Answer:
See Below
Explanation:
1.
= Actual manufacturing overhead cost - Budgeted total overhead
Actual manufacturing overhead cost = $48,000
Budgeted total overhead = $52,500
= $48,000 - $52,500
= $4,500
The above is under applied overhead since Budgeted overhead is more than the actual overhead expended.
2. Cost of goods manufactured
Inventories ; raw materials at the beginning
$8,000
Add purchases of raw materials
$32,000
Less direct materials ending
$7,000
Direct materials used
$33,000
Direct labor cost
$40,000
Manufacturing overhead cost
$77,000
Indirect labor
$10,000
Property tax
$3,000
Utilities factory
$3,000
Yekutia has the resources to manufacture 320 motorcycles or 570 lawn-mowers per year. The country of Bezanitia, has the capability of producing 230 motorcycles or 410 lawn-mowers per year. Which country has the largest opportunity cost to produce one more motorcycle and what is the opportunity cost to that country?
Answer:
Bezanitia,
1.782609
Explanation:
Opportunity cost is the cost of the next best option forgone hen one alternative is chosen over another alternative.
By choosing to produce one more motorcycle, the countries would be giving up the opportunity to produce one more unit of lawn mowers
Yekutia's opportunity cost in the production of motor cycle = 570 / 320 = 1.781250
Bezanitia's opportunity cost in the production of motor cycle = 410 / 230 = 1.782609
Use two correctly labeled side-by-side graphs of the loanable funds market in the United States and China to show how a higher interest rate in the United States will lead to capital flows between the two countries. On your graphs, be sure to label the equilibrium interest rate in each country in the absence of international cap- ital flows, the international equilibrium interest rate, and the size of the capital inflows and outflows.
Answer:
Figure is given below.
Explanation:
The graph of United states and china is as follows :
Equilibrium is a condition in which market demand and supply or market forces are balanced, resulting in steady prices. Demand and supply balance each other out, resulting in a condition of equilibrium.
The international interest rate of equilibrium is set at 4%. The chart also shows capital inflows and outflows, as well as the United States and China's off-balance interest rates.
The image is attached below to show the equilibrium graphs.
For more information regarding US and China equilibrium, refer to the link:
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The essential characteristics of financial statement fraud are: The misstatement is material and intentional and the users of the financial statements are investors in publicly traded companies. This misstatement is material and intentional and the preparers of the financial statements have a fiduciary obligation to the organization. The misstatement is material and intentional and the preparers of the financial statements fail to report the misstatement to the SEC or other applicable authority. The misstatement is material and intentional and the users of the financial statements have been misled.
Answer:
The misstatement is material and intentional and the users of the financial statements have been misled.
Explanation:
Financial statement fraud is defined as the intentional misstatement or ommision of information on the financial statement that is aimed at deceiving users of financial statement.
When a fraud is perpetrated the act is an intentional attempt to misrepresent a situation to illegally gain something that is not legally yours.
For example financial statement fraud can be done to obtain a loan or inflate the price of company shares.
Usually profits, assets, and revenue are overstated. While liabilities, expenses, and losses are understated
Lucido Products markets two computer games: Claimjumper and Makeover. A contribution format income statement for a recent month for the two games appears below:
Claimjumper Makeover Total
Sales $ 30,000 $70,000 $100,000
Variable expenses 20,000 50,000 70,000
Contribution margin $ 10,000 $ 20,000 30,000
Fixed expenses 24,000
Net operating income $ 6,000
Required:
1. What is the overall contribution margin (CM) ratio for the company?
2. What is the company's overall break-even point in dollar sales?
3. Prepare a contribution format income statement at the company's break-even point that shows the appropriate levels of sales for the two products.
Answer:
See below
Explanation:
1. Overall contribution margin ratio for the company
= (Total contribution margin ÷ Total sales) × 100
= ($30,000 ÷ $100,000) × 100
= 0.3 × 100
= 30%
2. Company's overall break even point in dollar sales
= Fixed cost/Contribution margin ratio
= $24,000 / 0.3
= $80,000
3. Contribution format at break even point.
•Claim jumpover
Sales
$30,000
Less
Variable cost
($20,000)
Contribution margin
$10,000
•Makeover
Sales
$100,000
Less
variable cost
($50,000)
Contribution margin
$50,000
The courts ruled that the pay disparity between the sexes at Jaxon Corp. was illegal and ordered the company to remedy it. Jaxon Corp. cannot lower the wages of the higher-paid group in order to comply with the law.
True Or False
Answer:
True
Explanation:
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The statement "The courts ruled that the pay disparity between the sexes at Jaxon Corp. was illegal and ordered the company to remedy it. Jaxon Corp. cannot lower the wages of the higher-paid group in order to comply with the law" is true.
What is disparity?The disparity can be defined as a lack of equality or likeness, particularly in an unfair way: the widening discrepancy between the affluent and poor.
Inequalities in other parts of society, such as the legal system, education, academe, commercial institutions, and politics, are referred to as social disparities. Most of the time, the social discrepancies listed above are the result of other disparities, such as economic disparity, gender disparity, or racial disparity.
