Prepare the adjusting journal entries for the following transactions.
a. Supplies for office use were purchased during the year for $500, of which $100 remained on hand (unused) at year-end.
b. Interest of $250 on a note receivable was earned at year-end, although collection of the interest is not due until the following year.
c. At year-end, salaries and wages payable of $3,600 had not been recorded or paid.
d. At year-end, one-half of a $2,000 advertising project had been completed for a client, but nothing had been billed or collected.
e. Redeemed a gift card for $600 of services.
Answers
Answer: See attachment
Explanation:
The adjusting journal entries for the transactions has been attached. It should be noted that for (a), there was a debit of supplies expense by $400 which was calculated as:
= $500 - $100
= $400
For (d),the accounting revenue of $1000 was gotten as:
= 1/2 × $2000
= $1000
Related Questions
Managing requires __________, while leading includes setting the direction.Multiple Choicecreating a visioninspiring peopleorchestrating changeplanning and budgeting routinescreating followers
Answers
Managing as a managerial function requires planning and budgeting while leading as a managerial function includes setting the direction.
What is management?Management can be regarded as the administration of an organization, could be in business, or non-profit organization.
Leading on the other hand requires setting vision for the organization, this is been done by the manager in order to achieve the organizational goals.
Learn more about management at,:
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Outline how a multinational food production company would process a food commodity from its rawest form in a developing
country to its finished state on store shelves in the United States or Europe.
Answers
Answer:
See below
Explanation:
A multinational company is a business organization that operates in more than one country. The company will have its headquarters in its domicile country and branches in separate countries. Businesses grow to multinationals to get closer to their target markets, avoid protection laws, and take advantage of lower production costs.
A multinational in the food industry may set up a factory in an African country where raw materials are readily available. This move will see it increase its production volumes at a lower cost. The company will establish branches in American and Europe, where its target market is located. It can operate retail stores in these regions to sells its products from the factory in Africa.
Workers in Peru collect cochineal bugs used to dye certain United States food items red. Market activities such as this one can best be described as:
Answers
Question options :
A) cooperative, voluntary, and undirected.
B) chaotic and primitive.
C) directed and uncooperative.
D) orderly, involuntary, and centrally directed.
Answer :
A) cooperative, voluntary, and undirected.
Explanation:
Here dying goods with cochineal bugs are not regulatory requirements or as required by law but are voluntarily accepted as the norm and practice in the market of these goods. These activities may however be required by market associations or cooperative groups who come together to protect the interest of their trade such as particular food items.
What is the present value of $150,000 to be received 10 years from today if the discount rate is 11 percent
Answers
Answer:
The answer is $52,827.67, give me brainliest answer:)
Identify 3 channels through which positive and neutral messages travel in the digital era
Answers
Answer:
Multimedia based text based and viral ads
Explanation:I HOPE U GET RIGHT:)
The purpose of the fair value adjustment for marketable equity securities is to: Adjust a corporation's capital stock account to reflect the current market value of the outstanding capital stock. Compute the amount of taxes payable on unrealized gains and losses. Adjust the valuation of a company's investment in those securities to current market value. Recognize the average gain or loss on fluctuations in the market value of these securities in the current period income statement.
Answers
The main purpose of the fair value adjustment for marketable equity securities is to adjust a corporation's capital stock account to reflect the current market value of the outstanding capital stock.
What is a marketable equity securities?This securities represents investments that can easily be bought, sold or traded on public exchanges.
Some examples of a marketable equity securities includes a stocks, bonds, preferred shares, ETF etc.
However, the periodic fair value adjustment for marketable equity securities is to adjust a corporation's capital stock account.
Therefore, the Option A is correct.
Read more about marketable securities
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Zippers, Corp., a development company, has constructed a zip-line course on government land after signing a leasing agreement with the state government. A few years after signing the agreement, the state authority sanctioned the Never-ending Tunnel Company to build a long tunnel through the land where the zip-line course already exists. The proprietors of Zippers, Corp. claim that the state authority has violated their existing agreement. Which of the following is most likely to be applied in this case between Zippers, Corp. and the state government?
a. the free exercise clause
b. the contract clause
c. the doctrine of preemption
d. the establishment clause
e. the commerce clause
Answers
Answer: The contract law
Explanation:
The free exercise law says that people can practice whatever religion they want and no one should force a religion on someone.
