Raw materials were purchased on account, $510,000. Raw materials used in production, $480,000. All of of the raw materials were used as direct materials. The following costs were accrued for employee services: direct labor, $600,000; indirect labor, $150,000; selling and administrative salaries, $240,000. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $367,000. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $500,000. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed during the year. Jobs were sold on account to customers during the year for a total of $2,800,000. The jobs cost $1,690,000 to manufacture according to their job cost sheets. 4. What is the total amount of manufacturing overhead applied to production during the year
Answers
Answer:
$70,000
Explanation:
The computation of the total amount of manufacturing overhead applied to production during the year is shown below:-
Total amount of manufacturing overhead = Beginning balance + Purchase raw material - Raw materials used in production
= $40,000 + $510,000 - $480,000
= $70,000
Therefore for computing the total amount of Raw materials used in production we simply applied the above formula.
Related Questions
Margin of Safety a. If Canace Company, with a break-even point at $558,900 of sales, has actual sales of $690,000, what is the margin of safety expressed (1) in dollars and (2) as a percentage of sales? Round the percentage to the nearest whole number. 1. $ 2. % b. If the margin of safety for Canace Company was 30%, fixed costs were $1,201,200, and variable costs were 70% of sales, what was the amount of actual sales (dollars)? (Hint: Determine the break-even in sales dollars first.) $
Answers
Answer:
a.
(1)
Margin of Safety = $131,100
(2)
Margin of Safety as % of Sales = 19%
b.
Actual Sales = $5,720,000
Explanation:
Margin of safety is the value of sales by which the business is safe from the loss. It means all the made in excess of breakeven point is the margin of safety.
a.
(1)
Margin of Safety = Actual Sales - Breakeven point = $690,000 - $558,900 = $131,100
(2)
Margin of Safety as % of Sales = (Margin of Safety / Actual Sales ) x 100 = 19%
b.
First of all calculate the Contribution margin ratio
Contribution margin ratio = 100% - Variable cost ratio = 100% - 70% = 30%
Breakeven Sales = Fixed cost / Contribution margin ratio = $1,201,200 / 30% = $4,004,000
As the margin of safety is 30% of actual sales, so the breakeven sales i 70% ( 100% - 30% ) of Actual Sales
Actual Sales = Breakeven Sales / Breakeven sales to acual sales ratio
Actual Sales = $4,004,000 / 70%
Actual Sales = $5,720,000
John's Repair Shop has a monthly target operating income of $30,000. Variable expenses are 40% of sales, and monthly fixed expenses are $7,500. Read the requirementsLOADING.... Requirement 1. Compute the monthly margin of safety in dollars if the shop achieves its income goal. Begin by identifying the formula to compute the margin of safety. Target sales in dollars - Breakeven sales in dollars = Margin of safety in dollars (Round intermediate calculations up to the nearest whole dollar and your final answer to the nearest whole dollar.) The margin of safety is .
Answers
Answer:
$50,000
Explanation:
To calculate the margin of safety we need to calculate the break-even sales revenue first after calculating break-even sales revenue we will deduct that from the total sales revenue.
