PC ownership and u might be correlated due to u containing family income, which has a positive effect on GPA and is very likely to be correlated with PC ownership most accurately describes the relationship between the error term u and PC ownership.
What is socioeconomic status?
A means of classifying people according to their level of education, annual income, and employment. Low, medium, and high socioeconomic status are often used classifications. Financial, educational, social, and health resources are typically less accessible to persons with lower socioeconomic status than to those with greater socioeconomic position. High, moderate, and low socioeconomic status levels are often used to define the three possible positions that a family or an individual may occupy in relation to others.
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Mid City Products Inc. (MCP), developed standard costs for direct material and direct labor. In 2017, MCP estimated the following standard costs for one of their most popular products. Budgeted quantity Budgeted price Direct materials 4 pounds $7.25 per pound Direct labor 0.60 hours $17.00 per hourDuring September, MCP produced and sold 2,000 units using 8,200 pounds of direct materials at an average cost per pound of $7.00 and 1,160 direct labor hours at an average wage of $17.50 per hour. The direct labor efficiency variance during September is ________. $600 favorable $700 unfavorable $680 favorable $100 unfavorable
Answer:
See below
Explanation:
The below shows the calculation of variance
Budgeted direct labor (per unit) 0.60
Units 2,000
Budgeted direct total labor (hrs) 1,200
Actual hours 1,160
Standard rate $17
Direct labor efficiency variance
The direct labor efficiency variance
= (Budgeted hours - Actual hours) × Standard rate
= (1,200 - 1,160) × $18
= $720 favourable
Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of each of the following invoices, 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 by Seller Terms Returns and Allowances a. $14,200 - FOB shipping point, 1/10, n/30 $700 b. 10,700 $400 FOB shipping point, 2/10, n/30 1,300 c. 5,700 - FOB destination, 1/10, n/30 500 d. 3,800 200 FOB shipping point, 2/10, n/30 500 e. 1,500 - FOB destination, 2/10, n/30 -
Answer:
a. Amounts to be Paid on Invoice = $12,150
b. Amounts to be Paid on Invoice = $7,920
c. Amounts to be Paid on Invoice = $4,680
d. Amounts to be Paid on Invoice = $2,840
e. Amounts to be Paid on Invoice = $1,200
Explanation:
a. $14,200 - FOB shipping point, 1/10, n/30 $700
Amounts to be Paid on Invoice = ($14,200 - $700) * (10/10 - 1/10) = $12,150
b. 10,700 $400 FOB shipping point, 2/10, n/30 1,300
Amounts to be Paid on Invoice = (($10,700 - $1,300) * (10/10 - 2/10)) + $400 = $7,920
c. 5,700 - FOB destination, 1/10, n/30 500
Amounts to be Paid on Invoice = ($5,700 - $500) * (10/10 - 1/10) = $4,680
d. 3,800 200 FOB shipping point, 2/10, n/30 500
Amounts to be Paid on Invoice = (($3,800 - $500) * (10/10 - 2/10)) + $200 = $2,840
e. 1,500 - FOB destination, 2/10, n/30 -
Amounts to be Paid on Invoice = $1,500 * (10/10 - 2/10) = $1,200
Kampus Corporation had the following eight investment transactions or events:
Jan 1 Purchased Argon Co. bonds for $10,000 cash. (Purchase is considered a short-term investment in available-for-sale (AFS) debt securities.)
Jan 3 Purchased 1,200 shares of Elmer, Inc. for $36,000 cash. (Purchase is considered a long-term stock investment with insignificant influence.)
Mar 31 Received cash dividend of $0.25 per share from Elmer, Inc.
Jun 1 Purchased 5,000 shares of Logan, Inc. for $60 per share. These shares represent a 40% ownership in Logan, Inc.
Sep 30 Received cash dividend of $2 per share from Logan, Inc.
Dec 31 Logan, Inc. reported net income of $150,000 for the year.
Dec 31 As of December 31, the Argon Co. bond had a fair (market) value of $12,000.
Dec 31 As of December 31, the Elmer, Inc. stock had a fair (market) value of $25 per share.
Required:
Prepare the journal entries Kampus Corporation should record for these transactions and events.
Answer:
Kampus Corporation
Journal Entries:
Jan 1 Debit Bonds Receivable (Argon Co.) $10,000
Credit Cash $10,000
To record a short-term investment in available-for-sale (AFS) debt securities.)
Jan 3 Debit Investments (Long-term) in Elmer, Inc. $36,000
Credit Cash $36,000
To record the long-term investment (1,200 shares of Elmer, Inc. at $30 each.)
Mar 31 Debit Cash $300
Credit Dividend Received $300
To record dividend received from Elmer's investment
($0.25 per share of 1,200 shares).
