Creative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Creative Images Co.:
Violet Lozano, Capital $930,000
Violet Lozano, Drawing 12,000
Fees Earned 694,400
Wages Expense 471,000
Rent Expense 69,500
Supplies Expense 11,100
Miscellaneous Expense 14,900
Required: Journalize the two entries required to close the accounts.
Post-Closing Trial Balance
An accountant prepared the following post-closing trial balance:
La Casa Services Co.
Post-Closing Trial Balance
March 31, 20Y6
Debit Balances Credit Balances
Cash 12,700
Accounts Receivable 28,190
Supplies 1,780
Equipment 125,600
Accumulated Depreciation 41,910
Accounts Payable 15,240
Salaries Payable 1,400
Unearned Rent 5,720
Sonya Flynn, Capital 104,000
207,760 128,780
Prepare a corrected post-closing trial balance.

Answers

Answer 1

Answer and Explanation:

The journal entries are shown below:

Fees Earned 694,400

         To Wages Expense 471,000

        To Rent Expense 69,500

        To Supplies Expense 11,100

        To Miscellaneous Expense 14,900

        To Violet Lozano, Capital 127,900

Violet Lozano, Capital 12,000

          To Violet Lozano, Drawing 12,000

 Now the post trail balance is

Cash                            12,700

Accounts Receivable 28,190

Supplies                     1,780

Equipment               125,600

Accumulated Depreciation             41,910

Accounts Payable                            15,240

Salaries Payable                                1,400

Unearned Rent                                   5,720

Sonya Flynn, Capital                        104,000

Totals                 168,270                 168,270


Related Questions

Oliveira Industries issued $500,000 in 10% bonds with a 10-year term. If they pay interest to bondholders on a typical schedule, they could choose to pay interest on:______
A : March 31, June 30, September 31, and December 31.
B : December 31.
C : the last day of each month.
D : January 1 and July 1.

Answers

Answer:

Explanation:

January 1 and July 1

As a new​ controller, reply to this comment by a plant​ manager: "As I see​ it, our accountants may be needed to keep records for shareholders and Uncle​ Sam, but I​ don't want them sticking their noses in my​ day-to-day operations. I do the best I know how. No bean counter knows enough about my responsibilities to be of any use to​ me." Why are accountants valuable to the organization? What responsibilities do managers have in understanding financial information?

Answers

Answer: Accountants play major role in firms in handling financial records and auditing. Managers know financial information based on either background knowledge or learning on the job

Explanation:

The accountants are valuable to the organization because they monitor the monetary information that concerns the firm, they handle how cash come in and keep track of how they are spent, all these makes them valuable even to the extent of auditing information as regarding the firm. Managers might understand financial information either based on how they monitor what occurs in the organization or what they learnt in from college. But it's unsafe for the managers to handle financial situation without the aid of a professional accountant.

Determine whether each of the following is true or false:
1. In the short run, insurance on your property is a fixed cost.
2. In the short run, the heating of your warehouse is a fixed cost.
3. In the long run, there are more fixed costs than in the short run.
Assume that you run a concession stand at a small movie theater selling popcorn. Each day you must pay the theater management $50, so this is your fixed cost. If you are able to sell 100 boxes of popcorn each day, the variable cost per box is $0.15. Use these figures to determine average fixed cost, average variable cost, and average total cost.
Based on the following table, where do diminishing marginal returns begin to set in? Explain.
Machines Daily Output
1 300
2 700
3 1,000
4 1,200
5 1,300
6 1,300

Answers

Answer:

True

true

false

$0.50

$0.15

$0.65

3 machines. It is at this point that marginal output starts to decline

Explanation:

Taylor Swift Corporation purchases a patent from Salmon Company on January 1, 2020, for $54,000. The patent has a remaining legal life of 16 years. Taylor Swift feels the patent will be useful for 10 years. Prepare Taylor Swift's journal entries to record the purchase of the patent and 2020 amortization.
Assume that at January 1, 2019, the carrying amount of the patent on Taylor Swift's books is $43, 200. In January, Taylor Swift spends $24,000 successfully defending a patent suit. Taylor Swift still feels the patent will be useful until the end of 2026. Prepare the journal entries to record the $24,000 expenditure and 2019 amortization.