The courts determined that Jaxon Corp.'s wage inequality between the sexes was unconstitutional and ordered the corporation to correct it. To comply with the legislation, Jaxon Corp. cannot reduce the compensation of the higher-paid group. Therefore, the above statement is true.
Learn more about the disparity here:
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8. Agreement and disagreement among economists Suppose that Tim, an economist from a business school in Georgia, and Alyssa, an economist from a university in Massachusetts, are arguing over government bailouts. The following dialogue shows an excerpt from their debate: Alyssa: Thanks to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. Tim: Indeed, it's gotten crazy! A government bailout of severely distressed financial firms is unnecessary because free markets will properly price assets. Alyssa: I don't know about that. Without a bailout of severely distressed financial firms, the economy will experience a deep recession. The disagreement between these economists is most likely due to .
Answer:
The disagreement between these economists is most likely due to .
differences between perceptions versus reality.
Explanation:
A bailout occurs when the government provides capital resources to a distressed business or failing company, which it considers to be too big to fail. The purpose is to prevent the consequences of the downfall of such an entity, which may include bankruptcy, default on its financial obligations, economic impact on the wider society. Most bailouts are made for the benefit of the society rather than the business entity. The mindset from which two economists can perceive the reality of bailouts will always differ.
Billed Mercy Co. $2,400 for services performed.
how to journalize this?
When a business transaction requires a journal entry, we must follow these rules:
The entry must have at least 2 accounts with 1 DEBIT amount and at least 1 CREDIT amount.
The DEBITS are listed first and then the CREDITS.
The DEBIT amounts will always equal the CREDIT amounts.
For another example, let’s look at the transaction analysis we did in the previous chapter for Metro Courier (click Transaction analysis):
1. The owner invested $30,000 cash in the corporation. We analyzed this transaction by increasing both cash (an asset) and common stock (an equity) for $30,000. We learned you increase an asset with a DEBIT and increase an equity with a CREDIT. The journal entry would look like this:
2. Purchased $5,500 of equipment with cash. We analyzed this transaction as increasing the asset Equipment and decreasing the asset Cash. To increase an asset, we debit and to decrease an asset, use credit. This journal entry would be:
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Answer:
All the journal entries illustrated so far have involved one debit and one credit; these journal entries are called simple journal entries. Many business transactions, however, affect more than two accounts. The journal entry for these transactions involves more than one debit and/or credit. Such journal entries are called compound journal entries.
Explanation:
1. The owner invested $30,000 cash in the corporation. We analyzed this transaction by increasing both cash (an asset) and common stock (an equity) for $30,000. We learned you increase an asset with a DEBIT and increase an equity with a CREDIT
2. Purchased $5,500 of equipment with cash. We analyzed this transaction as increasing the asset Equipment and decreasing the asset Cash. To increase an asset, we debit and to decrease an asset, use credit.
3. Purchased a new truck for $8,500 cash. We analyzed this transaction as increasing the asset Truck and decreasing the asset Cash. To increase an asset, we debit and to decrease an asset, use credit.
4. Purchased $500 in supplies on account. We analyzed this transaction as increasing the asset Supplies and the liability Accounts Payable. To increase an asset, we debit and to increase a liability, use credit.
5. Paid $300 for supplies previously purchased. Since we previously purchased the supplies and are not buying any new ones, we analyzed this to decrease the liability accounts payable and the asset cash. To decrease a liability, use debit and to decrease and asset, use debit.
6. Paid February and March Rent in advance for $1,800. When we pay for an expense in advance, it is an asset. We want to increase the asset Prepaid Rent and decrease Cash. To increase an asset, we debit and to decrease an asset, use credit.
7. Performed work for customers and received $50,000 cash. We analyzed this transaction to increase the asset cash and increase the revenue Service Revenue. To increase an asset, use debit and to increase a revenue, use credit.
8. Performed work for customers and billed them $10,000. We analyzed this transaction to increase the asset accounts receivable (since we have not gotten paid but will receive it later) and increase revenue. To increase an asset, use debit and to increase a revenue, use credit.
9. Received $5,000 from customers from work previously billed. We analyzed this transaction to increase cash since we are receiving cash and we want to decrease accounts receivable since we are receiving money from customers who we billed previously and not new work we are doing. To increase an asset, we debit and to decrease an asset, use credit.
10 Paid office salaries $900. We analyzed this transaction to increase salaries expense and decrease cash since we paid cash. To increase an expense, we debit and to decrease an asset, use credit.
11. Paid utility bill $1,200. We analyzed this transaction to increase utilities expense and decrease cash since we paid cash. To increase an expense, we debit and to decrease an asset, use credit.
Use the following Year 3 data: Other Selling and Administrative Expenses $ 1,052,000 Other Expenses 249,300 Sales Revenue 4,887,000 Advertising and Promotion Expenses 553,350 Salaries and Wages Expense 2,527,800 Income Tax Expense 167,350 Interest Expense 114,750 Required: Prepare the annual income statement for Kvass, Inc.