Total Sales Revenue = $62,500
Break-Even Sales Revenue = $12,500
Margin of Safety in Dollars = $50,000
Working
Target Income $30000
Fixed expenses $7500
Contribution margin $37500
If Variable cost 40% of the sale Contribution margin will be 60% of the sale
Total target Sales Revenue [37500 / 60%] = $62500
Fixed expenses $7500
Contribution margin ratio 60%
Break-Even Sale [7500/60%] $12500
NU YU announced today that it will begin paying annual dividends. The first dividend will be paid next year in the amount of $.59 a share. The following dividends will be $.64, $.79, and $1.09 a share annually for the following three years, respectively. After that, dividends are projected to increase by 3.9 percent per year. How much are you willing to pay today to buy one share of this stock if your desired rate of return is 13 percent? Multiple Choice $9.87 $12.45 $2.47 $13.04 $12.93
Answers
Answer:
$9.87
Explanation:
The first step is to find the present value of the dividend in the first stage
Present value can be found using a financial calculator
D1 = $.59
D2 = $.64
D3 = $.79
D4 = $1.09
I = 13%
Present value = $2.24
value in the stage of indefinite growth = $1.09(1.039) / (0.13 - 0.039) = 1.132510 / 0.091 = 12.45
Present vale of the stage of indefinite growth = 12.45 / 1.13^4 = 7.64
$7.64 + $2.24 = $9.87
To find the PV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
The Titanic Company had the following cash transactions during 20XX: Received $300,000 from customers. Received $10,000 dividend revenue from stock investments. Purchased equipment for $70,000. Sold land for $40,000 which had a book value of $50,000. The 20XX cash flows from INVESTING Activities would be reported as:__________. A. net decrease in cash of $30,000. B. net decrease in cash of $10,000. C. net increase in cash of $280,000. D. net increase in cash of $240,000. E. net decrease in cash of $20,000
Answers
Answer:
E
Explanation:
PLEASE HELP!!! I need to come up with a unique business that would be convenient in a high school. It can be one that sells food, drinks, etc
Answers
Prepare the Statement of Cash Flows for Smart Touch Learning for the month ended December 31, 2016 from the provided information. Within each section of the statement, use the drop-down menus to enter the accounts. Then enter the account balances and calculate ending balances. Enter decreases in cash with a minus sign or parentheses. Cash balance, December 1, 2016 is $18,600 Transactions Dec. 1 Common stock was issued to stockholders for $7,800 cash. 7 Purchased equipment for $2,000 on account. 14 Paid $19,900 cash for land. 17 Paid cash expenses: office rent, $1,400; employees' salaries, $1,200; utilities, $300. 23 Paid cash dividends of $2,300. 26 Earned service revenue for the month, $5,000, receiving cash. Cash flows from operating activitiesReceipts: Collection from customers Payments: For rentFor salariesFor utilitiesNet cash provided (used) by operating activitiesCash flows from investing activitiesAcquisition of LandNet cash provided (used) by investing activitiesCash flows from financing activitiesIssuance of cash dividendsPayment of cash dividendsNet cash provided (used) by financing activitiesNet increase (decrease) in cash Cash balance, December 1, 2016 Cash balance, December 31, 2016
Answers
Answer:
Ending cash balance $6,300
Explanation:
The preparation of the Cash Flows Statement is presented below:
Cash flow from Operating Activities
Add: Service revenue earned $5,000
Less: Office Rent -$1,400
Less: Employees salaries -$1,200
Less: Utilities -$300
Net cash flow provided by Operating Activities $2,100
Cash flow from Investing Activities
Less: Purchase of land $19,900
Net cash used by Investing Activities -$19,900
Cash flow from Financing Activities
Add: Issuance of common stock $7,800
Less: Dividend paid -$2,300
Net cash flow provided by Financing Activities $5,500
Net rise or decrease in cash is
Net cash flow provided by Operating Activities $2,100 (A)
Net cash used by Investing Activities -$19,900 (B)
Net cash flow provided by Financing Activities $5,500 (C)
Decrease in cash -$12,300 (A + B + C)
Add: Beginning cash balance $18,600
Ending cash balance $6,300
Investment X offers to pay you $4,800 per year for 9 years, whereas Investment Y offers to pay you $7,100 per year for 5 years. If the discount rate is 6 percent, what is the present value of these cash flows
Answers
Answer and Explanation:
The computation is shown below:
Present value of investment X is
= Annuity × [1 - 1 ÷ (1 + r)^n] ÷ r
= $4,800 × [1 - 1 / (1 + 0.06)^9] ÷ 0.06
= $4,800 * 6.801692
= $32,648.12
And,
The Present value of investment Y is
= Annuity × [1 - 1 ÷ (1 + r)^n] ÷ r
= $7,100 × [1 - 1 ÷ (1 + 0.06)^5] ÷ 0.06
= $7,100 × 4.212364
= $29,907.78
Airdrive Corporation reported net income of $150,000 for 2019 and $165,000 for 2020. Early in 2020, Airdrive discovers that the December 31, 2019 ending inventory was overstated by $8,100. For simplicity, ignore taxes. Required: 1. What is the correct net income for 2019? For 2020? Net Income 2019 $ 2020 $ 2. Assuming the error was not corrected, what is the effect on the balance sheet at December 31, 2019? At December 31, 2020? December 31, 2019 December 31, 2020
Answers
Answer:
Please see answers below
Explanation:
1. 2019 net income would be $141,900
[$150,000 - $8,100] = $141,900
2020 net income would be $173,100
[$165,000 + $8,100] = $173,100
2. We assumed that if the error committed for both year 2019 and 2020 are not corrected, them same income for both year stands.
