Answer:
Randall delivers the packages to people all in the area. Kim can give direction and tell him what and where to deliver things.
To everyone in the neighbourhood, Randall distributes the packages. Kim may instruct him and let him know what to deliver and where.
How do you define a role at work?Roles describe a person's place in a team. The activities and obligations of a person's specific function or job description are referred to as their responsibilities. Employees are responsible for a number of responsibilities at work. Employees are more likely to succeed in their duties at the firm and reach the goals of their team when their supervisor lays out the assignments in simple terms.
But in order to properly delegate, a manager or team leader has to be aware of that person's place in the organization. Understanding the advantages of establishing functional roles and tasks might be helpful as well. Besides improving team productivity, assigning functional roles and tasks has various additional advantages that might be advantageous to your firm as a whole.
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Inflation imposes many costs on the economy: shoe-leather costs, money illusion, menu costs, wealth redistribution, price confusion, future price level uncertainty, and tax distortions. For each of the following statements, determine the associated cost.
a. A jeweler observes the price of gold rise and wonders if there is a shortage of gold.
b. Carson is angry because the price of donuts increased from $1 to $2 since last week
c. Your grandmother's savings account pays 2% interest, but inflation is 5%.
d. The CEO of GM worries that his revenue received in the future won't cover the expenses he incurs today.
e. Jim is reluctant to sell his stocks at the end of the year.
f. John thinks his new salary in NYC will increase his standard of living
g. Kallie is taking more trips to ATM now that the post.
Categories:
1. Shoe leather cost
2. Money ilusion
3. Menu costs
4. Wealth redistribution
5. Price confusion
Answer:
Inflation Costs:
a. Price confusion
b. Menu costs
c. Wealth redistribution
d. Money illusion
e. Price confusion
f. Money illusion
g. Shoe leather cost.
Explanation:
Categories:
1. Shoe leather cost = costs of time and efforts spent on trying to negate the effects of inflation. People incur this cost by holding less cash while others make additional trips to the bank.
2. Money illusion costs = cost of calculating and comparing the rising costs triggered by inflation can cause changes in the nominal price to be mistaken for changes in the real price.
3. Menu costs = During inflation, more time and cost are incurred to effect the un-ending price changes.
4. Wealth redistribution costs: In trying to redistribute wealth, there are some associated costs and unintended leakages.
5. Price confusion costs: During inflation, the changes made in prices may not be determined as resulting from either inflation or increased demand.
Suppose that you sell short 1,000 shares of Xtel, currently selling for $20 per share, and give your broker $15,000 to establish your margin account.a. If you earn no interest on the funds in your margin account, what will be your rate of return after one year if Xtel stock is selling at: (i) $22; (ii) $20; (iii) $18
Answer:
i) -13.33%
ii)0.00%
iii)13.33%
Explanation:
Calculation for the rate of return after one year
i). Rate of return=(1000*($20-$22))/$15000
Rate of return=(1000*-$2))/$15000
Rate of return=-$2,000/$15000
Rate of return= -13.33%
(ii)Rate of return= (1000*($20-$20))/$15000
Rate of return=(1000*$0)/$15000
Rate of return=$0/$15000
Rate of return= 0.00%
(iii)Rate of return= (1000*($20-$18))/$15000
Rate of return=(1000*$2))/$15000
Rate of return=$2,000/$15000
Rate of return= 13.33%
Therefore what will be your rate of return after one year if Xtel stock is selling at:
(i) $22 will be -13.33%
ii) $20 will be 0.00%
iii) $18 will be 13.33%
Your company paid a corporate spy to find out the short-run cost of a competitor. The spy obtained the information below on your competitor's quantities, total variable cost, and total cost. An X appears in place of numbers the spy failed to get. Your boss asks you to calculate some of the information the spy was not able to obtain. Fill in the blanks below with the missing information.