Answer:
$222,450
Explanation:
Computation of annual income statement for Kvass Inc. is shown below
Sales revenue
$4,887,000
Less:
Selling and admn expenses
($1,052,000)
Other expenses
($249,300)
Advertising and promotion expenses
($553,350)
Salaries and wages expenses
($2,527,800)
Income tax expenses
($167,350)
Interest expense
($114,750)
Net income
$222,450
Beta Alpha Psi, the accounting honorary fraternity, held a homecoming party. The fraternity expected attendance of 80 persons and prepared the following budget: Room rental .. $ 170 Food ....... 660 Entertainment .. 570 Decorations ... 210 Total ...... $1,610 After Beta Alpha Psi paid all the bills for the party, the total cost came to $1,885 or $275 over budget. Details are $170 for room rental; $875 for food; $570 for entertainment; and $270 for decorations. Ninety-six persons attended the party. 1. Prepare a performance report for the party that shows how actual costs differed from the budget. That is, include in your report the budgeted amounts, actual amounts, and variances. 2. Suppose the fraternity uses a management-by-exception rule. Which costs deserve further examination
Answer:
Beta Alpha Psi
1. Performance Report for the party:
Budget Actual Variance
Expected attendance (persons) 80 96 16
Room rental .. $ 170 $170 $0
Food ....... 660 875 $215 U
Entertainment .. 570 570 $0
Decorations ... 210 270 $60 U
Total ...... $1,610 $1,885 $275 U
2. The costs that deserve further examination are Food and Decorations. The party overspent on these items.
Explanation:
Since 96 persons attended the party, the food cost should have been = $792 ($660/80 * 96), which is the flexible budget cost. The cost of decorations should have remained $210 unless there were improper estimates of the items required for the decorations and the size of the party venue.
Based on this model, households earn income when _______purchase______ in factors markets.
Suppose Eileen earns $600 per week working as a corporate attorney for Rowan and Martin Associates. She uses $8 to buy a box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Clancy $350 per week to work the cash register. Clancy uses $175 to purchase legal service from Rowan and Martin Associates Identify whether each of the following events in this scenario occurs in factor market or the product market.
Event Factor Market Product Market
Clancy earns $350 per week working for Pillmart Pharmacy.
Eileen earns $600 per week working for Rowan and Martin Associates
Clancy spends $175 to purchase legal service from Rowan and Martin Associates.
Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs.
a. The $350 per week Clancy earns working for Pillmart Pharmacy
b. The $175 Clancy spends to purchase legal service from Rowan and Martin Associates
c. The aspirin Eileen receives
d. Eileen's labor
Answer:
Based on this model, households earn income when FIRMS purchase SERVICES in factors markets.
Identify whether each of the following events in this scenario occurs in factor market or the product market.
Event Factor Market Product Market
Clancy earns $350 per week working for Pillmart Pharmacy. FACTOR MARKET
Eileen earns $600 per week working for Rowan and Martin Associates FACTOR MARKET
Clancy spends $175 to purchase legal service from Rowan and Martin Associates. PRODUCT MARKET
Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs.
b. The $175 Clancy spends to purchase legal service from Rowan and Martin Associates PRODUCT MARKET, HOUSEHOLD PURCHASES PRODCUTS
d. Eileen's labor FACTOR MARKET, HOUSEHOLDS SELL SERVICES TO FIRMS
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded.
1. On December 1, 2020, the company paid its annual fire insurance premium of $7,200 for the year beginning December 1 and debited prepaid insurance.
2. On August 31, 2020, the company borrowed $115,000 from a local bank. The note requires principal and interest at 8% to be paid on August 31, 2021.
3. Mazzanti owns a warehouse that it rents to another company. On January 1, 2021, Mazzanti collected $26,400 representing rent for the 2021 calendar year and credited deferred rent revenue.
4. Depreciation on the office building is $19,200 for the fiscal year.
5. Employee salaries for the month of June 2021 $19,500 will be paid on July 20, 2021.
Required:
Prepare the necessary year-end adjusting entries at the end of June 30, 2018, for the above situations.
Answer:
1. Dr Insurance expense 1,800
Cr Prepaid insurance 1,800
2. Dr Interest expense 2,300
Cr Interest payable 2,300
3. Dr Deferred rent revenue 6,600
Cr Rent revenue 6,600
4. Dr Depreciation expense 4,800
Cr Accumulated depreciation—building 4,800
5. Dr Salaries and wages expense 19,500
Cr Salaries and wages payable 19,500
Explanation:
Preparation of the necessary year-end adjusting entries at the end of June 30, 2018, for the above situations
1. Dr Insurance expense 1,800
Cr Prepaid insurance 1,800
($7,200 × 3/12)
2. Dr Interest expense 2,300
Cr Interest payable 2,300
($115,000× 8% × 3/12)
3. Dr Deferred rent revenue 6,600
Cr Rent revenue 6,600
($26,400 × 3/12)
4. Dr Depreciation expense 4,800
Cr Accumulated depreciation—building 4,800
($19,200 × 3/12)
5. Dr Salaries and wages expense 19,500
Cr Salaries and wages payable 19,500