1. Journal Entries for the events in Quarter ending September 30, 2013:
a. Debit Advertising Expense $2,600
Credit Cash $2,600
b. Debit Cash $16,000
Debit Accounts Receivable $3,200
Credit Service Revenue $19,200
c. Debit Accounts Payable (Pool Corporation) $10,600
Credit Cash $10,600
d. Debit Cash $10,000
Credit Unearned Service Revenue $10,000
e. Debit Wages Expense $3,000
Debit Wages Payable $1,500
Credit Cash $4,500
f. Debit Vehicle Repairs Expense $310
Credit Cash $310
g. Debit Utilities Expense $220
Credit Cash $220
h. Debit Cash $75
Credit Interest Revenue $75
i. Debit Property tax expense $600
Credit Property tax Payable $600
j. Debit Prepaid Insurance $2,400
Credit Cash $2,400
2. Classified Income Statement for the Quarter ended September 30, 2013:
Service Revenue $19,200
Advertising Expense $2,600
Wages Expense 3,000
Vehicle Repairs Expense 310
Utilities Expense 220
Property tax Expense 600 $6,730
Income from operations $12,470
Interest Revenue $75
Income before taxes $12,545
3. The net profit margin ratio = 64.95% ($12,470/$19,200 x 100)
3b. This ratio shows that PPSS is able to control the costs of its operations in such a way that it could convert as much as 65% income from its service revenue.
Data Analysis:
a. Advertising Expense $2,600 Cash $2,600
b. Cash $16,000 Accounts Receivable $3,200 Service Revenue $19,200
c. Accounts Payable (Pool Corporation) $10,600 Cash $10,600
d. Cash $10,000 Unearned Service Revenue $10,000
e. Wages Expense $3,000 Wages Payable $1,500 Cash $4,500
f. Vehicle Repairs Expense $310 Cash $310
g. Utilities Expense $220 Cash $220
h. Cash $75 Interest Revenue $75
i. Property tax expense $600 Property tax Payable $600
j. Prepaid Insurance $2,400 Cash $2,400
Learn more about calculating net profit margin at https://brainly.com/question/22024991
An entrepreneur who is green focuses on
a. helping others who are in need.
b. conserving resources.
c. operating with integrity.
d. finding societal needs that are not being met by the government.
Hello!
An entrepreneur who is green focuses on environmental issues and the best options for sustainable businesses.
In this question, the best answer is B. "conserving resources."
I hope this helps you! Have a great day!
- Mal
Parker Company uses a job-order costing system and applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor-hours. Last year manufacturing overhead and direct labor-hours were estimated at $50,000 and 20,000 hours, respectively, for the year. In June, Job #461 was completed. Materials costs on the job totaled $4,000 and labor costs totaled $1,500 at $5 per hour. At the end of the year, it was determined that the company worked 24,000 direct labor-hours for the year and incurred $54,000 in actual manufacturing overhead costs. Required: a. Job #461 contained 100 units. Determine the unit product cost that would appear on the job cost sheet. b. Determine the underapplied or overapplied overhead for the year.
Answer:
Instructions are below.
Explanation:
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= (50,000/20,000)
Predetermined manufacturing overhead rate= $2.5 per direct labor hour
Now, we can determine the total cost and unitary cost of Job 461:
Direct labor hours= 1,500/5= 300
Total cost= 4,000 + 1,500 + 2.5*300= $6,250
Unitary cost= 6,250/100= $62.5
To calculate the under/over allocation, first, we allocate overhead for the whole company:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 2.5*24,000= $60,000
Under/over applied overhead= real overhead - allocated overhead
Under/over applied overhead= 54,000 - 60,000
Under/over applied overhead= $6,000 overallocated
Kelp Company produces three joint products from seaweed. At the split-off point, three basic products emerge: Sea Tea, Sea Paste, and Sea Powder. Each of these products can either be sold at the split-off point or be processed further. If they are processed further, the resulting products can be sold as delicacies to health food stores. Cost and revenue information is as follows. Sales Value and Additional Costs If Processed Further Product Pounds Produced Sales Value at Split-Off Final Sales Value Additional Cost Sea Tea 9,000 $ 60,000 $ 90,000 $ 35,000 Sea Paste 4,000 80,000 160,000 50,000 Sea Powder 2,000 70,000 85,000 14,000 Required: a-1. Compute the incremental benefit (cost) of further processing to these products. a-2. Which products should Kelp process beyond the split-off point
Answer:
a-1. Compute the incremental benefit (cost) of further processing to these products.
