Which is correct? I need help please!!

Which Is Correct? I Need Help Please!!

Answers

Answer 1
the answer is hold team members accountable for the team’s performance.

Related Questions

old Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales.



The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $330,000 of manufacturing overhead for an estimated activity level of $200,000 direct labor dollars. At the beginning of the year, the inventory balances were as follows:




Raw materials $ 25,000
Work in process $ 10,000
Finished goods $ 40,000


During the year, the following transactions were completed:



Raw materials purchased on account, $275,000.
Raw materials used in production, $280,000 (materials costing $220,000 were charged directly to jobs; the remaining materials were indirect).
Costs for employee services were incurred as follows:



Direct labor $ 180,000
Indirect labor $ 72,000
Sales commissions $ 63,000
Administrative salaries $ 90,000


Rent for the year was $18,000 ($13,000 of this amount related to factory operations, and the remainder related to selling and administrative activities).
Utility costs incurred in the factory, $57,000.
Advertising costs incurred, $140,000.
Depreciation recorded on equipment, $100,000. ($88,000 of this amount related to equipment used in factory operations; the remaining $12,000 related to equipment used in selling and administrative activities.)
Manufacturing overhead cost was applied to jobs, $ ? .
Goods that had cost $675,000 to manufacture according to their job cost sheets were completed.
Sales for the year (all paid in cash) totaled $1,250,000. The total cost to manufacture these goods according to their job cost sheets was $700,000.


Required:

1. Prepare journal entries to record the transactions for the year.

2. Prepare T-accounts for each inventory account, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don’t forget to enter the beginning balances in your inventory accounts).

3A. Is Manufacturing Overhead underapplied or overapplied for the year?

3B. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.

4. Prepare an income statement for the year. (All of the information needed for the income statement is available in the journal entries and T-accounts you have prepared.)

Answers

Answer:

Req 1:

No Transaction General Journal Debit     Credit

1  a. Raw materials               275,000  

                   Accounts payable                     275,000

2 b. Work in process                220,000  

               Manufacturing overhead  60,000  

                   Raw materials                             280,000

3 c.  Work in process                 180,000  

            Manufacturing overhead         72,000  

         Sales commisions expense 63,000  

          Admin salaries expense         90,000  

                Salaries and wages payable    405,000

4 d. Manufacturing overhead 13,000  

               Rent expense                         5,000  

                     Accounts payable                      18,000

5 e. Manufacturing overhead 57,000  

                      Accounts payable                    57,000

6 f. Advertising expense    140,000  

                      Accounts payable                     140,000

7 g. Manufacturing overhead 88,000  

               Depreciation expense          12,000  

                       Accumulated depreciation      100,000

8 h. Work in process            297,000  

                       Manufacturing overhead      297,000

9 i. Finished goods             675,000  

                          Work in process                      675,000

10 j(1).   Cash                             1,250,000  

                      Sales                                      1,250,000

11 j(2). Cost of goods sold      700,000  

                      Finished goods                        700,000

Req 2: Screenshot Attached

Req 3A:

Manufacturing Overhead is Overapplied

Req 3B:

                 Manufacturing Overhead      7,000

                     Cost of Goods Sold                           7,000

Req 4: Screenshot Attached  

Assume Bank XYZ has 3 assets and 4 liabilities, with the following information: Assets Liabilities yield dollar value cost dollar value 5% 1,000 0% 3,000 10% 4,000 2% 1,000 20% 2,000 4% 1,000 6% 1,000 We also know the noninterest income is 1,000, the noninterest expense 1,200, the provision for loan losses 50, the realized securities gains and losses 40, and the tax 20. What is the net income of Bank XYZ

Answers

Answer:

The answer is "$500".

Explanation:

Calculating the total Interest Income:

[tex]= \$( 5\% \times 1000+10\% \times 4000+20\% \times 2000)\\\\= \$( \frac{5}{100} \times 1000+ \frac{10}{100} \times 4000+ \frac{20}{100} \times 2000)\\\\=\$ (50+400+400) \\\\ =\$ 850[/tex]

Profits of non-interest=$1000

Earnings and losses for shares = $40

For point 1:

The formula for Total Revenue: [tex]= \text{Total Interest Income}+ \text{Non Interest Income} + \text{Realized Securities gains and losses} \\[/tex]

[tex]= \$(850+1000+40) \\\\ = \$ 1890[/tex]

For point 2:

The formula for total Expenditure: [tex]\text{(Interest Expense+Non interest expense+Provision for losses+Taxes)}[/tex]

[tex]\text{Interest expense}= \$( 2 \% \times 1000+4\% \times 1000+6\% \times 1000)[/tex]

                          [tex]= \$( \frac{2}{100} \times 1000+ \frac{4}{100} \times 1000+ \frac{6}{100} \times 1000) \\\\= \$ (20+40+60)\\\\ =\$ 120[/tex]

Expenditure for non-interest=$1200

Loan and damage provisions = $50

Tax = $20

Complete Expenditures[tex]= \$(120+1200+50+20) = \$ 1390[/tex]

Therefore,[tex]\text{net sales = (Total Revenue-Total Expenditure)}[/tex]

                               [tex]=\$(1890-1390) \\\\ = \$ 500[/tex]  

Jose purchased a delivery van for his business through an online auction. His winning bid for the van was $25,250. In addition, Jose incurred the following expenses before using the van: shipping costs of $1,270; paint to match the other fleet vehicles at a cost of $1,440; registration costs of $2,970, which included $2,750 of sales tax and an annual registration fee of $220; wash and detailing for $121; and an engine tune-up for $327.

