Answer:
Merchandise inventory is an asset reported on the balance sheet and represents the cost of products purchased for sale.
Explanation:
Merchandise inventory is the stock of the company and the same is to be reported under the current asset side of the balance sheet also the asset contains normal debit balance. In addition to this, it shows the cost of product buy for sale
Therefore the last option is correct
The following information is available for Trinkle Company for the month of June: The unadjusted balance per the bank statement on June 30 was $56,084. Deposits in transit on June 30 were $2,655. A debit memo was included with the bank statement for a service charge of $22. A $4,418 check written in June had not been paid by the bank. The bank statement included a $800 credit memo for the collection of a note. The principal of the note was $775, and the interest collected amounted to $25. Required Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)
Answer:
$54,321
Explanation:
Prepare a Bank Reconciliation statement to determine the true cash balance as of June 30.
Bank Reconciliation statement as at June 30
Balance as per Bank Statement $56,084
Add Outstanding Lodgments $2,655
Less Unpresented Checks ($4,418)
Balance as per Cash Book $54,321
Conclusion
The true cash balance as of June 30 is $54,321.
You are comparing replacing the current lab, which has a cost function of 400,000 + 15*Volume, with an automated lab that has a cost function of 500,000 + 10*Volume. Doing so would reduce the error rate from 1.5 percent to 1 percent. Your volume is expected to be 45,000 tests per year.
a. You should keep the current lab because its fixed costs are smaller.
b. You should adopt the automated lab because its total costs and error rate are smaller.
c. You should keep the current lab because its total costs and error rate are about the same.
d. None of the above
Answer: b. You should adopt the automated lab because its total costs and error rate are smaller.
Explanation:
You should adopt the lab that gives the lowest cost and this is the automated lab because it will have a lower cost due to its lower error rate.
Cost with Automated lab = 500,000 + 10 * 45,000
= $950,000
Cost with current lab = 400,000 + 15 * 45,000
= $1,075,000
Automated lab has a lower cost for the expected volume so should be adopted.
On January 31, 2020, Astrid Corp. purchased 5,000 shares of Sienna Co. common stock for $15 a share. Astrid accounts for the investment at fair value with adjustments to fair value recorded in net income. On March 15, 2020, Astrid Corp. declared a property dividend of 3,000 shares of Sienna Co. common stock, to be distributed on March 31, 2020. The shares of Sienna Co. were selling at $18 per share on March 15, 2020. The investment has not been adjusted to fair value since its purchase date. On the date of declaration of the property dividend, the Astrid Corp. would:
a. Recognize a liability account of $45,000.
b. Recognize a decrease in assets of $45,000.
c. Recognize an increase in net income of $9,000.
d. Recognize a liability account of $9,000.
Answer:
The correct option is c. Recognize an increase in net income of $9,000.
Explanation:
This can be determined as follows:
Common stock price per share on January 31, 2020 = $15
Common stock price per share on March 31, 2020 = $18
Fair value adjustment per share on March 31, 2020 = Common stock price per share on March 31, 2020 - Common stock price per share on January 31, 2020 = $18 - $15 = $3 gain
Fair value adjustment of declared a property dividend on March 31, 2020 = Number of shares declared as a property dividend on March 31, 2020 * Fair value adjustment per share on March 31, 2020 = $3,000 * $3 = $9,000 gain
Therefore, the correct option is c. Recognize an increase in net income of $9,000.
Since a cell phone is a private good, if Neha chooses to spend $300 on a cell phone, Neha would get $300 of benefit from the cell phone and Teresa wouldn't receive any benefit from Neha's choice. If Neha still spends $300 on a cell phone and Teresa chooses to contribute $300 to the public park, Neha would still receive the $270 of benefit from Teresa's generosity. In other words, if Neha decides to keep the $300 for a cell phone and Teresa decides to contribute the $300 to the public project, then Neha would receive a total benefit of $300 $270
Answer:
In other words, if Neha decides to keep the $300 for a cell phone and Teresa decides to contribute the $300 to the public project, then Neha would receive a total benefit of:
$570.