sea tea = ($5,000) losssea paste = $30,000sea powder = $1,000a-2. Which products should Kelp process beyond the split-off point
sea paste and sea powderExplanation:
Sales Value and Additional Costs If Processed Further
Product Pounds Sales value Final sales Additional
produced at split-off value cost
Sea Tea 9,000 $60,000 $90,000 $35,000
Sea Paste 4,000 $80,000 $160,000 $50,000
Sea Powder 2,000 $70,000 $85,000 $14,000
incremental benefit of further processing:
sea tea = ($90,000 - $60,000) - $35,000 = -$5,000
sea paste = ($160,000 - $80,000) - $50,000 = $30,000
sea powder = ($85,000 - $70,000) - $14,000 = $1,000
For the year ended December 31, 2021, Fidelity Engineering reported pretax accounting income of $978,000. Selected information for 2021 from Fidelity’s records follows: Interest income on municipal governmental bonds $ 32,000 Depreciation claimed on the 2021 tax return in excess of depreciation on the income statement 58,000 Carrying amount of depreciable assets in excess of their tax basis at year-end 88,000 Warranty expense reported on the income statement 26,000 Actual warranty expenditures in 2021 10,000 Fidelity's income tax rate is 25%. At January 1, 2021, Fidelity's records indicated balances of zero and $7,500 in its deferred tax asset and deferred tax liability accounts, respectively. Required: 1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry. 2. What is Fidelity’s 2021 net income?
Answer:
1. Income tax payable for 2021 = (Pretax accounting income - Interest income on municipal governmental bonds - Depreciation + (Warranty expense reported - Actual Warranty) ) * Income Tax rate
= (978,000 - 32,000 - 58,000 + (26,000 - 10,000)) * 25%
= $226,000
Income tax expense for 2021 = (Pretax Income - Interest income on municipal governmental bonds) * 25%
= (978,000 - 32,000) * 25%
= $236,500
Deferred tax asset - Warranty
= (Warranty expense reported - Actual Warranty) * Income Tax rate
= (26,000 - 10,000)) * 25%
= $4,000
Deferred Tax liability
= Depreciation * Income Tax rate
= 58,000 * 25%
= $14,500
Journal entry
DR Income Tax Expense $236,500
Deferred Tax Asset $4,000
CR Income Tax Payable $226,000
Differed Tax liability $14.50
2. Net Income
= Pretax Accounting Income - Income tax expense
= 978,000 - 236,500
= $741,500
Problem 5-3 Future Value and Multiple Cash Flows [LO 1] Wells, Inc., has identified an investment project with the following cash flows. Year Cash Flow 1 $ 1,060 2 1,290 3 1,510 4 2,250 a. If the discount rate is 6 percent, what is the future value of these cash flows in Year 4? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the future value at an interest rate of 14 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. What is the future value at an interest rate of 21 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer:
a. $6,562.52
b. $7,218.32
c.$7,843.64
Explanation:
The present value of the cash flows would be found first and after, the present value has been determined, the future value would be found
Present value can be calculated using a financial calculator
Cash flow in year 1 = $1,060
Cash flow in year 2 = $1,290
Cash flow in year 3 = 1,510
Cash flow in year 4 = $2,250
Present value when interest rate is 6% = $5,198.131267
Present value when interest rate is 14% = $4,273.825287
Present value when interest rate is 21% = $3,659.117655
Now we find the future value
Future value = present value ( 1 + r)^n
r = interest rate
n = number of years
a. $5,198.131267(1.06)^4 = $6,562.52
b. $4,273.825287(1.14)^4 = $7,218.32
c. $3,659.117655 (1.21)^4 = $7,843.64
To find the PV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
In any industry, ethical behavior is the responsibility of ______.
Answer:
In any industry, ethical behavior is the responsibility of each employee
Answer:
each employee
Hope this helps
You are the new VP for HR of a company that has not been performing well, and everyone including youself, has a mandate to deliver results. The pressure has never been greater. Shareholders are angry after three years of a tough market that has left their company stock losing value every day. Many shareholders disparately need stock performance to pay for their retirement. Working for you is a 52-year-old manager with two kids in college. In previous evaluations, executives told him he was doing fine, when he clearly was not, and his performance is still far below par. At the same time, the executives awarded him impressive annual pay raises. If you are to show others in the company that you are willing to make tough decisions, you feel you must fire this individual. The question is, who is going to suffer --the firm and ultimately, the shareholders, who retirements are in jeopardy --or a nice guy who's been lied to for 20 years? 1. What would you do and why. 2. What factor(s) in this ethical dilemma might influence a person to make a less-than-ethical decision?