Jun 1 Debit Investment in Logan, Inc. $300,000
Credit Cash $300,000
To record the investment in 5,000 shares of $60 per share, representing a 40% equity ownership.
Sep 30 Debit Cash $10,000
Credit Investment in Logan, Inc. $10,000
To record dividend received from investment in Logan, Inc. ($2 per share of 5,000 shares).
Dec 31 Debit Investment in Logan, Inc. $60,000
Credit Retained Earnings $60,000
To record 40% share of the Net income of $150,000 in Logan, Inc.
Dec 31 No Journal Required: Argon Co. bond had a fair (market) value of $12,000.
Dec 31 Debit Unrealized Loss from Investment in Elmer, Inc. $6,000
Credit Investment in Elmer, Inc. $6,000
To record $5 lost in the (market) value of $25 per share.
Explanation:
a) Data and Analysis:
Jan 1 Bonds Receivable (Argon Co.) $10,000 Cash $10,000
a short-term investment in available-for-sale (AFS) debt securities.)
Jan 3 Investments (Long-term) in Elmer, Inc. $36,000 Cash $36,000 1,200 shares of Elmer, Inc. at $30 each.
Mar 31 Cash $300 Dividend Received $300
$0.25 per share of 1,200 shares.
Jun 1 Investment in Logan, Inc. $300,000 Cash $300,000
5,000 shares of $60 per share, represent a 40% ownership.
Sep 30 Cash $10,000 Dividend Received $10,000
$2 per share of 5,000 shares.
Dec 31 Investment in Logan, Inc. $60,000 Retained Earnings $60,000
40% share of the Net income of $150,000 in Logan, Inc.
Dec 31 No Journal Required: Argon Co. bond had a fair (market) value of $12,000.
Dec 31 Unrealized Loss from Investment in Elmer, Inc. $6,000 Investment in Elmer, Inc. $6,000 (market) value of $25 per share.
Suppose the working age population of a fictional economy, Jessica Town, falls into the following categories: 100 are retired homemakers; 50 have full-time employment; 15 have part-time employment; 28 do not have employment but are actively looking for employment; and 16 would like employment but do not have employment and are not actively looking for employment. The official unemployment rate as calculated by the U.S. Bureau of Labor would equal:_________
Answer: 30.1%
Explanation:
The unemployment rate includes those who do not have employment but are actively looking for employment not those who do not have a job and are not looking.
The rate is also based on the Labor force which is the portion of the population that is able and willing to work. Retirees are not included in this measure. Those who are not looking are not willing.
Labor Force = 50 full-time + 15 part-time + 28 unemployed
= 93 people
Unemployment rate:
= 28 / 93 * 100
= 30.1%
Suppose the elasticity of demand for tickets to Broadway shows is 2.0 for men and 0.3 for women. To use price discrimination to increase profits, the producers should charge lower prices to _____ because their demand is more _____. men; inelastic than that of women women; inelastic than that of men women; elastic than that of men men; elastic than that of women
Answer:
men; elastic than that of women
Explanation:
Price discrimination is when the same product is sold at different prices to customers in different markets
types of price discrimination
1. first degree price discrimination : here sellers charge each consumer at their willingness to pay in order to eliminate consumer surplus.
2. second degree price discrimination : here firms offer different prices depending on the quantity purchased. e.g. giving discounts for bulk purchases.
3, third degree price discrimination : firms charge different prices to different groups of customers. e.g. having a certain price for senior citizens, students
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
Men have an elastic demand for tickets to Broadway shows
Women have an inelastic demand for tickets to Broadway shows
Since men have an elastic demand, if prices are reduced, the demand for tickets would increase and total profits of producers would increase
Parliament Company, which expects to start operations on January 1, year 2, will sell digital cameras in shopping malls. Parliament has budgeted sales as indicated in the following table. The company expects a 10 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March.
Required:
Determine the amount of sales revenue Parliament will report on its first quarter pro forma income statement.
Answer:
Note: The complete question is attached as picture below
We are add the previous month +10% to get that month's amounts
Sales Budget
January February March
Cash sales $50,000 $55,000 $60,500
Credit sales $120,000 $132,000 $145,200
Total sales $170,000 $187,000 $205,700
Workings:
February
Cash sales = 50,000+(50,000*10%) = $55,000
Credit sales= 120,000+(120,000*10%) = $132,000
March
Cash sales = 55,000+(55,000*10%) = $60,500
Credit sales= 132,000+(132,000*10%) = $145,200
Here we have added the previous month +10% to get that month's amounts
So,
Sales Budget
January February March
Cash sales $50,000 $55,000 $60,500
Credit sales $120,000 $132,000 $145,200
Total sales $170,000 $187,000 $205,700
Workings note
For FebruaryCash sales = 50,000 + (50,000 ×10%)
= $55,000
Credit sales= 120,000+(120,000 × 10%)
= $132,000
For March
Cash sales = 55,000+(55,000 × 10%)
= $60,500
Credit sales= 132,000+(132,000 × 10%)
= $145,200
In this way, the amount should be determined.
