Answer:
General ledger
The chart of accounts
Journals
Explanation:
The general ledger contains all the transactions carried out and registered by the company.
The chart of accounts is lists and codes all the accounts that are used by the by the company, e.g. cash might be account 101.
The journal entries are the individual entries recorded in the general ledger or any other specific ledger.
upper and lower extremity of bursitis
Answer:
the answer is your bookjdjhmmBooynoheCNN
what is the solutions of differences in perception?
Njal had been working as a chainsaw operator for the past 15 years when his company decided to upgrade its equipment from chainsaws to timber harvesters, which are large pieces of equipment that require a new set of skills. The company was unwilling to train existing workers on the new equipment, so Njal needed to find :_________
Answer: when annal company upgrades its operations it will no longer employ chainsaw operations like Neal.Najal is not trained to do what the company needs so he is laid off answer: structural.
After looking for work.....Answer: not in the labor force
Neal signs up for six month government.... Answer: not on the labor force
After completing a part time job..... answer: frictional unemployment
Njali takes a part time job with a computer repair......Answer:U-6
Njali starts his own computer repair company......Answer: part of the labor force
Explanation:
Bunker makes two types of briefcase, fabric and leather. The company is currently using a traditional costing system with labor hours as the cost driver but is considering switching to an activity-based costing system. In preparation for the possible switch, Bunker has identified two activity cost pools: materials handling and setup. Pertinent data follow: Fabric Case Leather Case Number of labor hours 16,000 8,000 Number of material moves 620 930 Number of setups 40 120 Total estimated overhead costs are $238,800, of which $186,000 is assigned to the materials handling cost pool and $52,800 is assigned to the setup cost pool. Required: 1. Calculate the overhead assigned to the leather case line using the traditional costing system based on direct labor hours. 2. Calculate the overhead assigned to the leather case line using ABC. 3. Was the leather case over- or undercosted by the traditional cost system compared to ABC
Answer:
1. 79,600
2. 151,200
3.The leather case line is undercosted by the traditional cost system compared to ABC
Explanation:
1. Calculation for the overhead assigned to the leather case line using the traditional costing system based on direct labor hours
Overhead Assigned to leather case =[$238,800/(16,000+8,000)*8,000]
Overhead Assigned to leather case =[$238,800/24,000*8,000]
Overhead Assigned to leather case =79,600
Therefore the overhead assigned to the leather case line using the traditional costing system based on direct labor hours will be 79,600
2. Calculation for the overhead assigned to the leather case line using ABC
First step is to calculate the Material handling rate
Material handling rate = 186,000/(620+ 930)
Material handling rate = 186,000/1,550
Material handling rate = 120 per move
Second step is to calculate the Setup cost
Setup cost =$52,800/(40+ 120)
Setup cost =$52,800/160
Setup cost = 330 per setup
Now let calculate overhead assigned to the leather case line using ABC
Overhead assigned to leather case ABC = (930*120)+(120*330)
Overhead assigned to leather case ABC =111,600+39,600
Overhead assigned to leather case ABC = 151,200
Therefore the overhead assigned to the leather case line using ABC will be 151,200
3. Based on the above calculation the leather case line is undercosted by the traditional cost system compared to ABC
A high school football team arrives to practice one day to find that all of their equipment is missing. The coach wants to make sure he has considered every possibility before he the principal. Which of the following pieces of evidence would be relevant to help explain what happened to the equipment?
a. The school board has instituted budget cuts to the football program.b. Many of the players' parents have raised concerns over the potential for head injuries in contact football.c. The football team often exchanges pranks with their biggest rival, a high school team from the next town.d. The equipment has failed a recent safety inspection.
Answer:
d. The equipment has failed a recent safety inspection.
Explanation:
In the given scenario where the equipment of the football team got missing, the coach will need to come up with a valid reason that will adequately explain disappearance of all the team's equipment.
The other options given may account for some of the equipment being missing, but the only option that will easily result in all equipment being missing is: The equipment has failed a recent safety inspection.
In this case the whole of the equipment will need to be confiscated and the the school asked to get better equipment as this is a serious safety concern
Yvette is waiting in line to receive a free t-shirt at a charity event. Because the shirts are free, there are many people in line, and a long wait time is expected Consider the following sentence: By waiting in line for the shirt Yvette will miss an appointment to tutor an economics student, for which she would have been paid $30. Which basic concept of individual choice does this sentence best illustrate?
a. Externalities are a shortcoming of the market,
b. Many decisions are made on the margin.
c. Opportunity costs and money costs (price) are related but are not always exactly the same
d. People usually exploit opportunities to make themselves better off.
