Answer:
a. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021.
we must first determine the present value of the lease payments:
PV of lease payments = quarterly payment x annuity factor
quarterly payment = $26,250PV annuity due factor, 2%, 20 periods = 16.67846PV of lease payment = $26,250 x 16.67846 = $437,809.56 ≈ $437,810
January 1, 2021, equipment leased from Insight Machines
Dr Right of use asset 437,810
Cr Lease payable 437,810
January 1, 2021, first lease payment
Dr Lease payable 26,250
Cr Cash 26,250
March 31, 2021, second lease payment
Dr Lease payable 18,019
Dr Interest expense 8,231
Cr Cash 26,250
interest expense = ($437,810 - $26,250) x 2% = $8,231
March 31, 2021, amortization expense
Dr Amortization expense 21,891
Cr Right of use asset 21,891
amortization expense = $437,810 / 20 = $21,891
b. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021.
January 1, 2021, equipment leased to Eye Deal
Dr Lease receivable 437,810
Cr Lease revenue 437,810
Dr Cost of goods sold 350,000
Cr Equipment 350,000
January 1, 2021, first lease payment
Dr Cash 26,250
Cr lease receivable 26,250
March 31, 2021, second lease payment
Dr Cash 26,250
Cr Lease receivable 18,019
Cr Interest revenue 8,231
Which of the following concepts best describes the supply of housing? A. Irrational B. Inelastic C. Marginal D. Demographic
Answer: Inelastic
Explanation:
Bernie and Phil's Great American Surplus store placed an ad in the Sunday Times stating, "Next Saturday at 8:00 A.M. sharp 3 brand new mink coats worth $5,000 each will be sold for $500 each! First come, First served." Marsha LufMin was first in line when the store opened and went directly to the coat department, but the coats identified in the ad were not available for sale. She identified herself to the manager and pointed out that she was first in line in conformity with the store's advertised offer and that she was ready to pay the $500 price set forth in the store's offer. The manager responded that a newspaper ad is just an invitation to negotiate and that the store decided to withdraw "the mink coat promotion." Review the text on unilateral contracts in Section 12(b) of Chapter 12. Decide.
Answer:
Bennie and Phil broke their unilateral contract by not having the coats available for sale.
Explanation:
Unilateral contracts are defined as one in which the party making an offer are the only ones that obligation to pay for specific performance of an action from the offeree.
For example if a person offers to pay anyone to mow their lawn. Any person that agrees to the job does not have a commitment to perform it.
The only commitment is that the offeror will pay once the lawn is mowed.
In the scenario above Bernie and Phil’s Great American Surplus store placed an ad in the Sunday Timesstating, “Next Saturday at 8:00 A.M. sharp 3 brand new mink coats worth $5,000 eachwill be sold for $500 each! First come, first served.” They are the offerors
Marsha now did her part by being first in line to buy the coat.
By not having the coat available for sale Bernie and Phil have broken their unilateral contract
Blight Financial has an investment in bonds issued by Searing Industries that are classified as trading securities. At December 31, Year 2, the Investment in Searing bonds account had a debit balance of $500,000, and the bonds were purchased at par so the $500,000 equals amortized cost. The Fair Value Adjustment account had a debit balance of $20,000. On December 31, Year 3, the amortized cost of those bonds has not changed, but the fair value of those bonds was $515,000. Which of the following will be included in the related journal entry dated December 31, Year 3?
a. Debit to Fair value adjustment for $5,000.
b. Credit to Fair value adjustment for $5,000.
c. Debit to Fair value adjustment for $25,000.
d. Credit to Fair value adjustment for $25,000.
Answer:
b. Credit to Fair value adjustment for $5,000.
Explanation:
Particulars Amount
Beginning balance of fair value adjustment $20,000
Less: Unrealized gain on Dec 31 $15,000
(515,000 - 500,000)
Credit to fair value adjustment $5,000
Mechanistic vs. Organic Structures Managers taking a contingency approach must consider numerous factors in designing the best kind of structure for their particular organization at that particular time. British behaviorists Tom Burns and G.M. Stalker identified what they call mechanistic and organic structures. Depending on the task environment and a variety of other considerations, the type of organizational structure chosen can be critical to organizational success. This exercise will test your knowledge of the characteristics of each of these types of organizational structure.