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Epsilon Co. can produce a unit of product for the following costs: Direct material $ 8 Direct labor 24 Overhead 40 Total costs per unit $72 An outside supplier offers to provide Epsilon with all the units it needs at $60 per unit. If Epsilon buys from the supplier, the company will still incur 40% of its overhead (this means that no matter what Epsilon does, 40% of the overhead costs will remain). Epsilon should choose to:
Answer:
It is cheaper to make the units in-house.
Explanation:
Giving the following information:
Make in-house:
Direct material $ 8
Direct labor 24
Overhead 40
Total costs per unit $72
Buying price= $60
We need to determine which option provides the lower cost. Because 40% of overhead will remain constant, we have to take it out of the equation.
Production cost:
Direct material $ 8
Direct labor 24
Overhead= 40*0.6= 24
Total production cost= $56
It is cheaper to make the units in-house.
Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $387,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $28,000; factory rent, $32,000; factory utilities, $20,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $680,000 cash in April. Costs of the three jobs worked on in April follow:
Job 306 Job 307 Job 308
Balances on March 31
Direct materials $30,000 $41,000
Direct labor 23,000 16,000
Applied overhead 11,500 8,000
Costs during April
Direct materials 139,000 200,000 $115,000
Direct labor 103,000 150,000 104,000
Applied overhead ? ? ?
Status on April 30 Finished (sold) Finished (unsold) In process
Required:
a. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31).
b. Prepare journal entries for the month of April to record the above transactions.
c. Prepare a schedule of cost of goods manufactured.
d. Compute gross profit for April
Answer:
Marcelino Co.a. The total of each production cost incurred for April:
Direct materials $454,000
Direct labor 357,000
Applied overhead 178,500
The total cost assigned to each job:
Job 306 Job 307 Job 308
Total cost of production $358,000 $490,000 $271,000
b. Journal Entries for the month of April:
Debit Work in Process:
Job 306 $139,000
Job 307 $200,000
Job 308 $115,000
Credit Raw Materials $454,000
To record the raw materials used in production.
Debit Work in Process:
Job 306 $103,000
Job 307 $150,000
Job 308 $104,000
Credit Payroll $357,000
To record the direct labor costs.
Debit Work in Process:
Job 306 $51,500
Job 307 $75,000
Job 308 $52,000
Credit Manufacturing Overhead $178,500
To record the applied overhead costs.
c. Schedule of Cost of Goods Manufactured:
Beginning Work in Process $129,500
Direct materials 454,000
Direct labor 357,000
Applied overhead 178,500
Total production costs $1,119,000
Less Ending Work in Process 271,000
Cost of goods manufactured $848,000
d. Gross profit for April:
Sales of Job 306 = $680,000
Cost of Job 306 = 358,000
Gross profit $322,000
Explanation:
a) Data and Calculations:
Beginning inventory:
Raw materials = $84,000
Cost incurred in April:
Purchases = $580,000
Factory payroll = $387,000
Overhead costs:
Indirect materials, $59,000
Indirect labor, $28,000
Factory rent, $32,000
Factory utilities, $20,000
Factory equipment depreciation, $52,000
Total overhead costs $191,000
Cash Sales of Job 306 = $680,000
Cost Sheet:
Job 306 Job 307 Job 308
Balances on March 31
Direct materials $30,000 $41,000 $71,000
Direct labor 23,000 16,000 39,000
Applied overhead 11,500 8,000 19,500
Beginning work in process $64,500 $65,000 $129,500
Costs during April
Direct materials 139,000 200,000 $115,000 454,000
Direct labor 103,000 150,000 104,000 357,000
Applied overhead 51,500 75,000 52,000 178,500
Total cost of production $358,000 $490,000 $271,000 $1,119,000
Status on April 30 Finished (sold) Finished (unsold) In process
Bradford, Inc., expects to sell 11,000 ceramic vases for $21 each. Direct materials costs are $3, direct manufacturing labor is $11, and manufacturing overhead is $5 per vase. The following inventory levels apply to 2019: Beginning inventory Ending inventory Direct materials 1,000 units 1,000 units Work-in-process inventory 0 units 0 units Finished goods inventory 100 units 600 units On the 2019 budgeted income statement, what amount will be reported for sales
Answer:
$231,000
Explanation:
With regards to the above, the total sales would be;
= Number of units Bradford inc. Is expected to sell × Per unit of ceramic vases
Given that;
Units expected to be sold = 11,000
Per unit of ceramic vases = $21
Total sales
= 11,000 units × $21
= $231,000
Since we were asked to get the total sales, we will simply multiply the per units sold with the units expected to be sold. Other information are not useful for the purpose of calculating the total sales.