Answers

Answer:

Taylor Swift Corporation

a Journal Entries:

Jan. 1, 2020:

Debit Patent $54,000

Credit Cash $54,000

To record the purchase of patent purchased from Salmon Company.

December 31, 2020:

Debit Amortization Expense $5,400

Credit Accumulated Amortization - Patent $5,400

To record the amortization expense for the year.

b) Journal Entries:

January 1, 2019:

Debit Patent $24,000

Credit Cash $24,000

To record cash for defending the patent.

December 31, 2019:

Debit Amortization Expense $8,400

Credit Accumulated Amortization - Patent $8,400

To record the amortization expense for the year.

Explanation:

a) Data and Calculations:

January 1, 2020 Purchased Patent from Salmon Company = $54,000

Estimated useful life = 10 years

Annual amortization expense - $5,400 ($54,000/10)

b) Carrying amount of Patent on January 1, 2019 = $43,200

Amount spent to successfully defend the patent      24,000

Total value of patent = $67,200

Estimated useful life = 8 years (January 1, 2019 to December 31, 2026)

Annual amortization expense = $8,400 ($67,200/8)

b) The $24,000 spent for the successful defense of the patent will be capitalized.  This means that the carrying balance of the Patent changes from $43,200 to $67,200.  Amortization is calculated based on $67,200 on a straight-line basis for 8 years.

Journal Entry is the 1st step of the accounting cycle that records only the monetary business transactions. It uses a double-entry bookkeeping system as it provides the dual effect of each transaction in the books of accounts. These entries are used further to prepare books of accounts.

Find the attachment for the given Journal Entry.

(a) Data and calculations:

January 1, 2020 - Purchases done by Salmon Company = [tex]\[/tex] 54, 000.

Useful Life Estimated  = 10 years

Amortization Expese Annually =   [tex]\dfrac{54, 000}{10}[/tex] =  [tex]\[/tex] 5,400.

(b) Carrying Amount Patent on Jan 1, 2019 = [tex]\[/tex] 43, 200.

Amount Spent Successfully to defend the patent =  [tex]\[/tex] 24, 000.

Total Value = [tex]\[/tex]  67, 200.

Estimated Useful Life = 8 years

Amortization Expense Annually = [tex]\dfrac{67, 200}{8}[/tex] = [tex]\[/tex] 8, 400.

Hence, the   [tex]\[/tex] 24, 000 will be spent for the successful defense of the patent will be capitalized. This means that the carrying balance of the Patent Changes from dollar 43, 200 to 67, 200. The amortization for straight 8-years is calculated at $67,200.

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XYZ Corp. recorded service revenues of $150,000 in 2016, of which $80,000 were on credit and $70,000 were for cash. Moreover, of the $80,000 credit sales for 2016, XYZ collected $35,000 cash on those receivables before year-end 2016. The company also paid $30,000 cash for 2016 wages. Its employees also earned another $20,000 in wages for 2016, which were not yet paid at year-end 2016. How much net cash inflow did the company generate in 2016

Answers

Answer: $75,000

Explanation:

Net Cash inflow refers to the actual cash that came into the company less the cash that went out.

Net cash inflow = Cash inflow - Cash outflow

= Cash from sales + Cash from receivables collection - cash wages

= 70,000 + 35,000 - 30,000

= $75,000

Please select the word from the list that best fits the definition


Represents information using percentages


HELP ONLY HAVE 30 MINS

Answers

the answer is pie graph

Answer:

Pie Graph

Explanation:

Trust :)

what is a small business?​

Answers

Small businesses are privately owned corporations, partnerships, or sole proprietorships that have fewer employees and/or less annual revenue than a regular-sized business or corporation.