Explanation:
Neha has, in this situation, maximized his benefits to the detriment of the public good. This is an illustration of the tragedy of the commons. The tragedy of the common is an economic problem that explains the loss that the society incurs when some persons like Neha neglect to contribute to the common good because they are solely concentrated on pursuing their individual goals for personal gains.
Suppose that a candy maker owns a building and is renting part of the building's space to a library. Further suppose that because the candy maker is the owner, he has the right to make noise during the day while he makes candy. While the library cannot insist on a quiet environment, it could move to a quieter building. However, rent in the next best building is $300/month more than rent in the noisy building. The candy maker can adopt a new technology that eliminates the noise for $225/month. Given this situation, can the library find a private solution with the candy maker that will make both better off
Answer:
The best option is to opt for the new technology which eliminates noise for $225/month.
Explanation:
The candy maker will go for the cheapest available solution for the noise. The new space rent for the library is $300 while the new equipment that eliminates the noise is $225. The best option is the one which lowest cost. The candy maker should opt to buy the new equipment.
In 1974, the price level for Pacifica was 100, the price level for Atlantica was also 100, and in the foreign exchange market 1 Pacifica pound was equal to 1 Atlantica mark. In 2003, the price level in Pacifica had risen to 280 and the price level in Atlantica had risen to 360. a. According to PPP, what should the pound-mark exchange rate be in 2003
Answer: 0.78 pound mark exchange rate
Explanation:
The Purchasing power parity (PPP) is typically used to make comparison between the currencies of different countries' currencies and also used in comparing their standards of living.
According to PPP, the pound-mark exchange rate in 2003 will be calculated as:
= 280/360
= 0.78
The Swenson Corporation has a standard costing system. The following data are available for June: Actual quantity of direct materials purchased 35,000 pounds Standard price of direct materials $4 per pound Material price variance $7,000 unfavorable Material quantity variance $4,200 favorable The actual price per pound of direct materials purchased in June is:
Answer:
Actual price= $4.2 per pound
Explanation:
Giving the following information:
Actual quantity of direct materials purchased 35,000 pounds
Standard price of direct materials $4 per pound
Material price variance $7,000 unfavorable
To calculate the actual price, we need to use the direct material price variance formula:
Direct material price variance= (standard price - actual price)*actual quantity
-7,000 = (4 - actual price)*35,000
-7,000= 140,000 - 35,000actual price
35,000actual price= 147,000
Actual price= $4.2 per pound
Given Table 12-6 below, fill in the values for saving. Assume taxes = $800.
Table 12-6
National Income
$11,400
11,800
12,200
12,600
Consumption
$7,500
7,800
8,100
8,400
What are the savings .
Answer:
Savings = National Income - Consumption - Taxes
Explanation:
Savings are the part of income that is not spent or paid in taxes. So it can be calculated by subtraction consumption from the national income.
National Income (Y) = C+ T + S
Therefore,
S= Y - C - T
That is the part of income that is not spent or paid in taxes is called savings.
National Income Consumption Taxes Savings
$11,400 $7,500 $800 $3,100
$11,800 $7,800 $800 $3,200
$12,200 $8,100 $800 $3,300
$12,600 $8,400 $800 $3,400
Appliance Apps has the following costs associated with its production and sale of devices that allow appliances to receive commands from cell phones. Beginning Inventory 0 Units Produced 25,000 Units Sold 20,000 Selling Price per Unit $144 Variable Sales and Administration Expenses $5 Fixed Sales and Administration Expenses $975,000 Direct Material Cost per Unit $25 Direct Labor Cost per Unit $11 Variable Manufacturing Overhead Cost per Unit $2 Fixed Manufacturing Overhead Cost per Month $977,500 Prepare an income statement under the absorption method. If an amount box does not require an entry, leave it blank.
Answer:
Appliance Apps
Income statement under the absorption method.