2019 $165,000
2020 $150,000
It means that balance sheet of 2019 remains overvalued by $8,100
Answer:
Poop
Explanation:
BitcoinLotto:
Suppose the nation of Bitcoinia has decided to convert its national lottery to use Bitcoin. A trusted scratch-off ticket printing factory exists and will not keep records of any values printed. Bitcoinia proposes a simple design: a weekly run of tickets is printed with an address holding the jackpot on each ticket. This allows everybody to verify the jackpot exists.
The winning ticket contains the correct private key under the scratch material.
7.1. What might happen if the winner finds the ticket on Monday and immediately claims the jackpot? Can you modify your design to ensure this won’t be an issue?
7.2. Some tickets inevitably get lost or destroyed. So you’d like to modify the design to roll forward any unclaimed jackpot from Week n to the winner in Week n+1 .
Can you propose a design that works, without letting the lottery administrators embezzle funds? Also make sure that the Week n winner can’t simply wait until the beginning of Week n+1 to attempt to double their winnings.
Answers
Answer and Explanation:
1.Since we only want the winnings claimed by the end if the week, we would have to make sure the keys on the tickets are not activated until the end of the week, also verification of winnings occur by end of the week. This way someone cannot immediately unlock their bitcoin on a Monday but may just scratch the ticket.
2. Bitcoin wallets cannot be unlocked without the private key and so there is no other option when ticket is lost as bitcoin cannot be retrieved. Therefore it is important that tickets are secured properly during production and after when issued to contestants
The tickets are available to anybody. However, scratching should be permitted on the last day of the week, which is Saturday.
If any tickets are lost or destroyed, there is no method to recover the bitcoin due to the current bitcoin nature.
Bitcoin and ticket:The key to release the bitcoin should be date-protected and triggered on the week's last working day. So, even if someone buys a ticket on Monday and attempts to unlock it right away, he won't be able to till the end of the week. Fairness can be achieved in this manner.
The only method to avoid this is to protect the printing so that it cannot be stolen or destroyed during the ticket making process.
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Yesterday, Water and Power Co. released its 2018 annual report on the company’s website. While reading the report for her boss, Tessa came across several terms about which she was unsure. She leaned around the wall of her cubicle and asked her colleague, Asher, for help. TESSA: Asher, do you have a second to help me with my reading of Water & Power’s annual report? I’ve come across several unfamiliar terms, and I want to make sure that I’m interpreting the data and management’s comments correctly. For example, one of the footnotes to the financial statements uses "the book value of Water & Power’s shares," and then in another place, it uses "Market Value Added." I’ve never encountered those terms before. Do you know what they’re talking about? ASHER: Yes, I do. Let’s see if we can make these terms make sense by talking through their meaning and their significance to investors. The term book value has several uses. It can refer to a single asset or the company as a whole. When referring to an individual asset, such as a piece of equipment, book value refers to the asset’s , adjusted for any accumulated depreciation or amortization expense. The value, or difference between these two values, is called the asset’s book value. In contrast, when the term refers to the entire company, it means the total value of the company’s as reported in the firm’s .
Answers
Answer:
Yesterday, Water and Power Co. released its 2018 annual report on the company’s website. While reading the report for her boss, Tessa came across several terms about which she was unsure. She leaned around the wall of her cubicle and asked her colleague, Asher, for help.
TESSA: Asher, do you have a second to help me with my reading of Water & Power’s annual report? I’ve come across several unfamiliar terms, and I want to make sure that I’m interpreting the data and management’s comments correctly. For example, one of the footnotes to the financial statements uses "the book value of Water & Power’s shares," and then in another place, it uses "Market Value Added." I’ve never encountered those terms before. Do you know what they’re talking about?
