Answers
Answer:
A
Explanation:
Company Culture. Or Organizational Culture
The unique way that employees interact with each other and their customers. Also, the personality of the company is the Company Culture. Hence, option A is correct.
What is company Culture?
The beliefs, standards, and behaviors that make up the organization's culture have an impact on and direct the conduct of every team member. Think of it as the range of traits that characterize your company.
A company's "business culture" or "organizational culture" refers to its common ideals, attitudes, and behaviors. Your company's culture greatly affects how content your staff members are on the whole.
Organizational culture is generally defined as all of a company's beliefs, values, and attitudes, as well as how these influence how its employees behave. Culture has an impact on what it's like for a customer to make a purchase from a firm or for a supplier to work with one.
Thus, option A is correct.
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Related Questions
The following data pertain to an investment proposal (Ignore income taxes.): Cost of the investment $ 56,000 Annual cost savings $ 16,000 Estimated salvage value $ 6,000 Life of the project 5 years Discount rate 10 % Click here to view Exhibit 7B-1 and Exhibit 7B-2, to determine the appropriate discount factor(s) using the tables provided. The net present value of the proposed investment is closest to: (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Multiple Choice $34,000 $4,656 $3,726 $8,382
Answers
Answer: $8,382
Explanation:
First find the present value of the cash benefits which are the cost savings and the salvage value:
= (Cost savings * Present value interest factor of annuity, 5 years, 10%) + Salvage value / ( 1 + rate) ^ no of periods
= (16,000 * 3.7908) + 6,000 / ( 1 + 10%)⁵
= $64,378
Net Present value = Present value of benefits - Cost of investment
= 64,378 - 56,000
= $8,378
= $8,382 from options. Difference due to rounding errors.
Which of the following statements is not accurate descriptions of the business market? Mrs. Phillip, a retail buyer for Bloomingdale's, does all the shopping for her family at the same store. Wal-Mart has a contractual relationship with P&G to serve its customers efficiently. Goodyear tires deals globally with various suppliers of steel to make tires. Costco is a wholesale establishment that deals with various manufacturers.
Answers
Answer:
Mrs. Phillip, a retail buyer for Bloomingdale's, does all the shopping for her family at the same store.
Explanation:
The business market is the market where you can sell your product and services to the other businesses so it can be used as a raw material for the other business in order to manufacture the products. And, the other reason is to purchased the products and resell them.
So based on the given statements, the first option is considered as in the remaining statements there are business transactions but in this only one person i.e. retail buyer is considered
I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 12 lbs. 8 lbs. $7.25 Sugar 10 lbs. 14 lbs. 1.40 Standard labor time 0.50 hr. 0.60 hr. Dark Chocolate Light Chocolate Planned production 4,700 cases 11,000 cases Standard labor rate $15.50 per hr. $15.50 per hr. I Love My Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, I Love My Chocolate Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 5,000 10,000 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $7.33 140,300 Sugar 1.35 188,000 Actual Labor Rate Actual Labor Hours Used Dark chocolate $15.25 per hr. 2,360 Light chocolate 15.80 per hr. 6,120
Required:
1. Prepare the following variance analyses for both chocolates and the total, based on the actual results and production levels at the end of the budget year. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.
a. Direct materials price variance, direct materials quantity variance, and total variance.
b. Direct labor rate variance, direct labor time variance, and total variance.
2. The variance analyses should be based on the amounts at volumes. The budget must flex with the volume changes. If the volume is different from the planned volume, as it was in this case, then the budget used for performance evaluation should reflect the change in direct materials and direct labor that will be required for the production. In this way, spending from volume changes can be separated from efficiency and price variances.
Answers
Explanation:
For DARK CHOCOLATE A. DIRECT LABOR RATE VARIANCE.= (Stadard Rate- Actual Rate) * Actual Hour DIRECT LABOR RATE VARIANCE.= (15.50-15.25) * 2360 DIRECT LABOR RATE VARIANCE.= $ 590 Favorable A. DIRECT LABOR TIME VARIANCE = ( Standard Hour - Actual Hour) * Standard Rate DIRECT LABOR TIME VARIANCE = (5000*0.50 - 2360) * 15.50 DIRECT LABOR TIME VARIANCE = ( 2500 - 2360) * 15.50 DIRECT LABOR TIME VARIANCE = $ 2170 Favorable A. DIRECT LABOR TOTAL VARIANCE= ( Standard Hour * Standard Rate - Actual Hour* Actual Rate) DIRECT LABOR TOTAL VARIANCE= ( 2500*15.50 - 2360*15.25) DIRECT LABOR TOTAL VARIANCE= $ 2760 Favorable For LIGHT CHOCOLATE A. DIRECT LABOR RATE VARIANCE.= (Stadard Rate- Actual Rate) * Actual Hour DIRECT LABOR RATE VARIANCE.= (15.50-15.80) * 6120 DIRECT LABOR RATE VARIANCE.= $ 1836 Unfavorable A. DIRECT LABOR TIME VARIANCE = ( Standard Hour - Actual Hour) * Standard Rate DIRECT LABOR TIME VARIANCE = (10000*0.60 - 6120) * 15.50 DIRECT LABOR TIME VARIANCE = ( 6000 - 6120) * 15.50 DIRECT LABOR.
