Answer:
Combination of products shall be:
Denim = 6,000 bolts
Chenille = 240 bolts
Gauze = 1,200 bolts
Explanation:
As provided the machine hours are limited thus, the constraint is machine hours.
Accordingly contribution per machine hour shall be computed.
Denim has contribution of $14 for each 0.5 machine hour, thus, contribution per hour = [tex]\frac{14}{0.5} = 28[/tex]
Chenille has contribution of $22 per machine hour
Gauze has contribution of $9 per 0.3 hours, thus contribution per machine hour = [tex]\frac{9}{0.3}[/tex] = $30
According to contribution per hour, ranking of products shall be
Gauze I
Denim II
Chenille III
Therefore, bolts of gauze to be produced = 1,200 that is maximum
Hours required = 1,200 [tex]\times[/tex] 0.3 = 360
Hours remaining = 3,600 - 360 = 3,240
Bolts of Denim to be produced = 6,000 that is maximum
Hours required = 6,000 [tex]\times[/tex] 0.5 = 3,000
Hours remaining = 3,240 - 3,000 = 240
Bolts of Chenille that can be produced = [tex]\frac{240\ hours}{1\ bolt\ per\ hour}[/tex] = 240 bolts
Total contribution in this case
= (1,200 [tex]\times[/tex] $9) + (6,000 [tex]\times[/tex] $14) + (240 [tex]\times[/tex] $22)
= ($10,800 + $84,000 + $5,280)
= $100,080
2. income. Income from property received by households is an example of O labor O rental O interest & O none of the above
labor form income property received by households
Answer:
The answer is Rental
Explanation:
what prportion of revenues is derived from property taxes? do the notes clearly indicate recognition croteria for promary revenue source?
Answer:
17 percent of general revenue.
Explanation:
The government budgets the general fund with the legally adopted budgets. The operating accounts have budgetary counterparts and they are recorded in the respective accounts. The revenue from property tax usually totals to $526 billion which 1% of state owned tax and 17% of general tax revenue.
Using the following data on spot exchange rate of Poland against the U.S. dollar and the annual interest rates of these two countries, forecast the outright values of 6 and 12 months ahead of the Polish currency. Draw on the forecasting theories or parities that are the subject of Chapter 6 of the book, and the other discussions we have had in this regard (e.g., lecture notes AMP06 and Amp07). Use the more accurate approach.
Polish currency is called Zloty (= PLN)
Spot rate PLN 4.17/USD
US commercial interest rate 3.5 percent
Polish commercial interest rate 5.00 percent
Review the following questions.
1. The outright forecast for 6 months is:
2. The outright forecast for 12 months is:
3. The theory that you are using is called:
Purchasing power parity
Interest rate parity
Fisher effect
International fisher effect
None of the answers in this group is correct.
4. This theory holds very well in the:
Short-run
Long-run
Chaotic periods only
None of the answers in this group is correct.
5. Based on this theory, the country that offers a higher rate of interest should expect a fall in the value of its currency.
I agree
I disagree
You really cannot tell
Never heard of such a thing!
None of the answers in this group is correct.
Answer:
1. 4.1775
2. 4.185
3. International Fisher Effect
4. Short-run
5. ??? (I disagree is incorrect)
Explanation:
The following is the adjusted trial balance for Baker Services. Accounts Debit Credit Cash Accounts Receivable Prepaid Insurance Office Supplies Land Building Accumulated DepreciationBuilding Equipment Accumulated DepreciationEquipment Accounts Payable Salaries Payable Unearned Revenue Mortgage Payable Baker, Capital Baker, Withdrawals Service Revenue Salaries Expense Depreciation ExpenseBuilding and Equipment Supplies Expense Insurance Expense Utilities Expense Total There were no new capital contributions during the year. After the closing entries are posted, what is the balance in Baker, Capital?
Answer: $163,300
Explanation:
Baker, Capital = Beginning Capital + Net Income - Drawings
Net Income = Service revenue - Salaries - Supplies - Insurance - Utilities - Depreciation for Building and Equipment
= 275,000 - 64,000 - 11,000 - 14,600 - 18,000 - 5,600
= $161,800.
Baker Capital = 24,500 + 161,800 - 23,000
= $163,300
The cost of external equity capital raised by issuing new common stock (re) is defined as follows, in words: "The cost of
external equity equals the cost of equity capital from retaining earnings (rs), divided by one minus the percentage flotation
cost required to sell the new stock, (1 - F)."
The Swatch Group and Cultural Uniqueness
Summary
This case explores the Swatch Group and the influence of Swatch on culture. Founded in 1983 by Nicolas Hayek, Swatch is now the world’s biggest watch maker. The company not only produces finished watches, it also produces jewelry, watch movements, and watch components. Indeed, Swatch Group supplies nearly everything used in the production of its 18 individual brands that includes icons like Omega and Harry Winston as well as more mainstream options like Tissot and Longines.
In addition to its own line of products, Swatch Group sells watch components to third-party watchmakers and produces parts used for sport event timing. Swatch employs about 37,000 people across 37 global subsidiaries. With some 40 percent of the company still under the control of the Hayek family, Swatch focuses on diversity and culture.
The Swatch Revolution combines Swiss excellence in watchmaking with quirky affordable plastic components. Swatch promotes its watches as a means of speaking without words. Wearers of Swatch watches are telling more than just time, they are telling the world something about themselves. Swatch even suggests that wearers share their individuality and preferences on Instagram by tagging #MySwatch.
Discussion Questions
1. With the Hayek family controlling nearly 40 percent of The Swatch Group, how do you think the family’s influence impacts the corporate culture in the company? What about the company’s international culture being impacted by the Hayek family?
2. Many of the Swatch brands have become cultural icons among a strong core following of customers in the global marketplace. Some even talk about the "Swatch Revolution" that began when Nicolas Hayek founded the company. Why do you think Swatch has such a strong cultural following?
3. As mentioned, Swatch wants you to create your own unique way of accessorizing through its Swatch watch. Is a watch a way to show who a person is culturally? Does a watch get embedded into a person’s culture? Can a watch create a cultural image?
Answer:
The question definition is outlined underneath in the overview section.
Explanation:
(1)
Including respect to something like the Hayek family, which also owns approximately or more nearly 40 percent of the Swatch Community, I conclude that by acknowledging their construction companies as family members, the relatives seem to have an impact on the concept of the corporate community. The workers should operate collectively, independently of their employment, as a team. For the Swatch Group, this creates a powerful organizational environment which put suitable implemented in a variety of fields.Family beliefs that influence this entire corporation will affect the international culture of the firm. The unlikelihood's in national culture, however, affect the lack of common ideals and significance. Inside the digital economy, this limits communication, trust, and knowledgeable contributors.(2)
The major cultural monitoring can be explained by the mixture of technology as well as creativity that has rooted the Swatch Culture through its product. And perhaps even developments in branding and ads, the Swatch concept relies on reference implementation, automation, and assembly technology. It began with a high-tech as well as inexpensive watch that those of us who could accommodate.Access to affordable was indeed the primary factor for the market success of the Swatch Company. However, the Swatch Organization is actively innovating and marketing the commodity to technical data scientists. In every consumer segment, the Swatch Community has evolved from inexpensive to pricey watches.(3)
In symbolizing to person, a monitor plays an important part. It displays different things, such as from an amount of available data, a sign of money, a fashion accessory, or maybe even a clear indication of upcoming appointments. When individuals see that they are late, the concept of time can mean the commercial term "time is money," which does not matter where they would be close to the election. I don't understand why, however according to oneself, I'm open to the culture of a world when certain individuals sports smart watches. A community is a composite of a single group's principles, behaviors, vocabulary, and beliefs. All forms, such as political ideologies, traditions, language as well as standards, may represent representations of culture.As something of a national signifier for many conservative communities, Hamza seems to be the hand of the creator. A cultural icon shouldn't be seen as an icon and should therefore be scattered away from physically artificial norms. It has now become a symbol of money, strength, elevated status as well as fashionable that, however, according to me, it's not like every trait should have an essential cultural image.The answers are provided from the information given in the summary. Kindly follow the given answers below.
(1)
By identifying their construction companies as family members, the relatives appear to have an impact on the concept of the corporate community, especially when it comes to the Hayek family, which owns about or almost 40% of the Swatch Community. Workers should work together as a team, regardless of their employment status. This generates a robust organizational framework for the Swatch Group, which may be used in a variety of disciplines.
