Answer:
All-A-Buzz Company
a. The products that should processed beyond the split-off point are Honey jam and Honey syrup.
b. Allocation of Joint Cost
Honey butter Honey jam Honey syrup Joint Cost
Units produced $71,535 $143,071 $7,154 $221,760
Weight $109,850 $109,850 $2,060 $221,760
Sales value at split-off $51,874 $165,996 $3,890 $221,760
Explanation:
a) Data and Calculations:
Joint cost for the year = $221,760
Per Unit Incremental
Units of Weight Selling Price Processing Final Sales
Product Output at Split-Off Cost Price
Honey butter 18,000 16 4.00 $3.00 $6.00
Honey jam 36,000 8 6.40 4.00 14.00
Honey syrup 1,800 3 3.00 0.40 3.60
Total 55,800
Cost based on units = $3.97
Units produced:
Honey butter = $71,535 ($221,760 * 18,000/55,800)
Honey jam = $143,071 ($221,760 * 36,000/55,800)
Honey syrup = $7,154 ($221,760 * 1,800/55,800)
Weight:
Honey butter = 288,000 (18,000 * 16)
Honey jam = 288,000 (36,000 * 8)
Honey syrup = 5,400 (1,800 * 3)
Total weight = 581,400
Honey butter = $109,850 ($221,760 * 288,000/581,400)
Honey jam = $109,850 ($221,760 * 288,000/581,400)
Honey syrup = $2,060 ($221,760 * 5,400/581,400)
Sales value at split-off:
Honey butter = $72,000 (18,000 * $4.00)
Honey jam = $230,400 (36,000 * $6.40)
Honey syrup = $5,400 (1,800 * $3.00)
Total sales value at split-off = $307,800
Honey butter = $51,874 ($72,000/$307,800 * $221,760)
Honey jam = $165,996 ($230,400/$307,800 * $221,760)
Honey syrup = $3,890 ($5,400/$307,800 * $221,760)
The products should be processed beyond the split-off point:
Part a)
The products that should be processed beyond the split-off point are :
Joint cost for the year = $221,760
Per Unit Incremental
Units of Weight Selling Price Processing Final Sales
Product Output at Split-Off Cost Price
Honey butter 18,000 16 4.00 $3.00 $6.00
Honey jam 36,000 8 6.40 4.00 14.00
Honey syrup 1,800 3 3.00 0.40 3.60
Total 55,800
Cost based on units = $3.97
Part b : Allocation of Joint Cost
Honey butter Honey jam Honey syrup Joint Cost
Units produced $71,535 $143,071 $7,154 $221,760
Weight $109,850 $109,850 $2,060 $221,760
Sales value at split-off $51,874 $165,996 $3,890 $221,760
Working notes :
Units produced:Honey butter = $71,535 ($221,760 * 18,000/55,800)
Honey jam = $143,071 ($221,760 * 36,000/55,800)
Honey syrup = $7,154 ($221,760 * 1,800/55,800)
Weight:
Honey butter = 288,000 (18,000 * 16)
Honey jam = 288,000 (36,000 * 8)
Honey syrup = 5,400 (1,800 * 3)
Total weight = 581,400
Honey butter = $109,850 ($221,760 * 288,000/581,400)
Honey jam = $109,850 ($221,760 * 288,000/581,400)
Honey syrup = $2,060 ($221,760 * 5,400/581,400)
Sales value at split-off:Honey butter = $72,000 (18,000 * $4.00)
Honey jam = $230,400 (36,000 * $6.40)
Honey syrup = $5,400 (1,800 * $3.00)
Total sales value at split-off = $307,800
Honey butter = $51,874 ($72,000/$307,800 * $221,760)
Honey jam = $165,996 ($230,400/$307,800 * $221,760)
Honey syrup = $3,890 ($5,400/$307,800 * $221,760)
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Despite some optimism about the seeds of recovery, the Congressional Budget Office (CBO) sees joblessness rising. The CBO sees unemployment peaking at 10.4% next year from an average of 9.3% this year, before it falls to 9.1% in 2011."Source: Fortune, August 25, 2009Before the recession began, the U.S. unemployment rate was about 6 percent. As a recession begins, firms quickly make layoffs. Is this rise in unemployment mostly a rise in frictional, structural, or cyclical unemployment?The resulting rise in unemployment is mostly a rise in ______ unemployment because _______.cyclical; it is related to the state of the economy
Answer:
The resulting rise in unemployment is mostly a rise in __cyclical____ unemployment because it is related to the state of the economy.