ASHER: Yes, I do. Let’s see if we can make these terms make sense by talking through their meaning and their significance to investors. The term book value has several uses. It can refer to a single asset or the company as a whole. When referring to an individual asset, such as a piece of equipment, book value refers to the asset’s historical value or original purchase price, adjusted for any accumulated depreciation or amortization expense. The net value, or difference between these two values, is called the asset’s book value. In contrast, when the term refers to the entire company, it means the total value of the company’s shareholders’ equity as reported in the firm’s balance sheet .
Temperature and Chemicals are used in which process?
Answers
Answer:
Cooking
Explanation:
because cooking use heat. heat is a temperature and chemicals is gas.
Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 2,200 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 7,300 50% Conversion costs $ 3,500 20% A total of 8,600 units were started and 7,900 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 160,500 Conversion costs $ 122,200 The ending inventory was 85% complete with respect to materials and 75% complete with respect to conversion costs. The cost per equivalent unit for materials for the month in the first processing department is closest to:
Answers
Answer: $16.19
Explanation:
Equivalent Units = Units completed and transferred + Ending Inventory completed
Ending Inventory = Beginning inventory + Units started into production - Units transfered to second processing department
= 2,200 + 8,600 - 7,900
= 2,900 units
Equivalent Units = 7,900 + (2,900 * 85%)
= 10,365 units
Cost per equivalent unit = Total Material Cost / Equivalent Units
= ( Beginning material cost + Material cost incurred during the month) / Equivalent Units
= (7,300 + 160,500) / 10,365
= $16.19
Houston repeatedly promised his daughter, Allyson, that he would pay one-half of the costs for Allyson to attend a private, historically African-American college or university. Relying on this promise, Allyson applied to and was accepted into Clark Atlanta University. Houston reiterated this promise after Allyson’s acceptance and specifically agreed to pay one-half of the costs of her tuition, room, board, books, and other expenses at Clark (less certain scholarship, work study, and grant monies). Allyson relied on this reiterated promise and, forgoing opportunities to apply to and enroll in other colleges or universities of significantly less cost, enrolled in Clark. Houston nevertheless refused to honor his commitment. Allyson sued her father alleging promissory estoppel. Did she have a good promissory estoppels claim?
Answers
Yes, Allyson has a good promissory estoppel claim against her father, Houston. Promissory estoppel is a legal doctrine that allows a party to enforce a promise, even if there is no valid contract, if certain elements are met. Considering these elements, Allyson has a strong promissory estoppel claim against her father, Houston, as she fulfilled the requirements necessary to invoke this legal doctrine.
These elements are:
1. A clear and definite promise: In this case, Houston repeatedly promised Allyson that he would pay one-half of the costs for her education at a private, historically African-American college or university. Houston even reiterated this promise after Allyson's acceptance into Clark Atlanta University, specifically agreeing to pay one-half of her tuition, room, board, books, and other expenses.
2. Reasonable and justifiable reliance: Allyson relied on her father's promise by applying to and enrolling in Clark Atlanta University, forgoing opportunities to apply to and enroll in other colleges or universities of significantly less cost. Her reliance on her father's promise was reasonable and justifiable given the specific agreement they had regarding the financial support for her education.
3. Detrimental reliance: Allyson suffered a detriment by forgoing other opportunities and enrolling in Clark Atlanta University based on her father's promise. This detriment is evidenced by the fact that she incurred the costs of tuition, room, board, books, and other expenses at Clark, which she would not have incurred if she had chosen a less expensive option.
4. Injustice without enforcement: It would be unjust for Houston to refuse to honor his commitment after Allyson reasonably relied on his promise and suffered a detriment. Promissory estoppel exists to prevent such injustices and to hold parties accountable for their promises, even in the absence of a formal contract.
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Pooler Corporation is working on its direct labor budget for the next two months. Each unit of output requires 0.73 direct labor-hours. The direct labor rate is $11.60 per direct labor-hour. The production budget calls for producing 6,500 units in April and 6,300 units in May. The company guarantees its direct labor workers a 40-hour paid work week. With the number of workers currently employed, that means that the company is committed to paying its direct labor work force for at least 5,480 hours in total each month even if there is not enough work to keep them busy. What would be the total combined direct labor cost for the two months
Answers
Answer:
April= $63,568
May= $63,568
Total cost= $127,136
Explanation:
Giving the following information:
Each unit of output requires 0.73 direct labor-hours.