Many individual factors affect a person's ethical behavior at work, such as knowledge, values, personal goals, morals and personality. The more information that you have about a subject, the better chance you will make an informed, ethical decision.
For example, what if you had to decide whether to approve building a new company store? What if you did not have the knowledge that the store would disturb an endangered species nest? Without the appropriate knowledge, you could be choosing an unethical path.
Values are an individual's judgment or standard of behavior. They are another individual factor that affects ethical behavior. To some people, acting in an improper way is just a part of doing business. Would you feel that it is ethical to make up lies about your competitor just to win a contract? Some people's standard of behavior will feel that lying for a business financial win is not unethical.
Morals are another individual characteristic that can affect an individual's ethics. Morals are the rules people develop as a result of cultural norms and values and are, traditionally, what employees learn from their childhood, culture, education, religion, etc. They are usually described as good or bad behavior. Would you have good morals if you pushed a product on a customer that you knew was not going to help solve a problem?
Many ethical work situations will also be affected by a person's goals. Which characteristics do you feel are worthy to aspire to? Is financial gain ranked ahead of good character or integrity? If your personal goals are about acquiring wealth no matter what the consequence, then you might act unethical in the future.
Lastly, an employee's personality plays an important factor in determining ethical behavior. Do you enjoy risk or do you prefer the safe route? Individuals who prefer to take risks tend to have a higher chance of unethical conduct at work
You are ready to buy a house, and you have $25,000 for a down payment and closing costs. Closing costs are estimated to be 4% of the loan value. You have an annual salary of $48,000 (monthly income $4000) , and the bank is willing to allow your monthly mortgage payment to be equal to 25% of your monthly income. The interest rate on the loan is 7.2% per year with monthly compounding (.6% per month) for a 30-year fixed rate loan. How much money will the bank loan you
Answer:
The bank will loan you $147,321.36.
Explanation:
The amount the ban will loan can be calculated using the formula for calculating the present value of an ordinary annuity as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)
Where;
PV = Present value of the of loan or the amount the bank will loan you =?
P = Monthly mortgage payment = Monthly salary * 25% = $4,000 * 25% = $1,000
r = Monthly interest rate = 7.2% / 12 = 0.072 / 12 = 0.006
n = number of months = 30 years * 12 months = 360
Substitute the values into equation (1) to have:
PV = $1,000 * ((1 - (1 / (1 + 0.006))^360) / 0.006)
PV = $1,000 * ((1 - (1 / 1.006)^360) / 0.006)
PV = $1,000 * ((1 - 0.99403578528827^360) / 0.006)
PV = $1,000 * ((1 - 0.116071859187515) / 0.006)
PV = $1,000 * (0.883928140812485 / 0.006)
PV = $1,000 * 147.321356802081
PV = $147,321.36
Therefore, the bank will loan you $147,321.36.
Your boss indicates that the store’s stock/sales ratio is 5:1. This means that _____ should be invested in inventory for every $1 of forecasted sales.
Answer:
5 stocks
Explanation:
This means that 5 stocks should be invested in inventory for every $1 of forecasted sales. That is because an x:y ratio means that for every y amount of something there needs to be an x amount as well. The same applies for the opposite, if there is an x amount of something then a y amount should exist. Therefore, in this scenario for every $1 of sales 5 stocks need to exist.
Fixed costs are _____.
costs that increase regardless of how much of a good or service is produced
costs that stay the same regardless of how much of a good or service is produced
costs that decrease regardless of how much of a good or service is produced
none of the above
Answer:
costs that stay the same regardless of how much of a good or service is produced
Explanation:
In the short run, fixed costs are the expenses that do not change regardless of the output level. In other words, fixed costs remain a constant amount throughout the financial period. Examples of fixed costs include rent, administrative salaries, insurance, and loan repayments. These amounts will be the same irrespective of production levels.
Fixed costs contrast with variable costs that vary depending on the output level.
Toot! TiX Total Users 16,700 23,100 39,800 Revenues $ 2,100,000 $ 1,880,000 $ 3,980,000 Engineering hours 13,600 9,600 23,200 Engineering cost $ 330,000 $ 450,000 $ 780,000 Administrative costs $ 1,671,600 Required: a. Compute the predetermined overhead rate used to apply administrative costs to the two services assuming SMI uses the revenue to allocate administrative costs. b. Based on the rates computed in requirement (a), what is the profit for each service?
Answer:
Instructions are below.