Answer:
c
Explanation:
Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives. It is also known as implicit cost
When Yvette decided to wait in line, she missed the opportunity to tutor. This is her opportunity cost.
By giving up tutoring, she is losing $30. Thus her implicit cost is $30
The controlling management function is largely a matter of ________.
The controlling management function is largely a matter of monitoring to see that tasks are accomplished. Thus, option (d) is correct.
What is management?The term “management” refers to the act of managing. The management of the business activities. Management is the basis of art, science, and the profession. Management are they manage the organization. Management are based of the different functions are the step by step.
According to the management function, as controlling was the important function. It was a main role to control the planning and the other activity of the organization. It was the ensuring that a company's performance is the consistent with monitoring the task are accomplished.
As a result, the significance of the controlling management function are the aforementioned. Therefore, option (d) is correct.
Learn more about on management, here:
https://brainly.com/question/29023210
#SPJ6
Your question is incomplete, but most probably the full question was.
The controlling management function is largely a matter of ________.
a. determining what needs to be done
b. enforcing rules for employees
c. resolving conflicts
d. monitoring to see that tasks are accomplished
Threats. Assessing threats is an essential part of developing a strategic plan for your professional future. If the economy goes into a recession at the same time you graduate, for example, your earnings growth could be reduced for years to come. By examining what potential threats could affect your professional development and creating contingency plans, you will be in a better position to succeed in your pursuit of a job.
Describe three to five threats that could affect your ability to achieve your objectives.
Explanation:
Some threats that can affect an individual's ability to achieve their professional goals may be: an economic recession, the saturated work sector, conflicts in the workplace.
Assessing threats is essential so that the individual can plan their professional future based on risks that may occur and seek prior solutions so that if any of these threats occur, their effects are less negative for the individual.
In the case of an economic recession and a saturated work sector, it would be ideal for the professional to look for a professional plan b, as these are external events that cannot be controlled, but developing new professional skills can mean a quicker and more positive market replacement.
Avoiding conflicts in the workplace is a threat that can be avoided by acting in an ethical and professional manner, always respecting differences, taking responsibility for your role and maintaining effective communication.
Weisman, Inc. uses activity-based costing as the basis for information to set prices for its six lines of seasonal coats.
Activity Cost Pools Estimated Overhead Estimated Use of Cost Drivers per Activity
Designing $448,260 12,400 designer hours
Sizing and cutting 4,009,050 151,000 machine hours
Stitching and trimming 1,419,075 79,500 labor hours
Wrapping and packing 299,250 31,500 finished units
Compute the activity-based overhead rates using the following budgeted data for each of the activity cost pools.
a. Designing
b. Sizing and cutting
c. Stitching and trimming
d. Wrapping and packing
Answer and Explanation:
The computation of the activity based overhead rate is shown below:
= Estimated overhead ÷ cost driver per activity
a. For designing
= $448,260 ÷ 12,400
= $36.15 per design hour
b. For sizing and cutting
= $4,009,050 ÷ 151,000
= $26.55 per machine hour
c. For stiching and trimming
= $1,419,075 ÷ 79,500
= $17.85 per labor hour
d. For wrapping and packing
= $299,250 ÷ 31,500
= $9.5 per finished units
During the summer between his junior and senior years, James Cook needed to earn sufficient money for the coming academic year. Unable to obtain a job with a reasonable salary, he decided to try the lawn care business for three months. After a survey of the market potential, James bought a used pickup truck on June 1 for $1,160. On each door he painted "James Cook Lawn Service, Phone 471-4487." He also spent $680 for mowers, trimmers, and tools. To acquire these items, he borrowed $2,520 cash by signing a note payable promising to pay the $2,520 plus interest of $65 at the end of the three months (ending August 31)
Answer:
Half of the question is missing, so I looked for similar ones and found the attached image.
