Answer:
Vosburgh Electronics Corporation
Classified Balance Sheet
As of December 31, 2021:
Assets
Current Assets:
Cash $67,000
Short-term investments 182,000
Accounts receivable 123,000
Allowance for uncollectible (8,000)
Inventory 215,000
Receivables from employees 40,000
Notes receivable (short-term) 67,000
Interest receivable 12,000
Prepaid expenses (for 2022) 16,000
Total current liabilities $714,000
Long-term Assets:
Land 280,000
Building 1,550,000
Accumulated depreciation (620,000)
Equipment 637,000
Accumulated depreciation (210,000)
Patent (net) 152,000
Franchise (net) 40,000
Notes receivable 183,000
Long-term investments 35,000
Total long-term assets $2,047,000
Total assets $2,761,000
Liabilities + Equity:
Liabilities
Current Liabilities:
Accounts payable $189,000
Dividends payable (payable on 1/16/2022) 10,000
Interest payable 16,000
Income taxes payable 40,000
Deferred revenue 48,000
Total current liabilities $303,000
Long-term liabilities:
Deferred revenue 12,000
Notes payable 300,000
Total Long-term liabilities $312,000
Total Liabilities $615,000
Equity:
Common stock, 1.4 million authorized
670,000 shares issued & outstanding 2,000,000
Retained earnings 146,000
Total Equity $2,146,000
Total liabilities + equity $2,761,000
Explanation:
a) Data and Calculations:
Account Title Debits Credits
Cash $67,000
Short-term investments 182,000
Accounts receivable 123,000
Long-term investments 35,000
Inventory 215,000
Receivables from employees 40,000
Prepaid expenses (for 2022) 16,000
Land 280,000
Building 1,550,000
Equipment 637,000
Patent (net) 152,000
Franchise (net) 40,000
Notes receivable 250,000
Interest receivable 12,000
Accumulated depreciation—building $620,000
Accumulated depreciation—equipment 210,000
Accounts payable 189,000
Dividends payable (payable on 1/16/2022) 10,000
Interest payable 16,000
Income taxes payable 40,000
Deferred revenue 60,000
Notes payable 300,000
Common stock, 1.4 million authorized
670,000 shares issued & outstanding 2,000,000
Retained earnings 146,000
Totals $3,599,000 $3,599,000
Adjustments:
Common stock, 1.4 million shares of no par stock authorized,
670,000 shares issued and outstanding
Receivables from employees are short-term assets
Notes receivable 250,000
Short-term = 67,000
Long-term = 183,000
Deferred Revenue:
Short-term = $48,000 ($60,000 * 80%)
Long-term = $12,000 ($60,000 * 20%)
Suppose that Colombia imports cars from Australia. The free market price is $9,200.00 per car. If the tariff on imports in Colombia is initially 38%, Colombians pay ________ per car.
One of the accomplishments of the Uruguay Round that took place between 1986 and 1993 was significant across-the-board tariff cuts for industrial countries, as well as many developing countries. Suppose that as a result of the Uruguay Round, Colombia reduces its import tariffs to 19%. Assuming the price of cars is still $9,200.00 per car, consumers now pay the price of ________ per car.
Based on the calculations and the scenarios presented, the Uruguay Round most likely _________ in Colombia and ________ in Australia.
Answer:
1) Colombians pay $ 12,696,000 per car.
2) Consumers now pay the price of $10,948,000 per car.
Explanation:
1) Given that Colombia imports cars from Australia, and the free market price is $ 9,200.00 per car, if the tariff on imports in Colombia is initially 38%, Colombians pay $ 12,696,000 per car.
This arises from the following calculation:
9,200.00 x 1.38 = X
12.696.00 = X
2) Since that as a result of the Uruguay Round, Colombia reduces its import tariffs to 19%. Assuming the price of cars is still $ 9,200.00 per car, consumers now pay the price of $10,948,000 per car.
This arises from the following calculation:
9,200,000 x 1.19 = X
10,948,000 = X
Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 2018, the end of the fiscal year, the accountant for Foxy Investigative Services prepared an end-of-period spreadsheet, a part of which follows:
Required:
Foxy Investigative Services
End-of-Period Spreadsheet
For the Year Ended November 30, 2018
~ Adjusted Trial Balance
Account Title ~ Dr. Cr.
~
Cash ~ 27,500
Accounts Receivable ~ 71,800
Supplies ~ 3,550
Prepaid Insurance ~ 750
Building ~ 330,500
Accumulated Depreciation-Building ~ 184,100
Accounts Payable ~ 16,100
Salaries Payable ~ 6,600
Unearned Rent ~ 1,500
Common Stock ~ 40,000
Retained Earnings ~ 70,300
Dividends ~ 30,000
Service Fees ~ 675,500
Rent Revenue ~ 9,000
Salaries Expense ~ 435,000
Rent Expense ~ 55,000
Supplies Expense ~ 11,850
Depreciation Expense-Building ~ 10,000
Utilities Expense ~ 8,800
Repairs Expense ~ 4,250
Insurance Expense ~ 3,000
Miscellaneous Expense ~ 11,100
~ 1,003,100 1,003,100
1.
A. Prepare an income statement for the year ended November 30, 2018. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement. Refer to the Chart of Accounts for exact wording of account titles.
B. Prepare a retained earnings statement for the year ended November 30, 2018. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names.
Answer:
Statement of Retained Earnings:
Operating Balance $70,300
Add: Net Income $145,000
Less: Dividends $30,000
Ending Balance $185,300
Explanation:
Income Statement for Foxy Investigative Services
Service Fees $675,000
Rent Revenue $9,000
Less: Operating expenses:
Salaries Expense $435,000
Rent Expense $55,000
Supplies Expense $11,850
Utilities Expense $8.800
Depreciation Expense $10,000
Repairs Expense $4,250
Insurance Expense $3,000
Miscellaneous Expense $11,100
Net Income : $145,000
Help: will give brainliest
A production manager is looking for new sources of raw material because he
is concerned about the effects of a long-term drought. This manager is
engaging in
A. enterprise risk management
B. scenario analysis
C. diversification planning
O D. offshore outsourcing
The manager is engaged, based on the looking out for new sources of the material needed, in Enterprise Risk management.
What is Enterprise Risk Management ?Enterprise risk management (ERM) is a systematic approach to identifying, assessing, and controlling risks that an organization faces in achieving its objectives. It involves the processes and systems used by organizations to assess and manage the uncertainty inherent in their operations and activities.
The goal of ERM is to help organizations make informed decisions that balance the trade-off between risk and reward and promote long-term success. This is what the manager is doing by trying to get ahead of the drought.
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Martinez Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $594,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $901,000. The following data pertain to the construction period:
2017 2018 2019
Costs to date $255,420 $433,620 $604,000
Estimated costs to 338,580 160,380 0
Progress billings to ate 271,000 547,000 901,000
Cash collected to date 241,000 497,000 901,000
Required:
a. Using the method, compute the estimated gross profit that would be recognized during each year of construction period.
b. Using the completed - contract method, compute the estimated gross profit that be recognized during each year of the period.
Answer:
Estimated gross profit 767,840 627,760 297,000
Explanation:
Compi for the estimated gross profit that would be recognized during each year of construction period.
2017 2018 2019
Price $901,000 $901,000 $901,000
Costs to date $255,420 $433,620 $604,000
Estimated costs to 338,580 160,380 0
Estimated Total cost 133,160 273,240 604,000
Estimated gross profit 767,840 627,760 297,000
Therefore the estimated gross profit that would be recognized during each year of construction period will be :
2017 2018 2019
767,840 627,760 297,000
Suppose the current price of a good is $130. At this price, the quantity supplied is 125 units, and the quantity demanded is 165 units. For every $1 increase in price, the quantity supplied increases by 2 units and the quantity demanded decreases by 2 units.At the current price, the quantity demanded isgreater than the quantity supplied. This means that the market is currently experiencing ashortage . In order to adjust, the market price willincrease until the quantity demanded and quantity supplied are equal. The result is an equilibrium quantity of ________ and an equilibrium price of ________
Answer:
Equilibrium quantity: 145
Equilibrium price: $140
Explanation:
In order to find the answer, first we determine the current difference between quantity supplied and quantity demanded.
Quantity supplied - quantity demanded = difference
125 - 165 = -40
So we have a shortage of -40 units.
We have the information that a $1 increase in price increases supply by 2, and decreases demand by 2. Thus, in order to close the shortage, we need a $10 price increase, because this will raise supply by 20 units, and lower demand by 20 units as well, bringing the 40 gap to 0.
For this reason, the equilibrium quantity is 145 units, and the equilibrium price is $140.
In the United States, the federal government enforces antitrust laws and regulations to try to maintain effective levels of competition
True
False
Answer:
True
Explanation:
Trust me ;)
Magic Realm, Inc., has developed a new fantasy board game. The company sold 16,400 games last year at a selling price of $62 per game. Fixed expenses associated with the game total $246,000 per year, and variable expenses are $42 per game. Production of the game is entrusted to a printing contractor. Variable expenses consist mostly of payments to this contractor.
1A. Prepare a contribution format income statement for the game last year1B. Compute the degree of operating levarge2. Management is confident that the company can sell 33,306 games next year (an increase of 6,006 games, or 22%, over last year).A. Compute the expected percentage increase in net operating income for next yearB. Compute the expected total dollar net operating income for next year (Do not prepare an income statement, use the degree of leverage to compute your answer)
Answer:
1A. Prepare a contribution format income statement for the game last year
Revenue $1,016,800
Variable costs -$688,800
Contribution margin $328,000
Fixed costs -$246,000
Net income $82,000
1B. Compute the degree of operating leverage
DOL = contribution margin / (contribution margin - fixed costs) = ($20 x 16,400) / [($20 x 16,400) - $246,000] = $328,000 / $82,000 = 4
2. Management is confident that the company can sell 22,406 games next year (an increase of 6,006 games, or 22%, over last year).A. Compute the expected percentage increase in net operating income for next year
DOL = % change in income / % change in total sales
4 = % change in income / 22%
% change in income = 4 x 22% = 88%
B. Compute the expected total dollar net operating income for next year (Do not prepare an income statement, use the degree of leverage to compute your answer)
expected dollar amount of net income = $82,000 x 1.88 = $154,160
Although New York State is second only to Washington State in production of​ apples, its production has been declining during the past 20 years. The decline has been particularly steep in counties close to New York City. In​ 1985, there were more than​ 11,000 acres of apple orchards in Ulster​ County, which is 75 miles north of New York City.​ Today, only about​ 6,000 acres remain. As it became difficult for apple growers in the county to compete with​ lower-cost producers​ elsewhere, the resources these entrepreneurs were using to produce applesparticularly landbecame more valuable in other uses. Many farmers sold their land to housing developers. Suppose a revolutionary new diet is developed that involves eating 10 apples per​ day, and the new diet becomes wildly popular. ​Source: Lisa W.​ Foderaro, "Plenty of​ Apples, but a Possible Shortage of Immigrant​ Pickers," New York Times​, August​ 21, 2007. Because of the popularity of the​ diet, the number of apple orchards within 100 miles of New York City will likely increase decrease .
What effect is the new diet likely to have on the number of apple orchards within 100 miles of New York City? What effect is the diet likely to have on housing prices in New York City?
Answer:
1. Increase in number of orchards
2. Increase in housing prices
Explanation:
1. What effect is the new diet likely to have on the number of apple orchards within 100 miles of New York City?
There is going to be increased demand for apples due to this new diet and this increase in demand is going to bring about a hike in the price for apples. This price increase would make business to be viable for these apple farmers. More people would want to own orchards just to make money out of the boom in apples. Because apple farming now seems to be more profitable than other activities. So this would cause the number of apple orchards that are within 100 miles of new york city to increase.
2. What effect is the diet likely to have on housing prices in New York City?
There would be an increase in housing prices in New york city as farmers would rather be planting apples on these lands instead of sellng them to developers for building houses. There would be a decrease in the supply of housing in New york.As the field of OSCM has advanced, new concepts have been applied to help companies compete in a number of ways, including the advertisement of the firm's products or services. One recent concept to gain the attention of companies is promoting sustainability. Discuss how you have seen the idea of sustainability used by companies to advertise their goods or services.
Explanation:
Sustainability can be implemented in different ways in an organization, it can be a set of procedures and policies, through environmental management, environmental management systems, etc.
In the case of products and services, it is very common for the end consumer to realize that a company adopts sustainability through environmental certifications, which is generally represented in the form of a seal on the product packaging.
Environmental certifications are a way for the company to demonstrate its sustainability values to its stakeholders, which strengthens the brand, creates value and reliability in the organization's products and services.
1. B. Journalize the transactions for May, starting on Page 20 of the journal.*
2. Add the appropriate posting reference to the journal.
6. A. Journalize the adjusting entries. Record the adjusting entries on Page 22 of the journal.*
6. B. Add the appropriate posting reference to the journal.
* Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTSPalisade Creek Co.General Ledger
ASSETS
110 Cash
112 Accounts Receivable
115 Merchandise Inventory
116 Estimated Returns Inventory
117 Prepaid Insurance
118 Store Supplies
123 Store Equipment
124 Accumulated Depreciation-Store Equipment
LIABILITIES
210 Accounts Payable
211 Customers Refunds Payable
212 Salaries Payable
EQUITY
310 Lynn Tolley, Capital
311 Lynn Tolley, Drawing
REVENUE
410 Sales
EXPENSES
510 Cost of Merchandise Sold
520 Sales Salaries Expense
521 Advertising Expense
522 Depreciation Expense
523 Store Supplies Expense
529 Miscellaneous Selling Expense
530 Office Salaries Expense
531 Rent Expense
532 Insurance Expense
539 Miscellaneous Administrative Expense
Answer:
Rent Expense (Dr.) $5,000
Cash (Cr.) $5,000
Inventory (Dr.) $35,380
Accounts Payable Martin Co. (Cr.) $35,380
Accounts Receivable Korman Co. (Dr.) $62,000
Sales (Cr.) $62,000
Cost of Goods Sold (Dr.) $48,500
Inventory (Cr.) $48,500
Explanation:
Advertising Expense (Dr.) $21,800
Cash (Cr.) $ 21,800
Cash (Dr.) $62,000
Accounts Receivable Korman Co. (Cr.) $62,000
Customer Refund Payable (Dr.) $31,500
Cash (Cr.) $31,500
Sales Salaries Expense (Dr.) $12,000
Office Salaries Expense (Dr.) $ 38,000
Cash (Cr.) $50,000
Store Supplies Expense (Dr.) $2,200
Cash (Cr.) $2,200
The balance sheet at December 31, 2018, for Nevada Harvester Corporation includes the liabilities listed below: 10% bonds with a face amount of $54 million were issued for $54 million on October 31, 2009. The bonds mature on October 31, 2029. Bondholders have the option of calling (demanding payment on) the bonds on October 31, 2019, at a redemption price of $54 million. Market conditions are such that the call is not expected to be exercised. Management intended to refinance $11.2 million of its 10% notes that mature in May 2019. In early March, prior to the actual issuance of the 2018 financial statements, Nevada Harvester negotiated a line of credit with a commercial bank for up to $4.8 million any time during 2019. Any borrowings will mature two years from the date of borrowing.
Noncallable 10% bonds with a face amount of $28.0 million were issued for $28.0 million on September 30, 1996. The bonds mature on September 30, 2019. Sufficient cash is expected to be available to retire the bonds at maturity. A $19 million 7% bank loan is payable on October 31, 2024. The bank has the right to demand payment after any fiscal year-end in which Nevada Harvester’s ratio of current assets to current liabilities falls below a contractual minimum of 1.7 to 1 and remains so for six months. That ratio was 1.45 on December 31, 2018, due primarily to an intentional temporary decline in inventory levels. Normal inventory levels will be reestablished during the first quarter of 2019.
Required:
a. For each liability listed above, what amount will be reported as a current liability on the December 31, 2018 balance sheet?
b. Prepare the liability section of a classified balance sheet for Nevada Harvester at December 31, 2018. Accounts payable and accruals are $18 million.
Answer:
1a. The balance sheet at December 31, 2018, for Nevada Harvester Corporation includes the liabilities listed below: 10% bonds with a face amount of $54 million were issued for $54 million on October 31, 2009. The bonds mature on October 31, 2029. Bondholders have the option of calling (demanding payment on) the bonds on October 31, 2019, at a redemption price of $54 million. Market conditions are such that the call is not expected to be exercised.
Answer: The entire amount of $54 million should be included in current liabilities as it is callable by the bondholders at any point of time. The current liability that should be reported is $54 million
1b. Management intended to refinance $11.2 million of its 10% notes that mature in May 2019. In early March, prior to the actual issuance of the 2018 financial statements, Nevada Harvester negotiated a line of credit with a commercial bank for up to $4.8 million any time during 2019. Any borrowings will mature two years from the date of borrowing.
Answer: $6.4 million should be reported as a current liability as the company is unable to refinance this amount. The current liability that should be reported is $6.4 million.
1c. Noncallable 10% bonds with a face amount of $28.0 million were issued for $28.0 million on September 30, 1996. The bonds mature on September 30, 2019. Sufficient cash is expected to be available to retire the bonds at maturity.
Answer: $28 million should be reported as a current liability as it is payable in the current period. The current liability that should be reported is $28 million.
1d. A $19 million 7% bank loan is payable on October 31, 2024. The bank has the right to demand payment after any fiscal year-end in which Nevada Harvester's ratio of current assets to current liabilities falls below a contractual minimum of 1.7 to 1 and remains so for six months. That ratio was 1.45 on December 31, 2018, due primarily to an intentional temporary decline in inventory levels. Normal inventory levels will be reestablished during the first quarter of 2019.
Answer: No amount should be reported as a current liability as it is payable in the current period. The current liability that should be reported is 0.
2. Particulars Amount Amount
Current Liabilities:
Account payable $18,000,000
10% Notes payable $6,400,000
10% Bonds due on 31st Oct $54,000,000
10% Bonds due on 30th Sep $28,000,000
Total Current Liabilities $106,400,000
Non Current Liabilities:
10% Notes payable May 2019 $4,800,000
7% Bank Loan $19,000,000
Total Non Current Liabilities $23,800,000
Total Liabilities $130,200,000
Bambino Sporting Goods makes baseball gloves that are very popular in the spring and early summer season. Units sold are anticipated as follows: Monthly Unit Sales 4,000 8,000 13,000 11,000 March April May June Total units 36,000 sold If seasonal production is used, it is assumed that inventory will directly match sales for each month and there will be no inventory buildup The production manager thinks the preceding assumption is too optimistic and decides to go with level production to avoid being out of merchandise. He will produce the 36,000 units over four months at a level of 9,000 per month.
a. What is the ending inventory at the end of each month?
b. If the inventory costs $12 per unit and will be financed at the bank at a cost of 6 percent, what is the monthly financing cost and the total for the four months?
Answer:
Bambino Sporting Goods
a. March April May June
Ending Inventory 5,000 6,000 2,000 0
b. Monthly financing cost = $540
Total for the four months = $2,160
Explanation:
a) Data and Calculations:
March April May June
Beginning Inventory 0 5,000 6,000 2,000
Production 9,000 9,000 9,000 9,000
Monthly sales 4,000 8,000 13,000 11,000
Ending Inventory 5,000 6,000 2,000 0
Cost of inventory = $12 per unit
Monthly financing cost = $540 ($108,000 * 6% * 1/12)
Total financing cost for the four months = $2,160 ($540 * 4)
Johnson Electronics is considering extending trade credit to some customers previously considered poor risks. Sales would increase by $125,000 if credit were extended to these new customers. Of the new accounts receivable generated, 8% will prove to be uncollectible. Additional collection costs will be 3% of sales, and production and selling costs will be 80% of sales. The firm is in the 30 percent tax bracket.
A. Compute the incremental income after taxes.
B. What will Johnson’s incremental return on sales be if these new credit customers are accepted?
C. If the accounts receivable turnover ratio is 6 to 1, and no other asset buildup is needed to serve the new customers, what will Johnson’s incremental return on new average investment be?
Answer:
net increase in sales = $125,000 x (1 - 8% - 3%) = $111,250
net increase in costs = $125,000 x 80% = $100,000
average investment in assets = $125,000 / 6 = $20,833
A. Compute the incremental income after taxes.
incremental income = $111,250 - $100,000 = $11,250B. What will Johnson’s incremental return on sales be if these new credit customers are accepted?
return on sales = $11,250 / $125,000 = 9%C. If the accounts receivable turnover ratio is 6 to 1, and no other asset buildup is needed to serve the new customers, what will Johnson’s incremental return on new average investment be?
= $11,250 / $20,833 = 54%You work in the customer care division at Flannery Electronics. Mr. Gallegos, a longtime customer, is experiencing a problem with his home theater system and has submitted a letter requesting that Flannery Electronics either fix or replace his system at no cost. Unfortunately, Mr. Gallegos’s customer service and factory warranties expired three months ago. You must write to Mr. Gallegos and inform him that Flannery will be unable to honor his request.
1. Should the tone for this message be formal or informal?
A. Formal
B. Informal
2. Which communication channel would be most appropriate?
A. Phone call
B. Letter
C. Instant message
D. Face-to-face meeting
3. Mr. Gallegos will most likely have a_____response to the message you send him.
4. Who might be the secondary audience for your message to Mr. Gallegos?
5. Assume you just wrote the following e-mail message to a subordinate about a presentation.
Hey Jim,
Nice work on that presentation. I’m going to send a copy to the CEO to show off your creativity. Congratulations to you and your team.
Speaking of teams, I’m sending a recommendation to Human Resources. Your leadership during the presentation really shows, and you deserve a promotion for all that hard work. A team is only as good as its leader, after all.
Before sending the message, it occurs to you that your e-mail will probably be forwarded to other subordinates.
What will you need to change to make the message appropriate for both a subordinate and other subordinates?
A. Start with the promotion discussion and use a more formal tone.
B. Focus on congratulating the team using each individual’s name and use a more formal tone. C. Send news about the promotion recommendation in a separate e-mail.
D. Make the message even more friendly and informal but focus only on congratulating the team.
Answer:
1. The tone of the message should be;
A. Formal
2. The communication channel that would be most appropriate is;
B. Letter
3. Mr. Gallegos will most likely have a negative response to the message you send to him.
4. The secondary audience for your message to Mr. Gallegos will be his
friends and family who might also be customers.your boss5. To make the message appropriate for both a subordinate and other subordinates, I will,
B. Focus on congratulating the team using each individual’s name and use a more formal tone.
C. Send news about the promotion recommendation in a separate e-mail.
Explanation:
1. Given the fact that the transaction between Mr. Gallegos and Flannery Electronics was an official one, a formal tone would be the best means of communication.
2. A formal letter will communicate the response of Flannery Electronics more appropriately.
3. Considering the fact that Mr. Gallegos is aggrieved, he will most likely have a negative response to the message.
4. Since the incident happened in his home, Mr. Gallegos will most likely convey details of the response to his family and friends. Your boss might also want to take a look at the letter to be sure that it aligns with the standards and best practices of the business.
5. To make the message more appropriate, I will send news about the promotion recommendation in a separate e-mail and then focus on congratulating the team in this particular message.
What is the focus of fiscal policy?
A. Judicial appointments
B. Foreign diplomacy
C. Taxation and spending
D. Environmental regulation
Answer:c
Explanation:
The focus of fiscal policy is primarily on taxation and government spending. Hence option C is correct .
What is the focus of fiscal policy?Fiscal policy refers to the actions taken by a government to influence its economy, particularly in terms of managing the levels of inflation, unemployment, and economic growth.
One of the key tools of fiscal policy is taxation, which refers to the government's ability to collect money from individuals and businesses based on their income or consumption. The government can use taxation to either increase or decrease the amount of money in circulation in the economy, thus affecting economic activity and growth.
Government spending is another important aspect of fiscal policy. The government can use its spending power to invest in various sectors of the economy, such as education, infrastructure, or healthcare. This can have a significant impact on economic growth and job creation.
In general, the focus of fiscal policy is to create a stable and sustainable economic environment that promotes growth and prosperity for all citizens. While other issues such as judicial appointments or foreign diplomacy may be important,
Thus option C is correct .
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Listed below are several terms and phrases associated with operational assets. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it.List A List B_____ 1. Depreciation_____ 2. Goodwill_____ 3. Amortization_____ 4. Natural resources_____ 5. Intangible assets_____ 6. Copyright_____ 7. Trademarka. Exclusive right to display a word, a symbol, or anemblem.b. Exclusive right to benefit from a creative work.c. Assets that represent contractual rights.d. Oil and gas deposits, timber tracts, and mineraldeposits.e. Purchase price less fair value of net identifiableassets.f. The allocation of cost for plant and equipment.g. The allocation of cost for intangible assets.
Answer:
List A Most appropriately associated
1. Depreciation The allocation of cost for plant and equipment.
2. Goodwill Purchase price less fair value of net identifiable assets.
3. Amortization The allocation of cost for intangible assets.
4. N. resources Oil and gas deposits, timber tracts, and mineral deposits
5. Intang. assets Assets that represent contractual rights
6. Copyright Exclusive right to benefit from a creative work
7. Trademark Exclusive right to display a word, a symbol, or an emblem
Three primary ledgers used in double-entry bookkeeping?
Answer:
General ledger
The chart of accounts
Journals
Explanation:
The general ledger contains all the transactions carried out and registered by the company.
The chart of accounts is lists and codes all the accounts that are used by the by the company, e.g. cash might be account 101.
The journal entries are the individual entries recorded in the general ledger or any other specific ledger.
It takes about 5 minutes for a customer to fill out the paperwork. Entry of information on the paperwork into the system and verification with past records takes another 7 minutes for a receptionist. There are 2 receptionists. assistants on shift at any moment Table 1 summarizes the process data collected above. . It takes 17 minutes on average for the dental assistant to take an X-ray. There are 4 dental . There are 9 dentists working at the clinic. Each check-up takes 25 minutes on average. Assume further that the dentist gets $125 per hour while receptionist and dental assistant get paid $35 per hour Instruction Round "cost of direct labor to 2 decimal places.
Required:
a. What is the labor content?
b. What is the cost of direct labor?
Answer and Explanation:
The computation is shown below:
a. The labor content is
= 7 minutes + 17 minutes + 25 minutes
= 49 minutes per patient
b. The cost of direct labor is
= (9 × $125 + $35 × 6) ÷ (25 patients per hour)
= $1,335 ÷ 25 patients
= $53.40 per patient
By this way it would be calculated
A company is targeting its marketing by running an advertising campaign showing a Hmong family celebrating its traditions during the 4th of July holiday. The ad campaign features the company products being used by the children. What area of consumer decision influence is the marketing campaign using?
a. American culture, an ethnic subculture, and family
b. psychological aspects of belief and attitude
c. social class and word-of-mouth influence
Answer:
American culture, an ethnic subculture, and family
Explanation:
Scott, the COO for Barcelona Restaurant states: "You can’t train people to be enthusiastic, nice, fun, great people. You have to hire that." This description is best aligned with what personality trait concept?
Conscientiousness
Sensing
Agreeableness
Openness
Answer: Agreeableness
Explanation:
The description is best aligned with the personality trait concept of agreeableness.
Agreeableness as a personality trait is simply used to refer to the level of cooperativeness, enthusiasm, kindness, friendliness, etc that is shown by a person.
Someone who possess a high level of agreeableness is said to show all the characters explained above.
Kraus Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheet. The Rolling Department received 72,700 tons from the Casting Department in October. During October, the Rolling Department completed 75,100 tons, including 8,200 tons of work in process on October 1. The ending work in process inventory on October 31 was 5,800 tons. How many tons were started and completed during October?
Answer:
66,900 tons
Explanation:
Calculation for How many tons were started and completed during October
Using this formula
Tons started and completed during October
= Units completed - Beginning work in process units completed
Let plug in the formula
Tons started and completed during October= 75,100 tons - 8,200 tons
Tons started and completed during October= 66,900 tons
Therefore the numbers of tons that were started and completed during October will be 66,900 tons
Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows:
Inventories March 1 March 31
Materials $178,750 $151,940
Work in process 119,760 101,800
Finished goods 91,160 103,320
Direct labor $321,750
Materials purchased during March 343,200
Factory overhead incurred during March:
Indirect labor 34,320
Machinery depreciation 20,740
Heat, light, and power 7,150
Supplies 5,720
Property taxes 5,010
Miscellaneous costs 9,300
Required:
a. Prepare a cost of goods manufactured statement for
b. Determine the cost of goods sold for March.
Answer and Explanation:
a. The preparation of the cost of goods manufactured statement is as follows:
Opening work in process $119,760
Direct Material
Opening inventory $178,750
Add: Material Purchased $343,200
Cost of Materials Available $521,950
Less: Ending Inventory -$151,940
Cost of Direct Materials Used $370,010
Direct Labor $321,750
Factory Overhead:
Indirect Labor $34,320
Machinery Depreciation $20,740
Heat, Light and Power $7,150
Supplies $5,720
Property Taxes $5,010
Miscellaneous Costs $9,300
Total Factory Overhead $82,240
Total Manufacturing Costs Incurred $774,000
Total Manufacturing Costs $893,760
Less: Ending Work in Process $101,800
Cost of Goods Manufactured $791,960
b. Now the cost of goods sold is
Cost of Goods Sold= Cost of Goods Manufactured + Beginning Finished Goods - Ending Finished Goods
= $791,960 + $91,160 - $103,320
= $779,800
Store Travel Time Each Way Price of a Dress
(Minutes) (Dollars per dress)
Local Department Store 15 104
Across Town 30 87
Neighboring City 60 80
Juanita makes $36 an hour at work. She has to take time off work to purchase her dress, so each hour away from work costs her $36 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling.
Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location.
Store Opportunity Cost of Time Price of a Dress Total Cost
(Dollars) (Dollars per dress) (Dollars)
Local Department Store 104
Across Town 87
Neighboring City 80
Assume that Juanita takes opportunity costs and the price of the dress into consideration when she shops. Juanita will minimize the cost of the dress if she buys it from the:____________ .
Answer:
A.
1.Local department store
Opportunity cost of time=$36
Total cost=$140
2. Across town
Opportunity cost = $54
Total cost=$141
3. Neighboring city
Opportunity cost=$90
Total cost=$170
B. Local department store
Explanation:
A. Computation of the opportunity cost of Juanita's time and the total cost of shopping at each location
First step is to computer the Opportunity cost of time and Total cost
1. LOCAL DEPARTMENT STORE
Opportunity cost of time =(15+15+30)*36/60 Opportunity cost of time=$36
Total cost = $104+$36
Total cost=$140
2. ACROSS TOWN
Opportunity cost = (30+30+30)*36/60 Opportunity cost = $54
Total cost =$87+$54
Total cost=$141
3. NEIGHBORING CITY
Opportunity cost =(60+60+30)*36/60
Opportunity cost=$90
Total cost =$80+$90
Total cost=$170
Now let complete the table
Store Opportunity Cost of Time Price of a Dress Total Cost
1. Local department store $36 +104=$140
2. Across town $54+$87=$141
3. Neighboring city $90+$80=$170
B. Based on the above calculation Juanita will minimize the cost of the dress if she buys it from the LOCAL DEPARTMENT STORE reason been that it takes lesser time as well as lesser opportunity cost compare to Across town and Neighboring city.
5.17. When a known future cash outflow in a foreign currency is hedged by a company using aforward contract, there is no foreign exchange risk. When it is hedged using futures contracts, the daily settlement process does leave the company exposed to some risk. Explain the nature of this risk. In particular, consider whether the company is better off using a futures contract or a forward contract when:a)The value of the foreign currency falls rapidly during the life of the contract.b)The value of the foreign currency rises rapidly during the life of the contract.c)The value of the foreign currency first rises and then falls back to its initial value.d)The value of the foreign currency first falls and then rises back to its initial value. Assume that the forward price equals the futures price
For each of the following items, identify which of the management accounting guidelines applies: cost-benefit approach, behavioral and technical considerations, or different costs for different purposes.
a. Changing an employee bonus plan to include additional paid time off in response to a changing employee demographic.
b. Deciding whether to sell products directly to customers in a new overseas market or to hire a distributor.
c. Introducing a participatory budgeting that involves lower-level managers.
Answer:
Identifying the management accounting guideline that is applicable to each item:
a. Changing an employee bonus plan to include additional paid time off in response to a changing employee demographic.
Different costs for different purposes
b. Deciding whether to sell products directly to customers in a new overseas market or to hire a distributor.
Cost-benefit approach
c. Introducing a participatory budgeting that involves lower-level managers.
Behavioral and technical considerations
Explanation:
Management Accounting Guidelines:
a. Cost-benefit approach: This approach specifies that managers must compare the expected benefits and expected costs of an action before reaching a decision.
b. Behavioral and technical considerations: This approach involves using the desired information to make wise economic decisions that will ginger workers to contribute their efforts towards attaining organizational goals.
c. Different costs for different purposes: There are different reporting purposes. The cost that is reported externally may not be useful for internal decisions. This means that the cost may have to be reported in another format to make the information useful to management.
LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, the following information was supplied by its accountant:Direct materials inventory ..... $62,400Work-in-process inventory ..... 33,900Finished goods inventory ..... 55,600During June, direct labor cost was $143,000, direct materials purchases were $346,000, and the total overhead cost was $375,800. The inventories at the end of June were:Direct materials inventory ..... $63,000Work-in-process inventory ..... 37,500Finished goods inventory ..... 50,800Required:1. Prepare a cost of goods manufactured statement for June.2. Prepare a cost of goods sold schedule for June.
Answer and Explanation:
1. The preparation of the cost of goods manufactured statement as follows:
Statement of Cost of Goods Manufactured
Direct Material:
Beginning Raw material Inventory $62,400
Add: Cost of raw material purchased $346,000
Material available $408,400
Less: Ending Raw material inventory -$63,000
Direct Materials used in Production $345,400
Direct Labor Cost $143,000
Total overhead cost $375,800
Total Manufacturing cost added $864,200
Add: Opening Work in Progress $33,900
Less: Closing Work in Progress -$37,500
Cost of Goods manufactured $860,600
2. The preparation of a Cost of Goods Sold is presented below:
Statement of Cost of Goods Sold
Opening Finished goods inventory $55,600
Add: Cost of Goods manufactured $860,600
Total goods available for Sale $916,200
Less: Closing finished goods inventory -$50,800
Cost of Goods Sold $865,400
Risk is defined as:_____.
a. the tendency of people to evaluate the hazardousness of a situation or decision based on biases.
b. the estimated likelihood that a decision or action will have a negative consequence.
c. the degree to which probabilities cannot be assessed.
d. a product, process, or condition that potentially threatens people and their reproduction.
Answer:
The estimated likelihood that a decision or action will have a negative consequence
Explanation:
Risk is simply defined as a state of being Uncertain or not having the assurance as partains to loss. It is used in situations where probabilities of possible outcomes are known. Its estimate is not easy to go by.
Being Uncertain as partains to risk is having doubt about our ability to predict future outcomes. It usually is different across individuals even if risk is the same. Certain character may alter the Information and can limit it and it may be a good thing.
Based on the following data, determine the cost of merchandise sold for November:
Increase in estimated returns inventory $7,900
Merchandise inventory, November 1 13,200
Merchandise inventory, November 30 25,300
Purchases 263,400
Purchases returns and allowances 9,000
Purchases discounts 5,300
Freight in 3,700
Answer:
See below
Explanation:
The computation of the cost of merchandise sold for November is
= Opening inventory + net purchases - ending inventory
Where
Opening inventory = $13,200
Net purchases = $263,400 - $9,000 - $5,300 + $3,700 = $252,800
Ending inventory = $25,300
Merchandise sold = $13,200 + $252,800 - $25,300 = $240,700
Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,000 shares of GE common stock that Adams had purchased in February for $37,000 as an investment. GE’s shares had a market value of $35 per share on the declaration date. Prepare the journal entries to record the property dividend on the declaration and payment dates.
Answer:
General Journal Debit Credit
1. Loss on investment $2,000
[$37,000 - (1000 * $35)]
Investment in GE stock $1,600
2. Retained earnings $35,000
(1000 * $35)
Property dividends payable $35,000
3. Property dividends payable $35,000
Investment in GE stock $35,000
Typical of price ceilings, the ancient Indian political philosopher known as Kautilya advocated controls to protect against merchant greed, fixing a profit of 5% over the fixed price of local commodities, including textiles. If severe weather were to render the textile market more uncertain (e.g., if transportation routes were damaged), what would reasonably happen
Answer:
Fewer merchants would be willing to supply textiles.
Explanation:
Price ceilings are the maximum price that is set for commodities in a particular market by the government. It is aimed at protecting buyers from excessive price exploitation by sellers.
In the given scenario the price of commodities was set at 5% above fixed price of local communities. This means sellers can make a maximum of 5% on any sale.
However severe weather rendered the textile market more uncertain.
The result will be that sellers will be less willing to provide commodities as they are not able to push the added cost to the buyer.