Two years ago, Kimberly became a 30 percent partner in the KST Partnership with a contribution of investment land with a $10,000 basis and a $16,000 fair market value. On January 2 of this year, Kimberly has a $15,000 basis in her partnership interest, and none of her pre-contribution gain has been recognized. On January 2 Kimberly receives an operating distribution of a tract of land (not the contributed land) with a $12,000 basis and an $18,000 fair market value.
a. What is Kimberly’s remaining basis in KST after the distribution?
b. What is KST’s basis in the land Kimberly contributed after Kimberly receives this distribution?
Answer:
A. $6,000
B. $13,000
Explanation:
A. Calculation to determine Kimberly’s remaining basis in KST after the distribution
Basis in KST$ 15,000
Add §737 gain $3,000
($15,000-$12,000)
Deduct Carryover basis in land ($12,000)
Remaining basis in KST $6,000
($15,000+$3,000-$12,000).
Therefore Kimberly’s remaining basis in KST after the distribution will be $6,000
B. Calculation to determine KST’s basis in the land Kimberly contributed after Kimberly receives this distribution
KST basis upon contribution $10,000
Add Kimberly’s §737 gain $3,000
($15,000-$12,000)
KST’s basis in land $13,000
($10,000+$3,000)
Therefore KST’s basis in the land Kimberly contributed after Kimberly receives this distribution is $13,000
What do we call the principle that costs of production will increase by the inefficient reallocation of specialized resources for the production of additional goods for which there sources are not well suited?
A the law of natural economics
B the law of market regulation
C the law of macro-economic control
D the law of increasing opportunity costs
Answer:
the law of market regulation
Explanation:
i did this in my business class
Bryant Company has a factory machine with a book value of $93,100 and a remaining useful life of 5 years. It can be sold for $27,200. A new machine is available at a cost of $430,400. This machine will have a 5-year useful life with no salvage value. The new machine will lower annual variable manufacturing costs from $592,600 to $505,500. Prepare an analysis showing whether the old machine should be retained or replaced.
Answer:
The old machine should be replaced.
Explanation:
Note: See the attached excel file for the the analysis showing whether the old machine should be retained or replaced.
From the attached excel file, the following calculation are made:
Variable Manufacturing cost of Retain = Initial Variable Manufacturing cost * remaining useful life of old machine = $592,600 * 5 = $2,963,000
Variable Manufacturing cost of Replace = New Variable Manufacturing cost * Remaining useful life of new machine = $505,500 * 5 = $2,527,500
From the attached excel, it can be observed that the total cost of Retain is $32,200 higher than the total cost of Replace. This therefore implies that the old machine should be replaced.
Many new ventures focusing on craft beer have been launched. If the goal is to make a profit, perhaps it would have been a better choice to forget making the beer and instead focus on the hops market. There is competition for the available supply of hops, and this is especially true of the organic varieties. Cassidy Brewery uses standards to carefully track their costs. For their Hopalong label their standard for hops is 20 pounds per barrel and their standard rate is $13.00 per pound. In the past period they produced 40 barrels of their Hopalong beer using 830 pounds of hops. The hops had a cost of $15.00 per pound. Compute the total rate variance and the total efficiency variance for the past month. Also, for each variance, indicate whether the variance is favorable or unfavorable.
Answer:
a. Total rate variance = $1,660 Unfavorable
b. Total efficiency variance = $450 Unfavorable
Explanation:
From the question, we have:
Standard for hops = 20 pounds per barrel
Standard rate = Standard rate for hops = $13.00 per pound
Barrels of Hopalong beer produced = 40
Actual quantity = Actual pounds of hops used = 830 pounds
Standard quantity = Standard pounds of hops = Standard for hops * Barrels of Hopalong beer produced = 20 * 40 = 800 pounds
Actual rate = Actual cost of hops per pound = $15
Therefore, we have:
a. Compute the total rate variance for the past month
Total rate variance = (Actual rate - Standard rate) * Actual quantity = ($15 - $13) * 830 = $1,660 Unfavorable
The total rate variance of $1,660 is unfavorable because the Actual rate is greater than the Standard rate.
b. Compute the total efficiency variance for the past month
Total efficiency variance = (Actual quantity - Standard quantity) * Standard rate = (830 - 800) * $15 = $450 Unfavorable
The total efficiency variance of $450 is unfavorable because the Actual quantity is greater than the Standard quantity.