Select the most appropriate category (mechanistic or organic structure) for each of the characteristics of organizations.
1. Few rules and procedures
2. Narrow span of control
3. Specialized tasks
4. Many teams or task forces
5. Many rules and procedures
6. Decentralized hierarchy of authority
7. Flatter structure
8. Informal communication
9. Taller structure
10. Centralized hierarchy of authority
11. Wider span of control
12. Shared tasks
13. Formalized communication
14. Few teams or task forces
Category:
a. Mechanistic Organizations
b. Organic Organizations
Answer:
Mechanistic Organizations Organic Organizations
- Few teams and task force - Few rules and procedures
- Formalized communication - Shared tasks
- Centralized hierarchy of authority - Flatter structure
- Narrow span of control - Many teams and task force
- Many rules and procedures - Decentralized hierarchy of authority
- Specialized task - Informal communication
- Taller structure - Narrow span of control
Use the CAFR information for the City of Salem (Illustrations 2-2 through 2-16) to find the following items. in your answer, both indicate which financial statement contained the information and the item and the dollar amount.
Information Item Statement $ Amount
Ex Amounts due from other governments to support
governmental activities Balance Sheet—
Governmental Funds $1,328,448
A. Total capital outlay for the courthouse renovation
B. Total cash paid for capital additions for the solid
waste fund
C. Interest paid (not expense) on general long-term debt
D. Interest paid (not expense) on water department debt
E. Capital asset (net) for the government's component units
F. Contributions received for use by the private-purpose trust
G. Noncurrent liabilities associated with governmental
activities that are due in more than one year
H. Noncash contributions of capital assets for the water
department
Answer:
attached below
Explanation:
using the CAFR information the information required is tabulated as attached below
The net assets statement reports the liability, the net assets account balance for the government activities and also reports the assets
Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2019, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 4%, and the forecasted payout ratio is 45%. Use the AFN equation to forecast Broussard's additional funds needed for the coming year. Enter your answer in dollars. For example, an answer of $1.2 million should be entered as $1,200,000.
Do not round intermediate calculations. Round your answer to the nearest dollar.
Answer: $412,600
Explanation:
AFN = Increase in assets - Increase in Liabilities - Addition to Retained Earnings
Increase in Assets
= 5,000,000 * 15%
= $750,000
Increase in Liabilities
For liabilities use only the Accounts payable and Accruals.
= (450,000 + 450,000) * 15%
= $135,000
Additional to Retained Earnings
= After tax Profit * ( 1 - Payout ratio)
= (9,200,000 * 4%) * ( 1 - 45%)
= $202,400
= 750,000 - 135,000 - 202,400
= $412,600
On January 1, 2021, Marigold Corp. had 461,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account.
February 1 Issued 124,000 shares
March 1 Issued a 10% stock dividend
May 1 Acquired 104,000 shares of treasury stock
June 1 Issued a 3-for-1 stock split
October 1 Reissued 61,000 shares of treasury stock
Required:
Determine the weighted-average number of shares outstanding as of December 31, 2021.
Answer:
Marigold Corp.
Weighted-average number of shares outstanding as of December 31, 2021:
Date Outstanding Shares Number Weight Weighted
January 1, Beginning 461,000 12/12 461,000
February 1 Issue of new 124,000 11/12 113,667
March 1 Stock dividend 58,500 10/12 48,750
May 1 Treasury stock -104,000 8/12 -69,333
June 1 Issue 3-for-1 split 1,618,500 7/12 944,125
October 1 Reissue of Treasury Stock 61,000 3/12 15,250
Dec. 31 Total Outstanding shares 2,219,000 12 1,513,459
Explanation:
a) Data and Calculations:
Date Outstanding Shares Number
January 1, Beginning 461,000
February 1 Issue of new 124,000
March 1 Stock dividend 58,500 (10% of 461,000 + 124,000)
May 1 Treasury stock -104,000
June 1 Issue 3-for-1 split 1,618,500 (539,500 x 3)
October 1 Reissue of Treasury Stock 61,000
Dec. 31 Total Outstanding shares 2,219,000
b) The months remaining to the end of the year are used to assign weights to the shares.
CVP, Not for profit Monroe Classical Music Society is a not-for-profit organization that brings guest artists to the community’s greater metropolitan area. The Music Society just bought a small concert hall in the center of town to house its performances. The mortgage payments on the concert hall are expected to be $2,000 per month. The organization pays its guest performers $1,000 per concert and anticipates corresponding ticket sales to be $2,500 per event. The Music Society also incurs costs of approximately $500 per concert for marketing and advertising. The organization pays its artistic director $50,000 per year and expects to receive $40,000 in donations in addition to its ticket sales.Required1. If the Monroe Classical Music Society just breaks even, how many concerts does it hold?2. In addition to the organization’s artistic director, the Music Society would like to hire a marketing director for $40,000 per year. What is the breakeven point? The Music Society anticipates that the addition of a marketing director would allow the organization to increase the number of concerts to 60 per year. What is the Music Society’s operating income/(loss) if it hires the new marketing director?3. The Music Society expects to receive a grant that would provide the organization with an additional $20,000 toward the payment of the marketing director’s salary. What is the breakeven point if the Music Society hires the marketing director and receives the grant?
Answer:
1. If the Monroe Classical Music Society just breaks even, how many concerts does it hold?
break even = $34,000 / $1,000 = 34 concerts per year
2. In addition to the organization’s artistic director, the Music Society would like to hire a marketing director for $40,000 per year. What is the break even point?
break even = $74,000 / $1,000 = 74 concerts per year
The Music Society anticipates that the addition of a marketing director would allow the organization to increase the number of concerts to 60 per year. What is the Music Society’s operating income/(loss) if it hires the new marketing director?
loss = (60 x $1,000) - $74,000 = $60,000 - $74,000 = -$14,000
3. The Music Society expects to receive a grant that would provide the organization with an additional $20,000 toward the payment of the marketing director’s salary. What is the break even point if the Music Society hires the marketing director and receives the grant?
break even = $54,000 / $1,000 = 54 concerts per year
Explanation:
fixed costs = $24,000 (mortgage) + $50,000 (artistic director) = $74,000
variable costs per concert = $1,000 (artist) - $500 (marketing) = $1,500
revenue = $2,500 per concert
contribution margin per concert = $2,500 - $1,500 = $1,000
other revenues = $40,000 per year
net fixed costs = $74,000 - $40,000 = $34,000
The nature of a firm's cost (fixed or variable) depends on the Select one: a. firm's revenues. b. time horizon under consideration. c. price the firm charges for output. d. explicit but not implicit costs.
Answer:
B)time horizon under consideration.
Explanation:
firm's total cost of production can be regarded as the summation of both the fixed cost as well as the variable cost). It is all expenditures utilized in getting the needed factors of production( land, capital as well as labor)
Fixed cost known as overhead cost such as rent, insurance are expenses in the business that donor depends on the level of products(goods/service) from the business. While variable cost are cost that changes with production volume, they cover the cost of raw material used, direct labor as so on.It should be noted that The nature of a firm's cost (fixed or variable) depends on the time horizon under consideration
As far as GOODS (compared to services) are concerned, there is ___ opportunity to correct problems due to ___ customer contact. A. less, low B. more, low C. less, high D. more, high
Answer:
More , High ( D )
Explanation:
As far as GOODS (compared to services) are concerned, there is More opportunity to correct problems due to High customer contact.
and this is because when dealing with Services instead of Goods the direct customers of services are people hence the level of accessibility to enable the prompt correction of problems that might arise is very high and its faster as well to do that
Department Alpha had no beginning inventory. The department added direct materials costing $55,040 and conversion costs of $88,660 during the month of July. Materials are added at the beginning of the process and conversion costs are added evenly throughout the process in this department. During the month, 40,000 units were completed. At the end of July, 3,000 units remained which were 10% complete with respect to conversion costs. What is the correct cost per equivalent unit for materials for July?
