Answer:
$832 U
Explanation:
Flexible budget = $30,628 ($1,900 + $7.20 3,990)
Actual results = $31,460
Spending variance = $832
Actual expense > Flexible budget, the variance is unfavorable (U)
Senath Company's annual report reveals net credit sales of $266,000 and average accounts receivable of $46,000. The report also shows an average inventory balance of $16,500 and cost of goods of $265,000. Based on this information (treat any partial day as a whole day) :_________
a. the average number of days to collect receivables is 6.
b. the average number of days to collect receivables is 64.
c. the accounts receivable turnover is 16.
d. the accounts receivable turnover is 15.
Answer:
b. the average number of days to collect receivables is 64.
Explanation:
Average number of days to collect receivables = Accounts Receivable ÷ ( Sales / 365)
= $46,000 ÷ ($266,000 / 365)
= 63.10 or 64
Conclusion
The average number of days to collect receivables is 64
Maize Company incurs a cost of $35 per unit, of which $19 is variable, to make a product that normally sells for $58. A foreign wholesaler offers to buy 5,400 units at $31 each. Maize will incur additional costs of $3 per unit to imprint a logo and to pay for shipping. Compute the increase or decrease in net income Maize will realize by accepting the special order, assuming Maize has sufficient excess operating capacity. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Answer:
$48,600 increase
Explanation:
Analysis of the Special Order
Sales (5,400 x $31) $167,400
Less Variable Costs ;
Manufacturing (5,400 x $19) $102,600
Selling (5,400 x $3) $16,200 ($118,800)
Contribution $48,600
Note ;
Since Maize has sufficient excess operating capacity, we do not consider fixed costs as these are already incurred whether or not the special order is accepted.
The result shows that by accepting the special order, Maize Company will have additional contribution to cover fixed costs and this in turn increases net income by $48,600.
Therefore,
Increase in net income Maize will realize by accepting the special order is $48,600.
Blending process Units of Product Percent of Conversion
Beginning work in process 150,000 80%
Goods started 310,000 100
Goods completed 340,000 100
Ending work in process 120,000 25
Required:
Compute the total equivalent units of production for conversion using the FIFO method.
Answer:
Number of equivalent units= 370,000
Explanation:
To calculate the cost of equivalent units using the FIFO (first-in, first-out), we need to use the following structure:
COST PER EQUIVALENT UNITS:
Beginning work in process = beginning inventory* %incompleted
Units started and completed = units completed - beginning WIP
Ending work in process completed= Ending WIP* %completed
=Number of equivalent units
Beginning work in process = 150,000*0.2= 30,000
Units started and completed = 340,000 - 30,000= 310,000
Ending work in process completed= 120,000*0.25= 30,000
Number of equivalent units= 370,000
A bond with an annual coupon payment of $100 originally sold at par for $1,000. Market interest rates are currently 12%. This bond would be selling at
Answer:
The answer is:
discount; the buyer for the below market coupon rate
Explanation:
The bond discount is the difference by which a bond's market value is lower than its face value. That is, a bond is selling at discount if its coupon payment is less than the market yield(interest rate).
The coupon payment is $100 and the face value is $1,000. Therefore, coupon rate is 10% [(100/1000) x 100percent].
So coupon rate < market interest rate.
And it is paying at discount to compensate the buyer for the below coupon rate.
An economy has two firms, Russell Farms and the Cider Mill. Russell Farms owns orchards. It sells some of its apples to the public, and the rest to the Cider Mill, which produces and sells apple cider. The following table shows their transactions in 2019. (These are two real businesses in the Binghamton area, but the numbers are made-up.) Russell Farms Wages paid to employees $15,000 Taxes paid to governments 5,000 Revenue from apple sales 35,000 Apples sold to the public 10,000 Apples sold to Cider Mill 25,000 The Cider Mill Wages paid to employees $10,000 Taxes paid to government 2,000 Apples purchased from Russell Farms 25,000 Revenue received from sale of apple cider 40,000 Use the expenditure approach, the product approach, and the income approach to calculate economic activities (GDP) in this economy. Show all your calculations.
Explain why the value of GDP in 2012 would or would not change as a result of each transaction described below:
a. In 2012, the Smith family purchases a new house that was built in 2012.
b. In 2012, the Jones family purchases a house that was built in 2001.
c. In 2012, a construction company purchases windows to put in the Smith family home that was built in 2012.
d. In 2012, Mr. Jones paints all of the rooms of the Jones family house purchased in 2009, using paint and supplies purchased in 2012.
e. In 2012, Mr. Smith uses an online brokerage service to purchases shares of stock in a construction company.