The direct labor rate is $11.60 per direct labor-hour. T
The company is committed to paying its direct labor work force for at least 5,480 hours in total each month even if there is not enough work to keep them busy.
First, we need to calculate the direct labor hours required for each month.
Direct labor hours:
April= 0.73*6,500= 4,745 hours
May= 0.73*6,300= 4,599 hours
Now, we can calculate the direct labor cost for each month:
Direct labor cost:
April= 11.6*5,480= $63,568
May= 11.6*5,480= $63,568
What is porter's 5 forces?
Answers
Answer:
Porter's Five Forces is a framework for analyzing a company's competitive environment.
The number and power of a company's competitive rivals, potential new market entrants, suppliers, customers, and substitute products influence a company's profitability.
Explanation:
In the process of reconciling its bank statement for April, Donahue Enterprises' accountant compiles the following information: Cash balance per company books on April 30 $ 6,210 Deposits in transit at month-end $ 1,430 Outstanding checks at month-end $ 750 Bank charge for printing new checks $ 110 Note receivable and interest collected by bank on Donahue’s behalf $ 640 A check paid to Donahue during the month by a customer is returned by the bank as NSF $ 610 The adjusted cash balance per the books on April 30 is:
Answers
Answer:
$6,130
Explanation :
The adjusted cash balance can be determined by doing the following steps
Prepare an updated Cash Book to update the Cash Book Balance and,Prepare a Bank Reconciliation Statement to check the accuracy of the new Cash Book BalanceStep 1 : Updated Cash Book
Cash Book (Bank columns only)
Debit :
Unadjusted Balance as at April 30 $ 6,210
Credit Transfers $ 640
Total $6,850
Credit:
Bank charges $ 110
Dishonored checks $ 610
Adjusted Balance (Balancing figure) $6,130
Total $6,850
Step 2 : Bank Reconciliation Statement
Bank Reconciliation Statement as at April 30
Balance as per Cash Book (updated) $6,130
Less Outstanding Lodgements ($ 1,430)
Add Unpresented Checks $ 750
Balance as per Bank Statement $5,450
Definition of marketing?
Answers
Answer:
the active business of promoting and selling products or services, including market research and advertising
Assume, for the sake of this question only, the following: The sale of the business included a warehouse building. The contract for the sale of the business indicated that the warehouse was included "in its present condition" or "as is." Shortly after Sarita took possession of the warehouse, she discovered a walled-in basement room that neither she nor Juan had realized was there. The room was packed full of drums of hazardous materials, which (as far as anyone could tell) had been leaking their contents into the ground for a decade or so. Sarita was going to have to clean up the mess at a considerable ongoing expense. If she seeks to rescind the contract based on the doctrine of mistake, which of the following is true?
Answers
Question Completion:
Multiple Choice
The contract will be rescinded, because both Juan and Sarita were mistaken as to a basic assumption that the warehouse was free of hazardous waste.
The contract will be rescinded due to unilateral mistake, but only if Sarita can prove that Juan caused or had reason to know of Sarita's mistaken belief that the warehouse was free of hazardous waste.
The contract will not be rescinded, because Sarita bore this risk of this mistake.
The contract will be rescinded, because both Juan and Sarita were mistaken as to a basic assumption that the warehouse was free of hazardous waste.
The contract will be rescinded due to unilateral mistake, because the contract would be unconscionable to enforce otherwise.
Answer:
The contract will be rescinded, because both Juan and Sarita were mistaken as to a basic assumption that the warehouse was free of hazardous waste.
Explanation:
This mistake is a common mistake because both Juan and Sarita were not aware nor suspected the presence of leaking hazardous waste in the warehouse. In law, a common mistake arises where the mistake is shared by both parties, in this case, Juan and Sarita. A common mistake is fundamental in a contract and directly affects the basic definition of the contract terms.
Exercise 4-15A Calculate net cash flows (LO4-7) Below are several transactions for Meyers Corporation for 2021. Issue common stock for cash, $60,000. Purchase building and land with cash, $45,000. Provide services to customers on account, $8,000. Pay utilities on building, $1,500. Collect $6,000 on account from customers. Pay employee salaries, $10,000. Pay dividends to stockholders, $5,000. Required: For each transaction, determine the amount of cash flows. If cash is involved in the transaction, select whether Meyers should classify it as operating, investing, or financing in a statement of cash flows. (Enter N/A if the question is not applicable to the statement. List cash outflows as negative amounts.)
Answers
Answer:
Meyers Corporation
Determining the amount of cash flows:
a. $60,000
b. -$45,000
c. -$1,500
d. $6,000
e. -$10,000
f. -$5,000
Classification as operating, investing, or financing activities:
a. Financing
b. Investing
c. Operating
d. Operating
e. Operating
f. Financing
Explanation:
Meyers Corporation prepares the statement of cash flows which classifies its financial activities into three main sections: operating activities, investing activities, and financing activities sections in order to present the statement in clear and understandable formats. This statement is one of the main financial statements that report the corporation's financial position and performance at the end of an accounting period.
Orie and Jane, husband and wife, operate a sole proprietorship. They expect their taxable income next year to be $450,000, of which $250,000 is attributed to the sole proprietorship. Orie and Jane are contemplating incorporating their sole proprietorship. (Use the tax rate schedule.) a. Using the married-joint tax brackets and the corporate tax rate, find out how much current tax this strategy could save Orie and Jane. (Round your intermediate calculations and final answer to nearest whole dollar amount.)
Answers
Answer:
Total savings = $361,341 - $342,910 = $18,431, but $197,500 must be left in the corporation.
Explanation:
using the 2020 tax schedule, their current tax liability is:
$94,735 + [35% x ($450,000 - $414,700)] = $107,090
after tax income = $450,000 - $107,090 = $342,910
if we consider the business a corporation:
$250,000 x 21% = $52,500
after tax income = $197,500
plus the $200,000 in ordinary income:
$29,211 + [24% x ($200,000 - $171,050)] = $36,159
after tax income = $163,841
total after tax income = $197,500 + $163,841 = $361,341
Total savings = $361,341 - $342,910 = $18,431, but $197,500 must be left in the corporation.
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $17,900: cost of goods sold, $7,500; selling expenses. $1,430; general and administrative expenses, $930; interest revenue, $200; interest expense, $310. Income taxes have not yet been recorded. The company's income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company's income statement every year. The company's controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2021($ in thousands). All transactions are material in amount. 1. Investments were sold during the year at a loss of $350. Schembri also had an unrealized gain of $460 for the year on investments in debt securities that qualify as components of comprehensive income. 2. One of the company's factories was closed during the year. Restructuring costs incurred were $1,600 Check my work 3. During the year, Schembri completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP. The division had incurred a loss from operations of $680 in 2021 prior to the sale, and its assets were sold at a gain of $1,660. 4. In 2021, the company's accountant discovered that depreciation expense in 2020 for the office building was understated by $330. 5. Negative foreign currency translation adjustment for the year totaled $380. Required: 1. Prepare Schembri's single, continuous multiple-step statement of comprehensive income for 2021, including earnings per share disclosures.2. Prepare a separate statement of comprehensive income for 2021.