Sales $2,880,000
Less Cost of Sales
Beginning Inventory 0
Add Cost of Goods Manufactured $1,927,500
Less Ending Inventory ($385,500) ($1,542,000)
Gross Profit $1,338,800
Less Expenses
Variable Sales and Administration Expenses $100,000
Fixed Sales and Administration Expenses $975,000 ($1,075,000)
Net Income $263,000
Explanation:
Units in Ending Inventory
Beginning Inventory 0
Add Units Produced 25,000
Available for Sale 25,000
Less Units Sold 20,000
Ending Inventory 5,000
Absorption Cost calculations
Product Cost = $77.10
Cost of Goods Manufactured = $1,927,500
Ending Inventory = $385,500
A borrower is interested in comparing the monthly payments on two otherwise equivalent 30 year FRMs. Both loans are for $100,000 and have a 7% interest rate. Loan 1 is fully amortizing, where as Loan 2 has negative amortization with a $120,000 balloon payment due at the end of the life of the loan. How much higher is the monthly payment on loan 1 versus loan 2
Answer:
The monthly payment in Loan 1 is higher than in loan 2 by:
(665.30 - 566.94) = $98.36
Explanation:
Solution:
Comparison of Loan 1 and Loan 2 in terms of monthly payments.
For the first loan, we have to calculate equal monthly payments with the following details:
Principal = $ 100,000,
Monthly Interest rate = 7/12 = 0.58% ,
Term = 360 months
Use the PV = C (1 - (1+r)-n ) / r ,
where PV = Principal, r = monthly rate, n = 360 and
find C (EMI) = $665.30
NOTE: (Excel function is used: PMT(rate, year, PV) formula for convenience)
For Loan 2, we have to understand a few things.
The original loan principal is $ 100,000,
but you are allowed to do a balloon payment of $ 120000 at the end of 30 years.
The present value of the Balloon payment can be deducted from the principal to find out the monthly cash payments to be done.
The monthly payments will of course be lower since a lump sum balloon payment is done at the end.
The calculation is similar to the above. In this scenario, the Monthly payment comes out to be $ 566.94
Hence,
The monthly payment in Loan 1 is higher than in loan 2 by:
(665.30 - 566.94) = $98.36
May 1, 2021, Bibby Company had beginning inventory consisting of 200 units with a unit cost of $7. During May, the company purchased inventory as follows: 800 units at $7 600 units at $8 The company sold 1,000 units during the month for $12 per unit. Bibby uses the average cost method. The average cost per unit for May is
Answer:
$7.38
Explanation:
The average cost method recalculates a new cost per unit with each and every purchase made. This new costs would then be used to calculate the costs of goods sold and inventory value.
Average cost per unit = Total Costs ÷ Units available for sale
= (200 x $7 + 800 x $7 + 600 x $8) ÷ 1,600
= $7.375 or $7.38
The average cost per unit for May is $7.38
HELP how do i speedrun like dream
Answer:
I-
Explanation:
I'm very sorry I have no idea
Clothing retail stores are an example of this market structure.
a monopoly
monopolistic competition
perfect competition
an oligopoly
Answer:Monopolistic Competition
Explanation:
RapidMeal Co. has two restaurants that are open 24 hours per day. Fixed costs for the two restaurants together totals $450,000 per year. Service varies from a cup of coffee to full meals. The average sales check for each customer is $8.00. The average cost of food and other variable costs for each customer is $3.20. The income tax rate is 30%. Target net income is $105,000.
a. Determine the revenues needed to obtain the target net income.
b. How many sales checks are needed to (a) earn a net income of $105,000 and (b) to break even?
c. Determine net income if the number of sales checks is 150,000.
Answer:
a) 1000000 , b) 125000 & 93750 , c) 270000
Explanation:
Target Net profit = 105000
Let profit before tax be p
So, p - 30%p = 105000
0.70p = 105000
p = 150000
Total Net profit = Total revenue - Total cost
Average net profit = Average revenue - average cost. Let no. of customers, or sales checks =x
Total profit / x = 8 - (450000/ x + 3.2)
150000/ x = 8 - 3.2 - 450000/x
150000/x = 4.8 - 450000/x
x (no. of customers needed) = 125000 [b]
a] Total revenue needed = Average revenue x no. of customers needed
= 125000 x 8 = 1000000
b] Customers needed for break even {where TR = TC}
8x = 450000 + 3.2x
x = 93750
c] Net Income if sales checks is 150000 = TR - TC
= 150000 (8) - 450000 - 3.2 (150000) = 1200000 - 450000 - 480000
= 270000
Philadelphia Company has the following information for March: Sales $468,926 Variable cost of goods sold 221,229 Fixed manufacturing costs 78,814 Variable selling and administrative expenses 53,981 Fixed selling and administrating expenses 33,064 Determine the March: a. Manufacturing margin $fill in the blank 1 b. Contribution margin $fill in the blank 2 c. Operating income for Philadelphia Company $fill in the blank 3
Answer and Explanation:
The computation is shown below:
a. The manufacturing margin is
= Sales - variable cost of goods sold
= $468,926 - $221,229
= $247,697
b. The contribution margin is
= manufacturing margin - Variable selling and administrative expenses
= $247,697 - $53,981
= $193,716
c. The operating income is
= Contribution margin - fixed cost
= $193,716 - $788,14 - $33,064
= $81,838
For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model. Select the matching entry for each dropdown box in the following table.