At the beginning of December, Altro Corporation had $26,000 of raw materials on hand. During the month, the Corporation purchased an additional $76,000 of raw materials. During December, $72,000 of raw materials were requisitioned from the storeroom for use in production. The credits entered in the Raw Materials account during the month of December total:_________a. $26,000b. $102,000c. $76,000d. $72,000

Answers

Answer:

d. $72000

Explanation:

Raw material account is an asset account and a part of inventory. Addition in this account will be depicted by a debit to the raw material account and a credit to either cash or accounts payable. This account is credited when raw material is requisitioned for use in production. Thus the credits that will be entered during December will be the amount of raw material requisitioned which is $72000.

Sheridan Company reported the following year-end information: Beginning work in process inventory$1080000 Beginning raw materials inventory300000 Ending work in process inventory900000 Ending raw materials inventory480000 Raw materials purchased950000 Direct labor850000 Manufacturing overhead820000 Sheridan Company's cost of goods manufactured for the year is

Answers

Answer:

$1,800,000

Explanation:

Calculation for what Sheridan Company's cost of goods manufactured for the year is

First step is to calculate Direct material used

Direct material used = 300,000 + 950,000 - 480,000

Direct material used= 770,000

Now let calculate cost of goods manufactured for the year using this formula

Cost of Goods Manufactured for the year= Direct Material Used + Direct Labor + Manufacturing Overhead + Opening Work - Closing Work

Cost of Goods Manufactured for the year= 770,000 + 850,000 + 820,000 + 1,080,000 - 900,000

Cost of Goods Manufactured for the year= $1,800,000

Therefore Sheridan Company's cost of goods manufactured for the year is $1,800,000

The following comparative balance sheets and income statement are available for AddieMae Inc.. Prepare a statement of cash flows for 2016 using the indirect method and analyze the statement.

Balance Sheet as of December 31 in US$ Thousands
2016 2015
Assets Cash $3,300 $1,000
Accounts receivable (net) 1,100 600
Inventory 11,200 4,300
Total Current Assets 15,600 5,900
Plant and Equipment 3,000 2,300
Less accumulated depreciation 1,300 800
Plant and equipment (net) 1,700 1,500
Long term investments 1,200 900
Total assets $18,500 $8,300
Liabilities and Equity Accounts payable $3,300 $2,500
Accrued liabilities 700 600
Income taxes payable 400 100
Total current liabilities 4,400 3,200
Long term debt 200 -
Total liabilities 4,600 3,200
Common stock 9,900 7,300
Retained earnings 4,000 (2,200)
Total liabilities and equity $18,500 $8,300

Answers

Answer:

AddieMae Inc.

Statement of Cash flows for the year ended December 31,2016

Cash flow from Operating Activities

Profit for the period                                                          6,800

Adjustment of Working Capital items ;

Increase in Accounts receivable                                    (2,300)

Increase in Inventory                                                       (6,900)

Increase in Accounts Payable                                             800

Increase in Accrued Liabilities                                             100

Net Cash from Operating Activities                              ($1,500)

Cash flows from Investing Activities

Purchase of Equipment                                                        700

Purchase of Lon term investments                                      300

Net Cash from Investing Activities                                    1,000

Cash flow from Financing Activities

Long term debt issued                                                         200

Issue of Common Stock                                                    2,600

Net Cash from financing Activities                                   2,800

Movement in Cash and Cash equivalents                    2,300

Cash and Cash Equivalents at Beginning                     1,000

Cash and Cash Equivalents at the End                         3,300

Explanation:

Cashflow statement shows the movement in the cash and cash equivalent balances. It only accounts for cash related transactions and events.

Note also that the Indirect method has been used for preparation of the Cashflow Statement as required.