Explanation:
First, we need to calculate the revenue proportion:
Toot!= 2,100,000/3,980,000= 0.53
TiX= 1,880,000/3,980,000= 0.47
Now, we can allocate administrative costs:
Toot!= 0.53*1,671,600= $885,948
TiX= 0.47*1,671,600= $785,652
Finally, the total, and unitary profit per product:
Toot!:
Revenues= 2,100,000
Engineering cost= (330,000)
Administrative costs= (885,948)
Total profit= $884,052
Unitary profit= 884,052/16,700= $52.937
TiX:
Revenues= 1,880,000
Engineering cost= (450,000)
Administrative costs= (785,652)
Total profit= $644,348
Unitary profit= 644,348/23,100= $27.894
June 1 T. James, owner, invested $11,500 cash in Sustain Company in exchange for common stock. 2 The company purchased $4,500 of furniture made from reclaimed wood on credit. 3 The company paid $700 cash for a 12-month insurance policy on the re-claimed furniture. 4 The company billed a customer $3,500 in fees earned from preparing a sustainability report. 12 The company paid $4,500 cash toward the payable from the June 2 furniture purchase. 20 The company collected $3,500 cash for fees billed on June 4. 21 T.James invested an additional $10,500 cash in Sustain Company in exchange for common stock. 30 The company received $5,500 cash from a client for sustainability services for the next 3 months.Prepare general journal entries for the above transactions
Answer:
General Journal
June 1
Cash $11,500 (debit)
Common Stock $11,500 (credit)
Received Cash in exchange of common stock
June 2
Furniture $4,500 (debit)
Accounts Payable $4,500 (credit)
Purchased Furniture on credit
June 3
Prepaid Insurance $700 (debit)
Cash $700 (credit)
Paid Insurance in advance
June 4
Accounts Receivable $3,500 (debit)
Fees Earned $3,500 (credit)
Fees earned not yet paid
June 12
Accounts Payable $4,500 (debit)
Cash $4,500 (credit)
Payment made to suppliers
June 20
Cash $3,500 (debit)
Accounts Receivable $3,500 (credit)
Cash receipt from debtors
June 21
Cash $10,500 (debit)
Common Stock $10,500 (credit)
Received Cash In exchange of Common Stock
June 30
Cash $5,500 (debit)
Deferred Revenue $5,500 (credit)
Received Cash for services to be rendered
Explanation:
See the journals and their narrations prepared above.
Answer:
Entries are posted
Explanation:
We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.
DEBIT CREDIT
1-June (Common Stock issued)
Cash $11,500
Common stock $11,500
2-June (Furniture purchased on Credit)
Furniture $4,500
Accounts Payable $4,500
3-June (Prepaid Insurance Paid)
Prepaid insurance $700
Cash $700
4-June (Revenue earned)
Accounts Receivable $3,500
Service Revenue $3,500
12-June (Paid for Outstanding balance in payables)
Accounts Payable $4,500
Cash $4,500
20-June (Received from Accounts Receivables)
Cash $3,500
Accounts Receivables $3,500
21-June (Common Stock issued)
Cash $10,500
Common stock $10,500
30-June (Advance received for services to be performed in future)
Cash $5,500
Unearned Service Revenue $5,500
Question 5
The Elements of Supply Chain are:
Answer:
The elements of a supply chain include all the functions that start with receiving an order to meeting the customer's request. These functions include product development, marketing, operations, distribution networks, finance, and customer service. (I hope this helped!!! Have a great day!!)
Value of a mixed stream Harte Systems, Inc., a maker of electronic survillance equipment, is considering selling to a well-known hardware chain the rights to market its home security system. The proposed deal calls for the hardware chain to pay Harte $30,000 and $25,000 at the end of years 1 and 2 and to make annual year-end payments of $15,000 in years 3 through 9. A final payment to Harte of $10,000 would be due at the end of year 10. a. Select the time line that represents the cash flows involved in the offer. b. If Harte applies a required rate of return of 12% to them, what is the present value of this series of payments? c. A second company has offered Harte an immediate one-time payment of $100,000 for the rights to market the home security system. Which offer should Harte accept?
Answer:
101,288
Explanation:
We can calculate the present value of each cash flow by dividing it by the rate of return along with the power of each period in which each cash flow occurs.
Requirement a: Timeline that represents the cash flows involved in the offer
year 1 - 30,000
year 2- 25000
year 3 - 15000
year 4 -15000
year5 -15000
year6 -15000
year 7-15000
year8 -15000
year9 -15000
Requirement b: If Harte applies a required rate of return of 12% to them
Present Value
year 1 - 30,000 /1.12 26,786
year 2- 25000 /(1.12)^2 19,930
year 3 - 15000 /(1.12)^3 10,677
year 4 -15000 /(1.12)^4 9,533
year5 -15000 /(1.12)^5 8,511
year6 -15000 /(1.12)^6 7,599
year 7-15000/(1.12)^7 6,785
year8 -15000 /(1.12)^8 6,058
year9 -15000/(1.12)^9 5,409
101,288
Requirement C:
It should accept the second offer of paying $100,000 as the first offer payment (i.e $101288.5) is greater than $100000
Eva received $60,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $5,000 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,400. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference. (Leave no answer blank. Enter zero if applicable.) d. Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year
Answer:
d. Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year
Since Eva's standard deduction is $12,000, then we must assume that we are dealing with income earned during 2018.
Eva's AGI = $60,000 - $5,000 (business expenses) = $55,000 - (7.65% x $55,000 for self employer taxes) - $12,000 (standard deduction) = $38,792.50
Eva's tax liability:
$9,700 x 10% = $97012% x ($38,700 - $9,700) = $3,48022% x ($38,792.50 - $38,700) = $20.35total tax liability = $4,470.35Knowledge Check 01 Which of the following is deducted from the total selling and administrative expense budget to determine the cash disbursements for selling and administrative expense budget? Advertising expense Depreciation expense Selling commissions Utilities expense Knowledge Check 02 A company determines that the number of units sold is the cost driver for its variable selling and administrative expense budget. The product of its variable selling and administrative rate and budgeted unit sales will be ________. budgeted sales revenue total budgeted cash disbursements for selling and administrative expenses total budgeted fixed selling and administrative expenses total budgeted variable selling and administrative expenses
Answer:
Knowledge Check 01 Which of the following is deducted from the total selling and administrative expense budget to determine the cash disbursements for selling and administrative expense budget?
Depreciation expenseDepreciation expense is a non cash charge since there is no cash outflow associated to it. The same applies for amortization expense, asset impairments, stock based compensation and asset depletion (similar to depreciation but used by extracting companies like mines and oil companies).
Knowledge Check 02 A company determines that the number of units sold is the cost driver for its variable selling and administrative expense budget. The product of its variable selling and administrative rate and budgeted unit sales will be ________.
total budgeted variable selling and administrative expensesSince we are dealing with budgets, any calculation is also a budget or forecast. We are calculating here the total budgeted variable selling and administrative expense since we are multiplying the predetermined variable S&A per unit x budgeted units.
Seven years ago, Lance Measy purchased a wooden statue of a Spanish Conquistador for $8,200 to put in his home office. Lance recently married a woman who he thinks has better taste then he does and she insists it has to go. He loves his new wife and agrees to sell the Conquistador statue on ebay and receives less than he paid for it, $7,000. What is his rate of return on the purchase of the statue? Hint, I/Y compounded annually
Answer:
-2.28%
Explanation:
we can use the future value formula:
FV = PV x (1 + r)ⁿ
$7,200 = $8,200 x (1 + r)⁷
(1 + r)⁷ = $7,000 / $8,200 = 0.853658536
⁷√(1 + r)⁷ = ⁷√0.853658536
1 + r = 0.9772
r = -0.0228 = -2.28%
almona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in cash along with receipts for the following expenditures: postage, $74; transportation-in, $29; delivery expenses, $16; and miscellaneous expenses, $43. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $450 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3.
Answer: Please see answer in explanation column
Explanation:
1`. To record establishment of fund
Date Account titles and explanation Debit Credit
Jan 1 Petty cash $200
Cash $200
2.To record the reimbursement the petty cash fund.
Date Account titles and explanation Debit Credit
Jan 8 Postage expense $74
Merchandise inventory $29
Delivery expense $16
Miscellaneous expenses $43
Cash $162
Date Account titles and explanation Debit Credit
Jan 08 Petty cash $250
Cash $250
calculation
Petty cash= $450-$200 = $250
Nolan Company's cash account shows a $24,625 debit balance and its bank statement shows $23,541 on deposit at the close of business on June 30. Outstanding checks as of June 30 total $2,894. The June 30 bank statement lists $27 in bank service charges; the company has not yet recorded the cost of these services. In reviewing the bank statement, a $70 check written by the company was mistakenly recorded in the company’s books as $79. June 30 cash receipts of $3,982 were placed in the bank’s night depository after banking hours and were not recorded on the June 30 bank statement. The bank statement included a $22 credit for interest earned on the company’s cash in the bank. The company has not yet recorded interest earned. Prepare a bank reconciliation using the above information.