Explanation:
Frictional unemployment occurs as a result of workers' search for or transition to new jobs. It is brief and does not leave a mark on the economy. Structural unemployment comes about when the skills of workers do not match the requirements of employers. Therefore, workers require retraining and reskilling. Cyclical unemployment relates to the macro-economic situation that is prevailing during periods of recession.
Suppose that Dmitri, an economist from a research institute in Texas, and Frances, an economist from a public television program, are arguing over saving incentives. The following dialogue shows an excerpt from their debate: Frances: I think it's safe to say that, in general, the savings rate of households in today's economy is much lower than it really needs to be to sustain an improvement in living standards. Dmitri: I think a switch from the income tax to a consumption tax would bring growth in living standards. Frances: You really think households would change their saving behavior enough in response to this to make a difference.Because I don't. The disagreement between these economists is most likely due to _____. Depite their differences, with which proposition are two economists chosen at random most likely to agree? A. Employers should not be restricted from outsourcing work to foreign nations. B. Central banks should focus more on maintaining low unemployment than on maintaining low inflation. C. Business managers can raise profit more easily by reducing costs than by raising revenue.
Answer:
Difference in scientific judgementsA. Employers should not be restricted from outsourcing work to foreign nations.Explanation:
The difference in opinion between these two is based on a difference between in scientific judgments because they believe that different things will happen in response to implementing a different form of taxes.
Regardless of what they think in the above regard, these economists are most likely to support the outsourcing of work if it is cheaper to do so because economists generally believe that the most efficient method of production should be undertaken.
You own a stock portfolio invested 32 percent in Stock Q, 22 percent in Stock R, 19 percent in Stock S, and 27 percent in Stock T. The betas for these four stocks are 1.63, 1.35, 2.56, and 0.68, respectively. What is the portfolio beta? Enter the answer with 4 decimals (e.g. 1.1234)
Answer:
Beta= 1.4886
Explanation:
Giving the following information:
You own a stock portfolio invested 32 percent in Stock Q, 22 percent in Stock R, 19 percent in Stock S, and 27 percent in Stock T.
The betas for these four stocks are 1.63, 1.35, 2.56, and 0.68, respectively.
To calculate the portfolio beta, we need to use the following formula:
Beta= (proportion of investment A*beta A) + (proportion of investment B*beta B)
Beta= (0.32*1.63) + (0.22*1.35) + (0.19*2.56) + (0.27*0.68)
Beta= 1.4886
Bridgeport Company buys and sells securities expecting to make money on short-term price movements. Bridgeport purchased 150,000 shares of Intel common stock at $20 per share on December 1. On December 31, Intel common stock's market price was $23 per share. Select the appropriate adjusting journal entry on December 31, if any.a. Dr. Investment in Intel $450,000
Cr. Cash $450,000
b. Dr. Investment in Intel $450,000
Cr. OCI $450,000
c. No entry is needed.
d. Dr. Investment in Intel $450,000
Cr. Net unrealized holding gains/losses - (P&L) $450,000
Answer:
d. Dr. Investment in Intel $450,000 Cr. Net unrealized holding gains/losses - (P&L) $450,000
Explanation:
Adjusting journal entry
Date Account titles and Explanation Debit Credit
Dec 31 Investment in Intel $450,000
[($23-$20)*150000 shares]
Net unrealized holding gains/losses (P&L) $450,000
Assume you are planning to invest $7,923 each year for six years and will earn 10 percent per year. Determine the future value of this annuity due problem if your first $7,923 is invested now. (Round answer to 0 decimal places.)
Answer:
$67243.85
Explanation:
The first step is to determine the present value of the cash flows
Present value is the sum of discounted cash flows
Present value can be calculated using a financial calculator
Cash flow each year from year 0 to 5 = $7,923
I = 10%
PV = 37957.40
The formula for calculating future value:
FV = P (1 + r) n
FV = Future value
P = Present value
R = interest rate
N = number of years
37957.40(1.1^6) =
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
what is goal formulation?? explain the goal formulation process
Answer:
Goal formation is a process of how a goal is initiated or added to, while goal displacement is a process whereby goals are shifted out, changed, toned down or removed from the original set.