Contracts Clause is in a section in the Constitution whereby the state is prohibited from doing certain things. The aim of the prohibitions is to protect citizens from state governments intrusion.
The preemption doctrine simply means that when there's dispute between two authorities, the law of the authority of law which is lower will be displaced by a higher authority.
Therefore, the correct answer is contract law.
Use the following data to determine the total amount of working capital.
Sheffield Corp. Balance Sheet December 31, 2022
Cash $200000 Accounts payable $202000
Accounts receivable 154000 Salaries and wages payable 27000
Inventory 152000 Mortgage payable 236000
Prepaid insurance 90300 Total liabilities $465000
Stock investments (long-term) 266000
Land 299000
Buildings $305000 Common stock $420300
Less: Accumulated depreciation (55000) 250000 Retained earnings 742000
Goodwill 216000 Total stockholders' equity $1162300
Total assets $1627300 Total liabilities and stockholders' equity $1627300
Answers
Answer:
Sheffield Corp.
The amount of working capital
= Current Assets minus Current Liabilities
= $596,300 - $229,000
= $367,300
Explanation:
a) Data and Calculations:
Cash $200,000
Accounts receivable 154,000
Inventory 152,000
Prepaid insurance 90,300
Total current assets $596,300
Stock investments (long-term) 266,000
Land 299,000
Buildings $305,000
Less: Accumulated
depreciation (55000) 250,000
Goodwill 216,000 $1,031,000
Total assets $1,627,300
Accounts payable $202,000
Salaries and wages payable 27,000
Current Liabilities $229,000
Mortgage payable 236,000
Total liabilities $465,000
Common stock $420,300
Retained earnings 742,000
Total stockholders' equity $1,162,300
Total liabilities and stockholders' equity $1,627,300
The difference between Sheffield Corporation's current assets and the current liabilities is known as the working capital. It is the excess between these two parameters.
BlackBerry, a one-time leader in secure cell phones, lost its edge. Without significant upgrades or innovation, the company quickly lost market share to iPhones and Android devices. The company attempted to imitate these advances with the Blackberry Storm product, which flopped. Blackberry was criticized as trying to leverage capabilities beyond its core competencies. Which of the following tools should Blackberry use to regain a scope of its core competencies and determine potential sources of competitive advantage
a. External environmental analysis
b. Competitor analysis
c. Industry analysis
d. Value chain analysis
Answers
Answer: d. Value chain analysis
Explanation:
The Value Chain analysis by Michael Porter has become a very integral analysis tool for companies as they aim to improve their sales and production efficiency.
Value Chain Analysis works by a company looking inwards to find out the activities it engages in to enable it sell the products that it does. They will look at what sets them apart from other competitors which is their competitive advantage and core competencies.
Using this they will know which activities to embark on and which to avoid or improve upon to enable them maintain profitability. Blackberry needs to do a Value Chain Analysis to regain a scope of its core competencies and determine potential sources of competitive advantage.
A sales rep is on a phone call with a prospect who likes to control the conversation. The constant interruptions make it hard for the rep to find out the prospect's pain points and to pitch. What should the rep do first
Answers
The sales rep on a phone call with a prospect controlling the conversation should do the following first:
a) Ask the prospect what she hopes to get out of the call to encourage her to re-focus.Why does a phone call with a prospect matter?The phone call should be used to pitch the firm's products and services to meet the prospect's pain points.
To make the phone call successful, the sales rep should take these steps:
Develop a clear goal for the sales call.Ask relevant questions, giving the prospect more opportunity to talk.Discover the prospect's pain points.Utilize every opportunity to pitch the firm's brand.Answer Options:a) Ask the prospect what she hopes to get out of the call to encourage her to re-focus
b) Tell the prospect that to work together well, she needs to follow the rep's call structure
c) Incorporate what the prospect says into his talking points when there's an opening
d) Offer to set up an in-person appointment to discuss the sales process in more detail
Thus, the first action of the sales rep in such a situation is Option A.