The worldwide culture of the company will be influenced by family ideas that influence the entire enterprise. National culture's improbabilities, on the other hand, have an impact on the lack of common ideals and significance. This hinders communication, trust, and informed contributors inside the digital economy.
(2)
The combination of technology and creativity that has planted the Swatch Culture through its product explains the major cultural monitoring.
The Swatch concept is based on reference implementation, automation, and assembly technologies, as well as possible improvements in branding and advertising. It all started with a high-tech but low-cost watch that those of us who could afford it could afford.
The Swatch Company's commercial success was largely due to its ability to provide cheap watches. The Swatch Group, on the other hand, is constantly inventing and marketing the commodity to technical data scientists. The Swatch Community has evolved from low-cost to high-end watches in every market group.
(3)
A monitor plays an important role in symbolizing a person. It can show a variety of things, like the amount of data accessible, a symbol of money, a fashion accessory, or even a clear signal of forthcoming meetings. When people realize they are late, the concept of time might mean the commercial phrase "time is money," regardless of where they are in relation to the election.
For more information about Swatches, refer below
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You run a nail salon. Fixed monthly cost is $5,093.00 for rent and utilities, $5,924.00 is spent in salaries and $1,370.00 in insurance. Also every customer requires approximately $4.00 in supplies. You charge $116.00 on average for each service.You are considering moving the salon to an upscale neighborhood where the rent and utilities will increase to $11,944.00, salaries to $6,992.00 and insurance to $2,427.00 per month. Cost of supplies will increase to $8.00 per service. However you can now charge $151.00 per service. At what point will you be indifferent between your current location and the new loaction
Answer:
The indifference point is 290 services.
Explanation:
Current location:
Rent and utilities= $5,093
Salies= $5,924
Insurance= $1,370
Total fixed cost= $12,387
Contribution margin per unit= 116 - 4= $112
New location:
Rent and utilities= $11,944
Salies= $6,992
Insurance= $2,427
Total fixed costs= $21,363
Contribution margin per unit= 151 - 8= $143
First, we need to structure the total income formula (y):
Current location:
y= 112x - 12,387
New location:
y= 143x - 21,363
x= number of services
Now, we equal both formulas and isolate x:
112x - 12,387 = 143x - 21,363
31x =8,976
x= 289.55 = 290 services
The indifference point is 290 services.
Prove:
y= 112*290 - 12,387= $20,093
y= 143*290 - 21,363= $20,107
The difference is due to round up.
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows:
Raw materials $ 40,000
Work in process $ 18,000
Finished goods $ 35,000
The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year:
a. Raw materials were purchased on account, $510,000
b. Raw materials use in production, $480000. All of of the raw materials were used as direct materials.
c. The following costs were accrued for employee services: direct labor, $600,000; indirect labor, $150,000; selling and administrative salaries, $240,000.
d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $367,000
e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $500,000.
f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year.
g. Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed during the year.
h. 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.
Question:
3. What is the journal entry to record the labor costs incurred during the year?
4. What is the total amount of manufacturing overhead applied to production during the year?
5. What is the total manufacturing cost added to Work in Process during the year?
6. What is the journal entry to record the transfer of completed jobs that is referred to in item g above?
7. What is the ending balance in Work in Process?
9. Is manufacturing overhead underapplied or overapplied for the year? By how much?
12. What is the ending balance in Finished Goods?
13. Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for the year?
14. What is the gross margin for the year?
15. What is the net operating income for the year?
Answer:
3.
DR Selling and Administrative Salaries $240,000
Manufacturing Overhead $150,000
Work in Process $600,000
CR Wages Payable $990,000
4.
Manufacturing Overhead Applied
= 41,000 hours * 16.25
= $666,250
5. Total Manufacturing cost to be added = Raw Materials + Direct Labor + Manufacturing Overhead
= 480,000 + 600,000 + 666,250
= $1,746,250
6.
DR Finished Goods $1,680,000
CR Work in Process $1,680,000
7.
Ending Balance = Beginning balance + Raw materials + Direct labor + Manufacturing Overhead - Cost transferred to Finished goods
= 18,000 + 480,000 + 666,250 + 84,250 - 1,680,000
= $84,250
9. Predetermined overhead cost - Actual cost = 666,250 - 650,000 = $16,250.
Overapplied as predetermined cost was more than Actual.