Output Total Variable Total cost
0 $0 $250
25 450
50 300
75 375
100 600 850
125 1125
150 1200
175 1875
200 2000 2250
Answer:
Output Total Variable Total cost
0 $0 $250
25 200 450
50 300 550
75 375 625
100 600 850
125 875 1125
150 1200 1450
175 1625 1875
200 2000 2250
Explanation:
Note: The data in the question are merged together. They are therefor sorted before answering the question as follows:
Output Total Variable Total cost
0 $0 $250
25 450
50 300
75 375
100 600 850
125 1125
150 1200
175 1875
200 2000 2250
The explanation of the answer in now given as follows:
Since the Total Cost when the output is zero is equal to $250, that implies that the Total Fixed Cost is equal to $250. Also, since we have:
Total Cost = Total Total Variable + Total Fixed Cost ........ (1)
Where:
Total Fixed Cost = $250
Substituting Total Fixed Cost = $250 into equation (1), the two formulae to be used to fill the blanks are as follows:
Total Cost = Total Total Variable + $250 ...................... (2)
Total Total Variable = Total Cost - $250 ....................... (3)
Using equations (2) and (3) as applicable, the value for each of the blanks is calculated and filled (in bold italicized figures) and presented as follows:
Output Total Variable Total cost
0 $0 $250
25 200 450
50 300 550
75 375 625
100 600 850
125 875 1125
150 1200 1450
175 1625 1875
200 2000 2250
Explain
What an
organization High- uncertainty is
A portfolio is composed of two securities, Stock X and Stock Z. Stock X has a standard deviation of returns of 35%, while Stock Z has a standard deviation of returns of 15%. The correlation coefficient between the returns on X and Z is .25. If Stock X comprises 40% of the portfolio, while Stock Z comprises 60% of the portfolio, what is the standard deviation of this two-risky-asset portfolio
Answer:
Portfolio SD = 0.18439 or 18.439%
Explanation:
The standard deviation of a stock or a portfolio is the measure of the total risk contained in the stock or portfolio. Risk can be defined as the volatility of the stock returns. To calculate the standard deviation of a two stock portfolio, we use the attached formula.
If the weight of stock x is 40%, the weight of stock y will be 1 - 40% = 60%
SD = √(0.4)^2 * (0.35)^2 + (0.6)^2 * (0.15)^2 + 2 * 0.4 * 0.6 * 0.25 * 0.35 * 0.15
SD = 0.18439 or 18.439%
Logan, a 50% shareholder in Military Gear Incorporated (MG), is comparing the tax consequences of losses from C corporations with losses from S corporations. Assume MG has a $100,000 tax loss for the year, Logan's tax basis in his MG stock was $150,000 at the beginning of the year, and he received $75,000 ordinary income from other sources during the year. Assuming Logan's marginal tax rate is 24 percent, how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation?
Answer:
$12,000
Explanation:
Calculation for how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation
First step is to calculate the amount he will pay for the taxes if Military Gear Inc. is a C corporation
Tax amount=($75,000 × 24%)
Tax amount=$18,000
Second step is to calculate the amount he will pay for the taxes if Military Gear Inc. is a S corporation
Tax amount=($75,000 -$50,000)*24%
Tax amount=$25,000*24%
Tax amount=$6,000
Now let calculate how much more tax will Logan pay currently
Tax amount=$18,000-$6,000
Tax amount=$12,000
Therefore how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation will be $12,000
Wang Company accumulates the following adjustment data at December 31. For each item, indicate (1) the type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (2) the status of the accounts before adjustment (overstated or understated).
a. Services performed but unbilled totals $600.
b. Store supplies of $160 are on hand. The supplies account shows a $1,900 balance.
c. Utility expenses of $275 are unpaid.
d. Service performed of $490 collected in advance.
e. Salaries of $620 are unpaid.
f. Prepaid insurance totaling $400 has expired.
Answer:
a. Services performed but unbilled totals $600.
Accrued revenueAccounts receivable was understated before the adjustment
b. Store supplies of $160 are on hand. The supplies account shows a $1,900 balance.
