Your company has an average inventory of $70 million. Annual cost of goods sold (COGS) is $280 million. Profit in the most recent year was $140 million. What are annual inventory turns for your company

Answers

Answer 1

Answer:

the annual inventory turns for your company is 4 times

Explanation:

The computation of the annual inventory turns is shown below:

= Annual cost of goods sold ÷ average inventory

= $280 million ÷ $70 million

= 4 times

Hence, the annual inventory turns for your company is 4 times

Therefore the above formula should be applied and the same should be used


Related Questions

The ledger of Mai Company includes the following accounts with normal balances: D. Mai, Capital $9,000; D. Mai, Withdrawals $800; Services Revenue $13,000; Wages Expense $8,400; and Rent Expense $1,600. Prepare the necessary closing entries from the available information at December 31.

Answers

Answer: See explanation

Explanation:

The necessary closing entries from the available information at December 31 will be calculated thus:

1. Dec 31

Dr Services Revenue $13000

Cr Income Summary $13000

2. Dec 31

Dr Income Summary $10000

Cr Wages expense $8400

Cr Rent expense $1600

3. Dec 31

Dr Income Summary = $13000 - $10000 = $3000

Cr D. Mai, Capital $3000

4. Dec 31

Dr D. Mai, Capital $800

Cr D. Mai, Withdrawals $800

what are the consequences on the auditor if he auditor fails to report information??​

Answers

Answer: Audit failures are routinely implicated with loss deposits, loss of employments and loss of livelihoods of individuals.

Explanation: Example of audit failures and its effects to individuals: The damage done to people's lives by audit failures is well documented

this might be helpful for you ..

Selected current year company information follows: Net income $ 16,753 Net sales 720,855 Total liabilities, beginning-year 91,932 Total liabilities, end-of-year 111,201 Total stockholders' equity, beginning-year 206,935 Total stockholders' equity, end-of-year 133,851 The total asset turnover is: (Do not round intermediate calculations.)

Answers

Answer:

the total asset turnover is 2.65 times

Explanation:

The computation of the  total asset turnover is shown below;

As we know that

Total assets turnover is

= Net sales ÷ average of total assets

= $720,855 ÷ ($91,932 + $206,935 + $111,201 + $133,851) ÷ 2

= $720,855 ÷ $271,959.50

= 2.65 times

Hence, the total asset turnover is 2.65 times

Explain the concept of a Pereto Chart - provide an example - explain how the concept of the Pereto Chart might be used in making decisioins about handling negative risks which could impact a project or organization.

Answers

Answer:

a. A Pareto Chart is a graph that shows the frequency of flaws and their overall impact.

b. For instance, by using Pareto Charts, you might discover that putting in 13% of the effort yields 87% of the results. Alternatively, 30% of underlying causes might be addressed to solve 70% of problems.

c. Pareto charts are important for deciding which defects or negative risks should be prioritized in order to achieve the best overall results.

Explanation:

a. Explain the concept of a Pereto Chart

A Pareto Chart is a graph that shows the frequency of flaws and their overall impact. A Pareto chart is a fundamental quality tool that can be used to identify the most common problems, complaints, or any other countable and categorizeable factor. A Pareto chart is a form of graph that includes both bars and a line graph, with bars representing individual values in descending order and a line representing the cumulative total.

b. Provide an example

The Pareto Principle explains how there is frequently a lack of symmetry between the labor you do and the outcomes you get. For instance, by using Pareto Charts, you might discover that putting in 13% of the effort yields 87% of the results. Alternatively, 30% of underlying causes might be addressed to solve 70% of problems.

b. Explain how the concept of the Pereto Chart might be used in making decisioins about handling negative risks which could impact a project or organization.

A Pareto diagram is used to distinguish between the important and inconsequential components of a problem. It frequently shows the most common sources of defects, the most common type of fault, the most common grounds for customer complaints, and so on in quality control.

Therefore, Pereto Chart might be used in making decisioins about handling negative risks which could impact a project or organization as it allows a project team or an organisation to know where to focus their improvement efforts by graphically distinguishing the parts of an issue. Pareto charts are therefore important for deciding which defects or negative risks should be prioritized in order to achieve the best overall results.

The government of Velovia made progress in its efforts to bring rapid inflation under control. Although prices are still rising, the rate of increase has slowed considerably. This suggests that Velovia is experiencing disinflation.

a. True
b. False

Answers

Answer:

a. True

Explanation:

At the time when the velvovia government made the efforts in its progress in order to control the increased inflation but at the same time the price is also still increasing but the increase rate would be falled down so here it is recommended that the velovia experienced the disinflation where the inflation is considerably slowing and the rate of inflation is also slow down

Therefore the given statement is true

In order to update a production process, a company can spend money now or four years from now. If the amount now would be $20,000, what equivalent amount could the company spend four years from now at a compound interest rate of 15% per year?(All the alternatives presented below were calculated using compound interest factor tables including all decimal places

Answers

Answer: $34,980.13

Explanation:

The amount that the company will spend 4 years from now is simply the future value of the amount that it can spend today.

The amount to be spent today is $20,000 so the amount to be spent 4 years from now is the future value of $20,000:

= Amount * (1 + rate) ^ number of years

= 20,000 * ( 1 + 15%)⁴

= $34,980.13

Bryant Investments is putting out a new product. The product will pay out $32,000 in the first year, and after that the payouts will grow by an annual rate of 2.75 percent forever. If you can invest the cash flows at 7.25 percent, how much will you be willing to pay for this perpetuity

Answers

Answer:

PV= $711,111.11

Explanation:

Giving the following information:

Cash flow (Cf)= $32,000

Annual growth (g)= 2.75%

Interest rate (i)= 7.25%

To calculate the present value (the amount that you are willing to pay), we need to use the following formula:

PV= Cf / (i - g)

PV= 32,000 / (0.0725 - 0.0275)

PV= $711,111.11

what is the effect on the market when suppliers under invest in their business​

Answers

When a supplier under invests in their business, they may run out of a product if it is high demand. Without enough product, this will increase the demand and increase prices. Law of supply & demand. Kind of like the housing market in the US is now.

PLEASE HELP !!!

start with define what is limits of authority, then give examples ​

Answers

Answer:

"Authority limits" are an essential part of the creation of a qualified organization. There are a number of advantages and requirements in setting such limits.

A philosophy scholar who publishes books is an example of authority.

Explanation:

The source of strength is limited authority. The ability to say, "I cannot agree to your offer because the manager does not let me do so or since company policy does not allow you to do so" is an effective way of saying 'no' and of finding out how hard it is for the rest to work to reach a better understanding. One way to simultaneously limit your power and gain power is through corporate limitations.

Authority organizational restrictions are common. Each of us met such limits without much resistance and accepted them. When you next wish to think about or try to make further concessions, tell the other party you should discuss the issue with one or more of your organization's following people:

Your boss. Your partner."Committee" members.One or more of your assistants.One or several of your colleagues.The accountant or the controller.Your lawyer. The banker who loans money for you.Your wife or friend. Managers in other departments such as production, quality, or sales.Your client.Your supplier.

Most negotiators feel uncomfortable with their authority's corporate constraints. I would advise you not to reject these restrictions, but to welcome them. It will facilitate pushing for your desired agreement.

Journalize the following selected transactions of Miramax Rentals. Omit explanations.

Aug. 1 Purchased two new saws on credit at $425 each. The saws are added to Mirmax's rental inventory. Payment is due in 30 days.
8 Accepted advance deposits of $125 for tool rentals that will be applied to the cash rental when the tools are returned.
20 Charged customers $1,250 on account for tool rentals. Payment is due within 30 days.
31 Paid utility bill for the month, $180.
31 Received $600 in payments from the customers that were billed for rentals on August 20.

Answers

Answer and Explanation:

The journal entries are shown below:

On Aug 1

Inventory  Dr     $850

      To Accounts payable $850

(Being inventory purchased on account)

On Aug 8

Cash Dr     $125

      To Advance deposit a/c $125

(Being cash receipts is recorded)

On Aug 20

Accounts Receivable Dr $1250

         To Rental Revenue  $1250

(Being revenue is recorded)

On Aug 31

Utility expense Dr $180

       To Cash $180

(Being cash paid is recorded)

On Aug 31

Cash Dr $600

      To Accounts Receivable a/c $600

(Being cash received is recorded)

The most important function of the Fed is to A. buy and sell government securities. B. collect taxes. C. provide a system for collecting and clearing checks. D. regulate the money supply.

Answers

Answer:

D. regulate the money supply.

Explanation:

The Federal Reserve System (popularly referred to as the 'Fed') was created by the Federal Reserve Act, passed by the U.S Congress on the 23rd of December, 1913. The Fed began operations in 1914 and just like all central banks, the Federal Reserve is a United States government agency.

Generally, it comprises of twelve (12) Federal Reserve Bank regionally across the United States of America, which are commonly referred to as Federal Reserve District Bank.

Like all central banks, the Federal Reserve is a government agency that is saddled with the following responsibilities;

I. The Fed controls the issuance of currency in United States of America: it promotes public goals such as economic growth, low inflation, and the smooth operation of financial markets.

II. It provides banking services to all the commercial banks in the country because the Federal Reserve is the "lender of last resort."

III. It regulates banking activities in the United States of America: it has the power to supervise and regulate banks.

Additionally, the Fed is saddled with the responsibility of selling government securities such as treasury bills to the public.

However, the most important function of the Fed is to regulate the money supply through the establishment of monetary policies.

Monetary policy can be defined as the actions (macroeconomic policies) adopted and undertaken by the central bank of a particular country to control the money supply and interest rates so as to boost or enhance economic growth. The central bank (Fed) uses monetary policies to manage inflation, economic growth through long-term interest rates and level of unemployment in a country.

A corporate bond returns 12 percent of its cost (in PV terms) in the first year, 11 percent in the second year, 10 percent in the third year and the remainder in the fourth year. What is the bond's duration in years?

Answers

Answer: 3.32 years

Explanation:

The remainder return in the fourth year will be calculated as:

= 1 - 0.12 - 0.11 - 0.10

= 0.67

Year 1:

Return = 12% = 0.12

Year × Return = 1 × 0.12 = 0.12

Year 2

Return = 11% = 0.11

Year × Return = 2 × 0.11 = 0.22

Year 3

Return = 10% = 0.10

Year × Return = 0.30

Year 4

Return = 0.67

Year × Return = 2.68

Bond's duration = 0.12 + 0.22 + 0.30 + 2.68 = 3.32 years

Lin Corporation has a single product whose selling price is $134 per unit and whose variable expense is $67 per unit. The company’s monthly fixed expense is $31,750. Required: 1. Calculate the unit sales needed to attain a target profit of $8,450. (Do not round intermediate calculations.) 2. Calculate the dollar sales needed to attain a target profit of $9,700.

Answers

Answer:

Results are below.

Explanation:

Giving the following information:

Fixed cost= $31,750

Unitary contribution margin= 134 - 67= $67

To calculate the number of units to be sold, we need to use the following formula:

Break-even point in units= (fixed costs + desired profit) / contribution margin per unit

Desired profit= $8,450

Break-even point in units= (31,750 + 8,450) / 67

Break-even point in units= 600

Now, the desired profit is $9,700; we need to use the following formula:

Break-even point (dollars)= (fixed costs + desired profit) / contribution margin ratio

Break-even point (dollars)= (31,750 + 9,700) / (67/134)

Break-even point (dollars)= 41,450 / 0.5

Break-even point (dollars)= $82,900

In regards to a Construction Management Class:
Leadership for strong management can influence the ____________________ of a project.

Answers

It can influence it to be better
It could be outcome? I’m not 100% sure.

Scampini Technologies is expected to generate $175 million in free cash flow next year, and FCF is expected to grow at a constant rate of 4% per year indefinitely. Scampini has no debt or preferred stock, and its WACC is 10%. If Scampini has 55 million shares of stock outstanding, what is the stock's value per share

Answers

Answer:

the stock value per share is $53

Explanation:

The computation of the stock value per share is shown below:

Value of operations = Free cash flows ÷ ( Capitalization Rate - growth rate )

= $175 Million ÷ ( (10% - 4%)

= $2,917  

Now stock value per share is

= $2,917 ÷  55 million shares

= $53 per share

Hence, the stock value per share is $53

bartleby Clayborn Corporation's net cash provided by operating activities was $118,800; its net income was $106,100; its income taxes were $46,900; its capital expenditures were $96,300; and its cash dividends were $30,200. Required: Determine the company's free cash flow. (Negative amounts should be indicated by a minus sign.)

Answers

Answer: -$7,700

Explanation:

The Free Cash Flow is the amount of after tax income that a company has that can go to both its shareholders and debt holders.

When using cash from operating activities, taxes have already been accounted for so it is calculated as:

= Net cash provided by operating activities - Capital expenditure - Cash Dividends

= 118,800 - 96,300 - 30,200

= -$7,700

Doug Allen has decided to go into the insect extermination business and to operate as Doug's Extermination Service. The following transactions were completed during the first month of operations, May, 20--.
1. Doug invested $35,000 cash in the business.
2. Purchased extermination equipment for $17,000 in cash.
3. Paid $700 rent for garage and office quarters.
4. Purchased chemicals (expense) for $1,100 from Low Glow Chem Co. on account.
5. Received $1,600 revenue for extermination service.
6. Paid telephone bill, $120
7. Paid assistant's salary, $700.
8. Earned $980 revenue for extermination service, on account.
9. Paid electric bill, $230.
10. Paid for truck repairs (expense), $145.
11. Paid $600 to Low Glow Chem Co., on account.
12. Paid $131 for gas and oil for truck (expense).
13. Received $1,400 revenue for extermination service.
14. Received $500 for services previously earned on account in transaction (8).
15. Paid assistant's salary, $900.
Required:
Write the transactions in the T accounts, then write the total of each column. If an account has entries on both sides, determine the balance and enter it on the side with the larger total.

Answers

Answer:

Doug's Extermination Service

T-accounts:

Cash

Account Titles                      Debit      Credit

Common stock                 $35,000

Extermination equipment               $17,000

Rent                                                        700

Extermination Revenue       1,600

Utilities Expense                                    120  

Salary Expense                                     700

Utilities Expense                                  230

Truck Expenses                                    145

Accounts Payable (Low Glow)            600

Truck Expense                                      131

Extermination service        1,400

Accounts Receivable           500

Salary Expense                                   900

Balance                          $17,974

Common Stock

Account Titles           Debit      Credit

Cash                                         $35,000

Extermination equipment

Account Titles           Debit      Credit

Cash                      $17,000

Rent Expense

Account Titles           Debit      Credit

Cash                         $700

Supplies Expense

Account Titles           Debit      Credit

Accounts payable   $1,100

Accounts Payable (Low Glow Chem Co.)

Account Titles           Debit      Credit

Supplies Expense                    $1,100

Cash                         $600

Balance                                      $500

Extermination Service Revenue

Account Titles           Debit      Credit

Cash                        $1,600

Accounts Receivable  980

Cash                          1,400

Balance                   $3,980

Utilities Expense

Account Titles           Debit      Credit

Cash                          $120

Cash                           230

Balance                    $350

Salary Expense

Account Titles           Debit      Credit

Cash                         $700

Cash                           900

Balance                  $1,600

Accounts Receivable

Account Titles                              Debit      Credit

Extermination Service Revenue $980

Cash                                                            $500

Balance                                        $480

Truck Expenses

Account Titles           Debit      Credit

Cash                          $145

Cash                             131

Balance                    $276

Explanation:

a) Data and Analysis:

1. Cash $35,000 Common Stock $35,000

2. Extermination equipment $17,000 Cash $17,000

3. Rent $700 Cash $700

4. Supplies Expense $1,100 Accounts Payable (Low Glow Chem Co.) $1,100

5. Cash $1,600 Extermination Service Revenue $1,600

6. Utilities Expense $120 Cash $120

7. Salary Expense $700 Cash $700

8. Accounts Receivable $980 Extermination Service Revenue $980

9. Utilities Expense $230 Cash $230

10. Truck Expenses $145 Cash $145

11. Accounts Payable (Low Glow Chem Co.) $600 Cash $600

12. Truck Expense $131 Cash $131

13. Cash $1,400 Extermination Service Revenue $1,400

14. Cash $500 Accounts Receivable $500

15. Salary Expense $900 Cash $900

Over a certain period, large-company stocks had an average return of 12.94 percent, the average risk-free rate was 2.65 percent, and small-company stocks averaged 17.73 percent. What was the risk premium on small-company stocks for this period

Answers

Answer:

15.08 percent

Explanation:

Calculation to determine What was the risk premium on small-company stocks for this period

Using this formula

Risk premium =Average risk-free rate -small-Company stocks averaged

Let plug in the formula

Risk premium=2.65 percent-17.73 percent

Risk premium=15.08 percent

Therefore the risk premium on small-company stocks for this period is 15.08 percent

The following events apply to Guiltf Seafood for the 2018 fiscal year 1.

a. The company started when it acquired $17,000 cash by issuing common stock.
b. Purchased a new cooktop that cost $16,900 cash. Earned $22,500 in cash revenue.
c. Paid $10,300 cash for salaries expense.
d. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of four years and an estimated salvage value of $2,200. Use straight-line depreciation. The adjustment was made as of December 31, Year 1.

Required:
Record the above transactions in a horizontal statements model.

Answers

Answer:

Gulf Seafood

Horizontal Statements Model:

    Balance Sheet                             Income Statement               Cash Flows

    Assets  =  Liabilities + Equity    Revenue - Expenses = Income

a.   $17,000               0  + $17,000                                                      FA

b.   $16,900 ($16,900)                                                                         IA

   $22,500                     $22,500  $22,500                                      OA

c. ($10,300)                    ($10,300)                  ($10,300)                     OA

d.  ($3,675)                      ($3,675)                   ($3,675)                      None

  $25,525         =    0 + $25,525  $22,500 - $13,675  = $8,825

Explanation:

a) Data and Analysis:

a. Cash $17,000 Common stock $17,000

b. Equipment $16,900 Cash ($16,900)

Cash $22,500 Revenue $22,500

c. Cash ($10,300) Salaries Expense ($10,300)

d. Accumulated Depreciation ($3,675) Depreciation Expense ($3,675)

Non-Market Strategy (NMS) is defined most accurately by which of the following (choose all accurate responses)?

a. NMS is related to Triple Bottom Line concerns.
b. NMS, exclusively, is not related to economic concerns.
c. NMS considers how managers anticipate and preempt, respond and react to actors, influencers, issues and actions from the social, political and regulatory arenas in society.
d. NMS is relevant to mostly social enterprises and infrequently involves large MNES.
e. NMS recognizes that businesses are social, political and ethical entities.
f. NMS is only a trend that is generally lost in "green washing" where MNEs pursuc causes to make it look like they are concerned when they are not

Answers

Answer:

Non-Market Strategy (NMS) is defined most accurately by the following:

a. NMS is related to Triple Bottom Line concerns.

c. NMS considers how managers anticipate and preempt, respond and react to actors, influencers, issues and actions from the social, political and regulatory arenas in society.

e. NMS recognizes that businesses are social, political and ethical entities.

Explanation:

Non-Market Strategy (NMS) is a business strategy that recognizes and evaluates the environmental, financial, and social performances of corporate entities.  It emphasizes the use of soft power to achieve competitive economic goals by targeting political, institutional, and social influencers.  Non-Market Strategy encourages wider interactions outside the market to encompass and carter for the interests of individuals, social institutions, and government entities.

CDB stock is currently priced at $77. The company will pay a dividend of $5.37 next year and investors require a return of 11.8 percent on similar stocks. What is the dividend growth rate on this stock

Answers

Answer:

4.82%

Explanation:

according to the constant dividend growth model

price = d1 / (r - g)

d1 = next dividend to be paid

r = cost of equity

g = growth rate

77 = 5.37 / (0.118 - g)

77(0.118 - g)  =5.37

(0.118 - g) = 5.37 / 77

(0.118 - g) = 0.069740

g = 0.118 - 0.069740

g = 0.04826

g = 4.82%

The following transactions were completed by the company.

a. The owner invested $17,200 cash in the company in exchange for its common stock.
b. The company purchased supplies for $1,050 cash.
c. The owner invested $11,100 of equipment in the company in exchange for more common stock.
d. The company purchased $310 of additional supplies on credit.
e. The company purchased land for $10,100 cash.

Required:
Write the impact of each transaction on individual items of the accounting equation.

Answers

Answer:

Account Equation Impact:

Assets                                      =         Liabilities  +     Equity

a. Cash $17,200                                                    Common stock $17,200

b. Supplies $1,050 Cash ($1,050)

c. Equipment $11,100                                             Common stock $11,100

d. Supplies $310                      Accounts Payable $310

e. Land $10,100 Cash ($10,100)

Total assets    $48,610      =                       $310   +                       $28,300

Explanation:

a) Data and Analysis According to Accounting Equation Impact:

a. Cash $17,200 Common stock $17,200

b. Supplies $1,050 Cash ($1,050)

c. Equipment $11,100 Common stock $11,100

d. Supplies $310 Accounts Payable $310

e. Land $10,100 Cash ($10,100)

A stock has an average expected return of 9.7 percent for the next year. The beta of the stock is 1.34. The T-Bill rate is 5.2% and the T-Bond rate is 3%. What is the market risk premium

Answers

Answer:

3.4%

Explanation:

According to the capital asset price model: Expected rate of return = risk free + beta x (market rate of return - risk free rate of return)

9.7 = 5.2 + 1.34(x - 5.2)

9.7 - 5.2 =  1.34(x - 5.2)

3.35 = x - 5.2

You have just started a new job and plan to save $5,200 per year for 36 years until you retire. You will make your first deposit in one year. How much will you have when you retire if you earn an annual interest rate of 9.54 percent?
a. $1,331,411.17
b. $1,394,509.68
c. $1,346,423.14
d. $1,268,312.65
e. $1,333,878.83

Answers

Answer:

$1,394,509.68

Explanation:

Savings amount = $5200

Period = 36 years

Interest = 9.54 percent

We solve for the future value of the annuity

= $5200[(1+0.0954)³⁶-1/0.0954]

= 5200 x [1.0954³⁶-1/0.0954]

= 5200 x 268.1749

= 1,394,509.681 dollars

Therefore after retirement and at an interest rate of 9.54 percent, you would be earning 1,394,509.681 dollars.

Option b.

Given the following production plan, use a chase production strategy to compute the monthly production, ending inventory/(backlog), net requirements and required workforce levels. A worker can produce 75 units per month. Assume that the beginning inventory in January is 750 units, and the firm desires to have 750 units of inventory at the end of June.

Month Jan Feb Mar Apr May Jun
Demand 2100 3000 5100 6000 4800 2400

Required:
a. What are the net requirements for January?
b. What month has the highest number of workers required?
c. What is the production level for June?
d. How many people will be employed for the month of January?

Answers

Answer:

Computation of the monthly production, ending inventory/(backlog), net requirements and required workforce levels:

a. The net requirements for January = 2,025 units and 27 workers.

b. The month with the highest number of workers required is April.

c. The production level for June is 2,475 units

d. 27 workers will be employed for the month of January.

Explanation:

a) Data and Calculations:

Production per worker per month = 75 units

Beginning inventory in January = 750 units

Desired ending inventory in June = 750 units

Production Schedule, using the chase production strategy:

Month                                     Jan      Feb      Mar       Apr      May      Jun

Beginning inventory               75          0          0            0          0          0

Monthly production          2,025   3,000   5,100   6,000   4,800   2,475

Net requirements              2,100   3,000   5,100   6,000   4,800   2,400

Ending inventory/(backlog)      0          0          0           0          0         75

Required workforce levels    27        40        68         80        64         33

please who can help with this
its very urgent ​

Answers

Answer:

_______________________

Sandhill Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred.

June
1 Purchased books on account for $2,575 (including freight) from Catlin Publishers, terms 2/10, n/30.
3 Sold books on account to Garfunkel Bookstore for $1,300. The cost of the merchandise sold was $900.
6 Received $75 credit for books returned to Catlin Publishers.
9 Paid Catlin Publishers in full.
15 Received payment in full from Garfunkel Bookstore.
17 Sold books on account to Bell Tower for $1,150. The cost of the merchandise sold was $750.
20 Purchased books on account for $900 from Priceless Book Publishers, terms 3/15, n/30.
24 Received payment in full from Bell Tower.
26 Paid Priceless Book Publishers in full.
28 Sold books on account to General Bookstore for $1,900. The cost of the merchandise sold was $970. 30 Granted General Bookstore $130 credit for books returned costing $90.

Required:
Journalize the transactions for the month of June for Sandhill Warehouse, using a perpetual inventory system.

Answers

Answer:

01-Jun

Dr Inventory $2,575

Cr Accounts Payable $2,575

03-Jun

Dr Accounts Receivable $1,300

Cr Sales $1,300

03-Jun

Dr Cost of goods sold $900

Cr Inventory $900

06-Jun

Dr Accounts Payable $75

Cr Inventory $75

09-Jun

Dr Accounts Payable $2,500

Cr Cash $2,450

Cr Inventory $50

15-Jun

Dr Cash $1,300

Cr Accounts Receivable $1,300

17-Jun

Dr Accounts Receivable $1,150

Cr Sales $1,150

17-Jun

Dr Cost of goods sold $ 750

Cr Inventory $ 750

20-Jun

Dr Inventory $ 900

Cr Accounts Payable $ 900

24-Jun

Dr Cash $1,127

Dr Sales Discounts $ 23

Cr Accounts Receivable $1,150

26-Jun

Dr Accounts Payable $ 900

Cr Cash $873

Cr Inventory $27

28-Jun

Dr Accounts Receivable $1,900

Cr Sales $1,900

28-Jun

Dr Cost of goods sold $970

Cr Inventory $970

30-Jun

Dr Sales Returns & Allowances $130

Cr Accounts Receivable $130

30-Jun

Dr Inventory $90

Cr Cost of goods sold $90

Explanation:

Preparation of the journal entries for the month of June for Sandhill Warehouse, using a perpetual inventory system.

01-Jun

Dr Inventory $2,575

Cr Accounts Payable $2,575

03-Jun

Dr Accounts Receivable $1,300

Cr Sales $1,300

03-Jun

Dr Cost of goods sold $900

Cr Inventory $900

06-Jun

Dr Accounts Payable $75

Cr Inventory $75

09-Jun

Dr Accounts Payable $2,500

($2,575-$75)

Cr Cash $2,450

($2,500-$50)

Cr Inventory $50

($2,500*2%)

15-Jun

Dr Cash $1,300

Cr Accounts Receivable $1,300

17-Jun

Dr Accounts Receivable $1,150

Cr Sales $1,150

17-Jun

Dr Cost of goods sold $ 750

Cr Inventory $ 750

20-Jun

Dr Inventory $ 900

Cr Accounts Payable $ 900

24-Jun

Dr Cash $1,127

($1,150-$23)

Dr Sales Discounts $ 23

($1,150*2%)

Cr Accounts Receivable $1,150

26-Jun

Dr Accounts Payable $ 900

Cr Cash $873

($900-$27)

Cr Inventory $27

(900*3%)

28-Jun

Dr Accounts Receivable $1,900

Cr Sales $1,900

28-Jun

Dr Cost of goods sold $970

Cr Inventory $970

30-Jun

Dr Sales Returns & Allowances $130

Cr Accounts Receivable $130

30-Jun

Dr Inventory $90

Cr Cost of goods sold $90

Porter Corp. purchased its own par value stock on January 1, 2014 for $20,000 and debited the treasury stock account for the purchase price. The stock was subsequently sold for $12,000. The $8,000 difference between the cost and sales price should be recorded as a deduction from
a. additional paid-in capital to the extent that previous net "gains" from sales of the same class of stock are included therein; otherwise, from retained earnings.
b. additional paid-in capital without regard as to whether or not there have been previous net "gains" from sales of the same class of stock included therein.
c. retained earnings.
d. net income.

Answers

Answer: a. additional paid-in capital to the extent that previous net "gains" from sales of the same class of stock are included therein; otherwise, from retained earnings.

Explanation:

When a stock is sold for higher than its par value, the additional value is recorded in the additional paid-in capital account as a gain to equity.

If a treasury stock is sold for less than its cost, the difference between the selling price and the cost will be deducted from the additional paid in capital account but the only amount that is deductible is the gain that the company has made so far from selling stock above their par value.

If the loss from the treasury stock is more than this gain, the remainder will be deducted from the retained earnings account.

Cartwell Inc. makes picture frames which are sold in a local retail store and through various websites.
$ 19,500 4,900 WOod for frames Rent for retail store Depreciation on office equipment Assembly worker wages CEO's salary Glue and nails 780 2,950 4,450 1,150 2,400 7,800 1,550 Online sales commissions Glass for frames Depreciation on factory equipment Factory utilities Stain for frames 850 900 Required:
1. Determine the cost of direct material
2. Determine the cost of direct labor
3. Determine the cost of manufacturing overhead.
4. Determine the total manufacturing cost
5. Determine the total period cost.
6. Determine the total variable cost.
7. Determine the total fixed cost.
8. Determine the total prime cost.
9. Determine the total conversion cost

Answers

Answer:

Cartwell Inc.

1. Cost of direct material =  $27,300

2. Cost of direct labor = $2,950

3. Cost of manufacturing overhead = $4,450

4. Total manufacturing cost = $34,700

5. Total period costs = $12,530

6. Total variable cost = $34,700

7. Total fixed cost = $12,530

8. Total prime cost = $30,250

9. Total conversion cost = $7,400

Explanation:

a) Data and Calculations:

Wood for frames                               $ 19,500

Rent for retail store                               4,900

Depreciation on office equipment          780

Assembly worker wages                     2,950

CEO's salary                                         4,450

Glue and nails                                        1,150

Online sales commissions                  2,400

Glass for frames                                  7,800

Depreciation on factory equipment   1,550

Factory utilities                                      850

Stain for frames                                    900

1. Cost of direct materials:

Wood for frames                               $ 19,500

Glass for frames                                    7,800

Cost of direct materials =                 $27,300

2. Cost of direct labor:

Assembly worker wages                  $2,950

3. Cost of manufacturing overhead:

Glue and nails                                      $1,150

Depreciation on factory equipment    1,550

Factory utilities                                       850

Stain for frames                                     900

Cost of manufacturing overhead = $4,450

4. Total manufacturing cost:

Cost of direct materials =    $27,300

Cost of direct labor =               2,950

Manufacturing overhead =      4,450

Total manufacturing cost = $34,700

5. Total period costs:

Rent for retail store                               4,900

Depreciation on office equipment          780

CEO's salary                                         4,450

Online sales commissions                  2,400

Total period costs =                         $12,530

6. Total variable cost:

Wood for frames                               $ 19,500

Assembly worker wages                      2,950

Glue and nails                                         1,150

Online sales commissions                   2,400

Glass for frames                                   7,800

Stain for frames                                      900

Total variable cost =                        $34,700

7. Total fixed cost:

Rent for retail store                               4,900

Depreciation on office equipment          780

CEO's salary                                          4,450

Depreciation on factory equipment     1,550

Factory utilities                                        850

Total fixed cost =                              $12,530

8. Total prime cost:

Cost of direct materials =    $27,300

Cost of direct labor =               2,950

Total prime cost =               $30,250

9. Total conversion cost:

Cost of direct labor =               2,950

Manufacturing overhead =      4,450

Total conversion cost =         $7,400

The purpose of managerial accounting is to provide useful information to management and other internal decision makers. It does this by collecting, managing, and reporting both monetary and nonmonetary information in a manner useful to internal users. Major characteristics of managerial accounting include (1) focus on internal decision makers, (2) emphasis on planning and control, (3) flexibility, (4) timeliness, (5) reliance on forecasts and estimates, (6) focus on segments and projects, and (7) reporting both monetary and nonmonetary information. Ethics are beliefs that distinguish right from wrong. Ethics can be important in reducing fraud in business operations.

The purposes of managerial accounting are to provide useful information to aid in: __________

a. Renewing pest activities,
b. Determining costs of products and services.
c. Determining costs of employee wages and "lanes
d. Comparing actual to planned

Answers

Answer:

d. Comparing actual to planned

Explanation:

The purpose of managerial accounting are to provide useful information to aid managers. It is important to remember that managerial accounting is for internal use only whilst financial accounting is for external use (reporting purposes).

Since one of the characteristics of managerial accounting is planning and control, this is made possible by comparing actual to planned.

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