Answer and Explanation:
The computation is shown below:
a.
1. Calculation of the equivalent units
Particulars Physical units % Material % Conversion cost
Units transferred
out 900 100% 900 100% 900
Ending
work in process 600 100% 600 40% 240
Equivalent
units 1,500 1,140
2. Cost per equivalent unit is
Particulars Material Conversion cost
Beginning
inventory $750 $600
Cost during
period $2,400 $2,820
Total cost $3,150 $3,420
Divided by
Equivalent
units $1,500 $1,140
Cost per
equivalent unit $2.1 $3
3. Transferred out cost is
= (3 + 2.1) × 900
= $4,590
And, the ending work in process cost is
= (600 ×$2.1) + (240 × $3)
= $1,960
2. Now the preparation of the production report is presented below:
Beginning work in process $1,350
Cost during period $5,220
Total cost accounted for $6,570
Transferred out cost $4,590
Ending work in process $1,960
Total cost accounted as $6,570
Lori Nichols opened an engineering office and titled the business Engineering Enterprises P.C. During its first month of operations, it completed the following transactions: Lori invested $30,000 in the business, which in turn issued common stock to her. The business purchased equipment on account for $6,000. The business provided engineering services on account, $10,000. The business paid salaries to the receptionist, $1,000. The business received cash from a customer as payment on account $6,000. The business borrowed $8,000 from the bank, issuing a note payable. At the end of the month, Cash would equal: A) $30,000.B) $37,000.C) $43,000.D) $61,000.
Answer:
Engineering Enterprises P.C.
At the end of the month, Cash would equal:
C) $43,000.
Explanation:
a) Data and Calculations:
Cash Account:
Lori investment in Engineering Enterprises P.C. = $30,000
Payment of salaries to the receptionist = (1,000)
Cash received from a customer on account = 6,000
Cash borrowed from the bank = 8,000
At the end of the month, Cash would equal $43,000
b) The cash balance at the end of the month is made up of the investment by Lori for common stock in Engineering Enterprises P.C. and the cash received respectively from a customer and the bank, minus the cash payment made to the receptionist as salaries.
Which one of the following statements is TRUE? a. A targeted share repurchase can be used to encourage a hostile takeover. b. A targeted share repurchase is when the company purchases stock from one shareholder at a higher price than it offers to other shareholders. c. A shareholder-friendly charter will make it harder for a company to be acquired. d. An example of asset switching is an option to exchange one piece of real estate for another.
Answer:
Option b: A targeted share repurchase is when the company purchases stock from one shareholder at a higher price than it offers to other shareholders
Explanation:
Stock repurchase is simply the buying of stock by a company from its stockholders. It is another means or way for a company to distribute value to the stockholders. It is a transactions in which a firm buys back shares of its own stock, thereby decreasing shares outstanding and increasing the stock price.
Repurchase by direct negotiation involves purchasing shares from a major shareholder often at a premium over market price.
Repurchase shares: is a way companies uses cash to buy shares of its own outstanding stock, shares are held and usually resold if company needs to raise money in the future.
According to our Chapter 8 reading, the first step in time management should be
Catherine Jones has determined the following information about her own financial situation. Her checking account is worth $900 and her savings account is worth $1,400. She owns her own home that has a market value of $98,000. She has furniture and appliances worth $12,000 and a laptop worth $3,600. She has a car worth $13,000. She has recently purchased a mutual fund worth $6,000 and she has a retirement account worth $43,000. What is the total value of her assets
Answer: $177,900
Explanation:
Her Assets are;
Checking account, Savings account, Home, Furniture and appliances, Laptop, Car, Mutual fund and Retirement account
Total value therefore is;
= 900 + 1,400 + 98,000 + 12,000 + 3,600 + 13,000 + 6,000 + 43,000
= $177,900
A Japanese investor can earn a 1 percent annual interest rate in Japan or about 4.1 percent per year in the United States. If the spot exchange rate is 101 yen to the dollar, at what one-year forward rate would an investor be indifferent between the U.S. and Japanese investments? a. 95.99 b. 96.99 c. 97.99 d 98.99 e. 99.99 f. 100.99 g. 101.99 h. 102.99 yens per dollar
Answer: 97.99
Explanation:
The one-year forward rate that an investor would be indifferent between the U.S. and Japanese investments will be:
= Spot rate × (1 + Japanese rate / 1 + U.S rate)
= 101 × (1 + 1% / 1 + 4.1%)
= 101 × [(1 + 0.01) / (1 + 0.041)]
= 101 × (1.01/1.041)
= 101 × 0.9702209
= 97.99
Suppose that you invest $100 today in a risk-free investment and let the 6 percent annual interest rate compound. What will be the value of your investment 6 years from now?
Solution :
It is given that :
Amount of investment or the principle amount , P = $ 100
Time of investment , t = 6 years
Rate of interest compounded annually r = 6 %
Therefore the future amount of this investment in a 6 year time is given by,
[tex]$FV=P(1+\frac{r}{100})^t[/tex]
[tex]$FV=100(1+\frac{6}{100})^6[/tex]
[tex]$FV=100(1+0.06)^6[/tex]
[tex]$FV= 100 (1.4185)$[/tex]
[tex]$FV=141$[/tex]
Therefore, after 6 years the investment of $ 100 will give an amount of $ 141.
On June 1 of the current year, Tab converted a machine from personal use to rental property. At the time of the conversion, the machine was worth $80,000. Five years ago, Tab purchased the machine for $120,000. The machine is still encumbered by a $50,000 mortgage. What is the basis of the machine for cost recovery
Answer: $80,000
Explanation:
Based on the scenario and the information given in the question, to calculate the basis of the machine for cost recovery, we have to choose the the one which is lower of the cost of the machine or the FMV when it was being converted.
In this case, the basis of the machine for cost recovery is $80,000
If you contributed the full 6% of your $50,000 salary (the amount your company will match), what would be your monthly contribution to the 401(k)? What would be your employer’s contribution?
Answer:
Monthly contribution $6,000
Employers contribution $3,000
Explanation:
The employee contributions would be 6% of $50,000
=6/100 x $50,000
=0.06 x $50,000
=$3,000
If the employer matches the employee contribution, the employer will also contribute $3,000
The total employee monthly contribution would be $3000 + $3000= $6000
Employer contribution will $3000
n the theory of perfect competition, the assumptions of many buyers and sellers, the production of a homogeneous product, and the possession of all relevant information by buyers and sellers imply that the perfectly competitive firm a. has a demand curve that is perfectly inelastic. b. has a demand curve that is perfectly elastic. c. sets the price it wishes. d. has a demand curve that is downward sloping
Answer:
b. has a demand curve that is perfectly elastic. c. sets the price it wishes
Explanation:
Elasticity of demand is a measure of the degree of change in quantity demanded to changes in price.
For a perfectly elastic demand it means that an infinite quantity of a product will be required by consumers at a particular price. The perfectly elastic demand curve is usually horizontal.
In perfectly competitive markets elasticity of demand is perfectly elastic because there are many buyers and sellers, production of a homogeneous product, and the possession of all relevant information by buyers and sellers.
So prices between products tend to be the same
5 poin
What do we call an interest-bearing account at a bank that pays a higher
interest rate than a regular savings account? *
Checking Account
Stocks
Money market
None of the above
PLEASEEE
Answer:
Money market account
Explanation:
Money market deposit account MMDA are high earning saving accounts offered by banks and credit unions. Financial institutions require a minimum amount to open an MMDA account. Customers are also required to maintain a specified balance in their accounts at all times. Withdrawals from money market deposit accounts are restricted.
Money market account pays a higher interest because financial institutions use the deposit from these accounts to invest in short-term money market securities. Examples of Money market securities include commercial papers, certificates of deposits, and treasury bills. They often offer high returns. The interest rates offered on MMDA is influenced by the interest earned on the money market securities.
Chris paid $100,000 for a single-family home on July 1, 2019, and immediately placed it in service as residential rental property. At the time, the land was valued at $10,000. The property generated $6,000 in rental income for the year. His only expenses consisted of depreciation and $500 in real estate taxes. Chris is not a real estate professional, but he does actively participate in his rental real estate activity. He has no other passive income or losses. What amount does Chris report for his total rental real estate and royalty income
Answer:
Total Rental real estate and royalty income $4,000
Explanation:
The computation of the total rental real estate and the royalty income is as follows;
For rental income and royalty
Cost of single family home $100,000
Less: Valuation of the land -$10,000
Value allocated to property 90,000
Multiplied by Depreciation rate 1.667%
Depreciation Expense for 2019 $1,500
Rental Income 6,000
Less: Depreciation expense for 2019 -$1,500
Less: Real Estates taxes -$500
Total Rental real estate and royalty income $4,000
Cox, North, and Lee form a partnership. Cox contributes $183,000, North contributes $152,500, and Lee contributes $274,500. Their partnership agreement calls for the income or loss division to be based on the ratio of capital invested. If the partnership reports income of $172,000 for its first year, what amount of income is credited to Lee's capital account
Answer:
$77,400
Explanation:
Lee's ratio = $274,500 / ($183,000 + $152,500+ $274,500)
Lee's ratio = $274,500 / $610,000
Lee's ratio = 0.45
Lee's ratio = 45%
Lee's ratio = Lee's profit ratio
If the partnership reports income of $172,000.
Lee's income will be = 45%*$172,000 = $77,400
Thus, the amount of income to be credited to Lee's capital account is $77,400
Tamarisk, Inc. employs a 5-day workweek and a September 30 year-end. Normal weekly wages amount to $33840. If September 30 ends on a Wednesday, what is the appropriate journal entry at fiscal year-end?
Answer:
Daily wages would therefore be;
= 33,840/5
= $6,768 per day
Week ends on wednesday which is 3 days into the week.
= 6,768 * 3
= $20,304
Journal Entry
Date Details Debit Credit
September 30 Salaries and Wages Expense $20,304
Salaries and Wages Payable $20,304
Prepare the December 31 entry for Riverbed Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $3,320.
Answer:
Debit : Amortization expense
Credit : Accumulated Amortization
Explanation:
Hi the Cost of the trademark is missing on this question. However below i explain in steps how to solve this question.
Step 1
Amortization happens on a straight line basis as :
Amortization Expense = Cost - Residual Value ÷ Number of years of useful life
Step 2
Record the expense with a debit in amortization and a credit in accumulated amortization as :
Debit : Amortization expense
Credit : Accumulated Amortization
The following information is available for Fenton Manufacturing Company at June 30: Cash in bank account $ 8,455 Inventory of postage stamps $ 94 Money market fund balance $ 14,400 Petty cash balance $ 550 NSF checks from customers returned by bank $ 1,067 Postdated checks received from customers $ 891 Money orders $ 2,257 A nine-month certificate of deposit maturing on December 31 of current year $ 10,000 Based on this information, Fenton Manufacturing Company should report Cash and Cash Equivalents on June 30 of:
Answer: $25,662
Explanation:
Cash and Cash Equivalent accounts in the above are;
Cash in bank accountMoney Market fundPetty cash balanceMoney ordersCash and Cash equivalents on June 30 are;
= 8,455 + 14,400 + 550 + 2,257
= $25,662
Ruggles Circuit Company manufactures circuit boards for other firms. Management is attempting to search for ways to reduce manufacturing labor costs and has received a proposal from a consulting company to rearrange the production floor next year. Using the information below regarding current operations and the new proposal, which of the following decisions should management accept? Currently ProposedRequired machine operators 5 4.5Materials-handling workers 1.25 1.25Employee average pay $8 per hour $9 per hourHours worked per employee 2,100 2,000A) Do not change the production floor.B) Rearrange the production floor.C) Either, because it makes no difference to the employees.D) It doesn't matter because the costs incurred will remain the same.
Answer:
B) Rearrange the production floor.
Explanation:
First step is to calculate the manufacturing labor costs for the Current operations and new proposal
Calculation for the manufacturing labor costs for the Current operations
Current operations manufacturing labor costs =5 workers * 2,100 hours * $8.00
Current operations manufacturing labor costs = $84,000
Calculation for the manufacturing labor costs for the new proposal
New Proposal manufacturing labor costs=4.5 workers *2,000 hours * $9.00
New Proposal manufacturing labor costs = $81,000
Based on the above calculation the decisions that the management should accept is to REARRANGE THE PRODUCTION FLOOR if they want to reduce the company manufacturing labor costs reason been that the manufacturing LABOR COSTS for the current operations is $84,000 which means it is higher than the manufacturing LABOR COST for the new proposal which is $81,000
Therefore the management should REARRANGE THE PRODUCTION FLOOR because with the new proposal manufacturing labor costs will reduce.
Sheffield Corp. is constructing a building. Construction began in 2020 and the building was completed 12/31/20. Sheffield made payments to the construction company of $2880000 on 7/1, $6504000 on 9/1, and $5860000 on 12/31. Weighted-average accumulated expenditures were
Answer: $3,608,000
Explanation:
Payments before the end of 2020 were;
$2,880,000 on 7/1. 6 months left till 12/31.$6,504,000 on 9/1. 4 months left till 12/31Weighted-average accumulated expenditures;
= (2,880,000 * 6/12 months) + (6,504,000 * 4/12 months)
= $3,608,000
You are on an Integrated Product Team (IPT) working on putting together a Request for Proposal (RFP) for a small, highly precedented software system. The system is comprised entirely of Commercial-Off-the-Shelf (COTS) products that run entirely on commercial hardware. For this type of system, an appropriate choice of contract type might be a:
Answer: Firm-Fixed-Price contract
Explanation:
A Firm-Fixed-Price contract offers a price that is not subjected to any adjustments on the basis of the contractor's cost experience in performing the contract. The contractor is placed and faced with full responsibility and a high risk for all costs and resulting profit or loss. It requires the contractor to provide a specified level-of-effort over a stated period of work that can be stated only in general terms, and the Government pays the contractor a fixed-dollar amount.