Wally owns 200 acres of land.Wally offers to sell the land to Robert for $1,500 per acre.Robert replies that he does not need 200 acres of land but would like to buy 40 acres at $1,500 per acre.Wally agrees to sell but does not identify which 40 acres.Later,Wally refuses to sell any land to Robert.What is the result?
A) Robert wins; this is an enforceable contract with complete and definite terms.
B) Robert wins; the UCC will decide which 40 acres are to be sold.
C) Wally wins; the original offer was not intended to be an offer but merely an invitation to negotiate.
D) Wally wins; this agreement is too indefinite since it does not identify which 40 acres are to be sold.
Answer:
D) Wally wins; this agreement is too indefinite since it does not identify which 40 acres are to be sold.
Explanation:
Since in the given situation, wally agrees to sell but here the identification of the land is not mentioned i.e. 40 acres and at the later time the wally refused to sold any land so here wally should wins as the agreement is not definite which type of the land should be sold so it becomes the agreement void
Hence, the correct option is d.
Tài liệu về NVL X tại 1 DN tính và nộp thuế GTGT theo phương pháp khấu trừ tháng 03/N
I. Tồn đầu kỳ: 8.000 m, đơn giá 15.000 đ/m
II. Trong tháng 3/N, NVL X biến động như sau:
1. Ngày 3/3: Xuất 6.000 m để sản xuất sản phẩm
2. Ngày 7/3: Thu mua nhập kho 5.000 m, giá mua ghi trên hoá đơn chưa thuế GTGT 10% phải trả Công ty K là 70.000.000đ. Chi phí vận chuyển, bốc dỡ chi bằng tiền mặt theo giá có cả thuế GTGT 10% là 770.000đ.
3. Ngày 10/3: Xuất 3.000m để góp vốn liên doanh dài hạn với Công ty Y.
4. Ngày 12/3: Dùng tiền vay ngắn hạn để mua 5.000 m nhập kho. Đơn giá mua chưa thuế GTGT là 14.600đ/m, thuế suất thuế GTGT 10%; chi phí vận chuyển phải trả cho Công ty M theo giá có thuế GTGT 5 % là 2.100.000đ.
5. Ngày 15/3: Xuất 6.000 m để sản xuất sản phẩm
6. Ngày 28/3: Mua của Công ty V 1.000m, đơn giá mua chưa thuế GTGT là 15.500đ/m, thuế suất thuế GTGT 10%. NVL đã nhập kho đủ. DN đã thanh toán bằng chuyển khoản.
Yêu cầu: Xác định giá thực tế NVL X nhập, xuất kho trong kỳ và tồn kho cuối kỳ theo các PP sau:
1. Phương pháp giá đơn vị bình quân cả kỳ dự trữ
2. Phương pháp giá đơn vị bình quân cuối kỳ trước
3. Phương pháp giá đơn vị bình quân sau mỗi lần nhập
4. Phương pháp Nhập trước, xuất trước (FIFO)
Answer::!;!,!’cldldkfnbbfndkdfkf
Explanation:
Fbxnbdndndnxnxfnnfncdk
Suppose you invest $250,000 in an annuity that returns 5 annual payments, with the first payment one year from now and each subsequent payment growing by 6%. At an interest rate of 7%, how much is the first annual payment you receive
Answer:
$54,508.98
Explanation:
Formula of present value of growing annuity: PVGA = A*[(1 - (1+g)^n/(1+i)^n)) / (i-g)
$250,000 = A*[(1 - (1+0.06)^5/(1+0.07)^5)] / (0.07 - 0.06)
$250,000*(0.01) = A*(1 - (1.06)^5/(1.07)^5)
$250,000*(0.01) = A*(1 - 0.9541363)
$2500 = A * 0.045864
A = $2,500 / 0.045864
A = 54508.983080412
A = $54,508.98
So, the amount of the first annual payment i will receive $54,508.98.
Bella, Inc. manufactures two kinds of bagstotes and satchels. The company allocates manufacturing overhead using a single plantwide rate with direct labor cost as the allocation base. Estimated overhead costs for the year are$25,750. Additional estimated information is given below. Totes Satchels Direct materials cost per unit $33 $44Direct labor cost per unit $52 $60Number of units 520 370Calculate the pre-determined overhead allocation rate.