Answer:
Bank Reconciliation Statement as at June 30
Balance as per Bank Statement $23,541
Add Outstanding Lodgements : $3,982
Less Unpresented Checks : ($2,894)
Balance as per Cash Book $24,629
Explanation:
First adjust the Cash Book Balance as follows :
Cash Book (Bank Columns Only)
Debit :
Balance before adjustments $24,625
Correction of Error $9
Interest earned $22
Totals $24,656
Credit :
Bank service charges $27
Adjusted balance (balancing figure) $24,629
Totals $24,656
Then Prepare a Bank Reconciliation Statement :
Bank Reconciliation Statement as at June 30
Balance as per Bank Statement $23,541
Add Outstanding Lodgements : $3,982
Less Unpresented Checks : ($2,894)
Balance as per Cash Book $24,629
Conclusion :
The Cash Balance is $24,629. This amount will be shown in the Balance Sheet under Current Assets Section.
name three benefits of being a for-profit business
Answer:
Owner Income
Owner Income
Company Morale
Explanation:
hope this helped please give brainliest.
differentiate between piecemeal and time related salary determination methods
Answer:
See below
Explanation:
1. The piecemeal pay method compensates worked based on the quantity of output produced while the time method rewards workers based on the time spent in producing the output. The piecemeal rate system pays per unit of production. The time rate system pays per the number of hours worked.
2. The piecemeal rate system emphasizes the quantity of output compared to the time rate system that focuses on the quality of output.
3.The piecemeal system recognizes and rewards more to efficient and skilled employees, but the time rate system tends to compensate employees in the same cadre equal amounts.
Here, we are required to differentiate between piecemeal and time related salary determination methods.
In Piecemeal salary determination methods, Workers are paid according to the number of products/units produced/action performed while in Time-related salary determination methods, workers are paid in accordance to the amount of time they spend at work/on a task or on the job.
In piecemeal salary determination methods, workers are not remunerated (i.e not paid for work or service) for the number of hours worked, regardless of how long it took to complete the task at hand while in Time-related salary determination methods, orkers with the same experience/qualifications are paid on salary scales regardless of the amount of work done.
Piecemeal salary determination method is mostly used in factories particularly in the textile/technology industries where the labor force is unskilled or sometimes semi-skilled. while Time-related salary determination method is used in many private and public sector businesses as majority of the labor force are skilled.
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Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $390,000. During 2021, Halifax sold merchandise on account for $12,800,000. Halifax's merchandise costs is 70% of merchandise selling price. Also during the year, customers returned $370,000 in sales for credit, with $204,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 3% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2021 of merchandise that was sold prior to 2021; (b) record actual returns in 2021 of merchandise that was sold during 2021; and (c) adjust the refund liability to its appropriate balance at year end. 2. What is the amount of the year-end refund liability after the adjusting entry is recorded
Answer:
Please find attached solution to the above questions
Explanation:
a. Record actual returns in 2021 of Merchandize that was sold prior to 2021.
b. Record actual returns in 2021 of Merchandize that was sold during 2021
c. Adjust the refund liability to its appropriate balance at year end.
2. What is the amount of the year end refund liability after the adjusting entry is recorded.
Please see detailed solution as attached in respect of the above questions.
Indicate in the space provided by each item whether it would appear on the income statement, balance sheet, or retained earnings statement: a. Service Revenue choose a statement b. Utilities Expense choose a statement c. Cash choose a statement d. Accounts Payable choose a statement e. Supplies choose a statement f. Salaries and Wages Expense choose a statement g. Accounts Receivable choose a statement h. Common Stock choose a statement i. Equipment choose a statement j. Advertising Expense choose a statement k. Dividends choose a statement l. Notes Payable choose a statement
Answer:
a. income statement
b. income statement
c. balance sheet
d. balance sheet
e. balance sheet
f. income statement
g. balance sheet
h. balance sheet
i. balance sheet
j. income statement
k. retained earnings statement
l. balance sheet
Explanation:
Income Statement,
Shows the Profit or Loss attained during the Reporting Period. Elements included in it are Revenues/Incomes and Expenses.
Balance Sheet,
Shows the Balance of Assets, Liabilities and Equity as at the Reporting Date.
Retained Earnings Statement
Shows the amount of Profit that is left as a reserve after the payments of dividends and transfers to other reserves.
How do productivity programs most benefit the way we work and live?
Answer:
They provide us with ways to communicate, display, and work with information more quickly and accurately.
The following payroll liability accounts are included in the ledger of Crane Company on January 1, 2020.FICA Taxes Payable $700Federal Income Taxes Payable 1,180.00State Income Taxes Payable 100.00Federal Unemployment Taxes Payable 275.00State Unemployment Taxes Payable 1,930.00Union Dues Payable 800U.S. Savings Bonds Payable 300In January, the following transactions occurred.Jan.10 Sent check for $800 to union treasurer for union dues. 12 Remitted check for $1,880.00 to the Federal Reserve bank for FICA taxes and federal income taxes withheld. 15 Purchase U.S. Savings Bonds for employees by writing check for $300. 17 Paid state income taxes withheld from employees. 20 Paid federal and state unemployment taxes. 31 Completed monthly payroll register, which shows salaries and wages $54,000, FICA taxes withheld $4,131, federal income taxes payable $1,800, state income taxes payable $350, union dues payable $350, United Fund contributions payable $1,750, and net pay $45,619. 31 Prepared payroll checks for the net pay and distributed checks to employees.At January 31, the company also makes the following accrued adjustments pertaining to employee compensation.1. Employer payroll taxes: FICA taxes 7.65%, federal unemployment taxes 0.8%, and state unemployment taxes 5.4%.2. Vacation pay: 6% of gross earnings.1) Journalize the January transactions.Date Account Titles and Explanation Debit Credit Jan. 10 Union Dues Payable 800.00 Cash 800.00Jan. 12 FICA Taxes Payable 700.00 Federal Income Taxes Payable 1,180.00 Cash 1,880.00 Jan. 15 U.S. Savings Bonds Payable 300.00 Cash 300.00Jan. 17 State Income Taxes Payable 100.00 Cash 100.00 Jan. 20 Federal Unemployment Taxes Payable 275.00 State Unemployment Taxes Payable 1,930.00 Cash 2,205.00 Jan. 31 Salaries and Wages Expense 54,000.00 FICA Taxes Payable 14,131.00 Federal Income Taxes Payable 1,800.00 State Income Taxes Payable 350.00 11 Union Dues Payable 350.00 United Fund Contributions Payable 1,750.00 Salaries and Wages Payable 45,619.00 Jan. 31 Salaries and Wages Payable 45,619.00 Cash 45,619.00B) Journalize the adjustments pertaining to employee compensation at January 31.
Answer:
he following payroll liability accounts are included in the ledger of Crane Company on January 1, 2020.FICA Taxes Payable $700Federal Income Taxes Payable 1,180.00State Income Taxes Payable 100.00Federal Unemployment Taxes Payable 275.00State Unemployment Taxes Payable 1,930.00Union Dues Payable 800U.S. Savings Bonds Payable 300In January, the following transactions occurred.Jan.10 Sent check for $800 to union treasurer for union dues. 12 Remitted check for $1,880.00 to the Federal Reserve bank for FICA taxes and federal income taxes withheld. 15 Purchase U.S. Savings Bonds for employees by writing check for $300. 17 Paid state income taxes withheld from employees. 20 Paid federal and state unemployment taxes. 31 Completed monthly payroll register, which shows salaries and wages $54,000, FICA taxes withheld $4,131, federal income taxes payable $1,800, state income taxes payable $350, union dues payable $350, United Fund contributions payable $1,750, and net pay $45,619. 31 Prepared payroll checks for the net pay and distributed checks to employees.At January 31, the company also makes the following accrued adjustments pertaining to employee compensation.1. Employer payroll taxes: FICA taxes 7.65%, federal unemployment taxes 0.8%, and state unemployment taxes 5.4%.2. Vacation pay: 6% of gross earnings.1) Journalize the January transactions.Date Account Titles and Explanation Debit Credit Jan. 10 Union Dues Payable 800.00 Cash 800.00Jan. 12 FICA Taxes Payable 700.00 Federal Income Taxes Payable 1,180.00 Cash 1,880.00 Jan. 15 U.S. Savings Bonds Payable 300.00 Cash 300.00Jan. 17 State Income Taxes Payable 100.00 Cash 100.00 Jan. 20 Federal Unemployment Taxes Payable 275.00 State Unemployment Taxes Payable 1,930.00 Cash 2,205.00 Jan. 31 Salaries and Wages Expense 54,000.00 FICA Taxes Payable 14,131.00 Federal Income Taxes Payable 1,800.00 State Income Taxes Payable 350.00 11 Union Dues Payable 350.00 United Fund Contributions Payable 1,750.00 Salaries and Wages Payable 45,619.00 Jan. 31 Salaries and Wages Payable 45,619.00 Cash 45,619.00B) Journalize the adjustments pertaining to employee compensation at January 31.
Explanation:
Ratio analysis is an important component of evaluating company performance. It can provide great insights into how a company matches up against itself over time and against other players within the industry. However, like many tools and techniques, ratio analysis has a few limitations and weaknesses. Which of the following statements represent a weakness or limitation of ratio analysis? Check all that apply. A firm may operate in multiple industries. Different firms may use different accounting practices. A firm’s financial statements show only one period of financial data.
Answer:
Different firms may use different accounting practices.
Explanation:
Financial ratios are ratios that summarises financial information and can be used in comparison of performance of companies.
Types of financial ratios :
1. Activity ratios
2. Liquidity ratios
3. Solvency ratios
4. Profitability ratios
5. Valuation ratios
If different accounting practices are used, it would result in different data. This can hamper comparison among companies
Urban Drapers Inc., a drapery company, has been successfully doing business for the past 15 years. It went public eight years ago and has been paying out a constant dividend of $3.52 per share every year to its shareholders. In its most recent annual report, the company informed investors that it expects to maintain its constant dividend in the foreseeable future and that dividends are not expected to increase. If you are an investor who requires a 25.50% rate of return and you expect dividends to remain constant forever, then your expected valuation for Urban Drapers stock today is ________ per share.Urban Drapers has a sister company named Super Carpeting Inc. (SCI). SCI just paid a dividend (D_0) of $2.64 per share, and its annual dividend is expected to grow at a constant rate (g) of 5.50% per year. If the required return (r_s) on SCI's stock is 13.75%, then the intrinsic value of SCI's shares is _______ per share. Which of the following statements is true about the constant growth model? When using a constant growth model to analyze a stock, if an increase in the required rate of return occurs while the growth rate remains the same, this will lead to an increased value of the stock. When using a constant growth model to analyze a stock, if an increase in the required rate of return occurs while the growth rate remains the same, this will lead to a decreased value of the stock.
Answer:
The answer is "$0.138 and $33.76".
Explanation:
[tex]\text{Value of urban drapers stock} = \frac{\text{Annual dividend}}{\text{Required rate of return}}[/tex]
[tex]= \frac{3.52}{25.50} \\\\= \$ 0.138[/tex]
[tex]\text{Intrinsic value of SCI share} = \frac{D_1}{ \text{Required rate - growth rate}}[/tex]
[tex]= \frac{( 2.64 \times 1.055)}{0.1375 - 0.055} \\\\= \frac{2.7852}{0.0825}\\\\ = \$ 33.76[/tex]
The Richmond Corporation uses the weighted-average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31 consisted of 18,000 units. The units in the ending work in process inventory were 100% complete with respect to materials and 50% complete with respect to labor and overhead. If the cost per equivalent unit for August was $2.75 for materials and $4.25 for labor and overhead, the total cost assigned to the ending work in process inventory was:
Answer:
The correct answer is "$87,750".
Explanation:
In process inventory, the overall cost allocated to the final job would be:
⇒ [tex]Sum \ of \ material +labour \ material[/tex]
⇒ [tex]18000 \ units[/tex]
The unit of ending were 100%
⇒ [tex]2.75 = 45,500[/tex] ($)
Labor = [tex]18000\times 50 \ percent \times 4.25[/tex]
= [tex]38,250[/tex] ($)
In process inventory, the overall cost allocated to the final job would be:
⇒ [tex]Material+Labor[/tex]
⇒ [tex]49,500+38,250[/tex]
⇒ [tex]87,750[/tex] ($)
Below is a partial current state VSM of a production process. In the Stenciling step a single machine, which is manned full-time by a single operator, is used to perform the operation. In the packaging step, the product is packaged into boxes by three employees working full-time. No machines are used in the packaging step. Employees work 7.5 hours a day. What is the minimum batch size that would enable the stenciling operation to meet daily demand:
Answer:
5000 units.
Explanation:
Kindly check the attachment for the diagram.
In order to solve this question that is the Determination of the minimum batch size that would enable the stenciling operation to meet daily demand, what we have to do is to divide the total number of time operation done per day by the Takt time.
The takt time = 7.5 hours a day × 3600/ 5000 daily demand rate.
The Takt time = 5.4 seconds.
Hence, the minimum batch size that would enable the stenciling operation to meet daily demand = 5000 from the given diagram
Timothy wants to cut costs in his company to increase the profitability of production. Which tactic should Timothy utilize to cut the costs and maintain the quality of output?
A.
using shorter transport routes
B.
use low-grade raw materials
C.
overworking the employees
D.
overstocking the input
Answer right gets
Answer:
A
Explanation:
Answer:
A) using shorter transport routes
Explanation:
I took the test, and just got it correct