Prepare summary journal entries to record the following transactions and events a through g for a company in its first month of operations.

a. Raw materials purchased on account, $92,000.
b. Direct materials used in production, $40,000. Indirect materials used in production, $25,000.
c. Paid cash for factory payroll, $65,000. Of this total, $45,000 is for direct labor and $20,000 is for indirect labor.
d. Paid cash for other actual overhead costs, $7,750.
e. Applied overhead at the rate of 120% of direct labor cost.
f. Transferred cost of jobs completed to finished goods, $69,000.
g. Jobs that had a cost of $69,000 were sold.
h. Sold jobs on account for $98,000.

Answers

Answer 1

Answer:

Journal Entries:

a. Debit Raw materials $92,000

Credit Accounts payable $92,000

To record the purchase of raw materials on account.

b. Debit Work-in-Process $40,000

Debit Manufacturing overhead $25,000

Credit Raw materials $65,000

To record direct and indirect materials.

c.  Debit Payroll Expense $65,000  

Credit Cash $65,000

To record the payment of payroll.

Debit Work-in-Process $45,000 (direct labor)

Debit Manufacturing overhead $20,000 (indirect labor)

Credit Payroll Expenses $65,000

To record the payment of direct and indirect labor.

d. Debit Manufacturing overhead $7,750

Credit Cash $7,750

To record the payment for other overhead costs.

e. Debit Work-in-Process $54,000

Credit Manufacturing overhead $54,000

To record overhead applied at the rate of 120% of direct labor cost.

f. Debit Finished goods $69,000

Credit Work-in-Process $69,000

To record the transfer of completed jobs to finished goods inventory.

g. Debit Cost of goods sold $69,000

Credit Finished goods $69,000

To record the cost of goods sold.

h. Debit Accounts receivable $98,000

Credit Sales revenue $98,000

To record the sale of goods on account.

Explanation:

a. Raw materials $92,000 Accounts payable $92,000

b. Work-in-Process $40,000 Manufacturing overhead $25,000 Raw materials $65,000

c.  Payroll Expense $65,000  Cash $65,000 Work-in-Process $45,000 (direct labor) Manufacturing overhead $20,000 (indirect labor) Payroll Expenses $65,000

d. Manufacturing overhead $7,750 Cash $7,750

e. Work-in-Process $54,000 Manufacturing overhead $54,000 (at the rate of 120% of direct labor cost)

f. Finished goods $69,000 Work-in-Process $69,000

g. Cost of goods sold $69,000 Finished goods $69,000

h. Accounts receivable $98,000 Sales revenue $98,000


Related Questions

Westerly Inc. is a publicly traded company that generated $1000 million in operating income in the most recent year, after taking a depreciation charge of $200 million. The company had capital expenditures of $500 million during the year and its working capital increased by $120 million. If the effective tax rate for the company was 40% for the year, what is the FCFF (Free Cash flow to the Firm) for the most recent year

Answers

Answer:

Free cash flow to the firm = $180million

Explanation:

Free cash flow represents the amount that is left to all the providers of capital after the payment of all all operating expenses, working capital and investment in fixed asset expenditures.

It is computed as cash flow made from operation less capital expenditures

For Blur Communications

The Free cash flow

= EBIT(1-T) + depreciation- increase in capital expenditure - increase in working capital

= 1000 × (1-0.4) + 200 - 500 - 120

= $180 million

Free cash flow to the firm = $180million

Many employees say that their managers give them clear and sufficient directions, as well as goals for their work.



True

False

Answers

Answer:

True

Explanation:

This is a true statement, as the leader is responsible for managing and directing his team, although there are several different leadership styles, the leader will always be an example of conduct and professionalism for his subordinates, the behavior of every manager should therefore reflect the company's values.

The transformational leadership style can be described as an example of a manager who provides clear and sufficient guidance, as well as goals for carrying out the work, as this leader is the one who, through his energetic and positive personality, contributes to the development of employees and team collaboration, making employees feel valued, motivated and consequently more productive.

The estimated unit costs for a company to produce and sell a product at a level of 12,000 units per month are as follows: Cost Item Estimated Unit Cost Direct material $ 32 Direct labor 20 Variable manufacturing overhead 15 Fixed manufacturing overhead 6 Variable selling expenses 3 Fixed selling expenses 4 What are the estimated conversion costs per unit?

Answers

Answer:

$41

Explanation:

Conversion costs = Direct labor + Manufacturing overhead

Manufacturing overhead = Variable manufacturing overhead + Fixed manufacturing overhead

Manufacturing overhead = $15 + $6 = $21

Conversion costs = $20 + $21 = $41

Therefore, estimated conversion costs per unit

= $41

A company has two options for manufacturing boots. The manual process has monthly fixed costs of $26,380 and variable costs of $5.16 per pair of boots and an automated process with fixed costs of $52,239 per month and variable costs of $2.09 per pair of boots. They expect to sell each pair of boots for $99. What is the monthly break-even quantity (number of units) for the manual process

Answers

Answer:

Break-even point for the manual process= 281.11 unit

Explanation:

Break-even point is the level of activity at which a firm must operate such that its total revenue will equal its total costs. At this point, the company makes no profit or loss because the total contribution exactly equals the total fixed costs.

Break even point in units is calculated using this formula:  

Break even point in units = Total general fixed cost/ (selling price - Variable cost)

Break-even point for the manual process:

Break-even point in units = $26,380/(99- 5.16) = 281.11 units

Break-even point for the manual process= 281.11 units

Riverview Company's budget for the coming year includes $7,000,000 for manufacturing overhead, 40,000 hours of direct labor, and 200,000 hours of machine time. If Riverview applies overhead using a predetermined rate based on machine-hours, what amount of overhead will be assigned to a unit of output which requires 0.4 machine hours and 0.30 labor hours to complete

Answers

Answer:

$70

Explanation:

With regards to the above, we need to compute first the overhead application rate.

Overhead application rate = Budgeted overhead / Budgeted activity/Budgeted machine hour

= $7,000,000 / 40,000 labor hours

= $175

Overhead application rate = $175 per direct labor hour

Assigned overhead = Overhead application rate × Number of machine hours consumed

= $175 × 0.4

= $70

The 1996 Telecommunications Act ______. a.required both radio and television stations to adhere to the fairness doctrine b.exempted cable stations from the same standards of fairness and decency required of broadcast stations c.prohibited broadcast networks from owning cable stations d.created the equal time rule e.allowed ownership of multiple broadcast stations as long as those stations did not reach more than 35 percent of the market

Answers

Answer:

e. allowed ownership of multiple broadcast stations as long as those stations did not reach more than 35 percent of the market

Explanation:

The 1996 Telecommunications Act is also referred to as the Communications Decency Act of 1996 and it was enacted by the 104th US Congress and signed into law by President Bill Clinton, being effective from 8th February, 1996.

The 1996 Telecommunications Act allowed ownership of multiple broadcast stations as long as those stations did not reach more than 35 percent of the market

Which career would be most interesting to someone with a keen eye for photography and visual design?
A. front-of-the-house restaurant management
B. product sourcing
C. marketing and public relations
D. food styling

Answers

Answer:

the career that would be most interesting to some with a keen eye for photography and visual design is food styling.

According to the quantity equation, the price level would change less than proportionately with a rise in the money supply if there were also either a a. rise in output or a rise in velocity. b. fall in output or a rise in velocity. c. rise in output or a fall in velocity. d. fall in output or a fall in velocity.

Answers

Answer:

either a rise in output or a fall in velocity.

Explanation:

As per the quantity equation, if the level of the price would varies and less than the increase in the money supply so there should be either a rise in the output or the decline in the velocity

The quantity equation is

MV = PY

where

M denotes money supply

V denotes velocity

P denotes price level

Y denotes output

As the money supply would increase so it would be balance when there is a decline in a velocity or increase in output so that the price would remains the same

hence, the above represent the answer

The SML helps determine the risk-aversion level among investors. The higher the level of risk aversion, the ____________ the slope of the SML. Which of the following statements best describes the shape of the SML if investors were not at all risk averse?

a. The SML would have a positive slope, but the slope would be flatter than it would be if investors were risk.
b. The SML would be a horizontal line.
c. The SML would have a positive slope, but the slope would be steeper than it would be if investors were risk averse.
d. The SML would have a negative slope.

Answers

Answer:

a. The SML would have a positive slope, but the slope would be flatter than it would be if investors were at risk.

Explanation:

The SML would have a positive slope, but the slope would be flatter than it would be if investors were risked The SML would be a horizontal line O The SML would have a positive slope, but the slope would be steeper than it would be if investors were risk-averse O The SML would have a negative slope.

The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper classification of each item as follows: C if it is a current liability, L if it is a long-term liability, or N if it is not a liability. prepaid insurance bonds payable

Item Classification
1. Current portion of long-term debt.
2. Notes payable (due in 6 to 11 months).
3. Sales taxes payable.
4. Bonus payable (to be paid in 60 days)
5. Warranty liability (6 months of coverage)
6. Prepaid Insurance (6 months of coverage)
7. Notes payable (due in 120 days).
8. Salaries payable.
9. Pension liability (to be fully paid to retired employees in next 11 months)
10. Bonds payable (due in 2 years)

Answers

Answer:

L Lcnncnln

I think so buh I’d advice u to make it its correct

A $64,000 machine with a 6-year class life was purchased 2 years ago. The machine will now be sold for $50,000 and replaced with a new machine costing $82,000, with a 10-year class life. The new machine will not increase sales, but will decrease operating costs by $9,000 per year. Simplified straight line depreciation is employed for both machines, and the marginal corporate tax rate is 34 percent. What is the incremental annual cash flow associated with the project

Answers

Answer:

$6,779

Explanation:

Calculation to determine the incremental annual cash flow associated with the project

First step is to calculate the depreciation

Depreciation=[($64,000/6 years)-($82,000/10 years)

Depreciation=$10,667-$8,200

Depreciation=$2,467

Now let calculate the Incremental annual cash flow

Incremental annual cash flow ={($9,000-$2,467)

-[($9,000-$2,467)*34%]+$2,467}

Incremental annual cash flow =[($6,533-$2,221)+$2,467]

Incremental annual cash flow =$4,312+$2,467

Incremental annual cash flow=$6,779

Therefore the incremental annual cash flow associated with the project is $6,779

With perfect price discrimination, the marginal revenue curve
A) is equal to the demand curve.
B) is below the demand curve. C) is above the demand curve.
D) is horizontal.

Answers

Answer: b

Explanation: Because the monopolist must lower the price on all units in order to sell additional units, marginal revenue is less than price. Because marginal revenue is less than price, the marginal revenue curve will lie below the demand curve.

For 2021, Rahal's Auto Parts estimates bad debt expense at 1% of credit sales. The company reported accounts receivable and an allowance for uncollectible accounts of $91,000 and $3,000, respectively, at December 31, 2020. During 2021, Rahal's credit sales and collections were $413,000 and $417,000, respectively, and $3,690 in accounts receivable were written off. Rahal's final balance in its allowance for uncollectible accounts at December 31, 2021, is:

Answers

Answer:

See below

Explanation:

Rahal's final balance in its allowance for uncollectible accounts at December 31, 2021 would be calculated as;

Step 1

= $413,000 × 1%

= $413,000 × 0.01

= $4,130

Step 2

= $3,000 - $3,690

= ($690)

Step 3

= $4,130 + ($690)

= $4,130 - $690

= $3,440

Therefore, Rahal's final balance in its allowance for uncollectible accounts at December 31, 2020 is $3,440

During 2022, Crane Company entered into the following transactions.
1. Purchased equipment for $310,720 cash.
2. Issued common stock to investors for $138,050 cash.
3. Purchased inventory of $68,620 on account.
Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to Stockholders' Equity in the right-hand margin.
Assets = Liabilities + Stockholders' Equity
Cash + Inventory + Equipment = Accounts Payable + Common Stock + Retained
Earnings
(1)
(2)
(3)

Answers

Answer:

Assets = Liabilities + Stockholders' Equity = $206,670

Explanation:

Note: See the attached excel file for the analysis of the tabular analysis of the effect of each transaction on the accounting equation.

From the attached excel file, we have:

Assets = = – $172,670 + 68,620 + $310,720 = $206,670

Liabilities = $68,620

Stockholders' Equity =  $138,050

Liabilities + Stockholders' Equity = $68,620 + $138,050 = $206,670

Therefore, we have:

Assets = Liabilities + Stockholders' Equity = $206,670

Q 22.14: The Eccleston Company has the following budgeted sales: January $40,000, February $60,000, and March $50,000. 40% of the sales are for cash and 60% are on credit. For the credit sales, 50% of the amount is collected in the month of sale, and 50% in the next month. The total expected cash receipts during March are

Answers

Answer:

Total cash collection March= $53,000

Explanation:

Giving the following information:

Sales:

February $60,000

March $50,000.

Sales in cash= 40%

Sales on account= 60% (50% of the amount is collected in the month of sale, and 50% in the next month)

We need to calculate the cash collection for March:

Cash collection March:

Sales on Cash March= (50,000*0.4)= 20,000

Sales on account March= (50,000*0.6)*0.5= 15,000

Sales on account February= (60,000*0.6)*0.5= 18,000

Total cash collection March= $53,000

Journalizing Sales Transactions Enter the following transactions in a general journal. Use a 6% sales tax rate. May 1 Sold merchandise on account to J. Adams, $2,000 plus sales tax. Sale No. 488. 4 Sold merchandise on account to B. Clark, $1,800 plus sales tax. Sale No. 489. 8 Sold merchandise on account to A. Duck, $1,500 plus sales tax. Sale No. 490. 11 Sold merchandise on account to E. Hill, $1,950 plus sales tax. Sale No. 491. If an amount box does not require an entry, leave it blank.

Answers

Answer:

See the journal entries below.

Explanation:

The journal entries will look as follows:

Date       Description                                              Debit ($)          (Credit)  

May 1      Accounts receivable - J. Adams               2,120

                 Sales                                                                              2,000

                 Sales tax payable (6% * $2,000)                                     120

              (To record Sale No. 488.)                                                                

May 4      Accounts receivable - B. Clark                1,908

                 Sales                                                                              1,800

                 Sales tax payable (6% * $1,800)                                     108

              (To record Sale No. 489.)                                                                

May 8      Accounts receivable - A. Duck                1,590

                 Sales                                                                              1,500

                 Sales tax payable (6% * $1,500)                                      90

              (To record Sale No. 490.)                                                                

May 11     Accounts receivable - E. Hill                    2,067

                 Sales                                                                              1,950

                 Sales tax payable (6% * $1,950)                                     117

              (To record Sale No. 491.)                                                                

Short Company purchased land by paying $11,000 cash on the purchase date and agreed to pay $11,000 for each of the next six years beginning one-year from the purchase date. Short's incremental borrowing rate is 7%. On the balance sheet as of the purchase date, after the initial $11,000 payment was made, the liability reported is closest to: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided.)

Answers

Answer: $‭52,431.5‬0

Explanation:

The liability reported will be the present value of the six payments of $11,000.

Since this is a constant amount, it will be an annuity:

= 11,000 * Present value interest factor of an annuity, 6 years, 7%

= 11,000 * 4.7665

= $‭52,431.5‬0

Any difference between this and any options given is down to rounding errors. Pick the closest figure.

Bentwood Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below:
Beginning work-in-process inventory:
Units in beginning work-in-process inventory 1,700
Materials costs $32,300
Conversion costs $18,700
Percent complete with respect to materials 70%
Percent complete with respect to conversion 25%
Units started into production during the month 8,900
Units transferred to the next department during the month 7,700
Materials costs added during the month $154,600
Conversion costs added during the month $253,900
Ending work-in-process inventory:
Units in ending work-in-process inventory 2,900
Percent complete with respect to materials 80%
Percent complete with respect to conversion 35%
The cost per equivalent unit for conversion costs for the first department for the month is closest to:____.
a. $29.33.
b. $29.00.
c. $31.78.
d. $35.51.

Answers

Answer:

$31.28

Explanation:

Calculation to determine what The cost per equivalent unit for conversion costs for the first department for the month is closest to:

First step is to calculate the Total Conversion Cost

Total Conversion Cost=$253,900+$18,700

Total Conversion Cost=$$272,600

Second step is to calculate the Equivalent Units

Equivalent Units =( 7,700 x 100%) + (1,700 + 8,900 - 7,700 ×35%)

Equivalent Units =( 7,700 x 100%) + (2,900 x 35 %)

Equivalent Units =7,700+1,015

Equivalent Units = 8,715 units

Now let calculate the Cost per Equivalent Units using this formula

Cost per Equivalent Unit = Total Cost ÷ Total Equivalent Units

Cost per Equivalent Unit = $272,600 ÷ 8,715 units

Cost per Equivalent Unit = $31.28

Therefore The cost per equivalent unit for conversion costs for the first department for the month is closest to:$31.28

1. Describe the effects of combining the words with visual features and body language​

Answers

Body language is the range of nonverbal signals that you use to communicate your feelings and intentions. These include your posture, facial expressions, and hand gestures. Your ability to understand and interpret body language can help you to pick up on unspoken issues or negative feelings in others When speaking with others, your tone clarifies and conveys meaning. A phrase as simple as “I don't know” can be taken in a number of different ways depending on how you decide to express it. Your tone can not only affect how people perceive you but also their willingness to listen to you – especially in the workplace.