Answer:
a. GDP will increase
b. No effect on GDP
c. GDP will increase
d. GDP will increase
e. GDP will rise
Explanation:
Gross domestic product is the total monetary value of all the finished goods produced in the country during a specific period. When a new house is constructed it will create value for the economy and GDP will rise but when an old house is resold again there is no addition in the monetary value so there will be no effect on GDP.
Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system.1. On February 2, the corporation purchased goods from Martin Company for $70,000 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26.2. On April 1, the corporation bought a truck for $50,000 from General Motors Company, paying $4,000 in cash and signing a one-year, 12% note for the balance of the purchase price.3. On May 1, the corporation borrowed $83,000 from Chicago National Bank by signing a $92,000 zero-interest-bearing note due one year from May 1.4. On August 1, the board of directors declared a $300,000 cash dividend that was payable on September 10 to stockholders of record on August 31.Make all the journal entries necessary to record the transactions above using appropriate dates.Edwardson Corporation
Answer:
Edwardson Corporation
Journal Entries:
February 2:
Debit Purchases $68,600
Credit Accounts Payable $68,600
To record credit purchases, net ($70,000 * 98%) with terms of 2/10, n/30.
February 26: Debit Purchases $1,400
Credit Accounts Payable $1,400
To revise the cash discounts not taken.
February 26: Debit Accounts Payable $70,000
Credit Cash $70,000
To record the full settlement for cash
April 1: Debit Truck $50,000
Credit Cash $4,000
Credit Notes Payable $46,000
To record the purchase of truck with a 12% note.
May 1: Debit Cash $83,000
Debit Interest Expense $9,000
Credit Notes Payable $92,000
To record zero-interest-bearing note due on May 1.
August 1: Debit Dividends $300,000
Credit Dividends Payable $300,000
To record the declaration of dividends.
Explanation:
a) Data and Analysis:
February 2: Purchases $68,600 Accounts Payable $68,600 ($70,000 * 98%)
February 26: Purchases $1,400 Accounts Payable $1,400
Accounts Payable $70,000 Cash $70,000
April 1: Truck $50,000 Cash $4,000 Notes Payable $46,000
May 1: Cash $83,000 Interest Expense $9,000 Notes Payable $92,000
August 1: Dividends $300,000 Dividends Payable $300,000
b) Note that the Interest Expense of $9,000 will be split between the current year and the following year. Specific information for the split is not available.
Kim received a one-third profits and capital interest in Bright Line, LLC, in exchange for legal services she provided. In addition to her share of partnership profits or losses, she receives a $30,000 guaranteed payment each year for ongoing services she provides to the LLC. For X4, Bright Line reported the following revenues and expenses: sales-$150,000, cost of goods sold-$90,000, depreciation expense-$45,000, long-term capital gains -$15,000, qualified dividends-$6,000, and municipal bond interest-$3,000. How much ordinary business income (loss) will Bright Line allocate to Kim on her Schedule K-1 for X4?
a. ($15,000).
b. $6,000.
c. $9,000.
d. $9,000.
e. $15,000.
f. None of the choices will be reported as ordinary business income (loss) on Schedule K-1.
Answer:
f. None of the choices will be reported as ordinary business income (loss) on Schedule K-1.
Explanation:
Note: Guaranteed payments have no effect on Kim's outside basis.
Bright Line LLC will be reporting on page 1 of Form 1065, an ordinary loss of $15,000 ($150000 - $90000 - $45000 - $30000)
1/3rd of $15,000 = $5,000. That is, $5,000 loss must be allocated to Kim on Schedule K-1. So, option f is the correct answer.
Apple Inc, designs, manufactures, and markets mobile devices, personal computers, and portable digital music players and sells a variety of related software and services. Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018):
a. Borrowed $50 from banks due in two years.
b. Purchased additional investments for $210 cash; one-fifth were long term and the rest were short term.
c. Purchased property, plant, and equipment; paid $12,600 in cash and signed a short-term note for 1,490 Issued additional shares of common stock for $835 in cash; total par value was $1 and the rest was in excess of par value.
d. Sold short-term investments costing $10,020 for $10,020 cash.
e. Declared $52 in dividends to be paid at the beginning of the next fiscal year.
Required:
Prepare a journal entry for each transaction.
Answer:
Part a
Debit : Cash $50
Credit : Note Payable $50
Part b
Debit : Long - term Investments $42
Debit : Short - term Investments $168
Credit : Cash $210
Part c
Debit : Property, Plant and Equipment $14,090
Credit : Cash $12,600
Credit : Short term note payable $1,490
Part d
Debit : Cash $10,020
Credit : Short-term investments $10,020
Part e
Debit : Dividends $52
Credit : Shareholders for Dividends $52
Explanation:
The first step is to identify the accounts affected by the transaction (usually 2 or more) then prepare journal entries as above.
