Prepare the journal entries to record the following transactions on Sheridan Company’s books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
(a) On March 2, Crane Company sold $890,100 of merchandise to Sheridan Company, terms 2/10, n/30. The cost of the merchandise sold was $528,500.
(b) On March 6, Sheridan Company returned $100,500 of the merchandise purchased on March 2. The cost of the merchandise returned was $68,700.
(c) On March 12, Crane Company received the balance due from Sheridan Company.
No Date Accounts titles and explanation Debit Credit
a) March 2
a) March 2
b) March 6
b) March 6
c) March 12
c) March 12
*Please also provide info on how the calculations were found.
Answer:
Sheridan Company
Journal Entries:
March 2:
a) Debit Inventory $890,100
Credit Accounts Payable (Crane Company)
To record the purchase of merchandise, terms 2/10, n/30.
March 6:
b) Debit Accounts Payable (Crane Company) $100,500
Credit Inventory $100,500
To record the record of merchandise.
March 12:
c) Debit Accounts Payable (Crane Company) $789,600
Credit Cash Discount $15,792
Credit Cash Account $773,808
To record the payment to Crane on account.
Explanation:
The amount ($773,808) that Sheridan Company paid to Crane Company is $890,100 minus the inventory return of $100,500 ($789,600) and the cash discount of $15,792 ($789,600 * 2%).
Having a great credit score will make it easier for you to
get into a better educational institution.
TRUE
FALSE
Answer: t for true
Explanation:
Having a great credit score will make it easier for you to get into a better educational institution. Hence, the above statement is true.
What is the Credit Score?An expression in numbers called a credit score is used to rate a person's creditworthiness. It is based on a meticulous review of their credit reports. A credit report, which also is typically collected from credit agencies, is the primary factor in a credit score.
The creditworthiness of a consumer is indicated by a number between 300 and 850 called a credit score. A person's credit score takes into account their debt amount, duration of credit history, loan types, and payback history.
Depending on the scoring methodology, there are several ranges, but generally speaking, credit scores between 580 and 669 are regarded as fair, 670 and 739 as good, 740 and 799 as very good, and 800 as well as higher as exceptional.
Even though ranges differ depending on the scoring model, generally speaking, credit scores between 580 and 669 are regarded as fair, 670 to 739 as good, 740 to 799 as very good, and 800 and up as exceptional.
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Beliefs that are handed down from one generation to another and that influence decision making are _____.
genetic
diversity issues
universal values
cultural preferences
Answer: cultural preferences.
Answer: cultural preferences
Explanation: I just took the test
In an effort to decrease the amount of industrial waste generated during production, Cerise wanted her company to use a new machine designed by one of the employees. She felt that the new machine could also bring down the company's costs. She tried to convince her supervisor and higher authorities to provide the resources needed to build and install the machine on a large scale. Cerise's role is that of a(n)
Answer:
C. product champion.
Explanation:
These are The options for the question
A. executive champion.
B. category captain.
C. product champion.
D. technical innovator.
We are told about an effort to decrease the amount of industrial waste generated during production,
and how Cerisee wanted her company to use a new machine designed by one of the employees. She felt that the new machine could also bring down the company's costs. She tried to convince her supervisor and higher authorities to provide the resources needed to build and install the machine on a large scale.
In this case , the Cerise's role is that of a product champion. product champion in an organization can be attributed to new product development in systematic approach as well as innovation. They gear up investors in investing or individual/firms to make decisions in selling as well as promotion of products.
Renata and Danuta would like to form a business providing take-out meals to homebound destitute residents of Las Vegas. The meals would be ordered from a menu provided by their company and prepared and delivered by Renata and Danuta. They hope to eventually have their business become international in scope. They will need to raise $100,000 to get their business running and will eventually have much greater capital needs. From the following choices, select the best form of business Renata and Danuta could adopt?
A. Nonprofit corporation
B. Limited-liability company
C. Syndicate
D. Joint venture
Answer:
A
Explanation:
Nonprofit corporation are corporations that do not earn profits. Revenue earned are usually used in the running of the business or for they are donated.