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The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances- Manufacturing's 2021 financial statements were issued on April 1, 2022
Accounts receivable $100,000
Accounts payable 48,400
12% notes, payable to bank 628,000
Mortgage note payable 12,30,000
Other information:
a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 12%, payable at maturity.
b. The mortgage note is due on March 1, 2022. Interest at 11% has been paid up to December 31 (assume 11% is a realistic rate). Manufacturing intended at December 31, 2021, to refinance the note on its due date with a new 10-year mortgage note. In fact, on March 1, Manufacturing
paid $385,000 in cash on the principal balance and refinanced the remaining $1,020,000.
c. Included in the accounts receivable balance at December 31, 2021, were two subsidiary accounts that had been overpaid and had credit balances totaling $18,550. The accounts were of two major customers who were expected to order more merchandise from Manufacturing and
apply the overpayments to those future purchases.
d. On November 1, 2021, Manufacturing rented a portion of its factory to a tenant for $34,800 per year, payable in advance. The payment for the 12 months ended October 31, 2022, was received as required and was credited to rent revenue.
Required:
1. Prepare any necessary adjusting Journal entries at December 31, 2021, pertaining to each item of other information (a—d).
2. Prepare the current and long-term liability sections of the December 31, 2021, balance sheet.
Answers
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances- Manufacturing's 2021 financial statements were issued on April 1, 2022
Accounts receivable $100,000
Accounts payable 48,400
12% notes, payable to bank 628,000
Mortgage note payable 12,30,000
Other information:
a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 12%, payable at maturity.
b. The mortgage note is due on March 1, 2022. Interest at 11% has been paid up to December 31 (assume 11% is a realistic rate). Manufacturing intended at December 31, 2021, to refinance the note on its due date with a new 10-year mortgage note. In fact, on March 1, Manufacturing
paid $385,000 in cash on the principal balance and refinanced the remaining $1,020,000.
c. Included in the accounts receivable balance at December 31, 2021, were two subsidiary accounts that had been overpaid and had credit balances totaling $18,550. The accounts were of two major customers who were expected to order more merchandise from Manufacturing and
apply the overpayments to those future purchases.
d. On November 1, 2021, Manufacturing rented a portion of its factory to a tenant for $34,800 per year, payable in advance. The payment for the 12 months ended October 31, 2022, was received as required and was credited to rent revenue.
Required:
1. Prepare any necessary adjusting Journal entries at December 31, 2021, pertaining to each item of other information (a—d).
2. Prepare the current and long-term liability sections of the December 31, 2021, balance sheet.The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances- Manufacturing's 2021 financial statements were issued on April 1, 2022
Accounts receivable $100,000
Accounts payable 48,400
12% notes, payable to bank 628,000
Mortgage note payable 12,30,000
Other information:
a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 12%, payable at maturity.
b. The mortgage note is due on March 1, 2022. Interest at 11% has been paid up to December 31 (assume 11% is a realistic rate). Manufacturing intended at December 31, 2021, to refinance the note on its due date with a new 10-year mortgage note. In fact, on March 1, Manufacturing
paid $385,000 in cash on the principal balance and refinanced the remaining $1,020,000.
c. Included in the accounts receivable balance at December 31, 2021, were two subsidiary accounts that had been overpaid and had credit balances totaling $18,550. The accounts were of two major customers who were expected to order more merchandise from Manufacturing and
apply the overpayments to those future purchases.
d. On November 1, 2021, Manufacturing rented a portion of its factory to a tenant for $34,800 per year, payable in advance. The payment for the 12 months ended October 31, 2022, was received as required and was credited to rent revenue.
Required:
1. Prepare any necessary adjusting Journal entries at December 31, 2021, pertaining to each item of other information (a—d).
2. Prepare the current and long-term liability sections of the December 31, 2021, balance sheet.The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances- Manufacturing's 2021 financial statements were issued on April 1, 2022
Accounts receivable $100,000
Accounts payable 48,400
12% notes, payable to bank 628,000
Mortgage note payable 12,30,000
Other information:
a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 12%, payable at maturity.
b. The mortgage note is due on March 1, 2022. Interest at 11% has been paid up to December 31 (assume 11% is a realistic rate). Manufacturing intended at December 31, 2021, to refinance the note on its due date with a new 10-year mortgage note. In fact, on March 1, Manufacturing
paid $385,000 in cash on the principal balance and refinanced the remaining $1,020,000.
c. Included in the accounts receivable balance at December 31, 2021, were two subsidiary accounts that had been overpaid and had credit balances totaling $18,550. The accounts were of two major customers who were expected to order more merchandise from Manufacturing and
apply the overpayments to those future purchases.
d. On November 1, 2021, Manufacturing rented a portion of its factory to a tenant for $34,800 per year, payable in advance. The payment for the 12 months ended October 31, 2022, was received as required and was credited to rent revenue.
Required:
1. Prepare any necessary adjusting Journal entries at December 31, 2021, pertaining to each item of other information (a—d).
2. Prepare the current and long-term liability sections of the December 31, 2021, balance sheet.
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Check my work Check My Work button is now enabledItem 5Item 5 1.11 points Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $80,000. b. Direct materials used in production, $37,000. Indirect materials used in production, $12,000. c. Paid cash for factory payroll, $35,000. Of this total, $25,000 is for direct labor and $10,000 is for indirect labor. d. Paid cash for other actual overhead costs, $7,000. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $50,470. g1. Jobs that had a cost of $50,470 were sold. g2. Sold jobs on account for $72,100.
Answers
Answer:
Explanation:
CHECK THE COMPLETE QUESTION;
Prepare summary Journal entries to record the following transactions for a company in its first month of operations 00:52:15 a. Raw materials purchased on account, $80,000. b. Direct materials used in production, $37.000. Indirect materials used in production, $12,000 c. Pald cash for factory payroll, $35.000. Or this total, $25,000 is for direct labor and $10,000 is for indirect labor d. Pald cash for other actual overhead costs, $7.000. e. Applied overhead at the rate of 120% of direct labor cost. . Transferred cost of jobs completed to finished goods, $50,470. g. Sold jobs on account for $72,100. The jobs had a cost of $50,470.
This is the journal entries below
a. Raw materials inventory A/c Dr $80,000
To Accounts payable A/c $80,000
We were told is raw material purchased on credit.
b. Work in progress inventory A/c Dr $37,000
To Raw materials inventory A/c $37,000
[Utilized for production here]
Factory overhead A/c Dr $12,000
To Raw materials inventory A/c $12,000
[ Utilized as indirect material ]
C)Work in progress inventory A/c Dr $25,000
Factory overhead A/c Dr $10,000
To cash A/c $35,000
[Pald cash for factory payroll]
d. Factory overhead A/c Dr $7000
To Cash A/c $7,000
[Pald cash for other actual overhead costs]
e. Work in progress inventory A/c Dr $31,250 ($25,000 × 125/100)
To Factory overhead A/c $31,250
[Applied overhead at 125%]
F) finished goods inventory A/c Dr $50,470
To Work in progress inventory A/c $50,470
[The cost of jobs completed to finished goods]
g. Accounts receivable A/c Dr $$72,100
To Sales A/c $72,100
[ sold on account job]
Cost of goods sold A/c Dr $72,100
To Finished goods inventory A/c $50,470
The sales era emerged because of an increased need to move products during the Great Depression.
True
False
Answers
Answer:
True
Explanation:
Edge 2020
Tightening Credit Terms Kim Mitchell, the new credit manager of the Vinson Corporation, was alarmed to find that Vinson sells on credit terms of net 90 days while industry-wide credit terms have recently been lowered to net 30 days. On annual credit sales of $2.83 million, Vinson currently averages 95 days of sales in accounts receivable. Mitchell estimates that tightening the credit terms to 30 days would reduce annual sales to $2,705,000, but accounts receivable would drop to 35 days of sales and the savings on investment in them should more than overcome any loss in profit. Vinson’s variable cost ratio is 72%, taxes are 40%, and the interest rate on funds invested in receivables is 20%. Assuming a 365-day year, calculate the cost of carrying receivables under the current policy and the new policy. Enter your answers as positive values. Do not round intermediate calculations. Round your answers to the nearest dollar. Current policy: $ New policy: $ Should the change in credit terms be made? -Select-
Answers
Answer:
first we must determine the average accounts receivable under the current policy:
($2,830,000 x 90 days) / 365 days = $697,808.22
carrying cost of current accounts receivable = $697,808.22 x 20% x 90/365 = $34,412.46
net after tax cost of current policy = $34,412.46 x (1 - 40%) = $20,647.48
average accounts receivable under the new policy:
($2,705,000 x 35 days) / 365 days = $259,383.56
carrying cost of new accounts receivable = $259,383.56 x 20% x 35/365 = $4,974.48
net after tax cost of new policy = $4,974.48 x (1 - 40%) = $2,984.69
net savings from new policy = $20,647.48 - $2,984.69 = $17,662.79
but the company will lose profits due to a decrease in total sales:
lost revenues = ($2,830,000 - $2,705,000) x (1 - 72%) x (1 - 40%) = $21,000
advantage/disadvantage of new policy = net savings - lost profits = $17,662.79 - $21,000 = -$3,337.21
Since the new policy decreases profits by $3,337.21, it should be rejected.
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): Work in Process—Mixing Department June 1 balance 25,000 Completed and transferred to Finished Goods ? Materials 157,080 Direct labor 99,500 Overhead 117,000 June 30 balance ? The June 1 work in process inventory consisted of 4,000 units with $13,020 in materials cost and $11,980 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 36,500 units were started into production. The June 30 work in process inventory consisted of 9,600 units that were 100% complete with respect to materials and 50% complete with respect to conversion. g
Answers
Answer:
beginning WIP 4,000 units:
materials $13,020 (100% complete)
conversion $11,980 (60% complete)
35,000 units started into production
ending WIP = 9,600 units
materials 100% complete ⇒ EU = 9,600
conversion 50% complete ⇒ EU = 4,800
costs added during June:
materials $157,080
conversion $99,500 + $117,000 = $216,500
units transferred out = 35,000 + 4,000 - 9,600 = 29,400 units
EU production:
materials = 39,000
conversion = 29,400 + 4,800 = 34,200
total costs:
materials = $13,020 + $157,080 = $170,100
conversion = $11,980 + $216,500 = $228,480
cost per equivalent unit:
EU for materials = $170,100 / 39,000 = $4.3615
EU for conversion = $228,480 / 34,200 = $6.6807
total costs assigned to finished units = (29,400 x $4.3615) + (29,400 x $6.6807) = $324,642
total costs assigned to ending WIP = (9,600 x $4.3615) + (4,800 x $6.6807) = $73,938
what are the rules of a male and a female at home?
Answers
Answer:
male is the protector female is a light for their house male is the foundation of there house they provide everything thats a male work female helping dou house hold things comport there husband understand.
The Skysong Inc., a manufacturer of low-sugar, low-sodium, low-cholesterol TV dinners, would like to increase its market share in the Sunbelt. In order to do so, Skysong has decided to locate a new factory in the Panama City area. Skysong will either buy or lease a site depending upon which is more advantageous. The site location committee has narrowed down the available sites to the following three very similar buildings that will meet their needs. Building A: Purchase for a cash price of $620,000, useful life 27 years. Building B: Lease for 27 years with annual lease payments of $71,170 being made at the beginning of the year. Building C: Purchase for $657,500 cash. This building is larger than needed; however, the excess space can be sublet for 27 years at a net annual rental of $6,200. Rental payments will be received at the end of each year. The Skysong Inc. has no aversion to being a landlord. Click here to view factor tables In which building would you recommend that The Skysong Inc. locate, assuming a 11% cost of funds
Answers
Answer:
Building C
Explanation:
Building A: Purchase for a cash price of $620,000, useful life 27 years.
Building B: Lease for 27 years with annual lease payments of $71,170 being made at the beginning of the year.
Building C: Purchase for $657,500 cash. This building is larger than needed; however, the excess space can be sublet for 27 years at a net annual rental of $6,200. Rental payments will be received at the end of each year.
11% cost of funds
we must determine the present value of each option:
Building A's present value = $620,000Building B's present value = $71,170 x 9.48806 (PV annuity due factor, 11%, 27 periods) = $375,265.23Building C's present value = $657,500 - [$6,200 x 8.5478 (PV ordinary annuity factor, 11%, 27 periods) = $657,500 - $52,996.36 = $604,503.64 (LOWEST PV)A company rented a computer for $800 a month. Five years later the treasurer calculated that if the company had purchased the computer and paid a $100 monthly maintenance charge, the company would have saved $1000. What was the purchase price of the computer?
Answers
Based on the information given the purchase price of the computer is $41,000.
