Answer:
E. Debit Accounts Receivable $833,400; credit Sales $833,400; debit Cost of Goods Sold $457,000; credit Finished Goods Inventory $457,000.
Explanation:
Based on the information given we were told that the Cost of goods sold was the amount of $ 457,000 while the Credit sales was the amount of $ 833,400 which means that the appropiate journal entry to record June sales is:
Debit Accounts Receivable $833,400
Credit Sales $833,400
(To record sales)
Debit Cost of Goods Sold $457,000
Credit Finished Goods Inventory $457,000
(To record sales)
The rate established at the beginning of a period that uses estimated overhead and an allocation factor such as estimated direct labor, and that is used to assign overhead cost to jobs, is the: Multiple Choice Predetermined overhead rate. Overhead variance rate. Estimated labor cost rate. Chargeable overhead rate. Miscellaneous overhead rate.
Answer:
Predetermined overhead rate
Explanation:
The predetermined overhead rate is the rate that is computed by taking the estimated manufacturing overhead and the same would be divided by allocation factor that could be estimated direct labor, estimated direct hours, etc in order to assign the overhead cost
So according to the given situation, the first option is correct i.e. predetermined overhead rate
Lando Calrissian just won the lottery and is trying to decide between the options of receiving the annual cash flow payment option of $330,000 per year for 25 years beginning today, or receiving one lump-sum amount today. Lando can earn 4% investing this money. At what lump-sum payment amount would he be indifferent between the two alternatives
Answer:
the lump-sum payment amount would he be indifferent between the two alternatives is $5,361,497.79
Explanation:
The computation of the lump-sum payment amount would be shown below:
= Annual cash flow per year × present value of annuity due factor at 4% for 25 years
= $330,000 × 16.246963
= $5,361,497.79
Refer the present value of annuity due factor table for the same
hence, the lump-sum payment amount would he be indifferent between the two alternatives is $5,361,497.79
Every good speaker adapts to the audience. When adapting presentations for intercultural audiences, most people understand that they must make the basic language adaptations; however, more fundamental sensitivity is sometimes needed in relation to organization, speaking conventions, values, and nonverbal communication. When addressing cross-cultural audiences:__________.
a. use first names
b. anticipate differing expectations
c. deliver your main point first
What should you do when adjusting multimedia slides to intercultural audiences?
a. Progress through your slides rapidly.
b. Use a little more text than usual in your slides.
c. Put very little information in your slides.
Answer: 1. anticipate differing expectations
2. Use a little more text than usual in your slides.
Explanation:
1. Based on the fact that the presentation is for intercultural audiences, it is important for the speaker to anticipate differing expectations. The audience have different values, languages etc and their opinions and expectations may be quite different.
2. During the adjustment of multimedia slides to intercultural audiences, it's important to use a little more text than usual in your slides. This is vital so that the audience can comprehend the message that's being passed across. Progressing through the slides rapidly isn't ideal and there should be detailed information in the slides.
Use the following table:
Present Value of an Annuity of 1
Period 8% 9% 10%
1 0.926 0.917 0.909
2 1.783 1.759 1.736
3 2.577 2.531 2.487
A company has a minimum required rate of return of 9%. It is considering investing in a project which costs $450000 and is expected to generate cash inflows of $200000 at the end of each year for three years. The net present value of this project is:________
a. $100000.
b. $506200.
c. $56200.
Answer:
c. $56,200
Explanation:
The cash inflows = $200,000, r = required rate of return = 9%, n = number of years = 3
Present Value of Annuity Factor (9%,3) = 2.531
Net Present Value of the Project = Cash inflows * Present Value of Annuity Factor (r,n) - Cost of Project
Net Present Value of the Project = ($200,000 * 2.531) - $450,000
Net Present Value of the Project = $506,200 - $450,000
Net Present Value of the Project = $56,200
How many people started new businesses in 2011 according to the Kauffman Foundation?
A) 5%
B) 320 of every 100,000 adults in this country
C) 350 of every 100,000 adults in this country
D) 320,000
Answer:
B) 320 of every 100,000 Adults in this country.
Explanation: this is correct!
Mighty Safe Fire Alarm is currently buying 58,000 motherboards from MotherBoard, Inc., at a price of $63 per board. Mighty Safe is considering making its own boards. The costs to make the board are as follows: direct materials, $29 per unit; direct labor, $10 per unit; and variable factory overhead, $15 per unit. Fixed costs for the plant would increase by $81,000. Which option should be selected and why
Answer:
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A company with 82,146 authorized shares of $5 par common stock issued 31,717 shares at $14 per share. Subsequently, the company declared a 2% stock dividend on a date when the market price was $26 a share. What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend
Answer:
$16,492.84
Explanation:
Calculation to determine the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend
Amount transferred to Paid-in capital accounts=(Common stock*Stock dividend declared percentage)*Market price
Let plug in the formula
Amount transferred to Paid-in capital accounts=(31,717 shares*2%)*$26 per share
Amount transferred to Paid-in capital accounts=634.34*$26 per share
Amount transferred to Paid-in capital accounts=$16,492.84
Therefore the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend is $16,492.84
When Argentina fixed the exchange rate of their peso to the U.S. dollar, one outcome was: Group of answer choices Argentinean central bankers effectively gave control of their domestic interest rate to the FOMC. Argentinean central bankers regained control of their domestic interest rate. Argentinean central bankers were finally able to focus their attention on domestic monetary policy. Argentineans began using the U.S. dollar for all of their transactions.
Answer: Argentinean central bankers effectively gave control of their domestic interest rate to the FOMC.
Explanation:
The Federal Open Market Committee(FOMC) is a committee of the Federal Reserve which influences the interest rate in the country by engaging in Open Market Operations (OMO). In doing so, they also influence the value of the dollar which is the currency of the U.S.
By pegging the Argentine Peso to the U.S. dollar, the Argentines effectively gave control of their domestic interest rate to the FOMC because the FOMC in deciding the interest rate for the U.S. and therefore the dollar, will be deciding for any other currency that moves exactly as the dollar does which is what the Peso is now going to do.
The outcome was that Argentinean central bankers effectively gave control of their domestic interest rate to the FOMC.
The Federal Open Market Committee is a committee of the Federal Reserve which influences the interest rate in the country by engaging in Open Market Operations (OMO).
Now, by pegging the Argentine Peso to the U.S. dollar, the Argentines will effectively gave control of their interest rate to the Federal Open Market Committee for interest rate decision, therefore, will be deciding for any other currency that moves exactly as the dollar does.Hence, the Option A is correct because the outcome was that Argentinean central bankers effectively gave control of their domestic interest rate to the FOMC.
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Superior has provided the following information for its recent year of operation: The common stock account balance at the beginning of the year was $11,000 and the year-end balance was $15,500. The additional paid-in capital account balance increased $3,600 during the year. The retained earnings balance at the beginning of the year was $65,000 and the year-end balance was $90,000. Net income was $37,000. How much were Superior's dividend declarations during its recent year of operation
Answer:
$12,000
Explanation:
Given the above information, we will apply the formula below:
The ending balance of retained earnings = Beginning balance of retained earnings + Net income - Dividend paid
$90,000 = $65,000 + $37,000 - Dividend paid
Dividend paid = $65,000 + $37,000 - $90,000
Dividend paid = $12,000
Therefore, the above balance of $12,000 would be displayed in the retained earnings statment
what are the Computer Design problems and their solutions?
As a result of recent downsizing at his firm, Dominic lost his job as an IT manager for a large telecommunications company. A true, self-confirmed computer nerd, Dominic knew that several of his past contacts often outsourced their computer problems. He decided it was a good time to test the waters and see if he could secure enough computer clients to be in business for himself. His success demonstrated that
Answer:
The responses to the given question can be defined as follows:
Explanation:
Dominic quit his position as an IT manager for the largest telecommunication company despite a brief downsizing in her corporation. A genuine, self-confirmed nerd of a machine, Dominic realized that several of his past connections often subcontracted problems. He decided to try out all the water to find out whether he could secure and/or computer clients to be in the company. His performance has shown that effective major firms also generate lucrative support for young businesses. He could consider outsourcing jobs from large companies. It shows that big companies are supplying the small company with jobs, that's why the correct choice is "successful big businesses often create profitable opportunities for small businesses".
Problem 11-11 Calculating Operating Leverage [LO4] At an output level of 62,000 units, you calculate that the degree of operating leverage is 3.7. The output rises to 67,000 units. What will the percentage change in operating cash flow be? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Will the new level of operating leverage be higher or lower?
Answer:
Percentage change in sales = [(Ending value - Beginning value) / Beginning value] * 100
Percentage change in sales = [($67,000 - $62,000) / $62,000] * 100
Percentage change in sales = 0.080645
Percentage change in sales = 8.0645%
Percentage change in OCF = Percentage change in sales * Degree of operating leverage
Percentage change in OCF = 8.0645% * 3.7
Percentage change in OCF = 29.84%
Will the new level of operating leverage be higher or lower?
As the sales increase, contribution margin will remain constant but operating margin percentage will rise. Therefore, this leads to fall in operating leverage.
Your firm needs a computerized machine tool lathe which costs $51,000 and requires $12,100 in maintenance for each year of its 3-year life. After three years, this machine will be replaced. The machine falls into the MACRS 3-year class life category. Assume a tax rate of 34 percent and a discount rate of 11 percent. If the lathe can be sold for $5,100 at the end of year 3, what is the after-tax salvage value
Answer:
$4,650.89
Explanation:
Year Depreciation rate Depreciation Book Value
(51000*Rate)
1 33.33% $16,998.30 $34,001.70
2 44.45% $22,669.50 $11,332.20
3 14.81% $7,553.10 $3,779.10
4 7.41% $3,779.10
100% $51,000
Sale Value $5,100
Book Value at end of 3 years $3,779.10
Net Gain on Sale $1,320.90
Tax On Gain = $1320.90*0.34
Tax On Gain = $449.11
After-tax salvage value = $5100 - $449.11
After-tax salvage value = $4,650.89
What is e- marketing
Answer:
marketing online pretty much
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Hetrick Dentistry Services operates in a large metropolitan area. Currently, Hetrick has its own dental laboratory to produce porcelain and gold crowns. The unit costs to produce the crowns are as follows:
Porcelain Gold
Raw materials $70 $130
Direct labor 27 27
Variable overhead 8 8
Fixed overhead 22 22
Total $127 $187
Fixed overhead is detailed as follows:
Salary (supervisor) $26,000
Depreciation 5,000
Rent (lab facility) 32,000
Overhead is applied on the basis of direct labor hours. These rates were computed by using 5,500 direct labor hours. A local dental laboratory has offered to supply Hetrick all the crowns it needs. Its price is $125 for porcelain crowns and$150 for gold crowns; however, the offer is conditional on supplying both types of crowns—it will not supply just one
type for the price indicated. If the offer is accepted, the equipment used by Hetrick's laboratory would be scrapped (it i!
old and has no market value), and the lab facility would be closed. Hetrick uses 2,000 porcelain crowns and 600 gold crowns per year.
Required:
Conceptual Connection: Should Hetrick continue to make its own crowns, or should they be purchased from the external supplier?
Answer:
Hetrick Dentistry Services
Hetrick should buy the crowns from the external supplier.
Explanation:
a) Data and Calculations:
Porcelain Gold
Raw materials $70 $130
Direct labor 27 27
Variable overhead 8 8
Fixed overhead 22 22
Total $127 $187
Variable costs $125 $165
Supplier's prices $125 $150
Savings (outside purchase) $0 $15
Savings from buying from outside supplier = $9,000 ($165 - 150) * 600)
Fixed overhead is detailed as follows:
Salary (supervisor) $26,000
Depreciation 5,000
Rent (lab facility) 32,000
Total fixed overhead $63,000
Reform Traders current net operating income is $16,800 and its average operating assets are $90,000. The company's required rate of return is 15%. A new project being considered would require an investment of $28,000 and would generate annual net operating income of $3,100. What is the residual income of the new project
Answer:
- $4,200
Explanation:
residual income = net operating income - cost of investment
therefore
residual income = $3,100 - $28,000 x 15%
= - $4,200
The residual income of the new project is - $4,200
In mid-2019, an article in the Wall Street Journal quoted an investment analyst as stating that "heightened expectations of a [federal funds] rate cut may now force the Fed to act sooner than intended to avoid disappointing the market and driving up stocks' volatility over the summer." Source: Jessica Menton and Nathan Allen, "U.S. Stocks Edge Lower, Extending Losses," Wall Street Journal, June 12, 2019. Is avoiding volatility part of the Fed's dual mandate?
Answer: B. No, this is not part of the Fed's dual mandate of price stability and high employment.
Explanation:
For any economy to grow there needs to be price stability in the economy as it helps investors plan their future spending amongst other things. This is why the Fed has the mandate to keep prices stable.
The Fed however, does not have to maintain the stability of prices in the stock market which can be a very volatile market where the volatility is one of the very ways to make gains.
A good example of backward vertical integration is a: A. global public accounting firm acquiring a small local or regional public accounting firm. B. hospital opening up a nursing home for the aged. C. large supermarket chain getting into convenience food stores. D. railroad company acquiring a trucking company specializing in long-haul freight. E. crude oil refinery purchasing a firm engaged in drilling and exploring for oil.
Answer: E. crude oil refinery purchasing a firm engaged in drilling and exploring for oil.
Explanation:
Backward integration occurs when Company A acquires Company B because Company B produces the inputs that goes into the manufacturing of the goods produced by Company A.
In the scenario in option E, a crude oil refinery produces goods such as gasoline and other types of fuel but they do this by refining crude oil which is what the firm that they purchased is engaged in acquiring. This is therefore backward integration.
A natural experiment is a chance occurrence that mimics a randomized controlled trial. In order to analyze causal effects from natural experiments, economists make use of a statistical method known as instrumental variables, in which one variable from a natural experiment is used as an instrument for a particular independent variable of interest. Assume the independent variable of interest is x1 and the dependent variable in a regression is y. Which of the following represent necessary characteristics of a suitable instrument?
a. The instrument has at least 200 observations
b. The instrument is correlated with
c. The instrument has a conditional mean of zero
d. The instrument does not directly influence y, except through
Answer: b. The instrument is correlated with x1.
d. The instrument does not directly influence y, except through x1.
Explanation:
Based on the information given in the question, the necessary characteristics of a suitable instrument include:
• The instrument is correlated with x1.
• The instrument does not directly influence y, except through x1.
Some of the criteria for an instrument variable are the fact that it should have a causal effect on independent variable and also the dependent variable isn't directly affected except through the independent variable which is x1 in this scenario.
Therefore, the correct option are B and D.
Maxim manufactures a hamster food product called Green Health. Maxim currently has 11,500 bags of Green Health on hand. The variable production costs per bag are $2.10 and total fixed costs are $13,000. The hamster food can be sold as it is for $10.00 per bag or be processed further into Premium Green and Green Deluxe at an additional cost. The additional processing will yield 11,500 bags of Premium Green and 3,300 bags of Green Deluxe, which can be sold for $9 and $7 per bag, respectively. Assuming Maxim further processes Green Health further into Premium Green and Green Deluxe, revenue from the two products would be:
Answer:
$126,600
Explanation:
Calculation to determine what the revenue from the two products would be:
Venue if processed further:
Premium Green (11,500 bags * $9 per bag) $ 103,500
Green Deluxe (3,300 bags * $7 per bag) $23,100
Total revenue if processed further $ 126,600
($103,500+$23,100)
Therefore Assuming Maxim further processes Green Health further into Premium Green and Green Deluxe, revenue from the two products would be:$126,600
Consider the following scenarios.
a. Scenario one has two options available.
Option A: There is a 50% chance of winning $1,000 and a 50% chance of winning $0.
Option B: There is a 100% chance of receiving $500.
A risk-averse person (Click to select) will choose option A will choose option B will be indifferent between options A and B might choose option A or might choose option B .
b. Scenario two has two different options available.
Option C: There is a 40% chance of winning $90 and a 60% chance of winning $110.
Option D: There is a 100% chance of winning $90.
A risk-averse person (Click to select) will choose option C will choose option D will be indifferent between options C and D might choose option C or might choose option D .
c. Scenario three has two more options available.
Option E: There is a 50% chance of winning $0 and a 50% chance of winning $100.
Option F: There is a 50% chance of winning $20 and a 50% chance of winning $60.
A risk-averse person (Click to select) will choose option E will choose option F will be indifferent between options E and F might choose option E or might choose option F .
Answer:
Scenario 1: A risk-averse person will choose option B.
Scenario 2: A risk-averse person will choose option D.
Scenario 3: A risk-averse person will choose option F.
Explanation:
a) Data and Calculations:
Scenario 1:
Option A Winning Expected
Probability Value
50% $1,000 $500
50% 0 0
Total winning = $500
Option B Winning Expected
Probability Value
100% $500 $500
0% 0
Total winning = $500
Scenario 2:
Option C Winning Expected
Probability Value
40% $90 $36
60% 110 66
Total winning = $102
Option D Winning Expected
Probability Value
100% $90 $90
Scenario 3:
Option E Winning Expected
Probability Value
50% $0 $0
50% 100 50
Total winning = $50
Option F Winning Expected
Probability Value
50% $20 $10
50% 60 30
Total winning = $40
b) The risk-averse person tries to avoid risks at all times. Her choice of investment favors an option that has a 100% probability of winning, thereby eliminating risks in all ramifications. This is why she is never indifferent between two options as she factors in the probability of losing.
Marian Corporation has two separate divisions that operate as profit centers. The following information is available for the most recent year: Black Division Navy Division Sales (net) $ 1,000,000 $ 370,000 Salary expense 25,000 45,000 Cost of goods sold 120,000 156,000 The Black Division occupies 18,000 square feet in the plant. The Navy Division occupies 27,000 square feet. Rent is an indirect expense and is allocated based on square footage. Rent expense for the year was $45,000. Compute departmental income for the Black and Navy Divisions, respectively. (Do not round your intermediate computations)
TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Standard Standard Standard Quantity Price Cost Direct Materials 9 pounds $ 1.80 per pound $ 16.20 Direct Labor 0.25 hour $ 7.20 per hour 1.80 $ 18.00 During November, TaskMaster purchased 198,000 pounds of direct materials at a total cost of $376,200. The total factory wages for November were $46,000, 90% of which were for direct labor. TaskMaster manufactured 21,000 units of product during November using 170,000 pounds of direct materials and 6,000 direct labor hours. What is the direct labor efficiency variance for November
Answer:
Direct labor time (efficiency) variance= $5,400 unfavorable
Explanation:
Giving the following information:
Standard= Direct Labor 0.25 hour $ 7.20 per hour
Actual= 6,000 hours
Number of units= 21,000
To calculate the direct labor efficiency variance, we need to use the following formula:
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
Direct labor time (efficiency) variance= (21,000*0.25 - 6,000)*7.2
Direct labor time (efficiency) variance= (5,250 - 6,000)*7.2
Direct labor time (efficiency) variance= $5,400 unfavorable
Vextra Corporation is considering the purchase of new equipment costing $35,000. The projected annual cash inflow is $11,000, to be received at the end of each year. The machine has a useful life of 4 years and no salvage value. Vextra requires a 12% return on its investments. The present value of an annuity of $1 for different periods follows: Periods 12% 1 0.8929 2 1.6901 3 2.4018 4 3.0373 Compute the net present value of this investment.
Answer:
$-1589.16
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
Cash flow in year 0 = $-35,000.
Cash flow in year 1 to 4 = $11,000
I = 12%
NPV = $-1589.16
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
What is one of the best known functions of The Consumer Product Safety Commission?
O product recalls
O identity theft damage repair
O food safety
Ofree credit reports
Answer:
product recalls
Explanation:
Note, the Consumer Product Safety Commission is an agency that is concerned with consumer product safety in general regardless of whether they are food-related products or not.
Hence, this agency among its stated primary objectives on its official website includes carrying out product recalls where necessary.
Kierofree Air Tours has the following payroll data for its November 5 pay date:
Nov 5 Wages and salaries expense 522 $199,023.00
Federal withholding tax payable 220 $33,833.91
Social Security tax payable 221 11,442.35
Medicare tax payable 222 2,676.03
401(k) contributions payable 223 6,965.81
Health Insurance payable 224 14,468.97
Union Dues payable 227 4,975.58
Wages and salaries payable 226 ???
How much is the net pay?
a) $199,023.00
b) $185,216.26
c) $142,578.94
d) $124,660.35
Answer:
a probably as far as I can solve
Suppose the working-age population of a fictional economy falls into the following categories:
75 have full-time employment; 25 have part-time employment; 20 do not have employment, but are actively looking for employment; and 10 people are stay at home parents.
(1) What is the size of Labor force?
(2) What is the Unemployment rate?
Answer:
The right solution is:
(a) 120
(b) 20%
Explanation:
Given that,
Full time employed,
= 75
Part time employed,
= 25
Total unemployed,
= 20
(a)
The total employed will be:
= [tex]Full \ time + Part \ time[/tex]
= [tex]75+25[/tex]
= [tex]100[/tex]
Now,
Labor force will be:
= [tex]Total \ employed+Total \ unemployed[/tex]
= [tex]100+20[/tex]
= [tex]120[/tex]
(b)
The unemployment rate will be:
= [tex]\frac{Total \ unemployment}{Labor \ force}\times 100[/tex]
= [tex]\frac{20}{100}\times 100[/tex]
= [tex]0.2\times 100[/tex]
= [tex]20[/tex] (%)
Metlock Mining Company purchased land on February 1, 2020, at a cost of $1,101,100. It estimated that a total of 58,200 tons of mineral was available for mining. After it has removed all the natural resources, the company will be required to restore the property to its previous state because of strict environmental protection laws. It estimates the fair value of this restoration obligation at $112,500. It believes it will be able to sell the property afterwards for $125,000. It incurred developmental costs of $250,000 before it was able to do any mining. In 2020, resources removed totaled 29,100 tons. The company sold 21,340 tons.
Compute the following information for 2020.
(a) Per unit mineral cost: _______
(b) Total material cost of December 31, 2020, inventory:_______
(c) Total material cost in cost of goods sold at December 31, 2020:_______
Answer and Explanation:
The computation is shown below;
(a)
Purchase price of Land $1,101,100
Add: Fair value of restoration $112,500
Less: residual value -$125,000
Developmental costs $250,000
Total $1,388,600
Divided by Tons available for mining 58,200
Per unit Material cost $23.00
(b) Inventory $178,480 (29100 - 21340) × $23
(c ) Cost of goods sold $490,820 (21340 × $23)
The following information is available for a company's utility cost for operating its machines over the last four months. Month Machine hours Utility cost January 940 $ 5,490 February 1,840 $ 6,980 March 2,480 $ 8,100 April 640 $ 3,900 Using the high-low method, the estimated variable cost per machine hour for utilities is:
Answer:
Variable cost per unit= $2.28
Explanation:
Giving the following information:
January 940 $ 5,490
February 1,840 $ 6,980
March 2,480 $ 8,100
April 640 $ 3,900
To calculate the variable cost per machine hour under the high-low method, we need to use the following formula:
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (8,100 - 3,900) / (2,480 - 640)
Variable cost per unit= $2.28