A Union worker is to see an increase in pay of 2.5% per year next year. Her salary is $41,000 yr. If inflation was predicted

to be 1.9% for the upcoming year, how much more purchasing power would she have in dollars next year?

Answers

= 41,000 USD * 1+(2.5%-1.9%)

= 41,000 USD * 1.60

= 65,600

Net change 65,600 - 41,000 = $24,600

INCREASE IN HIS PURCHASING POWER!!!

OR 60% MORE IN HIS POCKET CHA-CHING!!

Good luck!

#JmackTheInstructor

Net change in purchasing power next year is $24,600

Given:

Increase pay per year = 2.5% per year

Current salary = $41,000

Predicted inflation = 1.9%

Find:

Net change in purchasing power next year

Computation:

Value of money next year = 41,000[1+(2.5%-1.9%)]

Value of money next year = 41,000[1.60%]

Value of money next year = 65,600

Net change in purchasing power next year = 65,600 - 41,000

Net change in purchasing power next year = $24,600

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A company has sales of $378,600 and its gross profit is $159,100. Its cost of goods sold equals:

Answers

Answer: $219500

Explanation:

The formula for the calculation of gross profit is the difference between the sales and the cost of goods sold. In this scenario, therefore, the cost of goods sold will be:

= Sales - Gross profit

= $378600 - $159100

= $219500

The cost of goods sold is $219500

Two different manufacturing processes are being considered for making a new product. The first process is less​ capital-intensive, with fixed costs of only per year and variable costs of per unit. The second process has fixed costs of but variable costs of only per unit.
What is the break-even quantity, beyond which the second process becomes more attractive than the first?
the volume at which the second process becomes more attractive is ..... units

Answers

Answer:

Hello your question is incomplete below is the complete question

Two different manufacturing processes are being considered for making a new product. The first process is less capital-intensive, with fixed costs of only $49,700 per year and variable costs of $740 per unit. The second process has fixed costs of $391,000 but variable costs of only $160 per unit. a. What is the break-even quantity, beyond which the second process becomes more attractive than the first? the volume at which the second process becomes more attractive is ..... units

answer :  At ≥ 589 units the second process becomes more attractive

Explanation:

A) Determine the breakeven quantity that makes the second process more attractive

the second process has a higher fixed cost of $391000

x = volume of sales that makes process 1 as profitable as process 2

sales = fixed cost + Total variable cost

profit = (( selling price ) * X ) - (variable cost * X ) - fixed cost

Assuming the profit made from process 1 = process 2

((selling price * X ) - ( variable cost of process 1 * X ) - fixed cost of process 1 =((selling price * X ) - ( variable cost of process 2 * X ) - fixed cost of process 2

hence ;

x = ( fixed cost of process 2 - fixed cost of process 1  ) / ((variable cost of process 1) - (variable cost of process 2 ))

   = ( 391000 - 49700 ) / ( 740 - 160 )

   = 588.44 units ≈ 588 units ( both process will yield same profitability

At ≥ 589 units the second process becomes more attractive

More and more companies have adopted written codes of ethics. Although these codes vary greatly, they can be put into two categories: compliance-based and integrity-based. 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.
Write the features to the correct type of Ethics Code. Match with the ideal, objective, leader type and methods.
Features of Compliance- Features of Integrity-
Based Ethics Codes Based Ethics Codes
Ideal
Obective
Leader
Methods

Avoid criminal misconduct
Education, reduced employee discretion
Enable responsible employee conduct
Lawyers
Managers
Conform to outside standards and chosen internal standards
Accountability, decision processes, controls
Conform to outside standards

Answers

Answer:

Ethics Code and Features

                                                      Ethics Codes

Features  Integrity- Based Ethics                Codes Based Ethics Codes

Ideal:          Accountability, decision            Education, reduced employee

                  processes, controls                   discretion

Objective: Enable responsible employee  Avoid criminal misconduct

                 conduct

Leader:     Managers                                   Lawyers    

Methods: Conform to outside standards   Conform to outside standards

               and chosen internal standards    

Explanation:

Codes of ethics refer to the governing principles and expectations that regulate the behavior of individuals and organizations in the conduct of their professional responsibilities and business activities.  Two broad categories have been identified for written codes of ethics.  They are compliance-based (rules-based) codes and integrity-based (principles-based) codes.  Rules-based or compliance-based codes emphasize prevention, while principles-based or integrity-based codes provide guidance.