Scenario
Number of Firms
Type of Product
Market Model
There are hundreds of colleges and universities that serve millions of college students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs.
There are hundreds of high school students in need of algebra tutoring services. Dozens of companies offer tutoring services; parents view the quality of the tutoring at the different companies to be largely the same.
In a small town, there are four providers of broadband Internet access: a cable company, the phone company, and two satellite companies. The Internet access offered by all four providers is of the same speed. Almost everyone in the city already has broadband, so any potential new company would have to engage in a price war with the existing companies and would be unlikely to cover its costs for years, if ever.
The government has granted the U.S. Postal Service the exclusive right to deliver mail.
Answer:
Number of Firms - many
Type of Product - differentiated
Market Model - monopolistic competition
Number of Firms - many
Type of Product - standardised
Market Model - perfect competition
Number of Firms - few
Type of Product - standardised
Market Model - oligopoly
Number of Firms - one
Type of Product - unique
Market Model - monopoly
Explanation:
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry. In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
A monopolistic competition is when there are many firms selling differentiated products in an industry. A monopoly has characteristics of both a monopoly and a perfect competition. the demand curve is downward sloping. it sets the price for its goods and services.
An example of monopolistic competition are restaurants
A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms. the demand curve is downward sloping. it sets the price for its goods and services.
An example of a monopoly is a utility company
An Oligopoly is when there are few large firms operating in an industry. While, a monopoly is when there is only one firm operating in an industry.
Oligopolies are characterised by:
price setting firms profit maximisation high barriers to entry or exit of firms downward sloping demand curveNoncash investing and financing activities may be disclosed in: Multiple Choice A note in the financial statements or a schedule attached to the statement of cash flows. The operating activities section of the statement of cash flows. The investing activities section of the statement of cash flows. The financing activities section of the statement of cash flows. The reconciliation of cash balance section.
Answer:
(A note in the financial statements or a schedule attached to the statement of cash flows.
Explanation:
Noncash investing and financing transactions do appear as a separate schedule on the statement of cash flows. They are are notable investing and financing activities that do not affect cash directly. The IFRS and US GAAP mandates companies to disclose all notable or significant non-cash investing and financing activities either at the bottom of the statement of cash flows usually in a form of a footnote or in the notes to the financial statements.
Noncash investing and financing activities may be disclosed in "a note in the financial statements or a schedule attached to the statement of cash flows". The correct option is A.
Noncash investing and financing activities refer to transactions that do not involve the direct use or receipt of cash but have significant financial implications for a company.
This statement of cash flows itself typically segregates cash flow information into three sections: operating activities, investing activities and financing activities.
While the noncash activities are not part of the operating, investing or financing activities sections, they are important to provide a comprehensive view of a company's financial health.
It can be included in a separate note or schedule to ensure transparency and proper understanding by stakeholders.
Therefore, the correct option is A.
To know more about Noncash investing here,
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Carefully examine the example problem statement and select which criteria listed below have been met.
Cryptocurrency is one of the most profitable possible investments in the marketplace today, but most investors have no idea how to take advantage of this opportunity. By creating an investment opportunity based on cryptocurrency investments, we intend to bring investors a simple, new option with extremely high potential returns. As part of proposing a solution to our problem, we need to determine why the time is now to offer this investment and why investors should make this investment with us.
Criteria 1: The problem is well defined (short and precise, no more than 200 words)
Criteria 2: The magnitude or impact of the problem is clear
Criteria 3: The following question has been answered - Who is it affecting (key stakeholders)?
Criteria 4: The following question has been answered - How is it affecting the stakeholder(s)?
Criteria 5: The following question has been answered – What kind of solution is the client looking for?
Criteria 6: This can be solved by a team of 5 MBA students in 14 weeks
Answer:
Criteria 2: The magnitude or impact of the problem is clear.
Explanation:
The problem is well defined in the statement given above. Cryptocurrency is one of the latest investment opportunity for the investors. It is a digital asset which is traded online with different investors. It is used to trade online where physical transfer of cash takes much time or is not possible at all. The magnitude and impact of cryptocurrency is well defined.
On January 1, Year 1, Samuel Company leases equipment from Lease Corp. The lease agreement specifies five annual payments of $50,000, with the first payment due at lease signing (January 1, Year 1), and at each January 1 from Year 2 to Year 5. At the end of the lease term, the equipment will be returned to the lessor and is expected to have a residual value of $30,000. The estimated useful life of the equipment is six years. The interest rate in the financing arrangement is 6%. The cost to Lease Corp of manufacturing the equipment is $150,000. The journal entry for the Lessor on January 1, Year 1 will include __________-
Answer:
Cash (Dr.) $50,000
Lease Receivable (Cr.) $50,000
Explanation:
Lessor is the person who leases the item to gain financial benefit from the asset user lease. Lessee is a person who uses the assets but does not owns it so he pays lease rentals. In the given scenario the lease recoding at inception in the lessor books will be cash debit and lease receivable credit.
For each of the situations described, determine whether the firms involved are part of a cartel or are simply colluding. a. Landscaping company owners in a county hold an annual meeting at a hotel. There, owners make contact with industry leaders, share cost-saving ideas, and set minimum prices for services in the coming year. Owners who set prices below these minimums are not invited to next year's meeting. Landscaping company owners who attend the meeting have formed a cartel. are engaged in collusion but are not part of a cartel. are acting competitively. b. Most hot dog carts in a city sell hot dogs for $3.00 each. Each stand makes comparable products, but each is independently owned and operated. The marginal cost of selling hot dogs on the street is around $1.00, but owners have maintained the $3.00 price point for several years. The cart owners are not in regular contact. Hot dog vendors in this city O are acting competitively since they cannot change the going price of hot dogs. O are colluding with one another but not as part of a cartel. have formed a cartel. c. Three friends start a bakery in the east side of a city. There is a higher demand for baked goods on the west side of the city, but the bakery's owners refrain from expanding there due the large number of well-established bakeries already there The east side bakery owners are c. Three friends start a bakery in the east side of a city. There is a higher demand for baked goods on the west side of the city, but the bakery's owners refrain from expanding there due the large number of well-established bakeries already there. The east side bakery owners are O colluding with the well-established bakeries on the west side of the city. O acting competitively by avoiding a poor business decision. responding to cartel pressure to stay in their own territory. d. A city has two major nut vending companies. L.M. Nutz operates roasted nut carts on the north side of the city, while Go Go Nuts operates carts on the south side of the city. Both companies operate at high margins and have a robust distribution infrastructure that would allow them to operate city wide, but each company operates exclusively on its end of town. L.M. Nutz and Go Go Nuts O collude with one another to maintain market power in their respective areas are acting competitively, entering the other company's market will likely start an unprofitable price war. have formed a roasted nut cartel.
Answer:
a. Landscaping company owners who attend the meeting have formed a cartel.
b. Hot dog vendors in this city are colluding with one another but not as part of a cartel.
c. The east side bakery owners are acting competitively by avoiding a poor business decision.
d. L.M. Nutz and Go Go Nuts are acting competitively, entering the other company's market will likely start an unprofitable price war.
Explanation:
Competitive Behaviors:
Cartel: A cartel is an organization of many independent suppliers who agree to set minimum prices for their products and services for the purpose of reducing competition.
Collusion occurs when some organizations stick to some informally-established prices for their products and services without actually formalizing their agreements, unlike a cartel.
Competition enable organizations to outperform one another with low prices and other competitive measures.
At December 31, 2021, MedX Corporation had outstanding 200,000 shares of common stock. Also outstanding were 120,000 shares of preferred stock convertible into 64,000 common shares and $1,800,000 of 10% bonds convertible into 27,000 common shares. MedX's net income for the year ended December 31, 2021, is $1,040,000. The income tax rate is 25%. MedX paid dividends of $2 per share on its preferred stock during 2021. Required: Compute basic and diluted earnings per share for the year ended December 31, 2021, considering possible antidilutive effects
Answer: basic earning per share = $4.00
Diluted Earning per share = $4.04 per share
Explanation:
Based on the information given in the question, the basic and diluted earnings per share for the year ended December 31, 2021, considering possible antidilutive effects will be calculated as:
The Basic earnings per share will be calculated as:
M= (Net income - preferred dividend) / Outstanding common stock
= ($1040000 - ($120000 × 2)) / 200000
= ($1,040,000 × $240,000) / 200,000
= $800000 ) 200000
= $4.00 per share
The weighted average outstanding share for the diluted will be:
= 200,000 + 64000 + 27000
= 291,000 shares
Then, the diluted earnings per share will be:
= (1040000 + 1800000 × 10% × 75%)/291000
= $4.04 per share
Optimization is defined as Group of answer choices a trade-off between equity and efficiency. an interchange of giving and receiving in social relationships. a lack of integrity, incomplete disclosure, and an unwillingness to tell the truth. how wealth or income is distributed between employees within a company. the quality of being just, equitable, and impartial.
Answer:
a trade-off between equity and efficiency.
Explanation:
7200 shares of treasury stock of Coronado, Inc., previously acquired at $13 per share, are sold at $19 per share. The entry to record this transaction will include a debit to Treasury Stock for $93600. credit to Paid-In Capital from Treasury Stock for $43200. credit to Treasury Stock for $136800. debit to Paid-In Capital from Treasury Stock for $43200.
Answer:
Credit to Paid-In Capital from Treasury Stock for $43,200
Explanation:
Based on the information given The entry to record this transaction will include a Credit to Paid-In Capital from Treasury Stock for $43,200 calculated using this formula
Credit to paid-in capital treasury stock=[Number of treasury shares sold × (Selling price of treasury stock - Cost of treasury stock) ]
Let plug in the formula
Credit to paid-in capital treasury stock=[7,200*($19 per share-$13 per share)]
Credit to paid-in capital treasury stock=7,200*$6
Credit to paid-in capital treasury stock=$43,200
The Richmond Corporation uses the weighted-average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31 consisted of 18,000 units. The units in the ending work in process inventory were 100% complete with respect to materials and 60% complete with respect to labor and overhead. If the cost per equivalent unit for August was $2.75 for materials and $4.25 for labor and overhead, the total cost assigned to the ending work in process inventory was:
Answer:
$95,400
Explanation:
Step 1 : Find the equivalent units of production in Ending Work in Progress
Materials = 18,000 x 100 % = 18,000 units
Conversion costs = 18,000 x 60 % = 10,800 units
Step 2 : Calculate the Cost of units in Ending Work in Progress
Cost of units in Ending Work in Progress = 18,000 x $2.75 + 10,800 x $4.25
= $95,400
Conclusion :
The ending work in process inventory was $95,400.
