisions to accomplish that. Many of them also become arrogant and overconfident.
"Yes," an individual can be too motivated. A complete description is provided below.
Throughout the employment, a person may be erroneously over-motivated. In other words, the motivation or inspiration of an individual might be motivated by circumstances that don't significantly require him to succeed.
The major incentive of a certain individual might have been to impress or satisfy just their authorities.
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Larkspur, Inc. uses a perpetual inventory system. Data for product E2-D2 include the purchases shown below.Date Numer of Units Unit priceMay 7 46 $10July 28 36 15On June 1, Larkspur, Inc. sold 23 units, and on August 27, 36 more units. Calculate the average cost of the goods sold in the sale. (Round answers to 3 decimal places, e.g. 5.125.)
Answer:
Following are the solution to this question:
Explanation:
Calculating the cost of the product sold:
FIFO:
June 1: 23 units costing of [tex]\$ 10[/tex] each [tex]= \$ 230[/tex]
Aug 27: 23 units costing of [tex]\$ 10[/tex] each [tex]= 230[/tex]
13 units costing of [tex]\$ 15[/tex] each [tex]= 195[/tex]
[tex]\$425[/tex]
Total cost of product sold[tex]= \$655[/tex]
LIFO:
June 1: 23 units costing of [tex]\$ 10[/tex] each [tex]= \$ 230[/tex]
Aug 27: 36 units costing of [tex]\$15[/tex] each = 540
Total cost of product sold [tex]= \$ 770[/tex]
Average cost:
June 1: 23 units costing of [tex]\$ 10[/tex] each [tex]= \$ 230[/tex]
Aug 27: 36 units costing of [tex]\$13.051[/tex] each [tex]= \$469.836[/tex]
Total cost of product sold [tex]= \$699.836[/tex]
Jim Busby calls his broker to inquire about purchasing a bond of Disk Storage Systems. His broker quotes a price of $1,160. Jim is concerned that the bond might be overpriced based on the facts involved. The $1,000 par value bond pays 10 percent interest, and it has 20 years remaining until maturity. The current yield to maturity on similar bonds is 8 percent. a. Calculate the present value of the bond. (Do not round intermediate calculations. Round your final answer to 2 decimal places. Assume interest payments are annual.)
Answer:
Bond Price or Present value = $1196.362948 rounded off to $1196.36
Explanation:
To calculate the quote/price of the bond today, which is the present value of the bond, we will use the formula for the price of the bond. As the bond is an annual bond, the annual coupon payment, number of periods and annual YTM will be,
Coupon Payment (C) = 1000 * 0.1 = $100
Total periods (n) = 20
r or YTM = 0.08 or 8%
The formula to calculate the price of the bonds today is attached.
Bond Price = 100 * [( 1 - (1+0.08)^-20) / 0.08] + 1000 / (1+0.08)^20
Bond Price or Present value = $1196.362948 rounded off to $1196.36