Stoney Brook Company produces two products (X and Y) from a joint process. Each product may be sold at the split-off point or processed further. Additional processing requires no special facilities, and production costs of further processing are entirely variable and traceable to the products involved. Joint manufacturing costs for the year were $60,000. Sales values and costs were as follows: If Processed Further Product Units Made Sales Price at Split-Off Sales Value Separable Cost X 9,000 $ 40,000 $ 78,000 $ 10,500 Y 6,000 80,000 90,000 7,500 If the joint production costs are allocated based on the net-realizable-value method, the amount of joint cost assigned to product Y would be:
Answer:
Apportioned joint cost to Product Y = $33,000
Explanation:
The net realizable sales value is the difference between the sales value less the separable cost.
Apportioned joint cost
= applicable net realizable value /Total net realizable value × Joint costs
$
Net-realizable value
Product X = 78,000-10500= 67,500
Product Y = 90,000-7500= 82,500
Total net-releasable value 150,000
Apportioned joint cost:
Product Y=82500/150,000× $60,000= $ 33,000
Product Y = $33,000
You make component X in-house at a cost of $16 per unit, which consists of $2 direct labor per unit, $7 direct materials per unit, $2 fixed overhead per unit, and $5 variable overhead per unit. You need 1,000 units of X per month. An outside supplier has offered to sell component X to you at $12 per unit. If you outsource the production of X to the supplier, how much will your profit change in the short term
Answer:
Change in profit is Nil
Explanation:
To determine whether to outsource the production of product X or not, we would compare the variable cost internal production to the external purchase price. And then adjust the net figure for the fixed costs.
For a make or buy decision the relevant cash flows include
1. the differential variable cost of the two options
2. savings from avoidable fixed costs associated with internal production
$
Variable cost internal production (2+7+5) 14
External buy in price 12
Savings per unit of bought from outside 2
Savings on 1000 units (2× 1,000) 2,000
Unavoidable fixed cost (2 × 1,000) (2,000)
Net change in profit Nil
Note we assume that the fixed overhead is unavoidable. That is it will still be incurred whether or the product is outsourced
Venus Creations sells window treatments (shades, blinds, and awnings) to both commercial and residential customers. The following information relates to its budgeted operations for the current year.
Commercial Residential
Revenues $328,000 $514,000
Direct materials costs $45,000 $50,000
Direct labor costs 110,000 290,000
Overhead costs 108,000 263,000 199,000 539,000
Operating income (loss) $65,000 $(25,000)
The controller, Peggy Kingman, is concerned about the residential product line. She cannot understand why this line is not more profitable given that the installations of window coverings are less complex for residential customers. In addition, the residential client base resides in close proximity to the company office, so travel costs are not as expensive on a per client visit for residential customers. As a result, she has decided to take a closer look at the overhead costs assigned to the two product lines to determine whether a more accurate product costing model can be developed. Here are the three activity cost pools and related information she developed:
Activity Cost Pools Estimated Overhead Cost Drivers
Scheduling and travel $108,000 Hours of travel
Setup time 119,000 Number of setups
Supervision 80,000 Direct labor cost
Estimated Use of Cost Drivers per Product
Commercial Residential
Scheduling and travel 800 550
Setup time 450 250
Compute the activity-based overhead rates for each of the three cost pools. (Round overhead rate for supervision to 2 decimal places, e.g. 0.38.)
Overhead Rates
Scheduling and travel
$enter a dollar amount per dollar rounded to 2 decimal places
per hour
Setup time
$enter a dollar amount per setup rounded to 2 decimal places
per setup
Supervision
$enter a dollar amount per dollar rounded to 2 decimal places
Answer:
Scheduling and travel= $80 per hour
Setup time= $170 per set up
Supervision= $0.2 per direct labor dollar
Explanation:
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
Commercial Residential
Scheduling and travel 800 550= 1,350
Setup time 450 250=700
Direct labor costs 110,000 290,000= $400,000
Scheduling and travel= 108,000 / 1,350= $80 per hour
Setup time= 119,000 / 700= $170 per set up
Supervision= 80,000 / 400,000= $0.2 per direct labor dollar
1) Record the following transactions in the General Fund General Ledger of Benford Township using the consumption method (periodic inventory system) to account for materials, supplies, and prepayments. Record both the budget-ary and actual entries.
2) Compute the amount of expenditures to be reported in the school district General Fund statement of revenues, expenditures, and changes in fund balance.
3) Compute the amount of nonspendable fund balance to be reported at year end. Materials and supplies costing $90,000 were on hand at the beginning of the year. 1. The town ordered the following:
Estimated Cost
Garbage vehicles—4 . . . . . . . . . . . . . . . . . . . . . . . $225,000
Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312,000
2. The town received the garbage vehicles. The actual cost of $222,000 was vouchered for payment.
3. The town received most of the supplies ordered (estimated cost $302,000). The actual cost was $301,800.
4. The town paid $523,800 of vouchers payable.
5. At yearend, the town had supplies on hand costing $102,000.
Answer:
1)
1. Dr Encumbrances $537,000
Cr Reserve for Encumbrances $537,000
2. Dr Reserve for Encumbrances $222,000
Cr Encumbrances $222,000
Dr Expenditures – Capital Outlay - Trucks $222,000
Cr Vouchers Payable $222,000
3. Dr Reserve for Encumbrances $302,000
Cr Encumbrances $302,000
Dr Inventory – Materials and Supplies $301,800
Cr Vouchers Payable $301,800
4. Dr Vouchers Payable $523,800
Cr Cash $523,800
5. Dr Inventory -Materials and Supplies $12,000
Cr Expenditures – Materials and Supplies $12,000
2) $511,800
3) $102,000
Explanation:
1) To Record the transactions in the General Fund General Ledger of Benford Township using the consumption method and to Record both the budget-ary and actual journal entries.
1. Preparation of the journal entry if The town ordered Garbage vehicles of the amount of $225,000 and Supplies of the amount of $312,000
Dr Encumbrances $537,000
Cr Reserve for Encumbrances $537,000
($225,000+312,000)
2. Preparation of The journal entry if The actual cost of the amount of $222,000 was vouchered for payment.
Dr Reserve for Encumbrances $222,000
Cr Encumbrances $222,000
Dr Expenditures – Capital Outlay - Trucks$222,000
Cr Vouchers Payable $222,000
3. Preparation of the journal entry if The town received most of the supplies ordered (estimated cost of the amount of $302,000) while The actual cost was the amount of $301,800.
Dr Reserve for Encumbrances $302,000
Cr Encumbrances $302,000
Dr Inventory – Materials and Supplies $301,800
Cr Vouchers Payable $301,800
4. Preparation of the journal entry if The town paid the amount of $523,800 of vouchers payable.
Dr Vouchers Payable $523,800
Cr Cash $523,800
5. Preparation of the Journal entry if At year end, the town had supplies on hand costing the amount of $102,000
Dr Inventory -Materials and Supplies $12,000
Cr Expenditures – Materials and Supplies $12,000
($523,800-$511,800)
2) Computation for the amount of expenditures to be reported in the school district General Fund statement of revenues, expenditures, and changes in fund balance
EXPENDITURES
Capital Outlay $222,000
Materials and Supplies:
Beginning Inventory $90,000
Purchases$301,800
Total Available$391,800
Less Ending Inventory ($102,000)$289,800
($391,800-$102,000)
Total $511,800
($222,000+$289,800)
Therefore the amount of expenditures to be reported in the school district General Fund statement of revenues, expenditures, and changes in fund balance is $511,800.
3) Based on the information given we were told that At the end of the year the town had supplies on hand costing the amount of $102,000 which means that The amount of nonspendable fund balance to be reported at year end will equal to Inventory on hand of the amount of $102,000.
1.The IASB sets standards for:
a. The private sector
b. The public and private sectors
c.The public, private and not-for-profit sector
d. The private and not-for-profit sector
Full-time students at a particular university must have at least 12 credit hours, but may take up to 18 credit hours in a semester. A student is currently signed up for 15 credit hours. In deciding whether to add one more course to a fall semester schedule, which of the following is a marginal cost or benefit that will influence the student's decision?
Please choose the correct answer from the following choices, and then select the submit answer button.
a. the total number of semesters it will take to finish the degree if the student takes an additional class in each semester
b. the wages the student misses out on because the student has to quit a job to take any classes at all
c. the tuition bill for the semester
d. the additional technology fee that is paid per credit hour
Answer:
d. the additional technology fee that is paid per credit hour
Explanation:
Since in the question it is mentioned that the full time students should take minimum 12 credit hours but it would take maximum of 18 credit hours
Now the student signed up for 15 creditor hours and he wants to add one more so the marginal cost or benefit that can impact the decision of the students is that the extra technology fee that should be paid for per credit hour
Hence, the option d is correct
How do you construct a General Journal.
You are attending a training session on the principles that will help you do a better job of managing a new company-wide diversity program.. You are going through an exercise in which you are given two statements and asked to pick the one that effectively illustrates one of these principles.
Here is one set of statements:
Statement 1
Remember to keep looking for the ideal candidate for a position. Settling for an applicant that lacks all the skills necessary to perform a job, but adds to the diversity of your workforce, is not ideal.
Statement 2
You will be better able to increase the diversity of your workforce if you interview candidates with entry-level experience even though it might be ideal to hire someone with years of experience.
You should choose statement _________as the more appropriate strategy for managing diversity, since it is an example of_________.
You were unable td Statement 1 e training, but your coworker has offered to fill you in on the details that you missed. Identify which of the following statements your coworer to indicate as diversity principles discussed during your absence.
a. Surface-level diversity should not be treated as more important than deep-level diversity
b. Do not lower hiring standards to promote diversity in the workplace
c. Keep trying to accomplish as much as possible, even if implementing the diversity program becomes difficult.
Answer:
Managing a Company-wide Diversity Program
1. The statement that effectively illustrates a diversity principle is:
Statement 2
You will be better able to increase the diversity of your workforce if you interview candidates with entry-level experience even though it might be ideal to hire someone with years of experience.
2. You should choose statement ___2______as the more appropriate strategy for managing diversity, since it is an example of__managing high standards_______.
3. The statement that indicates one of the diversity principles discussed during your absence is:
a. Surface-level diversity should not be treated as more important than deep-level diversity.
Explanation:
Workplace diversity is an important current topic. Diversity encourages productivity, creativity, innovation, and increased customer service. Diversity ensures that our limited worldviews are expanded to include others who are not, and do not think, like us but are humans created in Love and Mercy, to work with us, to make the world a better place. In today's workplace, a diverse culture looks beyond the familiar-cultural boundaries to embrace diverse peoples without minding their sex, race, sexual orientations, education, and other human attributes.
1. Caleb owns a used book shop, charging $8 for each used book that he sells. It costs him $3.50 for each used book and $0.16 per bag. In addition, he spends $1150 on rent, $92 on electricity, and $2240 on labor costs each month. Analyze Caleb's business by answering the following questions. (5 points: Part I - 1 point; Part II - 1 point; Part III - 1 point; Part IV - 1 point; Part V - 1 point) Part I: What is Caleb's unit cost per used book that he sells
Answer: $3.66 per book
Explanation:
Every book that Caleb sells costs him $3.50 and he puts it in a bag that costs $0.16.
Units cost per used book is therefore:
= Unit cost of book + bag cost
= 3.50 + 0.16
= $3.66 per book
each time mayberry nursery hires a new employee, it must wait for some period of time before the employee can meet production standard. Management is unsure of the learning curve in its operations but it knows the first job by a new employees averages 40 hours and the second job averages 32 hours. assume all jobs to be equal in size. what is the learning curve percentage, assuming the incremental unit time learning model
Answer:
Learning percentage = 1.6%
Explanation:
Given - Each time may berry nursery hires a new employee, it must wait for some period of time before the employee can meet production standard. Management is unsure of the learning curve in its operations but it knows the first job by a new employees averages 40 hours and the second job averages 32 hours. assume all jobs to be equal in size.
To find - What is the learning curve percentage, assuming the incremental unit time learning model.
Proof -
First job = 40 hours
Second job = 32 hours
Now,
Job Job hours Cumm. of hours Incremental av. hours
1 40 40 40
2 32 72 64
Learning percentage = [tex]\frac{64}{40}[/tex] = 1.6%
What exactly allows individuals to consume more if they specialize and trade than if they don't
Answer:
They work within the company that allows them to do so. Vs. others that don't.
Explanation:
Hope this helps! plz mark as brainliest!
he Dimitrios Company records the following transactions during September 2018: Cash sales to customers totaling $5,800. Sales to customers on credit cards totaling $18,800. The average credit card fee is 3.0%. The company collects all cash due from the credit card companies. A $2,000 sale on account to a long-time customer with terms of 2/10, n/30. The sale is made on September 5. The customer pays the invoice on September 14. A customer returns product they had purchased last month for $500. Dimitrios accepts the return and gives the customer a cash refund. Calculate the following amounts: Service charge expense for credit card sales Sales discount (contra-revenue) for sales on account Sales returns (contra-revenue) Gross sales revenue Net sales revenue Net cash collected from sales
Answer:
The Dimitrios Company
Service charge expense for credit card sales = $564 ($18,800 * 3%)
Sales discount (contra-revenue) for sales on account = $40 ($2,000 * 2%)
Sales returns (contra-revenue) - $500
Gross sales revenue:
Cash $5,800
Cards $18,800
Accounts receivable $2,000
Total = $26,600
Net sales revenue = $26,100 ($26,600 - $500)
Net cash collected from sales:
Cash Sales $5,800
Card Sales $18,800
Accounts Receivable $2,000
Less: Card Fees $564
Cash Discounts $40
Cash Refund $500
Net cash = $ 25,496
Explanation:
a) Data and Analysis:
Sept. 2018:
Cash $5,800 Sales Revenue $5,800
Credit Cards Receivable $18,800 Sales Revenue $18,800
Credit Card Fee Expense $ 564 Cash $564
Cash $18,800 Credit Cards Receivable $18,800
Accounts Receivable $2,000 Sales Revenue $2,000, terms of 2/10, n/30.