Accrued expenseSupplies was overstated before the adjustment
c. Utility expenses of $275 are unpaid.
Accrued expenseUtilities expense was understated before the adjustmentd. Service performed of $490 collected in advance.
Unearned revenueRevenue was overstated before the adjustment
e. Salaries of $620 are unpaid.
Accrued expenseWages expense was understated before the adjustment
f. Prepaid insurance totaling $400 has expired.
Prepaid expenseInsurance expense was understatedAt the beginning of the recent period, there were 1,230 units of product in a department, 35% completed. These units were finished and an additional 6,100 units were started and completed during the period. 1,240 units were still in process at the end of the period, 25% completed. Using the weighted average method, the equivalent units produced by the department were:
Answer:
7,640 units
Explanation:
Calculation for what the equivalent units produced by the department were Using the weighted average method
First step is to calculate the units Completed & transferred out
Completed & transferred out =6,100+1,230
Completed & transferred out=7,330
Second step is to calculate the EGIP
EGIP= (1,240*25%)
EGIP=310
Now let calculate the equivalent units produced by the department
Equivalent units produced=7,330+310
Equivalent units produced=7,640 units
Therefore Using the weighted average method, the equivalent units produced by the department were:7,640 units
Accounts receivable arising from sales to customers amounted to $44000 and $51000 at the beginning and end of 2022, respectively. Income reported on the income statement for the year was $283000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is:_______.
a. $290000.
b. $327000.
c. $276000.
d. $283000.
Answer:
c. $276,000
Explanation:
Calculation for the cash flows from operating activities to be reported on the statement of cash flows
Using this formula
Cash flows from operating activities =Income reported +Beginning Account Receivable-Ending Account Receivable-
Let plug in the formula
Cash flows from operating activities=$283,000+$44,000-$51,000
Cash flows from operating activities=$276,000
Therefore the cash flows from operating activities to be reported on the statement of cash flows is $276,000
Suppose that, in the wake of Luon yoga pant recall, Lululemon instituted a policy requiring its manufacturing plants and materials suppliers to streamline work processes and thereby provide smooth, high-quality customer experiences. Which of the five types of external integration would such a policy represent
Answer:
The answer is "Material and service supplier integration".
Explanation:
The integration of materials and services between a business as well as its supply chain products and government agencies is coordinated. In the Ninja, Corporation realized the importance of such a move and picked the highest vendors. These companies should operate in collaboration with external providers and enhance customer quality, but Lululemon also adopted the very same approach to simplify their process including its suppliers.
Automation Inc. is a company that provides wireless telecommunications network in several cities in the Midwest region, and the company plans to know more about its customers. The company found that one of his customers has a short customer history of 35, an above-average purchase amount of 75, a low repurchase desirability of 25, a weak product preference of 20, and the customer does not recommend the company's services to potential customers.
Required:
Based on the values provided, what is this customer's loyalty index?
Answer:
2,625
Explanation:
The customer's loyalty index is calculated by multiplying the customer's average purchase amount by the average purchasing frequency. Since both of these values are provided to us in the question we can simply go ahead and multiply them together to get his/her loyalty index.
35 * 75 = 2,625
Finally, we can see that the loyalty index of the customer in question is 2,625
Because private business is involved in certain aspects of our economy, it is a modified version of free enterprise.
True
False
True, private enterprise is a revised form of free enterprise because it is engaged in certain parts of our economy.
Define free enterprise.Free enterprise, often known as market system and capitalist, is a provision and demand-driven capitalist model.
True, private enterprise is a revised form of free enterprise because it is engaged in certain parts of our economy.
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The equilibrium level of real GDP in a country is $480 billion. Suppose that planned investment decreases by $5 billion. This decrease causes real GDP to shift to a new equilibrium level of $470 billion.