These type of corporations are usually tax exempt. Their activities usually range from religious, charitable or scientific activities
Renata and Danuta are running a charitable organisation that would be catering for homebound destitute
g compute the underapplied or overapplied overhead.2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal entry.3. Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry.4. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to Work in Process, Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods So
Complete Question:
1. Luzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of machine-hours. The predetermined overhead rate was based on a cost formula that estimates $900,000 of total manufacturing overhead for an estimated activity level of 75,000 machine- hours.
During the year, a large quantity of furniture on the market resulted in cutting back production and a buildup of furniture in the company's warehouse. The company's cost records revealed the following actual cost and operating data for the year:
Machine-hours 60,000
Manufacturing overhead cost $ 850,000
Inventories at year-end:
Raw materials $ 30,000
Work in process
(includes overhead applied of $36,000) $100,000
Finished goods (includes overhead applied of $180,000) $500,000
Cost of goods sold (includes overhead applied of $504,000) 1,400,000
Answer:
Luzadis Company
a) Under-applied overhead:
= Applied overhead Minus Incurred overhead
= $720,000 - $850,000
= $130,000
b) Debit Cost of Goods Sold $130,000
Credit Manufacturing Overhead Applied $130,000
To record underapplied overhead.
c) Debit Work In Process Inventory $6,500
Debit Finished Goods Inventory $32,500
Debit Cost of Goods Sold $91,000
Credit Manufacturing Overhead Applied $130,000
d) The net operating income will be higher by $39,000 if the under-applied overhead is allocated to Work in Process, Finished Goods, and Cost of Goods Sold rather than being closed entirely to Cost of Goods Sold.
Explanation:
a) Data and Calculations:
Estimated overhead cost = $900,000
Estimated activity level = 75,000 MHs
Predetermined overhead rate = $900,000/75,000 = $12
Manufacturing overhead applied = $12 * 60,000 = $720,000
Actual manufacturing overhead incurred = $850,000
Applied Ratio Underapplied
Work in process (overhead applied) $36,000 5% $6,500
Finished goods (overhead applied) $180,000 25% 32,500
Cost of goods sold (overhead applied) $504,000 70% 91,000
Total overhead under-applied $130,000
A discrete uniform probability distribution is one where _______.
a- the shape of the distribution is always skewed to the right
b- the probabilities do not add up to one
c- each possible value of the random variable is the same
d- each possible value of the random variable is different
A discrete uniform probability distribution is one where each possible value of the random variable is the same. Therefore, the option C holds true.
What is the significance of uniform probability distribution?A uniform probability distribution can be referred to or considered as a distribution wherein the possible outcomes in any form of a given observation are most likely to be equal to each other. Such a distribution can also be expressed with the help of graphical representation.
In a uniform probability distribution, there are chances that each possible value derived out of random variables in an observation turn out to be similar to each other. This is simply because the variables are 'uniform'.
Therefore, the option C holds true and states regarding the significance of uniform probability distribution.
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Utility refers to Multiple Choice the benefits or customer value received by users of the product. the fixed costs associated with the production of a single unit of a product within a product line. the variable costs associated with the production of a single unit of a product within a product line. the adaptability of a marketing program to adjust to changes in the marketing environment. the number of alternative uses or benefits that can be provided by a single product or service.
Answer:
A. the benefits or customer value received by users of the product.
Explanation:
Utility refers to the benefits or customer value received by users of the product. This ultimately implies that, any satisfaction or benefits a customer derives from the use of a product or service is generally referred to as a utility. These utilities can be classified into four (4) main categories and these are;
1. Time utility: this is associated with the benefit or customer value received by users of a particular product when needed or at the right time.
2. Form utility: it is the satisfaction or benefits a customer receives from the provision of alternatives or production of close substitutes.
3. Possession utility: it involves making goods and services readily available for customers to purchase or use.
4. Place utility: it involves making a good provision of outlets or shops where customers can easily find or come to when purchasing products.
Stellar, Inc. had net sales in 2020 of $1,508,000. At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $393,100 debit, and Allowance for Doubtful Accounts $3,490 credit. If Stellar estimates that 8% of its receivables will prove to be uncollectible.