Suppose Dan’s cost of making pizzas is C(Q) = 4Q + (Q2/40), and his marginal cost is MC = 4 + (Q/20). Dan is a price taker. (a) What is Dan’s supply function? (b) What is Dan’s supply function if he has an avoidable fixed cost of $10? [HINT: Recall that Dan will not supply anything unless P > min AC(Q). So, as a first step, you need to find AC(Q) from C(Q). In part (a), finding min AC(Q) is easy and you should be able to do so just by looking at the formula for AC (Q). For part (b), you can find the minimum of AC by using the fact that AC(Q) = MC(Q) at the minimum point of AC.]
Answer:
(a) Dan’s supply function S(P) can be stated as follows:
S(P)= 0 If P<4.
And S(P) = 20P- 80 If P≥4
(b) Dan’s supply function S(P) can be stated as follows:
S(P)= 0 If P<5.
And S(P) = 20P- 80 If P≥5.
Explanation:
Note that the equations given in the question can be correctly stated as follows:
C(Q) = 4Q + (Q^2/40) .................. (1)
MC = 4 + (Q/20) ............................ (2)
Therefore, we can now proceed as follows:
(a) What is Dan’s supply function?
The upward portion of the MC curve is the supply function of Dan.
Equating equation (2) to P, we have:
P = 4+ (Q/20)
P- 4 = Q/20
Q = 20P -80
The shutdown rule is that P > AVCmin
AVC = C(Q) / Q .................. (3)
Substituting equation (1) into (3), we have:
AVC = ( 4Q + Q^2/40)/ Q
AVC = 4 + (Q/40) ............... (4)
Since MC cuts the AVC at its minimum, equations (2) and (4) are then equated to solve Q which is the output level at which AVC is minimum as follows:
4 + (Q/20) = 4 + (Q/40)
(Q/20) - (Q/40) = 4 - 4
(Q/20) - (Q/40) = 0
Q = 0
Substituting Q = 0 into equation (4), we have:
AVCmin = 4+ (0/40)
AVCmin = 4
This implies that Dan will produce at any price ≥ $4.
Therefore, Dan’s supply function S(P) can be stated as follows:
S(P)= 0 If P<4.
And S(P) = 20P- 80 If P≥ 4.
(b) What is Dan’s supply function if he has an avoidable fixed cost of $10?
Since there is now a fixed cost, equation (1) becomes:
C(Q) = 4Q + (Q^2/40) + 10 ................. (5)
And the average cost (AC) will be as follows:
AC = (4Q + (Q2/40) + 10)/Q
AC = 4 + (Q/40) + (10/Q) .................... (6)
Since AC = MC when AC at its minimum, equations (2) and (6) are therefore equated to solve for Q as follows:
4 + (Q/40) + (10/Q) = 4 + (Q/20)
(Q/40) + (10/Q) = (Q/20)
Q = 20
Divide through by Q, we have:
(1/40) + (10/Q^2) = (1/20)
10/Q^2 = (1/20) - (1/40)
10/Q^2 = 0.05 - 0.025
10/Q^2 = 0.025
Q^2 = 10 / 0.025
Q^2 = 400
Q = [tex]\sqrt{400}[/tex]
Q = 20
Substituting Q = 20 into equation (6), we have:
AC = 4 + (20/40) + (10/20)
AC = $5
This implies that Dan will produce at any price ≥ $5.
Therefore, Dan’s supply function S(P) can be stated as follows:
S(P)= 0 If P<5.
And S(P) = 20P- 80 If P≥ 5
Lopez Plastics Co. (LPC) issued callable bonds on January 1, 2018. LPC's accountant has projected the following amortization schedule from issuance until maturity: Date Cash Interest Effective Interest Decrease in balance Outstanding balance 1/1/2018 $207,020 6/30/2018 $7,000 $6,211 $789 206,230 12/31/2018 $7,000 6,187 813 205,417 6/30/2019 $7,000 6,163 837 204,580 12/31/2019 $7,000 6,137 863 203,717 6/30/2020 $7,000 6,112 888 202,829 12/31/2020 $7,000 6,085 915 201,913 6/30/2021 $7,000 6,057 943 200,971 12/31/2021 $7,000 6,027 971 200,000 What is the annual stated interest rate on the bonds
The Lopez Plastics Co. issued the callable bonds at the annual stated interest rate of 7%.
