Lamont Company produced 80,000 machine parts for diesel engines. There were no beginnings or ending work-in-process inventories in any department. Lamont incurred the following costs for May:
Molding Department Grinding Department Finishing Department
Direct materials $12,000 $5,400 $8,000
Direct labor 10,000 8,500 12,000
Applied overhead 17,000 14,000 11,000
Required:
1. Calculate the costs transferred out of each department.
2. Prepare the journal entries corresponding to these transfers. Also, prepare the journal entry for Grinding that reflects the costs added to the transferred-in goods received from Molding.
3. What if the Grinding Department had an ending WIP of $11,000? Calculate the cost transferred out.
4. What is the effect on finished goods calculated in Requirement 1, assuming the other two departments have no ending WIP?

Answers

Answer 1

Answer:

Lamont Company

1. The costs transferred out of each department:

                                       Molding        Grinding     Finishing

Cost transferred out     $39,000       $66,900     $86,900

WIP                                                        $11,000

Cost transferred out    $39,000       $55,900     $86,900

2. Journal Entries:

Debit WIP: Grinding $39,000

Credit WIP: Molding $39,000

To record the transfer of cost from Molding to Grinding.

Debit Finishing $66,900

Credit WIP: Grinding $66,900

To record the transfer of cost from Grinding to Finishing.

Debit Finished Inventory $86,900

Credit Finishing $86,900

To record the transfer of cost from Finishing to Finished Inventory.

3.                                   Molding        Grinding     Finishing

WIP                                                        $11,000

Cost transferred out    $39,000       $55,900     $86,900

4. The effect of the ending WIP in the Grinding Department is that the cost of inventory transferred to the Finishing Department is reduced by the amount of the Work-in-Process Inventory ($11,000).

Explanation:

a) Data and Calculations:

Costs incurred in May:

                                  Molding        Grinding     Finishing  

Direct materials        $12,000          $5,400       $8,000

Direct labor                 10,000            8,500        12,000

Applied overhead      17,000           14,000         11,000

Total costs

 transferred out     $39,000       $27,900      $31,000

Grinding costs         -39,000         39,000

Total costs                0                 $66,900      $31,000

Cost transferred out to finishing -55,900       55,900

Total costs                0                    0              $86,900

WIP                            0                     11,000


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Adam is writing a proposal to the board of directors about an idea he has for a new product line. What should he do to best persuade the members to adopt his idea?
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Answers

Show how your suggestion would boost company revenue.

Give some examples of revenues.

Revenues are frequently substituted with the word income. Purchases, service revenue, paid fees, mortgage revenue, and interest income are a few examples of cash receipts. Revenue accounts often contain debit balance because they are paid when services are rendered and invoiced.

Do sales generate revenue?

Some businesses incorrectly mix the phrases sales and revenue. Despite the fact that sales are a source of income, not all money does. In reality, they are the same for many businesses. However, some companies consistently generate additional money via their everyday activities.

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If a company issues 10,000 shares of $1 par value common stock at a market price of $50 per share, which of the following is the correct balance sheet entry? Select one: O a. Increase cash by $500,000 and increase earned capital by $500,000 O b. Increase revenues by $500,000 O c. Increase common stock and cash by $10,000 O d. Increase cash by $500,000 and increase contributed capital by $500,000

Answers

d. Correct balance sheet entry to increase cash by $500,000 and increase contributed capital by $500,000.

This is the correct balance sheet entry because when a company issues 10,000 shares of $1 par value common stock at a market price of $50 per share, the company will receive cash equal to $500,000 (10,000 x $50). This amount should be recorded as an increase in cash on the balance sheet.

The other side of this entry should be an increase in contributed capital, which is the value of the shares issued in the market. In this case, the company has issued 10,000 shares of $1 par value common stock for $50 each, resulting in a contributed capital of $500,000 (10,000 x $50). This should be recorded as an increase in contributed capital on the balance sheet.

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Answers

It is not necessary for a job description to capture every last detailed task that may be encountered in the performance of the job. This is a true statement.

Why are job descriptions important?

A job description's main goals are to make sure the position will satisfy the organization's needs and to help recruit the best candidates. It will be less probable that candidates who don't meet the requirements will apply if you clearly define the requirements for a given post.

Why is the function of job descriptions in the hiring process important?

Employers and job applicants can better understand what is expected of them in a particular position thanks to job descriptions and selection process, which also aid in identifying individuals who are a good fit for the role.

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sunland company has a materials price standard of $2.00 per pound. 6300 pounds of materials were purchased at $2.20 a pound. the actual quantity of materials used was 6300 pounds, although the standard quantity allowed for the output was 6000 pounds. sunland company's materials price variance is

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In plain English, what is a variance?

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What is statistics variance?

In statistics, variability is measured by variance. It evaluates the mean squared deviation between the data values and the mean. It includes all data points in its calculations by comparing each value to the mean, unlike some other statistical measures of variability.

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Which of the following is not a measure of liquidity? Acid-Test Ratio Current Ratio Gross Profit Ratio Working Capital

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Gross Profit Ratio is not a measure of liquidity.

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You are wondering how to explain price elasticity of demand to the management of the Houston Astros baseball team, in user-friendly language. You decide to talk about How demand increases when price is decreased How price decreases when demand is increased How price increases when demand in decreased How demand decreases when price is increased How demand increases when price is decreased and How demand decreases when price is increased are both correct

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How demand increases when price is decreased and how price increases when demand in decreased both correct.

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Explanation:

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Sent a check to Lyon Co for the April 2 purchase, net of the discount and the returned merchandise.
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Answers

In the journal entry, the accounts payable will be debited, and the cash and discounts will be credited.

The journal entry to record the financial transaction in the books of Lyon Co. for the April 2 purchase, net of the discount and the returned merchandise, is as given below.

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#Complete question

Prepare journal entries to record the following transactions for a retail store.

Sent a check to Lyon Co for the April 2 purchase, net of the discount and the returned merchandise.

Paid $4600 - 600 (returned good) = 4000 x 2% = 80

4000 - 80 = 3920

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Although Akbar met with Christian missionaries, the Mughals did not purchase European products because they considered the people from that continent to be barbarians.

What made Akbar so powerful, and why?The Mughal Empire rapidly grew to embrace the whole Indian subcontinent under Akbar, a charismatic general who was successful. However, because the Mughals controlled the military, politics, culture, and economy of the whole subcontinent, his power and influence grew throughout it.Against Akbar, who prevailed?Maharana Pratap, the ruler With the upgraded textbooks, students may now learn. Maharana Pratap soundly beat Akbar, the Mughal emperor, in the Battle of Haldighati in the 16th century.

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The most high-priced parts of such software program development consist of the checking out and planning stages, which can take up from a month to countless years. However, the lifecycle hardly ever exceeds a 3-year period.

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Maintenance is the closing segment that closing longer than any different software life cycle. This make preservation the most expensive or pricey phase in the device development existence cycle in view that it is long and time consuming

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Managers who consider the impact of their organization on the natural environment are said to be practicing:
A) value-based management.
B) ethics-based management.
C) socially responsible management.
D) green management.

Answers

Green management is the practice of taking into account how an organization's actions may affect the environment.

The discussion of corporate sustainability and sustainable development led to the establishment of the academic idea of green human resource management. With his proposition that "if a firm is to take an environmentally-aware approach to its activities, the employees are the key to its success or failure," Wehrmeyer is frequently credited with laying the groundwork for this theory. GHRM is described as "the HRM components of Environmental Management" in one of the most popular definitions. GHRM is defined as "phenomena relevant to understanding linkages between organizational activities that impact the natural environment and the design, evolution, implementation, and effect of HRM systems" in a broader sense. One of GHRM's objectives is to inform staff members about environmental problems throughout the world by starting proposal schemes, educate staff members about greener habits, and motivate staff members to participate in and develop sustainable initiatives.

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Green management is the practice of taking into account how an organization's actions may affect the environment.

The discussion of corporate sustainability and sustainable development led to the establishment of the academic idea of green human resource management. With his proposition that "if a firm is to take an environmentally-aware approach to its activities, the employees are the key to its success or failure," Wherever is frequently credited with laying the groundwork for this theory. GHRM is described as "the HRM components of Environmental Management" in one of the most popular definitions. GHRM is defined as "phenomena relevant to understanding linkages between organizational activities that impact the natural environment and the design, evolution, implementation, and effect of HRM systems" in a broader sense. One of GHRM's objectives is to inform staff members about environmental problems throughout the world by starting proposal schemes, educate staff members about greener habits, and motivate staff members to participate in and develop sustainable initiatives.

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Answers

Rivals have criticized world-systems theory for being overly centered on the economics, underemphasized on culture, and overly core- and state-centric.

These factors don't make sense when viewed through Wallerstein's nation-centered lens because they operate on a global scale as opposed to a state system.

According to systems theory, a world-system is a socioeconomic system that includes all or part of the world and details the overall structural outcome of all interactions between polities. Although they are not always global, world-systems are typically larger than single states.

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2. Carbon emissions and climate change politics An uneven transaction underpins the politics of climate change.

3. The Packaged Food Sector and Hidden Hunger

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FILL IN THE BLANK Because income is not distributed perfectly equally anywhere in the world, the top quintiles earn a disproportionately _____ share of income and the lower quintiles earn a disproportionately _____ share of income.

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Because income is not distributed perfectly equally anywhere in the world, the top quintiles earn a disproportionately high share of income and the lower quintiles earn a disproportionately low share of income.

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localized poverty

poverty over generations

absolute need.

relative destitution

urban squalor

rural destitution

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During 2022, Blossom Company sold equipment with a book value of $172800 for proceeds of $208800. The company purchased new equipment for $460800 by signing a long-term note payable. No other transactions impacted long-term asset accounts during 2022. The investing section of the statement of cash flows will report
a.net cash outflows of $252000.
b.net cash outflows of $424800.
c.net cash inflows of $208800.
d.net cash inflows of $36000.

Answers

The investing section of the statement of cash flows will report a net cash inflow of of $208800. Thus, the correct answer is option C.

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A cash flow statement, also known as a statement of cash flows in financial accounting, is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and divides the analysis into operating, investing, and financing activities.

The investing activities section of the cash flow statement records the activities that include the purchase and sale of long-term assets. The purchase is a cash outflow, whereas the sale is a cash inflow.

In the given case, the sale proceed of equipment is consider in the investing activity i.e. $208800.

Therefore, net cash inflows of $208800 is reported in the  investing section of the statement of cash flows.

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Which of the following stages of the five-stage development model for teams is when the team finalizes its work and disbands?
A. adjourning
B. performing
C. forming
D. norming

Answers

Option (a), The team adjourns during the adjourning stage of the five-stage development model for teams after completing its task.

What is the final phase of team development?

During this final stage of group formation, members begin to make ready to say goodbye. The main goals of the adjourning stage are to close and reach a successful finish. Group members should take some time to reflect on their individual contributions and growth.

Bruce Tuckman coined the term "adjourning" in 1977 to describe the fifth and final stage of group growth, which takes place after a group completes its work before breaking up. It is crucial that team members at this point receive the necessary congratulations and closure for the work they did.

As the meeting comes to an end, the majority of the team's goals have been accomplished. Finalizing unfinished business and documenting work and results are the main priorities. As the workload lowers, specific team members might be moved to other teams, which would cause the team to dissolve.

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The three most popular types of marketable securities are Treasury bills, Certificate of deposit, and:A) Treasury notesB) Corporate bondsC) Commercial paperD) Checking accounts

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The three most popular types of marketable securities are Treasury bills, Certificate of deposit, and Treasury notes. Hence, option A is correct.

Marketable securities are investments that can be swiftly converted into cash. These publicly traded stock exchanges and public bond exchanges are where these short-term liquid securities can be purchased or sold. These instruments, which can be either debt or equity, often mature in a year or less. Treasury Bills, Treasury Notes, Treasury Bonds, Treasury Inflation-Protected Securities (TIPS), and Floating Rate Notes are the five categories of marketable Treasury securities that the US Treasury sells (FRNs).

U.S. Treasury securities are primarily used to issue American government debt. Due to their low default risk, these assets, often known as Treasuries, are regarded as the safest investments.

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Kito makes on online purchase of a guitar case for $39.99, a tuner for $24.99 and picks for $26.99. Taxes are 6% of the total purchase price. Shipping charges are based on the following table:
Kito selects express shipping and the company bills his credit card $105.69 for the total of the online purchase. Determine if Kito has been billed correctly for his purchase.
a.Kito has been billed correctly.
b.Kito has not been charged enough for his purchase.
c.Kito has been over charged by $1.85 for his purchase.
d.Kito has been over charged by $3.40 for his purchase.

Answers

It is accurate for the business to charge Kito's credit card $105.69 for his transaction.

The following are the items:

$39.99 for a guitar case

Tuner=$ 24.99

Picks= $26.99

The total cost of the items is thus: Total= $39.99+$24.99+$26.99 (before tax).

Total= $91.97

The following results from adding the 6% sales tax to the total cost of the goods:

Total= $91.97 ×(1+6%)

Total= $97.49

Kito chooses express shipping.

Given that express delivery costs $8.20 for purchases up to $100, Kito's invoice will be

Bill = 97.47 plus 8.20 = 105.69

According to the query, the business charges his credit card $105.69.

Thus, we can say that (a) Kito has been accurately billed.

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Which of the following terms refers to the economic circulation of works of art? Art gallery Auction Patronage Art market CONCEPT

Answers

Art market refers to the economic circulation of works of art.Through consumer spending and tourism, the arts and culture can help to boost local economies.

What exactly does "art market" in economic circulation mean?

The art market is a venue where buyers and sellers exchange goods, services, and pieces of art. The art market operates under an economic model that takes into account factors other than supply and demand. It is a hybrid form of prediction market where art is bought and sold for prices based not only on a work's perceived cultural value but also on both its past monetary value and its anticipated future value. The market has been described as one where producers don't create products primarily for sales and where customers frequently don't understand the worth of the products they purchase.

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The SEC has issued independence rules that differ from the AICPA's in all of the following areas except:
A) working paper documentation.
B) provision of other professional services.
C) human resource and compensation-related issues.
D) required communication.

Answers

Out of the choices provided above, it can be stated that the SEC has issued independence rules that differ from the AICPA's in all of the following areas except working paper documentation. Therefore, the option A holds true.

The SEC, or the Securities and Exchange Commission, acts as the superior authority to deal with the regulations of securities and stock markets. Its rules are applicable in all the areas aforementioned, except for the case of the documentation of the working papers of a company.

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On January 1, 2021, Lizzy's Lemonade issues 5%, 20-year bonds with a face amount of $97,000 for $85,789, priced to yield 6%. Interest is paid semiannually. What amount of interest expense will be recorded on June 30, 2021, the first interest payment date? (Round your final answer to the nearest whole dollar amount.) Interest expense

Answers

Interest expense to be recorded on 30 June, 2021 is $2573.67 for 20-year bonds with a face amount of $97,000 for $85,789, priced to yield 6%.

Give a brief account on interest expense.

An entity's cost for borrowing money is regarded as an interest expense. On the income statement, interest expense is listed as a non-operating expense. It represents interest that must be paid on all borrowings, including bonds, loans, convertible debt, and credit lines. It is essentially determined by multiplying the debt's outstanding principal amount by the interest rate. Instead of the amount of interest paid during that time, interest expenditure on the income statement shows interest accrued throughout the period covered by the financial statements. Despite the fact that interest costs are tax deductible for businesses, they may not be in the case of an individual, depending on their jurisdiction and the loan's intended use.

To solve the question :

Interest expense on 30 June, 2021:

= $85,789 × 6% × 6/12

= $2573.67

Hence, interest expense to be recorded on 30 June, 2021 is $2573.67.

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Carlota and Dave formed an S corporation; Carlota owns 75% of the out-standing shares, and Dave owns the rest. When the entity’s AAA balance is $1,000,000, it distributes an asset to each shareholder; the basis of each asset to the corporation is $152,500. Carlota’s asset is worth $213,500, and Dave’s is worth $183,000.
a. How much gain, if any, does the corporation recognize as a result of the distribution? $______
b. By how much, if any, does the distribution increase Dave’s gross income? $_____
c. By how much, if any, does the distribution increase Carlota’s gross income? $_____

Answers

The corporation recognized gain is $26000.Mark recognized is  $34600 and basis in land is fair market value is $70,400

How much profit, if any, does the company realize from the distribution?

we get here  recognized is express as

recognized is = fair market value - tax basis

recognized  is =$70400 - $44400

recognized gain is = $26000and

Gain raised his stock's basis from $35,800 to $61,800 (26,000 + 35,800).

so we recognized gain allocated is = $70400 - $61800 = $8600

here mark recognized is = gain allocated +  recognized gain

mark recognized is = $8600 + $26000

mark recognized is = $34600

basis in land is fair market value = $70,400

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consider the above laffer curve. this curve suggests that as the government raises the tax rate, a point will eventually be reached at which the revenues that are collected will

Answers

The concept of Arthur Laffer's tax cuts boosting growth and tax collection was rapidly branded "trickle-down." Both President Herbert Hoover's Great Depression stimulus attempts and President Ronald Reagan's use of income tax cuts were dubbed as "trickle-down."

The Laffer Curve is an economic hypothesis developed by economist Arthur Laffer that proposes that tax rates beyond a particular level lower tax revenue by incentivizing individuals not to work. As a result, it argues that decreasing tax rates encourages individuals to work harder, resulting in higher tax income. The Laffer Curve gained popularity in the 1980s and was a driving factor behind economic policy under the Reagan administration in the United States and Margaret Thatcher's government in the United Kingdom. The principles underpinning the theory have been so embedded in economic discourse that while most people are unfamiliar with the word Laffer Curve, they are familiar with the notion.

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which one of these statements related to chapter 11 bankruptcy is accurate? group of answer choices prepacks apply only to chapter 7, not chapter 11, bankruptcies. senior management must be replaced prior to exiting a chapter 11 bankruptcy. a company can only file for chapter 11 after it becomes totally insolvent. companies sometimes file for chapter 11 in an attempt to gain a competitive advantage. chapter 11 involves the total liquidation of the bankrupt firm.

Answers

Senior management must be replaced prior to exiting a chapter 11 bankruptcy is related to chapter 11 bankruptcy and is accurate.

What is bankruptcy?

People or other entities who are unable to pay their creditors back can seek some or complete relief from their debts through the legal process known as bankruptcy. Most typically requested by debtor, bankruptcy is imposed by court order in most jurisdictions. An insolvent individual may have other legal statuses as well; hence, the phrase "bankruptcy" is not a synonym for insolvency. Bankruptcy wasn't a thing in ancient Greece. If a man owed money but couldn't pay it back, his wife, kids, or servants were made to work for the creditor as "debt slaves" until the obligation was paid off. This was not the case in Athens, where Solon's rules prohibited slavery as payment for debt, leading to the majority of the city's slave population being foreigners.

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An organization uses a Session Initiation Protocol (SIP) endpoint for establishing communications with remote branch offices. Which of the following protocols will provide encryption for streaming data during the call?

Answers

A secure peer-to-peer connection is made using SIP, not only for the audio but also while the connection is being made. That implies that the connection information is encrypted in addition to the audio (who is calling whom etc.).

Which of the following protocols would protect internal network file transfer services?

As its name suggests, the Secure File Send Protocol (SFTP) is used to transfer files safely over a network. The client and server are authenticated, and data is encrypted.

Which wireless setup offers the most modern and safe method of tethering wireless devices to a home or office network?

Experts concur that WPA3 is the best wireless security protocol when deciding between WEP, WPA, WPA2.

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______ focus on solving society's challenges through their businesses.
a. social entrepreneurs
b. classic entrepreneurs
c. change agents
d. atypical entrepreneurs

Answers

Option (a), social entrepreneurs concentrate on using their enterprises to address societal issues.

What prioritizations do social entrepreneurs have?

The process by which people, companies, and entrepreneurs develop and fund solutions that primarily address social problems is known as social entrepreneurship. An individual who investigates business opportunities that help their community, society, or the entire world is said to be a social entrepreneur.

What links exist between social issues and social business?

By addressing a range of social problems, social entrepreneurs seek to better society. But because it can also aim to succeed financially through a cutting-edge business model, this desire does not deviate from financial goals.

What societal problems are social entrepreneurs attempting to solve?

Social entrepreneurs usually take the initiative in developing products that are ecologically sustainable, serve the needs of marginalized communities, or focus on philanthropic activities. Through non-profit, for-profit, and hybrid firms, social entrepreneurs promote a wide range of solutions geared toward sustainable development.

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dalton company uses the allowance method to account for uncollectible receivables. dalton has determined that the irish company account is uncollectible. to write off this account, dalton should debit

Answers

The allowance approach is used by Dalton Company to account for uncollectible receivables. The Irish Company Account is Uncollectible, according to Dalton.

Briefing:-

Dalton should debit Allowance for Doubtful Accounts and credit Accounts Receivable in order to write off this account..

When a corporation accounts for uncollectible receivables using the allowance method?

The Allowance Method credits a contra-asset account called Allowance for Uncollectible Accounts and debits bad debt expenditure during the period that the sale is recorded. The Allowance is debited and Accounts Receivable is credited during the period in which a given account is found to be uncollectible.

What does the direct write-off technique for uncollectible accounts entail?

The direct write-off method involves creating a journal entry to credit your accounts receivable account for the same amount and debit your bad debt account for the bad debt.

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Economizing requires that any particular good be produced by the nation having the ______ domestic opportunity cost, or the ______ advantage for that good.
O lowest; absolute
O greatest; absolute
O lowest; comparative
O greatest; comparative

Answers

c) Economizing requires that any particular good be produced by the nation having the lowest domestic opportunity cost, or the comparative advantage for that good.

This means that the nation must have lower costs for producing the good than other trading nations. In other words, the nation must be able to produce the goods more efficiently and at a lower cost.

Comparative advantage is based on the concept of opportunity cost. Opportunity cost is the number of resources, such as time and money, that are lost when one chooses to produce a particular good.

Nations that can produce a good with the lowest opportunity cost have a comparative advantage. For example, when a nation produces a good at a lower cost than other nations, it has a comparative advantage in that good.

Thus, the nation can sell the goods to other countries at a lower price, making it more competitive. Therefore, it is important for nations to identify their comparative advantage in order to maximize their profits and to competitively produce goods for the international market.

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