Required:
Prepare the December 31, 2020, journal entry to record bad debt expense.
Answer: See attachment
Explanation:
The following can be gotten from the question:
Account receivable = $393,100
Allowance for Doubtful Accounts = $3,490
Since Stellar estimates that 8% of its receivables will prove to be uncollectible. This will be:
= ($393,100 × 8%) - $3490
= $31448 - $3490
= $27958
The journal entry to record bad debt expense has been attached
Which of the following statements about the segment margin is not true? In preparing a segmented income statement, the variable expenses are deducted from sales to yield the contribution margin for each segment. The segment margin is obtained by deducting the common fixed costs that have been allocated to a segment from that segment's contribution margin. The segment margin represents the margin available after a segment has covered all of its own costs. The segment margin is the best gauge of the long-run profitability of a segment because it includes only those costs that are caused by the segment.
Answer: The segment margin is obtained by deducting the common fixed costs that have been allocated to a segment from that segment's contribution margin
Explanation:
Segment margin is referred to the net profit or the net loss that a particular segment of a business makes. Segment margin is used to know segments that are performing well.
It is also used to know the long-run profitability of a particular segment as it shows the margin that is available after the cost has been covered by a segment.
Based on the above illustration, the statement that isn't true will be "the segment margin is obtained by deducting the common fixed costs that have been allocated to a segment from that segment's contribution margin".
This is false as segment margin is gotten after the traceable fixed costs of a segment has been subtracted from the contribution margin of that particular segment.
Segment margin is cited as the web profit or the web loss that a selected segment of a business makes.
Segment MarginSegment margin is employed to understand segments that are performing well.
It is also accustomed to knowing the long-run profitability of a specific segment because it shows the margin that's available after the value has been covered by a segment.
Based on the above illustration, the statement that may not be true is going to be "the segment margin is obtained by deducting the common fixed costs that are allocated to a segment from that segment's contribution margin".
This is a falsehood as segment margin is gotten after the traceable fixed costs of a segment have been subtracted from the contribution margin of that individual segment.
Thus, the segment margin is obtained by deducting the common fixed costs that are allocated to a segment from that segment's contribution margin.
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Product White Fragrant Loonzain Total Percentage of total sales 48 % 20 % 32 % 100 % Sales $ 312,000 100 % $ 130,000 100 % $ 208,000 100 % $ 650,000 100 % Variable expenses 93,600 30 % 104,000 80 % 114,400 55 % 312,000 48 % Contribution margin $ 218,400 70 % $ 26,000 20 % $ 93,600 45 % 338,000 52 % Fixed expenses 233,480 Net operating income $ 104,520 Dollar sales to break-even = Fixed expenses = $233,480 = $449,000 CM ratio 0.52 As shown by these data, net operating income is budgeted at $104,520 for the month and the estimated break-even sales is $449,000. Assume that actual sales for the month total $650,000 as planned. Actual sales by product are: White, $208,000; Fragrant, $260,000; and Loonzain, $182,000. Required: 1. Prepare a contribution format income statement for the month based on the actual sales data. 2. Compute the break-even point in dollar sales for the month based on your actual data.
Answer:
1) contribution format income statement
Product
White Fragrant Loonzain Total
Actual sales $208,000 $260,000 $182,000 $650,000
Variable exp. $62,400 (0.3) $208,000 (0.8) $100,100 (.55) $370,500
Con. margin $145,600 (0.7) $51,200 (0.2) $81,900 (.45) $278,700
Fixed expenses $233,480
Operating income $45,220
2) break even point in dollar sales = fixed expenses / CM ratio = $233,480 / ($278,700 / $650,000) = $544,535.34
Use the information to answer the following questions. XXX, Inc. Balance Sheet 2018 2017 2018 2017 Cash 200 450 Accounts Payable 600 700 Accounts Receivable 2500 3600 Accruals Notes Payable 500 900 1200 1000 Inventory 2000 3200 Total CL 2000 2900 Total CA 4700 7250 Long Term Debt 3000 3970 Gross Fixed Assets 6500 7200 Common Stock 3000 3100 Less Acc. Depreciation 1200 1000 Retained Earnings 2000 3480 Net Fixed Assets 5300 6200 Total Equities 5000 6580 Total Assets 10000 13450 Total Liab. & O.E. 10000 13450 XXX, Inc. Income Statement 2018 EBITDA 3500 Depreciation 200 EBIT 3300 Interest Expense 1300 EBT 2000 Taxes 700 Net Income 1300 Dividend Paid 3160 What is the 2018 Net Operating Profit After Taxes (NOPAT)?