Moath Company reports the following for the month of June.

Date Explanation Units Unit Cost Total Cost
June 1 Inventory 200 $5 $1,000
12 Purchase 400 6 2,400
23 Purchase 300 7 2,100
30 Inventory 100

Assume a sale of 440 units occurred on June 15 for a selling price of $8 and a sale of 360 units on June 27 for $9.

Required:
Calculate cost of goods available for sale.

Answers

Answer: $5,500

Explanation:

The Cost of Goods available for sale is the price of the inventory and purchases that the company intends to sell.

June 1 Inventory = $1,000

June 12 Purchase = $2,400

June 23 Purchase = $2,100

Cost of goods available for sale = 1,000 + 2,400 + 2,100

= $5,500

Overhead information for Cran-Mar Company for October follows:
Total overhead incurred $30,000
Budgeted fixed overhead $7,125
Total standard overhead rate per machine-hour (MH) $4.90
Standard variable overhead rate per MH $3.00
Standard MHs allowed for the units manufactured 3,600
1. What is the standard fixed factory overhead rate per machine-hour?
2. What is the denominator activity level that was used to establish the fixed overhead application rate?
3. Prepare a diagram, to calculate the following overhead variances for October:
a. Total flexible-budget variance for factory overhead.
b. Fixed overhead production volume variance.
c. Total factory overhead cost variance.

Answers

Answer:

1. Standard Fixed factory overhead rate per machine hour = 1.9

Explanation:

1. Standard OH rate per MH $4.90

Less: Standard Variable OH rate $3.0

Fixed OH rate is 1.90

2. Denominator activity level : $3,750

Budgeted Fixed factory OH $7,125

Standard fixed overhead rate $1.90

3. a. Total flexible Budget variance:

Standard Variable Overhead (3,600 * $3.0) = $10,800

Budgeted Fixed Overhead $7,125

Total Overhead = $17,925

Actual Overheads $30,000

Variance $12,075 Unfavorable

b. Production Volume Variance :

Overheads based on Flexible budget $17,925

Standard Cost applied (3,600 hours * $4.90) $17,640

Variance $285 Favorable

c. Total factory overhead cost variance :

Actual overheads incurred $30,000

Standard cost applied to production $17,640

Variance $12,360 Unfavorable

The difference between a job shadow and an internship is

Answers

A job shadow is usually very short term and involves following someone around to observe their work. An internship is usually a month or longer and is more formalized.

Answer:

An internship is more involved

Explanation:

correct answer in A P E X

Hello. I’m looking for help with parts 2 and 3 on this worksheet, mostly part 2 though. Any help is appreciated!

Answers

Hi! When is this due and how can I help?

On January 1, 2021, American Corporation purchased 30% of the outstanding voting shares of Short Supplies common stock for $222,000 cash. On that date, Short's book value and fair value were both $740,000. The equity method is deemed appropriate for this investment. Short's net income reported on December 31, 2021, was $70,000. During 2021, Short also paid cash dividends in the amount of $19,000.

Required:
Compute the amount that would be reported for the investment on American Corporation's financial statements at December 31, 2021. what is investment amount?