Data and Calculations:
Date Cash Interest Effective Interest Decrease Outstanding
in balance balance
1/1/2018 $207,020
6/30/2018 $7,000 $6,211 $789 206,230
12/31/2018 $7,000 6,187 813 205,417
6/30/2019 $7,000 6,163 837 204,580
12/31/2019 $7,000 6,137 863 203,717
6/30/2020 $7,000 6,112 888 202,829
12/31/2020 $7,000 6,085 915 201,913
6/30/2021 $7,000 6,057 943 200,971
12/31/2021 $7,000 6,027 971 200,000
Total cash interest per year = $14,000 ($7,000 + $7,000)
Annual stated interest rate = 7% ($14,000/$200,000 x 100)
This annual interest rate can also be worked out as 7% ($7,000/$200,000 x 100 x 2), while the effective interest rate is 6% ($6,027/$200,000 x 100).
Thus, Lopez Plastics Co. issued the callable bonds at the annual stated interest rate of 7%.
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Dave Docket, the installation manager at Kleen Waterproofing, receives a high number of customer complaints that several crewmembers either come late to the job or they do not show up at all, without any communication with the customers. The job completion dates keep getting delayed, and customer dissatisfaction rate keeps increasing. Dave hires several new employees who are motivated, able to perform their jobs, and have adequate resources. However, they are not sure what tasks are included in their job. Dave wonders how he can understand what is going on with his crew behavior and what he can do to improve the situation. According to the MARS model, the new employees Dave has hired will likely: _______
a. be able to learn and perform better than the existing employees of the organization.
b. have lower job performance due to poor role perceptions.
c. have high job performance because they are motivated and able to perform the work.
d. have above average organizational citizenship and commitment toward the organization.
e. have a high degree of differentiation according to Holland's classification of occupations.
Answer:
Option b:. have lower job performance due to poor role perceptions.
Explanation:
Perception is the process by which individuals viee, organize and interpret their impression logically or sensory so as know or understand meaning to their environment.
Poor perception of Job in the workplace is simply known as employee do not understand what their role should be in that environment. So, they tend to not give their best or have a reduce performance. The best the is to educate the employee more. List out their role for easy understanding. They should ask questions on what their role entails.
A firm has 2,000,000 shares of common stock outstanding with a market price of $2.00 per share. It has 2,000 bonds outstanding, each selling at 120% of a face value of $1000. The bonds mature in 15 years, have a coupon rate of 10%, and pay coupons annually. The firm's beta is 1.2., the riskfree rate is 5%, and market risk premium is 7%. The tax rate is 34%. Calculate the WACC
Answer:
10.28 %
Explanation:
WACC is the cost of all sources of capital pooled together. It shows the risk of the company or project.
WACC = Weight of Equity x Cost of Equity + Weight of Debt x Cost of Debt
where,
Weight of Equity = ($2.00 x 2,000,000) ÷ (($2.00 x 2,000,000) + (2,000 x $1,200)) = 0.625
Cost of Equity = Risk free rate + Beta x Market Risk Premium
= 5% + 1.2 x 7%
= 13.40 %
Weight of Debt = (2,000 x $1,200) ÷ (($2.00 x 2,000,000) + (2,000 x $1,200)) = 0.375
Cost of Debt is the Yield to Maturity (YTM) of the Bond
PV = ($1,200)
FV = $1,000
N = 15
PMT = $1,000 x 10% = $100
P/YR = 1
YTM = ?
Using a Financial Calculator, YTM is 7.71 %
We always use the after tax cost of debt ;
After tax cost of debt is 5.09 % that is [7.71 % x ( 1 - 0.34)]
therefore,
WACC = 13.40 % x 0.625 + 5.09 % x 0.375
= 10.28 %
A class of stock for which there is no minimum legal capital is called?
A. Convertible stock.
B. No-par stock.
C. Callable stock.
D. Noncumulative stock.
E. Discounted stock.
Option D: Noncumulative stock
The term "non-cumulative" refers to the type of preferred stock that does not pay shareholders any unpaid or omitted dividends. Preferred stock is issued at a prescribed dividend rate. Dividend rates can be expressed as dollars or percentages of the face value.
Non-cumulative is a term used to describe the type of preferred stock that prevents the issuer from paying dividends to shareholders. This means that shareholders are not entitled to abbreviate or unpaid dividends.
Non-participating preferred stock is preferred stock that clearly limits the number of dividends paid to the holder. This usually means that the surface of the stock certificate has a specially defined dividend rate.
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The first company to introduce a new product has an advantage in acquiring customers and in building brand loyalty.
True or False
Answer:
True
Explanation:
Veronica Is thinking about getting a prepaid debit card. She has made a list of good reasons to get the card. What reason should NOT be on her
list?
Select the best answer from the choices provided.
OA. A bank will not let her open an account with them, but she needs a card to be able to make purchases online.
O B. She wants to avoid fees at the bank and prepaid debit cards have no costs other than the money she puts on the card.
Oc with a prepaid debit card she can do many of the same things that she would be able to do with a credit card.
OD. She wants to avoid going into debt with a credit card, so she decides to get a prepaid debit card instead.
The following information pertains to Wildhorse Company.
1. Cash balance per books, August 31, $7,424.
2. Cash balance per bank, August 31, $7,388.
3. Outstanding checks, August 31, $709.
4. August bank service charge not recorded by the depositor $61.
5. Deposits in transit, August 31, $3,760.
In addition, $3,076 collected for Wildhorse Company in August by the bank through electronic funds transfer. The accounts receivable collection has not been recorded Wildhorse Company.
1. Prepare a bank reconciliation at August 31, 2022. (List items that increase balance as per bank & books first.)
2. Journalize the adjusting entries at August 31 on the books of Wildhorse Company.
Answer:
Part 1
Bank reconciliation at August 31, 2022
Balance as per Bank Statement $10,439
Add Outstanding Lodgments $709
Less Unpresented Checks ($3,760)
Balance as per Cash Book $7,388
Part 2
Item 1
Debit :
Credit :
Item 1
Debit :
Credit :
Item 3
Debit : Bank Statement $709
Credit : Outstanding checks $709
Item 4
Debit : Bank service $61
Credit : Cash $61
Item 5
Debit : Deposits in Transit $3,760
Credit : Bank Statement $3,760
Item 6
Debit : Cash $3,076
Credit : EFT $3,076
Explanation:
The correct Cash Balance can be checked by preparing the Bank Reconciliation Statement as above
Answer:
Cash Balance per bank statement 7,388
Add: Deposits in transit 3,760
11,148
Less: Outstanding Checks (709)
Adjusted cash balance per books 10,439
Cash balance per books 7,424
Add: Collection on electronic funds transfer 3,076
10,500
Less: Bank service charge (61)
Adjusted cash balance per books 10,439
Journalize the adjusting entries
06/31 Cash 3,076
Accounts Receivable 3,076
06/31 Bank CE 61
Cash 61
Explanation:
An automobile battery manufacturer offers a 39/50 warranty on its batteries. The first number in the warranty code is the free-replacement period; the second number is the prorated-credit period. Under this warranty, if a battery fails within 39 months of purchase, the manufacturer replaces the battery at no charge to the consumer. If the battery fails after 39 months but within 50 months, the manufacturer provides a prorated credit toward the purchase of a new battery. The manufacturer assumes that x, the lifetime of its auto batteries, is normally distributed with a mean of 44 months and a standard deviation of 3.6 months.
1. If the maufacturer's assumptions are correct, it would need to replace_____ of its batteries free of charge.
a. 8.23%
b. 4.75%
c. 91.77%
d. 95.25%
2. The company finds that it s replacing 9.34% of its batteries free of charge. It suspects that its assumption about the standard deviation of the life of its batteries is incorrect. A standard deviation of ______ results in a 9.34% replacement rate.
a. 3.8
b. 5.4
c. 4.1
d. 4.2
Answer:
1)
If the manufacturer's assumptions are correct, it would need to replace 8.23% of its batteries free of charge.
Option a) 8.23% is the correct option
2)
the required standard deviation is 3.8
Option a) 3.8 is the correct answer
Explanation:
Given the data in the question;
mean μ = 44
standard deviation σ = 3.6
if a battery fails within 39 months of purchase, the manufacturer replaces the battery at no charge to the consumer. If the battery fails after 39 months but within 50 months
1)
If the manufacturer's assumptions are correct, it would need to replace_____ of its batteries free of charge
p( X < 39 ) = P( X-μ/σ < 39-μ/σ )
we substitute
= p( Z < ((39-44)/3.6 ))
= p( Z < -1.39 )
from standard normal table; p( Z < -1.39 ) = 0.08226 ≈ 0.0823
p( X < 39 ) = 0.0823 or 8.23%
Therefore, If the manufacturer's assumptions are correct, it would need to replace 8.23% of its batteries free of charge.