Answer:
$2,145
Explanation:
For the computation of Net Operating Profit After Taxes (NOPAT) first, we need to compute the tax rate which is shown below:-
Tax rate = Tax expense ÷ Earnings before tax
= 700 ÷ 2,000
= 35%
Net Operating Profit After Taxes (NOPAT) = EBIT × (1 - tax rate)
= 3,300 × (1 - 35%)
= $2,145
Therefore for computing the Net Operating Profit After Taxes (NOPAT) we simply applied the above formula.
Ten years ago, you took out a $500,000 loan to buy a small apartment building. The loan had a 6.25% interst rate, 25-year amortization and, like all mortgage loans, had monthly payments and interest compounding. Currently, mortgage rates have declined so that you could refinance the current loan balance with a new loan having a 5.75% interest rate and 20 year amortization period. You intend to own the property for 5 more years and are considering refinancing. a) Calculate the payments on the original loan b) Calculate the current loan balance of the original loan c) Calculate the loan balance of the original loan 5 years from now. d) Using the current, lower interest rate, calculate the present value of the remaining original loan payments (i.e. the PV of 60 monthly loan payments and the repayment of the loan balance after 5 years) e) Assume you refinance, taking out a new loan at the lower rate with an initial balance equal to the current balance of the original loan (i.e. the new loan amount is your answer from part b). Calculate the payments on this new loan. f) Calculate the loan balance of the new loan 5 years from now.
Answer:
a) Calculate the payments on the original loan
monthly payment = principal / annuity factor
principal = $500,000
PV annuity factor, 300 periods, 0.52% = 151.59095
monthly payment = $500,000 / 151.59095 = $3,298.349934 ≈ $3,298.35
b) Calculate the current loan balance of the original loan
I prepared an amortization schedule on an excel spreadsheet. The balance after the 120th payment is $384,681.
c) Calculate the loan balance of the original loan 5 years from now.
the balance after the 180th payment = $293,760
d) Using the current, lower interest rate, calculate the present value of the remaining original loan payments
we can use the present value of an ordinary annuity formula to determine the present value of the remaining 60 payments (of $3,298.35 each) and the present value of $293,760.
PV of loan payments = $3,298.35 x 52.0404 (PV annuity factor, 0.479%, 60 periods) = $171,647.45
PV of principal = $293,760 / (1 + 5.75%)⁵ = $222,121.59
total = $393,769.04
e) Assume you refinance, taking out a new loan at the lower rate with an initial balance equal to the current balance of the original loan (i.e. the new loan amount is your answer from part b). Calculate the payments on this new loan.
monthly payment = principal / annuity factor
principal = $384,681PV annuity factor, 240 periods, 0.479% = 142.43323monthly payment = $384,681 / 142.43323 = $2,700.78
f) Calculate the loan balance of the new loan 5 years from now.
I prepared a second amortization schedule (modified amortization schedule). The principal balance after the 60th payment is $325,235
Which of the following statements is true of the social responsibilities of a business? Multiple Choice Legal responsibilities are often subsumed under the idea of corporate citizenship, reflecting the notion of voluntarily giving back to society. A firm’s ethical responsibilities go beyond its legal responsibilities. Shareholders mandatorily require a firm to perform its ethical and philanthropic responsibilities. Ethical responsibilities are the foundational building block of a firm’s social responsibility.
Answer:
A firm’s ethical responsibilities go beyond its legal responsibilities.
Explanation:
Probability ideas, including joint probability distributions, play a major role in financial activities. For example, portfolio managers must allocate funds among competing assets. Suppose there are two assets: Microsoft (M) stock and Starbucks (S) stock. For Microsoft stock, the following returns are possible: −10%, 10%, 20%, and 30%. For Starbucks stock, the following returns are possible: 0% and 20%. The joint probability distribution of the returns of the two assets is
Answer:
kindly check explanatio0n section.
Explanation:
PS: The joint probability distribution of the returns of the two assets is given in the attached picture. Also, both stocks are not independent.
So, let us delve straight into the solution to this particular question or problem. From the question, we are given two assets that is, Microsoft (M) stock and Starbucks (S) stock.
Thus, the expected return on Microsoft stock can be determined and the expected return on Starbucks stock can also be determined.
[1]. The expected return on Microsoft stock = - 10 × 0.15 + 30 × 0.20 + 10 × 0.35 + 20 ×0.30 = 14%.
Using excel, Standard deviation on Microsoft stock = 12.4[ from [tex]\sqrt{(100 * 0.35 + 100 * 0.15 + 900 * 0.20 + 400 * 0.30}[/tex] - √[14]² ]
[2]. The expected return on starbucks stock= 20 × 0.15 + 20 × 0.10 + 20 × 0.2 = 12%.
Using excel, Standard deviation on Starbucks stock = √( 400 × 0.15 + 400 × 0.20 + 400 × 0.15 + 400 × 0.10) - √(12)²
= 9.8
Although GDP is a reasonably good measure of a nation’s output, it is not an accurate measure of a nation’s well-being. Which of the following options are either not accounted for or are measured inaccurately in calculations of GDP for the United States? Check all that apply. The variety of goods available to consumers The parts of a car manufactured in the United States that are produced in Canada The value of babysitting services, when the babysitter is paid in cash and the transaction isn’t reported to the government The loss of enjoyment people incur when scenic land is converted to commercial use Federal government paychecks to soldiers
Which services would a charitable organization provide? Check all that apply. preserving waterways operating a city aquarium opening an animal shelter inventing a new pet feeder owning a pet store franchise
Answer:
preserving waterways
operating a city aquarium
opening an animal shelter
Explanation:
edge 2020
In this context, the services that a charitable organization will provide includes:
Preserving waterwaysOperating a city aquariumOpening an animal shelterWhat is a charitable organization?This is a nonprofit organization that is created to advance some form of public benefit to the people.
These organization are established by individual or companies with an objectives of philanthropy and promotion of social well-being.
Therefore, the Option A, B and C is correct.
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RajDee Furniture Company (RFC) buys and sells office furniture. The company buys chairs from a manufacturer for $40 per unit. Order costs are $200 per order and there is a lead time of 10 days for each order to arrive from the manufacturer to RFC warehouse. Inventory carrying cost for RFC is 10%. Average yearly demand for the chairs is 40,000 units. Answer the following questions, assuming there is no uncertainty at all about the demand or the lead time. What would average inventory be if RFC orders this quantity every time
Answer:
1,414 units
Explanation:
First, we need to find the Economic oder quantity(EOQ), which is denoted by;
EOQ = √ 2 × A × O / C
Where,
A = Annual requirement = 40,000 units
O = Ordering cost = $200 per unit
C = Annual carrying cost per unit = 40 × 10% × 1/2 = 2.
EOQ = √ 2 × 40,000 × 200 / 2
EOQ = 2,828 units
Therefore, average inventory would be;
= EOQ / 2
= 2,828 / 2
= 1,414 units
Average inventory would be 1,414 units if RFC orders this quantity (2,828 units) every time.
At December 31, Amy Jo's Appliances had account balances in Accounts Receivable of $308,000 and in Allowance for Uncollectible Accounts of $510 (credit) before any adjustments. An analysis of Amy Jo's December 31 accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. Bad debt expense for the year should be: Multiple Choice $9,750. $8,730. $7,831. $9,240.
Answer:
$8,730
Explanation:
accounts receivable balance = $308,000
allowance for doubtful accounts = $510
the balance for the allowance for doubtful account should be $308,000 x 3% = $9,240
that means that it must increase by $9,240 - $510 = $8,730
the adjusting journal entry should be:
Dr Bad debt expense 8,730
Cr Allowance for doubtful accounts 8,730
In order to communicate effectively on the job, it is important to do all of the following,
except
adopt an audience-centered approach.
share your personal experiences related to the job.
be sensitive to business etiquette.
minimize distractions.
Answer:
a
Explanation:
adopt an audience centered approach
Oasis Company adds all materials at the beginning of its manufacturing process. Production information for selected months of the year follows:
E3-5 (Algo) Weighted-Average Method [LO 3-2, 3-3] Beginning Work in Process Ending Work in Process Conversion Conversion
Complete Units Units Complete
Months Untis (percent) Started Transferred out Units Percent
February 1300 46 --- 19400 6600 24 June 4300 75 24100 --- 3800 39September --- 27 25600 25600 2400 60December 2900 35 22400 21100 --- 73 Equivalent UnitsMonth Material Conversion February June September December
Required:
1. Reconcile the number of physical units to find the missing amounts.
2. Calculate the number of equivalent units for both materials and conversion for each month using the weighted-average method.
Answer:
Please see solution below and attached
Explanation:
1. To calculate the number of physical units worked on and the missing figures, we will make use of the formula below;
Beginning inventory + Started = Transferred out + Ending inventory
For February,
1,300 + Started = 19,500 + 6,600
Started = 24,700
For June,
4,300 + 24,100 = Transferred out + 3,800
Transferred out = 24,600
For September,
Beginning inventory + 25,600 = 25,600 + 2,400
Beginning inventory = 2,400
For December,
2,900 + 22,400 = 21,100 + Ending inventory
Ending inventory = 4,200
2. Calculate the number of equivalent units for both materials and conversion for each month using the weighted average method.
• Please find attached detailed solution to question number 2.
The grocery industry has an annual inventory turnover of about times. Organic Grocers, Inc., had a cost of goods sold last year of $; its average inventory was $. What was Organic Grocers' inventory turnover, and how does that performance compare with that of the industry? a) What was Organic Grocers' inventory turnover? nothing times per year (round your response to two decimal places). b) How does Organic Grocers' performance compare with that of the industry? It is ▼ the same as worse than better than the industry.
Answer:
Inventory turnover ratio= 10.5 times
Organic Grocers' performance is LOW compare with that of the grocery industry.
Explanation:
Computation of Inventory turnover ratio using this formula
Inventory turnover ratio = Cost of goods sold / Average inventory
Let plug in the formula
Inventory turnover ratio = $10.5 /$ 1 .00
Inventory turnover ratio= 10.5 times
Therefore Organic Grocers’s inventory turnover is 10.5 times
Based on the information given about grocery industry we were told that they had annual inventory turnover of 14 times while Organic Grocers’s based on the above calculation inventory turnover is 10.5 times which means that Organic Grocers’s performance is low when compared with grocery industry which had inventory turnover of about 14 times.
Therefore Organic Grocers' performance is LOW compare with that of the grocery industry.
Roger has just lost a lawsuit and has agreed to make equal annual payments of $15,500 for the next 7 years with the first payment due today. The value of this liability today is $88,000. What is the interest rate on the payments
Answer:
7.615%
Explanation:
we can use the present value of an annuity formula to determine the interest rate:
present value of an annuity due = (payment / i) x (1 + i) x {1 - [1 / (1 + i)ⁿ]}
80,000 = (15,500/ i) x (1 + i) x {1 - [1 / (1 + i)⁷]}
1 - [1 / (1 + i)⁷] = 80,000 / [(15,500/ i) x (1 + i)]
1 - 80,000 / [(15,500/ i) x (1 + i)] = 1 / (1 + i)⁷
(1 + i)⁷ = 1 / {1 - 80,000 / [(15,500/ i) x (1 + i)]}
(1 + i)⁷ = 1 / {[(15,500/ i) x (1 + i) - 80,000] / [(15,500/ i) x (1 + i)]}
1 + i = ⁷√(1 / {[(15,500/ i) x (1 + i) - 80,000] / [(15,500/ i) x (1 + i)]})
1 + i = ⁷√(1 / {[1/i - 64,500] / [(15,500/ i + 15,500)]})
...
after a lot of complicated math,
1 + i = 1.07615
i = 0.07615 = 7.615%
Zurich Corporation has 38,000 shares of $90 par common stock outstanding. On February 8, Zurich Corporation declared a 4% stock dividend to be issued April 11 to stockholders of record on March 10. The market price of the stock was $117 per share on February 8. Journalize the entries required on February 8, March 10, and April 11.
Answer and Explanation:
The journal entries are shown below:
1. Stock dividend (38,000 × 117 × 4 % ) $177,840
To stock dividend distributable (38,000 × 90 × 4 %) $136,800
To paid in capital in excess of par common stock ($177,840 - $136,800) $41,040
(being the stock dividend is recorded)
2. No journal entry is required as no transaction is take place
3. stock dividend distributable $136,800
To common stock $136,800
(being the stock dividend is recorded)
Social Security benefits are increased each year in proportion to the increase in the CPI, even though most economists believe that the CPI overstates actual inflation. True or False: If the elderly consume the same market basket as other people, then Social Security would provide a decrease in their standard of living. True False Healthcare costs have risen faster than overall inflation. True or False: If the elderly consume a market basket that includes more healthcare than other people, then Social Security necessarily provides an increase in their standard of living. True False
Answer:
1. False
2. False
Explanation:
1. Let's say social security increases as CPI goes up and in the same rate, then the elderly would be better off. in this case here there's is an overstatement of the cost of living. less expensive goods would be substituted for goods in consumer basket as prices rise. so this statement is false
2. this is false because since the healthcare inflation has gone up than what actual inflation was then we would have the adjusted security behind the actual increase in social security that is needed.
Which type of manager is responsible for production and quality control?
Select the assumption, principle, or constraint that most appropriately justifies these procedures and practices. (Do not use qualitative characteristics.) (a) Fair value changes are not recognized in the accounting records. select an option (b) Financial information is presented so that investors will not be misled. select an option (c) Intangible assets are amortized over periods benefited. select an option (d) Agricultural companies use fair value for purposes of valuing crops. select an option (e) Each enterprise is kept as a unit distinct from its owner or owners. select an option (f) All significant post-balance-sheet events are disclosed. select an option (g) Revenue is recorded when the product is delivered. select an option (h) All important aspects of bond indentures are presented in financial statements. select an option (i) Rationale for accrual accounting. select an option (j) The use of consolidated statements is justified. select an option (k) Reporting must be done at defined time intervals. select an option (l) An allowance for doubtful accounts is established. select an option (m) Goodwill is recorded only at time of purchase. select an option (n) A company charges its sales commission costs to expense. select an option
Answer:
(a) Measurement (historical cost) principle.
(b) Full disclosure principle.
(c) Expense recognition principle.
(d) Measurement (fair value) principle.
(e) Economic entity assumption.
(f) Full disclosure principle.
(g) Revenue recognition principle.
(h) Full disclosure principle.
(i) Expense recognition and
revenue recognition principles.
(j) Economic entity assumption.
(k) Periodicity assumption.
(l) Expense recognition principle.
(m) Measurement (historical cost) principle.
(n) Expense recognition principle.
Explanation:
A full disclosure in financial statements is an accounting principle which states that businesses should give a well detailed information or description about their financial statements for interested public view.Economic entity assumption is an accounting principle which states that economic activities can be identified with a particular unit of accountability.Historical cost principle is an accounting principle which states that assets should be recorded at the cost at which they were acquired i.e their acquisition cost.Periodicity assumption states that the economic life of a business can be divided into artificial time periods. It is also known as the Time period assumption.The expense recognition principle is an accounting principle which is typically used on accrual basis accounts and it states that expenses incurred by an individual or business entity should be recognized and matched in the same period with respect to the revenues they are related to.a) Fair value changes are not recognized in the accounting records: Measurement (historical cost) principle.
