Answers
Answer:
1: B
2: A
3: D
4:C
5: C
6: C
7: D
8: Q
Explanation:
I'm leaning this rn
Related Questions
what is a work bench
Answers
Answer:
A workbench is a sturdy table at which manual work is done. They range from simple flat surfaces to very complex designs that may be considered tools in themselves. ... Almost all workbenches are rectangular in shape, often using the surface, corners and edges as flat/square and dimension standards.
The BX11160 company has provided its contribution format income statement for a given month. Sales (8,000 units) $ 440,000 Variable expenses 280,000 Contribution margin 160,000 Fixed expenses 103,500 Net operating income $ 56,500 If the BX11160 company sells 7,900 units next month, how much would its net operating income expected to be next month? (Do not round intermediate calculations.)
Answers
Answer:
Net operating income= $48,500
Explanation:
First, we need to calculate the unitary contribution margin:
Unitary contribution margin= 160,000 / 8,000
unitary contribution margin= $20
Now, the net income for 7,600 units:
Contribution margin= 7,600*20= 152,000
Fixed expenses= (103,500)
Net operating income= $48,500
A for-profit institution that works with the general public to open and manage
savings accounts is known as a(n).
A. commercial bank
B. savings bank
C. credit union
D. investment bank
Answers
Answer:
B. savings bank
Explanation:
Savings bank is defined as a bank which helps customers or people to invest or deposit in interest giving accounts that will give a long term investment.
Savings bank were started in Europe in the 19th century. Saving banks gives interest on the deposit amount that is why its is a for-profit institution for general public. The interest saving banks give by investing in government and corporate debt.
Hence, the correct answer is "B. savings bank".
Freight Terms
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.
Merchandise Freight Paid Freight Terms Returns and Allowances
(Invoice Amount) by Seller (Invoice Amount)
a. $5,100 $200 FOB destination,
1/10, n/30 $1,700
b. 3,250 400 FOB shipping point,
2/10, n/30 1,000
Answers
Answer:
A. $3,566
B. $2,605
Explanation:
Calculation to Determine the amount to be paid in full settlement of each of two invoices, (a) and (b)
A. Amount paid in full=(5,100-1,700)*(100%-1%)+200
Amount paid in full=(5,100-1,700)*99%+200
Amount paid in full=3,400*99%+200
Amount paid in full=$3,566
B. Amount paid in full=(3,250-1,000)*(100%-2%) +400
Amount paid in full=(3,250-1,000)*98% +400
Amount paid in full=2,250*98%+400
Amount paid in full=$2,605
Therefore the amount to be paid in full settlement of each of two invoices, (a) and (b) will be :
A. $3,566
B. $2,605
Whirly Corporation’s contribution format income statement for the most recent month is shown below: Total Per Unit Sales (7,600 units) $ 250,800 $ 33.00 Variable expenses 144,400 19.00 Contribution margin 106,400 $ 14.00 Fixed expenses 54,800 Net operating income $ 51,600 Required: (Consider each case independently): 1. What would be the revised net operating income per month if the sales volume increases by 70 units? 2. What would be the revised net operating income per month if the sales volume decreases by 70 units? 3. What would be the revised net operating income per month if the sales volume is 6,600 units?
Answers
Answer:
1. What would be the revised net operating income per month if the sales volume increases by 70 units?
Sales total (7,670*$33) $253,110
Less: Variable expenses (7,670*$19) $145,730
Contribution margin $107,380
Less: Fixed expenses $54,800
Net operating income $52,580
2. What would be the revised net operating income per month if the sales volume decreases by 70 units?
Sales total (7530*$33) $248,490
Less: Variable expenses (7530*$19) $143,070
Contribution margin $105,420
Less: Fixed expenses $54,800
Net operating income $50,620
3. What would be the revised net operating income per month if the sales volume is 6,600 units?
Sales total (6,600*$33) $217,800
Less: Variable expenses (6,600*$19) $125,400
Contribution margin $92,400
Less: Fixed expenses $54,800
Net operating income $37,600
A sales clerk at Schackne Company correctly prepared a sales invoice for $5,200, but the invoice was entered as $2,500 in the sales journal and similarly posted to the general ledger and accounts receivable ledger. The customer remitted only $2,500, the amount on his or her monthly statement. The most effective procedure for preventing this type of error is to:
Answers
Answer: Use predetermined totals to control posting routines
Explanation:
Based on the information given in the question, the most effective procedure for preventing this type of error is to use the predetermined total to control the posting routines.
The sales clerk should generate the control total do that the transactions can be posted. This will then be compared with the items posted to individual accounts.
arrange the scrambled letter
utsbetiust
icevers
pecitionmto
imcltea
ntertsan
Answers
Answer:
below
Explanation:
substitute
service
competition
climate
entrants
what the role of marketing
Answers
Answer:
The Marketing Department plays a vital role in promoting the business and mission of an organization. It serves as the face of your company, coordinating and producing all materials representing the business.
Explanation:
hope this helps and I want brainless
Slepoy Company opened a new flower store and completed the following transactions during September:1. Shareholders invested $80,000 cash in exchange for common stock.2. Purchased a delivery truck for $14,000 by making a $2,000 down payment, and signed a note payable for the balance.3.Purchased $3,400 of flowers on account. Paid $3,200 of the balance during the month. 4. Paid $1,200 for rent and wages.5. Paid $2,400 for advertisements to be placed in the local newspaper for the month of October.How much will Flowers Co. report on its balance sheet as Total Assets on September 30
Answers
Answer:
$200
Explanation:
Flowers Co. report on its balance sheet Total Assets of $200 on September 30.
n many countries, one of the roles of the central bank is to provide loans to distressed financial institutions. What is the term for this? lender of last resort source of ultimate credit provider of fiduciary insurance liquidity resource bailout bank Another potential role of central banks is to foster confidence in the banking system by making sure that people can retrieve their money even if a bank goes bankrupt. What is the term for this? deposit guarantee banking promise deposit insurance financially distressed institution clause
Answers
Answer:
In many countries, one of the roles of the central bank is to provide loans to distressed financial institutions. What is the term for this?
The term is called:
lender of last resort.
Another potential role of central banks is to foster confidence in the banking system by making sure that people can retrieve their money even if a bank goes bankrupt. What is the term for this?
The term is called:
deposit insurance.
Explanation:
Central banks play important roles in the economy. They conduct the economy's monetary policy, regulate other banks, and provide various other financial services, including economic research. They stabilize the nation's currency by ensuring that unemployment is kept low and also prevent economic fluctuations.
A company begins a review of ordering policies for its continuous review system by checking the current policies for a sample of SKUs. Following are the characteristics of one item:
Demand (D) = 72 units/week (Assume 48 weeks per year)
Ordering and setup cost (S) = $55 /order
Holding cost (H) = $18 /unit/year
Lead time (L) = 3 week(s)
Standard deviation of weekly demand = 18 units
Cycle-service level = 90 percent
EOQ = 145 units
Under the same information as above, develop the best policies for a periodic review system.
1. The value of P that gives the same approximate number of orders per year as the EOQ is weeks (Hint: please round your answer to the nearest positive integer number).
2. The target inventory level that provides an 88 percent cycle-service level is units (Hint: please round your answer to the nearest positive integer number).
Answers
Answer:
Explanation:
Given that:
weekly demand = 72 units
no of weeks in 1 year = 48
Then; total demand = 72 × 48 = 3456 units
No of orders = [tex]\dfrac{\text{total demand }}{EOQ}[/tex]
= [tex]\dfrac{\text{3456}}{145}[/tex]
∴
The periodic review (P) = [tex]\dfrac{1}{no \ of \ orders}[/tex]
= [tex]\dfrac{1}{\dfrac{3456}{145}}[/tex]
[tex]= \dfrac{145}{3456}[/tex]
= 0.041956 year
≅ 2 weeks
Z score based on 88 percent service level = NORMSINV(0.88) = 1.18
Here;
Lead time = 3 wks
P = 2 weeks
Thus protection interval = ( 3+2) weeks
= 5 weeks
Safety stock = z-score × std dev. of demand at (P+L) days
std dev = [tex]\sqrt{5 } \times 18[/tex] = 2.236 × 18
std dev = 40.248 units
Safety stock = 1.18 × 40.248
safety stock = 47.49 units
Safety stock ≅ 48 units
Average demand during(P + L) = 5 × 72 units
= 360 units
Target inventory level = average demand + safety stock
= 360 units + 48 units
= 408 units
John is 63 years old, owns his house, and is a little bit anxious about whether
he has enough money for retirement. He is considering borrowing $20,000
against his home to invest in a series of aggressive growth sock mutual funds.
The track record for these funds over the last three years has been an average
growth rate of 21.2%. The interest rate on the loan would only be 7.5%. Should
john do this to help with his retirement?
Answers
Answer:
yes
Explanation:
John makes more money per year with the growth stock mutal funds
It will be an wise decision to borrow $20,000 against his home to invest in a series of aggressive growth sock mutual funds.
What is a wise investment decision?This involve making decision that seems abnormal but are quite effective in the long-run.
Hence, it is a wise decision for John for his retirement if he $20,000 against his home to invest in a series of aggressive growth sock mutual funds because the high rate of the mutual fund will offset the loan interest rate.
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Which of the following is an example of frictional unemployment? A former mayor doing volunteer work A former mayor doing volunteer work A factory worker who loses her job because of recession A factory worker who loses her job because of recession A college student working part-time at the campus bookstore A college student working part-time at the campus bookstore A college graduate interviewing for two available positions A college graduate interviewing for two available positions An architect whose job is replaced by computer software that designs buildings
Answers
Answer:
A college graduate interviewing for two available positions
Explanation:
Frictional unemployment . the period of time a person is unemployed from the period he leaves his current job and the time he gets another job. Eg. when a real estate agent who leaves a job in Texas and searches for a similar, higher-paying job in California.
An architect whose job is replaced by computer software that designs buildings is an example of structural unemployment. Structural unemployment i is an unemployment that occurs as a result of changes in the economy. These changes can be as a result of changes in technology, polices or competition . Structural unemployment tends to be permanent.
A factory worker who loses her job because of recession is an example of cyclical recession. Cyclical unemployment occurs as a result of fluctuations in the economy.
Bridges and Lloyd, an accounting firm, provides consulting and tax planning services. For many years, the firm's total administrative cost (currently $250,000) has been allocated to services on the basis of billable hours to clients. A recent analysis found that 65% of the firm's billable hours to clients resulted from tax planning services, while 35% resulted from consulting services. The firm, contemplating a change to activity-based costing, has identified three components of administrative cost, as follows:
Staff Support $ 180,000
In-house computing charges 50,000
Miscellaneous office costs 20,000
Total $ 250,000
A recent analysis of staff support found a strong correlation between the number of staff personnel and the number of clients served (consulting, 20; tax planning, 60). In contrast, in-house computing and miscellaneous office cost varied directly with the number of computer hours logged and number of client transactions, respectively. Consulting consumed 30% of the firm's computer hours and had 20% of the total client transactions.
If Bridges and Lloyd switched from its current accounting method to an activity-based costing system, the amount of administrative cost chargeable to consulting services would:________.
a. decrease by $23,500.
b. change, but the amount cannot be determined based on the information presented.
c. increase by $23,500.
d. decrease by $32,500.
e. change by an amount other than those listed.
Answers
Answer:
Bridges and Lloyd
If Bridges and Lloyd switched from its current accounting method to an activity-based costing system, the amount of administrative cost chargeable to consulting services would:________.
d. decrease by $32,500.
Explanation:
a) Data and Calculations:
Total administrative cost = $250,000
Services Tax Planning Consulting Total
Traditional cost pool basis:
Billable hours to clients 65% 35% 100%
Administrative costs $162,500 $87,500 $250,000
Activity cost pool bases:
Client base 80% 20% 100%
Computer hours 70% 30% 100%
Total client transactions 80% 20% 100%
ABC Allocation:
Services Tax Planning Consulting
Staff Support $ 180,000 $144,000 $36,000
In-house computing charges 50,000 35,000 15,000
Miscellaneous office costs 20,000 16,000 4,000
Total $ 250,000 $195,000 $55,000
Tax Planning Consulting Total
Traditional $162,500 $87,500 $250,000
ABC system $195,000 $55,000 $250,000
Difference $32,500 -$32,500 $0
As of December 31, 2021, Purdue Corporation reported the following: Cash dividends payable $ 29,000 Treasury stock 690,000 Paid-in capital—share repurchase 29,000 Common stock and other paid-in capital accounts 4,900,000 Retained earnings 3,900,000 During 2022, half of the treasury stock was resold for $258,000; net income was $690,000; cash dividends declared were $590,000; and small stock dividends declared and distributed were $418,000. What would shareholders' equity be as of December 31, 2022?
Answers
Answer:
$8,542,000
Explanation:
Stockholder's equity is computed as seen below;
Common stock and paid in capital
$4,900,000
Retained earnings
$3,900,000
Treasury stock
($258,000)
Total stockholder's equity
$8,542,000
Therefore the shareholder equity basis as of Dec 31 2022 is $8,542,000
Concord Corporation has issued 110,000 shares of $4 par value common stock. It had authorized 492,000 shares. The paid-in capital in excess of par value on the common stock is $259,000. The corporation has reacquired 6,400 shares at a cost of $52,000 and is currently holding those shares. It also had accumulated other comprehensive income of $68,000. The corporation also has 1,600 shares issued and outstanding of 10%, $103 par value preferred stock. It authorized 9,200 shares. The paid-in capital In excess of par value on the preferred stock is $29,900. Retained earnings is $369,000.
Prepare the stockholders' equity section of the balance sheet.
Answers
Answer and Explanation:
The preparation of the stockholder equity section of the balance sheet is presented below:
Preferred stock (1,600 shares × $103) $164,800
Common stock (110,000 shares × $4) $440,000
Paid in capital in excess of par- preferred stock $29,900
Paid in capital in excess of par- common stock $259,000
Retained earnings $369,000
Accumulated other comprehensive income $68,000
Less: treasury stock -$52,000
Stockholder equity $1,278,700
The relationship between the type of diversification and overall firm performance Multiple Choice takes on the shape of an inverted U so related diversification has the best performance. is negative, meaning that more diversification always leads to lower firm performance. there is no relationship between the type of diversification and overall firm performance. takes on the shape of a U where modest diversification has the worst performance. is positive, meaning that more diversification always leads to higher firm performance.
Answers
Answer:
takes on the shape of an inverted U so related diversification has the best performance.
Explanation:
A portfolio variance is used to determine the overall risk or dispersion of returns of a portfolio and it is the square of the standard deviation associated with the particular portfolio.
The portfolio variance is given by the equation;
[tex]Variance = w^{2}_{1} d^{2}_{1} + w^{2}_{2} d^{2}_{2}+2w_{1}w_{2}C_{OV_{1, 2}}[/tex]
Where;
[tex]w_{n}[/tex] = the weight of the nth security.
[tex]d^{2}_{n}[/tex] = the variance of the nth security.
[tex]C_{OV_{1, 2}}[/tex] = the covariance of the two security.
The relationship between the type of diversification and overall firm performance takes on the shape of an inverted U, so related diversification has the best performance.
On January 1, Smith Industries leased equipment to a customer for a four-year period, at which time possession of the leased asset will revert back to Smith. The equipment cost Smith $425,000 and has an expected useful life of six years. Its normal sales price is $425,000. The residual value after four years is $100,000. Lease payments are due on December 31 of each year, beginning with the first payment at the end of the first year. The interest rate is 8%. Calculate the amount of the annual lease payments. (Round your answer to the nearest whole dollar.)
Answers
Answer:
The amount of the annual lease payments is $98,124.
Explanation:
This can be calculated using the formula for calculating loan amortization as follows:
P = (A * (r * (1 + r)^n)) / (((1+r)^n) - 1) .................................... (1)
Where,
P = Annual lease payments = ?
A = Amount to be recovered through periodic lease payments = Equipment cost - Residual value = $425,000 - $100,000 = $325,000
r = interest rate = 8%, or 0.08
n = Number of years of lease term = 4
Substituting all the figures into equation (1), we have:
P = ($325,000 * (0.08 * (1 + 0.08)^4)) / (((1+0.08)^4) - 1)
P = $98,124.2614475627
Rounding to the nearest whole dollar as required, we have:
P = $98,124
Therefore, the amount of the annual lease payments is $98,124.
If the technology, the nature of competition, or the regulatory environment changes in an industry, then: Question 2 options: organizations are created by random events, just like markets. the appropriate organizational architecture will change too. a good organizational architecture is always able to cope with changes. organizational architecture is able to restore the former market environment.
Answers
Answer:
the appropriate organizational architecture will change too.
Explanation:
Technology can be defined as a branch of knowledge which typically involves the process of applying, creating and managing practical or scientific knowledge to solve problems and improve human life. Technologies are applied to many fields in the world such as medicine, information technology, cybersecurity, engineering, environmental etc.
If the technology, the nature of competition, or the regulatory environment changes in an industry, then the appropriate organizational architecture will change too. This is so because the organizational architecture is required to be flexible and adaptive to most external and internal factors that affects the organization.
Hence, an organizational architecture that isn't adaptive to changes wouldn't be able to compete with other rival organizations in the same industry and as such would be running at a loss and subsequently, go bankrupt.
A non-current asset was depreciated at the end of the first year of ownership using the straight-line method based on the following information. Cost $20 000 Working life 4 years Residual value $4000 It was then found that the reducing balance method at 30% per annum should have been used. What was the effect on the profit for the year of correcting this error?
A Decrease by $2000
B Increase by $2000
C Decrease by $6000
D Increase by $6000
Answers
Answer:
Correcting the error, the residual value of the product would increase by $802.
Explanation:
Since a non-current asset was depreciated at the end of the first year of ownership using the straight-line method based on the following information: Cost $ 20,000 Working life 4 years Residual value $ 4000; and it was then found that the reducing balance method at 30% per annum should have been used, to determine what was the effect on the profit for the year of correcting this error the following calculation should be performed:
100 - 30 = 70
Year 0: 20,000
Year 1: 20,000 x 0.7 = 14,000
Year 2: 14,000 x 0.7 = 9,800
Year 3: 9,800 x 0.7 = 6,860
Year 4: 6,860 x 0.7 = 4,802
Thus, correcting this error, the residual value of the product would increase by $ 802.
A company deposits all cash receipts on the day they are received and makes all cash payments by check. The company's June bank statement shows $24,861 on deposit in the bank. The comparison of the bank statement to its cash account revealed the following: Deposit in transit 2,750 Outstanding checks 1,188 Additionally, a $35 check written and recorded by the company was incorrectly recorded by the bank as a $53 deduction. The adjusted cash balance per the bank records should be:
Answers
Answer: $26441
Explanation:
Balance As per bank statement = $24861
Add: deposit in transit = $2750
Less: Outstanding checks = $1188
Add: Recording error = ($53 - $35) = $18
Adjusted cash balance = $26441
The following accounts and balances are taken from Anstett Company's adjusted trial balance:
Accounts Payable $10,000
Accounts Receivable 3,000
Accumulated Depreciation 1,800
Depreciation Expense 1,800
Dividends 2,000
Insurance Expense 2,300
Interest Revenue 1,340
Prepaid Insurance 2,320
Retained Earnings 10,100
Salary Expense 25,100
Service Revenue 37,800
What is the ending balance in Retained Earnings after the closing entries are completed?
A $15,720
B $20,040
C $18,240
D $18,040
Answers
Answer:
D. $18,040
Explanation:
Given the above information,
Total revenue = Interest revenue + Service revenue
= $1,340 + $37,800
= $39,140
Total expenses = Depreciation expense + Insurance expense + Salary expense
= $1,800 + $2,300 + $25,100
= $29,200
Net income = Total revenue - Total expenses
= $39,140 - $29,200
= $9,940
Therefore,
Ending retained earning balance = Beginning retained earnings + Net income - Dividends
= $10,100 + $9,940 - $2,000
= $18,040
Air United, Inc. manufactures two products: missile range instruments and space pressure gauges. During April, 50 range instruments and 300 pressure gauges were produced. Overhead costs of $94,500 were estimated and allocated to the following activities: Activities Cost Drivers Total Cost
Materials handling Number of requisitions $40,000
Machine setups Number of setups 21,500
Quality inspection Number of inspections 33,000
$94,500 The cost driver volume for each product was as follows. Cost Drivers Instruments Gauges Total
Number of requisitions 400 600 1,000
Number of setups 200 300 500
Number of inspections 200 400 600 Instructions
(a) Determine the overhead rates for each activity Expected Use Estimatedof Cost Driver/Activity-Based
Activity Cost Pools Overhead Activity OH Rates
Materials Handling/ requisition
Machine Setups/setup
Quality inspections/ inspection
(b) Assign the manufacturing overhead costs for April to the two products using activity-based costing, and calculate a per unit OH cost.
Answers
Answer:
Results are below.
Explanation:
First, we need to calculate the activity rates using the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Materials handling= 40,000 / 1,000= $40 per requisition
Machine setups= 21,500 /500= $43 per setup
Quality inspection= 33,000 / 600= $55 per inspections
Now, we can allocate overhead to each product:
Missile range instruments:
Materials handling= 40*400= $16,000
Machine setups= 43*200= $8,600
Quality inspection= 55*200= $11,000
Total allocated overhead= $35,600
Space pressure gauges:
Materials handling= 40*600= $24,000
Machine setups= 43*300= $12,900
Quality inspection= 55*400= $22,000
Total allocated overhead= $58,900
Finally, the unitary overhead cost:
Missile range instruments:
Unitary allocated overhead= 35,600/50= $712
Space pressure gauges:
Unitary allocated overhead= 58,900/300= $196.33
The Bloomfield Corporation sells three items of inventory: rulers, mechanical pencils, and notebooks. The company begins operations on April 1, 2017 by purchasing 100 rulers at $6 each; 70 mechanical pencils at $8 each; and 120 notebooks at $7 each. Using the information above, calculate the book value (i.e., balance sheet value) of the three categories of inventory that Bloomfield would report as of April 1, 2017. Rulers: Pencils: Notebooks: Total: Now assume that Bloomfield incurs the following additional expenditures to acquire the inventory on April 1, 2017: The 100 rulers have a flat shipping fee of $15. The mechanical pencils are imported; each unit is subject to an import duty of $0.50. The notebooks ship with a flat fee of $12 plus $0.10 per unit. Re-calculate the book value of the three inventory categories as of April 1, 2017, taking into account the additional expenditures noted above.
Answers
Answer:
Value of inventories
1. Rulers = 100*$6 = $600
2. Pencils = 70*$8 = $560
3. Notebooks = 120*$7 = $840
Total $2,000
Value of inventories after additional information
1. Rulers = [(100*$6) + $15] = $615
2. Pencils = (70*$8) + (70*$0.50) = $595
3. Notebooks= (120*$7) + $12 + (120*$0.10) $864
Total $2,074
The value carried by the inventories would be as follows:
1. Rulers [tex]= 100[/tex] × $[tex]6[/tex] [tex]=[/tex] $[tex]600[/tex]
2. Pencils [tex]= 70[/tex] × $[tex]8[/tex] [tex]=[/tex] $[tex]560[/tex]
3. Notebooks [tex]= 120[/tex] × $[tex]7[/tex] [tex]=[/tex] $[tex]840[/tex]
Total $[tex]2,000[/tex]
What is a Balance Sheet?A Balance sheet is described as the sum up of the equity, assets, as well as liabilities held by an organization at the end of a year.
The valuation or the cost of inventories post the addition would be as follows:
1. Rulers [tex]= 100[/tex] × $[tex]6[/tex] + $[tex]15[/tex] [tex]=[/tex] $[tex]615[/tex]
2. Pencils [tex]= 70[/tex] × $[tex]8[/tex] [tex]+ (70[/tex] × [tex]0.50)[/tex] [tex]=[/tex] $[tex]595[/tex]
3. Notebooks [tex]= 120[/tex] × $[tex]7[/tex] + [tex]$12 + (120[/tex] × [tex]$0.10)[/tex] [tex]=[/tex] $[tex]864[/tex]
Total $[tex]2074[/tex]
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Port Ormond Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpet backing is added at the beginning of the process and the process is completed. On January 1, Port Ormond Carpet Company had the following inventories:
Finished Goods $62,000
Work in Process-Spinning Department 35,000
Work in Process-Tufting Department 28,500
Materials 17,000
Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows:
Jan.1 Materials purchased on account, $500,000
2 Materials requisitioned for use:
Fiber-Spinning Department, $275,000
Carpet backing-Tufting Department, $110,000
Indirect materials-Spinning Department, $46,000
Indirect materials-Tufting Department, $39,500
31 Labor used:
Direct labor-Spinning Department, $185,000
Direct labor-Tufting Department, $98,000
Indirect labor-Spinning Department, $18,500
Indirect labor-Tufting Department, $9,000
31 Depreciation charged on fixed assets:
Spinning Department, $12,500
Tufting Department, $8,500
31 Expired prepaid factory insurance:
Spinning Department, $2,000
Tufting Department, $1,000
31 Applied factory overhead:
Spinning Department, $80,000
Tufting Department, $55,000
31 Production costs transferred from Spinning Department to Tufting Department, $547,000
31 Production costs transferred from Tufting Department to Finished Goods, $807,200
31 Cost of goods sold during the period, $795,200
Required:
1. Journalize the entries to record the operations, using the dates provided with the summary of manufacturing operations. Refer to the Chart of Accounts for exact wording of account titles.
2. Compute the January 31 balances of the inventory accounts.*
3. Compute the January 31 balances of the factory overhead accounts.
Answers
Answer:
Port Ormond Carpet Company
1. Journal Entries:
Jan. 31 Debit Materials $500,000
Credit Accounts payable $500,000
To record the purchase of materials on account.
Jan. 31 Debit Work-in-Process - Spinning $275,000
Credit Materials $275,000
To record the materials requisitioned.
Jan. 31 Debit Work-in-Process -Tufting $110,000
Credit Materials $110,000
To record carpet backing
Jan. 2 Debit Factory Overhead - Spinning $46,000
Debit Factory Overhead - Tufting $39,500
Credit Materials $85,500
To record indirect materials used.
Jan. 31 Debit Work-in-Process - Spinning $185,000
Debit Work-in-Process - Tufting $98,000
Credit Factory Payroll $283,000
To record direct labor costs.
Jan 31: Debit Overhead - Spinning $18,500
Debit Overhead - Tufting $9,000
Credit Factory Payroll $27,500
To record indirect labor costs.
Jan. 31: Debit Factory Overhead - Spinning $12,500
Debit Factory Overhead - Tufting $8,500
Credit Factory Depreciation Expense $21,000
To record depreciation costs.
Jan. 31:
Debit Factory Overhead - Spinning $2,000
Debit Factory Overhead - Tufting $1,000
Credit Factory Insurance $3,000
To record insurance costs.
Jan. 31 Debit Work-in-Process - Spinning $80,000
Credit Factory Overhead - Spinning $80,000
To record overhead costs applied.
Jan. 31 Debit Work-in-Process - Tufting $55,000
Credit Factory Overhead $55,000
To record overhead costs applied.
Jan. 31 Debit Work-in-Process - Tufting $547,000
Credit Work-in-Process - Spinning $547,000
To record the transfer to Tufting department.
Jan. 31 Debit Finished Goods Inventory $807,200
Credit Work-in-Process- Tufting $807,200
To record the transfer to Finished Goods.
Jan. 31 Debit Cost of Goods Sold $795,200
Credit Finished Goods $795,200
To record the cost of goods sold.
2. January 31 balances of the inventory accounts:
Finished Goods = $74,000
Work-in-Process - Spinning = $28,000
Work-in-Process - Tufting = $31,300
Materials = $46,500
3. Factory Overhead Accounts Balances:
Spinning $1,000 (Debit)
Tufting $3,000 (Credit)
Explanation:
a) Data and Calculations:
January 1 Inventories:
Finished Goods = $62,000
Work in Process- Spinning = $35,000
Work in Process - Tufting = $28,500
Materials = $17,000
Finished Goods
Account Titles Debit Credit
Jan. 1 Beginning balance $62,000
Jan. 2 Work-in-Process-Tufting 807,200
Jan. 31 Cost of Goods Sold $795,200
Jan. 31 Ending balance 74,000
Work-in-Process - Spinning
Account Titles Debit Credit
Beginning balance $35,000
Jan. 2 Materials 275,000
Jan. 31 Direct labor 185,000
Applied overhead 80,000
Work-in-Process -Tufting $547,000
Jan. 31 Ending balance 28,000
Work-in-Process - Tufting
Account Titles Debit Credit
Jan. 1 Beginning balance $28,500
Jan. 2 Carpet backing 110,000
Jan. 31 Direct labor 98,000
Jan. 31 Applied overhead 55,000
Jan. 31 WIP- Spinning 547,000
Jan. 31 Finished Goods $807,200
Jan. 31 Ending balance 31,300
Cost of Goods Sold
Account Titles Debit Credit
Jan. 31 Finished Goods $795,200
Materials
Account Titles Debit Credit
Jan. 1 Beginning balance $17,000
Jan. 2 Accounts payable 500,000
Jan. 31 Work-in-Process - Spinning $275,000
Jan. 31 Work-in-Process - Spinning 46,000
Jan. 31 Factory Overhead - Tufting 39,500
Jan. 31 Factory Overhead - Tufting 110,000
Jan. 31 Ending balance 46,500
Factory Overhead - Spinning
Account Titles Debit Credit
Jan. 31 Materials - Spinning 46,000
Jan. 31 Payroll - Spinning 18,500
Jan. 31 Depreciation - Spinning 12,500
Jan. 31 Factory insurance-Spinning 2,000
Jan. 31 Work in Process 80,000
Jan. 31 Balance 1,000
Factory Overhead - Tufting
Account Titles Debit Credit
Jan. 31 Materials - Tufting 39,500
Jan. 31 Payroll - Tufting 9,000
Jan. 31 Depreciation - Tufting 8,500
Jan. 31 Factory insurance- Tufting 1,000
Jan. 31 Work in Process 55,000
Jan. 31 Balance 3,000
Sheridan Incorporated factored $133,800 of accounts receivable with Skysong Factors Inc. on a without-recourse basis. Skysong assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Sheridan Incorporated and Skysong Factors to record the factoring of the accounts receivable to Skysong. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Answers
Answer:
Sheridan Incorporated journal entry
Dr Cash 123,096
Dr Loss on sale receivables 2,676
Dr Due from factor 8,028
Cr Account receivable $133,800
Skysong Factors journal entry
Dr Account receivable 133,800
Cr Due to customer 8,028
Cr Interest revenue 2,676
Cr Cash 123,096
Explanation:
Preparation of the journal entry for Sheridan Incorporated and Skysong Factors to record the factoring of the accounts receivable to Skysong
Sheridan Incorporated journal entry
Dr Cash 123,096
(133,800-2,676-8,028)
Dr Loss on sale receivables 2,676
(2%*$133,800)
Dr Due from factor 8,028
(6%*$133,800)
Cr Account receivable $133,800
Skysong Factors journal entry
Dr Account receivable 133,800
Cr Due to customer 8,028
(6%*$133,800)
Cr Interest revenue 2,676
(2%*$133,800)
Cr Cash 123,096
(133,800-2,676-8,028)
when you go back to the house, do u wear shoes in your house
Answers
Answer:
No, i live in an asian household-
Explanation:
An error in the ending inventory balance in Year 1 will also affect: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)
1. Year 1 cost of goods soldunanswered
2. Year 2 cost of goods soldunanswered
3. Year 2 ending inventoryunanswered
4. Year 2 beginning inventory
Answers
Answer:
1. Year 1 cost of goods sold
2. Year 2 cost of goods sold
4. Year 2 beginning inventory
Explanation:
If year 1's ending inventory is wrong, the beginning inventory of year 2 will also be wrong (they are the same).
Cost of goods sold = cost of goods available for sale - ending inventory, so COGS for year 1 will be affected since ending inventory is wrong
Cost of goods available for sale = beginning inventory + purchases - ending inventory. Since beginning inventory year 2 is wrong, the cost of goods available for sale will also be wrong, as well as COGS
We have a graduated tax system, and the tax brackets are listed in Appendix A. If you are not familiar with the Fair Tax and Flat Tax ideas, do a little research. Share what you think would be best for our country.
Answers
Explanation:
i think the graduated tax system is fairest ,it imposes a higher rate on the rich than the poor and all this is done based on the tax payer if this is done it will help the poor to pay for needs such as shelter food and other personal needs it allows the poor to spend most of they money
What term is used for the extent to which an individual within an organization displays different behaviors in different situations?
Answers
Answer: distinctiveness
Explanation:
The options to the question include:
A. Continuity
B. Integrity
C. stability
D. flexibility
E. distinctiveness
The term that is used for the extent to which an individual within an organization displays different behaviors in different situations is refered to as distinctiveness.
Distinctiveness is the quality that one possesses which makes one standout and different from others. It allows the individual to be easily recognized due to the different behaviors displayed.