The combination of words with visual features and body language makes our speech more interesting and enjoyable.

When speech is combined with body language such as movements, it is capable of turning a conversation that seemed boring into one that is more engaging and memorable.

This would ultimately lead to a more effective and efficient communication. A clear understanding of the body language helps in decoding a person's conversation.

Read more on https://brainly.com/question/22791817

Suppose you are the lead underwriter for a start-up company. The company plans to sell 10 million shares at the price of $46 per share. It also provides you an over-allotment option of 1.5 million additional shares. Recent road show estimates demand to be around 20 million shares at $46. There is lots of uncertainty about how the stock will perform after trading starts. Consider the following decisions. 18. Before the trading starts tomorrow, you need to allocate (sell) a number of shares to the institutional investors now at the IPO price. How many shares will you allocate

Answers

Answer: 11.5 million shares

Explanation:

The demand for the new shares is 20 million at the IPO price and the company plans to sell 10 million shares only.

Demand therefore exceeds supply so you as the lead underwriter will have to exercise the over-allotment option of 1.5 million additional shares provided to you.

Total shares you allocate will be:

= 10 + 1.5

= 11.5 million shares

Someone help soon please!

Answers

Answer:

i'd go with some time in colage with ne degree. ;)

Explanation:

Diversity in top teams can lead to which of the following? Check all that apply.

Answers

Available options are:

A. upper echelon team Confusion about group processes

B. Improved organizational performance

C. Increased probabilities of groupthink in the team

D. Complexity in group processes

Answer:

Improved organizational performance

Increased probabilities of groupthink in the team

Explanation:

Diversity in business or management means that all the company's employees' ideas and backgrounds are welcomed or encompassed to achieve the company's goals and improve the company's success.

Hence, in this case, Diversity in top teams can lead to

1. Improved organizational performance

2. Increased probabilities of groupthink in the team

When George and Arthurine Renfro decided to start a family business in 1990 and market chowchow, a southern regional food, they had to determine how they would price the chowchow by examining the demand for the product (would people rather eat home-made or store-bought), the cost of getting the jars for bottling the chowchow, and how much it would cost to distribute the product to area stores. In other words, the Renfros had to begin the development of their pricing strategy by:

Answers

Answer:

identifying pricing constraints.

Explanation:

From the question we are informed about George and Arthurine Renfro decided who decided to start a family business in 1990 and market chowchow, a southern regional food, they had to determine how they would price the chowchow by examining the demand for the product (would people rather eat home-made or store-bought), the cost of getting the jars for bottling the chowchow, and how much it would cost to distribute the product to area stores. In other words, in this case, the Renfros had to begin the development of their pricing strategy by identifying pricing constraints. .

Pricing constraints can be regarded as

factors which brings about limit of latitude of prices which a company may set.

A bank has $400 in checkable deposits, $800 in savings deposits, $700 in time deposits, $900 in loans to businesses, $300 in outstanding credit card balances, $500 in government securities, $10 in currency in its vault, and $20 in deposits at the Fed. The bank's deposits that are part of M1 are equal to

Answers

Answer: $400

Explanation:

M1 money supply simply refers to the monies which are liquid like the checkable deposits, traveler's checks, and the coins and currencies that are in circulation.

Therefore, based on the information given in the question, the bank's deposits that are part of M1 will be the $400 in checkable deposit.

If you use a check to pay your monthly rent,
A. the check is not money because it is not part of M1.
B. you have used money because the landlord accepted it as a means of payment.
C. the check is considered money because you received something in return.
D. the check becomes money when it arrives at the landlord's bank.
E. the check is not money because it is just an instruction to your bank to make a payment

Answers

Answer:

E

Explanation:

Money is an economic unit that is generally accepted as a medium of exchange in the economy

Functions of money  

1. Medium of exchange : money can be used to exchange for goods and services. For example, money serves as a medium of exchange when you pay $20 for your favourite jeans

2. Unit of account : money can be used to value goods and services, For example, $20 is the value of your favourite jeans

3. Store of value : money can retain its value over the long term, this it can be used as a store of value

M1 includes the most liquid from of money. It includes currency, demand deposits and checking account.