Required:
What is Joseâs cost basis for the delivery van?

Answers

Answer:

$30,710

Explanation:

Calculation for Jose cost basis for the delivery van

Van Winning bid $25,250

Add Shipping costs of $1,270

Add Paint to match the other fleet vehicles $1,440

Add Sales tax $2,750

Basis for the delivery van $30,710

($25,250 + $1,270 + $1,440 + $2,750 )

Therefore Jose cost basis for the delivery van was $30,710

Santa Fe Corporation manufactured inventory in the United States and sold the inventory to customers in Mexico. Gross profit from the sale of the inventory was $247,000. Title to the inventory passed FOB: shipping point. How much of the gross profit is treated as foreign source income for purposes of computing the corporation's foreign tax credit in the current year

Answers

Answer: $0

Explanation:

FOB Shipping point means that the title passes to the buyers at the shipping point which in this case is the United States, the sale can be said to have occurred in the United States.

There will therefore be no foreign trade tax credit because the income from this transaction will be treated as having been earned in the United States (U.S. source income).

Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither.Statement Consumer Surplus Producer Surplus Neither
I sold a jersey sweater for $25, even though I was willing to go as low as $20 in order to sell it.
Even though I was willing to pay up to $32 for a used laptop and even though the seller was willing to go as low as $27 in order to sell it, we couldn't reach a deal because the government imposed a price ceiling of $17 on the sale of laptops.
Even though I was willing to pay up to $48 for a used textbook, I bought a used textbook for only $39.

Answers

Answer:

I sold a jersey sweater for $25, even though I was willing to go as low as $20 in order to sell it.

Supplier surplus. Supplier surplus = price of the good - lowest price a producer is willing to accept for the good = $25 - $20 = $5

Even though I was willing to pay up to $32 for a used laptop and even though the seller was willing to go as low as $27 in order to sell it, we couldn't reach a deal because the government imposed a price ceiling of $17 on the sale of laptops.

Neither, since no transaction was made.

Even though I was willing to pay up to $48 for a used textbook, I bought a used textbook for only $39.

Consumer surplus. Consumer surplus = maximum price a consumer is willing to pay for a good - actual price of the good = $48 - $39 = $9

Cogswell Printers purchased a four year insurance policy on May 1, Year 2 for $12,000,effective immediately. The company expensed the full cost of the policy in Year 2. Theadjusting journal entry required at December 31, Year 2 will include a:________

a. Credit to prepaid insurance of $9,000
b. Debit to insurance expense of $3,000
c. Credit to insurance expense of $2,000
d. Debit to prepaid insurance of $10,000
e. None of the above

Answers

Answer:

d. Debit to prepaid insurance of $10,000

Explanation:

The company has paid for insurance that covers a period of 4-year, hence, based on the matching concept it is expected that the insurance cost would be expensed over 4 years as well.

However, the company has debited the whole $12,000 to insurance expense in year 1, hence, we need to adjust for the remaining cost of insurance for the future period.

Insurance expense for  the 8-month period(May-Dec)=$12,000*8/48=$2000

Note there are 48 months in 4 years

balance of insurance paid=$12,000-$2,000=$10,000

The $10,000 would be credited to insurance in order to reduce the insurance recognized earlier as $12,000 to only $2,000 while prepaid insurance is debited with $10,000

Suppose that the total revenue received by a company selling basketballs is $600 when the price is set at $60 per basketball and $600 when the price is set at $40 per basketball. Without using the midpoint formula, identify whether demand is elastic, inelastic, or unit-elastic over this price range.

Answers

Answer:

Unit elastic

Explanation:

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

Price elasticity of demand = percentage change in quantity demanded / percentage change in price

If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.  

Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one

Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded. Demand is unit elastic if total revenue remains the same over different prices

Presented below are various account balances of K.D. Lang Inc.

a. Unamortized premium on bonds payable, of which $3,000 will be amortized during the next year.
b. Bank loans payable of a winery, due March 10, 2024. (The product requires aging for 5 years before sale.)
c. Serial bonds payable, $1,000,000, of which $200,000 are due each July 31.
d. Amounts withheld from employees' wages for income taxes.
e. Notes payable due January 15, 2023.
f. Credit balances in customers' accounts arising from returns and allowances after collection in full of account.
g. Bonds payable of $2,000,000 maturing June 30, 2021.
h. Overdraft of $1,000 in a bank account. (No other balances are carried at this bank.)
i. Deposits made by customers who have ordered goods.

Required:
Indicate whether each of the items above should be classified on December 31, 2024, as a current liability, a long-term liability, or under some other classification.

Answers

Answer:

a. Unamortized premium on bonds payable, of which $3,000 will be amortized during the next year.

Indication: Unamortized premium is a contra liability account and amortization is an expense account

b. Bank loans payable of a winery, due March 10, 2024. (The product requires aging for 5 years before sale.)

Indication: Long Term Liability

c. Serial bonds payable, $1,000,000, of which $200,000 are due each July 31.

Indication: 800000, Long term liability and 200000 current liability

d. Amounts withheld from employees' wages for income taxes.

Indication: Current Liability

e. Notes payable due January 15, 2023.

Indication: Long Term Liability

f. Credit balances in customers' accounts arising from returns and allowances after collection in full of account.

Indication: Account Receivable i

g. Bonds payable of $2,000,000 maturing June 30, 2021.

Indication: Current Liability

h. Overdraft of $1,000 in a bank account. (No other balances are carried at this bank.

Indication: Current Liability

i. Deposits made by customers who have ordered goods.

Indication: Current Liability

Identify which accounts should be closed on May 31.

Cash

Not Closed
Closed
Supplies

Closed
Not Closed
Prepaid Insurance

Not Closed
Closed
Land

Closed
Not Closed
Buildings

Not Closed
Closed
Equipment

Not Closed
Closed
Accounts Payable

Closed
Not Closed
Unearned Rent Revenue

Not Closed
Closed
Mortgage Payable

Closed
Not Closed
Common Stock

Not Closed
Closed
Rent Revenue

Not Closed
Closed
Salaries and Wages Expense

Closed
Not Closed
Utilities Expense

Not Closed
Closed
Advertising Expense

Not Closed
Closed
Interest Expense

Not Closed
Closed
Insurance Expense

Not Closed
Closed
Supplies Expense

Not Closed
Closed
Depreciation Expense

Closed
Not Closed

Answers

Answer:

Cash   ___________________ Not Closed

Supplies _________________Not Closed

Prepaid Insurance _________ Not Closed

Land  ___________________Not Closed  

Buildings ________________Not Closed

Equipment _______________Not Closed

Accounts Payable _________ Not Closed

Unearned Rent Revenue ____Not Closed

Mortgage Payable _________Not Closed

Common Stock ___________Not Closed

Rent Revenue ____________Closed

Salaries and Wages Expense_Closed

Utilities Expense __________ Closed

Advertising Expense _______ Closed

Interest Expense __________ Closed

Insurance Expense _________Closed

Supplies Expense __________Closed

Depreciation Expense _______Closed  

Explanation:

In accounting, there are two types of accounts

TemporaryPermanent

Temporary

Temporary accounts are closed at the end of each accounting period and new balance are maintained for the new period.

Expense and Income accounts are temporary accounts and these accounts are closed in the retained earning account of the balance share.

In this question following accounts are temporary accounts and these are needed to be closed at the end of the period.

Rent Revenue  

Salaries and Wages Expense

Utilities Expense  

Advertising Expense

Interest Expense

Insurance Expense

Supplies Expense  

Depreciation Expense

Permanent Accounts

Permanent accounts are not closed at the end of each accounting period and they carried their net and accumulated balance in the next period.

Assets, Equity, and Liabilities accounts are permanent accounts.

In this question following accounts are permanent accounts

Cash    

Supplies  

Prepaid Insurance  

Land

Buildings  

Equipment  

Accounts Payable  

Unearned Rent Revenue  

Mortgage Payable  

Common Stock  

Cash ___________________ Not Closed

Supplies _________________Not Closed

Prepaid Insurance _________ Not Closed

Land ___________________Not Closed

Buildings ________________Not Closed

Equipment _______________Not Closed

Accounts Payable _________ Not Closed

Unearned Rent Revenue ____Not Closed

Mortgage Payable _________Not Closed

Common Stock ___________Not Closed

Rent Revenue ____________Closed

Salaries and Wages Expense_Closed

Utilities Expense __________ Closed

Advertising Expense _______ Closed

Interest Expense __________ Closed

Insurance Expense _________Closed

Supplies Expense __________Closed

Depreciation Expense _______Closed

Explanation:

In accounting, there are two types of accounts

Temporary

Permanent

Temporary

Temporary accounts are closed at the end of each accounting period and new balance are maintained for the new period.

Expense and Income accounts are temporary accounts and these accounts are closed in the retained earning account of the balance share.

In this question following accounts are temporary accounts and these are needed to be closed at the end of the period.

Rent Revenue

Salaries and Wages Expense

Utilities Expense

Advertising Expense

Interest Expense

Insurance Expense

Supplies Expense

Depreciation Expense

Permanent Accounts

Permanent accounts are not closed at the end of each accounting period and they carried their net and accumulated balance in the next period.

Assets, Equity, and Liabilities accounts are permanent accounts.

In this question following accounts are permanent accounts

Cash

Supplies

Prepaid Insurance

Land

Buildings

Equipment

Accounts Payable

Unearned Rent Revenue

Mortgage Payable

Common Stock

Discuss some of the program’s challenges.
https://www.pbs.org/video/need-know-financial-literacy/

Answers

Answer:

okay aph development continues with an expression of the rationale or the explanation that the writer gives for how the reader should interpret the information presented in the idea statement or topic sentence of the paragraph. The writer explains his/her thinking about the main topic, idea, or focus of the paragrap

Explanation:

Question 6 of 10
Match each company, organization, or agency with the correct label.
Consumer
Reports
?
consumer advocacy
publication
Federal Trade
Commission
(FTC)
?
consumer protection
agency
Food and Drug
Administration
(FDA)
?
competition regulator

Answers

Answer:

I. Consumer Reports: consumer advocacy publication.

II. Federal Trade Commission (FTC): competition regulator.

III. Food and Drug Administration (FDA): consumer protection agency.

Explanation:

I. Consumer Reports: consumer advocacy publication. It is a non-profit organization in the United States of America saddled with the responsibility of consumer advocacy, investigative journalism, product testing and the enlightening of the general public.

II. Federal Trade Commission (FTC): competition regulator. It is an agency of the government of the United States of America saddled with the responsibility of promoting consumer protection and the enforcement of all civil antitrust laws.

III. Food and Drug Administration (FDA): consumer protection agency. It is a federal agency of the government of the United States of America saddled with the responsibility of protecting the consumers of edible products and public health safety.

if china has china business is china china or just china
who will wim trump or bid en³³³³³³³³³³³³³³³³³³³³³³³³∉∉∉∉∉∉∉∉∉∉∉

Answers

Answer:bid

Explanation:

Answer:

biden is a china puppet aka he is being controlled by china

Explanation:

For each of the following, compute the future value: (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Present Value Years Interest Rate Future Value $ 1,800 10 14 % $ 7,852 8 8 67,355 15 13 174,796 6 5

Answers

Answer:

$6673

$14,533.50

$421,256.38

$234,243.36

Explanation:

The formula for determining future value is :

The formula for calculating future value:

FV = P (1 + r)^n

FV = Future value  

P = Present value  

R = interest rate  

N = number of years

$1,800 x (1.14)^10 = $6673

$7,852 x (1.08)^8 = $14,533.50

$67,355 x (1.13)^15 = $421,256.38

$174,796 x (1.05)^6 = $234,243.36

A company purchased $2,000 of merchandise on July 5 with terms 1/10, n/30. On July 7, it returned $220 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals:

Answers

Answer:

$1,762.2

Explanation:

Calculation for what The amount of the cash paid on July 8 equals:

Cash Paid = ($2,000 - $220) * (199%-1%)

Cash Paid = ($2,000 - $220) * 0.99

Cash Paid = ($1,780*0.99)

Cash Paid = $1,762.2

Therefore The amount of the cash paid on July 8 equals:$1,762.2

Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March:

Mar.
1 Materials purchased on account, $770,000.
2 Materials requisitioned, $680,000, of which $75,800 was for general factory use.
31 Factory labor used, $756,000, of which $182,000 was indirect.
31 Other costs incurred on account for factory overhead, $245,000; selling expenses, $171,500; and administrative expenses, $110,600.
31 Prepaid expenses expired for factory overhead were $24,500; for selling expenses, $28,420; and for administrative expenses, $16,660.
31 Depreciation of factory equipment was $49,500; of office equipment, $61,800; and of office building, $14,900.
31 Factory overhead costs applied to jobs, $568,500.
31 Jobs completed, $1,500,000.
31 Cost of goods sold, $1,375,000.

Required:
Journalize the entries to record the summarized operations.

Answers

Answer:

See the journal entries below.

Explanation:

The journal entries will look as follows:

Date      Account Title                           Debit ($)           Credit ($)        

Mar. 1     Materials                                    770,000

              Accounts payable                                             770,000

             (To record materials purchased on account.)                            

Mar. 2    Factory Overhead                        75,800

              Work in process                         604,200

                Materials                                                           680,000

              (To record materials requisition.)                                                

Mar. 31  Factory Overhead                        182,000

             Work in process                           574,000

               Wages payable                                                 756,000

              (To record materials wages payable.)                                        

Mar. 31  Factory Overhead                       245,000

             Selling expenses                           171,500

             Administrative expenses             110,600

                Accounts payable                                              527,500

              (To record other costs incurred on account.)                              

Mar. 31  Factory Overhead                          24,500

             Selling expenses                            28,420

             Administrative expenses                16,660

                Accounts payable                                               69,580

              (To record prepaid expenses expired.)                                      

Mar. 31  Depreciation expenses                 126,200

               Accumulated dep. - Equp. & Buil.                      126,200

              (To record depreciation expenses for equipment and building.) 

Mar. 31    Work in process                           568,500

                 Factory Overhead                                             568,500

              (To record factory overhead costs applied.)                                  

Mar. 31   Finished goods                           1,500,000

                 Work in process                                              1,500,000

              (To record jobs completed.)                                                           

Mar. 31   Cost of goods sold                     1,375,000

                 Finished goods                                               1,375,000

              (To record cost of goods sold.)                                                       

Which of the following scenarios illustrates the law of demand?
A. A research company finds that the more expensive a particular brand of a designer handbag, the more that consumers are willing to purchase the brand.
B. Kathleen eats more steak when the price is low, and less when the price is high.
C. Francis does not care about the price of coffee at the coffee shop – he must buy two cappuccinos every day, regardless of the price.
D. John likes to drink spring water. At $2 he buys four bottles of water, and at $1.50 he still buys four bottles of water.

Answers

Answer:

Option B is correct.

Explanation:

In order to answer this question correctly, we first need to understand the law of demands.

Law of demands: It says that the relationship of price and quantity demanded is inversely proportional. It means if the price of a particular product goes high, then the quantity of demand will be reduced. Similarly, if the price of the product is low then the quantity of demanded will be higher.

Here,

Option B is the most relevant to the Law of Demand which says that Kathleen eats more steak when the price is low. It means when the price is low, the quantity of steak demanded is higher in Kathleen's case. Furthermore, Kathleen eats less when the price is high. It means, when the price of steak is higher then the quantity of steak demanded from Kathleen is low.

Hence, Option B is the correct option which fulfills the law of demand.

On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses.

Service revenue $75,500 Rent expense 18,800
Postage expense 1,550 Salaries expense 23,000
Legal fees expense 2,500 Supplies expense 18,000

In addition, the balance of common stock at the beginning of the year was $170,000, and the balance of retained earnings was $34,000. During the year, the company issued additional shares of common stock for $28,000 and paid dividends of $18,000.

Required:
a. Prepare an income statement.
b. Prepare a statement of stockholders' equity.

Answers

Answer and Explanation:

The preparation is presented below:

a. Income statement

Service revenue $75,500

Less expenses

Rent expense $18,800

Postage expense $1,550

Salaries expense $23,000

Legal fees expense $2,500

Supplies expense $18,000

Net income $11,650

b.  statement of stockholders' equity

Common stock ($170,000 + $28,000) $198,000

Add: retained earnings ($34,000 + $11,650 - $18,000) $27,650

Stockholder equity $225,650

19. In its accrual basis income statement for the year ended December 31, 2012, Nelson Company reported revenue of $3,500,000. Additional information is as follows: Accounts receivable-- Beg.

December 31, 2011 ............... $ 750,000

Net income for 2012 .................................. 140,000

Accounts receivable--End. December 31, 2012 ............... 1,010,000

Nelson should report cash collected from customers in its 2012 statement of cash flows (direct method) in the amount of

a. $3,240,000.

b. $3,100,000.

c. $3,380,000.

d. $3,760,000.

____ 20. Stiggins Corporation had the following account balances for 2012: December 31 January 1

Accounts Payable ...................... $67,200 $58,200

Prepaid Rent Expense .................. 24,600 37,200

Accounts Receivable (net) ............. 84,000 66,600

Stiggins' 2012 net income is $450,000. What amount should Stiggins include as net cash provided by operating activities in its 2012 statement of cash flows?

a. $436,200

b. $445,200

c. $453,600

d. $454,200

Answers

Answer:

a. $3,240,000.

b. $445,200

Explanation:

1. Particulars                                    Amount

Beginning account receivable      $750,000

Add: Revenue                                $3,500,000

Less: Ending account receivable $1,010,000

Cash collected from customer    $3,240,000

2.  Particulars                                                      Amount

Net income                                                         $450,000

Adjustment to reconcile net income

Increase account payable                 $9,000

Decrease prepaid rent expenses      $12,600

Increase account receivable              $17,400   $4,200

Net cash provided by operating activities      $454,200

You've decided to buy a house that is valued at $1 million. You have $350,000 to use as a down payment on the house, and want to take out a mortgage for the remainder of the purchase price. Your bank has approved your nterest rate (called the $650,000 mortgage, and is offering a standard 30-year mortgage at a 10% fixed nomina loan's annual percentage rate or APR). Under this loan proposal, your mortgage payment will be ___________per month.
a. $7,700.43
b. 7130.03
c. 8841.23
d. 5704.02

Answers

Answer:

d. 5704.02

Explanation:

Nper = 30*12 = 360

Rate = 10%/12 = 0.008333

PV = 650,000

Using the MS Excel function:

Monthly payment = PMT(RATE, NPER, -PV)

Monthly payment = PMT(10%/12, 360, -650000)

Monthly payment = $5,704.02

Sagon Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of September. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $97,000 and the total of the credits to the account was $67,000. Which of the following statements is true?
A. Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $75,000.
B. Actual manufacturing overhead incurred during the month was $56,000.
C. Manufacturing overhead applied to Work in Process for the month was $75,000.
D. Manufacturing overhead for the month was underapplied by $19,000.

Answers

Answer:

Manufacturing overhead for the month was underapplied by $30,000.

Explanation:

Since it is given that

The debit to the manufacturing overhead is $97,000

And, the total credit is $67,000

So, the remaining amount would be

= $97,000 - $67,000

= $30,000

This $30,000 represent the underapplied overhead

This is the correct answer but the same is not provided in the given options

The total amount of depreciation recorded against an asset over the entire time the asset has been owned: Multiple Choice Is shown on the income statement of the final period. Is referred to as an accrued asset. Is only recorded when the asset is disposed of. Is referred to as depreciation expense. Is referred to as accumulated depreciation.

Answers

Answer:

Is referred to as accumulated depreciation.

Explanation:

Depreciation can be defined as the reduction of cost of a fixed asset systematically until the value of the asset becomes zero.

The Modified Accelerated Cost Recovery System (MACRS) can be defined as a depreciation system that avails business owners or companies the ability and opportunity to recover or recoup the cost basis of physical assets that have experienced deterioration over a specific period of time.

In the United States of America, the Modified Accelerated Cost Recovery System (MACRS) is used mainly for tax purposes because it gives room for faster depreciation of a physical asset in its first years or initial usage and reduces depreciation as it is being used over a long period of time.

Hence, the total amount of depreciation recorded against an asset over the entire time the asset has been owned is referred to as accumulated depreciation.

The three dates related to a cash dividend include which of the following:

a. Date of declaration
b. Date of payment
c. Date of issuance
d. Date of record
e. Date of payable

Answers

Answer: a. Date of declaration

b. Date of payment

d. Date of record

Explanation:

The three dates that are related to a cash dividend are:

Date of declaration - This is the date that a particular company is being binded to pay its dividend.

Date of payment - This simply means the date when dividend is paid to the stockholders.

Date of record - This is the date for the identification of recipients.

The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company.

NELSON COMPANY Unadjusted Trial Balance January 31, 2017

Debit Credit
Cash $8,150
Merchandise inventory 14,500
Store supplies 5,500
Prepaid insurance 2,600
Store equipment 42,800
Accumulated depreciation—Store equipment $17,850
Accounts payable 16,000
J. Nelson, Capital 18,000
J. Nelson, Withdrawals 2,100
Sales 114,550
Sales discounts 1,850
Sales returns and allowances 2,000
Cost of goods sold 38,000
Depreciation expense—Store equipment 0
Salaries expense 27,200
Insurance expense 0
Rent expense 12,000
Store supplies expense 0
Advertising expense 9,700
Totals $166,400 $166,400


Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system.

Additional Information:
Store supplies still available at fiscal year-end amount to $2,800.
Expired insurance, an administrative expense, is $1,650 for the fiscal year.
Depreciation expense on store equipment, a selling expense, is $1,625 for the fiscal year.
To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,800 of inventory is still available at fiscal year-end.

Required:

a. Using the above information prepare adjusting journal entries:
b. Prepare a multiple-step income statement for fiscal year 2017.
c. Prepare a single-step income statement for fiscal year 2017.
d. Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31, 2017.

Answers

Answer:

Nelson Company

a. Adjusting Journal Entries:

Debit Supplies Expense $2,700

Credit Supplies $2,700

To record supplies expense.

Debit Insurance Expense $1,650

Credit Prepaid Insurance $1,650

To record insurance expense.

Debit Depreciation Expense $1,625

Credit Accumulated Depreciation $1,625

To record depreciation expense.

b. Multi-step Income Statement for the year ended January 31, 2017:

Sales                                                                  $114,550

Sales returns and allowances                               2,000

Net Sales                                                             112,550

Cost of goods sold                  38,000

Inventory Shrinkage                  3,700                 41,700

Gross profit                                                       $70,850

Depreciation expense- Store    1,625

Sales discounts                          1,850

Salaries expense                     13,600  

Rent expense                           6,000

Store supplies expense           2,700

Advertising expense                9,700

Total selling expenses                         $35,475

Administrative Expenses:

Salaries expense                    13,600

Insurance expense                   1,650

Rent expense                          6,000

Total administrative expenses           $21,250   $56,725

Net Income                                                            $14,125

c. Single-step Income Statement for the year ended January 31, 2017:

Sales                                                                  $114,550

Sales discounts                          1,850

Sales returns and allowances  2,000

Cost of goods sold                  38,000

Inventory Shrinkage                  3,700

Depreciation expense- Store    1,625

Salaries expense                    27,200  

Rent expense                          12,000

Store supplies expense           2,700

Advertising expense                9,700

Insurance expense                   1,650               $100,425

Net Income                                                           $14,125

d. Current Ratio = Current Assets/Current Liabilities

= $22,700/$16,000

= 1.42

Acid-test ratio = (Current assets - Inventory)/Current Liabilities

= ($22,700 -10,800)/$16,000

= 0.74

Gross margin ratio = Gross profit/Net Sales = $70,850/112,550 * 100

= 63%

Explanation:

a) Data and Calculations:

NELSON COMPANY Unadjusted Trial Balance January 31, 2017

                                                    Debit           Credit

Cash                                           $8,150

Merchandise inventory             14,500

Store supplies                             5,500

Prepaid insurance                       2,600

Store equipment                       42,800

Accumulated depreciation -Store equipment $17,850

Accounts payable                                               16,000

J. Nelson, Capital                                                18,000

J. Nelson, Withdrawals               2,100

Sales                                                                  114,550

Sales discounts                          1,850

Sales returns and allowances  2,000

Cost of goods sold                 38,000

Depreciation expense- Store equipment 0

Salaries expense                    27,200

Insurance expense                   0

Rent expense                         12,000

Store supplies expense          2,700

Advertising expense               9,700

Totals                                 $166,400              $166,400

Adjustments:

Supplies Expense $2,700 Supplies $2,700

Insurance Expense $1,650 Prepaid Insurance $1,650

Depreciation Expense $1,625 Accumulated Depreciation $1,625

NELSON COMPANY

Adjusted Trial Balance January 31, 2017

                                                    Debit           Credit

Cash                                           $8,150

Merchandise inventory             10,800

Store supplies                             2,800

Prepaid insurance                          950

Store equipment                       42,800

Accumulated depreciation -Store equipment $19,475

Accounts payable                                               16,000

J. Nelson, Capital                                                18,000

J. Nelson, Withdrawals               2,100

Sales                                                                  114,550

Sales discounts                           1,850

Sales returns and allowances   2,000

Cost of goods sold                  38,000

Inventory Shrinkage                  3,700

Depreciation expense- Store    1,625

Salaries expense                    27,200

Insurance expense                    1,650

Rent expense                          12,000

Store supplies expense           2,700

Advertising expense                9,700

Totals                                  $168,025              $168,025

Current Assets:

Cash                                           $8,150

Merchandise inventory             10,800

Store supplies                             2,800

Prepaid insurance                         950

Total current assets =             $22,700

Current Liabilities:

Accounts payable                   16,000

Amazon Company uses predetermined departmental overhead rates based on direct labor cost to apply manufacturing overhead to jobs. The predetermined overhead rate for Department A this year was 200% of direct labor cost. The predetermined overhead rate for Department B this year was 50% of direct labor cost. Job Delta, which used labor time in both departments, was charged with the following costs.
Dept A Dept B
Direct materials $50,000 $10.000
Direct labor ? $60.000
Manufacturing overhead $80.000 ?
What was the total manufacturing cost assigned to Job Delta?
a. $270,000
b. $360,000
c. $390.000
d. $480.000

Answers

Answer:

a. $270,000

Explanation:

Department A:

Manufacturing overhead=200% of direct labor

80000 = 200% of direct labor

So, direct labor = 80000/200%=$40,000

Department B:

Manufacturing overhead=50% of direct labor

So, Manufacturing overhead = 50%*60000=$30,000

Total manufacturing cost = Material cost + Labor cost + Manufacturing overhead

- Material cost = 50000+10000=$60,000

- Direct labor cost = 40000+60000=$100,000

- Manufacturing overhead = 80000+30000=$110,000

Total manufacturing cost = $60,000 + $100,000 + $110,000

Total manufacturing cost = $270,000

good lost by fire Rs 12000 and Assurance Company not admitted the claim journal entries​

Answers

Answer:

Profit and Loss A/c DR  12,000

                  To Purchase A/c                 12,000

Explanation:

Given:

Amount of goods lost = Rs. 12,000

Books of --- Ltd

Journal Entry

Date      Particular                      Debit    Credit

          Profit and Loss A/c DR  12,000

                  To Purchase A/c                 12,000

    (Being goods lost in fire and insurance company accept no claim)

In January, Dieker Company requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,200, Job 3 $700, and general factory use $600. Prepare a summary journal entry to record raw materials used. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31 enter an account title for the journal entry on January 31

Answers

Answer:

Dr Work in process inventory 2,800  

Dr Factory overhead 600  

    Cr Raw material inventory 3,400

Explanation:

Work in process = $900 + $1,200 + $700 = $2,800

Factory overhead (supplies) is the same, $600

inventory decrease = WIP + supplies = $2,800 + $600 = $3,400

The Dieker Company will keep track of the production's raw materials on January 31. The final journal entry will read like this:

Dr Work in process inventory 2,800  

Dr Factory overhead 600  

   Cr Raw material inventory 3,400

Work in process = $900 + $1,200 + $700

Work in process = $2,800

Factory overhead (supplies) is the same, $600

Inventory decrease = WIP + supplies

Inventory decrease = $2,800 + $600

Inventory decrease = $3,400

The same amount will be credited to the account for raw materials inventory, reducing the balance of the account to represent the raw materials utilized in production.

Learn more about on journal entry, here:

https://brainly.com/question/33762471

#SPJ6

100 POINTS PLS HELP

In the hiring process are people who are willing to confirm the job candidate's previous employment
and discuss the candidate's qualifications for the job being applied for
A. Subcontractors
В. Classifieds
C. Personnel
D. References

Answers

Answer:

D. references

Explanation:

:)

Answer: D.

I hope this helped :)

In January 2020, Ezra purchased 2,000 shares of Gold Utility Mutual Fund for $20,000. In June, Ezra received an additional 100 shares as a dividend, in lieu of receiving $1,000 in cash dividends. In December, the company declared a two-for-one stock split. Ezra received an additional 2,100 shares, but there was no option to receive cash. At the time of the stock dividend in December and at the end of the year, the fund shares were trading for $5 per share. Also, at the end of the year, the fund offered to buy outstanding shares for $4.50. Ezra did not sell any shares during the year.
If an amount is zero, enter "0".
a. What is Ezra's gross income from the 100 shares received in June?
​$X
b. What is Ezra's gross income from the receipt of the 2,100 shares as a two-for-one stock split in December?
​$X
c. Should Ezra be required to recognize gross income in 2016 even though the fair market value of his investment at the end of the year was less than the fair market value at the beginning of the year?

Answers

Answer:

a. Ezra's gross income from the 100 shares received in June is $1,000.

b. Ezra's gross income from the receipt of the 2,100 shares as a two-for-one stock split in December is equal to $0.

c. The $1,000 gross income realized by Ezra in 2016 will be recognized by him. Also, when the shares are sold by Ezra, he is allowed to deduct an economic loss.

Explanation:

a. What is Ezra's gross income from the 100 shares received in June? ​$X

Since it is not stated that the price per share changed from January to June, we have:

Price per share in June = Amount of shares purchased in January / Number of shares purchased in January = $20,000 / 2,000 = $10

Gross income from 100 shares received in June = Price per share in June * Number of shares received = $10 * 100 = $1,000

This shows that gross income is equal to the amount of the cash dividends Ezra would have received if he had not receive an additional 100 shares as a dividend.

Therefore, Ezra's gross income from the 100 shares received in June is $1,000.

b. What is Ezra's gross income from the receipt of the 2,100 shares as a two-for-one stock split in December? ​$X

The impact of two-for-one stock split is to increase the number of shares of the company by 50% but also to reduce its price per per by 50%. As a result, the total value of shares held by each shareholders remains the same.

Since the total value of shares held by Ezra remains the same, this implies that Ezra's gross income from the receipt of the 2,100 shares as a two-for-one stock split in December is equal to $0.

c. Should Ezra be required to recognize gross income in 2016 even though the fair market value of his investment at the end of the year was less than the fair market value at the beginning of the year?

The $1,000 gross income realized by Ezra in 2016 will be recognized by him. Also, when the shares are sold by Ezra, he is allowed to deduct an economic loss.

Stan and Dwight were playing in a golf tournament and came to a hole where there was a hill that required a blind shot to the green. Dwight asked Stan to drive ahead in the golf cart to see if they could hit their shots. Stan drove the cart over the hill, saw the green was clear, and started driving back to the tee box. Dwight never saw Stan heading back in the cart, became impatient and without warning hit his shot. The shot conked Stan on the head, knocking him out and resulting in a long term disability. Stan sued Dwight for negligence. What is the likely result? a) Dwight is liable for negligence because a tortfeasor is always liable for whatever damages their behavior causes. b) Dwight is liable for negligence because Stan did not knowingly assume the risk that Dwight would hit a shot in his direction. c) Dwight is not liable for negligence but is liable for assault and battery because he committed an intentional tort. d) Dwight is not liable for negligence because Stan knowingly assumed the risk that Dwight would hit a shot in his direction.

Answers

Answer:

b) Dwight is liable for negligence because Stan did not knowingly assume the risk that Dwight would hit a shot in his direction

Explanation:

In this scenario there was an agreement between Stan and Dwight where Dwight asked Stan to drive ahead in the golf cart to see if they could hit their shots.

However Stan drove the cart over the hill, saw the green was clear, and started driving back to the tee box.

Instead of waiting as agreed Dwight made a shot that hit Stan on the head injuring him.

Dwight is liable in this case because he was supposed to wait and get feedback from Stan before making a shot.

He knowingly made the shot knowing there was a blind spot.

This is negligence on Dwight's part.

George Gershwin Co. sold $2,000,000 of 10%, 10-year bonds at 104 on January 1, 2020. The bonds were dated January 1, 2020, and pay interest on July 1 and January 1. If Gershwin uses the straight-line method to amortize bond premium or discount, determine the amount of interest expense to be reported on July 1, 2020, and December 31, 2020.

Answers

Answer:

July 1, 2020 $96,000

December 31, 2020 $96,000

Explanation:

Calculation to determine the amount of interest expense to be reported on July 1, 2020, and December 31, 2020.

Firststep is to get calculate the Premium amortization (Straight-line)

Issue price of the bonds $2,080,000

($2,000,000 x 1.04)

Less Par value of bonds ($2,000,000)

Premium on bonds payable $80,000

÷ Numbet of interest payments 20 times

(10 years x 2 times)

= Premium amortization (Straight-line) $4,000

($80,000÷20 times)

Now let calculate the Interest expense

Interest payment $100,000

(2,000,000 x 10% x 6/12)

Less Premium amortization ($4,000)

Interest expense $96,000

($100,000-$4,000)

Hence,using the straight line method, Interest expense will be $96,000 for every time.

Therefore the amount of interest expense to be reported on July 1, 2020 is $96,000, and December 31, 2020 is $96,000

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