Answers

Answer:

the  amount that should be reported for the investment is $237,300

Explanation:

The computation of the amount that should be reported for the investment is as follows:

= Original investment + net income share - cash dividend

= $222,000 + ($70,000 × 30%) - ($19,000 × 0.30)

= $222,000 + $21,000 - $5,700

= $237,300

hence, the  amount that should be reported for the investment is $237,300

Ortega Industries manufactures 15,000 components per year. The manufacturing cost of the components was determined to be as follows: Direct materials $150,000 Direct labor 240,000 Variable manufacturing overhead 90,000 Fixed manufacturing overhead 120,000 Total $600,000 An outside supplier has offered to sell the component to Ortega for $34. Assume that the the fixed manufacturing overhead is common fixed overhead. Which means that the fixed overhead would remain the same even if the company decides to buy the component from an outside supplier. If Ortega Industries purchases the component from the outside supplier, the effect on income would be a: $30,000 increase. $30,000 decrease. $90,000 increase. $90,000 decrease.

Answers

Answer:

$30,000 decrease

Explanation:

The computation is shown below:

In the case when the production is done from Chetak's Factory  

Number of Components produced 15000 15000

Total cost incurred     $600,000

In the case when the production is done from outside

Number of Components produced 15,000

Total cost spend $630,000 ((15,000 × 34) + $120,000)

S the difference is

= $600,000 - $630,000

= -$30,000

Therefore the second option is correct

Martinez Corp. has the following transactions during August of the current year.
Aug. 1 Issues shares of common stock to investors in exchange for $10,930.
4 Pays insurance in advance for 3 months, $1,760.
16 Receives $810 from clients for services rendered.
27 Pays the secretary $570 salary.
Journalize the transactions.

Answers

Answer:

Aug 1

Cash                                      $10930 Dr

     Common Stock                      $10930 Cr

Aug 4

Prepaid Insurance                  $1760 Dr

      Cash                                       $1760 Cr

Aug 16

Cash                                 $810 Dr              

    Service Revenue               $810 Cr

Aug 27

Salary Expense                     $570 Dr

       Cash                                     $570 Cr

Explanation:

Aug 1

The receipt of cash in exchange of common stock is recorded as a debit to cash which is an asset and a credit to common stock which is capital

Aug 4

Prepayment of any expense is recorded as a current asset. Thus, prepaid insurance is debited as asset increases and cash is credited as cash decreases.

Aug 16

The receipt of cash in exchange of service provision is recorded as a credit to service revenue and a debit to cash

Aug 27

Payment of salary is an expense and is recorded as a debit to salary expense and a credit to cash.

Plumber Corporation acquired all of Socket Corporation's voting shares on January 1, 20X2, for $482,000. At that time, Socket reported common stock outstanding of $92,000 and retained earnings of $130,000. The book values of Socket's assets and liabilities approximated fair values, except for land, which had a book value of $92,000 and a fair value of $112,000, and buildings, which had a book value of $225,000 and a fair value of $410,000. Land and buildings are the only noncurrent assets that Socket holds.

Required:
a. Compute the amount of goodwill at the date of acquisition Goodwill
b. Prepare the consolidating entry or entries required immediately.

Answers

Answer:

Part a

$55,000

Part b

Debit : Common Stock  $92,000

Debit : Retained Earnings $130,000

Debit : Revaluation Reserve ($20+ $185) $205,000

Debit : Goodwill $55,000

Credit : Investment in Subsidiary - Socket Corporation $482,000

Explanation:

Goodwill is the excess of Purchase price over the Net Assets Taken over at acquisition date.

The Net Assets taken over can be presented by the Equity of the Investee. That is the sum of Common Stock, Retained Earnings and Revaluation Reserves made to reflect fair value adjustments at acquisition date.

Note how the Revaluation Reserve ended with $205,000 following increase of $20,000 on value of land and $185,000 on value of buildings to reflect fair values.

The elimination journal needs to be prepared at consolidation to eliminate common items as reflected by Part b above.

Fatty foods are best for slowing down the rate of alcohol absorption

Answers

Answer:

Rich in heart-healthy monounsaturated fats, avocados are one of the best foods you can eat before drinking alcohol. That's because fat takes much longer to digest than protein or carbs, which can help slow the absorption of alcohol into your bloodstream.