Purchase pricePurchase price=($800×12month×5)- [(5×12 month×$100)+$1,000]
Purchase price=$48,000-[$6,000+$1,000)
Purchase price=$48,000-$7,000
Purchase price=$41,000
Inconclusion the purchase price of the computer is $41,000.
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Millbridge Township provides a variety of summer recreation alternatives. You can belong to the town pool, play tennis, or play golf. Summer passes allowing residents to use these facilities are sold each year. Twenty-five percent of the season's passes that are purchased are golf passes, 35 percent are for tennis, and the rest are for the pool. The golf passes are $30, the tennis passes are $50, and the pool passes are $70. The cost of providing these services is mostly fixed, with a $3 variable cost per pass, regardless of type. The fixed cost of operating the summer recreation program is $250,000.
Required:
How many people must buy recreation passes for the town to break even?
Answers
5000 people must buy recreation passes for the town to break even.
What is break even?Break even is the point at which the profit made is 0, that is the cost of production is equal to the revenue.
Let x represent the total number of people, hence:
Total cost = 250000 + 3x
Number of golf pass = 25% of x = 0.25x
Number of tennis pass = 35% of x = 0.35x
Number of pool pass = (100% - 35% - 25%) of x = 0.4x
Total revenue = ($30 * 0.25x) + ($50 * 0.35x) + ($70 * 0.4x) = 53x
At breakeven:
Total cost = total revenue
53x = 250000 + 3x
x = 5000
5000 people must buy recreation passes for the town to break even.
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In 2017, real per capita gross domestic product (GDP) in the United States was roughly $53,357. In 2018, real per capita GDP in the United States was roughly $54,542. Therefore, between 2017 and 2018, the rate of economic growth in the United States was ________.
Answers
Therefore, between 2017 and 2018, the rate of economic growth in the United States was 2.22%.
What is the rate of economic growth?The rate of economic growth or the economic growth rate is the percentage change in the value of real GDP over the periods under comparison.
The real GDP measures the goods and services produced in a nation during a specific period, after removing the effects of inflation.
The economic growth rate measures the comparative health of the U.S. economy over time.
Data and Calculations:2017's Real per Capita Gross Domestic Product = $53,357
2018's Real per Capita Gross Domestic Product = $54,542
Increase in Real per Capital Gross Domestic Product = $1,185 ($54,542 - $53,357)
The rate of economic growth or Economic Growth Rate = 2.22% ($1,185/$53,357 x 100)
Thus, between 2017 and 2018, the rate of economic growth in the United States was 2.22%.
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Sydney has worked for WillCo for the last 20 years. She just had her 60th birthday and is thinking about retirement. WillCo sponsors an ESOP in which Sydney is a participant and has been since the plan's inception 18 years ago. WillCo stock has increased significantly and Sydney is considering diversifying her WillCo stock in the ESOP. Which of following statements is correct? a. Sydney can diversify 25% of her WillCo stock. b. Sydney can diversify 50% of her WillCo stock. c. Sydney cannot diversify until three years prior to retirement. d. Sydney can diversify all of her WillCo stock because she has more than three years of service.
Answers
Answer: c. Sydney can diversify 50% of her WillCo stock.
Explanation:
Employee stock ownership plan (ESOP) is simply referred to as an employee benefit where the employees of a particular company are given ownership interest as long as some certain criteria are met.
Once the workers become qualified participants, they can diversify certain percentage of their stocks. From the 1st-5th year, a qualified participant is allowed to diversify about 25% of his or her stock account and about 50% in the 6th year.
Based on the explanation, since Sydney has worked for WillCo for the last 20 years, Sydney can diversify 50% of her WillCo stock.
Beginning inventory (30% complete as to Material B and 60% complete for conversion) 700 units
Started this cycle 2,000 units
Ending inventory (50% complete as to Material B and 80% complete for conversion) 500 units
Beginning inventory costs:
Material A $14,270
Material B 5,950
Conversion 5,640
Current Period costs:
Material A $40,000
Material B 70,000
Conversion 98,100
Material A is added at the start of production, while Material B is added uniformly throughout the process.
Refer to Saturn Corporation Assuming a FIFO method of process costing, compute EUP units for Materials A and B.
Answers
Based on the FIFO method, the quantity of materials and the ending work in process, the EUP materials are:
Material A - 2,000 units.Material B - 2,240 units. What are the Equivalent Units of Production (EUP)?The EUP for Material A is:
= Beginning work in process + United started and completed + Ending Work in process
= 0 + 2,000 + 0
= 2,000 units
The EUP for Material B is:
= Beginning work in process + United started and completed + Ending Work in process
= (700 x 70%) + 1,500 + 250
= 2,240 units
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Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 500,000 shares of $6.00 par value common stock. As of December 30, Year 1, Gilligan's stockholders' equity accounts report the following balances: Common stock, $6 par, 500,000 shares authorized 55,000 shares issued and outstanding $ 330,000 Paid-in capital in excess of par - common 440,000 $ 770,000 Retained earnings 1,400,000 Total Stockholders' Equity $ 2,170,000 On December 31, Year 1, Gilligan decides to issue a 5% stock dividend. At the time of issue, the market price of the stock was $22 per share. How will the issuance of the stock dividend affect the financial statements
Answers
Answer: Decrease the retained earnings account by $60500, increase the common stock account by $16500 and increase paid in capital in excess of par-common account by $44000.
Explanation:
From the scenario above, the issuance of the stock dividend affect the financial statements in the following way:
The retained earnings account is going to reduce by:
= 55,000 shares × $22 × 5%
= 55,000 × $22 × 0.05
= $60500
Also, the common stock account will increase by:
= 55,000 shares × $6 × 5%
= 55,000 shares × $6 × 0.05
= $16500
Lastly, there'll be an increase in the paid in capital in excess of par common account by
= $60500 – $16500
= $44000
eBookPrintReferences Check my work Check My Work button is now enabledItem 180Item 180 Ouelette Corporation's relevant range of activity is 3,000 units to 7,000 units. When it produces and sells 5,000 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $5.25 Direct labor $4.05 Variable manufacturing overhead $1.30 Fixed manufacturing overhead $3.00 Fixed selling expense $0.70 Fixed administrative expense $0.40 Sales commissions $0.50 Variable administrative expense $0.45 If 6,000 units are produced, the total amount of indirect manufacturing cost incurred is closest to:
Answers
Answer:
$22,800
Explanation:
Calculation for the total amount of indirect manufacturing cost incurred
First step is to find the fixed manufacturing overhead portion
Fixed manufacturing overhead portion=$3.00 *5000 units
Fixed manufacturing overhead portion =$15,000
Second step is to calculate the indirect manufacturing cost if 6,000 units are produced using this formula
Indirect manufacturing cost =Fixed manufacturing overhead portion
+ Variable portion
Let plug in the formula
Indirect manufacturing cost=$15,000 + ($1.30*6,000 units)
Indirect manufacturing cost=$15,000+$7,800
Indirect manufacturing cost=$22,800
Therefore the total amount of indirect manufacturing cost incurred is closest to $22,800
Amazon’s employees will return to the office after a lengthy period of remote working and managers will need to employ the most suitable leadership models, styles or theories to ease the transition In light of this, assess the suitability of key leadership models, theories or styles in terms of their effectiveness in the context provided
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To ease the transition for Amazon employees who will return to the office after a long period of remote work, it is essential that the managerial leadership style aligns employee expectations with work.
What is transformational leadership?It corresponds to a management style that helps motivate employees through greater autonomy to be creative and innovative, generating a sense of integration and collaboration to achieve organizational goals.
Therefore, through transformational leadership, the leader is able to make the transition in a positive way, generating a culture focused on development and cooperation.
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Complete the following as your Main Post: Imagine that you are a manager at a consumer products company. Your company is in negotiations for a merger. If and when the two companies merge, it seems probable that some jobs will be lost, but you have no idea how many or who will be gone. You have five subordinates. One is in the process of buying a house while undertaking a large debt. The second just received a relatively lucrative job offer and asked for your opinion as his mentor. You feel that knowing about the possibility of this merger is important to them in making these life choices. At the same time, you fear that once you let them know, everyone in the company will find out and the negotiations are not complete yet. You may end up losing some of your best employees, and the merger may not even happen. What do you do
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Answer:
In this situation, the manager should still go on with the merger if that is the best financial choice for stockholders.
Managers main, and essential goal, is to run the company in a way that maximizes value to stockholders, so, if the merger achieves that, the manager should absolutely carry on with the merger even if some employees end up losing their jobs as a result.
However, this does not mean that the manager should not try to save as many jobs as possible.
The following transactions occurred in April at Steve’s Cabinets, a custom cabinet firm: Purchased $80,000 of materials on account. Issued $4,000 of supplies from the materials inventory. Purchased $56,000 of materials on account. Paid for the materials purchased in transaction (1) using cash. Issued $68,000 in direct materials to the production department. Incurred direct labor costs of $100,000, which were credited to Wages Payable. Paid $106,000 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. Applied overhead on the basis of 125 percent of $100,000 direct labor costs. Recognized depreciation on manufacturing property, plant, and equipment of $50,000. The following balances appeared in the accounts of Steve’s Cabinets for April: Beginning Ending Materials Inventory $ 148,200 ? Work-in-Process Inventory 33,000 ? Finished Goods Inventory 166,000 $ 143,200 Cost of Goods Sold 263,400 Required: a. Prepare journal entries to record the transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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Answer:
Account Debit Credit
Materials $8,000
Accounts Payable $8,000
Supplies $4,000
Materials $4,000
Materials $56,000
Accounts Payable $56,000
Cash $8,000
Accounts Payable $8,000
Supplies $68,000
Materials $68,000
Direct Labor Costs $100,000
Wages Payable $100,000
Cash $106,000
Utilities expense $106,000
Work in Process Overhead $125,000
Direct labor costs $125,000
Depreciation Expense $50,000
Accumulated Depreciation $50,000
A major manufacturing company has initiated a project to determine the best course of action to take in response to the new green laws recently passed by congress. The company has many plants located in the U.S. and overseas, some of which have been in place for decades and will likely not be cost effective to modernize. The CEO has warned that this project will rise or fall based on effective communications. During the plan communications management process, the project manager and his team will rely on potentially five key inputs. Which of the following is a key input of the process? Select one: a. Communications technology b. Lessons learned register c. Project management plan d. Meetings
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Answer: Project management plan
Explanation:
A key input of the process is referred to as project management plan. Project management plan is a document that is used by an individual, organization or a governmental body which shows how a particular project will be carried out.
The project management plan shows the the scope of the project, the goals, how much the project will cost, the project's timeline, and the deliverables.
Consider a situation where a manufacturer from country A and a distributor based in country B are considering a relationship. To serve this market, the firm from A must invest in new equipment, which can be used only for the B market. The two firms transact infrequently, and there is significant uncertainty about the nature of the market demand. Trust between the two firms is low, and country B's legal system to be unsympathetic to foreign firms. How should the manufacturer choose to organize its transactions
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Spot market is the most suitable in organizing its transactions.
What is Spot market?
This is defined as a public financial market in which financial instruments or commodities are traded for immediate delivery.
Deliveries aren't usually done later due to different factors such as uncertainties between the companies involved. This depicts the low trust talked about in this scenario hence why Spot market was chosen as the most appropriate choice.
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A resource-based strategy:
a. is often based on cross-department combinations of intellectual capital and expertise.
b. uses a company's valuable and rare resources and competitive capabilities to deliver value to customers that rivals have difficulty matching.
c. is typically based on a stand-alone resource strength such as technological expertise.
d. refers to a company's most efficiently executed value-chain activity.
e. uses industry key success factors to provide a company with a core competence that rivals cannot effectively imitate.
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Answer:
b. uses a company's valuable and rare resources and competitive capabilities to deliver value to customers that rivals have difficulty matching.
Explanation:
Resources refers to competitive and valuable assets, organizational processes, capabilities, information, attributes, and knowledge that are acquired, owned and controlled by an organization. These resources are classified into two (2) main categories;
1. Tangible resources: these are physical assets such as equipments, financial assets, plants, raw materials, inventory etc that are owned and controlled by an organization.
2. Intangible resources: these are assets that are abstract in nature such as knowledge, customer loyalty, skills, experience, stakeholders, patent, culture, buyer recognition etc.
Hence, a resource-based strategy uses a company's valuable and rare resources and competitive capabilities to deliver value to customers that rivals have difficulty matching. This ultimately implies that, resource-based strategy avails a company the ability or opportunity to use their tangible and intangible assets to provide finished goods and services to meet the needs or wants of customers, as well as creating a competitive advantage over rivals in the same industry.