**ECONOMICS**A high level of productivity means that a worker:
A. creates a lot of something quickly.
B. has skills that are worth a lot of money.
C. is a member of a worker organization.
D. works in a career with a lot of competition.
Answer:A
Explanation:creates a lot of something quickly/just took the test
Answer: A. Creates a lot of something quickly
Explanation: I just took the test on Ap ex
An overstatement of inventory account on the financial statements means that the __________ account on the financial statements is understated. g
Answer: Cost of Gods Sold
Explanation:
The Cost of Goods sold in the income statement is calculated thus;
= Opening inventory + Purchases - Closing stock
Looking at the formula above, one can see that closing stock reduces the Cost of Goods sold. If inventory is therefore overstated, it would reduce Cost of Goods sold more than it should which would result in the Cost of Goods sold being understated.
A conceptual framework is an analytical tool with several variations and contexts. It can be applied in different categories of work where an overall picture is needed. It is used to make conceptual distinctions and organize ideas.
Incomplete question. I inferred you want to know if it is true or false.
Answer:
True
Explanation:
This term is often used in research by researchers to explain the reason for the hypotheses and conclusions made their work, etc. In other words, the conceptual framework paints a clearer/overall explanation of an idea.
For example, if an invention is made of a Car that uses water as fuel; such an invention must have a conceptual framework document explaining the idea behind that.
Marti received 11 NQOs (each option gives Marti the right to purchase 14 shares of stock for $10 per share) at the time Marti started working when the stock price was $7 per share. When the share price was $16 per share, Marti exercised all of her options. Eighteen months later she sold all of the shares for $21 per share. What is the amount of Marti's bargain element
Answer:
$924
Explanation:
Bargain element per share = Market price at exercise - Exercise price
Bargain element per share = $16 per share - $10 per share
Bargain element per share = $6 per share
Amount of bargain element = Bargain element per share * (Number of options * Number of shares per option)
Amount of bargain element = $6 per share * (11 options * 14 shares per option)
Amount of bargain element = $6 per share * 154 shares
Amount of bargain element = $924
So therefore, the amount of Marti's bargain element is $924
Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during the current period, shows charges of $5,000 for direct materials, $8,000 for direct labor, and $6,000 for overhead on its job cost sheet. Job W, which is still in process at year-end, shows charges of $2,500 for direct materials and $4,000 for direct labor.
Required:
Calculate the overhead cost be added to Job W at year-end
Answer:
$3,000
Explanation:
Predetermined Overhead rate = Total estimated overhead cost / Allocation base
Predetermined Overhead rate = Total estimated overhead cost/Total estimated labor cost * 100
Predetermined Overhead rate = 6,000/8,000 * 100
Predetermined Overhead rate = 0.75 * 100
Predetermined Overhead rate = 75%
Overhead cost to be added to Job W at the year-end = Direct labor cost for Job W * Predetermined overhead rate = $4,000 * 75% = $3,000
The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. June 12, 2021 Provide services to customers on account for $33,200. September 17, 2021 Receive $18,500 from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received. March 4, 2022 Provide services to customers on account for $48,200. Record transactions for each date
Answer:
The Underwood Corporation
Journal Entries for 2021 and 2022:
June 12, 2021:
Debit Accounts Receivable $33,200
Credit Service Revenue $33,200
To record the provision of services to customers on account.
September 17, 2021:
Debit Cash Account $18,500
Credit Accounts Receivable $18,500
To record the receipt of cash on account.
December 31, 2021:
Debit Uncollectible Expense $6,615
Credit Allowance for Doubtful Debts $6,615
To record 45% of accounts receivable estimated as uncollectible.
March 4, 2022:
Debit Accounts Receivable $48,200
Credit Service Revenue $48,200
To record the provision of services to customers on account.
Explanation:
a) Data and Calculations:
Accounts Receivable balance = $14,700 ($33,200 - $18,500)
45% of balance estimated as uncollectible = $6,615 (14,700 * 45%)
b) The Underwood Corporation uses the general journal to record transactions that occur on a daily basis. The journal identifies the accounts for each transaction and the ones to be debited and credited respectively.
Answer:
$48,200
Explanation:
Bob is angry at his company XYZ Corp. since his annual bonus was too small. Bob who has authority to sign checks on behalf of XYZ decides to get even by creating an employee, Steven Even. Bob writes a check to Steven on XYZ's checking account, signs it and then he indorses it with Steven's name and deposits it an account he has opened in Steven Even's name and the check clears. XYZ finds out and wants to hold the bank liable for paying the check since there was a forged indorsement. Which of the following is true? a) The bank needs to pay because when there is a forged indorsement, the first person to take the instrument with the forged indorsement is liable. b) The bank needs to pay because of the imposter rule. c) The bank only needs to pay if the check was for more than $500. d) The bank does not need to pay because of the fictitious payee rule.
Answer:
d) The bank does not need to pay because of the fictitious payee rule.
Explanation:
Here, the instrument is issued to a payee who has no interest in instrument and thus it is referred as fictitious payee. According to UCC's fictitious payee rule, the indorsement to fictitious payee is not considered forgery. In this case, the maker or drawer of instrument is liable for it. The drawer bank and collecting bank both are not liable for it.
Vega Enterprises has computed the following unit costs for the year just ended: Direct material used $12 Direct labor 18 Variable manufacturing overhead 25 Fixed manufacturing overhead 29 Variable selling and administrative cost 10 Fixed selling and administrative cost 17 Under absorption costing, each unit of the company's inventory would be carried at: $84. None of the answers is correct. $35. $65. $55.
Answer:
Unitary cost= $84
Explanation:
Giving the following information:
Direct material used $12
Direct labor 18
Variable manufacturing overhead 25
Fixed manufacturing overhead 29
The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
Unitary cost= 12 + 18 + 25 + 29
Unitary cost= $84
Item 5 Item 5 Jones Company reported pretax book income of $413,000. Included in the computation were favorable temporary differences of $51,300, unfavorable temporary differences of $20,650, and favorable permanent differences of $40,650. Book equivalent of taxable income is:
Answer:
$453,650
Explanation:
Calculation for the Book equivalent of taxable income
Using this formula
Book equivalent of taxable income =Pretax book income+Favorable permanent differences
Let plug in the formula
Book equivalent of taxable income=$413,000 + $40,650
Book equivalent of taxable income=$453,650
Therefore the Book equivalent of taxable income is:$453,650
If two identifiable markets differ with respect to their price elasticity of demand and resale is impossible, a firm with market power will Group of answer choices Set price equal to marginal cost in both markets. Set price so as to equate the elasticity of demand across markets. Set a higher price in the market that is more elastic. Set a lower price in the market that is more price elastic.
Answer: Set a lower price in the market that is more price elastic.
Explanation:
It would be in the best interest of the firm with market power to set a lower price if the market is more price elastic.
Price elasticity is the measure of how much quantity demanded changes in response to a change in price.
If the firm with market power sets a lower price in a market that is more price elastic, it can expect that the quantity demanded will increase more which can give a higher profit.
A business finds that sales increase when the outdoor temperature decreases. Identify the relation between sales and temperature. Select the correct answer below: Sales and temperature are positively correlated. An increase in sales causes an increase in temperature. Sales and temperature are negatively correlated. An increase in temperature causes an increas
an increase in temp causes qnd increase in sales
An increase in temperature causes an increase in sale is the relation between sales and temperature. Hence, option D is correct.
What is the increase in sales?The sales growth rate measures how successfully your company can generate revenue from sales over a specific period of time. This rate is used by investors to assess if your company is growing or starting to plateau. It is used by your firm to evaluate internal successes and difficulties.
Effective sales enable you to acquire quality leads and clients who are also useful to you. If the business was experiencing excellent sales, the employees would also be happy.
In reality, it will enhance worker performance and enable them to do their responsibilities in a more systematic and expert manner.
Thus, option D is correct.
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A capital budgeting method that takes into consideration the time value of money is the cash payback technique. return on stockholders' equity method. internal rate of return method. annual rate of return method.
Answer:
Internal rate of return method
Explanation:
Internal rate of return is the discount rate that equates the after-tax cash flows from an investment to the amount invested
Accounting rate of return = Average net income / Average book value
Average book value = (cost of equipment - salvage value) / 2
Payback calculates the amount of time it takes to recover the amount invested in a project from it cumulative cash.