Darla offers to pay Edward $6,000 for Edward's car, provided that Darla receives that much from her uncle's estate, which is currently being probated. She expects to know for sure how much she will receive within a week or so. If Edward agrees: ________
a. there is no consideration present in this example.
b. Two of these but not all three.
c. there is an illusory contract, because Darla is not certain she will receive the money.
d. the consideration from Darla to Edward is the promise of $6,000 subject to a condition.
Answers
Answer: d. the consideration from Darla to Edward is the promise of $6,000 subject to a condition.
Explanation:
Based on the information given, we should note that if Edward agrees to Darla's offer, the consideration from Darla to Edward is the promise of $6,000 subject to a condition.
This is because Darla offered to pay Edward the $6,000 for his car, as long as she gets that much from her uncle's estate, which is under probation. In the case whereby she doesn't get up to $6000, then she won't be bake to buy the car for $6000.
The following information is available for Forever Fragrance Company's Southern Territory by salesperson: Garcia Jones Total Sales $30,000 $40,000 $70,000 Variable cost of goods sold 3,600 4,800 8,400 Variable selling expenses: Promotion costs 5,000 8,000 13,000 Sales commissions 4,500 6,000 10,500 What is the contribution margin for Jones?]
Answers
Answer:
See below
Explanation:
Contribution margin = Sales value - Variable expenses
Given that;
Sales for Jones = $40,000
Less variable expenses
Cost of goods sold ($4,800)
Contribution margin = $40,000 - $18,800 = $21,200
Bramble Corporation purchased machinery on January 1, 2022, at a cost of $300,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $35,000. The company is considering different depreciation methods that could be used for financial reporting purposes.
Required:
Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate.
Answers
Answer:
Straight-line method
Year Depreciation Book value
1 $66,250 $233,750
2 $66,250 $167,500
3 $66,250 $101,250
4 $66,250 $35,000
Declining-balance method
Year Depreciation Book value
1 $150,000 $150,000
2 $75,000 $75,000
3 $37,500 $37,500
4 $2,500 $35,000
Step 1:
Enter the following entries for the month of August. A. Purchased raw materials on account: $3,100. B. Selling and Administrative expenses incurred and paid: $1,200. C. Used direct materials: $3,900. D. Used indirect materials: $300. E. Manufacturing wages incurred totaled $4,000, of which 90% was direct labor and 10% was indirect labor. F. Incurred other actual factory overhead on account: $1,300. G. Factory Overhead was allocated to Work in Process Inventory at a predetermined overhead allocation rate of 60% of Direct Labor costs incurred during August. H. The cost of product completed: $10,000. I. Sales on account: $17,500. The cost of the units sold was $9,500.
Step 2:
Adjust for over or underallocated overhead.
Once you have entered the journal entries in Step 1 above, prepare and enter the necessary adjusting entry to correct for the overallocated or underallocated Factory Overhead. This entry should be dated "August 31, 2017." For the "Description," enter "Journal Entry J."
Answers
Answer:
Step 1
Item A
Debit : Raw Materials $3,100
Credit : Accounts Payable $3,100
Item B
Debit : Selling and Administrative expenses $1,200
Credit : Cash $1,200
Item C
Debit : Work in Process - Direct Materials $3,900
Credit : Raw Materials $3,900
Item D
Debit : Work in Process -Indirect Materials $300
Credit : Raw Materials $300
Item E
Debit : Work in Process - Direct Labor $3,600
Debit : Work in Process - Indirect Labor $400
Credit : Wages Payable $4,000
Item F
Debit : Factory overheads $1,300
Credit : Accounts Payable $1,300
Item G
Debit : Work in Process - Overheads $2,160
Credit : Overheads $2,160
Item H
Debit : Finished Goods Inventory $10,000
Credit : Work in Process Inventory $10,000
Item I
Debit : Accounts Receivable $17,500
Debit : Cost of Sales $9,500
Credit : Sales Revenue $17,500
Credit : Inventory $9,500
Step 2
Date : August 31, 2017
Description : Journal Entry J
Debit : Overheads $160
Credit : Cost of Sales $160
Explanation:
For step 1
If expenses are incurred, Debit the expense and credit Cash if cash was paid or Credit Accounts Payable if there was no immediate cash payment.
Ensure all manufacturing costs incurred are accumulated in the appropriate Work in Process Account.
Remember to record the corresponding cost of sales journal following the sale of completed units.