Answers
Answer:
A.Net income $5,155
Earning per share :-
Income from continuing operation 3.20
Income from discontinued operation 0.47
Net income 3.67
B. Comprehensive income $5,215
Explanation:
A. Preparation of statement of comprehensive income for 2021, including earnings per share disclosures
SCHEMBRI MANUFACTURING CORPORATION
Statement of Comprehensive Income
For the Year Ended December 31, 2021
($ in 000s)
Sales revenue $17,900
Cost of goods sold ($7,500)
Gross profit $10,400
Operating expenses:
Selling expenses ($1,430)
General and administrative expenses ($930)
Restructuring costs ($1,600)
Total operating expenses ($3,960)
Operating income $6,440
(10,400-3,960)
Other income (expenses):-
Loss on sale of investment $(350)
Interest expenses $(310)
Interest revenue $200
Other income (expenses) $(460)
Income from continue operation before income tax $5,980
(6,440-460)
Income tax expenses (25%*5,980) $1,495
Income from continuing operations $4,485
(5,980-1,495)
Discontinued operation :-
Income from operation of discontinued component (1,660-680) $980
Income tax expenses $(310)
Income from discontinued operation $670
(980-310)
Net income $5,155
(4,485+670)
Other comprehensive income (loss)
Unrealized gain from investment,net of tax [460*(1-25%)] $345
Loss from foreign currency translation , net of tax [380*(1-25%)] $(285)
Total other comprehensive income $60
(345-285)
Comprehensive income $5,215
(5,155+60)
Earning per share :-
Income from continuing operation 3.20
Income from discontinued operation 0.47
Net income 3.67
Workings for Earning per share
Weighted average share = 1,000,000+(800,000/2)
Weighted average share = 1,000000+400,000
Weighted average share = 1,400,000
Net income from continue operation = 4,485/1400 = 3.20
Net income from discontinued operation = 670/1400 = 0.47
2. Preparation of a separate statement of comprehensive income for 2021.
SCHEMBRI MANUFACTURING CORPORATION
Statement of comprehensive income
For the year ended December 31,2021
Net income $5,155
(4,485+670)
Other comprehensive income (loss)
Unrealized gain from investment,net of tax [460*(1-25%)] $345
Loss from foreign currency translation , net of tax [380*(1-25%)] $(285)
Total other comprehensive income $60
(345-285)
Comprehensive income $5,215
(5,155+60)
What is Chris Records LifePreneur Online Educational Training Program?
Answers
Answer:
Chris Record announced the launch of his new company LifePreneur in partnership with Peter Sorenson.
Chris Record started his entrepreneurial journey in direct sales with a company called Nouveau Riche that specialized in Real Estate Investment training. As the real estate market took a hit, Chris shifted his attention to online marketing, skills that will allow him to excel in any business.
Answer:
LifePreneur stands for Lifesyle Entrepreneur.
Lifepreneur is a membership program that you can join to get training in various aspects of online marketing, training and advice and investing, live in-person mentorship from Chris Record himself, and more. It is a membership program that you can sign up for free and it's designed to help you grow into more than just a business entrepreneur… A Lifepreneur. More info : reddit's /r/LifePreneur
If a union operates in a right to work state, it will not be allowed to create a ________ workplace, but may have a ________ workplace.
Answers
Answer:
If a union operates in a right to work state, it will not be allowed to create a CLOSED SHOP workplace, but may have a OPEN SHOP workplace.
Explanation:
A closed shop workplace refers to a company where all the employees must belong to the union in order to be hired or to continue working for the company. An open shop workplace refers to a company where joining a union is optional, and no one can be fired (or not hired) for not belonging to a union.
The fill in the blanks should be filled with union shop and open shop.
The following information should be considered:
In the case when the union operated for right to work so it is not permitted to develop the union shop workplace.But at the same time, the open shop workplace should be created.Therefore we can conclude that The fill in the blanks should be filled with union shop and open shop.
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Until the 2003 playoffs, NBA had used a best-of-five format for the first-round series, that is, the series would end as soon as one of the teams won 3 games. In other words, the first-round series would last 3,4 or 5 games. Obtain the probabilities for all the three possibilities by assuming that teams are equally matched and each game is independent.
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Answer:
14 yes 23xy so 14
Explanation:
In the context of the decision-making model drawn heavily from the thoughts of Joseph L. Badaracco Jr., identify the correct statement regarding the question, "Which course of action is feasible?" Select one: a. This question borrows from both the modern rights theories and justice theory and it identifies which particular rights are at stake. b. This question is teleological in nature in that it focuses on the morality of the consequences of the decision. c. This question recognizes that ethics and morality must be practical. d. This question draws from the decision maker's personal philosophy as well as the commitments he or she owes to the corporation and its shareholders.
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Answer:
d. This question draws from the decision maker's personal philosophy as well as the commitments he or she owes to the corporation and its shareholders.
Explanation:
This is likely the answer to the question about the decision making model which was drawn or dependent heavily on the thoughts of Joseph L. Badaracco Jr.
11. The seller must indicate in the RLA if the premises are occupied by tenants If the tenants have a valid lease: Group of answer choices a. They may be vacated after the sale. b. Their security deposits are kept by the seller. c. They may remain in possession after the sale (correct box must be checked) d. The buyer need not be notified until after the sale.
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Answer:
c. They may remain in possession after the sale
Explanation:
When a landlord wants to sell a property that is currently occupied by tenants, it must notify both the tenants and potential buyers about the rental agreement and his/her intention to sell the property.
Generally speaking, once rental agreements are signed, they are independent from who actually owns the property (house, apartment, office, etc.). Even if the buyer of the house (new owner) doesn't want the tenants to stay, the tenants have the right to do so until their contract expires.
The tenants have the right to even limit and set the conditions by which the seller can show the property, e.g. if they don't want to, the owner cannot cannot take pictures of the property's interior if the tenants consider that it violates their privacy.
If the buyer wants to rent the property, it is generally a good thing to have tenants with valid contracts.
1. Classify the following manufacturing costs of Business Solutions as (a) variable or fixed and (b) direct or indirect. 2. Prepare a schedule of cost of goods manufactured for Business Solutions for the month ended January 31, 2020. Assume the following manufacturing costs: Direct materials: $2,200 Factory overhead: $520 Direct labor: $1,000 Beginning work in process: none (December 31, 2019) Ending work in process: $600 (January 31, 2020) Beginning finished goods inventory: none (December 31, 2019) Ending finished goods inventory: $370 (January 31, 2020) 3. Prepare the cost of goods sold section of a partial income statement for Business Solutions for the month ended January 31, 2020.
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Answer:
Cost of goods manufactured= $3,120
COGS= $2,750
Explanation:
To calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
Cost of goods manufactured:
beginning WIP= 0
direct materials= 2,200
Direct labor= 1,000
Factory overhead= 520
Ending work in process= 600
Cost of goods manufactured= $3,120
Now, we can determine the cost of goods manufactured:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 0 + 3,120 - 370
COGS= $2,750
Dehner Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on the following data: Total direct labor-hours 94,000 Total fixed manufacturing overhead cost $ 404,200 Variable manufacturing overhead per direct labor-hour $ 4.00 Recently, Job P951 was completed with the following characteristics: Number of units in the job 50 Total direct labor-hours 100 Direct materials $ 660 Direct labor cost $ 9,400 The total job cost for Job P951 is closest to: (Round your intermediate calculations to 2 decimal places.)
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Answer:
Total cost= $10,890
Explanation:
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= (404,200/94,000) + 4
Predetermined manufacturing overhead rate= $8.3 per direct labor hour
Now, we can allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 8.3*100= $830
Finally, the total cost of Job P951:
Total cost= 660 + 9,400 + 830
Total cost= $10,890
how do i get bachelors degree i am in high school and i amgoing to college and in this years what do i do to get bachelors degree
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Answer:
I think to get a bachelor's degree you have to pick a major then do 4 years of college.
A share of stock with a beta of 0.82 now sells for $58. Investors expect the stock to pay a year-end dividend of $2. The T-bill rate is 5%, and the market risk premium is 8%. a. Suppose investors believe the stock will sell for $60 at year-end. Calculate the opportunity cost of capital. Is the stock a good or bad buy? What will investors do? (Do not round intermediate calculations. Round your opportunity cost of capital calculation as a percentage rounded to 2 decimal places.) b. At what price will the stock reach an "equilibrium" at which it is perceived as fairly priced today? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
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The opportunity cost of the capital here is given as 11. 56%
The expected return is 6.90%
The stock is a bad buy
The stock price is 55.58
How to solve for the opportunity cost of the stockThe formula for the opportunity cost of stock is given as:
risk free rate + beta x the risk premium
The risk free rate = 0.05
beta = 0.82
The risk premum = 0.08
Hence the opportunity cost is given as: 0.05 + 0.82 x 0.08
= 0.1156
=11.56%
The expected return is given as
60 + 2 - 58 / 58
= 0.069
= 6.9%
The expected return can be seen to be less than this opportunity cost therefore what is to happen would be for the investors not to invest because this is a bad buy.
b. The stock price = 60 * 2 / 1.1156
= 55.58
Read more on T Bills and stocks here:
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