Answer:
Cost per equivalent unit of materials = $1.28
Explanation:
Materials Cost = $55,040
Number of completed units = 40,000
Total units for material = 40,000 + 3,000 = 43,000 units
Cost per equivalent unit of materials = $55,040 / 43,000
Cost per equivalent unit of materials = $1.28
At the beginning of the month, the Forming Department of Martin Manufacturing had 17,000 units in inventory, 30% complete as to materials, and 15% complete as to conversion. During the month the department started 67,000 units and transferred 72,500 units to the next manufacturing department. At the end of the month, the department had 11,500 units in inventory, 85% complete as to materials and 60% complete as to conversion. If Martin Manufacturing uses the weighted average method of process costing, compute the equivalent units for materials and conversion respectively for the Forming Department.
A) 82,275 materials; 79,400 conversion
B) 65,275 materials; 62,400 conversion
C) 64,450 materials; 69,550 conversion
D) 77,175 materials; 79,400 conversion
E) 77,175 materials; 76,850 conversion
Answer:
A) 82,275 materials; 79,400 conversion
Explanation:
Calculation of the Equivalent Units of Production with respect to Raw Materials and Conversion Costs
1. Raw Materials
Ending Work In Process (11,500 × 85%) = 9,775
Completed and Transferred (72,500 × 100%) = 72,500
Equivalent Units of Production with respect to Materials = 82,275
2. Conversion Costs
Ending Work In Process (11,500 × 60%) = 6,900
Completed and Transferred (72,500 × 100%) = 72,500
Equivalent Units of Production with respect to Materials = 79,400
Sanborn Industries has the following overhead costs and cost drivers. Direct labor hours are estimated at 100,000 for the year.
Activity Cost Pool Cost Driver Est. Overhead Cost Driver Activity
Ordering and Receiving Orders $120,000 500 orders
Machine Setup Setups 297,000 450 setups
Machining Machine hours 1,500,000 125,000 MH
Assembly Parts 1,200,000 1,000,000 parts
Inspection Inspections 300,000 500 inspections
If overhead is applied using traditional-based costing on direct labor hours, the overhead application rate is:___________.
a) 9.60
b) 12.00
c) 15.00
d) 34.17
Answer:
Predetermined manufacturing overhead rate= $34.17 per direct labor hour
Explanation:
Giving the following information:
Direct labor hours are estimated at 100,000 for the year.
Ordering and Receiving $120,000
Machine Setup $297,000
Machining $1,500,000
Assembly $1,200,000
Inspection $300,000
Total estimated overhead= $3,417,000
To calculate the predetermined manufacturing overhead rate we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 3,417,000/100,000
Predetermined manufacturing overhead rate= $34.17 per direct labor hour
What aspect does line weight represent? A. angle of a line B. color of a line C. length of a line D. thickness of a line
Answer:
D
Explanation:
You have the following rates of return for a risky portfolio for several recent years. Assume that the stock pays no dividends. Year Beginning of Year Price # of Shares Bought or Sold 2011 $50.00 100 Bought 2012 $55.00 50 Bought 2013 $51.00 75 Sold 2014 $54.00 75 Sold What is the geometric average return for the period?
Answer:
The geometric average return for the period 2.60%.
Explanation:
Note: The data in this question are merged together. They are therefore sorted before answering the question. See the attached pdf file for the complete question with the sorted data.
Also note: See the attached excel file for the calculation of the return for each year.
In the attached excel file, return is calculated using the following formula:
Return = (Current year price - Previous year price) / Previous year price
The formula for calculating the geometric average return is given as follows:
Geometric average return = [(1 + R1)(1 + R2)(1 + R3)...(1 + Rn)]^(1/n) – 1 ……….. (1)
Where;
Ri = Return over the years I, where i = 1, 2, 3, …. n
n = number of years = 3
R1 = 2012 return = 0.10
R2 = 2013 return = -0.0727272727272727
R3 = 0.0588235294117647
Substituting the values into equation (1), we have:
Geometric average return = ((1 + 0.10)(1 - 0.0727272727272727)(1 + 0.0588235294117647))^(1/3) – 1
Geometric average return = (1.10 * 0.927272727272727 * 1.0588235294117647)^(1/3) – 1
Geometric average return = 1.07999999999999^0.333333333333333 - 1
Geometric average return = 1.02598556800602 - 1
Geometric average return = 0.02598556800602 = 0.0260, or 2.60%
Therefore, the geometric average return for the period 2.60%.
What is the best application to chart the average temperature for the year?
PowerPoint
Access
Word
Excel
Environmental recovery company RexChem Part- ners plans to finance a site reclamation project that will require a 4-year cleanup period. The company plans to borrow $1.8 million now. How much will the company reveice in annual paymebts
Complete question Text:
Environmental recovery company RexChem Partners plans to finance a site reclamation project that will require a 4-year cleanup period. The company will borrow $1.8 million now to finance the project. How much will the company have to receive in annual payments for 4 years, provided it will also receive a final lump sum payment after 4 years in the amount of $800,000? The MARR is 10% per year on its investment
Answer:
We are going to receive annual payment of $395,471
Explanation:
We solve for the present value of the lump-sum today:
PRESENT VALUE OF LUMP SUM
[tex]\frac{Maturity}{(1 + rate)^{time} } = PV[/tex]
Maturity 800,000.00
time 4.00
rate 0.1
[tex]\frac{800000}{(1 + 0.1)^{4} } = PV[/tex]
PV 546,410.76
Now, we deduct this fromthe 1,800,000 loan:
1,800,000 - 546,410.76 = 1,253,589.24
this value will be the amount the yearly installment will ghave to pay.
Installment of a present annuity
[tex]PV \div \frac{1-(1+r)^{-time} }{rate} = C\\[/tex]
PV 1,253,589.24 €
time 4
rate 0.1
[tex]1253589.24 \div \frac{1-(1+0.1)^{-4} }{0.1} = C\\[/tex]
C $ 395,470.805
There are two machines for sale that you are considering purchasing for your sawmill to produce hardwood flooring. You want to find the one that has a higher process capability index, or Cpk. The goal is to produce flooring that is between 46 and 50 millimeters thick. The first machine is more accurate on average, producing to a mean of 48 millimeters...but unfortunately it has more variation with a standard deviation of 7 millimeters. The second machine is not as accurate, with a mean of 47mm, but does deliver a more consistent output, with standard deviation of 3mm.
[ Select] What is the Cpk of machine 1?
[Select] What is the Cpk of machine 2?
[ Select] If your goal is to be capable', what would you do?
[ Select] If (somehow) you could combine the best of both machines (the centering or average of machine 1 coupled with the constancy or standard deviation of machine 2, what would the Cpk be?
Answer:
Machine 1 = 0.092
Machine 2 = 0.111
Combined = 0.222
Explanation:
Given the following :
Lower specification limit (LSL) = 46 mm
Upper specification limit (USL) = 50 mm
MACHINE 1:
Mean 1 (m1) = 48
Standard deviation 1 (σ1) = 0.7
MACHINE 2:
Mean 2 (m2) = 47
Standard deviation 2 (σ2) = 0.3
Cpk formula:
Min(USLcpk, LSLcpk)
USLcpk = (USL - m) / 3σ
LSLcpk = (m - LSL) / 3σ
FOR MACHINE 1:
USLcpk = (50 - 48) / 3(7) = 0.0952
LSLcpk = (48 - 46) / 3(7) = 0.0952
Cpk = Min(0.952, 0.952) = 0.952
FOR MACHINE 2:
USLcpk = (50 - 47) / 3(3) = 0.333
LSLcpk = (47 - 46) / 3(3) = 0.111
Min(USLcpk, LSLcpk)
Cpk = Min(0.333, 0.111) = 0.111
When combined :
Mean = 48
σ = 3
USLcpk = (50 - 48) / 3(3) = 0.222
LSLcpk = (48 - 46) / 3(3) = 0.222
Min(USLcpk, LSLcpk)
Cpk = Min(0.222, 0.222) = 0.222
Thirteen students entered the business program at Sante Fe College 2 years ago. The following table indicates what each student scored on the high school SAT math exam and their grade-point averages (GPAs) after students were in the Sante Fe program for 2 years.
Student A B C D E F G
SAT Score 421 375 585 693 608 392 418
GPA 2.93 2.87 3.03 3.42 3.66 2.91 2.12
Student H I J K L M
SAT Score 484 725 506 613 706 366
GPA 2.50 3.24 1.97 2.73 3.88 1.58
The least-squares regression equation that shows the best relationship between GPA and the SAT score is:________ (round your responses to four decimal places)
Answer:
ŷ = 0.0035X + 1.0030
Explanation:
Given the data :
Student A B C D E F G H I J K L M
SAT Score: 421 375 585 693 608 392 418 484 725 506 613 706 366
GPA: 2.93 2.87 3.03 3.42 3.66 2.91 2.12 2.50 3.24 1.97 2.73 3.88 1.58
We can obtain the Least square regression calculator, we can obtain the least square regression equation in the Format :
y = mx + c
Where ; m = gradient / slope
x = predictor variable ; c = intercept
y = Independent variable.
The model equation produced by the calculator is :
ŷ = 0.0035X + 1.0030
y predicted variable ; x = explanatory variable
0.0035 = slope or gradient ; 1.0030 = intercept
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Megan McCoy has a Bachelor's degree in business management and human resources. She has 5 years of HR experience as an HR assistant with her current employer. Megan thinks that with her education and experience, she is qualified for the position of HR manager. After observing her own boss, she feels confident that she could do that job. However, Megan knows that she does not see everything that her boss does, and may not be aware of all the tasks, duties, and responsibilities (TDRs) of the job, and the knowledge, skills, abilities, and other characteristics (KSAOs) necessary to do the job. To get more information about the occupation of an HR Manager, Megan did some research using the Occupational Information Network.
The general description of the job of HR manager includes
a. supervising and coordinating the activities of clerical and administrative support workers.
b. maintaining record of assets, liabilities, tax liability, and other financial activities.
c. maintaining functions such as employee compensation, recruitment, and personnel policies.
d. interacting with customers and handling and resolving customer complaints.
e. providing high-level administrative support by conducting research and preparing reports.
Answer:
c. maintaining functions such as employee compensation, recruitment, and personnel policies.
Explanation:
The human resources department in a company is increasingly important, since HR is the area where the company's human capital is managed, and more and more people must be valued in an organization, which currently assume the role promoters of human development both internally and externally.
The general job description of the HR manager includes maintaining roles such as employee compensation, recruitment and personnel policies.
To be an effective manager, there must be an understanding that employees have specific needs that must be met in the company, there must be policies that protect and value the employee according to the law, as well as the establishment of positions and fair remuneration and consistent with the function performed, preparation of training and development, etc.
Organizations are composed of people, therefore they are not rigid entities, it is necessary that the manager has flexibility to deal with people and their demands, always seeking to build positive professional relationships that contribute to an organizational culture favorable to the development of the skills and competences of the people.
What term means an explosive and seemingly uncontrollable inflation in which money loses value rapidly and may even go out of use? A. deflation B. hyperinflation C. stagflation D. maginflation
Answer:
hyperinflation
Explanation:
Hyperinflation is a term in economics that denotes an out-of-control, rise in prices of goods and services . When the inflation rate is rapidly rising, say by more than 50% per month, then it is a case of hyperinflation.
Hence, hyperinflation is an explosive and seemingly uncontrollable inflation in which money loses value rapidly and may even go out of use.
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2017, the general ledger for Case Inc. contains the following data.
Raw Materials Inventory $4,200 Manufacturing Overhead Applied $32,640
Work in Process Inventory $5,540 Manufacturing Overhead Incurred $31,650
Subsidiary data for Work in Process Inventory on June 1 are as follows.
Job Cost Sheets
Customer Job
Cost Element Rodgers Stevens Linton
Direct materials $600 $800 $900
Direct labor 320 540 580
Manufacturing overhead 400 675 725
$1,320 $2,015 $2,205
During June, raw materials purchased on account were $4,900, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $900 and miscellaneous costs of $400 incurred on account.