Beech Manufacturing makes expanded and is now making two products: Standard and Deluxe. Each Standard model takes 1.5 machine hours and the Deluxe model requires 2 machine hours. The company predicted it would produce 1,100 units of the Standard Model and 770 units of the Deluxe Model during July. The company uses units of input (machine hours) to budget utility costs. The utility rate per machine hour is $0.35. During July, the company produced 1200 units of the Standard model and 850 units of the Deluxe model and used 3400 machine hours. What is the utilities flexible budget for July
Answer:
Beech Manufacturing
The utilities flexible budget for July is:
= $1,225
Explanation:
a) Data and Calculations:
Utility rate per machine hour = $0.35
Standard Deluxe Total
Predicted production 1,100 770 1,870
Expected machine hours 1,650 3,080 4,730
Units produced 1,200 850 2,050
Standard machine hour/unit 1.5 2
Budgeted machine hours
(flexible budget) 1,800 1,700 3,500
Actual machine hours used 3,400
Utilities Static Budget = $1,655.50 (4,730 * $0.35)
Utilities Flexible Budget = $1,225 (3,500 * $0.35)
Utilities Actual Budget = $1,190 (3,400 * $0.35)
what are the proffesional values
Answer:
The values include “service, access equality, respect, confidentiality and privacy, protection of intellectual property rights, literacy, technical literacy, stewardship, and professional and social obligations”
The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $4,360. Aug. 14. Received $3,100 as partial payment on the $7,800 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $4,360 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31 Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $1,260 Greg Gagne 780 Amber Kisko 3,010 Shannon Poole 1,740 Niki Spence 480 Dec. 31 If necessary, record the year-end adjusting entry for uncollectible accounts. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0-30 days $209,000 3% 31-60 days 78,000 9 61-90 days 25,000 25 91-120 days 9,000 45 More than 120 days 13,000 85 Total receivables $334,000
Answer:
See journal entry below
Explanation:
June 8. Bad debt expense Dr. $4,360
To Accounts receivable - Kathy Quantel Cr. $4,360
Aug. 14. Bank Dr. $3,100
Bad debt expense Dr. $4,700
To Accounts receivable - Rosalie Oakes Cr. $7,800.
Oct. 16 Accounts receivable - Kathy Quantel Dr. $4,340
To Bad debts expense Cr $4,340
Cash Dr. $4,340
To Accounts receivable - Kathy Quantel Cr. $4,340
Dec. 31 Bad debt expense. Dr $7,270
To Account receivable - Wade Dolan
Cr $1,260
A/R - Greg Gagne
Cr $780
A/R - Amber Kisko
Cr $3,010
A/R - Shanoon Poole
Cr $1,740
A/R - Niki Spence
Cr $480
Hadley Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $131 Units in beginning inventory 50 Units produced 2,110 Units sold 1,110 Units in ending inventory 1,050 Variable costs per unit: Direct materials $ 45 Direct labor $ 33 Variable manufacturing overhead $ 9 Variable selling and administrative expense $ 7 Fixed costs: Fixed manufacturing overhead $18,990 Fixed selling and administrative expense $22,200 What is the total period cost for the month under variable costing
Answer:
Period costs= $48,960
Explanation:
Giving the following information:
Units sold 1,110
Variable selling and administrative expense $ 7
Fixed manufacturing overhead $18,990
Fixed selling and administrative expense $22,200
Under the variable costing method, the period costs include the fixed manufacturing overhead, selling, and administrative costs both fixed and variable.
Period costs= (7*1,110) + 18,990 + 22,200
Period costs= $48,960
Select the statement that best describes the recommended approach for developing team goals. The highest performing team member develops goals for the team, which the team leader then approves. Individual team members should contribute to and have input over the common team goals. The team leader should determine all goals independently for efficiency, and then share the goals with the team for approval. Long term team goals should be developed by members of the highest level of organizational leadership, while short term goals are usually developed by lower level leaders.
Answer:
Individual team members should contribute to and have input over the common team goals.
Explanation:
A team can be defined as a group of people or set of individuals with various skill set, knowledge and experience coming together to work on a project or task in order to successfully achieve a set goal and objective.
This ultimately implies that, a team comprises of individuals, workers or employees having complementary skills, knowledge and experience needed to execute a project or task successfully. Therefore, workers working as a team usually interact with the other team members and as a result, this enhances performance and strengthen the level of relationship they share.
Hence, the statement that best describes the recommended approach for developing team goals is that individual team members should contribute to and have input over the common team goals, so as to ensure they are all invested in the set goals.
Team goals shouldn't be created at the organizational level but instead it should be at the team level while being approved by the team leader.
In conclusion, team goals shouldn't be developed by any single team member.
2. In 2016; the cost of a market basket of goods was $2,000. In 2018, the cost of the same market basket of goods was
$2,100. Use the price index formula to calculate the price index for 2018 if 2016 is the base year. Show your work. 2
pts
Answer:
105
Explanation:
base year = 2016
cost of market basket of goods in base year = $2,000
CPI for base year = 100
year 2018
cost of market basket of goods in 2018 = $2,100
CPI for 2018 = (cost of basket of goods in 2018 / cost of basket of goods in base year) x 100 = ($2,100 / $2,000) x 100 = 105