Explanation:
We must determine James' profit for the summer:
Cash collected $12,800
Receivables $730
total revenue = $13,530
Expenses:
Gas, oil and lubrication $1,080 + $190 = $1,270
Repairs $550
Supplies $230
Salaries $6,000
Payroll taxes $290
Filing taxes services $35
Insurance $245
telephone $270
interest expense $65 (I'll use the information provided in the question)
Depreciation $620
total expenses = $9,575
net income = $13,530 - $9,575 = $3,955
A company purchased inventory on January 1, 20X2, for $600,000, and uses the FIFO method. On December 31, 20X2, the inventory had a net realizable value of $550,000 and a replacement cost (market value) of $525,000. What would be the carrying value of the inventory on the company's December 31, 20X2, balance sheet prepared under:
Answer:
See below
Explanation:
It is to be noted that under IFR, inventories are carried at a lower of cost or net realizable value, which is $550,000 in this scenario.
Also, under the United states GAAP, inventories are carried at a lower of cost or market . Here, the replacement cost of $525,000 would be used because it is below NRV and its equal to the difference between NRV and normal profit margin.
A company is producing christmas light strings containing 20 small bulbs. Suppose the success or failure of a bulb is independent of the success or failure of other bulbs and the probability that a bulb is lightning properly is 0.92.
a. When you order a christmas light string, what is the probability of at most 3 of those small bulbs are not lightning properly.
b. Find the mean and the variance of bulbs in a string that are not lightning properly.
Answer:
Explanation:
Number of bulbs = 20
Success of a bulb lightning properly = 0.92
Success of a bulb not lightning properly = 0.08
We have to find the probability of atmost 3 bulbs not lightning properly -
The random Variable X follows binomial distribution
= 0.929385
Mean and variance of bulbs in a string that are not lightning properly is given by
Mean of binomial distribution or E(X) = n*p = 20*0.08 = 1.6
Variance of binomial distribution or V(X) = n*p*(1-p) = 20*0.08*0.92 = 1.472
You are the director of marketing. Your department has been doing well, but the company as a whole has been losing revenue steadily each quarter. In an effort to stay in business, the company is reducing the salaries of all employees by 15 percent. You need to inform your employees. Your employees are expecting that there will be a pay reduction and unanimously voted to reduce salaries rather than fire employees to balance the budget.
Which outline would be most appropriate in this situation?
I. Thank employees for being willing to make a sacrifice for the good of the company
II. Inform the employees they will receive a 15% pay cut
III. Restate the facts of the company's financial situation
IV. Explain
A. The reasons why the company needs to take drastic action
B. The benefits of the company's strategy
V. Close with a forward-looking statement.
I. State the facts of the company's financial situation
II. Explain
A. The reasons the company needs to take drastic action
B. The benefits of the company's strategy
III. Inform the employees they will receive a 15% pay cut
IV. Close with a forward-looking statement
I. State the facts of the company's financial situation
II. Provide alternatives the company considered
A. Unemployment
B. Bankruptcy
III. Inform the employees they will receive a 15% pay cut
Answer:
I. Thank employees for being willing to make a sacrifice for the good of the company.
II. State the facts of the company's financial situation.
III. Inform employees that they will receive a 15% pay cut.
IV. Close with forward looking statement.
Explanation:
The company's financial situation has led the managers to decide for a pay cut instead of lay off to improve the financial position of the company and stay in the budget. The company should appraise employees that they understand the company's situation and are willing to accept the pay cut. The director should inform employees about the current financial situation and provide details about the pay cut plan. The email should close with a forward looking statement and a statement that as soon as the situation of company gets better the employees will receive full salaries as always.
Statement of stockholders' equity Financial information related to All Seasons Company for the month ended June 30, 20Y7, is as follows:_______.
Common stock, June 1, 20Y7 $30,000
Stock issued in June 20,000
Net income for June 87,500
Dividends during June 15,000
Retained earnings, June 1, 20Y7 145,000
Prepare a statement of stockholders' equity for the month ended June 30, 20Y7. If an amount is zero, enter "0"
Answer:
Stockholders' equity is $267,500.
Explanation:
Note: See the attached excel file for the statement of stockholders' equity.