12. Finished goods = Beginning balance + Cost transferred from WIP - Cost of goods sold
= 35,000 + 1,680,000 - 1,690,000
= $25,000
13.
Adjusted Cost of Goods sold = Cost of goods sold - Overapplied
= 1,690,000 - 16,250
= $1,673,750
14. Gross Margin = Sales - Adjusted COGS
= 2,800,000 - 1,673,750
= $1,126,350
15. Net Operating Income
= Gross Margin - Selling and Administrative salaries - Selling and Administrative expenses
= 1,126,350 - 240,000 - 367,000
= $519,250
Which of the following mechanisms would be most likely to help motivate managers to act in the best interests of shareholders? a. Take actions that reduce the possibility of a hostile takeover. b. Decrease the use of restrictive covenants in bond agreements. c. Increase the proportion of executive compensation that comes from stock options and reduce the proportion that is paid as cash salaries. d. Elect a board of directors that allows managers greater freedom of action.
Answer:
c. Increase the proportion of executive compensation that comes from stock options and reduce the proportion that is paid as cash salaries.
Explanation:
Agency problem arises when the interest of shareholders and managers are at odds.
BY increasing the proportion of compensation from stock options, managers would be more interested taking actions that would increase stock value because if stock value increases, managers income would also increase.
Which of these credit card payback strategies would result in your paying the HIGHEST amount of interest?
A. Paying 20% of your credit card balance every month on time
B. Paying off your credit card in full every month
C. Making the minimum payment (3% credit card balance) every month on time
D. Making the minimum payment (3% credit card balance) every month with an occasional late payment
Answer:
D. Making the minimum payment (3% credit card balance) every month with an occasional late payment
Explanation:
Credit card debts attract a very high-interest rate. By design, the interest on uncleared balances increases rapidly. Credit cards calculate interest monthly. Any uncleared balance and the interest incurred is rolled over to the next month, where it continues attracting more interest.
The best strategy is to clear credit card debts in the month they are incurred. Late payment attracts heavy penalties. A combination of late payments and outstanding balances will make interest charges grow exponentially.
The credit card payback strategies that would result in your paying the HIGHEST amount of interest is:
D. Making the minimum payment (3% credit card balance) every month with an occasional late paymentCredit card debt has to do with the overdraft which a customer has collected from the company and is yet to make repayment. As a result of this, when it becomes overdue, there would be certain extra charges which would definitely hurt the customer.
As a result of this, we can see the method that would result in the highest interest rate is the fourth option.
In this method, there would be a 3% overcharge every month.
Therefore, the correct answer is option D
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Michael Jones is saving for an Australian vacation in three years. He estimates that he will need $5,340 to cover his airfare and all other expenses for a week-long holiday in Australia. If he can invest his money in an S&P 500 equity index fund that is expected to earn an average annual return of 10.6 percent over the next three years, how much will he have to save every year if he starts saving at the end of this year? (Round factor values to 4 decimal places, e.g. 1.5212 and final answer to 2 decimal places, e.g. 15.25.)
Answer:
$1603.97
Explanation:
We are to find the present value of the annuity
the formula for finding he present value of an annuity is :
A = FV / annuity factor
annuity factor = [(1 + r)^n - 1 ] / r
FV = Future value = $5340
r = interest rate = 10.6%
n = number of years = 3
(1.106)^3 - 1 / 0.106 = 3.329236
a = $5,340 / 3.329236 = $1603.97
The company would like to initiate an intensive advertising campaign in one of the two market segments during the next month. The campaign would cost $4,800. Marketing studies indicate that such a campaign would increase sales in the Medical market by $42,000 or increase sales in the Dental market by $36,000. Required: 1. How much would the company's profits increase (decrease) if it implemented the advertising campaign in the Medical Market? 2. How much would the company's profits increase (decrease) if it implemented the advertising campaign in the Dental Market? 3. In which of the markets would you recommend that the company focus its advertising campaign?
Answer:
1. How much would the company's profits increase (decrease) if it implemented the advertising campaign in the Medical Market?
We are missing the cost structure, so I looked for similar question. The company's current segment margin for the medical market is 30%. So this campaign would increase segment profit by $42,000 x 30% = $12,600. Since its cost is $4,800, net profit will increase by $12,600 - $4,800 = $7,800
2. How much would the company's profits increase (decrease) if it implemented the advertising campaign in the Dental Market?
The dental market's segment profit is 24%, so this campaign would increase revenue by $36,000 x 24% = $8,640. To calculate net profit we must again subtract the campaign's cost. Net profit = $8,640 - $4,800 = $3,840
3. In which of the markets would you recommend that the company focus its advertising campaign?
They should focus on the medical market since their profit will be higher.
Explanation:
1. A formal report that shows what an individual owns, what an individual owes, and the difference between the two.
Answer:
A net worth statement
Explanation:
A net worth statement is a financial report/ document that shows the assets and liabilities - both short and long-term - of an individual or company. The net worth is the result of deducting liabilities from assets.
The net worth statement paints a picture of a person or an entity's current financial position. Assets represent what a person owns, while liabilities are what they owe.
a unique individual who has the courage to under take the risk associated with creating, organizing and owning business
Answer:
The description above defines an entrepreneur.
Explanation:
According to traditional economics, there are at least four-factor namely:
LandLabourCapitalEntrepreneurshipMore recent schools of thought have added information and technology that that list.
The entrepreneur still remains a critical part of the list given that it is responsible for putting together the other factors in such a way that value is given and received at the least cost possible.
Cheers
Investment X offers to pay you $7,700 per year for 9 years, whereas Investment Y offers to pay you $10,600 per year for 5 years. a. If the discount rate is 7 percent, what is the present value of these cash flows? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) b. If the discount rate is 21 percent, what is the present value of these cash flows? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
Answer:
Investment X
Present value if discount rate is 7% = $50,167.29
Present value if discount rate is 21% = $30,071.84
Investment Y
Present value if discount rate is 7% = $43,462.09
Present value if discount rate is 21% = $31,015.43
Explanation:
Present value is the sum of discounted cash flows
Present value can be calculated using a financial calculator
Investment X
Cash flow each year from year 1 to 9 = $7,700
Present value if discount rate is 7% = $50,167.29
Present value if discount rate is 21% = $30,071.84
Investment Y
Cash flow each year from year 1 to 5 = $10,600
Present value if discount rate is 7% = $43,462.09
Present value if discount rate is 21% = $31,015.43
Norton Corporation reports the following information: Net income $800,000 Dividends on common stock $200,000 Dividends on preferred stock $100,000 Weighted average common shares outstanding 200,000 Norton should report earnings per share of
Answer:
$3.5
Explanation:
As per the situation the computation of earnings per share is shown below:-
Earnings per share = (Net income - Preferred dividends) ÷ Weighted average common shares outstanding
= ($800,000 - $100,000) ÷ 200,000
= $700,000 ÷ 200,000
= $3.5
Therefore for determining the earnings per shares we simply applied the above formula.
Having a great credit score will make it easier for you to
get into a better educational institution.
TRUE
FALSE
Department A had 5,000 units in Work in Process that were 60% completed as to labor and overhead at the beginning of the period. 34,000 units of direct materials were added during the period, 31,000 units were completed during the period, and 8,000 units were 80% completed as to labor and overhead at the end of the period. All materials are added at the beginning of the process. The first-in, first-out method is used to cost inventories. The number of equivalent units of production for material costs for the period was
Answer:
34,000 units
Explanation:
The computation of the number of equivalent units of production for material costs is shown below:
= (Opening work in process × completion percentage) + (Completed units × completion percentage) + (ending work in process × completion percentage)
= (5000 × 0%) + ((31,000 - 5,000) × 100%) + (8000 × 100%)
= 34000 Units
Hence, the number of equivalent units for production is 34,000 units
Social Media, Inc. (SMI) has two services for users. Toot!, which connects tutors with students who are looking for tutoring services, and TiX, which can be used to buy, sell, or exchange event tickets. For the following year, SMI expects the following results. Toot! TiX Total Users 8,900 16,600 25,500 Revenues $ 1,450,000 $ 1,200,000 $ 2,650,000 Engineering hours 7,375 5,375 12,750 Engineering cost $ 402,500 $ 521,875 $ 924,375 Administrative costs $ 739,500 Required: a. Compute the predetermined overhead rate used to apply administrative costs to the two services assuming SMI uses the number of users to allocate administrative costs. b. Based on the rates computed in requirement (a), what is the profit for each service?
Answer: See explanation
Explanation:
a. Predetermined overhead rate will be:
= Administrative costs/Number of users
= 739,500/25,500
= $29 per user
Administrative costs applied to Toot will be:
= Number of users x Predetermined overhead rate
= 8900 x 29
= $258100
Administrative costs applied to Tix will be:
= Number of users x Predetermined overhead rate
= 16600 x 29
= $481400
b. For Toot
Revenue: $1,450,000
Less: Engineering cost: $402,500
Less: Administrative cost: $258,100
Profit = $789400
For Tix:
Revenue: $1,200,000
Less: Engineering cost: $521,875
Less: Administrative cost: $481,400
Profit = $196725
You are considering investing in a zero-coupon bond that will pay you its face value of $1,000 in eight years. If the bond is currently selling for $540.27, then the internal rate of return (IRR) for investing in this bond is closest to:
A. 7.0%
B. 8.0%
C. 9.1%
D. 10.2%
The following data refers to Huron Corporation for the year 20x2.
Sales revenue .......................................................................................$2,105,000
Raw-material Inventory, 12/31/x1 ................................................................ 89,000
Purchases of raw material in 20x2 ............................................................. 731,000
Raw-material inventory, 12/31/x2 ..................................................................59,000
Direct-labor cost incurred ........................................................................... 474,000
Selling and administrative expenses ............................................................269,000
Indirect labor cost Incurred ...........................................................................150,000
Property taxes on factory ................................................................................90,000
Depreciation on factory building ....................................................................125,000
Income tax expense ........................................................................................25,000
Indirect material used ..................................................................................... 45,000
Depreciation on factory equipment ................................................................. 60,000
Insurance on factory and equipment ..............................................................40,000
Utilities for factory ...........................................................................................70,000
Work-In-process Inventory, 12/31/x1 ............................................................... -0-
Work-In-process inventory, 12/3/x2 .................................................................40000
Finished goods inventory, 12/31/xl .................................................................35,000
Finished-goods inventory, 12/31/x2 ................................................................40,000
Applied manufacturing overhead ................................................................. 577,500
Required:
1. Prepare Huronâs schedule of cost of goods manufactured for 20x2.
2. Prepare the companyâs schedule of cost of goods sold for 20x2. The company closes over applied or under applied overhead into Cost of Goods Sold.
3. Prepare the companyâs income statement for 20x2.
Answer:
1. schedule of cost of goods manufactured for 20x2
Beginning Work In Process Inventory $ 0
Direct Materials ($89,000 + $731,000 - $59,000 - $45,000) $716,000
Direct Labor $474,000
Applied manufacturing overhead $577,500
Less Ending Work In Process Inventory ($40,000)
cost of goods manufactured $1,727,500
2. schedule of cost of goods sold for 20x2.
Beginning Finished goods inventory $35,000
Add cost of goods manufactured $1,727,500
Less Ending Finished goods inventory ($40,000)
Cost of Goods Sold $1,722,500
Adjustment :
Less Under-applied Overheads ($2,500)
Adjusted Cost of Goods Sold $1,720,000
3. income statement for 20x2.
Sales revenue $2,105,000
Less Cost of Goods Sold ($1,720,000)
Gross Profit $385,000
Less Expenses :
Selling and administrative expenses ($269,000)
Net Profit Before tax $116,000
Income tax expense ($25,000)
Net Income after tax $91,000
Explanation:
Calculation of Actual Overheads Incurred
Indirect labor $150,000
Property taxes on factory $90,000
Depreciation on factory building $125,000
Indirect material used $45,000
Depreciation on factory equipment $60,000
Insurance on factory and equipment $40,000
Utilities for factory $70,000
Actual Overheads Incurred $580,000
Now,
Where Applied Overheads is $577,500 and Actual Overheads is $580,000, we have an underapplied situation of $2,500 ($580,000 - $577,500).
This under-applied amount is closed off to the cost of goods sold.
1. Computation of the cost of goods manufactured for 20x2
Direct Materials = Beginning Raw-material Inventory + Purchases of raw material - Closing Raw-material inventory - Indirect material used
Direct Materials = $89,000 + $731,000 - $59,000 - $45,000
Direct Materials = $716,000
Particulars Amount
Beginning Work In Process Inventory $0
Add: Direct Materials $716,000
Add: Direct Labor $474,000
Add: Applied manufacturing overhead $577,500
Less: Ending Work In Process Inventory ($40,000)
Cost of goods manufactured $1,727,500
2 .Computation of the cost of goods sold for 20x2
Actual Overheads Incurred = Indirect labor + Property taxes on factory + Depreciation on factory building + Indirect material used + Depreciation on factory equipment + Insurance on factory and equipment + Utilities for factory
Actual Overheads Incurred = $150,000 + $90,000 + $125,000 + $45,000 + $60,000 + $40,000 + $70,000
Actual Overheads Incurred = $580,000
Here, since the Applied Overheads is $577,500 and the Actual Overheads is $580,000, then, we have an under-applied value of $2,500 ($580,000 - $577,500)
Particulars Amount
Beginning Finished goods inventory $35,000
Add: Cost of goods manufactured $1,727,500
Less: Ending Finished goods inventory ($40,000)
Cost of Goods Sold $1,722,500
Adjustment of Cost of Goods Sold
Cost of Goods Sold $1,722,500
Less: Under-applied Overheads ($2,500)
Adjusted Cost of Goods Sold $1,720,000
3. Computation of the income statement for 20x2.
Particulars Amount
Sales revenue $2,105,000
Less: Cost of Goods Sold ($1,720,000
Gross Profit $385,000
Less: Selling and administrative expenses ($269,000)
Net Profit Before tax $116,000
Less: Income tax expense ($25,000)
Net Income after tax $91,000
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Suppose we express the amount of land under cultivation as the product of four factors:
Land = (land/food) x (food/kcal) X (kcal/person) X (population)
The annual growth rates for each factor are (1) the land required to grow a unit of food, - 1 percent (due to greater productivity per unit of land); (2) the amount of food grown per calorie of food eaten by a human, +0.5 percent (because with affluence, people consume more animal products, which greatly reduces the efficiency of land use); (3) the per capita calorie consumption, +0.1 percent; and (4) the size of the population, + 1.5 percent. At these rates, how long would it take to double the amount of cultivated land needed? At that time, how much less land would be required to grown a unit of food?
Answer:
t = 63.01338
46.74%
Explanation:
Using the exponential growth equation :
P = Po * exp(rt)
Rate factors are :
land required to grow a unit of food, = - 1%
amount of food grown/calorie of food = +0.5%
size of the population = 1.5 percent
the per capita calorie consumption, +0.1%
Σ growth rates = - 1 + 0.5 + 1.5 + 0.1 = 1.1% = 0.011
Time taken for Population to double ;
Population (P) = 2 * initial population (Po)
P = 2Po
P = Po * exp(rt)
Substitute 2Po for P
2Po = Po * exp(rt)
2 = exp (rt)
Take the In of both sides
In(2) = rt
0.6931471 = 0.011 * t
t = 0.6931471/ 0.011
t = 63.01338
At that time, how much less land would be required to grown a unit of food?
100 - exp(rt)
r = growth rate of land required to grow a unit of food, = - 1% = - 0.01
[1 - exp(-0.01 * 63.01338)]
[1 - 0.5325205]
= (0.4674795)
= (0.4674) * 100%
= 46.74%
In your opinion are the external benefits large or small and why so ?
Answer:
External benefits are large. Since,
external benefits of education incorporate both
private, public and social benefits.
Explanation:
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What are chemical containants
Apex project 1.3.1 evaluating the economy
answer
As a firm grows, it must support increases in revenue with new investments in assets. The sustainable, or self-supporting, growth model helps a firm assess how rapidly it can grow, while maintaining a balance between its cash outflows (increase in noncash assets) and inflows (funds resulting from increases in liabilities or equity).
Consider this case:
Green Caterpillar Garden Supplies Inc. has no debt in its capital structure and has $150 million in assets. Its sales revenues last year were $60 million with a net income of $5 million. The company distributed $1.60 million as dividends to its shareholders last year.
What is the firm’s sustainable growth rate?
A. 1.65%
B. 4.60%
C. 1.08%
D. 2.32%
Which of the following are assumptions of the sustainable (self-supporting) growth model? Check all that apply.
A. The firm’s total asset turnover ratio remains constant.
B. The firm pays no dividends.
C. This firm will not issue any new common stock next year.
D. The firm’s liabilities and equity must increase at the same rate.
Answer:
i think its a
Explanation:
JFS Co. constructed a new subdivision during 2020 and 2021 under contract with National Hoopla Company. Relevant data are summarized below: Contract amount $ 3,000,000 Cost in the year: 2020 1,200,000 2021 600,000 Cost to complete: 2020 1,000,000 2021 800,000 Contract billings: 2020 1,500,000 2021 1,500,000 JFS recognizes revenue upon completion of the contract. In its December 31, 2020, balance sheet, JFS would report: Multiple Choice The contract asset, deferred profit, of $400,000. The contract asset, contract amount in excess of billings, of $1,500,000. The contract asset, cost and profits in excess of billings, of $500,000. The contract liability, billings in excess of cost, of $300,000.
Answer:
The contract asset, cost and profits in excess of billings, of $500,000.
Explanation:
As JFS follows completion contract method, the following will be recognized in the books for December 31, 2020:
1. Cost to Complete - $1,000,000
2. Revenue (billings done in 2020) $1,500,000
3. Profit - $500,000
Hence, the third option is correct
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable $ 12,450 Accounts payable 6,200 Salaries payable 3,150 Cash 36,750 Dividends 2,000 Operating expense 35,300 Prepaid rent 1,200 Rent expense 8,400 Retained Earnings 1/1/Year 2 41,250 Salaries expense 14,500 Service revenue 65,400 Supplies 650 Supplies expense 3,150 Common stock 7,000 Unearned revenue 6,400 Land 15,000 Required a. Prepare the journal entries necessary to close the temporary accounts at December 31, Year 2, for Zone Health Club. b. What is the balance in the Retained Earnings account after the closing entries are posted?
Answer:
A. 1. Dr Service revenue65,400
Cr Retained Earnings 65,400
2. D Retained earnings61,350
Cr Operating expense35,300
Cr Rent expense8,400
Cr Salaries expense14,500
Cr Supplies expense3,150
3. Dr Retained earnings2,000
Cr Dividends2,000
B. $43,300
Explanation:
A. Preparation of the journal entries to close the temporary accounts
1. Dr Service revenue65,400
Cr Retained Earnings 65,400
2. D Retained earnings61,350
(35,300+8,400+14,500+3,150)
Cr Operating expense35,300
Cr Rent expense8,400
Cr Salaries expense14,500
Cr Supplies expense3,150
3. Dr Retained earnings2,000
Cr Dividends2,000
B. Calculation for the balance in the Retained Earnings account
Retained Earnings Balance
Beginning retained earnings$41,250
Add: Revenue65,400
Less: Expenses(61,350)
Less: Dividends(2,000)
Ending retained earnings$43,300
Therefore the balance in the Retained Earnings account will be $43,300
Master Bakery is specialized in making wedding cakes. Customers are always required to pay a deposit equal to the full purchase price when they place orders. During the month of September 2013, Master Bakery received $34,000 in customer deposits. The balance in its Deferred Revenue account was $14,000 at September 1, 2013 and $16,000 at September 30, 2013. How much revenue did Master Bakery recognize during the month of September 2013?
Answer: $32,000
Explanation:
Based on the information given in the question, the revenue that Master Bakery will recognize during the month of September 2013 will be:
= $34,000 + $14,000 - $16,000
= $48,000 - $16,000
= $32,000
Assume you deposit $5,400 at the end of each year into an account paying 10.5 percent interest. Requirement 1: How much money will you have in the account in 17 years? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Annuity future value $ 42008.68 Requirement 2: How much will you have if you make deposits for 34 years? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)
Answer:
Results are below.
Explanation:
Giving the following information:
Annual deposit= $5,400
Interest rate= 10.5%
1) Number of periods= 17 years
To calculate the future value, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
FV= {5,400*[(1.105^17) - 1]} / 0.105
FV= $229,349.5
2) Number of periods= 34 years
FV= {5,400*[(1.105^34) - 1]} / 0.105
FV= $1,481,499.98