(b) Financial information is presented so that investors will not be misled: Full disclosure principle.
(c) Intangible assets are amortized over periods benefited: Expense recognition principle.
(d) Agricultural companies use fair value for purposes of valuing crops: Measurement (fair value) principle.
(e) Each enterprise is kept as a unit distinct from its owner or owners: Economic entity assumption.
(f) All significant post-balance-sheet events are disclosed: Full disclosure principle.
(g) Revenue is recorded when the product is delivered: Revenue recognition principle.
(h) All important aspects of bond indentures are presented in financial statements: Full disclosure principle.
(i) Rationale for accrual accounting: Expense recognition and
revenue recognition principles.
(j) The use of consolidated statements is justified: Economic entity assumption.
(k) Reporting must be done at defined time intervals: Periodicity assumption.
(l) An allowance for doubtful accounts is established: Expense recognition principle.
(m) Goodwill is recorded only at time of purchase: Measurement (historical cost) principle.
(n) A company charges its sales commission costs to expense: Expense recognition principle.
Select the assumption, principle, or constraint that most appropriately justifies these procedures and practices. (Do not use qualitative characteristics.) that is "Fair value changes are not recognized in the accounting records". The correct option is A.
The fair value is referred to the term in the accounting which is a rational and unbiased estimate of the potential, market price of a good, service and asset.
The example of the fair value is the actual value of the asset like the product, stock, and the security that is agreed upon by both the seller and the buyer.
Therefore, the correct option is A.
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What is the best advice for conducting an effective Internet search?
a. Avoid using special characters such as quotation marks or
asterisks.
b. Select your favorite search tool and stick with it.
c. Use nouns as search words.
d. Use at least ten keywords in one search to maximize your
"hits."
I
Answer: c. Use nouns as search words
Explanation:
When conducting and effective internet search, using nouns as search words is key. It should be noted that prepositions, modifiers and verbs are typically not being regarded by search engines and therefore the main search words should be noun.
One should also be specific and also use correct spellings. Therefore, the correct answer is option C.
Yarra Fabrication estimates that its manufacturing overhead will be $2,348,800 in year 1. It further estimates that direct material costs will amount to $1,468,000. During July, Yarra worked on four jobs with actual direct materials costs of $77,000 for Job 0701, $108,000 for Job 0702, $140,000 for Job 0703, and $69,000 for Job 0704. Actual manufacturing overhead costs for the year were $2,485,000. Actual direct materials costs were $1,635,000. Manufacturing overhead is applied to jobs based on direct materials cost using predetermined rates. Required: A. How much overhead was applied to each of the four jobs, 0701, 0702, 0703, and 0704?B. What was the over- or underapplied manufacturing overhead for year 1?
Answer:
predetermined overhead rate = $2,348,800 / $1,468,000 = 160% of direct materials
a) applied overhead rate to:
Job 0701 = $77,000 x 1.6 = $123,200Job 0702 = $108,000 x 1.6 = $172,800Job 0703 = $140,000 x 1.6 = $224,000Job 0704 = $69,000 x 1.6 = $110,400b) actual overhead rate = $2,485,000 / $1,635,000 = 152%
overhead cost that should have been applied:
Job 0701 = $77,000 x 1.52 = $07,040Job 0702 = $108,000 x 1.52 = $164,160Job 0703 = $140,000 x 1.52 = $212,800Job 0704 = $69,000 x 1.52 = $104,880Overhead costs were overapplied since real overhead was lower. The actual overhead rate was 1.52, while the predetermined rate was 1.6, so overhead costs were overapplied by 0.08 or 8%. Since total materials costs were $1,635,000, then overhead costs were overapplied by $1,635,000 x 0.08 = $130,800
what do pet owners do when their store is closed on hoildays?
Answer:
their jobs as short-term (perhaps just for a school holiday), consider what the ... Do it even better: Ask your store owner/manager to create a contact list of ... continuously in areas housing animals, 24 hours a day, 365 days a year. o Ensure the ...
Explanation: