Answer:
1. $513,000
2. $913,200
3. $926,400
4. $154,420
5.11340 Units
Explanation:
1. Calculation for Lone Oak’s manufacturing overhead for the year.
Manufacturing overhead
Indirect labor 109,000
Building depreciation (80000*75%) 60,000
Other factory cost 344,000
Manufacturing overhead $513,000
2. Calculation for Lone Oak’s cost of goods manufactured.
First step is to calculate the Direct material used
Direct material used = 15,800+175000-18200
Direct material used= 172,600
Second step is to calculate the Total manufacturing cost
Total manufacturing cost = 172,600+254,000+513,000
Total manufacturing cost= 939,600
Now let calculate the Cost of goods manufactured
Cost of goods manufactured = 35,700+939,600-62100
Cost of goods manufactured = $913,200
3. Compution for the company’s cost of goods sold.
Cost of goods sold = 111100+913,200-97900
Cost of goods sold = $926,400
4. Calculation to Determine net income for 20x1, assuming a 30% income tax rate.
Net income :
Sales 1495000
Cost of goods sold -926,400
Gross profit 568,609
Selling and administrative expense (133000+20000+195000) 348000
Profit 220,600
Tax 30% 66,180
Net income $154,420
(220,600-66,180)
(25%*80,000=20,000)
5. Calculation to Determine the number of completed units manufactured during theyear.
No of unit completed = 1190+(1,495,000/$130 per unit)-1350
No of unit completed =1190+11500-1350
No of unit completed = 11340 Units
1. The calculation of Lone Oak's manufacturing overhead for the year is $513,000.
2. The calculation of Lone Oak's cost of goods manufactured is $913,200.
3. The computation of Lone Oak's cost of goods sold is $926,400.
4. The net income for 20x1 with a 30% income tax rate is $247,520.
5. The number of completed units manufactured during the year is 11,340 units.
Data and Calculations:Raw material purchases = $175,000
Direct labor = $254,000
Indirect labor = $109,000
Selling and administrative salaries = $133,000
Building depreciation =$80,000
Factory Depreciation = $60,000 ($80,000 x 75%)
Selling and administration Depreciation = $20,000 ($80,000 x 25%)
Other selling and administrative expenses = $195,000
Other factory costs = $344,000
Sales revenue ($130 per unit) = $1,495,000
Inventory data:January 1 December 31
Raw material $15,800 $18,200
Work in process $35,700 $62,100
Finished goods $111,100 $97,900
Units of finished goods 1,350 1,190
Manufacturing Overhead:Indirect labor = $109,000
Factory depreciation = $60,000 ($80,000 x 75%)
Other factory costs = $344,000
The total manufacturing overhead = $513,000.
Raw material:Account titles Debit Credit
Beginning balance $15,800
Purchase of raw materials 175,000
Work in process $172,600
Ending balance $18,200
Work in processAccount titles Debit Credit
Beginning balance $35,700
Raw materials 172,600
Direct labor 254,000
Manuf. overhead 513,000
Finished goods $913,200
Ending balance $62,100
Finished goodsAccount titles Debit Credit
Beginning balance $111,100
Work in process 913,200
Cost of goods sold $926,400
Ending balance $97,900
Lone Oak's Income StatementSales Revenue $1,495,000
Cost of goods sold 926,400
Gross profit $568,600
Expenses:
Selling and distribution $195,000
Depreciation 20,000
Total expenses $215,000
Income before tax $353,600
Tax (30%) 106,080
Net income $247,520
Units of finished goods:Ending balance 1,190
Units sold 11,500 ($1,495,000/$130)
Total available for sale 12,890
Beginning balance 1,350
Units sold = 11,340
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The 2008 balance sheet of Maria's Tennis Shop, Inc., showed $2.9 million in long-term debt, $770,000 in the common stock account, and $6 million in the additional paid-in surplus account. The 2009 balance sheet showed $3.5 million, $985,000, and $8.25 million in the same three accounts, respectively. The 2009 income statement showed an interest expense of $230,000. The company paid out $550,000 in cash dividends during 2009. If the firm's net capital spending for 2009 was $780,000, and the firm reduced its net working capital investment by $165,000, the firm's 2009 operating cash flow, or OCF is:_________.