For step 2
If Actual overheads > Applied overheads, we have overheads under-applied,
and if Applied overheads > Actual overheads, we have over-applied overheads
Hence determine amounts of Actual and Applied overheads first :
Actual overheads calculation :
Indirect materials $300
Indirect labor $400
Other overheads $1,300
Total $2,000
Applied overheads :
Applied overheads = $2,160
therefore,
Over-applied overheads = $2,160 - $2,000 = $160
The cost of sales is reduced by the amount of over-applied overheads
After reading the paragraph below, answer the question that follows. Americans spend up to $100 billion annually for bottled water (41 billion gallons). The only beverages with higher sales are carbonated soft drinks. Recent news stories have highlighted the fact that most bottled water comes from municipal water supplies (the same source as your tap water), although it may undergo an extra purification step called reverse osmosis. Imagine two tanks that are separated by a membrane that's permeable to water, but not to the dissolved minerals present in the water. Tank A contains tap water and tank B contains the purified water. Under normal conditions, the purified water would cross the membrane to dilute the more concentrated tap water solution. In the reverse osmosis process, pressure is applied to the tap water tank to force the water molecules across the membrane into the pure water tank. If you shut off the system and pressure was no longer applied to tank A, you would expect
Answers
Stanley Mills was hired by Clark at the beginning of 2002. Mills is expected to retire at the end of 2046 after 45 years of service. His retirement is expected to span 15 years. At the end of 2021, 20 years after being hired, his salary is $81,000. The company’s actuary projects Mills’s salary to be $280,000 at retirement. The actuary’s discount rate is 8%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Required:
1. Estimate the amount of Stanley Mills's annual retirement payments for the 15 retirement years earned as of the end of 2018.
2. Suppose Clark's pension plan permits a lump-sum payment at retirement in lieu of annuity payments. Determine the lump-sum equivalent as the present value as of the retirement date of annuity payments during the retirement period
3. What is the company's projected benefit obligation at the end of 2018 with respect to Stanley Mills?
4. Even though pension accounting centers on the PBO calculation, the ABO still must be disclosed in the pension disclosure note. What is the company's accumulated benefit obligation at the end of 2018 with respect to Stanley Mills?
5. If we assume no estimates change in the meantime, what is the company's projected benefit obligation at the end of 2019 with respect to Stanley Mills?
6. What portion of the 2019 increase in the PBO is attributable to 2019 service (the service cost component of pension expense) and to accrued interest (the interest cost component of pension expense)? (For all requirements, round final answers to the nearest whole dollars.)
1. Annual retirement payments $ 108,800
2. PV of retirement annuity $ 1,056,698
3. Projected benefit obligation
4. Accumulated benefit obligation 246.211 $ $ 65,400
5. Projected benefit obligation $ 274,032 6. Service cost Interest cost
Answers
The Neal Company wants to estimate next year's return on equity (ROE) under different financial leverage ratios. Neal's total capital is $20 million, it currently uses only common equity, it has no future plans to use preferred stock in its capital structure, and its federal-plus-state tax rate is 25%. The CFO has estimated next year's EBIT for three possible states of the world: $5.5 million with a 0.2 probability, $2.6 million with a 0.5 probability, and $600,000 with a 0.3 probability.
Required:
Calculate Neal's expected ROE, standard deviation, and coefficient of variation.
Answers
Answer:
Neal's expected ROE = 4.62%
Neal's standard deviation = 2.46%
Neal's coefficient of variation = 0.53
Explanation:
Note: See the attached excel file for the calculations of Neal's Expected ROE and Deviation.
From the attached excel, we can have:
Neal's expected ROE = Total expected ROE = 0.0462, or 4.62%
Neal's standard deviation = (Total Deviation)^0.5 = 0.00060736^0.5 = 0.0246, or 2.46%
Neal's coefficient of variation = Neal's standard deviation / Neal's expected ROE = 2.46% / 4.62% = 0.53
Eagle Company used the following data to evaluate its current operating system. - sells items for $24 each - used a budgeted selling price of $24 per unit. Actual Budgeted Units sold 177,000 units 184,000 units Variable costs $1,090,000 $1,290,000 Fixed costs $804,000 $780,000 What is the static-budget variance of operating income
Answers
Answer:
$100,000 unfavorable
Explanation:
Given the above information,
Sales = Selling price per unit × unit sold
Actual sales = $24 × 177,000 units = $4,248,000
Budgeted sales = $24 × 184,000 units = $4,416,000
Operating income = Actual sales - Variable income - Fixed income
Actual operating income = $4,248,000 - $1,090,000 - $804,000 = $2,354,000
Budgeted operating income = $4,416,000 - $1,290,000 - $780,000 = $2,364,000
Therefore,
Static budget variance of operating income = Actual operating income - Budgeted operating income
= $2,354,000 - $2,364,000
= $100,000 unfavorable
Helen has a meeting with a venture capitalist for a Series A round at a $10 million valuation. She has proprietary patents for the latest advancements in facial recognition, a team of five Stanford grads, and seed money from Andreessen Horowitz and Union Square Ventures. She has two enterprise customers. The VC has her interest piqued but declines to invest at this stage. Why? Group of answer choices Helen needs to further build out her team Helen should be raising a Series B, not A Helen needs better venture capitalists funding her project Helen needs more customers
Answers
Answer: Helen needs more customers
Explanation:
Even though the VC has her interest piqued but declines to invest at this stage, the reason is because of the fact that she has two enterprise customers.
The venture capitalist will not invest when there isn't enough customers as the VC may think that it's not worth investing in and doesn't want to make a loss. Therefore, Helen needs more customers.
Record the following transactions of Fronke’s Fashions in a general journal: DATE TRANSACTIONS 2019 April 1 Purchased merchandise for cash, $2,310. 2 Returned merchandise for cash purchased on April 1; received a cash refund of $218. 4 Purchased merchandise on credit from Breit Distributors, Invoice 125, $871, terms n/30; freight of $46 prepaid by Breit Distributors and added to the invoice. 7 Returned damaged merchandise purchased on April 4 from Breit Distributors; received Credit Memorandum 202 for $58. 30 Paid the amount due to Breit Distributors for the purchase of April 4, less the return on April 7, Check 1458.
Answers
Answer:
Fronke's Fashions
General Journal
Date Transactions Debit Credit
April 1: Inventory $2,310
Cash $2,310
To record the purchase of inventory for cash.
April 2: Cash $218
Inventory $218
To record the return of inventory with a cash refund.
April 4: Inventory $871
Accounts payable (Breit Distributors) $871
To record the purchase of goods on account, terms n/30.
April 7: Accounts payable
(Breit Distributors) $58
Inventory $58
To record the return of goods on account.
April 30: Accounts payable
(Breit Distributors) $813
Cash $813
To record the payment on account.
Explanation:
a) Data and Analysis:
April 1: Inventory $2,310 Cash $2,310
April 2: Cash $218 Inventory $218
April 4: Inventory $871 Accounts payable (Breit Distributors) $871, terms n/30
April 7: Accounts payable (Breit Distributors) $58 Inventory $58
April 30: Accounts payable (Breit Distributors) $813 Cash $813
"Ayres Services acquired an asset for $80 million in 2021. The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value). For tax purposes the asset’s cost is depreciated by MACRS. The enacted tax rate is 25%. Amounts for pretax accounting income, depreciation, and taxable income in 2021, 2022, 2023, and 2024 are as follows: ($ in millions) 2021 2022 2023 2024 Pretax accounting income $ 330 $ 350 $ 365 $ 400 Depreciation on the income statement 20 20 20 20 Depreciation on the tax return (25 ) (33 ) (15 ) (7 ) Taxable income $ 325 $ 337 $ 370 $ 413 Required: For December 31 of each year, determine (a) the cumulative temporary book-tax difference for the depreciable asset and (b) the balance to be reported in the deferred tax liability account. (Leave no cell blank, enter "0" wherever applicable. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).)"
Answers
a. The cumulative temporary book-tax difference for the depreciable asset are as follows:
December 31, 2021 = $60 million
December 31, 2022 = $40 million
December 31, 2023 = $20 million
December 31, 2024 = $0
b. The balance to be reported in the deferred tax liability account are as follows.
December 31, 2021 = $15 million
December 31, 2022 = $10 million
December 31, 2023 = $5 million
December 31, 2024 = $0
Explanation:
Note: See the attached excel file for the calculation of cumulative temporary book-tax difference for the depreciable asset and the balance to be reported in the deferred tax liability account for December 31 of years 2021, 2022, 2023 and 2024 in bold red color.
In the attached excel file, the following formula are used:
Cumulative Temporary differences at December 31 of the current year = Cumulative Temporary differences at December 31 of the previous year + (Depreciation on the tax return at December 31 of the current year - Depreciation on the income statement at December 31 of the current year)
Balance to be reported in deferred tax liability account at December 31 of the current year = Cumulative Temporary differences at December 31 of the current year * Tax rate
How loss on sale of sports material is entered in Income and Expenditure Account? If sports material book value is $120 but sold at $50?
Answers
Answer: $70
Explanation:
The amount of loss on sale of sports material that is entered in Income and Expenditure Account will be the difference between the sports material book value and the sales price. This will be:
= $120 - $50
= $70
Therefore, the loss on sale of sports material is $70.
Jenek Corporation had the following transactions pertaining to debt investments.
1. Purchased 25, 9%, $1,600 Leeds Co. bonds for $40,000 cash. Interest is payable annually on January 1, 2017.
2. Accrued interest on Leeds Co. bonds on December 31, 2017.
3. Received interest on Leeds Co. bonds on January 1, 2018.
4. Sold 15 Leeds Co. bonds for $27,200 on January 1, 2018.
Journalize the transactions.