The following are used to confirm the figures in the ayyached excel file:
Seasons Company
Statement of Stockholders' Equity
for the month ended June 30, 20Y7
Particular Amount ($)
Common stock (w.1) 50,000
Retained earnings (w.2) 217,500
Stockholders' equity 267,500
Workings:
w.1: Common stock June 30, 20Y7 = Common stock, June 1, 20Y7 + Stock issued in June = $30,000 + $20,000 = $50,000
w2: Retained earnings June 30, 20Y7 = Retained earnings, June 1, 20Y7 + Net income for June - Dividends during June = $145,000 + $87,500 - $15,000 = $217,500
thank you and have a great dAY
Answer:
what there is no question
Explanation:
During a job interview, Pam Thompson is offered a salary of 49,000. The company gives annual raises if 6 percent. What will be Pam"s salary during her 5th year on the Job?
Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
A. The equipment was purchased on account for $25,000. Credit terms were 2/10, n/30. Payment was made within the discount period and the company records the purchases of equipment net of discounts.
B. Connors gave the seller a noninterest-bearing note. The note required payment of $27,000 one year from date of purchase. The fair value of the equipment is not determinable. An interest rate of 10% properly reflects the time value of money in this situation.
C. Connors traded in old equipment that had a book value of $6,000 (original cost of $14,000 and accumulated depreciation of $8,000) and paid cash of $22,000. The old equipment had a fair value of $2,500 on the date of the exchange. The exchange has commercial substance.
D. Connors issued 1,000 shares of its nopar common stock in exchange for the equipment. The market value of the common stock was not determinable. The equipment could have been purchased for $24,000 in cash.
Required:
For each of the above situations, prepare the journal entry required to record the acquisition of the equipment. (If no entry is required for a transaction, select "No journal entry required" in the first account field.) (Show your work)
Answer and Explanation:
The journal entries are shown below:
A. Equipment $24,500 ($25,000 × 98%)
To Accounts Payable $24,500
(Being the equipment is purchase on account)
B. Equipment $24,545
Discount on Notes Payable $2,455
To Note Payable $27,000
(Being note payable is recorded)
C. New Equipment $24,500
Accumulated Depreciation $8,000
Loss on Equipment $3,500
To Cash $22,000
To Old Equipment $14,000
(Being equipment is recorded)
D. Equipment $24,000
To Common Stock $24,000
(Being equipment purchased)
Mckenna is a high-school student who wants to become a High School Science Teacher. What are the most helpful examples of milestones for this goal? Check all that apply.
1 graduating from college
2 graduating from high school
3 living in another country, and learning the language
4 completing an internship at a newspaper
5 learning to swim
6 volunteering to work in classrooms
answer is 1 2 6
Answer:
2, 1, and 6
Explanation:
McKenna should graduate from high school and apply to college prior to graduation. To be a teacher, McKenna must earn a college degree. After earning a bachelor's degree, McKenna will need to spend time volunteering in a classroom while preparing to take a state licensing test and successfully pass it to be a paid high school teacher in any state's education system.
Answer:
1,2,6
Explanation:
The following information was taken from the records of Sheffield Inc. for the year 2020: Income tax applicable to income from continuing operations $209.440: income tax applicable to loss on discontinued operations $28,560. and unrealized holding gain on available-for-sale securities (net of tax) $16,800.
Gain on sale of equipment $106,400
Cash dividends declared $168,000
Loss on discontinued operations 84,000
Retained earnings January 1, 2020 2,400,000
Administrative expenses 268,800
Cost of goods sold 952,000
Rent revenuc 44,800
Selling expenscs 336,000 2,128,000
Loss on write-down
F inventory 67 200
Sales Revenue Shares outstanding during 2020 were 100,000.
Prepare a single-step income statement. (Kound eurmings pershre to 2 decimal paces, e 148 SHEFFIELD INC. Income Statement $ Prepare a comprehensive income statement for 2020, using the two statement format. SHEFFIELD INC. Comprehensive Income Statement Prepare a retained earnings statement for 2020. (tfst ltens tatheuse 1euhe enMhgs firsEj SHEFFIELD INC. Retained Earmings Statement
Answer:
a. Single-step Income Statement for the year ended December 31, 2020:
Sales Revenue $2,128,000
Rent revenue 44,800
Gain on sale of equipment 106,400
Total Revenue $2,279,200
Cost of goods sold 952,000
Administrative expenses 268,800
Selling expenses 336,000
Loss on write-down
of inventory 67 200
Total expenses $1,624,000
$655,200
Income Tax $209,440
Net Income $445,760
Comprehensive Income Statement for the year ended December 31, 2020:
Net Income $445,760
Loss on discontinued operations (84,000)
Income Tax
on discontinued operations (28,560)
Unrealized holding gain (net of taxes) 16,800
Comprehensive Income $350,000
Statement of Retained Earnings for the year ended December 31, 2020:
Retained earnings January 1, 2020 $2,400,000
Comprehensive Income 350,000
Cash dividends declared (168,000)
Retained earnings, December 31 $2,582,000
Explanation:
a) Data and Calculations:
Income tax applicable to income from continuing operations $209.440: income tax applicable to loss on discontinued operations $28,560, and unrealized holding gain on available-for-sale securities (net of tax) $16,800.
Gain on sale of equipment $106,400
Cash dividends declared $168,000
Loss on discontinued operations 84,000
b) Unrealized holding gain on available-for-sale securities and loss on discontinued operations are reported separately from the net income on continuing operations. Therefore, they can be reported in the Comprehensive Income Statement.
Retained earnings January 1, 2020 2,400,000
Administrative expenses 268,800
Cost of goods sold 952,000
Rent revenue 44,800
Selling expenses 336,000
Loss on write-down
F inventory 67 200
Sales Revenue 2,128,000
Shares outstanding during 2020 were 100,000
Consider the following transactions.
1. Receive cash from customers, $16,400.
2. Pay cash for employee salaries, $10,400.
3. Pay cash for rent, $4,400.
4. Receive cash from sale of equipment, $9,400.
5. Pay cash for utilities, $2,400.
6. Receive cash from a bank loan, $5,400.
7. Pay cash for advertising, $8,400.
8. Purchase supplies on account, $4,400.
Required: Post transactions to the Cash T-account and calculate the ending balance.
Cash
Beg. bal. 20,400
End. bal.
Answer:
Ending cash balance is $26,000
Explanation:
Note: See the attached excel file for the Cash T-account.
Cash T-account is an account in which all the cash receipts are debited and cash payments and credited. It should be noted only cash transactions are recorded in the Cash T-account.
The ending balance of a Cash T-account, assuming there is a debit beginning balance, can be calculated as follows:
Ending balance = Beginning balance + Sum of cash receipts - Sum of cash payments
From the attached excel file, we therefore have:
Ending cash balance = $20,400 + $31,200 - $25,600 = $26,000
Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2020, Sprinkle reacquired 200 shares at $91 per share. On September 1, Sprinkle reissued 80 shares at $102 per share. On November 1, Sprinkle reissued 120 shares at $70 per share. Prepare Sprinkle's journal entries to record these transactions using the cost method.
Answer:
7/1/20
Dr Treasury Stock $18,200
Cr Cash $18,200
9/1/20
Dr Cash $8,160
Cr Treasury Stock $7,280
Cr Paid-in Capital - Treasury Stock $880
1/1/20
Dr Cash $8,400
Dr Paid-in Capital - Treasury Stock $2,520
Cr Treasury Stock
Explanation:
Preparation of Sprinkle's journal entries to record these transactions using the cost method.
7/1/20
Dr Treasury Stock $18,200
(200 shares * $91 per share)
Cr Cash $18,200
(Being To record the reacquired 200 shares)
9/1/20
Dr Cash $8,160
(80 shares * $102 per share)
Cr Treasury Stock $7,280
(80 shares * 91 per share)
Cr Paid-in Capital - Treasury Stock $880
($8,160-$7,280)
(Being To record the reissue of treasury stock)
1/1/20
Dr Cash $8,400
(120 shares * $70per share)
Dr Paid-in Capital - Treasury Stock $2,520
($91- $70 = $21* 120 shares)
Cr Treasury Stock
(120 shares * $91 per share) $10,920
(Being To record the reissue of treasury stock)
Bruno's is analyzing two machines to determine which one it should purchase. The company requires a rate of return of 14.6 percent and uses straight-line depreciation to a zero book value over a machine's life. Ignore bonus depreciation and taxes. Machine A has a cost of $318,000, annual operating costs of $8,700, and a life of 3 years. Machine B costs $247,000, has annual operating costs of $9,300, and a life of 2 years. Whichever machine is purchased will be replaced at the end of its useful life. Which machine should Bruno's purchase and why
Answer:
Machine A; because it will save the company about $13,406 a year
Explanation:
The computation is shown below:
Equate Annual Cost = PV of Cash Outflow ÷ PVAF (r%, n)
For Machine A:
Year CF PVF at 14.6% Disc CF
0 $3,18,000.00 1.0000 $3,18,000.00
1 $ 8,700.00 0.8726 $7,591.62
2 $8,700.00 0.7614 $6,624.45
3 $ 8,700.00 0.6644 $ 5,780.50