Option a) 8.23% is the correct option
2)
The company finds that it s replacing 9.34% of its batteries free of charge. It suspects that its assumption about the standard deviation of the life of its batteries is incorrect. A standard deviation of ______ results in a 9.34% replacement rate.
given that;
P( Z < x-μ/σ ) = 9.34%
⇒ P( Z < 39-44/σ ) = 0.0934 ----- let this be equation 1
now, from standard normal tables
∅( -1.32 ) = 0.0934 ---------- let this equation 2
so from equation 1 and 2
39-44/σ = -132
-5/σ = -1.32
σ = -5 / - 1.32
σ = 3.7879 ≈ 3.8
Therefore, the required standard deviation is 3.8
Option a) 3.8 is the correct answer
How do you make alot of moneyyyyy
Answer:
work hard or k*ll a rich man lol
On January 1,2016, the Ruffin Corporation issued $40,000 par value, 4%, four-year bonds that mature on December 31, 2019. Ruffin will pay interest quarterly on March 31, June 30, September 30, and December 31. The company's fiscal year ends on December 31. What is the issue price of this bond assuming the market rate of interest is 4%?
Answer:
Face Value of the Bond = 40000
Effective Interest = 4%
Coupon rate = 4%
Years to Maturity = 4
Quarterly Coupon rate = 1%
No. of compounding periods = 16
Present Value of Face (40000*.85282) $34,112.85
Present Value of Interest Payments (800*14.7179) $5,887.15
Total $40,000.00
Face Value of Bond $40,000.00
Initial Amount of Discount/(Premium) $0.00
Note: As the bonds are issued at par, there is premium or discount.
Billy Baroo Company uses a job order cost system. The following information was found in the Work-in-Process account for the month of July.
Date Description Amount [DR. or (CR.)]
July 1 Balance $13,500
July 31 Direct labor 41,000
July 31 Direct materials 58,000
July 31 Factory overhead 32,800
July 31 Transfer to finished goods (86,000 )
Billy Baroo applies overhead to production at a predetermined rate of 80% based on the direct labor cost. Job #23, the lyjob still inprocessattheendofJuly, has been chargedwith direct aboro $12,000 Direct material charged to Job#23 was:_________
Answer:
$37,700
Explanation:
Ending balance in WIP = 13,500 + 41,000 + 58,000 + 32,800 - 86,000
Ending balance in WIP = $59,300
Direct material charged to Job #23 = $59,300 - $12,000 - ($12,000*80%)
Direct material charged to Job #23 = $59,300 - $12,000 - $9,600
Direct material charged to Job #23 = $37,700
Match the given terms to the appropriate statement relating to the various functions of money. Each term is used only once.
a. Money provides a way of measuring a good for value in standardized terms.
b. Money permits us to make purchases today and enables us to pay off the purchases at some future point in time.
c. Money keeps its overall purchasing power.
d. Money is used to complete the transaction between the buyer and seller.
1. Unit of Account
2. Standard of Deferred Payment
3. Medium of Exchange
4. Store of Value
Answer:
A,)Unit of Account
B)Standard of Deferred Payment:
C)Store of Value
D)Medium of Exchange:
Explanation:
.
1. Unit of Account ( this explains that good can be measured for a value)
2. Standard of Deferred Payment( it explains that one can make purchase now and pay later)
3. Medium of Exchange( overall purchasing power is attributed to money)
4. Store of Value( Money is used to complete the transaction between the buyer and seller.
Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a perpetual inventory system. The following are the transactions for the month of July.
Units Unit Cost
July 1 Beginning Inventory 2,700 $ 47
July 5 Sold 1,350
July 13 Purchased 6,700 51
July 17 Sold 3,700
July 25 Purchased 8,700 57
July 27 Sold 5,700
Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with
(a) FIFO and (b) LIFO.or (c) weighted average cost. (Round "Cost per Unit" to 2 decimal places.)
FIFO LIFO WEIGHTED AVERAGE COST
Cost of goods available for sale
Ending inventory
Cost of goods sold
Answer:
Units Unit cost Total
July 1 2700 47 126900
July 13 6700 51 341700
July 25 8700 57 495900
Total 18100 964,500
Weighted Average Cost = $964,500/18,100 = $53.28
Ending Inventory units = 18100-1,350-3,700-5,700 = 7350
a. FIFO
Cost of Goods Available for Sale = $964,500
Ending Inventory = 7,350*$52 = $382,200
Cost of Goods Sold = $964,500 - $382,200 = $582,300
b. LIFO
Cost of Goods Available for Sale = $964,500
Ending Inventory = (2,700*$47)+(4,650*$51) = $364,050
Cost of Goods Sold = $964,500 - $364,050 = $600,450
c. Weighted average cost
Cost of Goods Available for Sale = $964,500
Ending Inventory = 7350*$53.28 = $391,608
Cost of Goods Sold = $964,500 - $391,608 = $572,892
THESE ARE TRUE OR FALSE!! PLEASE HELP ASAP!! WILL MARK BRAINLIEST!!