Answers
Solution :
Date Account title and explanation Debit($) Credit($)
Jan 1, 2017 Investment in bonds of Leeds Co. 40,000
Cash 40,000
Dec 31,2017 Interest receivable 3600
Interest revenue 3600
Jan 1,2018 Cash 3600
Interest receivable 3600
Jan 1, 2018 Cash 27,200
It is enough to describe the proposed business as a sole proprietorship in the business description
section. True or False?
Answers
Answer:
True
Explanation:
hope it helps have a great day
Sugar Cane Company processes sugar beets into three products. During September, the joint costs of processing were $150,000. Production and sales value information for the month were as follows: Product Units Produced Sales Value at Splitoff Point Separable costs Sugar 6,000 $40,000 $12,000 Sugar Syrup 4,000 35,000 32,000 Fructose Syrup 2,000 25,000 16,000 Required: Determine the amount of joint cost allocated to each product if the sales value at splitoff method is used.
Answers
Answer:
The description as per the given question is described below.
Explanation:
The given value is:
Joint costs of processing,
= $150,000
According to the question,
The ratio of sale value will be:
= [tex]40,000:35,000:25,000[/tex]
= [tex]8:7:5[/tex]
On adding we get,
= [tex]8+7+5[/tex]
= [tex]20[/tex]
hence,
The amount of joint cost allocated to each product will be:
Sugar,
= [tex]150000\times \frac{8}{20}[/tex]
= [tex]60,000[/tex] ($)
Sugar syrup,
= [tex]150000\times \frac{7}{20}[/tex]
= [tex]52,500[/tex] ($)
Fructose syrup,
= [tex]150000\times \frac{5}{20}[/tex]
= [tex]37,500[/tex] ($)
The joint cost of sugar, sugar syrup, and fructose syrup is $60,000, $52,500, and $37,500 respectively.
What is the sales value at the split-off method?The process where joint costs are assigned to joint products based on the sales value of the products at the split-off point.
Given:
Joint costs of processing=$150,000
Product Units Sales ValueSplitoff Point Separablecosts
1. Sugar $6,000 $40,000 $12,000
2. Sugar Syrup $4,000 $35,000 $32,000
3. Fructose Syrup $2,000 $25,000 $16,000
The ratio of sale value=
=40,000 : 35,000 : 25,000
= 8 : 7 : 5
On adding we get,
= 8+7+5
= 20
The amount of joint cost allocated to each product on basis of the Sales Value of Split-off Point will be:
1. Sugar= 1,50,000 X 8/20
=$60,000
2. Sugar syrup,= 1,50,000 X 7/20
=$52,500
3. Fructose syrup= 1,50,000 X 5/20
=$37,500
Therefore, the joint cost for each product on sales value at a split-off method for sugar, sugar syrup, and fructose syrup is $60,000,$52,500, and - respectively.
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WHAT IS OPERANT CONDITIONG
Answers
Answer:
Operant conditioning is a type of associative learning process through which the strength of a behavior is modified by reinforcement or punishment. It is also a procedure that is used to bring about such learning.
Operant conditioning refers to the conditioning of behaviours and responses that are under the control of animals and human beings and are emitted voluntarily by them. The behaviour is learned, maintained or changed through its consequences called reinforcers.
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following.
Job Number Materials Requisition Slips Labor Time Tickets
429 $2,500 $1,900
430 3,500 3,000
431 4,400 $10,400 7,600 $12,500
General use 800 1,200
$11,200 $13,700
Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month.
1. Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429.
2. Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets.
Answers
Answer:
Stine Company
1. Summary Journal Entries:
Debit Work in Process $10,400
Credit Materials $10,400
To record materials requisitioned for production.
Debit Work in Process $12,500
Credit Direct Labor $12,500
To record direct labor time tickets.
Debit Work in Process $7,500
Credit Manufacturing overhead $7,500
To record manufacturing overhead applied to production.
Debit Finished goods inventory $7,540
Credit Work in Process $7,540
To record the transfer of Job No. 429 to finished goods inventory.
2. Work in Process Inventory Control
Account Titles Debit Credit
Beginning balance $3,500
Direct materials 10,400
Direct labor 12,500
Overhead 7,500
Finished Goods Inventory $7,540
Ending Balance 26,360
Job Sheets Job 429 Job 430 Job 431 Total
Beginning WIP $2,000 $1,500 $3,500
Direct materials 2,500 3,500 $4,400 10,400
Direct labor 1,900 3,000 7,600 12,500
Manufacturing overhead (60%) 1,140 1,800 4,560 7,500
Finished Goods Inventory $7,540 (7,540)
Work in Process $9,800 $16,560 $26,360
Explanation:
a) Data and Computations:
Balance in Work in Process Inventory = $3,500
Job No. 429 $2,000
Job No. 430 $1,500
Job Materials Labor Time
Number Requisition Slips Tickets
429 $2,500 $1,900
430 3,500 3,000
431 4,400 $10,400 7,600 $12,500
General use 800 1,200
Total $11,200 $13,700
Total manufacturing overhead:
Indirect materials $800
Indirect labor $1,200
Total $2,000
Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. During the month, Knaus Architects completed the following transactions:
A. Issued common stock to Marjorie Knaus in exchange for $30,000.
B. Paid January rent for office and workroom, $2,500.
C. Purchased used automobile for $28,500, paying $6,000 cash and giving a note payable for the remainder.
D. Purchased office and computer equipment on account, $8,000.
E. Paid cash for supplies, $2,100.
F. Paid cash for annual insurance policies, $3,600.
G. Received cash from client for plans delivered, $9,000.
H. Paid cash for miscellaneous expenses, $2,600.
I. Paid cash to creditors on account, $4,000.
J. Paid installment due on note payable, $1,875.
K. Received invoice for blueprint service, due in February, $5,500.
L. Recorded fees earned on plans delivered, payment to be received in February, $31,400.
M. Paid salary of assistants, $6,000. N. Paid gas, oil, and repairs on automobile for January, $1,300.
Instructions
1. Record these transactions directly in the following T accounts, without journalizing: Cash, Ac-counts Receivable, Supplies, Prepaid Insurance, Automobiles, Equipment, Notes Payable, Ac¬counts Payable, Common Stock, Professional Fees, Salary Expense, Blueprint Expense, Rent Expense, Automobile Expense, Miscellaneous Expense. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction.
2. Determine account balan
Answers
Answer:
Knaus Architects
T-accounts:
Cash
Account Titles Debit Credit
Common stock A. $30,000
Rent Expense B. $2,500
Automobiles, Equipment C. 6,000
Supplies E. 2,100
Prepaid Insurance F. 3,600
Accounts Receivable G. 9,000
Miscellaneous Expenses H. 2,600
Accounts Payable I. 4,000
Notes Payable J. 1,875
Salary Expense M. 6,000
Automobiles Expense N. 1,300
Balance $9,025
Total $39,000 $39,000
Accounts Receivable
Account Titles Debit Credit
Cash G. $9,000
Professional Fees L. 31,400
Balance $22,400
Supplies
Account Titles Debit Credit
Cash E. $2,100
Prepaid Insurance
Account Titles Debit Credit
Cash F. $3,600
Automobiles, Equipment
Account Titles Debit Credit
Notes Payable C. $22,500
Cash C. 6,000
Accounts Payable D. 8,000
Balance $36,500
Notes Payable
Account Titles Debit Credit
Automobiles, Equipment C. $22,500
Cash J. $1,875
Balance $20,625
Accounts Payable
Account Titles Debit Credit
Automobiles, Equipment D. $8,000
Cash I. $4,000
Blueprint Expense K. 5,500
Balance $9,500
Common Stock
Account Titles Debit Credit
Cash A. $30,000
Professional Fees
Account Titles Debit Credit
Accounts Receivable L. $31,400
Salary Expense
Account Titles Debit Credit
Cash M. $6,000
Blueprint Expense
Account Titles Debit Credit
Accounts Payable K. $5,500
Rent Expense
Account Titles Debit Credit
Cash B. $2,500
Automobile Expense
Account Titles Debit Credit
Cash N. $1,300
Miscellaneous Expense
Account Titles Debit Credit
Cash H. $2,600
Trial Balance
As of January 31, 2018:
Account Titles Debit Credit
Cash $9,025
Accounts receivable 22,400
Supplies 2,100
Prepaid Insurance 3,600
Automobiles, Equipment 36,500
Notes Payable $20,625
Accounts Payable 9,500
Common Stock 30,000
Professional Fees 31,400
Salary Expense 6,000
Blueprint Expense 5,500
Rent Expense 2,500
Automobiles Expense 1,300
Miscellaneous Expense 2,600
Totals $91,525 $91,525
Explanation:
a) Data and Transaction Analysis:
A. Cash $30,000 Common Stock
B. Rent Expense $2,500 Cash $2,500
C. Automobiles, Equipment $28,500 Cash $6,000 Notes Payable $22,500
D. Automobiles, Equipment $8,000 Accounts Payable $8,000
E. Supplies $2,100 Cash $2,100
F. Prepaid Insurance $3,600 Cash $3,600
G. Cash $9,000 Accounts Receivable $9,000
H. Miscellaneous expenses, $2,600 Cash $2,600
I. Accounts Payable $4,000 Cash $4,000
J. Notes Payable $1,875 Cash $1,875
K. Blueprint Expense $5,500 Accounts Payable $5,500
L. Accounts Receivable $31,400 Professional Fees $31,400
M. Salary Expense $6,000 Cash $6,000
N. Automobiles Expense $1,300 Cash $1,300
As of January 31, 2018:
Account Titles Debit CreditCash $9,025Accounts receivable 22,400Supplies 2,100Prepaid Insurance 3,600Automobiles, Equipment 36,500Notes Payable $20,625Accounts Payable 9,500Common Stock 30,000Professional Fees 31,400Salary Expense 6,000Blueprint Expense 5,500Rent Expense 2,500Automobiles Expense 1,300Miscellaneous Expense 2,600Totals $91,525 $91,525 2. Data and Transaction Analysis:A. Cash $30,000 Common StockB. Rent Expense $2,500 Cash $2,500C. Automobiles, Equipment $28,500 Cash $6,000 Notes Payable $22,500D. Automobiles, Equipment $8,000 Accounts Payable $8,000E. Supplies $2,100 Cash $2,100F. Prepaid Insurance $3,600 Cash $3,600G. Cash $9,000 Accounts Receivable $9,000H. Miscellaneous expenses, $2,600 Cash $2,600I. Accounts Payable $4,000 Cash $4,000J. Notes Payable $1,875 Cash $1,875K. Blueprint Expense $5,500 Accounts Payable $5,500L. Accounts Receivable $31,400 Professional Fees $31,400M. Salary Expense $6,000 Cash $6,000N. Automobiles Expense $1,300 Cash $1,300Learn more about:
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The economy has grown by 4% annually over the past 30 years. During the same period, human capital has grown 1% per year and physical capital has grown 5% per year. Each 1% increase in physical capital per worker is estimated to increase labor productivity by 0.4%. Assuming a Cobb-Douglas production function, how much has annual total factor productivity growth contributed to national output growth (expressed as a percentage of national output growth)
Answers
Answer:
53.3 %
Explanation:
Given that
Each 1% increase in physical capital per worker = 0.4% increase in labor productivity
quantity of physical capital grows by 5% per year
labor force grows by 1% per year
therefore the physical capital per labor grows by ; 5% - 1% = 4%
Annual Total factor of productivity = 0.4% * 4% = 1.6%
since output grows by 4% and labor force grows by 1% average labor productivity will grow by ; 3%
Hence annual total factor productivity growth expresses as a percentage of national output growth
= 1.6 / 3 = 53.3%
The " 10 80 10 " rule as it applies to crowd management means
Answers
Answer:
reasons that in an emergency or crisis 10% of us are leaders; we have a plan, take action, and do the right thing. We seek direction and wait for someone to take the lead and tell us what to do. Finally, there are the “Doomed”; 10% of us that behave in counter-productive ways.
Explanation:
On January 1 of the current year, Barton Corporation issued 10%, 5-year bonds with a face value of $200,000. The bonds are sold for $191,000. The bonds pay interest semiannually on June 30 and December 31, and the maturity date is December 31, 5 years from now. Barton records straight-line amortization of the bond discount. The bond interest expense for the current year ended December 31 is
Answers
Answer:
$21,800
Explanation:
Calculation to determine The bond interest expense for the current year ended December 31 is
First step is to calculate the Semiannual interest
Semiannual interest=($200,000 * 0.10 * 6/12)
Semiannual interest = $10,000
Second step is to calculate the Discount on bonds payable
Discount on bonds payable=[($200,000 - $191,000)/10]
Discount on bonds payable=($9,000 / 10)
Discount on bonds payable=$900
Third step is to calculate the Semiannual interest expense
Semiannual interest expense=($10,000 + $900) Semiannual interest expense= $10,900
Now let calculate the bond interest expense
Bond interest expense=($10,900 * 2)
Bond interest expense=$21,800
Therefore The bond interest expense for the current year ended December 31 is $21,800
Hazel Company allocates overhead based on direct labor hours. It allocates overhead costs of $16,200 to two different jobs as follows:
Job 1: (12 hours) = $8,100; Job 2: (12 hours) = $8,100
The production process for Job 2 was then automated. Now Job 2 requires only 3 hours of direct labor but 5 hours of mechanical processing. As a result, total overhead increases to $21,000. Select the incorrect statement from the following.
A. While the actual processing of Job 1 was not affected by automation, it received an increase of $9,900 in its overhead allocation.
B. The use of machine hours as the allocation base would significantly improve the overhead cost allocations.
C. The increased overhead costs associated with automation should be allocated to both jobs.
D. Automation and the costing system used by the company cause the cost of Job 1 to be significantly overstated.
Answers
Answer:
Hazel Company
The incorrect statement is:
A. While the actual processing of Job 1 was not affected by automation, it received an increase of $9,900 in its overhead allocation.
Explanation:
Option A is the correct answer because Job 1's overhead cannot increase by $9,900. Therefore, this purported increase cannot be verified as correct. Most likely the overhead allocation of Job 1 will decrease since Job 2 has another basis for allocating overhead to it, which Job 1 does not incur. Overhead allocation using ABC system is more efficient than the traditional method of using a predetermined rate because overhead is now allocated based on consumption rather than using some arbitrary basis.