Explanation:

Fatty foods are best for slowing down the rate of alcohol absorption as Oily, greater, and added fats are the best for reducing intoxicated since they take longer to process and linger in the belly.

What is absorption?

Alcohol is absorbed and transported into the system by your body at a certain rate, or systemic absorption. Alcohol is ingested when you drink through the small and large intestines. Your blood alcohol (BAC) increases as soon as it reaches the system, and you start to feel inebriated.

Although fat digests more slowly than muscle or carbohydrates, eating fat can help delay the entrance of beer into your circulation. Alcohol is taken more slowly when food is consumed while drink it, with effervescent alcoholic beverages being absorbed more quickly. Avocados are among the best foods to eat before consuming alcohol since they are high in soul-monounsaturated fats.

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Client #007 has a portfolio valued at $ 1,100,000 and wants to increase the value to $1,200,000 in 5
years. An analysis of the client's non-portfolio inflows and outflows shows the client will need $15,000
from the portfolio in one year and this amount is estimated to rise by 3% inflation per year. What is the
client's calculated return need?
Fy07
Returns

Answers

Answer:

Client #007

The client's calculated return need is:

= $

Explanation:

a) Data and Calculations:

Value of portfolio = $1,100,000

Estimated value of portfolio in 5 years = $1,200,000

Expected returns in 5 years = $100,000 ($1,200,000 = $1,100,000)

This translates to 9.1% ($100,000/$1,100,000 * 100)

Annual rate of return = 1.82% (9.1/5)

Client's need = $15,000

Client's need after considering inflation rate of 3%

The client's calculated return need = $1,100,000 * 9.1% * 1.16

= $116,116

Mason Company manufactures four products in a single production facility. The company uses activity-based costing. The following activities have been identified through the company's activity analysis: (a) inventory control, (b) machine setups, (c) employee training, (d) quality inspections, (e) materials orderings, (f) drilling operations, and (g) building maintenance.

Answers

Answer and Explanation:

The cost driver are as follows;

a. Inventory control - value of material

b. Machine setup - number of setups

c. Employee training - number of employees

d. Quality inspections - number of inspections

e. Material orderings - number of orders

f. Drilling operations - number of machine hours

g. Building maintenance - others

In this way it could be allocated

From the interest tables in Appendix B, determine the values of the following factors by interpolation and compare your results with those obtained from evaluating the A/P and P/A interest formulas.
1. The capital-recovery factor for 38 periods at 6.25% interest.
2. The equal-payment series present-worth factor for 85 periods at 9.25% interest.

Answers

Answer:

When compared with results obtained using Interpolation there is a variance of more than 1/3 of a point   ( for both A and B )

Results obtained via A/P and P/A interest formulas

A) 0.0694

B) 10.8049

Explanation:

A) calculating The capital recovery factor for 38 periods at 6.25%

using the A/P interest formula

where ;

p = present value , i = annual interest rate, n = number of years

hence CRF ( capital recovery factor ) = 0.0694

B) Calculating the equal-payment series PWF

using the P/A interest formula

where ; p = present value , i = annual interest rate, n = number of years

hence PWF ( present worth factor ) = 10.8049

attached below is the detailed solution

When compared with results obtained using Interpolation there is a variance of more than 1/3 of a point   ( for both A and B )

The controller of the South Charleston plant of Ravinia, Inc., monitored activities associated with materials handling costs. The high and low levels of resource usage occurred in September and March for three different resources associated with materials handling. The number of moves is the driver. The total costs of the three resources and the activity output, as measured by moves for the two different levels, are presented as follows:
Resource Number of Moves Total Cost
Forklift depreciation:
Low 4,000 $3,200
High 15,000 3,200
Indirect labor:
Low 4,000 $83,200
High 15,000 147,000
Fuel and oil for forklift:
Low 4,000 $ $3,550
High 16,000 11,360
Required:
If required, round your answers to two decimal places. Enter a "0" if required.
1. Determine the cost behavior formula of each resource. Use the high-low method to assess the fixed and variable components.
Forklift depreciation:
V $
F $
Y $
Indirect labor:
V $
F $
Y $ + $X
Fuel and oil for forklift:
V $
F $
Y $X
2. Using your knowledge of cost behavior, predict the cost of each item for an activity output level of 11,000 moves.
Forklift depreciation $
Indirect labor $
Fuel and oil for forklift $

Answers

Answer:

Results are below.