Answer:
See below
Explanation:
Given that estimated overhead costs for the year = $25,750
Bagstotes:
Direct materials cost per unit = $33
Direct labor cost per unit = $52
Number of units = 520
Satchels
Direct materials cost per unit = $44
Direct labor cost per unit = $60
Number of units = 370
Estimated direct labor =
(Direct labor cost per unit × No of units) of totes + (Direct labor cost per unit × No of units) of Satchels
= ($52 × 520) + ($60 × 370)
= $27,040 + $22,200
= $29,240
Predetermine overhead allocation rate:
= Estimated overhead / Estimated direct labor × 100
= $25,750 / $29,240 × 100
= 88.06%
Assets Liabilities Reserves $3000 Deposits $22,000 Loans $20,000 Debt $2000 Securities $5,000 Balance sheet for Fictional First bank Refer to the balance sheet above. Suppose the reserve requirement is 10%. What is the maximum amount that Fictional First can loan out and still meet the reserve requirement?a. $1200 b. $3000 c. $800 d. $2200 e. $0
Answer: $800
Explanation:
If the reserve requirement is 10%, then the maximum amount that Fictional First can loan out and still meet the reserve requirement will be:
Deposits = $22000
Then, the required reserve will be
= 10% × $22000
= 0.1 × $22000
= $2200
Since, the reserves is $3000, then the additional amount that's held as reserves will be:
= $3000 - $2200
= $800.
Therefore, the maximum amount that Fictional First can loan out and still meet the reserve requirement is $800.
The maximum amount that Fictional First can loan out is $800 and still meet the reserve requirement.
How to calculate the maximum loan amount?The reserve requirement is given as 10% and deposits $22000, the amount required to set aside as reserves would be;
[tex]0.1*22000\\=2200[/tex]
Now, with Assets Liabilities Reserves as $3000, the more amount that should be reserved would be;
[tex]3000-2200\\=800[/tex]
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The current controllable margin for Henry Division is $78000. Its current operating assets are $300000. The division is considering purchasing equipment for $90000 that will increase annual controllable margin by an estimated $12000. If the equipment is purchased, what will happen to the return on investment for Henry Division
Answer:
See below
Explanation:
The computation of return on investment is seen below
= (Controllable margin ÷ Operating assets) × 100
= ($78,000 ÷ $300,000) × 100
= 26%
Now, the controllable margin equals to = $78,000 + $12,000
= $90,000
And the new operating assets would be;
= $300,000 + $90,000
= $390,000
So, the new return on investment equals to
= ($90,000 ÷ $390,000) × 100
= 23.08%
Therefore, the return on investment decreased by
= 26% - 23.08%
= 2.92%
how nike meet the needs of their customers ?
Answer:
they make different shoes for different people and uses
Explanation:
and Nike sucks they use sweat shops to make their shoes
Nike meets the needs of their customers by making different shoes for different people and uses.
What is the meaning of Customers?An individual or company that buys products or services from this other company is known as a customer. Customers are important since they bring in money. Businesses would cease to exist without them.
An individual but rather a business that purchases goods or services from another company is known as a customer. Customers are crucial to businesses because they generate income; without them, they would cease to exist.
Customers will have a positive opinion of you if you listen to them, recognize their requirements, thank them, and foster a welcoming, helpful environment. A satisfied client is more likely to make repeat visits and spend more money. They might also recommend others to your company.
The market and indeed the product exists for their benefit, and they are also the ones to whom the value is now being created. When a company sells its products as a component in some other company's product, this can be a bit complicated. The creator of the product in this instance is the main client.
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A fixed asset with a cost of $30,000 and accumulated depreciation of $28,500 is sold for $3,500. Record the journal entries for the amount of gain or loss on disposal of the fixed asset. Be sure to show your work!
Answer:
Book value on date of sale = Cost - Accumulated depreciation
Book value on date of sale = $30,000 - $28,500
Book value on date of sale = $1,500
Gain on disposal = Sales amount - Book value on date of sale
Gain on disposal = $3,500 - $1,500
Gain on disposal = $2,000
Journal entries
Date Account Titles Debit Credit
Cash A/C $3,500
Accumulated depreciation A/C $28,500
To fixed asset $30,000
To gain on disposal $2,000.
Japanese officials are considering a new tariff on imported pork products from the United States in an attempt to reduce Japan’s reliance on U.S. pork. Due to political pressure, the U.S. International Trade Representative’s (ITR) office is also considering a new tariff on imported steel from Japan. Officials in both Japan and the U.S. must assess the social welfare ramifications of their tariff decisions. Reports from a reliable think-tank indicate the following: If neither country imposes a new tariff, social welfare in Japan’s economy will remain at $4.8 billion and social welfare in the United States will remain at $44 billion. If both countries impose a new tariff, welfare in the United States declines 0.5 percent to $43.78 billion and welfare in Japan declines by 0.8 percent to $4.76 billion. If Japan does not impose a tariff but the United States does, projected welfare in Japan is $4.66 billion while welfare in the United States is $44.2 billion. Finally, if the U.S. does not impose a tariff but Japan does, welfare is projected at $43.66 billion in the United States and $4.85 billion in Japan. Determine the Nash equilibrium outcome when policy makers in the two countries simultaneously but independently make tariff decisions in a myopic (one-shot) setting. Is it possible for the two countries to improve their social welfare by "agreeing" to different strategies? Explain
Answer:
Explanation:
The following is the Nash equilibrium between the United States and the Japanese Nation, as well as the payoff:
Japanese Nation
Tariff (billion) No Tariff (billion)
Tariff $43.78 , $4.76 $44.2 , $4.66
United States
No Tariff $43.66 , $4.85 $44 , $4.8
From the Nash equilibrium; the United States implements Tariffs and the Japanese Nation also implements Tariff with the outcome ($43.78, $4.76) as the dominant strategy each for the United States and Japanese Nation:
(to implement tariff).
By agreeing to adopt No tariff, the two nations may be able to increase their social welfare.
On the other hand, the decision to implement no tariffs relies on the event being performed indefinitely, thereby utilizing trigger methods when the interest rate is very low.
The journal entry for a sale on account under the periodic inventory system includes: Multiple choice question. a debit to sales and a credit to accounts receivable a debit to accounts receivable and a credit to sales a debit to cost of goods sold and a credit to merchandise inventory a debit to cost of goods sold and a credit to merchandise inventory; and a debit to accounts receivable and a credit to sales
Answer:
a debit to accounts receivable and a credit to sales.
Explanation:
A periodic inventory system can be defined as a method of financial accounting, that typically involves updating informations about an inventory on a periodic basis (at specific intervals) as the sales or purchases are being made by the customers, through the use of either an enterprise management software applications or a digitized point-of-sale equipment.
Under a periodic inventory system, updates of the journal entry for cost of goods sold (sales) would include debiting accounts receivable and crediting sales on a periodic basis.
Additionally, the periodic system of inventory is a function of the cost of goods sold.
Companies Heidee and Leaudy have the same sales, tax rate, interest rate on their debt, total assets, and basic earning power. Both companies have positive net incomes. Company Heidee has a higher debt ratio and, therefore, a higher interest expense. Which of the following statements is CORRECT? Explain your selection with at least 200 words.
a. Company Heidee has more net income.
b. Company Heidee pays less in taxes.
c. Company Heidee has a lower equity multiplier.
d. Company Heidee has a higher ROA.
e. Company Heidee has a higher times interest earned (TIE) ratio.
Answer:
All the statements are CORRECT about Heidee Company, except statement 'e'.
Explanation:
With the higher debt ratio and higher interest expense, Heidee Company will pay less in taxes, all other things equal. Taxes are computed on the after-interest income. This lower tax expense will also translate to more net income for Heidee. Certainly, based on its higher debt ratio than Leaudy, its equity multiplier will be higher. It will also return more in assets than Leaudy based on the higher net income.
Xây dựng quá trình nghiệp vụ mua và giao nhận áp tải một lô hàng cụ thể theo dữ liệu sau
Đúng 8h ngày 30/5 nhân viên nghiệp vụ đến tổng kho KH A để mua hàng doanh nghiệp không có phương tiện vận chuyển và hàng mua phải thanh toán bằng tiền mặt. Trong hoá đơn có gì những mặt hàng sau đây
Xà phòng bột VISO 500kg đống thành 1000 gói mỗi gói 500g giá 4000đ/gói
Vải chéo hoa con công Trung Quốc khổ 80cm tổng số 2400m tổng thành 40 cuộn 1 cuộn 60m giá 5000đ/m
Bộ đồ mùa hè người lớn 100 bộ giá 20.000đ/ bộ
Đường kính trắng vạn điểm 02 tấn đóng trong 40 bao 1 bảo 50kg giá 6000đ/kg
Là nhân viên nghiệp vụ hãy mua và giao nhận lô hàng trên
Answer:
Quản lý chuỗi cung ứng là quá trình quản lý sự di chuyển của nguyên vật liệu thô và các bộ phận từ khi bắt đầu sản xuất cho đến khi giao hàng đến tay người tiêu dùng. Trong nhiều tổ chức, các quyết định về chuỗi cung ứng vận hành được đưa ra hàng trăm lần mỗi ngày ảnh hưởng đến cách sản phẩm được phát triển, sản xuất, di chuyển và bán. Mức độ phức tạp của chuỗi cung ứng thay đổi theo quy mô của doanh nghiệp cũng như mức độ phức tạp và số lượng của các mặt hàng được sản xuất, nhưng hầu hết các chuỗi cung ứng đều có các yếu tố chung, chẳng hạn như sau
Explanation:
Làm ơn đi
A U.S. firm must make a payment of 1 million yen to a Japanese firm that has sold the U.S. firm sets of Japanese baseball-player trading cards. The U.S. firm begins with a dollar checking account. Explain in detail how this payment would be made, including the use of the spot foreign exchange market and banks in both countries.
Answer and Explanation:
The US firm uses its dollar checking account to purchase 1 million yen from its bank(exchanges dollar with yen) and then requests the bank send the 1 million yen to the Japanese firm. The bank sends this one million yen to the Japanese firm through its correspondent bank in Japan or it's branch in Japan(if it has one).
Boeing has equipment with a carrying amount of $2,400,000. The expected future net cash flows from the equipment are $2,445,000, and its fair value is $2,040,000. The equipment is expected to be used in operations in the future. What amount (if any) should Torque report as an impairment to its equipment?
A) No impairment should be reported.
B) $360,000
C) $45,000
D) $405,000
Answer:
C) $45,000
Explanation:
Under US GAAP, an asset is impaired if carrying value is more than its future undiscounted cash flows
carrying value= $2,400,000
future undiscounted cash flows=$2,445,000
In other words, the fair value of equipment which stood at $2,040,000, is irrelevant in ascertaining the impairment.
Since the expected future net cash flows are more than the carrying value by $45,000($2,445,000-$2,440,000), the equipment can be said to have been impaired by $45,000
Suppose that an economy produces 500 units of output. It takes 10 units of labor at $15 a unit and 4 units of capital at $50 a unit to produce this amount of output. The per unit cost of production is:________.A. $1.42B. $1.24C. $0.70D. $0.40
Answer:
Option A is correct.
Explanation:
Below is the calculation:
Total number of units produces = 500 units
Number of labour = 10
Labour cost = $15 per unit
Total capital = 4 units
Cost of capital = $50 per unit
Total cost = 10 x 15 + 4 x 50 = 350
Per unit cost = 500 / 350 = 1.42
Thus option A is correct.
Information related to Kerber Co. is presented below.
1. On April 5, purchased merchandise on account from Monty Company for $36,000, terms 3/10, net/30, FOB shipping point.
2. On April 6, paid freight costs of $920 on merchandise purchased from Monty.
3. On April 7, purchased equipment on account for $30,500.
4. On April 8, returned damaged merchandise to Monty Company and was granted a $4,200 credit for returned merchandise.
5. On April 15, paid the amount due to Monty Company in full.
Required:
Prepare the journal entries to record these transactions on the books of Riverbed co. under a perpetual inventory system.
Answer:
Date Account Titles and Explanation Debit Credit
April 5 Inventory $36,000
Accounts Payable $36,000
April 6 Inventory $920
Cash $920
April 7 Equipment $30,500
Accounts Payable $30,500
April 8 Accounts Payable $4,200
Inventory $4,200
April 15 Accounts Payable $31,800
($36,000-$4200)
Inventory $954
($31,800*3%)
Cash $30,846
The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $84,457. The bank statement indicated a balance of $127,190 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:
a. Checks outstanding totaled $33,310.
b. A deposit of $17,610, representing receipts of June 30, had been made too late to appear on the bank statement.
c. The bank collected $28,248 on a $26,400 note, including interest of $1,848.
d. A check for $1,100 returned with the statement had been incorrectly recorded by Pala Medical Co. as $110. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account.
e. A check drawn for $680 had been erroneously charged by the bank as $860.
f. Bank service charges for June amounted to $45.
Required:
a. Prepare a bank reconciliation.
b. Journalize the necessary entries.
c. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash?
Answer:
Pala Medical Co.
a. Bank Reconciliation Statement as at June 30, 20Y1
Balance as per adjusted cash balance $111,670
add outstanding checks 33,310
less uncredited deposits 17,610
overdrawn check 180
Balance as per bank statement $127,190
b. Journal Entries:
c. Debit Cash $28,248
Credit Notes Receivable $26,400
Credit Interest Revenue $1,848
To record the receipt on notes receivable, including interest revenue.
d. Debit Accounts Payable $990
Credit Cash $990
To record the check in payment on account ($1,100 - $110)
f. Debit Bank service charges $45
Credit Cash $45
To record bank charges.
c. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, the amount that should be reported as cash is:
= $111,670.
Explanation:
a) Data and Calculations:
Cash account balance at June 30, 20Y1 = $84,457
Bank statement balance on June 30, 20Y1 = $127,190
Analysis of discrepancies:
a. Outstanding checks $33,310
b. Uncredited deposits $17,610
c. Cash $28,248 Note Receivable $26,400 Interest Revenue $1,848
d. Returned check $1,100 Accounts Payable $1,100 $110
e. Overdrawn check $180 $680 had been erroneously charged by the bank as $860.
f. Bank service charges for June amounted to $45
Cash Account Adjustments:
Balance at June 30, 20Y1 = $84,457
Direct credit 28,248
Dishonored check (990)
Bank charges (45)
Adjusted cash balance $111,670
starting balance of Accounts Receivable is $3,400 The starting balance of Cash is $9,000 The starting balance of Inventory is $5,100 1. Receive payment of $10 owed by a customer 2. Buy $16 worth of manufacturing supplies for cash 3. Sell product for $40 in cash with historical cost of $40 What is the final amount in Cash
Answer:
The final amount in Cash is $9,034
Explanation:
1.
As cash is received, the cash balance is increased by $10, and account receivables are decreased by $10.
2.
As cash is paid for the purchase the cash balance is decreased by $16 and inventory value will increase by $16.
3.
As the sale is made for cash, the cash balance is increased by $40, and the inventory balance is decreased by the same value.
Cash balance = $9,000 + $10 - $16 + $40 = $9,034
The working is attached with this answer please find it.
Park Corporation is planning to issue bonds with a face value of $790,000 and a coupon rate of 7.5 percent. The bonds mature in 6 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Park uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 8.5 percent. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided. Round your final answer to whole dollars.)Required: 1. Prepare the journal entry to record the issuance of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)2. Prepare the journal entry to record the interest payment on June 30 of this year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)3. What bond payable amount will Park report on its June 30 balance sheet? (Enter all amounts with a positive sign.)
Answer:
Journal Entry to record issuance of bond:-
First of all, we need to calculate the issue price of the bonds.
Semi Annual Stated Coupon Interest = face Value 790,000 x Coupon Rate 7.5% * 1/2half yearly = $29,625
Semiannual period to maturity (n) = 6 years x 2 = 12
Semi Annual Market Interest Rate (R) = 8.5%*1/2 = 4.25%
Present Value of Bonds (Price of the bonds issued) = Semi-Annual Coupon Interest x PVIFA (R, n) + Face Value x PVIF (R, n)
= (29,625*9.25039) + (790,000*0.60686)
= 274,042.80 + 479,419.40
= $753,462
Calculation of Present Value Factor:-
PVIFA (R, n) = Present Value interest factor for ordinary annuity at R% for n periods = (1 – 1/(1+R)n) / R
PVIFA (4.25%, 12) = (1 – 1/(1+0.0425)12) / 0.0425 = 9.25039
PVIF (R, n) = Present Value interest factor for ‘n’ period at ‘R’% = 1/(1+R)n
PVIF (4.25%, 12) = 1/(1+0.0425)12= 0.60686
Explanation:
On June 30, 2018, the Esquire Company sold some merchandise to a customer for $48,000. In payment, Esquire agreed to accept a 9% note requiring the payment of interest and principal on March 31, 2019. The 9% rate is appropriate in this situation. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2018 interest accrual, and the March 31, 2019 collection. 2. If the December 31 adjusting entry for the interest accrual is not prepared, by how much will income before income taxes be over-or understated in 2018 and 2019
Answer:
Esquire Company
1. Journal Entries
June 30, 2018:
Debit 9% Notes Receivable $48,000
Credit Sales Revenue $48,000
To record the sale of goods on account.
December 31, 2018:
Debit Interest Receivable $2,160
Credit Interest Revenue $2,160
To accrue interest revenue ($48,000 * 9% * 6/12).
March 31, 2019:
Debit Interest Receivable $1,080
Credit Interest Revenue $1,080
To accrue interest revenue ($48,000 * 9% * 3/12).
March 31, 2019:
Debit Cash $51,240
Credit Notes Receivable $48,000
Credit Interest Receivable $3,240
To record the collection of cash for goods and accruing interest.
2. If the December 31 adjusting entry for the interest accrual is not prepared, income before income taxes will be understated in 2018 and overstated in 2019 by $2,160.
Explanation:
a) Data and Analysis:
June 30, 2018: 9% Notes Receivable $48,000 Sales Revenue $48,000
December 31, 2018: Interest Receivable $2,160 Interest Revenue $2,160
March 31, 2019: Interest Receivable $1,080 Interest Revenue $1,080
March 31, 2019: Cash $51,240 Notes Receivable $48,000 Interest Receivable $3,240
Nombre Company management predicts $1,764,000 of variable costs, $2,364,000 of fixed costs, and a pretax income of $282,000 in the next period. Management also predicts that the contribution margin per unit will be $63.
(1) Compute the total expected dollar sales for next period.
Contribution margin
Pretax income
(2) Compute the number of units expected to be sold next period.
Choose Numerator: / Choose Denominator: = Units
/ = Units
Answer and Explanation:
1. The computation of the total expected dollar sales for next period is given below:
Sales $4,410,000
Less: variable cost $1,764,000
Contribution margin $2,646,000
Less: fixed cost $2,364,000
Pre tax income $282,000
2. The number of units that should be sold is
= $2,646,000 ÷ $63 per unit
= 42,000 units
In this way it should be calculated
At Bargain Electronics, it costs $29 per unit ($16 variable and $13 fixed) to make an MP3 player that normally sells for $50. A foreign wholesaler offers to buy 3,480 units at $27 each. Bargain Electronics will incur special shipping costs of $1 per unit. Assuming that Bargain Electronics has excess operating capacity.
Required:
Indicate the net income (loss) Bargain Electronics would realize by accepting the special order.
Answer:
$34,800.
Explanation:
Reject Accept
Revenues $0 (3480*27) = $93,960 $93,960
Costs $0 (3480*16) = -$55,680 -$55,680
Shipping $0 (3480*1) = -3480 -$3,480
Net income $0 34,800 $34,800
So, the net income that Bargain Electronics would realize by accepting the special order is $34,800.
Following is selected financial information from General Mills Inc. for its fiscal year ended May 27, 2018 ($ millions). Cost of goods sold (COGS) $14,438.1 Cash from operating activities $3,977.4 Cash from investing activities (12,159.6) Noncash assets, end of year 42,315.0 Cash, end of year 558.6 Cash from financing activities* 7,668.2 Income tax expense 80.2 Total assets, beginning of year 30,537.6 Revenue 22,036.6 Total liabilities, end of year** 33,784.2 Total expenses, other than COGS 4,490.1 Stockholders' equity, end of year 9,089.4 and income tax * Cash from financing activities includes the effects of foreign exchange rate fluctuations. ** Total liabilities includes redeemable interest. a. Prepare the income statement for the year ended May 27, 2018. Note: Do not use negative signs with any of your answers. General Mills Income Statement ($ millions) For the year ended May 27, 2018 Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer b. Prepare the balance sheet as of May 27, 2018. General Mills Balance Sheet ($ millions) May 27, 2018 Answer Answer Answer Answer Answer Answer Answer
Answer:
General Mills, Inc.
Income Statement for the year ended May 27, 2018
Revenue $22,036.6
Cost of goods sold (COGS) 14,438.1
Gross profit $7,598.5
Total expenses, other than COGS 4,490.1
Income before tax $3,108.4
Income tax expense 80.2
Net income $3,028.2
Explanation:
a) Relevant Data:
Revenue $22,036.6
Cost of goods sold (COGS) $14,438.1
Total expenses, other than COGS $4,490.1
Income tax expense $80.2
what is cost variance
Answer:
Cost variance is the difference between the actual cost incurred and the planned/budgeted cost at a given time on a project.
Explanation: