Answer:
Direct material used= $13,200
Explanation:
Giving the following information:
Womble, Inc., has beginning inventory of $200 and an ending inventory of $400 for a given period in which it purchased $13,400 worth of materials.
To calculate the direct material used, we need to use the following formula:
Direct material used= beginning inventory + purchases - ending inventory
Direct material used= 200 + 13,400 - 400
Direct material used= $13,200
Luther Corporation Consolidated Balance Sheet December 31, 2009 and 2008 (in $ millions) Assets 2009 2008 Liabilities and Stockholders' Equity 2009 2008 Current Assets Current Liabilities Cash 63.6 58.5 Accounts payable 87.6 73.5 Accounts receivable 55.5 39.6 Notes payable/ short-term debt 10.5 9.6 Inventories 45.9 42.9 Current maturities of long-term debt 39.9 36.9 Other current assets 6.0 3.0 Other current liabilities 6.0 12.0 Total current assets 171.0 144.0 Total current liabilities 144.0 132.0 Long-Term Assets Long-Term Liabilities Land 66.6 62.1 Long-term debt 239.7 168.9 Buildings 109.5 91.5 Capital lease obligations --- --- Equipment 119.1 99.6 Total Debt 239.7 168.9 Less accumulated depreciation (56.1) (52.5) Deferred taxes 22.8 22.2 Net property, plant, and equipment 239.1 200.7 Other long-term liabilities --- --- Goodwill 60.0 -- Total long-term liabilities 262.5 191.1 Other long-term assets 63.0 42.0 Total liabilities 406.5 323.1 Total long-term assets 362.1 242.7 Stockholders' Equity 126.6 63.6 Total Assets 533.1 386.7 Total liabilities and Stockholders' Equity 533.1 386.7 What is Luther's net working capital in 2008
Answer:
27.0 million
Explanation:
Net Working Capital is the difference between the company`s short term assets or current assets and its short term obligations or current liabilities
Net Working Capital = Current Assets - Current Liabilities
where,
For 2008, Luther Corporation
Current Assets = $171.0 million
Current Liabilities = $144.0 million
therefore,
Net Working Capital = $171.0 million - $144.0 million
= 27.0 million
Conclusion :
Luther's net working capital in 2008 is 27.0 million
Rorry Company uses a job cost system. Labor costs for the period were $21,000, of which $3,000 were indirect. The journal entry is:'
Answer:
The journal entry is :
Debit : Work In Process $21,000
Credit : Direct Labor Cost $18,000
Credit : Indirect Labor Cost $3,000
Explanation:
The Work In Process Account is used to accumulate the manufacturing costs during the production period. Debit this Account with any costs incurred in manufacturing to show increase in the Product Cost and Credit the respective labor accounts to show decrease or utilization of these accounts. Note the remainder of costs of $18,000 goes to direct labor.
Suppose that the U.S. government decides to charge beer producers a tax. Before the tax, 10 million cases of beer were sold every month at a price of $4 per case. After the tax, 3 million cases of beer are sold every month; consumers pay $7 per case, and producers receive $2 per case (after paying the tax). The amount of the tax on a case of beer is $________ per case.
Answer:
$5 per case
Explanation:
Calculation for what The amount of the tax on a case of beer is $ per case.
Using this formula
Tax = Price Consumers Pay−Price Producers Receive
Let plug in the formula
Tax= $7 per case−$2per case
Tax=$5 per case
Therefore The amount of the tax on a case of beer is $5 per case
The hallways of a university are lit by 40 fluorescent lights, each containing two lamps rated at 60 W each. The lights are on all day and night during the year, but the building is only used from 7 a.m. to 7 p.m. 5 days per week during the year. If the price of electricity is 7 cents/kWh, estimate the amount of energy and money that could be saved by installing two motion sensors that turn off the lights when the building is not being used. Then, estimate the simple payback and the payback with a 6% effective interest rate if the price of a sensor is $50 and the cost of installation is $40.
Answer:
simple payback period = 1.9 years
discounted payback period = 2.08 years
Explanation:
the total cost of electricity per year = [(2 x 60 x 40 x 24 x 365) / 1,000] x $0.07 = $2,943.36
consumption for the actual time needed, assuming that the university is open all year long = [(2 x 60 x 40 x 12 x 5 x 52) / 1,000] x $0.07 = $1,048.32
savings resulting from installing motion sensors = $2,943.36 - $1,048.32 = $1,895.04
cost of installing the 40 sensors = ($50 + $40) x 40 sensors = $3,600
simple payback period = $3,600 / $1,895.04 = 1.9 years
discounted cash flows:
$1,895.04 / 1.06 = $1,787.77
$1,895.04 / 1.06² = $1,686.58
$1,895.04 / 1.06³ = $1,591.11
discounted payback period = 2 years + $125.65/$1,591.11 = 2.08 years
Id.k the labels for em :/
Answer:
Sole property ship- one owner
Partnership-multiple owners.
Explanation:
Pine Street Inc. makes unfinished bookcases that it sells for $58. Production costs are $38 variable and $10 fixed. Because it has unused capacity, Pine Street is considering finishing the bookcases and selling them for $73. Variable finishing costs are expected to be $7 per unit with no increase in fixed costs. Prepare an analysis on a per unit basis showing whether Pine Street should sell unfinished or finished bookcases. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Answer:
See explanation below
Explanation:
Option of selling unfinished bookcase
Sales
$58
Less Variable cost
$38
Contribution
$20
Less fixed cost
$10
Net profit
$10
Option of selling finished bookcases
Sales
$73
Less variable cost
$7
Contribution
$66
Less fixed cost
$10
Net profit
$56
With regards to the above analysis, it is recommended that Pine street inc. Should go with the option of selling finished bookcases because it would yield the company the highest profit.
Sheridan Company purchased land as a factory site for $1350000. Sheridan paid $114000 to tear down two buildings on the land. Salvage was sold for $8100. Legal fees of $5060 were paid for title investigation and making the purchase. Architect's fees were $47000. Title insurance cost $3500, and liability insurance during construction cost $3800. Excavation cost $15060. The contractor was paid $4500000. An assessment made by the city for pavement was $9800. Interest costs during construction were $257000. The cost of the land that should be recorded by Sheridan Company is
Answer: $1,482,360
Explanation:
The cost of the land will be all the costs that were incurred to get it ready for use.
= Purchase price + cost of tearing down two buildings + legal fees + Title insurance + Assessment Cost - Salvage
= 1,350,000 + 114,000 + 5,060 + 3,500 + 9,800 - 8,100
= $1,482,360
g The difference between a three-digit North American Industry Classification System (NAICS) industry and a six-digit NAICS industry is that:
Answer:
A 3 digit code by NAICS represents the subsector of the type of business in America while a six digit code represents country level national industries.
Explanation:
The NAICS stands for North American Industry Classification. It is a standard used by the various federal statistical agencies to classify business for collecting, analyzing as well as publishing the statistical data which is related to the business economy of the US.
In the code of NAICS, a three digit industry is considered as a sub-industry of the two digit industry. Each of 3 digit code business are further divided into 4,5 or 6 digit code industries.
The six digit code used by NAICS is given to the national industries. It permits the firms to find the codes of their present customers and also helps them to find the code lists for the similar firms.
Alpaca Corporation had revenues of $245,000 in its first year of operations. The company has not collected on $18,800 of its sales and still owes $26,900 on $95,500 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $12,600 in salaries. Owners invested $13,500 in the business and $13,500 was borrowed on a five-year note. The company paid $3,800 in interest that was the amount owed for the year, and paid $7,800 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 40%. (Assume taxes are paid in the same year). Compute the cash balance at the end of the first year for Alpaca Corporation.
Answer:
The cash balance at the end of the first year for Alpaca Corporation is $95,220.
Explanation:
Before the cash balance at the end of the first year, the following are first computed:
Insurance for the year = Amount paid for a two-year insurance policy / 2 = $7,800 / 2 = $3,900
Profit before tax = Revenue – Merchandise purchased – Salaries – Interest for the year – Insurance for the year = $245,000 - $95,500 - $12,600 - $3,800 - $3,900 = $129,200
Tax paid = Profit before tax * Tax rate = $129,200 * 40% = $51,680
Cash collected on sales = Revenue – Amount not yet collected on sales = $245,000 - $18,800 = $226,200
Cash paid on merchandise purchased = Merchandise purchased – Amount being owed on merchandise purchased = $95,500 - $26,900 = $68,600
The cash balance at the end of the first year can now be computed as follows:
Cash balance at the end of the first year = Amount invested by the owners in the business + Cash collected on sales - Cash paid on merchandise purchased - Amount paid for a two-year insurance policy - Tax paid - Salaries – Interest for paid = $13,500 + $226,200 - $68,600 - $7,800 - $51,680 - $12,600 - $3,800 = $95,220
Therefore, the cash balance at the end of the first year for Alpaca Corporation is $95,220.
What will be the effect on short-run price, quantity, and profit if a technological development reduces marginal costs in a competitive market
Answer:
Price
The price in the short-run will decrease because with less marginal costs, producers would produce more goods and services which would shift the supply curve to the right. The new intersection with the demand curve will be at a lower price.
Quantity
As said above, producers would produce more goods and services which means that the quantity supplied will increase.
Profit
This is a competitive market. Each firm will earn zero profits because the drop in price will match the drop in marginal costs to ensure that firms are not making anything extra.
When Tyree Elliott was hired as a public relations advisor to the CEO of a Fortune 500 company, he welcomed the help he received from Rae Rogers, a senior manager. Rogers was able to show Elliott the places where trouble was likely to occur, the likes and dislikes of the CEO, and how to do the best job possible. Which of the following statements describes what was going on in this situation?
a. Elliott was given no training at all.
b. Elliott was assuming the role of an apprentice.
c. Rogers was using off-the-job training techniques.
d. Rogers was assuming the role of a mentor.
Answer:
d. Rogers was assuming the role of a mentor.
Explanation:
Remember, the term mentor is usually assigned to someone who is more experienced, and who provides valuable and trusted advice to someone with lesser experience.
Based on this description, and the fact that we are told that "Rogers was able to show Elliott the places where trouble was likely to occur," makes Roger fit the role of a mentor.
Suppose Kim purchases a new personal computer produced in China for $ 2,800. What is the effect on the components of GDP and GDP as a whole
Answer and Explanation:
The effects are as follows:
Consumption would rise by 2,800
In the investment there is no change i.e. zero
In the government expenditure also, there is no change i.e. zero
Net exports would be reduced by $2,800 i.e. (exports - imports) so here the export is $0 and the import is $2,800
So the change in GDP would be zero as
= Increase in consumption - decrease in net exports
= $2,800 - $2,800
= $0
Assume that one year ago, you bought 210 shares of a mutual fund for $20 per share and that you received an income dividend of $0.22 cents per share and a capital gain distribution of $0.30 cents per share during the past 12 months. Also assume the market value of the fund is now $23 a share. Calculate the total return for this investment if you were to sell it now.
Answer:
17.60%
Explanation:
The total return , in this case, can be ascertained using the holding period formula provided below:
total return=(P1-P0+dividend+capital gains)/P0
Holding period return refers to the total return earned for holding the mutual fund investment for 1 year.
P1=market value of the fund now=$23
P0=the initial cost of the fund=$20
dividend=$0.22
capital gain= $0.30
total return=($23-$20+$0.22+$0.30)/$20
total return=$3.52 /$20
total return=17.60%
g Which of the following are potential complications when performing financial statement analysis: Group of answer choices Differences fiscal reporting periods Too few close comparable companies (same market cap, same industry, etc.) Ratios calculated for single company at a single point in time offer the analyst little insight Reporting discrepancies in global accounting standards (i.e. GAAP vs IFRS) All of the above
Answer:
The potential complications when performing financial statement analysis:
All of the above.
Explanation:
Financial statement analysis is a process that breaks down a company's financial statements in order to ease decision making. The analyst can use any of these three or a combination of horizontal analysis, vertical analysis, and ratio analysis. Mostly, the analysis is useful to external stakeholders and investors who use it to understand the overall health of an organization. The analysis also evaluates the financial performance and business value of an entity.
When a business establishes a web-site and begins to allow customers to place orders online without ever coming into their store, they are responding to changes in the: economic environment. economic environment. technological environment. technological environment. global environment. global environment. social environment.
Answer: technological environment
Explanation:
With the scenario explained in the question, the business is responding to changes in the technological environment.
Technological environment has to do with the environment that relates to how science and technology has brought Improvement into businesses. This can be seen in the scenario explained in the question.
Use the following data of Sales, Inc.: Unit Total Units Units Cost Cost Sold Beginning inventory 16 $3 $48 Purchase on Apr 25 30 8 240 Purchase on Nov 16 12 9 108 Sales 45 ? ? Sales uses a FIFO inventory system. Cost of goods sold for the period is
Answer:
$280
Explanation:
FIFO stands for First in First Out. FIFO method assumes that the first goods received will be the first goods sold. Therefore, Costs of Goods Sold will be valued at the earlier prices.
Calculation of the Cost of Goods Sold will be as follows :
Step 1
Establish first the units sold
Units Sold = 45
Step 2
Then Calculate the cost of those units keeping in mind to start with the earlier units
Cost of Goods Sold = 16 × $3 + 29 × $8
= $280
Explain the social context in which Computers and IT is used.
Explanation:
social computing is an area of computer since that is concerned with the intersection of social behavior and computational systems it is based on creating or recreating social conventions and social contexts through the use of software and technology
6. Say whether the following words are (just) vague, (just) ambiguous, both vague and ambiguous, or neither. Briefly justify your answer. (a) Middle class (b) Odd number (c) Gold (d) Bank (e) Opportunity (f) Jaguar (g) Credit a. Middle class: b. Odd number: c. Gold: d. Bank e. Opportunity f. Jaguar g. Credit
Answer:
When something is vague, it is not being specific but when something is ambiguous, it has multiple meanings and so can be open to interpretation.
a. Middle class ⇒ Both VAGUE and AMBIGUOUS
Middle class is non specific because it is used as a blanket term for people or things not in either first or lower class. It also has multiple meanings.
b. Odd number ⇒ NEITHER
c. Gold ⇒ AMBIGUOUS
Gold has several meanings such as being a mineral, medium of exchange or even a color.
d. Bank ⇒ AMBIGUOUS
Bank also has different meanings. It could be a financial institution, land next to water or even a repository for blood.
e. Opportunity ⇒ VAGUE
Opportunity is vague unless the opportunity is described.
f. Jaguar ⇒ AMBIGUOUS
Jaguar has multiple means. It could be a animal or it could be a car.
g. Credit ⇒ AMBIGUOUS
Credit has several meaning as well. It could refer to loans, financial entry, increase in bank account etc.
McAlister Company is operating at capacity and desires to add a new service to its rapidly expanding business. The service should be added as long as service revenues exceed: the sum of variable costs and any related opportunity costs. variable costs. the sum of variable costs, fixed costs, and any related opportunity costs. the sum of variable costs and fixed costs. fixed costs.
Answer:
the sum of variable costs and any related opportunity costs
Explanation:
They can add this new service given that this condition is met. As long as service revenue is greater than the sum of variable cost and any related opportunity cost. This is because it covers variable expenses.
If the situation is that a new service/division has been added, then the deciding factor would be if the new product or this division can cover for the various variable expenses that was incurred.
Darrell and Jim are planning to run in their office-sponsored marathon and plan on joining a gym to train.Darrell finds that gym-A has a $40 joining fee and then costs $15 per month after that.Jim finds that gym-B is free to join and costs $20 per month after. At what number of months of training would gym-A to be a cheaper option than gym-B
Answer:
From number of month to be 9, training would be cheaper in gym A than in gym B.
Explanation:
To calculate the number of months when option containing gym A becomes cheaper than option of gym B, we first need to form cost equations for both and equate them.
Let x be the number of months.
The cost of gym A is = 40 + 15x
The cost of gym B = 20x
40 + 15x = 20x
40 = 20x - 15x
40 = 5x
x = 40/5
x = 8
So, the cost for both options will be equal when the number of months is 8. From number of month to be 9, training would be cheaper in gym A than in gym B.
The journal entry to record the use of utilities in a factory could include which two of the following: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) check all that apply Debit to Factory Overheadunanswered Credit to Factory Overheadunanswered Debit to Factory Utilities Payableunanswered Credit to Factory Utilities Payableunanswered Credit to Raw Materialsunanswered Credit to Factory Wages Payable
Answer:
Debit to Factory Overhead
Credit to Factory Wages Payable
Explanation:
The journal entry to record the use of utilities in a factory is shown below:
Factory overhead Dr XXXXX
To Factory utilities payable XXXXX
(Being the usage of the utilities is recorded)
Here the factory overhead is debited as it increased the expenses and credited the factory utilities payable as it also increased the liabilities
If inflation is 6%, what real rate of return is earned by an investor in a bond that was purchased for $1,000, has an annual coupon of 8%, and was sold at the end of the year for $960
Answer:
−1.89%
Explanation:
Calculation for what real rate of return is earned by an investor
First step is to calculate the Nominal return
Nominal return = [$960 + (0.08 × $1,000) − $1,000] / $1,000
Nominal return = [$960 + $80 − $1,000] / $1,000
Nominal return = $40/ $1,000
Nominal return= 0.04
Now let calculate the real rate of return
Real rate of return = 1.04 / 1.06 − 1
Real rate of return= −0.0189*100
Real rate of return= −1.89%
Therefore the real rate of return is earned is = −1.89%
When the sales of certain brand of diet soda slowed, a national grocery retailer decided to drop the price of that product, which resulted in a large increase in sales of the soda . This sales increase is a type of ?? Feedback
Answer: Feedback
Explanation:
The information illustrated in the question regarding the increase in sales is referred to as feedback.
The drop in the price of the product due to the reduction in sales which subsequently resulted in the increase in the sales shows that the feedback was an effective one.
describe at least three things you should do during a job interview
Explanation:
Potential employees identify most critical key factors at interviews as displaying passion and making eye contact. As meetings are a dialogue between the prospective candidate and the boss, it is also important to talk plainly.
Consider all the firm's qualifications and the work you're interviewing for.
Study The Presenters Will Ask A question .
Creditors' claims on assets are called: Multiple Choice Net losses. Expenses. Revenues. Equity. Liabilities.
Answer:
Equity Liabilities The description of the relation between a company's assets, liabilities, and equity, which is expressed as Assets Liabilities Equity, is known as the: Multiple Choice Income statement equation Accounting equation.
True or False: Expansionary fiscal policy is more likely to lead to a short-run increase in investment when the investment accelerator is large than when it is small. True False When the interest rate sensitivity of investment is large, expansionary fiscal policy is likely to lead to a short-run increase in investment than when the interest rate sensitivity of investment is small.
Determine where each piece of information is located on a check.
signature line
date
routing number
account number
personal information
check number
memo line
Example of a check. Look at the image I attached.
How much would $20,000 due in 50 years be worth today if the discount rate were 7.5%? a. $537.78 b. $451.74 c. $656.09 d. $661.47 e. $618.45
Answer:
PV= $537.78
Explanation:
Giving the following information:
Future Value (FV)= $20,000
Number of periods (n)= 50 years
Discount rate (i)= 7.5% = 0.075
To calculate the present value, we need to use the following formula:
PV= FV / (1+i)^n
PV= 20,000 / (1.075^50)
PV= $537.78
Because there isn't one single measure of inflation, the government and researchers use a variety of methods to get the most balanced picture of how prices fluctuate in the economy. Two of the most commonly used price indexes are the consumer price index (CPI) and the GDP deflator.
The GDP deflator for this year is calculated by dividing the value of all goods and services produced in the economy this year using_________ by the___________using___________and multiplying by 100. However, the CPI reflects only the prices of all goods and services____________.
Answer:
gdp deflator
Nominal GDP
Real GDP
Available
Explanation:
GDP deflator in economics can be regarded as the measurement of price level of domestically produced goods and services in a year.
g What will be the effect on short-run price, quantity, and profit if a technological development reduces marginal costs in a competitive market
Answer:
If a technological development reduces marginal costs in a competitive market, the aggregate supply curve of the market, which is the sum of the individual firm's supply curves, will shift to the right, because technological developments reduce production costs, which allows firms to increase output.
Prices will also fall to the point that firms will make exactly zero economic profit, something that will benefit consumers, and that is one of the key characteristics of perfectly competitive markets.