a. $-2,770,000
b. $-1,670,000
c. $-2,285,000
d. $-4,000,000
e. $2,615,000
Answer:
OCF = -$1,670,000
Explanation:
To calculate this, the following are first calculated:
Cash flow to creditors = Interest expense - (Long-term debt in 2009 - Long-term debt in 2008) = $230,000 – (3,500,000 – 2,900,000) = -$370,000
Cash flow to stockholders = Dividends paid – ((Common stock in 2009 + Additional paid-in surplus in 2009) - (Common stock in 2008 + Additional paid-in surplus in 2008)) = $550,000 – (($985,000 + $8,250,000) – ($770,000 + $6,000,000)) = -$1,915,000
Cash flow from assets = Cash flow to creditors + Cash flow to stockholders = -$370,000 - $1,915,000 = $2,285,000
The the firm's 2009 operating cash flow, or OCF can now be calculated as follows:
Cash flow from assets = OCF - Net working capital investment - Net capital spending
-$2,285,000 = OCF - (-$165,000) - $780,000
-$2,285,000 = OCF + $165,000 - $780,000
OCF = -$2,285,000 - $165,000 + $780,000 = -$1,670,000
A company is developing its weekly production plan. The company produces two products, A and B, which are processed in two departments. Setting up each batch of A requires $60 of labor while setting up a batch of B costs $80. Each unit of A generates a profit of $17 while a unit of B earns a profit of $21. The company can sell all the units it produces. The data for the problem are summarized below.
Hours required by
Operation A B Hours
Cutting 3 4 48
Welding 2 1 36
The decision variables are defined as:
xi = the amount of product i produced
yi = 1 if xi > 0 and 0 if xi = 0
A spreadsheet implementation of the problem is shown below.
Q1. What is the objective function for this problem?
a. Maximize: 17x1 + 21x2 - 60y1 - 80y2
b. Minimize: 60y1 + 80y2
c. Minimize: 17x1 + 21x2 - 60y1 - 80y2
d. d. Maximize: 17x1 + 21x2
Q2. What is the appropriate formula to use in cell E8 of the Excel implementation of the ILP model for this problem?
a. =SUMPRODUCT(B8:C8,B14:C14) - SUMPRODUCT(B5:C5,B7:C7)
b. =SUMPRODUCT(B5:C5,B7:C7) - SUMPRODUCT(B8:C8,B14:C14)
c. =SUMPRODUCT(B5:C5,B7:C7) - SUMPRODUCT(B8:C8,B15:C15)
d. =SUMPRODUCT(B5:C5,B7:C7) - B8:C8
Q3. Which of the following algebraic constraints creates the link between setting up to produce A's and making some A's for this problem?
a. x1 - 18 y1 > 0
b. x1 - y1 = 0
c. = if(x1 > 0, y1 = 1, y1 = 0)
d. x1 < 16y1
Answer:
The responses to this question can be defined as follows:
Explanation:
In question 1, the objective function to solve the given problem is: [tex]\text{Maximize:} 17x_1 + 21x_2 - 60y_1 - 80y_2[/tex]
In question 2, "[tex]=\text{SUMPRODUCT}(B5:C5,B7:C7) - \text{SUMPRODUCT}(B8:C8,B14:C14)[/tex] "
is the appropriate choice for the formula, which is using in cell E8, and it is also used in the ILP model.
In question 3, the choice "[tex]x_1 < 16y_1[/tex]" is used in the algebraic constraint for creating the link between setting up to produce A's and making some A's.
Select all the correct answers.
Which three statements are true as they relate to supply and demand?
As supply rises, prices generally decrease.
As demand decreases, costs generally increase.
As supply decreases, prices increase.
The average rate of change describes how much a quantity changes as price increases.
As demand rises, the price of the product decreases.
Reset
Answer:
As demand rises, the price of the product decreases
As demand decreases, costs generally increase
The average rate of change describes how much a quantity changes as price increases.