Cash $1,960 Cash Discounts $40 Accounts Receivable $2,000
Sales Returns $500 Cash $500
For the current year ($ in millions), Centipede Corp. had $80 in pretax accounting income. This included warranty expense of $6 and $20 in depreciation expense. Two million of warranty costs were incurred, and MACRS depreciation amounted to $35. In the absence of other temporary or permanent differences, what was Centipede's income tax payable currently, assuming a tax rate of 25%?
Answer:
$17.25 million
Explanation:
Calculation to determine what was Centipede's income tax payable currently, assuming a tax rate of 25%
Accounting income $80 Temporary difference
Less Depreciation ($15)
($35 - 20)
Add Warranty expense $4
($6 - $2)
Taxable income $69
($80-$15+$4)
Enacted tax rate 25%
Tax payable currently $17.25 million
($69$25%)
Therefore Centipede's income tax payable currently, assuming a tax rate of 25% will be $17.25 million
Hilary, a manager of a family restaurant, is considering a renovation investment that would expand the operation's menu offerings. The project will have an initial cost of $36,000. Annual cash inflow from the project is expected to be $12,000 while cash outflow is expected to be $5,000 which will results in $7,000 annual net cash inflows for the next 8 years. What is the payback period in years for the proposed investment
Answer:
5 years and 1-2 months
Explanation:
if you do the math 7,000 x 5,000 is 35,000$ over a 5 year period you would pay back that much plus that little extra grand you owe
The projected investment's payback duration in years is 5 years and 1-2 months.
A multi-brand loyalty program called payback enables you to accumulate and use points whenever you shop. You can earn points on a variety of purchases, including grocery, petrol, entertainment, travel, clothing, and more, through a large network of in-store and online partners.
Members are able to accumulate points and use them to get free shopping. The event was held at the WWE Thunder Dome, located at the Amway Center in Orlando, Florida, on August 30, 2020. It was the first Payback staged following the 2017 event, but it also served as the last projected because no other events were planned. The event's theme was wrestlers getting even with their opponents.
Learn more about payback, from :
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a. As far as the tax code is concerned, HeadBook will increase its expenses by $5,000 in either case. If it pays for the policy, it incurs a $5,000 health care expense. If it raises Vanessa’s salary by $5,000, it incurs $5,000 of salary expense. If HeadBook is profitable and pays corporate profit taxes at a marginal 35 percent rate, by how much will HeadBook’s tax liability be reduced in either case?
Answer: $1,750
Explanation:
Incurring a health insurance cost of $5,000 or increasing salaries by $5,000 will have the same effect on the taxes because they will both be removed from the income before the taxes are calculated.
The reduction in tax in either case is:
= Expense * Tax rate
= 5,000 * 35%
= $1,750
The goal of the accounts receivable methods is to adjust the Allowance for Doubtful Accounts balance so that multiple choice The unadjusted balance is equal to the estimate of the uncollectible accounts receivable. The adjusted balance is equal to the estimate of the uncollectible accounts receivable. The adjusted balance is equal to the estimate of the uncollectible sales. The unadjusted balance is equal to the ending accounts receivable balance.
Answer:
The adjusted balance is equal to the estimate of the uncollectible accounts receivable.
Explanation:
Receivable in economics is simply whenbusiness sells goods or services to another party on account usually on credit. It is also known as a monetary claim usually against a business or an individual.
Accounts receivable
Is simply defined as the power to the right to receive cash in the future from customers for goods or services performed. They can be called claim of right, exchange consideration, and a claim for the future.
The supplementary record that contains information on each customer is the accounts receivable ledger.
The goal for the accounts receivable methods is to adjust the Allowance for Doubtful Accounts balance making the adjusted balance is equal to the estimate of the uncollectible accounts receivable.
Montgomery owns a nuclear power plant in the town of Springfield. His power plant dumps substantial quantities of radioactive waste into the local pond, which has given rise to a mutant guppy fish population with three eyes.The town decides to have Montgomery do something about the externality. Which method would NOT result in Montgomery accounting for the social cost of running the power plant
Answer:
Subsidize Montgomery for every three-eyed fish they find in the pond.
Explanation:
From the question we are informed about Montgomery who owns a nuclear power plant in the town of Springfield. His power plant dumps substantial quantities of radioactive waste into the local pond, which has given rise to a mutant guppy fish population with three eyes.The town decides to have Montgomery do something about the externality. In this case the method that would NOT result in Montgomery accounting for the social cost of running the power plant is Subsidize Montgomery for every three-eyed fish they find in the pond. Social cost can be regarded as addition of private costs that comes from a transaction as well as costs that is been imposed on the consumers as a result of exposure to transaction that did not compensated or charged for. It is addition of both private and external costs. Therefore, if there is subsidy for three-eyed fish will prevent him from social cost