A. What will be the size of the spending multiplier for this country?
B. What is the marginal propensity to save (MPS) for this country?
Answer:
A. Spending multiplier for this country = 2
B. Marginal propensity to save (MPS) for this country = 0.5
Explanation:
A. What will be the size of the spending multiplier for this country?
This can be calculated as follows:
Change in real GDP = New real GDP – Old real GDP = $470 billion - $480 billion = -$10 billion
Change in planned investment = -$5 billion
Marginal propensity to spend = Change in planned investment / Change in real GDP = -$5 billion / -$10 billion = 0.5
Spending multiplier for this country = 1 / (1 - Marginal propensity to spend) = 1 / (1 – 0.5) = 1 / 0.5 = 2
B. What is the marginal propensity to save (MPS) for this country?
This can be calculated as follows:
Marginal propensity to save (MPS) = 1 - Marginal propensity to spend
Marginal propensity to save (MPS) = 1 – 0.5
Marginal propensity to save (MPS) = 0.5
The spending multiplier for the country would be 2.
The marginal propensity to save (MPS) for the country would be 0.5
What is the calculation of the spending multiplier?The spending multiplier would be derived after the computation of marginal propensity to spend.
Here, Change in planned investment would be divided by Change in real GDP, that is,
[tex]\frac{-5}{470-480} \\=0.5[/tex]
Therefore, the spending multiplier would be;
[tex]\frac{1}{1-MPS}\\ \frac{1}{1-0.5} \\=2[/tex]
What is the calculation of marginal propensity to save?
[tex]1-MPS\\=1-0.5\\=0.5[/tex]
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On July 1, 2020, Splish Brothers Inc. pays $24,900 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Splish Brothers Inc., journalize and post the entry on July 1 and the annual adjusting entry on December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Answer and Explanation:
The journal entries are shown below:
On July 1
Prepaid Insurance $24,900
To Cash $24,900
(being the prepaid insurance is recorded)
Here prepaid insurance is debited as it increased the assets and cash is credited as it decreased the assets
On Dec 31
Insurance expense $4,150 ($24,900 ×6 ÷ 36)
To Prepaid Insurance $4,150
(being insurance expense is recorded)
The insurance expense is debited as it increased the expenses and credited the prepaid insurance as it decreased the assets
During January, Luxury Cruise Lines incurs employee salaries of $3 million. Withholdings in January are $229,500 for the employee portion of FICA, $450,000 for federal income tax, $187,500 for state income tax, and $30,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $186,000 for federal and state unemployment tax and $90,000 for the employer portion of health insurance.
Required:
a. Record the employee salary expense, withholdings, and salaries payable.
b. Record the employer-provided fringe benefits.
c. Record the employer payroll taxes.
Answer and Explanation:
The journal entries are shown below:
On Jan 31
Salaries Expense $3,000,000
To Income Tax Payable ($450,000 + $187,500 ) $637,500
To FICA taxes payable $229,500
To Accounts payable $$30,000
To Salaries payable $2,103,000
(Being the employees Salaries Expense is recorded )
On Jan 31
Salaries Expense $90,000
To Accounts payable $90,000
(Being the employer-provided fringe benefits is recorded)
On Jan 31
Payroll tax expense $415,500
To FICA taxes payable $229,500
To Unemployment taxes payable $186,000
(Being the payroll taxes is recorded)
Classifications of Cash-flows
A Lump sum today B Lump sum in the future
C Ordinary level annuity D Ordinary growing annuity
E Level annuity due F Growing annuity due
G Delayed level annuity H Delayed growing annuity
Use the classifications (choose from A to H) that best describe the cash-flows given below
Today 1 2 3 4 5 6 7 8 9 10
$100 $110 $121
Answer:
The answer is D
Explanation:
Organizational ethics begins at the top, and the leadership and example of strong managers can help instill corporate values in employees. More and more companies have adopted written codes of ethics. Trust and cooperation between workers and managers must be based on fairness, honesty, openness, and moral integrity. The same applies to relationships among businesses and between nations. Compliance-based ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers. Integrity-based ethics codes define the organization's guiding values, create an environment that supports ethically sound behavior, and stress shared accountability.
Match the features to the correct type of Ethics Code.
a. Education, reduced employee discretion
b. Enable responsible employee conduct
c. Lawyers
d. Conform to outside standards
e. Accountability, decision processes, control
f. Conform to outside standards and chosen internal standards
g. Avoid criminal misconduct
h. Managers
Features of compliance- Based ethics codes Features of Integrity- Based ethics codes
Ideal
Objective
Leader
Methods
Answer:
Features of compliance- Based ethics codes
Ideal ⇒ Conform to outside standards
Compliance codes means that there are external standards that need to be complied with such as legal codes.
Objective ⇒ Avoid criminal misconduct
Going against these codes would be a criminal act if the codes are enforced by the government.
Leader ⇒ Lawyers
Lawyers enforce these codes through lawsuits as they fall under the legal realm.
Methods ⇒ Education, reduced employee discretion
To ensure these codes, employees should be educated on them to reduce instances of employee discretion.
Features of Integrity- Based ethics codes
Ideal ⇒ Conform to outside standards and chosen internal standards.
Company goes the extra mile of instituting their own standards in addition to outside standards.
Objective ⇒ Enable responsible employee conduct.
Goal is to ensure that employees act with integrity and responsibility.
Leader ⇒ Managers
As this is internal, it would be enforced by managers.
Methods ⇒ Accountability, decision processes, control.
Drussden Inc., a multinational corporation, has decided to hire military veterans. This, the company feels, would not only set a good example of a diverse workplace among its peers and customers, but also let it derive great benefits from this unique talent pool. In implementing this recruiting strategy, Drussden Inc. should expect:
a. an increase in expenses as the company will need to pay a much higher compensation to these employees.
b. to have a more rigid and harsh workplace environment than before.
c. to require sufficient time for training their HR personnel on how to appropriately interview these potential employees.
d. a significant decrease in its hiring-related costs
Answer:
c. to require sufficient time for training their HR personnel on how to appropriately interview these potential employees.
Explanation:
Most organizations lack a veteran recruiting program. There are several misconceptions about veterans working in private companies especially regarding their mental state. It is true that a percentage, about 10-20%, experience some type of PTSD, but it generally is not something permanent. Also, former military personnel are normal people that served their country. They have some skill sand some preparation that even though might be unrelated to a specific, might be very useful. For example, many companies hire veterans because they are adaptable, flexible, react well under pressure and tend to find solutions to problems. They didn't learn this in any school, instead they learned this on the battle field. Many veterans also have a lot of experience with solving problems and presenting clear information.
This doesn't mean that they will earn a higher salary, or that they will turn the office into a military headquarter. Many companies higher them for their flexibility and how well they adapt and react to change. The problem is that not enough companies actually have veteran recruiting programs that will help both the companies and the veterans.
Milton Snoeyenbos argues that:_____.
a. settled economic life requires purely selfish behavior.
b. with ethical codes, there's no need for taxes, laws, or regulations as a way of controlling corporate behavior.
c. corporate moral codes can make it more reasonable to expect employees to behave ethically.
d. to be viable, ethical codes need not be widely accepted or part of corporate culture.
Answer:
c. corporate moral codes can make it more reasonable to expect employees to behave ethically
Explanation:
Corporation do exist way beyond the lives of its members. The corporation are as of entity makes decisions and bear responsibility for its actions.
Corporate moral code set of ethical standards or rules set up by corporation which they strictly aim to adhere. It varies from corporate to corporation. It varies more in design and objective not really subject to legal enforcement. Milton Snoeyenbos argues that Corporate moral codes can make it more reasonable to expect employees to behave ethically.
Milton Snoeyenbos argues that corporate moral code can make it more reasonable to expect employees to behave ethically. Thus, option C is appropriate.
A moral code is made up of precepts that categorize behaviors into right and wrong, acceptable and supererogatory, banned and necessary, and morally significant or insignificant. Such principles, according to many thinkers, must fulfill two different purposes.
A moral code is a system of rules or principles that an individual or a group of individuals adhere to live a good life. Culture has a big influence on morality. The moral code we uphold shapes many aspects of our lives and frequently determines how we behave, dress, and even treat other people.
Thus, option C is correct.
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The time horizon of the demand curve is one determinant of the price elasticity of demand.If the price of gasoline is relatively high for a long time, consumers are more likely to buy fuel-efficient cars or switch to alternatives like public transportation. Therefore, the demand for gasoline is ―――― elastic in the long run than in the short run.
Answer:
more
Explanation:
we know that here Price Elasticity of demand is express as
Price Elasticity of demand = PercentageChange is quantity demanded ÷ PercentageChange in price ...........................1
so that, Demand for gasoline is more elastic in the long run than in the short run because in the long run people can change their preferences and choices.
Suppose that an economy consists of only two individuals. Leland has $1950 available to spend on goods. He decides to purchase $370 worth of produce from Charlotte in the current month. No other economic activity takes place during the current month. Using this information, answer the questions. For the current month, what is the economy's income
Answer:
$370
Explanation:
The computation of the economy income as follows:
Since Leland decided to buy the worth of produce in the present month for $370
So for the present month or the current month, the economy income is $370
Therefore the same would be considered also the single transaction is taken place in the current month
Read the descriptions and identify which region each one describes.
1. Historically, this region has suffered from extreme poverty, which continues to this day. Growth has been effectively zero since the 1960s. Problems such as political instability, poor public health and a lack of effective institutions have all contributed to its stagnation.
2. Until the middle of the last century, these countries were relatively poor. Beginning in the mid 1970s, real GDP per capita growth has averaged 6% per year. The growth was achieved in part because of high levels of investment spending in the development of human and physical capital and rapid technological progress.
3. In the early 1990s, this region was in the middle of substantial social and economic reform. Countries in this region have experienced variable growth rates, depending on their ability to adapt to the modern market economy.
4. In the early 20th century, this region was reasonably prosperous. Since that time, however, growth has stagnated, owing to government instability, banking failures, and runaway inflation. Recently, some countries in the region have begun to grow more consistently, with one country becoming a powerhouse of world economic development.
A. European Transition Economies
B. North Africa
C. South Africa
D. Asian Tigers
E. North America
F. Western Europe
G. South America
H. Sub-Saharan Africa
Answer:
Identifying regions with appropriate descriptions:
Description Region
1. H. Sub-Saharan Africa
2. D. Asian Tigers
3. A. European Transition Economies
4. G. South America
Explanation:
One factor which promotes negative economic growth is political instability. There is also the lack of human and physical development and social and economic reforms, including inconsistencies in governmental policies. For the economy of a region to grow out of poverty, governments must collaborate to pursue reforms on a large scale.
Trayer Corporation has income from continuing operations of $290,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes).
1. An unrealized loss of $80,000 on available-for-sale securities.
2. A gain of $30,000 on the discontinuance of a division (comprised of a $10,000 loss from operations and a $40,000 gain on disposal).
3. A correction of an error in last year’s financial statements that resulted in a $20,000 understatement of 2016 net income.
Assume all items are subject to income taxes at a 20% tax rate. Prepare a statement of comprehensive income, beginning with income from continuing operations. TRAYER CORPORATION Partial Statement of Comprehensive Income choose the accounting period.Solution: Loss from operations = $10,000 × 20% = $2,000 ($10,000 - $2,000 = $8,000)Gain from disposal = $40,000 × 20% = $8,000 ($40,000 - $8,000 = $32,000)Unrealized holding loss on available-for-sale securities = $80,000 × 20% = $16,000 ($80,000 - $16,000 = $64,000)(Gains and losses from discontinued operations and other comprehensive income should be reported net of their income tax effects)
Answer:
$250,000
Explanation:
Preparation of the statement of comprehensive income
TRAYER CORPORATION Statement of Comprehensive Income for the year ended 31 December 2017
Income from continuing operations $290,000
Discontinued operations:
Less Loss of operation of Discontinue Division, net of tax ($8,000)
($40,000 × 20% )
Gain on sales of Discontinued Division, net of tax $32,000
($40,000 - $8,000 )
Net income $314,000
($290,000+$8,000+$32,000)
Less Unrealized loss on available-for-sale securities, net of tax $64,000
[$80,000-($80,000 × 20%)]
Comprehensive income $250,000
($314,000-$64,000)
Therefore the comprehensive income will be $250,000
From the list below, choose the items that are classified as a materials activity(You may select more than one answer.
1. Raw materials used
2. Raw materials beginning inventory
3. Raw materials purchases
4. Work in process beginning inventory
5. Goods manufactured
6. Direct labor used
7. Factor overhead used
Answer:
youuurrr mooomm
Explanation:
:D
Tierney Company begins operations on April 1. Information from job cost sheets shows the following.
Manufacturing Costs Assigned
Job Number April May June Month Completed
10 $6,200 $4,900 May
11 5,000 4,700 $3,100 June
12 1,500 April
13 5,600 4,600 June
14 7,000 4,100 Not complete
Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June. Each job was sold for 25% above its cost in the month following completion.
What is the balance in Work in Process Inventory at the end of each month?
Answer:
April 30 Work in Process Inventory $11,200
May 31 Work in Process Inventory $22,300
June 30 Work in Process Inventory $11,100
Explanation:
Calculation for the balance in Work in Process Inventory at the end of each month
April 30 Work in Process Inventory=$6,200+$5,000
April 30 Work in Process Inventory=$11,200
May 31 Work in Process Inventory =$5,000+$ 4,700+$5,600+$7,000
May 31 Work in Process Inventory =$22,300
June 30 Work in Process Inventory= $7,000 + $4,100
June 30 Work in Process Inventory= $11,100
Therefore the balance in Work in Process Inventory at the end of each month will be :
April 30 Work in Process Inventory $11,200
May 31 Work in Process Inventory $22,300
June 30 Work in Process Inventory $11,100
Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations:
1. Accepted $18,700 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months.
2. Performed legal services for cash of $64,000.
3. Purchased $1,250 of office supplies on account.
4. Paid $1,125 of the amount due on accounts payable.
5. Paid a cash dividend to the stockholders of $6,000.
6. Paid cash for operating expenses of $20,000.
7. Determined that at the end of the accounting period $125 of office supplies remained on hand.
8. On December 31, Year 1, recognized the revenue that had been earned for services performed in accordance with Transaction 1.
Required
Show the effects of the events on the financial statements using a horizontal statements model. The first event has been recorded as an example. (In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input.)
Answer:
1. Cash will increase by $18,700 for the services to be rendered over the 12 months.
2. Cash will reduce by $64,000 for the legal service acquired.
3. No effect on cash as the transaction is on accounts.
4. Cash will decrease by $1,250 for the supplies purchased.
5. Cash will decrease by $6,000 for the dividends paid.
6. Cash will decrease by $20,000 due to operating expenses
7. no effect on cash
8. no effect on cash.
Explanation:
The business transactions recorded by Hart, Attorney at Law, These transactions have impact on the cash. The inflow and outflow of cash is recorded in the cash flow statement. Transaction no. 3, 7 and 8 will have no effects on cash balance of the company.
Selected transactions for Bramble, an interior decorator corporation, in its first month of business, are as follows.
a. Issued stock to investors for $16,000 in cash.
b. Purchased used car for $10,700 cash for use in business.
c. Purchased supplies on account for $400.
d. Billed customers $4,010 for services performed.
e. Paid $160 cash for advertising at the start of the business.
f. Received $1,530 cash from customers billed in transaction (4).
g. Paid creditor $400 cash on account.
h. Paid dividends of $530 cash to stockholders.
Required:
For each transaction indicate the basic type of account debited and credited.
Answer:
transaction account debit credit
a. cash 16,000
common stock 16,000
b. vehicles 10,700
cash 10,700
c. supplies 400
accounts payable 400
d. accounts rec. 4,010
service revenue 4,010
e. adv. expense 160
cash 160
f. cash 1,530
accounts rec. 1,530
g. accounts payable 400
cash 400
h. dividends 530
cash 530
A company's relevant range of production is 10,000 to 15,000 units. When it produces and sells 12,000 units, its unit costs are as follows: Amount per Unit Direct materials $ 8.25 Direct labor $ 5.50 Variable manufacturing overhead $ 1.50 Fixed manufacturing overhead $ 5.00 Fixed selling expense $ 3.50 Fixed administrative expense $ 2.00 Sales commissions $ 1.00 Variable administrative expense $ 0.50 What is the incremental cost incurred if the company increases production from 12,000 to 12,001 units
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Calculate the direct labor rate variance (LRV) and the direct labor efficiency variance (LEV) for June using the formula approach.
Direct labor rate variance (LRV)
Answer:
Direct labor rate variance = Direct labor variance - Direct labor efficiency variance
Explanation:
Direct labor rate variance
Direct labor efficiency variance
Computation:
Direct labor rate variance = Direct labor variance - Direct labor efficiency variance
Horizontal analysis of income statement OBJ. 2 For 20Y2, Macklin Inc. reported a significant increase in net income. At the end of the year, John Mayer, the president, is presented with the following condensed comparative income statement:Macklin Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1Sales.................................................................Cost of goods sold.....................................................Gross profit...........................................................Selling expenses......................................................Administrative expenses...............................................Total operating expenses ..............................................Income from operations...............................................Other revenue........................................................Incomebeforeincometax .............................................Incometaxexpense...................................................Netincome...........................................................Instructions 20Y2 $910,000 441,000 $469,000 $ 139,150 99,450 $238,600 $230,400 65,000 $295,400 65,000 $230,400 20Y1 $700,000 350,000 $350,000 $115,000 85,000 $200,000 $150,000 50,000 $200,000 50,000 $150,0001. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Round percentages to one decimal place.2. To the extent the data permit, comment on the significant relationships revealed by the horizontal analysis prepared in (1
Answer:
1. See the the explanation below and the attached xlsx file.
2. From (1), the following can be observed from the attached xlsx file:
a. Net income has increased by $80,400 (equivalent to 53.6%) from 20Y1 to 20Y2.
b. Sales increased by $210,000 (equivalent to 30.0%) from 20Y1 to 20Y2.
c. The cost of goods sold has increased by $91,000 (equivalent to 26.0%) from 20Y1 to 20Y2 which is at a lower rate than sales making the gross profit to increase by $119,000 (equivalent to 34.0%) from 20Y1 to 20Y2.
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.
The explanation of the answer is now provided as follows:
1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Round percentages to one decimal place.
Note: See the attached xlsx file for the required comparative income statement with horizontal analysis for the two-year period.
Since 20Y1 is required to be used as the base year, the following formula are are used in the xlsx file:
Increase (decrease) Amount = 20Y2 Amount - 20Y1 Amount
Increase (decrease) Percent = (Increase (decrease) Amount / 20Y1 Amount) * 100
2. To the extent the data permit, comment on the significant relationships revealed by the horizontal analysis prepared in (1).
From the attached xlsx file, the following can be observed:
a. Net income has increased by $80,400 (equivalent to 53.6%) from 20Y1 to 20Y2.
b. Sales increased by $210,000 (equivalent to 30.0%) from 20Y1 to 20Y2.
c. The cost of goods sold has increased by $91,000 (equivalent to 26.0%) from 20Y1 to 20Y2 which is at a lower rate than sales making the gross profit to increase by $119,000 (equivalent to 34.0%) from 20Y1 to 20Y2.