Answer and Explanation:
The journal entries are shown below:
On Nov 3
Merchandise Inventory $62,300 ($89,000 × (1-30%))
To Accounts Payable-Moonlight Co $62,300
(Being inventory purchased on account)
On Nov 4
Cash $38,210
To Sales $38,210
(Being cash is recorded)
Cost of goods sold $20,810
To Merchandise Inventory $20,810
(Being cost of inventory is recorded)
On Nov 5
Merchandise Inventory $52,280 ($51,550 + $730)
To Accounts Payable-Papoose Creek $52,280
(Being inventory purchased on account)
On Nov 6
Accounts Payable-Moonlight Co. $14,000
To Merchandise Inventory $14,000
(Being returned goods is recorded)
On Nov 8
Accounts Receivable-Quinn Co $ 15,010
To Sales $15,010
(Being sales is recorded)
Cost of goods sold $10,190
To Merchandise Inventory $10,190
(Being cost of inventory is recorded)
On Nov 13
Accounts Payable-Moonlight Co. 48,300 (62,300- 14,000)
To Cash 47,334
To Merchandise Inventory 966 ($48,300 × 2%)
(being cash paid is recorded)
On Nov 14
Cash $231,570
To Sales $231,570
(Being cash is recorded)
Cost of goods sold $142,060
To Merchandise Inventory $142,060
(Being cost of inventory is recorded)
On Nov 15
Accounts Payable-Papoose Creek $52,280
To Cash $51,249
To Merchandise Inventory 1,031 ($51,550 ×2%)
(Being cash paid is recorded)
On Nov 23
Cash $15,010
To Accounts Receivable-Quinn Co $15,010
(Being cash collection is recorded)
On Nov 24
Accounts Receivable-Rabel Co. $54,800
To Sales $54,800
(being sales is recorded)
Cost of goods sold $33,850
To Merchandise Inventory $33,850
(Being cost of inventory is recorded)
On Nov 28
VISA service fees $3,580
To Cash $3,580
(Being cash paid is recorded)
On Nov 30
Sales returns and allowances $6,420
To Cash 6,420
(Being sales return is recorded)
Merchandise Inventory 3,140
To Cost of goods sold $3,140
(Being returned inventory is recorded)
Pacheco Inc. issued convertible bonds 10 years ago. Each bond had an initial term of 30 years, had a face value of $1,000, paid a coupon rate of 11%, and was convertible into 20 shares of Pacheco stock, which was selling for $30 per share at the time. Since then the price of Pacheco shares has risen to $65 and the interest rate has dropped to 8%. What is the least that each of the bonds is worth today
Answer:
$1,296.90
Explanation:
Calculation for What is the least that each of the bonds is worth today
First step is to calculate the stock each bond worth
Stock each bond worth=20 shares ×$65
Stock each bond worth= $1,300
Second step is to calculate what the bond is each worth using this formula
PV= PMT[PVFAk,n] + FV[PVFk,n]
Let plug in the formula
PV= $55[PVFA4,40] + $1,000[PVF4,40]
PV= $55(19.7928) + $1,000(.2083)
PV= $1,088.60 + $208.30
PV= $1,296.90
Therefore Based on the above calculation the least that each of the bonds is worth today is $1,296.90
When should a transfer of receivables be recorded as a sale? The buyer surrenders control of the receivables to the seller. The transferor does not maintain effective control over the transferred assets through an agreement to repurchase or redeem them prior to their maturity. The transferor maintains effective control over the transferred assets through an agreement to repurchase or redeem them prior to their maturity. The transferred assets are isolated from the transferor.
Answer:
The transferor does not maintain effective control over the transferred financial asset or third party beneficial interest in the asset.
Explanation:
The code for transfer of receivable provisions, allows creditor of a debt to have the right to transfer his/ her receivable right to another person, provided that the transaction is permitted by the law/ contract nature of business. Transfer of receivables permit the third person/ party to be included in the relationship that exist between debtor and creditor, and this allows him/ her to near the title of creditor.The receivable must be an existing one before the receivable transfer can be possible. It should be noted that for transfer of receivables be recorded as a sale, The transferor does not maintain effective control over the transferred financial asset or third party beneficial interest in the asset.
Receivables, also defined as accounts receivable, are debts outstanding to a company by customers for goods or services that have been used or produced but have not yet been paid for.
Receivables are produced when a corporation extends a line of credit to a client, and they are recorded as current assets on the balance sheet.
The transferor has no effective control over the transferred financial asset or even the asset class third-party advantageous interest.
The reason for the correct answer is:
The code for transfer of receivable provisions permits a borrower's creditor to transfer his or her receivables right to another person if the transaction is permitted by law/contract nature of business. Transfer of receivables permits a third party to be included in the debtor-creditor relationship, allowing him or her to come close to holding the title of creditor. Before a payable transfer may actually occur, the receivable should already exist. It is important to focus on in order for a transfer of receivables to be recorded as a sale, the grantor must not have effective control over the transmitted capital product or a third-party advantageous interest in the asset.
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Carroll Corporation has two products, Q and P. During June, the company's net operating income was $26,000, and the common fixed expenses were $56,000. The contribution margin ratio for Product Q was 40%, its sales were $141,000, and its segment margin was $48,000. If the contribution margin for Product P was $46,000, the segment margin for Product P was:
Answer:
$34,000
Explanation:
Given the above information, the computation of segment margin for product P is shown below;
Net operating profit = (Segment margin Q + Segment margin P) - Common fixed expenses
$26,000 = ($48,000 + Segment margin P) - $56,000
$26,000 = $48,000 + Segment margin P - $56,000
$26,000 = Segment margin P - $8,000
Segment margin P = $26,000 + $8,000
Segment margin P = $34,000
A company establishes a $2,050 petty cash fund on May 2. On May 30, the fund shows $868 in cash along with receipts for the following expenditures: transportation-in, $160; postage expenses, $589; and miscellaneous expenses, $440. The petty cashier could not account for a $7 overage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare the (1) May 2 entry to establish the fund, (2) May 30 entry to reimburse the fund [Hint: Credit Cash Over and Short for $7 and credit Cash for $1,182], and (3) June 1 entry to increase the fund to $2,400.
Answer:
Explanation:
Petty cash $2,050
Cash $2,050
Merchandise inventory $160
Postage Expense $589
Misc. expenses $440
Credit:
Cash over and short $7
Cash
Petty Cash $350
Cash $350
(2400-2050)
The customer gives you two $100 bills, two $50 bills, and one $20 bill for a clothing purchase totaling $312.69. (this is for customer service)
Answer:
It is more than enough money
Explanation:
Joplin Industries Inc. manufactures and sells high-quality sporting goods equipment under its highly recognizable J-Sports logo. The company began operations on May 1 and operated at 100% of capacity (270,000 units) during the first month, creating an ending inventory of 24,000 units. During June, the company produced 246,000 garments during the month but sold 270,000 units at $300 per unit. The June manufacturing costs and selling and administrative expenses were as follows:_____.
company began ,000 units. During June, the costs and selling and administrative Number of Unit Cost Total Cost Units Manufacturing costs in June 1 beginning inventory: Variable 24,000 $150.00 3,600,000 787,200 $182.80 $4,387,200 Fixed 24,000 32.80 Total Manufacturing costs in June: Variable 246,000 $150.00 $36,900,000 246,000 36.00 8,856,000 186.00 $45,756,000 Fixed Total Selling and administrative expenses in June Variable 270,000 $45.00 $12,150,000 972,000 48.60 $13,122,000 Fixed 270,000 3.60 Total $48.60 $13,122,000
a. Prepare an income statement according to the absorption costing concept for June.
Joplin Industries Inc.
Absorption Costing Income Statement
For the Month Ended June 30
$
Cost of goods sold:
$
$
$
b. Prepare an income statement according to the variable costing concept for June.
Joplin Industries Inc.
Variable Costing Income Statement
For the Month Ended June 30
$
$
$
Fixed costs:
$
$
c. What is the reason for the difference in the amount of income from operations reported in (a) and (b)?
Under the method, the fixed manufacturing cost included in the cost of goods sold is matched with the revenues. Under , all of the fixed manufacturing cost is deducted in the period in which it is incurred, regardless of the amount of inventory change. Thus, when inventory decreases, the income statement will have a lower income from operations.
Answer:
a. Joplin Industries Inc.
Absorption Costing Income Statement
For the Month Ended June 30
Sales $81,000,000
Less: Beginning inventory $4,387,200
Cost of goods manufactured $45,756,000
Cost of goods sold $50,143,200
Gross Profit $30,856,800
Selling and Administrative Expenses $13,122,000
Operating Income $17,734,800
b. Joplin Industries Inc.
Variable Costing Income Statement
For the Month Ended June 30
Sales $81,000,000
Variable cost of goods sold $40,500,000
Manufacturing Margin $40,500,000
Selling and Administrative Expenses $12,150,000
Contribution Margin $28,350,000
Fixed cost
Manufacturing cost $8,856,000
Selling and Admin Expenses $972,000
Total Fixed cost $9,828,000
Operating Income $18,522,000
During the harsh winter of 1972-73:__________
A. people in the northeast did not have enough oil to heat their homes, but people elsewhere in the U.S. had enough oil to heat their swimming pools.
B. oil was diverted away from low-value uses (like heating swimming pools) to high-value uses (like heating homes in the northeast).
C. there was not enough oil for heating homes in the northeast or for heating swimming pools elsewhere in the U.S.
D. there was enough oil for heating homes in the northeast and for heating swimming pools elsewhere in the U.S.
Answer: A. people in the northeast did not have enough oil to heat their homes, but people elsewhere in the U.S. had enough oil to heat their swimming pools.
Explanation:
1973 saw the beginning of the energy crises after the Arab world placed an oil embargo on the U.S. As a result, gasoline and oil products became very expensive in the U.S. and had to be appropriately used.
The North-East did not suffer as much during this time New York receiving some of the lowest amounts of snow in modern history so less oil went to the north east for heating as it was ruled not to be cold enough.
Assuming beginning work in process is zero, the equivalent units of production computed using fifo versus weighted average will have the following relationship:
1. FIFO equivalent units will be greater than weighted-average equivalent units.
2. FIFO equivalent units will be less than weighted-average equivalent units.
3. Weighted-average equivalent units are always greater than fifo equivalent units.
4. Weighted-average equivalent units will be equal to fifo equivalent units.
Answer:
4. Weighted-average equivalent units will be equal to FIFO equivalent units.
Explanation:
Equivalent units of production is been applied to the work-in-process inventory when an accounting period comes to an end. It can be regarded as expression that gives amount of work done which was recorded by a manufacturer over a units of output which was partially completed after an accounting period. For instance, if there are 100 units that are in process, then 40% of processing cost is expended , then we can say there are 40 equivalent units of production. It should be noted that the if beginning work in process is zero, the equivalent units of production computed using fifo versus weighted average will have a relationship in such a way that Weighted-average equivalent units will be equal to FIFO equivalent units.
.
Drivers must stop at red lights so that they do not get in car accidents. This is an example of
how rules create order.
a code of ethics.
O a mission statement.
O how rules are overreaching.
Answer:
A - How rules create order
Explanation:
Answer:
how rules create order
Explanation:
Interwest receives government funding and that funding is tied to the accuracy of the reports put out by its information system. The CFO, Singh, is concerned about whether the employees are properly incentivized to input the data accurately. So she enlists the help of the CEO, Manzoni, to plan a retreat in which she highlighted the importance of proper data entry to the 10 hospital administrators that are in charge of running the hospitals. Six months later the data accuracy problems are as bad as they ever were. Manzoni needs help, what do you recommend? 1. What are the potential sources of the problems? 2. What information would you want to analyze? 3. What actions might you recommend to increase the accuracy of data entry? 4. How does your view of behavior affect how you might address this consulting assignment?
Answer:
1. Data entry officers might be having trouble putting data in the system
2. Analyze the environment where data entry officers are seated to observe the amount of distraction or any other factors for example light glare.
3. Arrange the seat of the data entry officer at a place where there are no distractions and the data is visible enough to be entered in the system.
4. An autocratic manager would remove the data entry officer instead of finding out the ground reason for the inaccuracy of data entered.
Explanation:
1. Data entry officers might be having trouble putting data in the system
2. Analyze the environment where data entry officers are seated to observe the amount of distraction or any other factors for example light glare.
3. Arrange the seat of the data entry officer at a place where there are no distractions and the data is visible enough to be entered in the system.
4. An autocratic manager would remove the data entry officer instead of finding out the ground reason for the inaccuracy of data entered.
arrange the scrambled letters to a correct word. utsbtiust.
Answer:
bust it us :)
Explanation:
Answer:
Substitute
Explanation:
Substitute
That is the word I could come up with. The letters you gave me don't include an "E" but I guess this is the answer
Hope this helps :)
The optimal risky portfolio can be identified by finding ____________. I. the minimum variance point on the efficient frontier II. the maximum return point on the efficient frontier the minimum variance point on the efficient frontier III. the tangency point of the capital market line and the efficient frontier IV. the line with the steepest slope that connects the risk free rate to the efficient frontier A. I and II only B. II and III only C. I and IV only D. III and IV only
Answer:
D. III and IV only.
Explanation:
Portfolio variance can be defined as the measurement of risk or dispersion of returns of a set of securities that makes up a portfolio fluctuate over a period of time.
Simply stated, portfolio variance is typically the total returns of the portfolio over a specific period of time.
In order to calculate the portfolio variance, the standard deviations of each security in the portfolio with their respective correlations security pair in the portfolio would be used. Portfolio variance is the square of standard deviation.
A two-asset portfolio with a standard deviation of zero can be formed when the assets have a correlation coefficient equal to negative one (-1) because this defines the efficiency frontier. In Economical portfolio theory, the efficient frontier is a group of optimal portfolios that offers an investor the highest expected return for a specific risk level or offers the lowest risk for a defined level of expected return.
A common risk can be defined as a type of risk that affects the entirety of a business firm or company and as such can't be diversified.
Generally, the optimal risky portfolio can be identified by finding the tangency point of the capital market line and the efficient frontier and the line with the steepest slope that connects the risk free rate to the efficient frontier.
Recession, inflation, and high interest rates are economic events that are best characterized as being Group of answer choices irrelevant except to governmental authorities like the Federal Reserve. risks that are beyond the control of investors and thus should not be considered by security analysts or portfolio managers. among the factors that are responsible for market risk. company-specific risk factors that can be diversified away. systematic risk factors that can be diversified away.
Answer:
among the factors that are responsible for market risk.
Explanation:
Systemic risk are risk that are inherent in the economy. They cannot be diversified away. They are also known as market risk. examples of this risk include recession, inflation, and high interest rates. Investors should seek compensation for systemic risk. Systemic risk is measured by beta. The higher beta is, the higher the systemic risk and the higher the compensation demanded for by investors
Non systemic risk are risks that can be diversified away. they are also called company specific risk. Examples of this type of risk is a manager engaging in fraudulent activities.
Ensemble Co.
Unadjusted Trial Balance
For the Year Ending December 31, 2018
Debit Balances Credit Balances
Cash 42,900
Accounts Receivable 123,500
Prepaid Insurance 27,000
Equipment 300,000
Accounts Payable 52,000
Salaries Payable 4,800
Common Stock 40,000
Retained Earnings 137,200
Dividends 5,000
Service Revenue 1,216,000
Salary Expense 660,000
Advertising Expense 275,000
Miscellaneous Expense 16,600
1,801,500 1,801,500
How does grading work?
Ensemble Co.
UNADJUSTED TRIAL BALANCE
ACCOUNT TITLE DEBIT CREDIT
1 Cash
2 Accounts Receivable
3 Prepaid insurance
4 Equipment
5 Accounts Payable
6 Salaries Payable
7 Common Stock
8 Retained Earnings
9 Dividends
10 Service Revenue
11 Salary Expense
12 Advertising Expense
13 Miscellaneous Expense
14 Totals
Answer:
Ensemble Co.
UNADJUSTED TRIAL BALANCE
ACCOUNT TITLE DEBIT CREDIT
1 Cash 42,900
2 Accounts Receivable 123,500
3 Prepaid insurance 27,000
4 Equipment 300,000
5 Accounts Payable 52,000
6 Salaries Payable 4,800
7 Common Stock 40,000
8 Retained Earnings 137,200
9 Dividends 5,000
10 Service Revenue 1,216,000
11 Salary Expense 660,000
12 Advertising Expense 275,000
13 Miscellaneous Expense 16,600
14 Totals 1,466,600 1,466,600
Explanation:
A Trial Balance is used to check for mathematical accuracy. It is a list of Debits and Credit prepared from Ledger Account.
define leverage economics.
Answer:
Leverage economics
is an investment strategy of using borrowed money—specifically, the use of various financial instruments or borrowed capital—to increase the potential return of an investment.
Suppose the current price of a good is $167. At this price, the quantity supplied is 170 units, and the quantity demanded is 120 units. For every $1 decrease in price, the quantity supplied decreases by 10 units and the quantity demanded increases by 15 units. At the current price, the quantity demanded is than the quantity supplied. This means that the market is currently experiencing a . In order to adjust, the market price will until the quantity demanded and quantity supplied are equal. The result is an equilibrium quantity of and an equilibrium price of $ .
Answer:
is less than
surplus
fall
$165
150
Explanation:
Wjen demand exceeds supply, there is surplus
This is because price is greater than equilibrium price. Price would fall until equilibrium is restored
yall have anything to cure depression? lmk pls ._.
Answer:
Anti-depressants :))))))))
they make u HIGH on happiness :DDDDDDDDDDDDDDDDDD
Answer:
Morningggggggg
Explanation:
The staff training center at a large regional hospital provides training sessions in CPR to all employees. Assume that the capacity of this training system was designed to be 1200 employees per year. Since the training center was first put into use, the program has become more complex, so that 950 now represents the most employees that can be trained per year. In the past year, 850 employees were trained. The efficiency of this system is approximately ________________ and its utilization is approximately _____________________.
Answer:
Efficiency of the system = Actual output/ Effective capacity*100
Efficiency of the system = 850/950*100
Efficiency of the system = 0.894737*100
Efficiency of the system = 89.47%
Utilization of the system = Actual output/Design capacity*100
Utilization of the system = 850/1200*100
Utilization of the system = 0.708333*100
Utilization of the system = 70.83%
You have $B in your bank account. You are asked if you would like to participate in a bet in which, if you win, your bank account will become $W. However, if you lose, your bank account will contain only $L. You win the bet with probability pw. How large should pw be to accept the bet? (
Answer:
Pw = ( B - L ) / ( W-L )
Explanation:
pW + pL = 1 ------ ( 2 )
Expected value after placing bet = W*pW + L*pL ------ ( 2 )
pL = ( 1 - pW ) from equation 1
rewrite equation 2
W*pW + L*( 1 - pW ) ------ (3)
The condition to accept bet is ; W*pW + L*( 1 - pW ) > $B
= W*pW + L - LpW > $B ( factorize )
= ( W - L ) * pW + L > $B
hence the value of Pw = ( B - L ) / ( W-L )
An aerospace company has submitted bids on two separate federal government defense contracts. The company president believes that there is a 40% probability of winning the first contract. If they win the first contract, the probability of winning the second is 65%. However, if they lose the first contract, the president thinks that the probability of winning the second contract decreases to 49%.
1. What is the probability that they will lose both contracts?
2. What is the probability that they win only one contract?
3. What is the probability that they win both contracts?
Answer:
1. What is the probability that they will lose both contracts?
probability of losing both contracts = (1 - 40%) x (1 - 65%) = 21%
2. What is the probability that they win only one contract?
probability of winning 1 contract = 1 probability of winning both contracts - probability of not winning any contract = 1 - 21% - 26% = 53%
3. What is the probability that they win both contracts?
the probability of winning both contracts = probability of winning first contract x probability of winning second contract = 40% x 65% = 26%
Sales of Granite City Products Inc. have been on a steady decline for the last 12 months. A market research study conducted revealed that the product of Granite City Products Inc. can be sold only for $480 as opposed to the current market price charged of $580 per unit. Granite City Products Inc. has decided to revise its sales price to $480. The annual sales target volume of the product after price revision is 280 units. Granite City Products Inc. wants to earn 30% on its sales amount. What is the target cost per unit
Answer:
$336.00
Explanation:
Calculation for the target cost per unit
First step is to calculate the The target sales revenues
The target sales revenues =($480 × 280)
The target sales revenues = $134,400
Second step is to calculate the The target operating income
The target operating income=($134,400 × 30%)
The target operating income = $40,320
Third step is to calculate the The target cost
The target cost=($134,400 –$40,320)
The target cost = $94,080
Now let calculate the The target cost per unit
The target cost per unit = $94,080 / 280
The target cost per unit= $336.00
Therefore The target cost per unit is $336.00
Underlying most of the trade theories discussed is the notion that: Group of answer choices firms that establish a first-mover advantage with regard to the production of a particular new product will dominate global trade in that product. despite a pivotal role in international trade, businesses are typically unable to influence government trade policy. it usually makes sense for a firm to consolidate its productive activities in one country. different countries have particular advantages in different productive activities.
Answer:
It usually makes sense for a firm to consolidate its productive activities in one country
Explanation:
There are several trade trade theories. Successful trade theories believe in unrestricted free trade, which does not allow government policies to exist.
Trade Theories includes;
1. Classic theories
2. Modern theories
At December 31, 2020 and 2021, Oriole Company had outstanding 4000 shares of $100 par value 6% cumulative preferred stock and 18800 shares of $10 par value common stock. At December 31, 2020, dividends in arrears on the preferred stock were $13000. Cash dividends declared in 2021 totaled $44600. What amounts were payable on each class of stock
Answer:
See below
Explanation:
2020 2021
Allocation to preferred stock
Nil 44,600
Remainder to common stock
Nil 20,000
Tahvildaran Jesswein argues in Chapter 2 that the point of connection or identification for a moviegoer is not necessarily grounded in a love of nation or a particular respect for truth and thus a particular set of democratic procedures; rather, the point of connection might be found in a shared sense of doubt; uncertainty or fear; alienation and un-fulfillment.
A. True
B. False
Answer:
True
Explanation:
It is a true statement.
Classify the following as fixed or variable costs:
1. Advertising expenditure
2. Fuel
3. Interest on company-issued bonds
4. Shipping charges
5. Payments for raw materials
6. Real estate taxes
7. Executive salaries
8. Insurance premiums
9. Wage payments
10. Depreciation and obsolescence charges
11. Sales taxes
12. Rental payments on leased office machinery
a. variable cost
b. fixed cost
Answer and Explanation:
The classification is as follows:
1. Advertising expenditure - Variable cost
2. Fuel - Variable cost
3. Interest on company-issued bonds - fixed cost
4. Shipping charges - variable cost
5. Payments for raw materials - variable cost
6. Real estate taxes - fixed cost
7. Executive salaries - fixed cost
8. Insurance premiums - fixed cost
9. Wage payments - variable cost
10. Depreciation and obsolescence charges - fixed cost
11. Sales taxes - variable cost
12. Rental payments on leased office machinery - fixed cost
In accounting, fixed costs are outlays that don't change over time, regardless of the volume of outputs. Costs that fluctuate in direct proportion to changes in the volume or level of company activity are referred to as variable costs. Fixed costs must be paid even if there is no output.
Both variable and fixed expenses are incurred by businesses during the production process.
The amount of product generated determines the fluctuation in variable costs.Raw materials, labor, and commissions are examples of variable expenses.Regardless of the level of production, fixed expenses stay constant.The fixed or variable costs are classified as follows:
1. Advertising expenditure - Variable cost
2. Fuel - Variable cost
3. Interest on company-issued bonds - fixed cost
4. Shipping charges - variable cost
5. Payments for raw materials - variable cost
6. Real estate taxes - fixed cost
7. Executive salaries - fixed cost
8. Insurance premiums - fixed cost
9. Wage payments - variable cost
10. Depreciation and obsolescence charges - fixed cost
11. Sales taxes - variable cost
12. Rental payments on leased office machinery - fixed cost
Therefore, Both variable and fixed expenses are incurred by businesses during the production process.
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A lottery has a grand prize of $320,000, four runner-up prizes of $32,000 each, twelve third-place prizes of $8000 each, and twenty-five consolation prizes of $800 each. If 1,600,000 tickets are sold for $1 each and the probability of any one ticket winning is the same as that of any other ticket winning, find the expected return on a $1 ticket. (Round your answer to two decimal places.)
Answer: -$0.65
Explanation:
Probability of winning the $320,000 = 1 / 1,600,000
Probability of winning the $32,000 = 4 / 1,600,000
Probability of winning the $8,000 = 12 / 1,600,000
Probability of winning the $800 = 25 / 1,600,000
Probability of losing your $1 = (1,600,000 - 25 - 12 - 4 - 1) / 1,600,000 = 1,599,958 / 1,600,000
Expected return = (1 * 320,000/1,600,000) + (4 * 32,000/1,600,000) + (12 * 8,000/1,600,000) + (25 * 800/ 1,600,000) - (1,599,958 * 1 / 1,600,000)
= -0.64747375
= -$0.65
Eclipse Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Factory 2 Estimated factory overhead cost for fiscal year beginning August 1 $1,516,700 $1,074,600 Estimated direct labor hours for year 29,850 Estimated machine hours for year 52,300 Actual factory overhead costs for August $124,880 $98,910 Actual direct labor hours for August 2,700 Actual machine hours for August 4,350 Required: a. Determine the factory overhead rate for Factory 1. b. Determine the factory overhead rate for Factory 2. c. Journalize the Aug. 31 entries to apply factory overhead to production in each factory. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. d. Determine the balances of the factory overhead accounts for each factory as of August 31, and indicate whether the amounts represent
Answer and Explanation:
The computation is shown below:
a. Factory overhead rate for Factory 1 is
= Estimated factory overhead cost ÷ Estimated machine hours for the year
= $1,516,700 ÷ 52,300
= $29
b. Factory overhead rate for Factory 2 is
= Estimated factory overhead cost ÷ Estimated direct labor hours for the year
= $1,074,600 ÷ 29,850
= $36
c. The journal entry is shown below:-
1. Work in process Dr, $126,150 (4,350 × $29)
To Factory overhead $126,150
(To record the factory overhead)
2. Work in process Dr, $97,200 (2700 × $36)
To Factory overhead $97,200
(To record the factory overhead)
d. The balance of the factory overhead amounts for each factory as follows:
For Factory 1
= $124,880 - $126,150
= $1,270 Credit Overapplied
For Factory 2
= $98,910 - $97,200
= $1,710 Debit Underapplied
Answer 5 questions from any subject in 48 hours to collect 50
Answer:
im so confused
Explanation:
Answer:
aaaaaaaaaaaaaaaaaaaaaaaaahi bye
Explanation:
The CFO of Gabe Corp. suspects that an employee has been stealing cash from the company. The employee is responsible for receiving cash from customers and posting the payments to the customer accounts, as well as preparing the bank reconciliation and managing the cash account. To check up on the employee, the CFO prepares his own bank reconciliation and comes up with the following: Gabe Differences Bank $3,900 Beginning balance $4,000 (50) Service charges Outstanding checks (800) (100) NSF Check from Customer Deposits in transit 250 25 Interest earned --------- $3,775 Total $3,450 Do you think the employee has stolen from the company
Answer:
Yes
Explanation:
To come in any conclusion first do the following calculations
Updated cash book
Closing Balance as per Gabe = $3,775
Less: Outstanding cheque -$800
Add: Cheque Deposited $250
Updated closing balance is $3,225
Bank reconcilliation statement
Closing balance as per Bank $3450
Less: NSF check from the customer -$100
Less: Service Charges -$50
Add: Interest earned $25
Reconciled Balance as per Bank $3,325
As from the above calculations we can see that there is a difference of $100 so it is cleared that the employee has stolen from the company
Indirect: Computing cash from operations LO P2
MOSS COMPANY Selected Balance Sheet Information December 31, 2019 and 2018 2019 2018 Current assets Cash $ 89,650 $ 31,800 Accounts receivable 30,000 42,000 Inventory 65,000 55,100 Current liabilities Accounts payable 40,400 30,700 Income taxes payable 2,550 3,200 MOSS COMPANY Income Statement For Year Ended December 31, 2019 Sales $ 534,000 Cost of goods sold 351,600 Gross profit 182,400 Operating expenses Depreciation expense $ 46,000 Other expenses 127,000 173,000 Income before taxes 9,400 Income taxes expense 5,900 Net income $ 3,500 Use the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deducted should be indicated by a minus sign.)
Answer: $60,650
Explanation:
Operating cashflows by indirect method:
Net Income $3,500
Add:
Depreciation $46,000
Decrease in Accounts Receivable $12,000
Increase in Accounts Payable $ 9,700 $67,700
Less:
Increase in inventory ($9,900)
Decrease in Tax payable ($650) ($10,550)
Total $60,650
Decrease in accounts receivable = 42,000 - 30,000 = $12,000
Increase in Acc. Payable = 40,400 - 30,700 = $9,700
Increase in inventory = 65,000 - 55,100 = $9,900
Decrease in Tax payable = 3,200 - 2,550 = $650