World trade benefits from free and fair trade among nations. Nevertheless, governments of many countries continue to practice protectionism. While protectionism earns profits for domestic producers and tariff revenues for governments, consumers pay higher prices because of protective restrictions. Imposing tariffs increases the price of goods to consumers. Removing tariffs decreases the price of goods to consumers. Imposing quotas limits supply and therefore increases the price of goods to consumers. Removing quotas makes products more available and therefore decreases the price of goods to consumers.

Answers

Answer 1

Answer:

Economic effects of imposing a tariff is that it will increase the prices for the goods and consumers will have to pay more for certain good.

Explanation:

Many countries promote trade without tariff so that they can benefit the consumers of their country, but this is only possible if both countries have good relations. Many countries are governed by World trade organizations in order to govern the trade policies. The countries can flourish their trade if they have minimum tariffs and trade policies. Imposition of higher tariff will create burden on consumers of a country.


Related Questions

Slepoy Company opened a new flower store and completed the following transactions during September:1. Shareholders invested $80,000 cash in exchange for common stock.2. Purchased a delivery truck for $14,000 by making a $2,000 down payment, and signed a note payable for the balance.3.Purchased $3,400 of flowers on account. Paid $3,200 of the balance during the month. 4. Paid $1,200 for rent and wages.5. Paid $2,400 for advertisements to be placed in the local newspaper for the month of October.How much will Flowers Co. report on its balance sheet as Total Assets on September 30

Answers

Answer:

$200

Explanation:

Flowers Co. report on its balance sheet Total Assets of $200 on September 30.

Sheridan Incorporated factored $133,800 of accounts receivable with Skysong Factors Inc. on a without-recourse basis. Skysong assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entry for Sheridan Incorporated and Skysong Factors to record the factoring of the accounts receivable to Skysong. (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:

Sheridan Incorporated journal entry

Dr Cash 123,096

Dr Loss on sale receivables 2,676

Dr Due from factor 8,028

Cr Account receivable $133,800

Skysong Factors journal entry

Dr Account receivable 133,800

Cr Due to customer 8,028

Cr Interest revenue 2,676

Cr Cash 123,096

Explanation:

Preparation of the journal entry for Sheridan Incorporated and Skysong Factors to record the factoring of the accounts receivable to Skysong

Sheridan Incorporated journal entry

Dr Cash 123,096

(133,800-2,676-8,028)

Dr Loss on sale receivables 2,676

(2%*$133,800)

Dr Due from factor 8,028

(6%*$133,800)

Cr Account receivable $133,800

Skysong Factors journal entry

Dr Account receivable 133,800

Cr Due to customer 8,028

(6%*$133,800)

Cr Interest revenue 2,676

(2%*$133,800)

Cr Cash 123,096

(133,800-2,676-8,028)

A company begins a review of ordering policies for its continuous review system by checking the current policies for a sample of SKUs. Following are the characteristics of one item:
Demand (D) = 72 units/week (Assume 48 weeks per year)
Ordering and setup cost (S) = $55 /order
Holding cost (H) = $18 /unit/year
Lead time (L) = 3 week(s)
Standard deviation of weekly demand = 18 units
Cycle-service level = 90 percent
EOQ = 145 units
Under the same information as above, develop the best policies for a periodic review system.
1. The value of P that gives the same approximate number of orders per year as the EOQ is weeks (Hint: please round your answer to the nearest positive integer number).
2. The target inventory level that provides an 88 percent cycle-service level is units (Hint: please round your answer to the nearest positive integer number).

Answers

Answer:

Explanation:

Given that:

weekly demand = 72 units

no of weeks in 1 year = 48

Then; total demand = 72 × 48 = 3456 units

No of orders = [tex]\dfrac{\text{total demand }}{EOQ}[/tex]

= [tex]\dfrac{\text{3456}}{145}[/tex]

The periodic review (P) = [tex]\dfrac{1}{no \ of \ orders}[/tex]

= [tex]\dfrac{1}{\dfrac{3456}{145}}[/tex]

[tex]= \dfrac{145}{3456}[/tex]

= 0.041956 year

≅ 2 weeks

Z score based on 88 percent service level = NORMSINV(0.88) = 1.18

Here;

Lead time = 3 wks

P = 2 weeks

Thus protection interval = ( 3+2) weeks

= 5 weeks

Safety stock = z-score × std dev. of demand at (P+L) days

std dev = [tex]\sqrt{5 } \times 18[/tex] = 2.236 × 18

std dev = 40.248 units

Safety stock = 1.18 × 40.248

safety stock = 47.49 units

Safety stock ≅ 48 units

Average demand during(P + L) = 5 × 72 units

= 360 units

Target inventory level = average demand + safety stock

= 360 units + 48 units

= 408 units

what is a work bench​

Answers

Answer:

A workbench is a sturdy table at which manual work is done. They range from simple flat surfaces to very complex designs that may be considered tools in themselves. ... Almost all workbenches are rectangular in shape, often using the surface, corners and edges as flat/square and dimension standards.

something you sit on

DT Motors paid its first annual dividend yesterday in the amount of $4.75 a share. The company plans to increase the dividend at a rate of 20 percent per year for the next 3 years. Thereafter, the dividend is expected to grow at 3.50 percent per year indefinitely. What is the amount of the dividend that is expected to be paid 11 years from now (D11 )

Answers

Answer:

$9.52

Explanation:

Calculation for the amount of the dividend that is expected to be paid 11 years from now (D11 )

D11 = 4.75(1.20)3(1.035)8

D11= $9.52

Therefore the amount of the dividend that is expected to be paid 11 years from now (D11 ) is $9.52

The BX11160 company has provided its contribution format income statement for a given month. Sales (8,000 units) $ 440,000 Variable expenses 280,000 Contribution margin 160,000 Fixed expenses 103,500 Net operating income $ 56,500 If the BX11160 company sells 7,900 units next month, how much would its net operating income expected to be next month? (Do not round intermediate calculations.)

Answers

Answer:

Net operating income= $48,500

Explanation:

First, we need to calculate the unitary contribution margin:

Unitary contribution margin= 160,000 / 8,000

unitary contribution margin= $20

Now, the net income for 7,600 units:

Contribution margin= 7,600*20= 152,000

Fixed expenses= (103,500)

Net operating income= $48,500

Which of the following is an example of frictional unemployment? A former mayor doing volunteer work A former mayor doing volunteer work A factory worker who loses her job because of recession A factory worker who loses her job because of recession A college student working part-time at the campus bookstore A college student working part-time at the campus bookstore A college graduate interviewing for two available positions A college graduate interviewing for two available positions An architect whose job is replaced by computer software that designs buildings

Answers

Answer:

A college graduate interviewing for two available positions

Explanation:

Frictional unemployment . the period of time a person is unemployed from the period he leaves his current job and the time he gets another job. Eg. when a real estate agent who leaves a job in Texas and searches for a similar, higher-paying job in California.

An architect whose job is replaced by computer software that designs buildings is an example of structural unemployment. Structural unemployment i is an unemployment that occurs as a result of changes in the economy. These changes can be as a result of changes in technology, polices or competition . Structural unemployment tends to be permanent.  

A factory worker who loses her job because of recession is an example of cyclical recession. Cyclical unemployment occurs as a result of fluctuations in the economy.

Bridges and Lloyd, an accounting firm, provides consulting and tax planning services. For many years, the firm's total administrative cost (currently $250,000) has been allocated to services on the basis of billable hours to clients. A recent analysis found that 65% of the firm's billable hours to clients resulted from tax planning services, while 35% resulted from consulting services. The firm, contemplating a change to activity-based costing, has identified three components of administrative cost, as follows:
Staff Support $ 180,000
In-house computing charges 50,000
Miscellaneous office costs 20,000
Total $ 250,000
A recent analysis of staff support found a strong correlation between the number of staff personnel and the number of clients served (consulting, 20; tax planning, 60). In contrast, in-house computing and miscellaneous office cost varied directly with the number of computer hours logged and number of client transactions, respectively. Consulting consumed 30% of the firm's computer hours and had 20% of the total client transactions.
If Bridges and Lloyd switched from its current accounting method to an activity-based costing system, the amount of administrative cost chargeable to consulting services would:________.
a. decrease by $23,500.
b. change, but the amount cannot be determined based on the information presented.
c. increase by $23,500.
d. decrease by $32,500.
e. change by an amount other than those listed.

Answers

Answer:

Bridges and Lloyd

If Bridges and Lloyd switched from its current accounting method to an activity-based costing system, the amount of administrative cost chargeable to consulting services would:________.

d. decrease by $32,500.

Explanation:

a) Data and Calculations:

Total administrative cost = $250,000

Services                       Tax Planning       Consulting     Total

Traditional cost pool basis:

Billable hours to clients     65%                  35%             100%

Administrative costs     $162,500         $87,500        $250,000

Activity cost pool bases:

Client base                         80%                  20%             100%

Computer hours                70%                   30%             100%

Total client transactions    80%                  20%             100%

ABC Allocation:

Services                                              Tax Planning    Consulting

Staff Support                       $ 180,000    $144,000     $36,000

In-house computing charges 50,000        35,000        15,000

Miscellaneous office costs    20,000         16,000          4,000

Total                                  $ 250,000    $195,000      $55,000

                     Tax Planning       Consulting        Total

Traditional        $162,500          $87,500        $250,000

ABC system     $195,000          $55,000       $250,000

Difference         $32,500         -$32,500       $0

A company deposits all cash receipts on the day they are received and makes all cash payments by check. The company's June bank statement shows $24,861 on deposit in the bank. The comparison of the bank statement to its cash account revealed the following: Deposit in transit 2,750 Outstanding checks 1,188 Additionally, a $35 check written and recorded by the company was incorrectly recorded by the bank as a $53 deduction. The adjusted cash balance per the bank records should be:

Answers

Answer: $26441

Explanation:

Balance As per bank statement = $24861

Add: deposit in transit = $2750

Less: Outstanding checks = $1188

Add: Recording error = ($53 - $35) = $18

Adjusted cash balance = $26441

Air United, Inc. manufactures two products: missile range instruments and space pressure gauges. During April, 50 range instruments and 300 pressure gauges were produced. Overhead costs of $94,500 were estimated and allocated to the following activities: Activities Cost Drivers Total Cost
Materials handling Number of requisitions $40,000
Machine setups Number of setups 21,500
Quality inspection Number of inspections 33,000
$94,500 The cost driver volume for each product was as follows. Cost Drivers Instruments Gauges Total
Number of requisitions 400 600 1,000
Number of setups 200 300 500
Number of inspections 200 400 600 Instructions
(a) Determine the overhead rates for each activity Expected Use Estimatedof Cost Driver/Activity-Based
Activity Cost Pools Overhead Activity OH Rates
Materials Handling/ requisition
Machine Setups/setup
Quality inspections/ inspection
(b) Assign the manufacturing overhead costs for April to the two products using activity-based costing, and calculate a per unit OH cost.

Answers

Answer:

Results are below.

Explanation:

First, we need to calculate the activity rates using the following formula:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Materials handling=  40,000 / 1,000= $40 per requisition

Machine setups= 21,500 /500= $43 per setup

Quality inspection=  33,000 / 600= $55 per inspections

Now, we can allocate overhead to each product:

Missile range instruments:

Materials handling=  40*400= $16,000

Machine setups= 43*200= $8,600

Quality inspection= 55*200= $11,000

Total allocated overhead= $35,600

Space pressure gauges:

Materials handling=  40*600= $24,000

Machine setups= 43*300= $12,900

Quality inspection= 55*400= $22,000

Total allocated overhead= $58,900

Finally, the unitary overhead cost:

Missile range instruments:

Unitary allocated overhead= 35,600/50= $712

Space pressure gauges:

Unitary allocated overhead= 58,900/300= $196.33

when you go back to the house, do u wear shoes in your house ​

Answers

Answer:

No, i live in an asian household-

Explanation:

arrange the scrambled letter

utsbetiust
icevers
pecitionmto
imcltea
ntertsan​

Answers

Answer:

below

Explanation:

substitute

service

competition

climate

entrants

Concord Corporation has issued 110,000 shares of $4 par value common stock. It had authorized 492,000 shares. The paid-in capital in excess of par value on the common stock is $259,000. The corporation has reacquired 6,400 shares at a cost of $52,000 and is currently holding those shares. It also had accumulated other comprehensive income of $68,000. The corporation also has 1,600 shares issued and outstanding of 10%, $103 par value preferred stock. It authorized 9,200 shares. The paid-in capital In excess of par value on the preferred stock is $29,900. Retained earnings is $369,000.
Prepare the stockholders' equity section of the balance sheet.

Answers

Answer and Explanation:

The preparation of the stockholder equity section of the balance sheet is presented below:

Preferred stock (1,600 shares × $103) $164,800

Common stock (110,000 shares × $4) $440,000

Paid in capital in excess of par- preferred stock $29,900

Paid in capital in excess of par- common stock $259,000

Retained earnings $369,000

Accumulated other comprehensive income $68,000

Less: treasury stock -$52,000

Stockholder equity $1,278,700

What term is used for the extent to which an individual within an organization displays different behaviors in different situations?

Answers

Answer: distinctiveness

Explanation:

The options to the question include:

A. Continuity

B. Integrity

C. stability

D. flexibility

E. distinctiveness

The term that is used for the extent to which an individual within an organization displays different behaviors in different situations is refered to as distinctiveness.

Distinctiveness is the quality that one possesses which makes one standout and different from others. It allows the individual to be easily recognized due to the different behaviors displayed.

The following accounts and balances are taken from Anstett Company's adjusted trial balance:
Accounts Payable $10,000
Accounts Receivable 3,000
Accumulated Depreciation 1,800
Depreciation Expense 1,800
Dividends 2,000
Insurance Expense 2,300
Interest Revenue 1,340
Prepaid Insurance 2,320
Retained Earnings 10,100
Salary Expense 25,100
Service Revenue 37,800
What is the ending balance in Retained Earnings after the closing entries are completed?
A $15,720
B $20,040
C $18,240
D $18,040

Answers

Answer:

D. $18,040

Explanation:

Given the above information,

Total revenue = Interest revenue + Service revenue

= $1,340 + $37,800

= $39,140

Total expenses = Depreciation expense + Insurance expense + Salary expense

= $1,800 + $2,300 + $25,100

= $29,200

Net income = Total revenue - Total expenses

= $39,140 - $29,200

= $9,940

Therefore,

Ending retained earning balance = Beginning retained earnings + Net income - Dividends

= $10,100 + $9,940 - $2,000

= $18,040

what the role of marketing

Answers

Answer:

The Marketing Department plays a vital role in promoting the business and mission of an organization. It serves as the face of your company, coordinating and producing all materials representing the business.

Explanation:

hope this helps and I want brainless

On January 1, 2016, Rapid Airlines issued $200 million of its 8% bonds for $184 million. The bonds were priced to yield 10%. Interest is payable semiannually on June 30 and December 31. Rapid Airlines records interest at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2016, the fair value of the bonds was $188 million as determined by their market value in the over-the-counter market. Rapid determined that $1,000,000 of the increase in fair value was due to a decline in general interest rates.
Required:
1. Prepare the journal entry to record interest on June 30, 2016 (the first interest payment).
2. Prepare the journal entry to record interest on December 31, 2016 (the second interest payment).
3. Prepare the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2016, balance sheet.

Answers

Answer:

1. June 30, 2016

Dr Interest expense $9.2 million

Cr Discount on bonds payable $1.2million

Cr Cash $8 million

2. December 31, 2016

Dr Interest payment $9.26 million

Cr Discount on bonds payable $1.26million

Cr Cash $8 million

3. December 31, 2016

Dr Unrealized holding loss NI $1,000,000

Dr Unrealized holding loss OCI $5.46

Cr Fair value adjustment $6.46 million

Explanation:

1. Preparation of the journal entry to record interest on June 30, 2016

June 30, 2016

Dr Interest expense $9.2 million

( $184 million*10%2)

Cr Discount on bonds payable $1.2million

($9.2 million-$8 million)

Cr Cash $8 million

($200 million *8% /2)

(Being to record first interest payment)

2. Preparation of the journal entry to record interest on December 31, 2016

December 31, 2016

Dr Interest payment $9.26 million

( $184 million+$1.2million*10%2)

Cr Discount on bonds payable $1.26million

($9.26 million-$8 million)

Cr Cash $8 million

($200 million *8% /2)

(Being to record second interest payment)

3. Preparation of the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2016, balance sheet.

Dr Unrealized holding loss NI $1,000,000

Dr Unrealized holding loss OCI $5.46

($6.46 million-$1,000,000)

Cr Fair value adjustment $6.46 million

($188 million-$184 million+$1.2million+$1.26million)

(Being tl adjust the bonds to fair value)

You are the manager of a pizzeria that produces at a marginal cost of $6 per pizza. The pizzeria is a local monopoly near campus (there are no other restaurants or food stores within 500 miles). During the day, only students eat at your restaurant. In the evening, while students are studying, 3 faculty members eat there. If students have an elasticity of demand for pizzas of -4 and the faculty has an elasticity of demand of -2, what should your pricing policy be to maximize profits?

Answers

Answer:

since the price elasticity of demand for students is -4, the the price charged to them should be:

price = [-4 / (-4 + 1)] x $6 = (-4 / -3) x $6 = $8

since the price elasticity of demand for faculty is -2, the the price charged to them should be:

price = [-2 / (-2 + 1)] x $6 = (-2 / -1) x $6 = $12

California Company included the following items in its financial statements for ​, the current year​ (amounts in​ millions):
Payment of long-term debt ......$17,300 Dividends paid ...........$225
Proceeds from Issuance Net sales:
of common stock 8,425 Current year 35,000
Total liabilities: Preceding year 78,000
Current year-end 32,319 Net income:
Preceding year-end 38,039 Current year 9,011
Total stockholders' equity Preceding year 2,010
Current year-end 23,473 Operating income:
Preceding year-end 14,037 Current year 9.126
Long-term liabilities 6,665 Preceding year 4,004
Requirement:
Use DuPont Analysis to calculate ​'s return on assets and return on common equity during ​(the current​ year). The company has no preferred stock outstanding. Start by calculating the rate of return on total assets​ (ROA). Select the DuPont model formula needed and then enter the amounts to calculate ROA for 2018.

Answers

Answer:

3.83 %

Explanation:

Using the  DuPont model formula :

Return on Equity = Return on Assets x Assets / Equity

where,

Return on Assets  = Profit Margin x Total Assets Turnover

                               = (Net Income / Sales) x ( Sales / Total Assets)

                               = ( $9,011 / $35,000) x ($35,000 / 23,473 + 32,319)

                               = 2,57% x 0.627

                               = 1.61 %

Assets / Equity = ( 23,473 + 32,319) ÷ 23,473

                         = 2.38

therefore,

Return on Equity = 1.61 % x 2.38 = 3.83 %

The relationship between the type of diversification and overall firm performance Multiple Choice takes on the shape of an inverted U so related diversification has the best performance. is negative, meaning that more diversification always leads to lower firm performance. there is no relationship between the type of diversification and overall firm performance. takes on the shape of a U where modest diversification has the worst performance. is positive, meaning that more diversification always leads to higher firm performance.

Answers

Answer:

takes on the shape of an inverted U so related diversification has the best performance.

Explanation:

A portfolio variance is used to determine the overall risk or dispersion of returns of a portfolio and it is the square of the standard deviation associated with the particular portfolio.

The portfolio variance is given by the equation;

[tex]Variance = w^{2}_{1} d^{2}_{1} + w^{2}_{2} d^{2}_{2}+2w_{1}w_{2}C_{OV_{1, 2}}[/tex]

Where;

[tex]w_{n}[/tex] = the weight of the nth security.

[tex]d^{2}_{n}[/tex] = the variance of the nth security.

[tex]C_{OV_{1, 2}}[/tex] = the covariance of the two security.

The relationship between the type of diversification and overall firm performance takes on the shape of an inverted U, so related diversification has the best performance.

A for-profit institution that works with the general public to open and manage
savings accounts is known as a(n).
A. commercial bank
B. savings bank
C. credit union
D. investment bank

Answers

Answer:

B. savings bank

Explanation:

Savings bank is defined as a bank which helps customers or people to invest or deposit in interest giving accounts that will give a long term investment.

Savings bank were started in Europe in the 19th century. Saving banks gives interest on the deposit amount that is why its is a for-profit institution for general public. The interest saving banks give by investing in government and corporate debt.

Hence, the correct answer is "B. savings bank".

We have a graduated tax system, and the tax brackets are listed in Appendix A. If you are not familiar with the Fair Tax and Flat Tax ideas, do a little research. Share what you think would be best for our country.

Answers

Explanation:

i think the graduated tax system is fairest ,it imposes a higher rate on the rich than the poor and all this is done based on the tax payer if this is done it will help the poor to pay for needs such as shelter food and other personal needs it allows the poor to spend most of they money

Whirly Corporation’s contribution format income statement for the most recent month is shown below: Total Per Unit Sales (7,600 units) $ 250,800 $ 33.00 Variable expenses 144,400 19.00 Contribution margin 106,400 $ 14.00 Fixed expenses 54,800 Net operating income $ 51,600 Required: (Consider each case independently): 1. What would be the revised net operating income per month if the sales volume increases by 70 units? 2. What would be the revised net operating income per month if the sales volume decreases by 70 units? 3. What would be the revised net operating income per month if the sales volume is 6,600 units?

Answers

Answer:

1. What would be the revised net operating income per month if the sales volume increases by 70 units?

Sales total (7,670*$33)                          $253,110

Less: Variable expenses (7,670*$19)   $145,730

Contribution margin                               $107,380

Less: Fixed expenses                            $54,800

Net operating income                           $52,580

2. What would be the revised net operating income per month if the sales volume decreases by 70 units?

Sales total (7530*$33)                          $248,490

Less: Variable expenses (7530*$19)   $143,070

Contribution margin                              $105,420

Less: Fixed expenses                           $54,800

Net operating income                          $50,620

3. What would be the revised net operating income per month if the sales volume is 6,600 units?

Sales total (6,600*$33)                          $217,800

Less: Variable expenses (6,600*$19)   $125,400

Contribution margin                               $92,400

Less: Fixed expenses                            $54,800

Net operating income                           $37,600

Freight Terms
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.
Merchandise Freight Paid Freight Terms Returns and Allowances
(Invoice Amount) by Seller (Invoice Amount)
a. $5,100 $200 FOB destination,
1/10, n/30 $1,700
b. 3,250 400 FOB shipping point,
2/10, n/30 1,000

Answers

Answer:

A. $3,566

B. $2,605

Explanation:

Calculation to Determine the amount to be paid in full settlement of each of two invoices, (a) and (b)

A. Amount paid in full=(5,100-1,700)*(100%-1%)+200

Amount paid in full=(5,100-1,700)*99%+200

Amount paid in full=3,400*99%+200

Amount paid in full=$3,566

B. Amount paid in full=(3,250-1,000)*(100%-2%) +400

Amount paid in full=(3,250-1,000)*98% +400

Amount paid in full=2,250*98%+400

Amount paid in full=$2,605

Therefore the amount to be paid in full settlement of each of two invoices, (a) and (b) will be :

A. $3,566

B. $2,605

John is 63 years old, owns his house, and is a little bit anxious about whether
he has enough money for retirement. He is considering borrowing $20,000
against his home to invest in a series of aggressive growth sock mutual funds.
The track record for these funds over the last three years has been an average
growth rate of 21.2%. The interest rate on the loan would only be 7.5%. Should
john do this to help with his retirement?

Answers

Answer:

yes

Explanation:

John makes more money per year with the growth stock mutal funds

It will be an wise decision to borrow $20,000 against his home to invest in a series of aggressive growth sock mutual funds.

What is a wise investment decision?

This involve making decision that seems abnormal but are quite effective in the long-run.

Hence, it is a wise decision for John for his retirement if he $20,000 against his home to invest in a series of aggressive growth sock mutual funds because the high rate of the mutual fund will offset the loan interest rate.

Read more about wise investment decision

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Fast Co. produces its product through two processing departments. Direct materials are added at the start of production in the Cutting department, and conversion costs are added evenly throughout each process. The company uses monthly reporting periods for its weighted-average process costing system. The Work in Process Inventory-Cutting account has a balance of $89,300 as of October 1, which consists of $18,600 of direct materials and $70,700 of conversion costs. During the month, the Cutting department incurred the following costs: Direct materials$141,150Conversion 915,400At the beginning of the month, 32,500 units were in process. During October, the company started 145,000 units and transferred 155,000 units to the Assembly department. At the end of the month, the Cutting department's work in process inventory consisted of 22,500 units that were 80% complete with respect to conversion costs.
Required:
1. Prepare the company's process cost summary for October using the weighted-average method.
2. Prepare the journal entry dated October 31 to transfer the cost of the completed units to finished goods inventory

Answers

Answer:

Part 1

Fast Co.

Process cost summary for October

Cost Summary :

Completed units to finished goods inventory = $1,023,000

Units in Ending Work In Process = $122,850

Part 2

Journal Entry to transfer the cost of the completed units to finished goods inventory

Debit  : Finished Goods $1,023,000

Credit : Assembly Department $1,023,000

Explanation:

It is important to note Fast Co.  uses  weighted-average method. This means we are only interested in the Equivalent units of units completed and transferred and units in Ending Work in Process.

Step 1 ; Calculate Equivalent Units of Production

Materials  = 155,000 x 100 % + 22,500 x 100 % = 177,500 units

Conversion Costs = 155,000 x 100 % + 22,500 x 80 % = 173,000 units

Step 2 : Calculate Total Cost of Materials and Conversion Cost

Materials = $18,600 + $141,150 = $159,750

Conversion Cost = $70,700 + $915,400 = $986,100

Step 3 : Calculate the Equivalent Cost per Unit

Materials = $159,750 ÷ 177,500 units = $0.90

Conversion Costs = $986,100 ÷ 173,000 units = $5.70

Total = $0.90 + $5.70 = $6.60

Step 4 : Cost of completed units to finished goods inventory

Completed units to finished goods inventory = $6.60 x 155,000 units

                                                                           = $1,023,000

Step 5 : Cost of units in Ending Work In Process

Units in Ending Work In Process = $0.90 x 22,500 + $5.70 x 18,000

                                                      = $122,850

On January 1, Smith Industries leased equipment to a customer for a four-year period, at which time possession of the leased asset will revert back to Smith. The equipment cost Smith $425,000 and has an expected useful life of six years. Its normal sales price is $425,000. The residual value after four years is $100,000. Lease payments are due on December 31 of each year, beginning with the first payment at the end of the first year. The interest rate is 8%. Calculate the amount of the annual lease payments. (Round your answer to the nearest whole dollar.)

Answers

Answer:

The amount of the annual lease payments is $98,124.

Explanation:

This can be calculated using the formula for calculating loan amortization as follows:

P = (A * (r * (1 + r)^n)) / (((1+r)^n) - 1) .................................... (1)

Where,

P = Annual lease payments = ?

A = Amount to be recovered through periodic lease payments = Equipment cost - Residual value = $425,000 - $100,000 = $325,000

r = interest rate = 8%, or 0.08

n = Number of years of lease term  = 4

Substituting all the figures into equation (1), we have:

P = ($325,000 * (0.08 * (1 + 0.08)^4)) / (((1+0.08)^4) - 1)

P = $98,124.2614475627

Rounding to the nearest whole dollar as required, we have:

P = $98,124

Therefore, the amount of the annual lease payments is $98,124.

If the technology, the nature of competition, or the regulatory environment changes in an industry, then: Question 2 options: organizations are created by random events, just like markets. the appropriate organizational architecture will change too. a good organizational architecture is always able to cope with changes. organizational architecture is able to restore the former market environment.

Answers

Answer:

the appropriate organizational architecture will change too.