PV of Cash Outflow $3,37,996.58
PVAF(14.6%,3) 2.2985
PV of Cash Outflow $1,47,053.69
For Machine B:
Year CF PVF at 14.6% Disc CF
0 $2,47,000.00 1.0000 $2,47,000.00
1 $9,300.00 0.8726 $8,115.18
2 $9,300.00 0.7614 $7,081.31
PV of Cash Outflow $2,62,196.49
PVAF(14.6%,2) 1.6340
PV of Cash Outflow $1,60,459.86
So the machine cost would be purchased as it lower the cost by $13,406.17
A company maintains its records using cash-basis accounting. During the year, the company received cash from customers, $32,000, and paid cash for salaries, $25,000. At the beginning of the year, customers owe the company $3,600. By the end of the year, customers owe $5,200. At the beginning of the year, the company owes salaries of $3,700. At the end of the year, the company owes salaries of $5,400. Determine cash-basis net income and accrual-basis net income for the year.
Answer:
Cash-basis net income is $7,000
Accrual-basis net income is $6,900
Explanation:
Cash-basis net income
Cash basis Net income is the net of cash receipt as income and paid as an expense. The net value of cash received from customers and paid for the salaries is considered as net income.
Net income = Cash received From Customers - Cash Paid for salaries = $32,000 - $25,000 = $7,000
Accrual-basis net income
Accrual-basis net income is the net value of accrued income and accrued expenses regardless of the receipt or payment of cash
First calculate the sales value
Ending account receivable = Beginning account receivable + Credit sales for the period - Cash received in the period
$5,200 = $3,600 + Credit sales for the period - $32,000
$5,200 = Credit sales for the period - $28,400
Credit sales for the period = $5,200 + $28,400 = $33,600
Now calculate the accrued salary expense for the period
Ending salaries payable = Beginning salaries payable + Salaries expense for the period - Cash paid in the period
$5,400 = 3,700 + Salaries expense for the period - $25,000
$5,400 = Salaries expense for the period - $21,300
Salaries expense for the period = $5,400 + $21,300 = $26,700
The net income is
Net Income = Accrued Sales - Accrued Expense = $33,600 - $26,700 = $6,900
You work at a construction company with a stated cost of capital of 12%. Your company is currently deciding between two different projects. Project A will pay you $800,000 up front and $1.5 million after 4 years. You will have to spend $300,000 now, and $400,000 once a year for the next 4 years. Project B will pay you $1.2 million up front and cost you $1.1 million in 4 years.
A. What is the net present value of Project A?
B. What is the net present value of Project B?
Answer:
$1,453,277.12
$1,899.069.89
Explanation:
Net present value is the present value of after-tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator
Project A
Cash flow in year 0 = $800,000 - $500,000 = $300,000
Cash flow in year 1 = 0
Cash flow in year 2 =0
Cash flow in year 3 =0
Cash flow in year 4 = 1.5 million
NPV =
Poject B
Cash flow in year 0 = $1.2 MILLION
Cash flow in year 2 =0
Cash flow in year 3 =0
Cash flow in year 4 = -1.1 MILLION
NPV =
Present value is the sum of discounted cash flows
Present value can be calculated using a financial calculator
To find the NPV 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
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,770 and two jobs in process: Job No. 429 for $2,430, and Job No. 430 for $1,340. During May, a summary of source documents reveals the following:
Materia Labor Time
Job # Requisition Slips Tickets
429 $2,940 $2,300
430 3,850 3,400
431 4,680 $11,470 8,170 $13,870
General use 940 1,570
$12,410 $15,440
Stine Company applies manufacturing overhead to jobs at an overhead rate of 68% of direct labor cost. Job No. 429 is completed during the month.
The following are summary journal entries to record the requisition slips, time tickets, assignment of manufacturing overhead to jobs, and the completion of Job No. 429:
No. Date Account Tiles and Explanation Debit Credit
1 May 31 Work in Process Inventory 11,470
Manufacturing Overhead 940
Raw Materials Inventory 12,410
2 May 31 Work in Process Inventory 13,870
Manufacturing Overhead 1,570
Factory Labor 15,440
3 May 31 Work in Process Inventory 9,432
Manufacturing Overhead 9,432
4 May 31 Finished Good Inventory 9,234
Work in Process Inventory 9,234
Required:
a. Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets.
Answer:
Explanation:
WORK IN PROCESS INVENTORY
May 1 balance 3770 May 31 Finished Goods 9234
31-May Material 11470
31-May labour 13870
31-May Overheads 9431.6
may 31 Balance 29307.6
JOB COST SHEET
Job no. Beg. WIP Material Labour Overheads Total
430 1340 3850 3400 2312 10902
431 0 4680 8170 5555.6 18405.6
TOTAL 1340 8530 11570 7867.6 29307.6
Note: Total cost of Job 429 transferred to Finished goods:
Beginning cost 2430
Add: Material 2940
Add: Labour 2300
Add: Overheads (2300*68%) 1564
Total cost of Job 429 9234
Do I look like Dababy be honest
Answer:
No
Explanation:
he does not have a head that looks like a dam football and just NOOOO
The Koster Co. currently pays an annual dividend of $1.00 and plans on increasing that amount by 5% each year. The Keyser Co. currently pays an annual dividend of $1.00 and plans on increasing their dividend by 3% annually. Given this, it can be stated with certainty that the _____ of the Koster Co. stock is greater than the _____ of the Keyser Co. stock.
Answer:
rate of capital gain
rate of capital gain
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Consider a firm with an EBIT of $11,400,000. The firm finances its assets with $51,800,000 debt (costing 7.4 percent) and 10,900,000 shares of stock selling at $8.00 per share. The firm is considering increasing its debt by $25,000,000, using the proceeds to buy back shares of stock. The firm is in the 30 percent tax bracket. The change in capital structure will have no effect on the operations of the firm. Thus, EBIT will remain at $11,400,000. Calculate the EPS before and after the change in capital structure and indicate changes in EPS. (Round your answers to 3 decimal places.)
Answer:
EPS Before the change in capital structure = $0.486 Per shares
EPS After the change in capital structure = $0.515 Per shares
Difference = $ 0.029
Explanation:
Calculation of EPS before the change in capital structure :
Particulars Amount
EBIT $ 11,400,000
Interest Cost $ 3,833,200 (51,800,000×7.4%)
Earning After Interest $ 7,566,800
Tax ( 30% ) $ 2,270,040
Net Profit after tax $ 5,296,760
Number of Shares outstanding $ 10,900,000
Earning Per Shares $0.486
Calculation of EPS after the change in capital structure :
Particulars Amount
EBIT $ 11,400,000
Interest Cost $ 5,683,200
( $ 76,800,000×7.4%)
Earning After Interest $ 5,716,800
Tax ( 30%) $ 1,715,040
Net Profit after tax $40,01,760
Number of Shares outstanding 77,75,000
Earning Per Shares $0.515
∴ we get
EPS Before the change in capital structure = $0.486 Per shares
EPS After the change in capital structure = $0.515 Per shares
Difference = $ 0.486 - 0.515 = $ 0.029
Gibson Products produces cast bronze valves for use in offshore oil platforms. Currently, Gibson produces 1600 valves per day. The 20 workers at Gibson work from 7 a.m. until 4 p.m., with 30 minutes off for lunch and a 15-minute break during the morning work session and another at the afternoon work session. Gibson is in a competitive industry, and needs to increase productivity to stay competitive. They feel that a 20 percent increase is needed.
Gibson's management believes that the 20 percent increase will not be possible without a change in working conditions, so they change work hours. The new schedule calls on workers to work from 7:30 a.m. until 4:30 p.m., during which workers can take one hour off at any time of their choosing. Obviously, the number of paid hours is the same as before, but production increases, perhaps because workers are given a bit more control over their workday. After this change, valve production increased to 2000 units per day.
Calculate labor productivity for the initial situation
Calculate labor productivity for the hypothetical 25 percent increase, and its impact on output.
What is the productivity after the change in work rules?
Question Completion:
It is assumed that the hypothetical increase in labor productivity remains 20% as in the original question.