Sunland Company issues $5,000,000, 10-year, 10% bonds at 96, with interest payable annually on January 1. The straight-line method is used to amortize bond discount. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Answers
Answer and Explanation:
The journal entry to record the sale of the bond as on Jan 1, 2020 is given below:
Cash $4,800,000 ($5,000,000 × 0.96)
Discount on Bonds payable $200,000
To Bonds payable $5,000,000
(Being the sale of the bond is recorded)
Here the cash and discount on bond payable is debited as it increased the assets and decreased the liability and the bond payable is credited as it increase the liability
The cash records of Downs Company show the following.
For July:
1. The June 30 bank reconciliation indicated that deposits in transit total $580. During July, the general ledger account Cash shows deposits of $16,900, but the bank statement indicates that only $15,600 in deposits were received during the month.
2. The June 30 bank reconciliation also reported outstanding checks of $940. During the month of July, Downs Company books show that $17,500 of checks were issued, yet the bank statement showed that $16,400 of checks cleared the bank in July.
For September:
3. In September, deposits per bank statement totaled $25,900, deposits per books were $26,400, and deposits in transit at September 30 were $2,200.
4. In September, cash disbursements per books were $23,500, checks clearing the bank were $24,000, and outstanding checks at September 30 were $2,100.
There were no bank debit or credit memoranda, and no errors were made by either the bank or Downs Company.
Answer the following questions.
(a) In situation 1, what were the deposits in transit at July 31?
(b) In situation 2, what were the outstanding checks at July 31?
(c) In situation 3, what were the deposits in transit at August 31?
(d) In situation 4, what were the outstanding checks at August 31?
Answers
Answer:
A. $1,880
B. $2,040
C. $1,700
D. $1,600
Explanation:
A. Calculation to determine the deposits in transit at July 31
Deposit in transit at July 31 = $580 + $16,900 - $15,600
Deposit in transit at July 31 = $1,880
Therefore Deposit in transit at July 31 will be $1,880
B. Calculation to determine the outstanding checks at July 31
Outstanding check on July 31 = $940 + $17,500 - $16,400
Outstanding check on July 31 =$2,040
Therefore Outstanding check on July 31 wi be $2,040
C. Calculation to determine the deposits in transit at August 31
Deposit in transit on August 31 = $25,900 + $2,200 - $26,400
Deposits in transit at August 31= $1,700
Therefore Deposits in transit at August 31 will be $1,700
D. Calculation to determine the outstanding checks at August 31
Outstanding checks at August 31=$23,500+$2,100-$24,000
Outstanding checks at August 31=$1,600
Therefore Outstanding checks at August 31 will be $1,600
At Bargain Electronics, it costs $30 per unit ($20 variable and $10 fixed) to make an MP3 player that normally sells for $45. A foreign wholesaler offers to buy 3,000 units at $25 each. Bargain Electronic will incur special shipping costs of $3 per unity. Assuming that Bargain Electronics has excess operating capacity, indicate the net income (loss) Bargain Electronic would realize by accepting the special order.
Reject Order Accept Order Net Income Increase (Decrease)
Revenues
Costs-Manufacturing
Shipping
Net income
The special order should be :__________
Answers
Answer:
The special order should be : Accepted
Explanation:
Analysis of whether or not to accept special order
Revenues (3,000 x $25) $75,000
Less Variable expenses :
Costs - Manufacturing (3,000 x $20) ($60,000)
Shipping (3,000 x $3) ($9,000)
Net Income $6,000
Conclusion :
Since Net Income has increased by $6,000 as a result of special order, it should be accepted
Management is considering a bonus system to increase production. One suggestion is to pay a bonus on the highest 5% of production based on past experience. Past records indicate that an average of 4,000 units of a small assembly is produced during a week. The distribution of the weekly production is approximately normally distributed with a standard deviation of 60 units. If the bonus is paid on the upper 5% of production, the bonus will be paid on how many units or more
Answers
Answer:
4099
Explanation:
we have mean = 4000
σ = 60 units
lets make X = weekly production
z = X-μ/σ
z = X-4000/60
At 0.05 level of signficance, z critical value = 1.645
we put this value into the equation
[tex]z = \frac{x-4000}{60} \\1.645 = \frac{x-4000}{60}[/tex]
we cross multiply from here
60 * 1.645 = x - 4000
98.7 = x-4000
x = 4000 + 98.7
x = 4098.7
≈ 4099
the bonus would be paid on 4099 units
Catano Corporation pays for 40% of its raw materials purchases in the month of purchase and 60% in the following month. If the budgeted cost of raw materials purchases in July is $256,550 and in August is $278,050, then in August the total budgeted cash disbursements for raw materials purchases is closest to:
Answers
Answer:
Total cash disbursement= $271,150
Explanation:
Giving the following information:
Direct material purchase:
July= $256,550
August= $278,050
Catano Corporation pays for 40% of its raw materials purchases in the month of purchase and 60% in the following month.
To calculate the cash disbursements for August, we need to use the following structure:
Cash disbursement August:
Purchase in cash from August= 278,050*0.4= 111,220
Purchase in account from July= 256,550*0.6= 159,930
Total cash disbursement= $271,150