1. Economic growth refers to a steady increase in the production of goods and services in an
economic system.
2. There are over 120 million workers in the U.S. economy.
3. The total dollar value of all final goods and services produced in a country during one year
is called the Gross Domestic Product (GDP).
4. The GDP in our economy has declined steadily for the past few years.
5. The base year used in comparing GDPs adds confusion to the comparison.
6. GDP per capita is found by dividing total GDP by the total work force.
7. Both worker training and management techniques have helped improve our productivity.
8. Changes in the business cycle form a pattern of good times to bad times and back.
9. When the economy slows down, it enters a phase of the business cycle known as recession.
10. Recovery in the business cycle occurs after a period of inflation.
Answer:
hi
Explanation:
1. True
2. True
3. True
4. False
5. False
6. False
7. False
8. True (not sure)
9. True
10. False
Have a good day!
. Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 4 bars and the price is $4. In year 2, the quantity produced is 5 bars and the price is $5. In year 3, the quantity produced is 6 bars and the price is $6. Year 1 is the base year. a. What is nominal GDP for each of these three years
Answer:
Nominal GDP in year 1 = $16
Nominal GDP in year 2 = $25
Nominal GDP in year 3 = $36
Explanation:
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
Net export = exports – imports
Nominal GDP is GDP calculated using current year prices
Nominal GDP in year 1 = 4 x $4 = $16
Nominal GDP in year 2 = 5 x $5 = $25
Nominal GDP in year 3 = 6 x $6 = $36
An investor has two bonds in her portfolio, Bond C and Bond Z. Each bond matures in 4 years, has a face value of $1,000, and has a yield to maturity of 9.1%. Bond C pays a 11.5% annual coupon, while Bond Z is a zero coupon bond.
Required:
Assuming that the yield to maturity of each bond remains at 9.1% over the next 4 years, calculate the price of the bonds at each of the following years to maturity.
Answer:
Years to Maturity Bond C Price Bond Z Price
4 $1,077.58 $705.83
3 $1,060.64 $770.06
2 $1,042.16 $840.14
1 $1,022.00 $916.59
0 $1,000.00 $1,000.00
Explanation:
Note: The complete requirement of this question is to calculate the price of the bonds at each of the following years to maturity:
Years to Maturity Bond C Price Bond Z Price
4
3
2
1
0
The explanation of the answer is now given as follows:
Step 1: Calculations of Bond C Prices for each Years to Maturity
a. Calculation of Bond A Price for 4 Years to Maturity
Annual coupon = face value * Annual coupon rate = $1,000 * 11.5% = $115
Annual coupon discount factor = ((1-(1/(1 + r))^n)/r)
Where;
r = yield to maturity = 9.1%, or 0.091
n = number of period or years to maturity = 4
Annual coupon discount factor = ((1-(1/(1 + 0.091))^4)/0.091) = 3.23262156846014
PV of coupon = Annual coupon * Annual coupon discount factor = $115 * 3.23262156846014 = $371.751480372917
PV of the face value of the bond = Face value / (1 + r)^n = $1000 / (1 + 0.091)^4 = $705.831437270127
Therefore, we have:
Price of Bond C in Year 4 = PV of coupon + PV of the face value of the bond = $371.751480372917 + $705.831437270127= $1,077.58
b. Calculation of Bond C Price for 3 Years to Maturity
Annual coupon = face value * Annual coupon rate = $1,000 * 11.5% = $115
Annual coupon discount factor = ((1-(1/(1 + 0.091))^3)/0.091) = 2.52679013119002
PV of coupon = Annual coupon * Annual coupon discount factor = $115 * 2.52679013119002 = $290.580865086852
PV of the face value of the bond = Face value / (1 + r)^n = $1000 / (1 + 0.091)^3 = $770.062098061708
Therefore, we have:
Price of Bond C in Year 3 = PV of coupon + PV of the face value of the bond = $290.580865086852 + $770.062098061708 = $1,060.64
c. Calculation of Bond C Price for 2 Years to Maturity
Annual coupon = face value * Annual coupon rate = $1,000 * 11.5% = $115
Annual coupon discount factor = ((1-(1/(1 + 0.091))^2)/0.091) = 1.75672803312831
PV of coupon = Annual coupon * Annual coupon discount factor = $115 * 1.75672803312831= $202.023723809756
PV of the face value of the bond = Face value / (1 + r)^n = $1000 / (1 + 0.091)^2 = $840.137748985324
Therefore, we have:
Price of Bond C in Year 2 = PV of coupon + PV of the face value of the bond = $202.023723809756 + $840.137748985324 = $1,042.16
d. Calculation of Bond C Price for 1 Year to Maturity
Annual coupon = face value * Annual coupon rate = $1,000 * 11.5% = $115
Annual coupon discount factor = ((1-(1/(1 + 0.091))^1)/0.091) = 0.916590284142987
PV of coupon = Annual coupon * Annual coupon discount factor = $115 * 0.916590284142987 = $105.407882676444
PV of the face value of the bond = Face value / (1 + r)^n = $1000 / (1 + 0.091)^1 = $916.590284142988
Therefore, we have:
Price of Bond C in Year 1 = PV of coupon + PV of the face value of the bond = $105.407882676444 + $916.590284142988 = $1,022.00
e. Calculation of Bond A Price for 0 Years to Maturity
Price of Bond C in Year 0 = Bond face value = $1,000
Step 2: Calculations of Bond Z Prices for each Years to Maturity
Since Bond Z is a zero coupon bond, we have:
f. Calculation of Bond Z Price for 4 Years to Maturity
Price of Bond Z in Year 4 = Face value / (1 + r)^n = $1000 / (1 + 0.091)^4 = $705.83
g. Calculation of Bond Z Price for 3 Years to Maturity
Price of Bond Z in Year 3 = Face value / (1 + r)^n = $1000 / (1 + 0.091)^3 = $770.06
h. Calculation of Bond Z Price for 2 Years to Maturity
Price of Bond Z in Year 2 = Face value / (1 + r)^n = $1000 / (1 + 0.091)^2 = $840.14
i. Calculation of Bond Z Price for 1 Year to Maturity
Price of Bond Z in Year 1 = Face value / (1 + r)^n = $1000 / (1 + 0.091)^1 = $916.59
j. Calculation of Bond Z Price for 0 Years to Maturity
Price of Bond Z in Year 0 = Bond face value = $1,000
Bond valuation) Pybus, Inc. is considering issuing bonds that will mature in years with an annual coupon rate of percent. Their par value will be $, and the interest will be paid semiannually. Pybus is hoping to get a AA rating on its bonds and, if it does, the yield to maturity on similar AA bonds is percent. However, Pybus is not sure whether the new bonds will receive a AA rating. If they receive an A rating, the yield to maturity on similar A bonds is percent. What will be the price of these bonds if they receive either an A or a AA rating?
I uploaded the answer to a file hosting. Here's link:
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The marginal product of an input is the addition to total output due to the addition of the last unit of an input, holding all other inputs constant. the addition to total output due to the addition of one unit of all other inputs. total product divided by the amount of the input used to produce this amount of output. the addition to total output that adds nothing to profit. the addition to total output that adds nothing to total revenue.
Answer:
is the addition to total output due to the addition of the last unit of an input, holding all other inputs constant.
Explanation:
The marginal product of an input is the change in total output as a result of the change in output by 1 unit
For example, the table below is the total product of labour
amount of labour output
1 10
2 20
3 40
the marginal product of the 3rd worker = (40 - 20) / (3 - 2) = 20
marginal product of the second worker = (20 - 10) / (2 -1 ) = 10
Average output = total output / labour
Splish Corporation factors $268,100 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2020. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. (b) Assume that the conditions are met for a transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2020, for Splish to record the sale of receivables, assuming the recourse obligation has a fair value of $4,380.
Answer:
Finance Charge = Rate*Accounts Receivables = 0.02*268,800 = $5,376
Retention Amount = Rate*Accounts Receivables = 0.04*268,800 = $10,752
Cash Received = Accounts Receivables - Finance Charge - Retention Amount = 268,800−5,376−10,752 = $252,672
Date Account Titles & Explanation Debit Credit
15 Aug Cash $252,672
Retention amount $10,752
Loss on sales of receivables $10,026
Recourse liability $4,650
Accounts receivables $268,800
(To record the sale of receivables)
Havermill Co. establishes a $300 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $78 for Office Supplies, $147 for merchandise inventory, and $27 for miscellaneous expenses. The fund has a balance of $48. On October 1, the accountant determines that the fund should be increased by $60. The journal entry to record the establishment of the fund on September 1 is:
Answer and Explanation:
The journal entry to record the establishment as follows:
On Sep 1
Petty cash Dr $300
To Cash $300
(being the establishment of the fund is recorded)
Here the petty cash would be debited and cash would be credited so that the proper recording could be done
You should make sure to send a
you.
letter to the person who interviewed
A. thank you
B. formal
C. recommendation
D. cover
Answer:
A. thank you
Explanation:
You should make sure to send a
you.
letter to the person who interviewed. you should say thank you to that person who interviewed.
Answer: Truly A. thank-you is the right answer
For me its C.