Answer:
Gibson Products
1. The Labor Productivity for the initial situation = 10
2. The Labor Productivity for the hypothetical 20% increase = 12
3. With the 20% increase in labor productivity, the output increased from 1,600 to 1,920 (1,600 * 1.2).
4. The Labor Productivity after the change in work rules = 12.5
Explanation:
a) Data and Calculations:
Current production = 1,600 valves per day
Number of workers = 20
Schedule of work each day = 7 a.m. to 4 p.m. (9 hours)
Break Time = 1 hour (30 + 15 + 15 minutes)
Total Productivity Time per day = 8 hours (9 - 1) * 20 = 160
Current productivity = Daily output/Daily Labor input
= 1,600/160 = 10
Hypothetical increase in productivity = 10 * 20% = 2
Hypothetical productivity = 12 (10 + 2)
Output with hypothetical productivity increase = 1,920 (1,600 * 1.2)
New Schedule of work = 7:30 a.m. until 4:30 p.m. (9 hours)
Break Time = 1 hour
Total Productivity Time per day = 8 hours (9 - 1) * 20 = 160
New output after the change in work rules = 2,000
Labor productivity for the initial situation = 1,600/160 = 10
Labor productivity for the hypothetical 20% increase = 12
Labor productivity after the change in work rules = 12.5 (2,000/160)
Faye, Gary, and Heidi each have a one-third interest in the capital and profits of the FGH Partnership. Each partner had a capital account of $50,000 at the beginning of the tax year. The partnership profits for the tax year were $270,000. Changes in their capital accounts during the tax year were as follows:
Faye Gary Heidi Total
Beginning balance $50,000 $50,000 $50,000 $150,000
Withdrawals (20,000) (35,000) (10,000) (65,000)
Additional contributions -0- -0- 5,000 5,000
Allocation of profits 90,000 90,000 90,000 270,000
Ending balance $120,000 $105,000 $135,000 $360,000
In arriving at the $270,000 of partnership profits, the partnership deducted $2,400 ($800 for each partner) in premiums paid for group term life insurance on the partners. Faye and Gary are 39 years old, and Heidi is 35 years old. Other employees are also eligible for group term life insurance equal to their annual salary. These premiums of $10,000 have been deducted in calculating the partnership profits of $270,000.
Each partner's gross income from the partnership for the tax year is $_________
Community Property (LO. 3)
Liz and Doug were divorced on December 31 of the current year after 10 years of marriage. Their current year's income received before the divorce was as follows:
Doug's salary $41,000
Liz's salary $55,000
Rent on apartments purchased by Liz 15 years ago $8,000
Dividends on stock Doug inherited from his mother 4 years ago $1,900
Interest on a savings account in Liz's name funded with her salary $2,400
Allocate the income to Liz and Doug assuming that they live in:
a. California.
Doug: $ Liz: $
b. Texas.
Doug: $ Liz: $
Answer:
a. Each partner's gross income from the partnership for the tax year is $_________
$90,800
b. Community Property:
a. California.
Doug: $51,100 Liz: $57,200
b. Texas.
Doug: $54,150 Liz: $54,150
Explanation:
a) Data and Calculations:
Partnership profits = $270,000
Add Insurance premium 2,400
Total profits shareable $272,400
Share of each partner = $90,800 ($272,400/3)
(Or Share of profit $90,000 + Premium $800 = $90,800)
b) Community Property:
Doug's salary $41,000
Liz's salary $55,000
Rent on apartments purchased by Liz 15 years ago $8,000
Dividends on stock Doug inherited from his mother 4 years ago $1,900
Interest on a savings account in Liz's name funded with her salary $2,400
Total community property = $108,300
Less Separate Property:
Less Liz's rent $8,000
Less Doug's dividends $1,900 9,900
Remaining community property = $98,400
This is shared equally ($98,400/2) = $49,200
a. California.
Doug: $51,100 ($49,200 + $1,900) Liz: $57,200 ($49,200 + $8,000)
b. Texas.
Doug: $54,150 Liz: $54,150 ($108,300/2)
c) Texas and California are two of the nine states that have community property jurisdiction. The implication is that any property acquired by a couple during their marriage is equally owned by both spouses. In California, the spouse also owns a one-half interest in your regular income, provided it does not come from your separate property. But in Texas, income from separate property is included in the community property and is equally shared, though the separate property itself remains separate and is not shareable.