Explanation:

Technology can be defined as a branch of knowledge which typically involves the process of applying, creating and managing practical or scientific knowledge to solve problems and improve human life. Technologies are applied to many fields in the world such as medicine, information technology, cybersecurity, engineering, environmental etc.

If the technology, the nature of competition, or the regulatory environment changes in an industry, then the appropriate organizational architecture will change too. This is so because the organizational architecture is required to be flexible and adaptive to most external and internal factors that affects the organization.

Hence, an organizational architecture that isn't adaptive to changes wouldn't be able to compete with other rival organizations in the same industry and as such would be running at a loss and subsequently, go bankrupt.

As of December 31, 2021, Purdue Corporation reported the following: Cash dividends payable $ 29,000 Treasury stock 690,000 Paid-in capital—share repurchase 29,000 Common stock and other paid-in capital accounts 4,900,000 Retained earnings 3,900,000 During 2022, half of the treasury stock was resold for $258,000; net income was $690,000; cash dividends declared were $590,000; and small stock dividends declared and distributed were $418,000. What would shareholders' equity be as of December 31, 2022?

Answers

Answer:

$8,542,000

Explanation:

Stockholder's equity is computed as seen below;

Common stock and paid in capital

$4,900,000

Retained earnings

$3,900,000

Treasury stock

($258,000)

Total stockholder's equity

$8,542,000

Therefore the shareholder equity basis as of Dec 31 2022 is $8,542,000

The Bloomfield Corporation sells three items of inventory: rulers, mechanical pencils, and notebooks. The company begins operations on April 1, 2017 by purchasing 100 rulers at $6 each; 70 mechanical pencils at $8 each; and 120 notebooks at $7 each. Using the information above, calculate the book value (i.e., balance sheet value) of the three categories of inventory that Bloomfield would report as of April 1, 2017. Rulers: Pencils: Notebooks: Total: Now assume that Bloomfield incurs the following additional expenditures to acquire the inventory on April 1, 2017: The 100 rulers have a flat shipping fee of $15. The mechanical pencils are imported; each unit is subject to an import duty of $0.50. The notebooks ship with a flat fee of $12 plus $0.10 per unit. Re-calculate the book value of the three inventory categories as of April 1, 2017, taking into account the additional expenditures noted above.

Answers

Answer:

             Value of inventories

1. Rulers = 100*$6 =             $600

2. Pencils = 70*$8 =            $560

3. Notebooks = 120*$7 =    $840

Total                                     $2,000

Value of inventories after additional information

1. Rulers = [(100*$6) + $15] =                               $615

2. Pencils = (70*$8) + (70*$0.50) =                    $595

3. Notebooks= (120*$7) + $12 + (120*$0.10)      $864

Total                                                                     $2,074

The value carried by the inventories would be as follows:

1. Rulers [tex]= 100[/tex] × $[tex]6[/tex]       [tex]=[/tex]       $[tex]600[/tex]

2. Pencils [tex]= 70[/tex] × $[tex]8[/tex]          [tex]=[/tex]       $[tex]560[/tex]

3. Notebooks [tex]= 120[/tex] × $[tex]7[/tex]  [tex]=[/tex]        $[tex]840[/tex]

    Total                                    $[tex]2,000[/tex]

What is a Balance Sheet?

A Balance sheet is described as the sum up of the equity, assets, as well as liabilities held by an organization at the end of a year.

The valuation or the cost of inventories post the addition would be as follows:

1. Rulers [tex]= 100[/tex] × $[tex]6[/tex] + $[tex]15[/tex]      [tex]=[/tex]       $[tex]615[/tex]

2. Pencils [tex]= 70[/tex] × $[tex]8[/tex] [tex]+ (70[/tex] × [tex]0.50)[/tex] [tex]=[/tex]  $[tex]595[/tex]

3. Notebooks [tex]= 120[/tex] × $[tex]7[/tex] + [tex]$12 + (120[/tex] × [tex]$0.10)[/tex] [tex]=[/tex]  $[tex]864[/tex]

    Total                                    $[tex]2074[/tex]

Learn more about "Balance Sheet" here:

brainly.com/question/26323001

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