The Jamison Company's inventory was destroyed on July 4, 2016, when its warehouse caught on fire early in the morning. Inventory was totally destroyed. The accounting records, which were located in a fireproof vault, contained the following information: Sales (1/1/16 through 7/3/16)$240,000 Purchases (1/1/16 through 7/3/16)180,000 Inventory (1/1/16)45,000 Gross profit ratio25% of cost Using the gross profit method, what is the estimated cost of the inventory that was destroyed by the fire

Answer:

$15,000

Explanation:

With regards to the above information, the estimated cost of inventory that was destroyed by fire is computed as

= [Sales - (Purchases + Inventory)]

Given that;

Sales 1/1/16 through 7/3/16 = $240,000

Purchases 1/1/16 through 7/3/16 = $180,000

Inventory 1/1/16 = $45,000

= [$240,000 - ($180,000 + $45,000)]

= $240,000 - $225,000

= $15,000

Jack and Jill are the only two residents in a neighbourhood, and they would like to hire a security guard. The value of a security guard is $50 per month to Jack and $90 per month to Jill. Irrespective of who pays the guard, the guard will protect the entire neighbourhood and charge $120 per month for the service. Suppose Jack earns $4,000 per month and Jill earns $8,000 per month.
a. With a proportional tax of 1 percent on income, how much would Jack and Jill pay, and would it be enough to pay for the security guard?
Jack would pay $ _____.
Jill would pay $ _____.
This tax _____ be enough to pay for the security guard.
b. Suppose instead that Jack proposes a payment scheme under which Jack and Jill would each receive the same net benefit from hiring the guard. How much would Jack and Jill pay now?
Jack would pay $ _____.
Jill would pay $ _____.
Would both Jack and Jill vote for this scheme? _____

Scenario: You are in the market for a new car. You do not have a trade-in, but you have saved $3,000 toward a down payment. You currently earn $3,750.00 gross monthly income, of which 28% is withheld for various deductions. You have heard of the 20% rule of thumb, but want to limit your payments to no more than 18% of your net monthly income because of other debt commitments. You currently have a credit score of 685. You expect to drive the car an average 15,000 miles per year. You're considering purchasing a used-rather than new car. This strategy offers several advantages.
1. Which of the following is not an advantage of purchasing a used car?
A. The reduced down payment required for the purchase.
B. A lack of knowledge and confidence in the mechanical condition of the car.
C. The price of the automobile.
D. Avoidance of the vehicle's significant decrease in value due to depreciation.
2. Which of the following will directly affect the final cost of a new car if you elect to purchase the vehicle?
A. The amount of the trade-in on an existing vehicle (if applicable).
B. The color of the vehicle.
C. The extent to which you dress up when you negotiate the purchase.
D. The amount of any rebate or incentives associated with the purchase of the new vehicle.
E. The period or term of any loan used to finance the purchase.
3. Alternatively, after seeing several television commercials suggesting the benefits of leasing a new automobile, you’ve started thinking about the phenomenon of leasing. Which of the following statements regarding leasing is true?
A. If you select to use a closed-end lease, then you’ll be free from any final payment. That’s why they call it a walkaway lease.
B. Leasing can result in lower monthly payments than would be incurred if you purchased the vehicle.
C. Customary end-of-term charges on a lease can include a disposition fee, an early termination charge, and an excess mileage charge.
D. If you use an open-end lease, you’ll be required to pay the difference between the vehicle’s projected residual value and its actual market value.
E. Leases work best for people who want to drive a vehicle for years and years, and drive at least 30,000 miles every year.
4. A lease payment is based on four variables. Which of the following is not one of these variables?
A. The money, or lease, factor.
B. The vehicle’s residual value.
C. The closed-end premium.
5. Being upside down in a loan is the same as having:____.
A. Negative equity.
B. A negative interest rate.
6. Complete the following table to determine your desired maximum monthly payment.
Gross income (monthly) $
Deductions (dollar amount) $
Take-home pay $
Percentage allotted for car payment %
Maximum monthly payment $
7. You have decided to purchase a new car and have negotiated the price. A four-year loan is resulting in payments of $586.00 per month. How might you get your monthly payment down to your desired monthly goal?
A. Shop for a loan with a higher interest rate.
B. Extend the term of the loan from four to five years.
C. Shorten the term of the loan from four to three years.
D. Shop for a loan with a lower interest rate.
8. A good credit score is an important factor when buying a car because it allows you to (1)____obtain financing terms, and (2)_____afford a expensive or better vehicle for the same loan amount.

All materials are added at the start of production. Refer to Keyser Corporation. Assume that the cost per EUP for material and conversion are $1.75 and $4.55, respectively. What is the cost assigned to ending Work in Process

The following information applies to the questions displayed below Over a four-year period, Jackie Corporation reported the following series of gross profits 2018 2019 2020 2021 $60,000 $66,000 $74,000 $90,000 Cost of goods sold32,000 46,00028,000 48,000 $28,000 $20,000 $46,000 $42,000 Net sales Cross profit In 2021, the company performed a comprehensive review of its inventory accounting procedures. Based on this review company records reveal that ending inventory was understated by $11,000 in 2019. Inventory in all other years is correct. Problem 6-10A Part 1
Required:
1. Calculate the gross profit ratio for each of the four years based on amounts originally reported. (Round your answers to the nearest whole percent.) Gross Profit Ratio 2018 2019 2020 2021 The following information applies to the questions displayed below Over a four-year period, Jackie Corporation reported the following series of gross profits 2021 Net sales Cost of goods sold Gross profit $60,000 $66,000 $74,000 $90,000 $28,000 $20,000 46,000 $42,000 In 2021, the company performed a comprehensive review of its inventory accounting procedures. Based on this review, company records reveal that ending inventory was understated by $11,000 in 2019. Inventory in all other years is correct
2. Calculate the gross profit ratio for each of the four years based on corrected amounts. (Round your answers to the nearest whole percent.) Gross Ratio 2018 2019 2020 2021

Beeman Company exchanged machinery with a fair value of $4,680,000, a recorded cost of $7,200,000 and accumulated depreciation of $3,600,000 with Lacey Corporation for machinery Lacey owns.
The machinery that Lacey owns has a fair value of $4,520,000, a recorded cost of $8,640,000, and accumulated depreciation of $4,752,000. Lacey also gave Beeman $160,000 of cash in the exchange. Assume depreciation has already been updated.
Instructions
(a) Prepare the entries on both companies' books assuming that the exchange had commercial substance.
(b) Prepare the entries on both companies' books assuming that the exchange lacked commercial substance

(1 point) The manager of a large apartment complex knows from experience that 110 units will be occupied if the rent is 300 dollars per month. A market survey suggests that, on the average, one additional unit will remain vacant for each 2 dollar increase in rent. Similarly, one additional unit will be occupied for each 2 dollar decrease in rent. What rent should the manager charge to maximize revenue

Imagine a hypothetical economy with a population of 100 people, 80 of which over sixteen. Forty eight of these people who are working and twelve people who are willing, able and looking for work cannot find jobs. The unemployment rate in this economy is____________ % (enter percentage as a whole number, not a decimal, no percentage sign). S

Suppose that 10 of those unemployed people get discouraged and give up looking for work. Now, the unemployment rate is __________% (enter percentage as a whole number, not a decimal, no percentage sign).

Companies that depend upon and highly value the contribution of intellectual capital to good strategy execution, generally do not:___________.
A. provide their employees with challenging, interesting, and skill-stretching assignments and also rotating them through jobs that not only have great content but also span functional and geographic boundaries.
B. implement rewards and benefits programs such as promotions, salary increases, performance bonuses, stock options, and other perks.
C. invest time and money into coaching underperformers and benchwarmers to improve their skills and capabilities.
D. encourage their employees to challenge existing ways of doing things, to be creative and innovative in proposing better ways of operating, and to push their ideas for new products or businesses.
E. foster a stimulating and engaging work environment so that their employees will consider the company a great place to work.

The Sandeep Company's April 30 pre-reconciliation cash balance on its books was $35,000. While preparing the April 30 bank reconciliation, Sandeep determined that outstanding checks total $11,000, deposits in transit total $7,000, and bank service charges are $50. Assuming there are no other reconciling items, what was Sandeep's April 30 cash balance per the bank statement

Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: Sales are budgeted at $320,000 for November, $300,000 for December, and $290,000 for January. Collections are expected to be 55% in the month of sale and 45% in the month following the sale. The cost of goods sold is 70% of sales. The company would like to maintain ending merchandise inventories equal to 70% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $23,800. Monthly depreciation is $14,800. Ignore taxes. Balance Sheet October 31 Assets Cash $ 21,400 Accounts receivable 71,400 Merchandise inventory 156,800 Property, plant and equipment, net of $573,400 accumulated depreciation 1,095,400 Total assets $ 1,345,000 Liabilities and Stockholders' Equity Accounts payable $ 255,400 Common stock 821,400 Retained earnings 268,200 Total liabilities and stockholders' equity $ 1,345,000 The difference between cash receipts and cash disbursements for December would be:

Match each of the principles and phases in the development of an accounting system with the statement that best describes them.
1. Information must be understandable, relevant, reliable, timely, and accurate.
2. Benefits of information must outweigh the cost of providing it.
3. The system should accommodate a variety of users and changing information needs.
4. The accounting system must consider the needs and knowledge of various users.
5. The system should be capable of meeting the changes in the demands made upon it.
a. Useful output
b. Cost effectiveness
c. Flexibility

During January, its first month of operations, Dieker Company accumulated the following manufacturing costs: raw materials $5,100 on account, factory labor $7,500 of which $5,800 relates to factory wages payable and $1,700 relates to payroll taxes payable, and factory utilities payable $2,900. Prepare separate journal entries for each type of manufacturing cost. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

On April 1, Townsley Company sold merchandise with a selling price of $10,000 on account to Trout Company, with terms 3/10, n/30. On April 5, Trout Company returned merchandise with a selling price of $1,000. Trout Company paid the amount due on April 9. What journal entry did Townsley Company prepare on April 9 assuming the gross method is used

Information related to Whispering Winds Corp. is presented below.
1. On April 5, purchased merchandise on account from Martinez Company for $27,200, terms 2/10, net/30, FOB shipping point.
2. On April 6, paid freight costs of $900 on merchandise purchased from Martinez.
3. On April 7, purchased equipment on account for $29,100.
4. On April 8, returned $3,400 of merchandise to Martinez Company.
5. On April 15, paid the amount due to Martinez Company in full.
Prepare the journal entries to record these transactions on the books of Kerber Co. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
No.
Date Account Titles and Explanation Debit Credit
1. April 5April 6April 7April 8April 15
2. April 5April 6April 7April 8April 15
3. April 5April 6April 7April 8April 15
4. April 5April 6April 7April 8April 15
5. April 5April 6April 7April 8April 15

Arntson, Inc., manufactures and sells two products: Product R3 and Product N0. The annual production and sales of Product of R3 is 200 units and of Product N0 is 100 units. Data concerning the expected production of each product and the expected total direct labor-hours (DLHs) required to produce that output appear below: Expected ProductionDirect Labor-Hours Per UnitTotal Direct Labor-Hours Product R32008.01,600 Product N010011.01,100 Total direct labor-hours 2,700 The direct labor rate is $15.80 per DLH. The direct materials cost per unit is $287.80 for Product R3 and $104.80 for Product N0. The company is considering adopting an activity-based costing system with the following activity cost pools, activity measures, and expected activity: EstimatedExpected Activity Activity Cost PoolsActivity MeasuresOverhead CostProduct R3Product N0Total Labor-relatedDLHs$39,6361,6001,1002,700 Production ordersorders 57,4216007001,300 Order sizeMHs 432,0753,6003,9007,500 $529,132 The unit product cost of Product N0 under activity-based costing is closest to: (Round your intermediate calculations to 2 decimal places.) Select one: A. $2,042.37 per unit B. $2,434.27 per unit C. $2,996.06 per unit D. $2,525.39 per unit

Super Saver Groceries purchased store equipment for $43,000. Super Saver estimates that at the end of its 10-year service life, the equipment will be worth $4,000. During the 10-year period, the company expects to use the equipment for a total of 13,000 hours. Super Saver used the equipment for 1,200 hours the first year. Required: Calculate depreciation expense of the equipment for the first year, using each of the following methods. (Do not round your intermediate calculations.)

Triple Tier Bakery is a locally-owned business offering custom cakes, cupcakes, desserts and wedding cakes. At year end, Triple Tier's balance of Allowance for Uncollectible Accounts is $550 (credit) before adjustment. The Accounts Receivable balance is $22,500. During the next year, Triple Tier estimates that 10% of accounts will be uncollectible. Record the adjustment required for Allowance for Uncollectible Accounts?

Research shows that global managers face a much different leadership context as compared to their domestic counterparts.

a. True
b. False

Stockbrokers who market their services with confidence that they can outperform the market average in picking stocks are especially likely to a employ workers who use heuristics. b find it difficult to decide which stocks to purchase. c use algorithms to generate stock choices. d avoid the dangers of belief perseverance. e appear credible to their customers.

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which gas is reffered to as laughing gas
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Suppose a firm produces with a technology that exhibits constant returns to scale at all levels of production. The firm's inputs are workers and laptops. The firm sells its output in a perfectly competitive market. It also hires its inputs (hires workers and rents laptops) in perfectly competitive markets. Assume that in the long run the firm produces y units of output using x1 workers and x2 laptops. If the firm doubles the amount of workers and laptops (using 2x1 and 2x2), we would expect the firm's long-run profits to

AAA Advertising hires Christopher as a photographer to take photographs of products for AAA’s use in its advertising campaigns. Christopher is to use his own DSLR camera. Christopher will have an office at AAA but only needs to come in 10 hours a week, of his own choosing. Christopher will work under a supervisor who will tell him exactly what photos to take and how many of each product. He will be paid a flat $2,000 salary every other week, regardless of how much work he does. 1) What is Christopher’s employment status with AAA, is he an employee or independent contractor? 2) Discuss each of the applicable factors used to determine whether a worker is an independent contractor or employee.

Spiess Corporation has two major business segments--Apparel and Accessories. Data concerning those segments for December appear below: Sales revenues, Apparel $ 775,000 Variable expenses, Apparel $ 314,000 Traceable fixed expenses, Apparel $ 201,000 Sales revenues, Accessories $ 799,000 Variable expenses, Accessories $ 425,000 Traceable fixed expenses, Accessories $ 128,000 Common fixed expenses totaled $401,000 and were allocated as follows: $172,000 to the Apparel business segment and $229,000 to the Accessories business segment. Required: Prepare a segmented income statement in the contribution format for the company.

Audited Balance 10/31/2018 Preliminary Balance 10/31/2019

Sales* $56,038,100 $61,641,910
Executive salaries 544,881 583,956
Factory hourly payroll 10,402,954 11,697,055
Factory supervisors' salaries 659,285 770,600
Office salaries 1,948,821 2,694,881
Sales commissions 2,950,799 2,829,500

Sales have increased 10% over prior year. 3% percent of that is due to an increase in the average selling price. The remaining 7% is attributed to an increase in the number of units sold.

Required:
Journalize the entries.

The Bandeiras Corporation, a merchandising firm, has budgeted its activity for December according to the following information:Sales at $650,000, all for cash.Merchandise inventory on November 30 was $300,000.The cash balance at December 1 was $38,000.Selling and administrative expenses are budgeted at $120,000 for December and are paid in cash.Budgeted depreciation for December is $65,000.The planned merchandise inventory on December 31 is $330,000.The cost of goods sold is 70% of the sales price.All purchases are paid for in cash.There is no interest expense or income tax expense.The budgeted cash receipts for December are:

Concord Corporation had 302000 shares of common stock issued and outstanding at December 31, 2020. No common stock was issued during 2021. On January 1, 2021, Concord issued 201000 shares of nonconvertible preferred stock. During 2021, Concord declared and paid $100000 cash dividends on the common stock and $81000 on the preferred stock. Net income for the year ended December 31, 2021 was $611000. What should be Concord's 2021 earnings per common share

Scare-2-B-U (S2BU) specializes in costumes for all occasions. The average price of each of its costumes is $240. For each occasion, S2BU receives a 20 percent deposit two months before the occasion, 50 percent the month before, and the remainder on the day the costume is delivered. Based on information at hand, managers at S2BU expect to make costumes for the following number of occasions during the coming months. April 75 May 45 June 30 July 60 August 75 September 165 Required: a. What are the expected revenues for S2BU for each month, April through September

The Lumbar Chair Company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 140,000 chairs. During the month, the firm completed 180,000 chairs and transferred them to the Finishing Department. The Assembly Department ended the month with 25,000 chairs in process. All direct materials costs are added at the beginning of the production cycle. Conversion costs are incurred uniformly over the production cycle. Weighted-average costing is used by Lumbar. How many of the chairs that were started were also completed during February

What is the solution to this problem?

Flintstone Company is owned equally by Fred Stone and his sister Wilma, each of whom hold 2,400 shares in the company. Wilma wants to reduce her ownership in the company, and it was decided that the company will redeem 480 of her shares for $30,700 per share on December 31 of this year. Wilmaâs income tax basis in each share is $7,900. Flintstone has current E&P of $10,930,000 and accumulated E&P of $50,210,000.
a. What is the amount and character (capital gain or dividend) recognized by Wilma as a result of the stock redemption, assuming only the "substantially disproportionate with respect to the shareholder" test is applied?
b. What is Wilmaâs income tax basis in the remaining 1,920 shares she owns in the company?
c. Assuming the company did not make any dividend distributions this year, by what amount does Flintstone reduce its E&P as a result of the redemption?

Leo Manufacturing Company uses the FIFO method in its process costing system. The first processing department, the Soldering Department, started the month with 32,000 units in its beginning work-in-process inventory that were 70% complete with respect to conversion costs. The conversion cost in this beginning work-in-process inventory was $116,150. An additional 84,500 units were started into production during the month. There were 38,000 units in the ending work-in-process inventory of the Soldering Department that were 80% complete with respect to conversion costs. A total of $580,125 in conversion costs were incurred in the department during the month. What would be the cost per equivalent unit for conversion costs?