A summary of materials requisition slips and time tickets for June shows the following.
Customer Job Materials Requisition Slips Time Tickets
Rodgers $800 $850
Koss 2,000 800
Stevens 500 360
Linton 1,300 1,200
Rodgers 300 390
4,900 3,600
General use 1,500 1,200
$6,400 $4,800
Overhead was charged to jobs at the same rate of $1.25 per dollar of direct labor cost. The patios for customers Rodgers, Stevens, and Linton were completed during June and sold for a total of $18,900. Each customer paid in full.
Instructions
Journalize the June transactions: (1) for purchase of raw materials, factory labor costs incurred, and manufacturing overhead cost incurred; (2) assignment of direct materials, labor, and overhead to production; and (3) completion of jobs and sale of goods.
Post the entries to Work in Process Inventory.
Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs.
Prepare a cost of goods manufactured schedule for June.
Answer and Explanation:
Please find answer and explanation attached
What was the non-live show revenue (merchandising + record sales + etc) for the Amzai Brothers during September-December 2019?
Full question attached
Answer and Explanation:
Answer and explanation attached
Tasty Subs acquired a delivery truck on October 1, 2021, for $25,600. The company estimates a residual value of $1,600 and a six-year service life. Required: Calculate depreciation expense using the straight-line method for 2021 and 2022, assuming a December 31 year-end.
Answer:
Depreciation Expense 2021= $1,000
Depreciation Expense 2022= $4,000
Explanation:
Calculation for depreciation expense using the straight-line method for 2021 and 2022
Using this formula
Depreciation = ( Cost − Residual Value )/
Useful Life
Where,
Cost of Truck on October 1,2021= $25,600
Residual Value = $1,600
Useful life of truck = 6 years service life
Let plug in the formula
2021
Depreciation Expense = $25,600 - $1,600 / 6 years * 3/12
Depreciation Expense 2021= $1,000
Note October 1 to 31 December 2021 will give us 3 months
2022
Depreciation Expense=$25,600 - $1,600 / 6 years
Depreciation Expense 2022= $4,000
Therefore the Depreciation Expense for 2021 will be $1,000 while the Depreciation Expense for 2022 will be $4,000
The stock of Static Corporation has a beta of 0.7. If the expected return on the market increases by 6%, the expected return on Static Corporation should increase by
Answer: 4.2%
Explanation:
Beta is a measure of sensitivity of a stock in that it measures how the stock reacts to a movement in market return. The Beta of the Market is 1.
If a Stock's Beta is 2, this means that if expected market return increases by 1%, the stock's expected return will increase by 2%. If a Stock's beta is 0.5 then if the expected return on the market increases by 1%, the stock's expected return will increase by 0.5%.
In this case the expected return on the market increases by 6% so the expected return on Static Corporation should increase by;
= 0.7 * 6%
= 4.2%
Luke offered to sell his farm to Kent at $75,000, an offer which Kent declined. A week later, Luke offered to sell the farm for $65,000, stating that it was the final offer, it was valid for one month, and that he would not alter it. Two days later, Kent replied by saying that he was willing to pay $60,000 for the farm. A week after Luke received Kent's offer, Luke declined it. Ten days after that, Kent agreed to buy the farm for $65,000, but Luke refused to sell the farm. Kent decided to sue Luke for a breach of contract. The judge ruled in favor of Luke. Which one of the following is the reason for the ruling in Luke's favor?
a. Luke's original offer of $75,000 is still valid, even though rejected.
b. Kent acted in an incompetent manner with regards to the offer.
c. Kent's acceptance was past the set time period in the offer.
d. Kent's counteroffer of $60,000 had rendered the offer for $65,000 invalid.
Answer:
Option D
Explanation:
Kent's counteroffer of $60,000 had rendered the offer for $65,000 invalid
Reason- Whenever a counteroffer is made, it voids the earlier offers That's because real estate laws in all 50 states say that a seller who makes a written counteroffer automatically renders the buyer's original offer null and void.