Explanation:

To calculate the variable and fixed costs, we need to use the following formulas:

Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)

Fixed costs= Highest activity cost - (Variable cost per unit * HAU)

Fixed costs= LAC - (Variable cost per unit* LAU)

Forklift depreciation:

Low 4,000 $3,200

High 15,000 3,200

Depreciation is a fixed cost. It doesn't vary with the number of units produced.

Indirect labor:

Low 4,000 $83,200

High 15,000 147,000

Variable cost per unit= (147,000 - 83,200) / (15,000 - 4,000)

Variable cost per unit= $5.8

Fixed costs= 147,000 - (5.8*15,000)

Fixed costs= $60,000

Fixed costs= 83,200 - (5.8*4,000)

Fixed costs= $60,000

Fuel and oil for forklift:

Low 4,000 $ $3,550

High 16,000 11,360

Variable cost per unit= (11,360 - 3,550) / (16,000 - 4,000)

Variable cost per unit= $0.651

Fixed costs= 11,360 - (0.651*16,000)

Fixed costs= $944

Fixed costs= 3,550 - (0.651*4,000)

Fixed costs= $944

Now, the cost for 11,000 moves:

Depreciation= $3,200

Indirect labor= 60,000 + 5.8*11,000

Indirect labor= $123,800

Fuel and oil for forklift= 944 + 0.651*11,000

Fuel and oil for forklift= $8,105

Insurance company A and B both are life insurance companies that pay claims to a designated beneficiary upon death of an insured life. Company A insures 10,000 lives and expects to receive 525 claims this year. Company B insures 8,700 lives and expects to receive 410 claims this year. The actual number of claims for company A will range 500 < 550. The actual number of claims for company B will range from 369 < 451. Who faces the most objective risk

Answers

Answer:

Company B will faces the most objective risk

Explanation:

Company A: As Company A, insures 10,000 lives and expects to receive 525 claims this year.

They will end up saving 947,500,000 and paying 52,500,000 (525 claims*100,000), considering each claim value to be 100,000. Here goes the calculation:

10,000 x 100,000 = 1,000,000,000

1,000,000,000 - 52,500,000 = 947,500,000.

Company B: As Company B, insures 8,700 lives and expects 410 claims this year.

They will end up saving 829,000,000 and paying 41,000,000 (410 claims x 100,000), considering each claim value to be 100,000. Here goes the calculation:

8700 x 100,000 = 870,000,000

870,000,000 - 41,000,000 = 829,000,000.

Hence, the margin of profit is good for company A. Company B will have the face the risk more.

(please hurry its due soon) The American composer john cage spoke of the "all sounds" music of the future. What might that mean?

Answers

Explanation:

the famous composer known for he meant that music would be more than just about dissonance and consonance. John Kay just talkin about a revolution in music where the boundaries between noise and music would be challenged. In a way he turned out to be right as what would be considered noise in a stretch acoustic point of view or now included in musical compositions

Explain two potential advantages to an airline of outsourcing inflight catering

Answers

Answer: See explanation

Explanation:

In-flight catering simply has to do with the delivery of food that have been already prepared and packaged for consumption while a particular airplane is in flight.

The two potential advantages to an airline of outsourcing inflight catering is that it helps in the reduction and of cost in the part of the airline. Outsourcing will help the airline cut costs.

Also, another reason is that the airline can focus on other aspects which are more important and work towards achieving organizational goals.

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