The management of Maltwo Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2015, the accounting records show the following data. Inventory, January 1 (10,000 units) $ 37,000 Cost of 110,000 units purchased 479,000 Selling price of 90,000 units sold 720,000 Operating expenses 150,000 Units purchased consisted of 40,000 units at $4.20 on May 10; 50,000 units at $4.40 on August 15; and 20,000 units at $4.55 on November 20. Income taxes are 30%. Instructions: Prepare comparative condensed income statements for 2015 under FIFO and LIFO. (Show computations of ending inventory.) Answer the following questions for management. Which inventory cost flow method produces the most meaningful inventory amount for the balance sheet? Why? Which inventory cost flow method produces the most meaningful net income? Why? How muc

Answers

Answer 1

Answer:

Net income for Maltwo Co. is $132,300

Explanation:

FIFO

Sold 90,000 units

Cost of sold units =  

opening 10,000 units for $3.7 = $37,000

purchased 40,000 units for $4.20 = $168,000

purchased 40,000 units for $4.4 = $176,000

Total cost of goods sold = $381,000

Sales = $720,000

less: cost of goods sold = $381,000

less: operating expenses = $150,000

Operating income = $189,000

less: Income tax 30% = $56,700

Net Income = $132,300

LIFO

Sold 90,000 units

Cost of sold units =  

purchased 20,000 units for $4.55 = $91,000

purchased 50,000 units for $4.40 = $220,000

purchased 20,000 units for $4.20 = $84,000

Total cost of goods sold = $395,000

Sales = $720,000

less: cost of goods sold = $395,000

less: operating expenses = $150,000

Operating income = $175,000

less: Income tax 30% = $52,500

Net Income = $122,500

Most meaningful net income is calculated by FIFO because in most of the businesses goods purchased first are sold first and if not then the goods purchased the earliest cross its expiry date and eventually results in a loss for the company.

So the net income for Maltwo Co. is $132,300


Related Questions

the model used to describe the flow of economics activity in the free market is a

Answers

Answer:

Flow chart or a flow model. I don't remember which it was

define risk economics. ​

Answers

Answer:

it kike some part of your business is at risk

jus gave it a try

Ferrier Chemical Company makes three products, B7, K6, and X9, which are joint products from the same materials. In a standard batch of 150,000 pounds of raw materials, the company generates 35,000 pounds of B7, 75,000 pounds of K6, and 40,000 pounds of X9. A standard batch costs $600,000 to produce. The sales prices per pound are $6, $10, and $16 for B7, K6, and X9, respectively. Required Allocate the joint product cost among the three final products using weight as the allocation base. Allocate the joint product cost among the three final products using market value as the allocation bas

Answers

Answer:

Ferrier Chemical Company

Allocation of the joint cost, using weight as the allocation base:

For B7 = $140,000 ($600,000*35,000/150,000)

For K6 = $300,000 ($600,000*75,000/150,000)

ForX9 = $160,000 ($600,000*40,000/150,000)

Allocation of the join cost, using market value:

For B7 =     $78,750 ($600,000*$210,000/$1,600,000)

For K6 =  $281,250 ($600,000*$750,000/$1,600,000)

For X9 = $240,000 ($600,000*$640,000/$1,600,000)

Explanation:

a) Data and Calculations:

Joint cost of a standard batch = $600,000

                                     B7             K6          X9          Total

Pounds generated  35,000     75,000     40,000   150,000

Sales price per pound $6           $10          $16

Market value         $210,000  $750,000 $640,000 $1,600,000    

Allocation of the joint cost, using weight as the allocation base:

For B7 = $140,000 ($600,000*35,000/150,000)

For K6 = $300,000 ($600,000*75,000/150,000)

ForX9 = $160,000 ($600,000*40,000/150,000)

Allocation of the join cost, using market value:

For B7 =     $78,750 ($600,000*$210,000/$1,600,000)

For K6 =  $281,250 ($600,000*$750,000/$1,600,000)

For X9 = $240,000 ($600,000*$640,000/$1,600,000)

b) The market value for each product class is a function of the quantity produced multiplied by the sales price per unit.

Data for January for Bondi Corporation and its two major business segments, North and South, appear below: Sales revenues, North $ 561,000 Variable expenses, North $ 325,500 Traceable fixed expenses, North $ 67,100 Sales revenues, South $ 433,200 Variable expenses, South $ 247,100 Traceable fixed expenses, South $ 56,000 In addition, common fixed expenses totaled $151,900 and were allocated as follows: $78,900 to the North business segment and $73,000 to the South business segment. A properly constructed segmented income statement in a contribution format would show that the segment margin of the North business segment is:

Answers

Answer:

[tex]561000 + 433200 + 78900 + 73000 = [/tex]

[tex]561000 + 433200 + 78900 + 73000 = [/tex]

Gambino Construction adds materials at the beginning of production and incurs conversion cost uniformly throughout manufacturing. Consider the data that follow. Units Beginning work in process 20,000 Started in August 60,000 Production completed 55,000 Ending work in process, 40% complete 25,000 Conversion cost in the beginning work-in-process inventory totaled $120,000, and August conversion cost totaled $270,000. Assuming use of the weighted-average method, which of the following choices correctly depicts the number of equivalent units for conversion cost and the conversion cost per equivalent unit?
Equivalent Mana 55.000 65 000 65.000 Conversion Cost Per Equivalent 491 6.00 60.000

Answers

Answer:

Conversion EUP = 65,000 units

Conversion cost per EUP = $6.00

Explanation:

Conversion EUP = Units completed + EUP Work in Process

EUP Work in process = % completed * ending WIP

= 40% * 25,000

= 10,000

Conversion EUP = 55,000 + 10,000

= 65,000 units

Conversion cost = Beginning conversion cost + August conversion cost

= 120,000 + 270,000

= $390,000

Conversion cost per unit = 390,000 / 65,000

= $6.00

Louisiana Timber Company currently has 5 million shares of stock outstanding and will report earnings of $6.32 million in the current year. The company is considering the issuance of 1 million additional shares that will net $35 per share to the corporation. a. What is the immediate dilution potential for this new stock issue?

Answers

Answer:

0.214 per share

Explanation:

Calculation to determine the immediate dilution potential for this new stock issue

First step is to calculate the EPS before issuance

EPS before issuance = 6.32 / 5

EPS before issuance= 1.264

Second step is to calculate the EPS after new share issue

EPS after new share issue = 6.32 / (5+1)

EPS after new share issue=6.32/6

EPS after new share issue= 1.05

Now let calculate the Dilution potential

Dilution potential = 1.264 - 1.05

Dilution potential = 0.214 per share

Therefore the immediate dilution potential for this new stock issue is 0.214 per share

A stock currently sells for $49. The dividend yield is 3.4 percent and the dividend growth rate is 4.7 percent. What is the amount of the dividend to be paid in one year

Answers

Answer: $1.67

Explanation:

Current price of stock = $49

Dividend yield = 3.4%

Dividend growth rate = 4.7%

To get the amount of the dividend to be paid in one year, we calculate it as:

Dividend yield = Dividend for next period/Current price

=49 × 3.4%

= 49 × 0.034

=$1.67

What was A contract between the government and a private producer.

Answers

Answer:

government contract

Explanation:

BBB Leasing purchased a machine for $390,000 and leased it to Jack Tupp Auto Repair on January 1, 2021. Lease description: Quarterly rental payments $24,408 at beginning of each period Lease term 5 years (20 quarters) No residual value; no BPO Economic life of machine 5 years Implicit interest rate 10% Fair value of asset $390,000 What is the balance in the lease payable account after the April 1, 2021, lease payment

Answers

Answer:

$350,324

Explanation:

total lease liability = $390,000

since the first payment is made on January 1, the carrying of lease liability = $390,000 - $24,408 = $365,592

the interest expense for the 3 months = $365,592 x 10% x 3/12 = $9,139.80 ≈ $9,140

carrying value of lease liability after second payment = $365,592 - ($24,408 - $9,140) = $365,592 - 15,268 = $350,324

Ruben is a travel agent. He intends to sell his customers a special round-trip airline ticket package. He is able to purchase the package from the airline for $160 each. The round-trip tickets will be sold for $200 each and the airline intends to reimburse Ruben for any unsold ticket packages. Fixed costs include $5,200 in advertising costs. How many ticket packages will Ruben need to sell to break even

Answers

Answer:

He would need to sell 130 ticket packages to break even

Explanation:

Breakeven quantity are the number of  units produced and sold at which net income is zero

Breakeven quantity = fixed cost / price – variable cost per unit

Variable cost is cost that varies with output. If output is zero, no variable cost would be incurred.  

Fixed cost is cost that does not vary with output.

[tex]\frac{5200}{200 - 160}[/tex]

[tex]\frac{5200}{40}[/tex] = 130

Find the amount to which $600 will grow under each of these conditions: 8% compounded annually for 3 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ 8% compounded semiannually for 3 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ 8% compounded quarterly for 3 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ 8% compounded monthly for 3 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ 8% compounded daily for 3 years. Assume 365-days in a year. Do not round intermediate calculations. Round your answer to the nearest cent.

Answers

Answer:

Future values:

a. $755.83

b. $759.19

c. $760.95

d. $762.14

e. $762.75

Explanation:

a) Data and Calculations:

Present value = $600

Conditions:

1. 8% compounded annually for 3 years:

N (# of periods) = 3

I/Y (Interest per year) = 8

PV (Present Value)  = $600

PMT (Periodic Payment) = $ 0

FV = $755.83

Total Interest = $155.83

2. 8% compounded semiannually for 3 years.

N (# of periods) = 6

I/Y (Interest per year) = 4

PV (Present Value)  = $600

PMT (Periodic Payment) = $ 0

FV = $759.19

Total Interest $159.19

3. 8% compounded quarterly for 3 years.

N (# of periods) = 12

I/Y (Interest per year) = 2

PV (Present Value)  = $600

PMT (Periodic Payment) = $ 0

FV = $760.95

Total Interest $160.95

4. 8% compounded monthly for 3 years.

N (# of periods) = 36

I/Y (Interest per year) = 0.66667%

PV (Present Value)  = $600

PMT (Periodic Payment) = $0

FV = $762.14

Total Interest = $162.14

5. 8% compounded daily for 3 years. Assume 365-days in a year.

N (# of periods) = 1,095

I/Y (Interest per year) = 0.02192%

PV (Present Value)  = $600

PMT (Periodic Payment) = $0

FV = $762.75

Total Interest $162.75

Use the following information for Taco Swell, Inc., (assume the tax rate is 21 percent): 2017 2018 Sales $ 16,549 $ 18,498 Depreciation 2,376 2,484 Cost of goods sold 5,690 6,731 Other expenses 1,353 1,178 Interest 1,110 1,325 Cash 8,676 9,247 Accounts receivable 11,488 13,482 Short-term notes payable 1,674 1,641 Long-term debt 29,060 35,229 Net fixed assets 72,770 77,610 Accounts payable 6,269 6,640 Inventory 20,424 21,862 Dividends 1,979 2,314 For 2018, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.)

Answers

Answer:

Cash flow from assets = -$1,824

Cash flow to creditors = -$4,844

Cash flow to stockholders = $3,020

Explanation:

Note: The data in this question are merged together. They are therefore sorted before answering the question as follows:

                                                   2017                  2018

Sales                                        $16,549            $18,498

Depreciation                               2,376                2,484

Cost of goods sold                    5,690                 6,731

Other expenses                           1,353                 1,178

Interest                                          1,110                 1,325

Cash                                             8,676               9,247

Accounts receivable                   11,488              13,482

Short-term notes payable            1,674                1,641

Long-term debt                          29,060            35,229

Net fixed assets                         72,770             77,610

Accounts payable                        6,269              6,640

Inventory                                    20,424              21,862

Dividends                                      1,979               2,314

Explanation of the answer is now given as follows:

For 2018 as required, we have the following:

EBIT = Sales - Cost of goods sold - Depreciation - Other expenses = $18,498 - $6,731 - $2,484 - $1,178 = $8,105

Taxes = (EBIT -  Interest) * Tax rate = ($8,105 - 1,325) * 21% = $1,423.80

Operating Cash Flows = EBIT - Taxes + Depreciation = $8,105 - $1,423.80 + $2,484 = $9,165.20

Current assets in 2018 =  Cash in 2018 + Accounts receivable in 2018 + Inventory in 2018 = $9,247 + $13,482 + $21,862 = $44,591

Current liabilities in 2018 = Short-term notes payable in 2018 + Accounts payable in 2018 = $1,641 + $6,640 =$8,281

Current assets in 2017 = Cash in 2017 + Accounts receivable in 2017 + Inventory in 2017 = $8,676 + $11,488 + $20,424 = $40,588

Current liabilities in 2017 = Short-term notes payable in 2017 + Accounts payable in 2017 = $1,674 + $6,269 =$7,943

Increase in net working capital = Net working capital in 2018 - Net working capital in 2017 = (Current assets in 2018 - Current liabilities in 2018) - (Current assets in 2017 - Current liabilities in 2017) = ($44,591 - $8,281) - ($40,588 - $7,943) = $3,665

Net capital spending = Net Fixed Assets in 2018 + Depreciation in 2018 - Net Fixed Assets in 2017 = $77,610 + $2,484 - $72,770 = $7,324

Cash flow from assets = Operating Cash Flows - Increase in net working capital - Net capital spending = $9,165.20 - $3,665 - $7,324 = -$1,823.80 =  -$1,824

Net new long-term debt = Long-term Debt in 2018 - Long-term Debt in 2017 = $35,229 - $29,060 = $6,169

Cash flow to creditors = Interest Expense - Net New Long-term Debt = $1,325 - $6,169 = -$4,844

Cash flow to stockholders = Cash Flow from Assets - Cash Flow to Creditors = -$1,823.80 - (-$4,844) = $3,020.20 = $3,020

The main reason the usefulness of Pareto optimal policies is limited as a policy guide is that: Question 2 options: it is too subjective. it is only objective, and good policy also requires a subjective element. real-world changes in which no one is harmed are rare or nonexistent. real-world changes in which more people are helped than are harmed are rare.

Answers

Answer:

real-world changes in which no one is harmed are rare or nonexistent.

Explanation:

Pareto optimality, also known as Pareto efficiency was named after Vilfredo Pareto and it refers to an economic system in which no additional changes can make a person better off without making at least one person worse off.

This ultimately implies that, when there's a maximum level of efficiency in the allocation of goods and resources in an economy and no further changes can be made without making at least one person worse off. Thus, it can only exist in theory but not in reality.

The main reason the usefulness of Pareto optimal policies is limited as a policy guide is that real-world changes in which no one is harmed are rare or nonexistent because the goods and resources cannot be reallocated.

LaBelle Corporation owns a $6 million whole life insurance policy on the life of its CEO, naming LaBelle as beneficiary. The annual premiums are $95,000 and are payable at the beginning of each year. The cash surrender value of the policy was $56,000 at the beginning of 2021. Required: 1. Prepare the appropriate 2021 journal entry to record insurance expense and the increase in the investment, assuming the cash surrender value of the policy increased according to the contract to $70,000. 2. The CEO died at the end of 2021. Prepare the appropriate journal entry.

Answers

Answer:

1. Dr Cash surrender 14,000

Dr Insurance exp 81,000

Cr Cash 95,000

2. Dr Cash 6,000,000

Cr Cash surrender 70,000

Cr Gain on life 5,930,000

Explanation:

1. Preparation of the appropriate 2021 journal entry to record insurance expense and the increase in the investment

Dr Cash surrender 14,000

(70,000-56,000)

Dr Insurance exp 81,000

(95,000-14,000)

Cr Cash 95,000

2. Preparation of the appropriate journal entry if The CEO died at the end of 2021.

Dr Cash 6,000,000

Cr Cash surrender 70,000

Cr Gain on life 5,930,000

(6,000,000-70,000)

Please help!
Note that common contexts are listed toward the top, and less common contexts are listed toward the bottom. According to O*NET, what are common work contexts for Film and Video Editors? Check all that apply.

(1) extremely bright or inadequate lighting
(2) spend time sitting
(3) exposed to disease or infections
(4) indoors, environmentally controlled
(5) face-to-face discussions
(6) deal with physically aggressive people

Answers

Answer:

BCD is wrong on Edge 2021.| The real Answer is BDE... (Edit)

Explanation:

Using resources from comments on the anwser above (or below) and the bad rating meant that is was wrong. And was also wrong for me.

The REAL ANWSER IS BDE..

Your welcome, have a nice day!

5/28/2021

A trial balance consists of:Multiple ChoiceA two-column financial statement intended for distribution to interested parties outside the business.A two-column schedule showing the totals of all debits and of all credits made in journal entries.A two-column schedule listing names and balances of all ledger accounts.A two-column schedule of all debit and credit entries posted to ledger accounts.

Answers

Answer:

A two-column schedule listing names and balances of all ledger accounts.

Explanation:

Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors.

Generally, financial statements are the formally written records of the business and financial activities of a business entity or organization.

There are four (4) main types of financial statements and these are;

1. Balance sheet: it contains financial information about assets, liability, and equity.

2. Cash flow statement: it contains financial information about operating, financial and investing activities.

3. Income statement: it contains financial information about the income and expenses of an organization.

4. Statement of changes in equity: it contains financial information about profits or loss, dividends, etc.

A trial balance consists of a two-column schedule listing names and balances of all ledger accounts.

Shao Airlines is considering the purchase of two alternative planes. Plane A has an expected life of 5 years, will cost $100 million, and will produce net cash flows of $28 million per year. Plane B has a life of 10 years, will cost $132 million, and will produce net cash flows of $27 million per year. Shao plans to serve the route for only 10 years. Inflation in operating costs, airplane costs, and fares are expected to be zero, and the company's cost of capital is 9%. By how much would the value of the company increase if it accepted the better project (plane)

Answers

Answer:

41.28 million

Explanation:

the net present value of the two alternatives needs to be determined. The appropriate alternative would be the plane with the higher NPV

Net present value is the present value of after-tax cash flows from an investment less the amount invested.  

NPV can be calculated using a financial calculator  

Alternative 1

Cash flow in year 0 = $-100 million

Cash flow each year from year 1 to 5 =  $28 million

I = 9%

NPV = $8.91 million

Alternative 2

Cash flow in year 0 = $-132 million

Cash flow each year from year 1 to 10 =  $27 million

I = 9%

NPV = $41.28 million

The second alternative has the higher NPV and it would increase the value of the company by $41.28 million if accepted

To find the NPV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

3. Press compute  

Waterway Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. WATERWAY RESORT TRIAL BALANCE AUGUST 31, 2020 Debit Credit Cash $25,300 Prepaid Insurance 10,200 Supplies 8,300 Land 28,000 Buildings 128,000 Equipment 24,000 Accounts Payable $10,200 Unearned Rent Revenue 10,300 Mortgage Payable 68,000 Common Stock 104,700 Retained Earnings 9,000 Dividends 5,000 Rent Revenue 84,200 Salaries and Wages Expense 44,800 Utilities Expenses 9,200 Maintenance and Repairs Expense 3,600 $286,400 $286,400 Other data: 1. The balance in prepaid insurance is a one-year premium paid on June 1, 2020. 2. An inventory count on August 31 shows $445 of supplies on hand. 3. Annual depreciation rates are (a) buildings (4%) (b) equipment (10%). Salvage value is estimated to be 10% of cost. 4. Unearned Rent Revenue of $4,172 was earned prior to August 31. 5. Salaries of $365 were unpaid at August 31. 6. Rentals of $843 were due from tenants at August 31. (Use Accounts Receivable account.) 7. The mortgage interest rate is 8% per year.

Answers

Question Completion:

Journalize the adjusting entries for the three months of 2020.

Answer:

Waterway Resort

Adjusting Journal Entries:

No. Date     Account Titles and Explanation     Debit       Credit

1.    Aug. 31 Insurance Expense                       $2,550

                  Prepaid Insurance                                            $2,550

To record insurance expense for the three months' period.

2.   Aug. 31 Supplies Expense                         $7,855

                  Supplies                                                           $7,855

To record supplies expense for the three months' period.

3.   Aug. 31 Depreciation Expense - Building $1,280

                  Accumulated Depreciation - Building           $1,280

To record depreciation expense for the three months' period.

3.   Aug. 31 Depreciation Expense-Equipment $540

                  Accumulated Depreciation - Equipment        $540

To record depreciation expense for the three months' period.

4.  Aug. 31 Unearned Rent Revenue              $4,172

                 Rent Revenue                                                $4,172

To record rent revenue earned.

5.  Aug. 31 Salaries Expense                            $365

                 Salaries Payable                                             $365

To record accrued salaries expense.

6.  Aug. 31 Accounts Receivable                     $843

                 Rent Revenue                                                $843

To record accounts receivable due.

7.  Aug. 31 Interest Expense                        $1,360

                 Interest Payable                                         $1,360

To record mortgage interest expense.

Explanation:

a) Data and Calculations:

WATERWAY RESORT TRIAL BALANCE AUGUST 31, 2020

                                                              Debit         Credit

Cash                                                   $25,300

Prepaid Insurance                                10,200

Supplies                                                 8,300

Land                                                    28,000

Buildings                                            128,000

Equipment                                          24,000

Accounts Payable                                                  $10,200

Unearned Rent Revenue                                        10,300

Mortgage Payable                                                  68,000

Common Stock                                                     104,700

Retained Earnings                                                   9,000

Dividends                                            5,000

Rent Revenue                                                       84,200

Salaries and Wages Expense          44,800

Utilities Expenses                              9,200

Maintenance and Repairs Expense 3,600

Totals                                          $286,400    $286,400

b) Adjusting transactions:

1. Insurance Expense $2,550 Prepaid Insurance $2,550 ($10,200 * 3/12)

2. Supplies Expense $7,855 Supplies $7,855 ($8,300 - $445)

3. Depreciation Expense - Building $1,280 Accumulated Depreciation - Building $1,280 ($128,000 * 4% * 3/12)

3. Depreciation Expense - Equipment $540 Accumulated Depreciation - Equipment $540 ($24,000 -$2,400 * 10% * 3/12)

4. Unearned Rent Revenue $4,172 Rent Revenue $4,172

5. Salaries Expense $365 Salaries Payable $365

6. Accounts Receivable $843 Rent Revenue $843

7. Interest Expense $1,360 Interest Payable $1,360 ($68,000 * 8% * 3/12)

A municipal bond has yield to maturity of 4.83 percent. An investor with a marginal tax rate of 35 percent is indifferent between this municipal bond and an otherwise identical taxable corporate bond. What is the yield to maturity of the corporate bond

Answers

Answer: 7.43%

Explanation:

The yield to maturity simply refers to the total return that is expected on a bond as long as the bond is held till it matures.

In this case, since the investor is indifferent between this municipal bond and an otherwise identical taxable corporate bond, the yield to maturity of the corporate bond will be:

4.83% = Corporate bond YTM × ( 1- 35%)

4.83% = Corporate bond YTM × 65%

Corporate bond YTM = 4.83% / 65%

Corporate bond YTM = 0.0483/0.65

Corporate bond YTM = 7.43%

The yield to maturity of the corporate bond is 7.43%

On January 1, a company issues bonds dated January 1 with a par value of $230,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 6% and the bonds are sold for $239,811. The journal entry to record the issuance of the bond is:

Answers

Answer:

Debit : Cash $239,811

Credit : Bonds Payable $239,811

Explanation:

Step 1

First, lets determine the price of Bonds at issuance date (1 January). This is because Bonds are issued at their Issue Price not Par Value.

The Price of the Bond is its present value (PV) and this is calculated as :

FV =  $230,000

PMT = ($230,000 x 7 %) ÷ 2 = $8,050

N =  5 x 2 = 10

P/YR = 2

R = 6%

PV =  ?

Thus, the Present Value (PV) of the Bonds is $239,811.

Step 2

The journal entry to record the issuance of the bond is:

Debit : Cash $239,811

Credit : Bonds Payable $239,811

Swifty Hardware reported cost of goods sold as follows. 2022 2021 Beginning inventory $ 31,000 $ 21,500 Cost of goods purchased 203,500 153,000 Cost of goods available for sale 234,500 174,500 Less: Ending inventory 35,000 31,000 Cost of goods sold $199,500 $143,500 Swifty made two errors: 1. 2021 ending inventory was overstated by $3,600. 2. 2022 ending inventory was understated by $6,550. Compute the correct cost of goods sold for each year. 2022 2021 Cost of goods sold

Answers

Answer:

See below

Explanation:

1. Correct amount of cost of goods sold 2022

= beginning inventory + cost of goods purchased - correct ending inventory

= $31,000 + $203,500 - ($35,000 - $6,550)

= $234,500 - $28,450

= $206,050

2.Correct amount of cost of goods sold 2021

= $21,500 + $153,000 - ($31,000 - $3,600)

= $139,900

Brian has a job. The first place he should look for health care coverage is because the costs will probably be the for the generous terms and coverage. Darnell does not have a job. He is a member of the alumni association of his alma mater. Darnell will probably find better coverage for a lower cost through plans offered by because plans spread the costs and risks among more people than plans do. To begin their research, Brian and Darnell should look at in order to .

Answers

Answer:

the company he works for
lowest
most
his alumni association
group
individual
indemnity and managed care plans
be thorough

Explanation:

Shen has a job. The first place he should look for health care coverage is his employer because the costs will probably be the most affordable for the generous terms and coverage. Yakov does not have a job. He is a member of the alumni association of his alma mater. Yakov will probably find better coverage for a lower cost through plans offered by health insurance exchanges because these plans spread the costs and risks among more people than individual plans do. To begin their research, Shen and Yakov should look at the websites of health insurance providers in order to compare different plans, costs, and coverage options.

In their pursuit of health care coverage, Shen and Yakov have distinct options based on their employment status. With a job, Shen's best initial choice lies with his employer-provided health insurance, likely offering affordable premiums and comprehensive coverage. Conversely, Yakov's absence of employment leads him to explore health insurance exchanges

As an alumnus, he may access plans with better coverage at lower costs since these plans distribute expenses and risks across a larger pool of individuals. Both should commence their research by reviewing the official websites of local health insurance providers, where they can compare various plans to make informed decisions that align with their specific needs and financial capabilities.

To know more about health insurance, click here.

https://brainly.com/question/28590419

#SPJ2

------------The given question is incomplete, the complete question is:

"FILL IN THE BLANK WITH THE CORRECT WORDS:

Shen has a job. The first place he should look for health care coverage is _____ because the costs will probably be the ______ for the generous terms and coverage. Yakov does not have a job. He is a member of the alumni association of his alma mater. Yakov will probably find better coverage for a lower cost through plans offered by ________ because ________ plans spread the costs and risks among more people than _______ plans do. To begin their research, Shen and Yakov should look at _______ in order to _____________."---------------

On April 1, Griffith Publishing Company received $2,628 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. The subscriptions started immediately. What is the amount of revenue that should be recorded by Griffith Publishing Company for the first year of the subscription assuming the company uses a calendar-year reporting period

Answers

Answer:

Year 1 $657

Year 2 $876

Year 3 $876

Year 4 $219

Explanation:

Calculation to determine the amount of revenue that should be recorded by Griffith Publishing Company for the first year of the subscription assuming the company uses a calendar reporting period

First step is to calculate the amount of revenue per month

Revenue per month=$657. ($2,628/36)=

Revenue per month= $73 per month

Now let calculate amount of revenue that should be recorded by Griffith Publishing Company for the first year of the subscription

Year 1= $73 * 9

Year 1 = $657

Year 2 =$73 * 12

Year 2= $876

Year 3= $73 * 12

Year 3= $876

Year 4= $73 * 3

Year 4 = $219

Therefore amount of revenue that should be recorded by Griffith Publishing Company for the first year of the subscription are:

Year 1 $657

Year 2 $876

Year 3 $876

Year 4 $219

Bakery A sells bread for $2 per loaf that costs $0.50 per loaf to make. Bakery A gives an 80% discount for its bread at the end of the day. Demand for the bread is normally distributed with a mean of 300 and a standard deviation of 30. What order quantity maximizes expected profit for Bakery A

Answers

Answer:

324

Explanation:

Calculation to determine What order quantity maximizes expected profit for Bakery A

First step is for the Salvage value

Salvage value = $2 × (1 - 80%)

Salvage value= $0.40

Second step is to calculate the Overage cost

Overage cost = $0.50 - $0.40

Overage cost = $0.10

Second step is to calculate the Underage cost

Underage cost = $2 - $0.50

Underage cost = $1.50

Third step is to calculate the The critical ratio

The critical ratio = 1.5/(1.5 + 0.4) = 0.79. z = 0.8

Now let calculate the Order quantity

Order quantity = 300 + (0.8× 30)

Order quantity= 324

Therefore the order quantity maximizes expected profit for Bakery A is 324

A good economic theory is best described as one that:: A. Is true. B. Realistically depicts the real world economists are trying to model; C. Allows economists to understand the real world, predict events in the real world, and to guide policy; D. Incorporates all aspects of the real world into the model; E. Most economists have confidence in;

Answers

Answer:

b.

Explanation:

thats my answer my module

Pharoah Corporation factors $251,700 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2020. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. (b) Assume that the conditions are met for a transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2020, for Pharoah to record the sale of receivables, assuming the recourse obligation has a fair value of $5,010. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Answers

Answer:

Cash received (251,700*94%)             $236,598

Add: Due from factor (251,700*4%)    $10,068

Less: Recourse obligation                   $5,010    

Net proceeds                                        $241,656

Gain/Loss = Carrying value - Net proceeds

Gain = $251,700 - $241,656

Gain = $10,044

                                Journal entry

Date                 Account Titles                        Debit         Credit

Aug 15,2020    Cash                                      $236,588

                        Due from factors                   $10,068

                        Gain on sale of receivables  $10,044

                                Recourse liability                              $5,010

                                Account receivable                          $251,700

In which one of the following instances is the rivalry among competing sellers generally
weaker?
When the industry's product is costly to hold in inventory, perishable, or seasonal
o When one or more rivals are dissatisfied with their business performance and are making
aggressive moves to attract more customers
When there are so many rivals that any one company's actions have little direct impact on
the businesses of rivals
when rivals have dissimilar costs and dissimilar industry outlooks
When competing sellers are active in making fresh moves to improve their market standing
and business performance
Copying, redistributing, or website posting is expressly prohibited and constituto copyright violation
Version 1070576 * Copyright 2021 by lo-Bus Software, ine
Next
End Quta
< Previous

Answers

Answer:

I'd say when there are so many rivals that one company's action have little direct impact on the businesses of rivals

define mortgage- backed securities.​

Answers

Answer: Mortgage interest is a loan.

Explanation:

Mortgage-backed securities, called MBS, are bonds secured by home and other real estate loans. They are created when a number of these loans, usually with similar characteristics, are pooled together.

During April, the first production department of a process manufacturing system completed its work on 330,000 units of a product and transferred them to the next department. Of these transferred units, 66,000 were in process in the production department at the beginning of April and 264,000 were started and completed in April. April's beginning inventory units were 65% complete with respect to materials and 35% complete with respect to conversion. At the end of April, 88,000 additional units were in process in the production department and were 80% complete with respect to materials and 30% complete with respect to conversion.
Weighted average: Costs assigned to output and inventories LO C2
The production department had $918,775 of direct materials and $723,261 of conversion costs charged to it during April. Also, its beginning inventory of $185,284 consists of $142,285 of direct materials cost and $42,999 of conversion costs.
1&2. Using the weighted-average method, compute the direct materials cost and the conversion cost per equivalent unit and assign April's costs to the department’s output.

Answers

Answer:

total units completed = 330,000

beginning WIP = 66,000

ending WIP = 88,000

total EUP conversion costs = 330,000 + (88,000 x 30%) = 356,400

total EUP materials = 330,000 + (88,000 x 80%) = 400,400

total conversion costs = $723,261 + $42,999 = $766,260

total materials costs = $918,775 + $142,285 = $1,061,060

conversion cost per EUP = $766,260 / 356,400 = $2.15

materials cost per EUP = $1,061,060 / 400,400 = $2.65

Why does the quantity a supplier is willing to give go up when the price goes up

Answers

Because of supply and demand. More demand for a product makes the price go and and the supplier gives more because they get more
Supply and demand it’s simple
Other Questions
Which Pose is a Back Bending Pose? *Tree poseCat poseTriangle poseCorpse pose 4 pairs of shoes cost $80. What is the cost of 7 pairs of shoes??? someone help WHICH IS AN IRRATIONAL NUMBER?BRAINLYIST!! Rolling 1 on a regular number cube 5 times in a row 5. Andrew Jackson served____He is the countrys____president terms as President of the United States.. SOMEBODY HELP PLEASEEE I DONT KNOW WHY THIS IS SUPPOSED TO BE 20+ CHARACTERS LONG BUT HERE IT IS Sharon was born in Georgia and is 20 years old. She currently lives in Alabama, but plans on moving back to Georgia soon. She has never committed a crime. If she tries to register to vote for an upcoming election in Georgia, what will be the outcome? I need pointers on writing a 250 word essay on the milestone :1784-1800 Constitutional Convention and ratification, 1787-1789 Which of these statements is false?An opera is presented in a concert format without the use of costumes, stage, or scenery.Operas are dramas that are set to music.Operas feature both vocal and instrumental music. Greek & Latin VocabularyCircle the common roots.manualmanuscriptmanufacturemanicureWhat does the root mean? (PLEASE HELP) What is the value of x?Enter your answer in the box.x = Explain why it is important to write equivalent fractions before remaining. The Venn diagram shows the number of elements in each set.Find n (P'ng Any help anyone? Running out of time solve the system of equations by graphing then write the solution y=2x -6 HELP I HAVE 10 MINUTES TO FINISH ILL GIVE 40 POINTSSSS Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $39,000 and $54,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. (Round your answers up to the nearest whole number.) What is the planning value for the population standard deviation Which line has the steepest slope? What would the value of y equal, if x = -2 for Line AA) Line A; y = 7B) Line A; y = 19C) Line B; y = 7D) Line B; y = 19E) Not Given can some one give me a medium paragraph on why college should be free A questionnaire is developed to assess women's and men's attitudes toward using animals in research. One question asks whether animal research is wrong and is answered on a 7-point scale. Assume that in the population, the mean for women is 5, the mean for men is 4, and the standard deviation for both groups is 1.5. Assume the scores are normally distributed. If 12 women and 12 men are selected randomly, what is the probability that the mean of the women will be more than 1.5 points higher than the mean of the men what does a cow use to cut the grass?