Explanation:
According to the supply law, the price and the supply have a positive relationship with each other i.e. if the price is increased so the supply is also increased and vice versa
On the other hand, according to the law of demand the price and the demand has the negative relationship with each other i.e. if the price rises so the quantity demanded would decrease and vice versa
In addition to this, in the case when prices are rises so there is a change in the quantity via average change rate
Should all managers must always aim for the top position?why or why not
Answer:
The aim for most managers is to meet the requirements of their boss, and skilled managers know they can't do that without the help of the employees they oversee. Managers who fail to involve subordinates in achieving business goals can miss a mark of achievement for themselves and their company
Explanation:
The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively:
Cash $90,000 Accounts payable $210,000
Other assets 820,000 Ferris, loan 40,000
Hardwick, loan 30,000 Hardwick, capital 300,000
Saunders, capital 200,000
Ferris, capital 190,000
Total assets $940,000Total liabilities and capital $940,000
The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $200,000.
Prepare a proposed schedule of liquidation at this point in time.
Answer:
Hardwick, Saunders, and Ferris Partnership
Proposed Schedule of Liquidation:
Total Cash Realized = $772,000
Accounts payable (210,000)
Available cash = $562,000
Ferris, loan 40,000
Hardwick, loan 30,000 (70,000)
After loans $492,000
Repayment of capital:
Hardwick, capital = $220,800
Saunders, capital = $140,600
Ferris, capital = $130,600
Explanation:
Profits and losses sharing ratios:
Hardwick = 4
Saunders = 3
Ferris = 3
Condensed Balance Sheet:
Cash $90,000 Accounts payable $210,000
Other assets 820,000 Ferris, loan 40,000
Hardwick, loan 30,000
Hardwick, capital 300,000
Saunders, capital 200,000
Ferris, capital 190,000
Total assets $940,000 Total liabilities and capital $940,000
Realization of Assets:
Cash $90,000
Other assets 482,000 (60% of $820,000)
Other assets 200,000 (40% of $820,000)
Total cash realized = $772,000
Total capital = $690,000
Total cash available to settle capital = $492,000
Shortfall in capital = $198,000
This is shared according to their loss sharing ratio:
Hardwick = $198,000 * 40% = $79,200
Saunders = $198,000 * 30% = $59,400
Ferris = $198,000 * 30% = $59,400
The shortfall is deducted from their capital accounts:
Hardwick, capital $220,800 (300,000 - 79,200)
Saunders, capital $140,600 (200,000 - 59,400)
Ferris, capital $130,600 (190,000 - 59,400)
Balance shared = $492,000
You are a contracting officer responsible for source selection for a negotiated competitive services acquisition. The estimated value of the acquisition is $1,650,000. What would be true about regarding the evaluation of the past performance?
Question Completion with options:
a. Past performance information provided directly by the offeror should not be relied upon.
b. The past performance evaluation satisfies the responsibility determination required under FAR subpart 9.1.
c. Evaluations should take into account past performance information regarding predecessor companies.
d. Offerors with demonstrated past performance that is neither relevant nor recent must not be removed from further consideration for award.
Answer:
The statement that is true regarding the evaluation of the past performance is:
c. Evaluations should take into account past performance information regarding predecessor companies.
Explanation:
It has been established that past performance is the best indicator of future performance. Past performance can predict future performance, behavior, and success. Organizations that achieve some good performance in the past build the required confidence, which will help them to forge ahead in the present and future. This is why in selecting companies for a negotiated competitive services acquisition, even the past performance of predecessor companies should be reviewed to get a better handle on the company's ability to deliver on the projects.
A fiscal policy *
1) Is performed by the central bank
2) Effective in the short run
3) Depends on the interest rate in the market
4) None of the above
Answer:
4
non of
the above
I hope
it
give you
answer
Kahuna Industries has two manufacturing departments--Fabrication and Finishing. The company used the following data at the beginning of the year to calculate pre-determined overhead rates:
Fabrication Finishing Total
Estimated total machine-hours (MHs) 4,000 1,000 5,000
Estimated total fixed manufacturing overhead cost $30,000 $3,400 $33,400
Estimated variable manufacturing overhead cost
per machine-hour $2.00 $4.00
During the most recent month, the company started and completed two jobs--Job 14-X and Job 15-Z. There were no beginning inventories. Data concerning those two jobs follow:
Job 14-X Job 15-Z
Direct materials $14,700 $8,400
Direct labor cost $21,600 $8,400
Fabrication machine-hours 2,700 1,300
Finishing machine-hours 400 600
Assume that the company uses a plantwide pre-determined manufacturing overhead rate based on machine-hours. The total manufacturing cost assigned to Job 15-Z is closest to:______.
Answer:
Total manufacturing cost= $34,052
Explanation:
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Total estimated overhead= 33,400 + (2*4,000 + 4*1,000)
Total estimated overhead= $45,400
Predetermined manufacturing overhead rate= 45,400 / 5,000
Predetermined manufacturing overhead rate= $9.08 per machine hour
Now, we can determine the total manufacturing cost of Job 15-Z:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= (1,300 + 600)*9.08= $17,252
Total manufacturing cost= 8,400 + 8,400 + 17,252
Total manufacturing cost= $34,052
1. In a manufacturing firm, product costs include: ______
a. all GAAP costs
b. all variable costs
c. all manufacturing costs
d. all fixed costs all non-manufacturing costs
2. Period costs include:
a. all fixed costs
b. all non-manufacturing costs
c. all variable costs
d. all non-GAAP costs
e. all manufacturing costs
Answer and Explanation:
1. The product cost involved all the manufacturing cost i.e. direct cost that includes direct material, direct labor, manufacturing overhead etc
2. The period cost involved non-manufacturing cost i.e. indirect cost like rent expense, fixed selling & admin expenses, depreciation expense, etc
Therefore for 1 the option c is correct and for 2 the option b is correct
1. In a manufacturing firm, product costs include all manufacturing costs. Thus, option C is the correct option.
2. Period costs include all non-manufacturing costs. Thus, option B is the correct option.
Product Costs are the expenses incurred during a product's creation. Materials, labor, production supplies, and factory overhead are all included in these prices. A product cost includes the price of the labor needed to provide a service to a consumer.
Period costs are any expenses that are not accounted for in product costs. The manufacturing method is not directly related to period expenses. Period costs include overhead and sales, general, and administrative (SG&A) expenses. Period costs are expenses that are not connected to or related to the creation of inventories in management and cost accounting.
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Poorer countries have historically been responsible for the bulk of world carbon emissions because of poor technology and environmental regulations. Air and water quality in developed countries is generally much better today than it was several decades ago. Tackling climate change issues is likely to only modestly dent long-term economic growth. Carbon emissions are negatively correlated with economic growth.
a. True
b. False
Answer:
Carbon emissions are negatively correlated with economic growth.
b. False
Explanation:
Various environmental studies have established that economic growth has caused more carbon emissions into the atmosphere. Greater carbon emission is done by the less developed countries than by the developed nations. Coupled with poor technology and lax environmental regulations, the poorer countries also suffer more from the carbon emissions. However, climate change has posed challenges to the world generally in recent times. Therefore, there is the need to tackle the problems head-on because tackling climate issues will not deter long-term economic growth.
Identify whether each of the following examples belongs in M1 or M2. If an example belongs in both, be sure to check both boxes.
a. Crystal has $8,000 in a two-year certificate of deposit (CD).
b. Tim has a roll of quarters that he just withdrew from the bank to do laundry.
c. Brian has $25,000 in a money market account.
Answer:
M2
M1 M2
M2
Explanation:
Louis has stable preferences (the same every year) and consumes two goods, wine and cheese. In 1994, the price of wine was $4/glass and the price of cheese was $2/ounce. Louis’s income was $60 and he bought 12 glasses of wine and 6 ounces of cheese. In 1995, wine costs $2/glass and cheese costs $4/ounce. Louis’s income is still $60.
Required:
Draw both years’ budget lines. Where do they cross?
Answer:
both budget lines intersect at 10 units of wine and 10 units of cheese purchased (see attached graph)
Explanation:
A limit buy order is an order to buy if the stock price goes ___ a specified level; a stop buy is an order to buy if the stock price goes ___ a specified level; a limit sell is an order to sell if the stock price goes ___ a specified level; a stop loss is an order to sell if the stock price goes ___ a specified level.
Answer:
YES
Explanation:
People of lower socioeconomic status are more likely to smoke tobacco, but the data collected does not indicate why. However, with a naturalist/constructivist approach, the exposures that people are subjected to (or choose) are better understood in the context of their personal circumstances and the significance that people attribute to things in their environment." Which type of study you will undertake to answer this research question?A. QualitativeB. Quantitative
Answer:
Option A "Qualitative" is the right option.
Explanation:
Qualitative approaches usually involve data analysis models and techniques from some kind of wide range of functional professional disciplines. This same occurrence we were also willing to take part though is that smoker's behavior patterns with a relatively low socio-economic designation have been qualitative. Individual qualities as well as other qualities are indeed qualitative research.And the above response is the appropriate one.
Wildhorse Co., a ski tuning and repair shop, opened on November 1, 2016. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2017.
Cash Receipts Cash Payments
Issuance of common shares $19,900
Payment to purchase repair shop equipment $9,430
Payments to landlord 1,225
Newspaper advertising payment 365
Utility bill payments 885
Part-time helper's wage payments 2,950
Income tax payment 10,000
Cash receipts from ski and snowboard repair services 30,400
Subtotals 50,300 24,855
Cash balance 25,445
Totals $50,300 $50,300
The repair shop equipment was purchased on November 1 and has an estimated useful life of 5 years. Lease payments to the landlord are made at the beginning of each month. The payments to the landlord included a security deposit of $175. The part-time helper is owed $495 at April 30, 2017, for unpaid wages. At April 30, 2017, customers owe Wildhorse Co. $455 for services they have received but have not yet paid for.
Answer and Explanation:
The preparation is as follows:
1. Accrual basis Income statement
Revenues ($30,400 + $455) $30,855
Less: Expenses
News paper advertising -$365
Rent expense -$1,225
Utility bill payments -$885
Part time helpers wages ($2,950 + $495) -$3,445
income tax payment -$10,000
Depreciation expense
($9,430 ÷ 5 × 6 ÷ 12) -$943
total expense -$16,863
Net income $13,992
b) Balance sheet
Assets
Current assets
Cash $25,445
Account receivable $455
total current assets $25,900
PP&E
Equipment $9,430
less Accumulated depreciation -$943
total $8,487
total Assets $34,387
Liabilities
Current liabilities
Salaries and Wages payable $495
total liabilities $495
Stockholders Equity
common stock $19,900
Add: Retained Earnings $13,992
Stockholders Equity $33,892
total liabilities & Equity $34,387
Which of the following would indicate an improvement in a company's financial position, holding other things constant? a. The inventory and total assets turnover ratios both decline. b. The debt ratio increases. c. The current and quick ratios both increase. d. The profit margin declines. e. The EBITDA coverage ratio declines.
Answer:
C (The current and quick ratios both increase.)
Explanation:
An improvement in a company's financial position, holding other things constant indicates the current and quick ratios both increase. Thus, the correct option is (C).
The quick ratio, commonly referred to as the acid-test ratio, is a sort of liquidity ratio used in finance that gauges a company's capacity to use its near-cash or quick assets to rapidly pay off or retire its current obligations.
The current ratio, a liquidity ratio, evaluates a business's ability to pay short-term loans or those that are due within a year.
It shows investors and analysts how a corporation may make the most use of its current assets to pay down its other payables and current obligations.
Therefore, the correct option is "C".
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Rossdale, Inc., had additions to retained earnings for the year just ended of $641,000. The firm paid out $50,000 in cash dividends, and it has ending total equity of $7.36 million.
1. If the company currently has 730,000 shares of common stock outstanding, what are:
a. Earnings per share?
b. Dividends per share?
c. Book value per share? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
2. lf he stock currently sells or $30.60 per share, what is:
a. the market-to-book ratio?
b. the price earnings ratio?
3. If total sales were $10.66 million, what is the price-sales ratio?
Answer:
1. a. Earnings per share:
= Total earnings / No. of shares
= (Addition to retained earnings + Dividends) / No. of shares
= (641,000 + 50,000) / 730,000
= $0.95
b. Dividends per share:
= Dividends / No. of shares
= 50,000 / 730,000
= $0.07
c. Book Value per share:
= Ending total equity / No. of shares
= 7,360,000 / 730,000
= $10.08
2. a. Market to book ratio
= Market price / Book value
= 30.60 / 10.08
= 3.06 times
b. Price - earnings ratio:
= Market price / Earnings per share
= 30.60 / 0.95
= 32.21 times
3. Price - sales ratio
= Market value of equity / Sales
= (30.60 * 730,000 shares) / 10,660,000
= 2.1 times
Ralph has experienced financial difficulties as a result of his struggling business. He has been behind on his mortgage payments for the last six months. The mortgage holder, who is a friend of Ralph's, has offered to accept $80,000 in full payment of the $100,000 owed on the mortgage and payable over the next 10 years. The interest rate of the mortgage is 7%, and the market rate is now 8%.
Required:
What tax issues are raised by the creditor's offer?
Answer: Recognition of $20,000 gain in income.
Explanation:
The creditor reduced the mortgage that Ralph would have to pay by $20,000 because Ralph was struggling to keep up payments. When debt is reduced, the reduction is usually taxable because it is treated as income.
The reason for the reduction of debt is not a reason for a debt reduction being exempt from taxation so the $20,000 will have to be treated as a gain and will be reported as such for Ralph's gross income.
The following partially completed T-accounts summarize transactions for Farwest Corporation during the year: Raw Materials Beg Bal 4,700 10,000 6,900 Work in Process Beg Bal 4,600 26,300 7,400 8,000 6,800 Finished Goods Beg Bal 1,900 22,900 26,300 Manufacturing Overhead 2,600 6,800 3,000 1,900 Wages & Salaries Payable 12,300 Beg Bal 1,400 11,000 Cost of Goods Sold 22,900 The Cost of Goods Manufactured was: Group of answer choices $22,900 $26,300 $6,400 $49,200
Assume that two countries (Home and Foreign) each produce two goods (corn and wheat) under constant cost production. Home produces 1/2 ton of corn or 1 ton of wheat with a day of labor. Foreign produces 1 ton of corn and 1/2 ton of wheat. Suppose that, after trade occurs, the international price actually becomes 1.5 tons of wheat per ton of corn.
Required:
a. What is Home's price of corn in autarky?
b. How large is Home's labor force?
Answer:
Home and Foreign
a. Home's price of corn in autarky = 2 tons of wheat
b. Home's labor force is half of the labor force of Foreign.
Explanation:
a) Data and Calculations:
Number of countries involved in trade = 2
Number of goods produced = 2 (corn and wheat)
Country Tons of corn Tons of wheat
Home 1/2 1
Foreign 1 1/2
International price = 1.5 tons of wheat per ton of corn
Home's price of corn in autarky = 2 tons of wheat (1 / 0.5)
b) In international trade, when the international terms of trade settle at a level that is between each country's opportunity cost, both countries will benefit from the trade. One country will benefit while the other will lose when the trade terms are too above or below this opportunity cost.
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year.
Accounts Receivable. At year-end, the L. Cole Company has completed services of $20,500 for a client, but the client has not yet been billed for those services.
Interest Receivable. At year-end, the company has earned, but not yet recorded, $450 of interest earned from its investments in government bonds.
Accounts Receivable. A painting company bills customers when jobs are complete. The work for one job is now complete. The customer has not yet been billed for the $1,420 of work.
Answer:
1. Dr Account receivable $20,500
Cr Service revenue $20,500
2. Dr Interest receivable $450
Cr Interest revenue $450
3. Dr Account receivable $1,420
Cr Service revenue $1,420
Explanation:
Preparation of the adjusting journal entries for each of the following for year ended December 31.
Based on the information given the adjusting journal entries for each of the following for year ended December 31 will be :
1. Dr Account receivable $20,500
Cr Service revenue $20,500
(Being to record Accounts Receivable)
2. Dr Interest receivable $450
Cr Interest revenue $450
(Being to record Interest receivable)
3. Dr Account receivable $1,420
Cr Service revenue $1,420
(Being to record Accounts Receivable)
You're prepared to make monthly payments of $310, beginning at the end of this month, into an account that pays 4 percent interest compounded monthly. How many payments will you have made when your account balance reaches $20,175
Answer:
59 Payments
Explanation:
Future value = $20,175
Monthly payment= $310
Interest rate= 4%/12 = 0.3333% per month
How many payments will you have made when your account balance reaches $20,175?
Now we use Ms Excel to calculate the number of payment
Number of payment = N(FV, -PMT, I/Y)
Number of payment = N(20,175 , -310 , 0.3333%)
Number of payment = 58.9989
Number of payment = 59.
A rational decisionmaker
A. ignores marginal changes and focuses instead on “the big picture.”
B. takes an action only if the combined benefits of that action and previous actions exceed the combined costs of that action and previous actions
C. ignores the likely effects of government policies when he or she makes choices
D. takes an action only if the marginal benefit of that action exceeds the marginal cost of that action
A company pays each of its two office employees each Friday at the rate of $240 per day for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is:_________.a. Debit Unpaid Salaries $1,440 and credit Salaries Payable $1,440.b. Debit Salaries Expense $960 and credit Salaries Payable $960.c. Debit Salaries Expense $1,440 and credit Salaries Payable $1,440.d. Debit Salaries Payable $960 and credit Salaries Expense $960.e. Debit Salaries Expense $960 and credit Cash $960.
Answer:
b. Debit Salaries Expense $960 and credit Salaries Payable $960.
Explanation:
Salary expense per employee = $240 per day
Number of employees = 2
Salary expense for 2 days = Salary expense per employee * Number of employees * 2 = $240 * 2 * 2 = $960
Date Account title Debit Credit
Salaries expense $960
Salaries payable $960
(To record salaries expense for 2 days)
If two tables do not already have relationships, how can they be related in the Design view?
O Establish primary keys for both of the tables.
O Right-click the table title and then click link tables.
O Drag and drop a field from one table to another.
O Make sure that only one table has a primary key.
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Answer:C
Explanation:e2020
Answer:
c
Explanation:
Burglars broke into an electronics store and left with 30 global navigation systems with a total retail value of $6,750 and 3 paper shredders with a total retail value of $255. What is the average retail value of each navigation system
Answer:
$225
Explanation:
Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021.
Account Title Debits Credits
Cash $29, 000
Accounts receivable 148, 000
Raw materials 33, 000
Notes receivable 109, 000
Interest receivable 12, 000
Interest payable $14,000
Investment in debt securities 41, 000
Land 59, 000
Buildings 1,480, 000
Accumulated depreciation—buildings 629,000
Work in process 51,000
Finished goods 98, 000
Equipment 318,000
Accumulated depreciation—equipment 139000
Patent (net) 129,000
Prepaid rent (for the next two years 69 , 000
Deferred revenue 45,000
Accounts payable 189,000
Notes payable 490,000
Restricted cash (for payment of notes payable) 89,000
Allowance for uncollectible accounts 22,000
Sales revenue 980,000
Cost of goods sold 459,000
Rent expense 37,000
Additional Information: The notes receivable, along with any accrued interest, are due on November 22, 2022. The notes payable are due in 2025. Interest is payable annually. The investment in debt securities consist of treasury bills, all of which mature next year. Deferred revenue will be recognized as revenue equally over the next two years.
Required:
Determine the company's working capital (current assets minus current liabilities) at December 31, 2021.
Answer: $308,000
Explanation:
Current Assets:
Cash 29,000
Accounts receivable (net) 126,000
Raw materials 33,000
Notes receivable 109,000
Interest receivable 12,000
Investment in debt securities 41, 000
Work in process 51,000
Finished goods 98,000
Prepaid rent 34,500
Total $533,500
Accounts receivable (net) = Accounts receivable - Allowance for uncollectible accounts
= 148,000 - 22,000
= $126,000
Prepaid rent is for 2 years:
= 69,000 / 2
= $34,500
Current Liabilities
Interest Payable 14,000
Deferred revenue 22,500
Accounts Payable 189,000
Total $225,500
Deferred revenue is to be recognized over 2 years = 45,000 / 2
= $22,500
Working Capital = 533,500 - 225,500
= $308,000
JPM Overnight Delivery is one of the premier providers of shipping and information services worldwide, competing against firms like FedEx and UPS. As it prepares its marketing plans for the years ahead, it will conduct a very thorough SWOT analysis. Your job is to look at eight potential elements of JPM's SWOT analysis and determine which are strengths, weaknesses, opportunities, and threats. Your ability to properly categorize these elements in your own career will allow you to maximize your firm's strengths and opportunities while also minimizing weaknesses and threats.
The evaluation of a firm's strengths, weaknesses, opportunities, and threats is called a SWOT analysis. A SWOT analysis can be a valuable tool in the development of a marketing plan, but too often the SWOT analysis is not well thought out and proves to be an ineffective waste of time. Perhaps the most common mistake when conducting a SWOT analysis is the failure to separate internal issues from external issues. The strengths and the weaknesses aspects of the SWOT analysis focus on internal capabilities. The opportunities and threats aspects focus on the external environment.
Match each item with the appropriate element of the SWOT analysis.
a. Post office closings
b. JPM has information technology infrastructure
c. Increasing demand for international packages
d. JPM has an excellent workforce and human resource department
e. Potential global economic recession
f. JPM has increasing labor costs
g. JPM has less fuel efficient planes
h. Increasing fuel costs due to turmoil in the Middle East
1. Weaknesses
2. Threats
3. Opportunities
4. Strengths
Answer:
JPM Overnight Delivery
SWOT Analysis
Categorizing Potential Elements in JPM's SWOT Analysis
Weaknesses:
f. JPM has increasing labor costs
g. JPM has less fuel efficient planes
Threats:
e. Potential global economic recession
h. Increasing fuel costs due to turmoil in the Middle East
Opportunities:
a. Post office closings
c. Increasing demand for international packages
Strengths:
b. JPM has information technology infrastructure
d. JPM has an excellent workforce and human resource department
Explanation:
a) SWOT Analysis is a useful framework and tool for analyzing JPM's strengths, weaknesses, opportunities, and threats. It helps JPM to build on what it does well, to address what it lacks, to minimize risks, and to take advantage of chances for success.
1. Weaknesses: These are internal risks that the organization is lacking, which can draw the organization down.
2. Threats: These are the outside risks facing the business from the market, challenging its success drive.
3. Opportunities: These are the chances presented by the environment for the organization to fly.
4. Strengths: These are internal capabilities, knowledge, and resources that the organization can utilize to overcome weaknesses and threats while grabbing the opportunities.
Consider the following budgeted data for the client case of Carla's accounting firm. The client wants a fixed-price quotation.
Direct professional labour $20,700
Direct support labour 10,200
Fringe benefits for direct labour 13,500
Photocopying 1,800
Telephone calls 2,000
Computer lines 5,700
Overhead is allocated at the rate of 100% of direct labour cost.
Required:
Prepare a schedule of the budgeted total costs for the client.
Answer:
See below
Explanation:
Budgeted total cost is computed as;
Direct support labor $10,200
Direct professional labor $20,700
Fringe benefit for direct labor $13,500
Overhead allocation $30,900
Budgeted total cost $75,300
Therefore, budgeted total cost for the client is $75,300
Identify Project Needs The first step in any media-driven project is to determine whether the project is relevant to the purpose, audience, and audience needs. This step is important as the answers to the project questions will determine how you plan, structure, and produce a video-based project.Purpose:Upon completing this project, you will be able to understand how to decide what is needed for a project.Steps for completion:1.Which are four questions that need to be answered before beginning a project
Answer:
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