Triec, Inc., is a small electrical contracting company in Springfield, Ohio, owned by its executives Yeazell, Jones, and Heaton. Employees contacted the International Brotherhood of Electrical Workers, which began an organizing drive, and 6 of the 11 employees in the bargaining unit signed authorization cards. The company declined to recognize the union, which petitioned the NLRB to schedule an election. The company then granted several new benefits for all workers, including higher wages, paid vacations, and other measures. When the election was held, only 2 of the 11 bargaining unit members voted for the union. Did the company violate the NLRA?
Answer:
Triec, inc., violated the National Labor Relations Act (NLRA) because it directly interfered with the organization of a union within the company.
The NLRA allows private employees to join or form a union, and the company cannot interfere in any of these. E.g. a company cannot fire or punish in any way an employee for joining a union. A company cannot interfere with the creation of a union.
In this case, the company granted the new benefits in order to convince its workers to not form the union.
Hector was prosecuted following police seizure of 80 pounds of drugs from his airplane. The seizure was held to be unlawful, the evidence was sup- pressed, and the suit against Hector was dismissed. He sued the government officials involved in his arrest and prosecution to recover $3,500 in bail bond expenses, $23,000 in attorney's fees, and $2,000 in travel costs. The district court held he could not recover the costs incurred during the criminal prosecution. Hector appealed. Can he recover the costs? (Hector v. Watt, 235 F.3d 154, 3rd Cir. (2000)]
Answer:
Hector will lose.
Explanation:
If someone suffers an illegal search or seizure, he/she can recover any costs associated with that incident, e.g. property damage, injuries (both physical or to their reputation, lawyers, etc.). But if the illegal search actually results in some criminal evidence being discovered, then you cannot recover any costs. Anything seized illegally will be dismissed, but the reward is not going to jail even if they committed a crime, they get no money back.
Why only ask for a refund of his lawyer's fees, he should also ask for a refund for the value of the drugs? This lawsuit is absolutely ridiculous.
Sheridan Company pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly period. Sheridan accrues salaries expense only at its December 31 year end. Data relating to salaries earned in December 2020 are as follows: Last payroll was paid on 12/26/20, for the 2-week period ended 12/26/20. Overtime pay earned in the 2-week period ended 12/26/20 was $24000. Remaining work days in 2020 were December 29, 30, 31, on which days there was no overtime. The recurring biweekly salaries total $444000.
Assuming a five-day workweek, Sheridan should record a liability at December 31, 2020 for accrued salaries of:_________.
a. $266400
b. $290400
c. $133200
d. $157200
Answer:Sheridan should record a liability at December 31, 2020 for accrued salaries of =d. $157200
Explanation:
Since there are 5 workdays in a week
we consider First, Workdays Biweekly (Two weeks)
= 5 work days per week X 2 = 10 days
then the Remaining work days in 2020 for December 29,30 and 31 = 3 days
Accrued salaries = Recurring biweekly salaries/10 days X 3 days + Overtime pay earned in the 2-week period ended 12/26/20
$444,000/10 days x 3 days + $24000
$133,200 +$24000
= $157,200
Janice’s Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $560,000 in December. Because Janice’s Dress Delivery is in the mail-order business, all sales are made on account. The company expects a 30 percent drop in sales for January. The balance in the Accounts Receivable account on December 31 was $96,400 and is budgeted to be $73,600 as of January 31. Janice’s Dress Delivery normally collects accounts receivable in the month following the month of sale. Required: Determine the amount of cash Janice’s Dress Delivery expects to collect from accounts receivable during January.
Answer:
$414,800
Explanation:
First, calculate the sales revenue for January
Sales Budget
December = $560,000
January = ($560,000 × 0.70) = $392,000
Then, Prepare a Trade Receivables Schedule
Cash Trade Receivables Schedule
January
Balance b/d $96,400
Add Credit Sales $392,000
Less Balance c/d ($73,600)
Cash Received from Trade Receivables $414,800
Therefore, Dress Delivery expects to collect $414,800 from accounts receivable.