A check is not a form of money. It can be defined as a note or an instruction to a bank to make a payment. The payment can either be honoured or not be honoured

Mauro Products distributes a single product, a woven basket whose selling price is $28 per unit and whose variable expense is $23 per unit. The company’s monthly fixed expense is $9,500. Required: 1. Calculate the company’s break-even point in unit sales. 2. Calculate the company’s break-even point in dollar sales. (Do not round intermediate calculations.) 3. If the company's fixed expenses increase by $600, what would become the new break-even point in unit sales? In dollar sales? (Do not round intermediate calculations.)

Answers

Answer:

Results are below.

Explanation:

To calculate the break-even point in units, we need to use the following formula:

Break-even point in units= fixed costs/ contribution margin per unit

Break-even point in units= 9,500 / (28 - 23)

Break-even point in units= 1,900 units

To calculate the break-even point in dollars, we need to use the following formula:

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

Break-even point (dollars)=  9,500 / (5 / 28)

Break-even point (dollars)= $53,200

Finally, the fixed costs increase to $10,100:

Break-even point in units= 10,100 / 5

Break-even point in units= 2,020 units

Break-even point (dollars)= 10,100 / (5/28)

Break-even point (dollars)= $56,560

Two companies, A and B, both have $1 million in assets, earnings before interest and taxes (EBIT) of $160,000, and the same tax rate. Company A is all equity financed, and Company B is 50% debt financed and 50% equity financed. If Company B's pretax cost of debt is 8%, then Company A will have a ROA that is _____ and a ROE that is _____ than Company B's. a. Option D b. Option C c. Option B d. Option A

Answers

Answer: higher; lower

Explanation:

EBIT for A = 160,000

Equity of A = 1,000,000

ROA of A = 160,000/1,000,000 = 0.16 = 16%

ROE of A = 160,000/1,000,000 = 0.16 = 16%

EBIT for B = 160000 - (1000000 × 50% × 8%) = 120000

Equity of B = 1000000 × 50% = 500,000

ROA of B = 120000/1000000 = 0.12 = 12%

ROE of B = 120000/500000 = 0.24 = 24%

From the above, we can see that Company A has a higher ROA but had a lesser ROE THAN B

nswer the question on the basis of the following cost data. Output Average Fixed Cost Average Variable Cost 1 $50.00 $100.00 2 25.00 80.00 3 16.67 66.67 4 12.50 65.00 5 10.00 68.00 6 8.37 73.33 7 7.14 80.00 8 6.25 87.50 If the firm closed down in the short run and produced zero units of output, its total cost would be Multiple Choice $0. $50. $150. $100.

Answers

Answer:

The correct answer is $50.

Explanation:

When the company produces zero units, the only costs that it would incur will be the fixed costs. We need to determine the total fixed costs:

Total fixed costs= Unitary fixed costs*number of units

Total fixed costs= 50*1= $50

Total fixed costs= 25*2= $50

Total fixed cost= 16.67*3= $50

Total fixed cost= 12.50*4= $50

And so on...

On a unitary basis, the fixed costs decrease with production. On a total basis, it remains constant.

Production= 0

Fixed cost= $50

View Policies Current Attempt in Progress Ivanhoe, Inc. had pre-tax accounting income of $1700000 and a tax rate of 20% in 2021, its first year of operations. During 2021 the company had the following transactions:
Received rent from Jane, Co. for 2022 $86000
Municipal bond income $110000
Depreciation for tax purposes in excess of book depreciation $50000
Installment sales profit to be taxed in 2022 $152000
At the end of 2021, which of the following deferred tax accounts and balances exist at December 31, 2021
a) $419,400
b) $471,600
c) $594,000
d) $504,900

Answers

Answer:

$17,200

Explanation:

Calculation to determine deferred tax accounts and balances exist at December 31, 2021

Using this formula

Deferred tax accounts=Rent Received* Tax rate

Let plug in the formula

Deferred tax accounts=$86000* 20

Deferred tax accounts=$17,200 Deferred tax asset

Therefore the deferred tax accounts and balances exist at December 31, 2021 will be $17,200

The Tangier Company is considering eliminating the following product line: Product AXP Sales $ 49,000 Less variable costs: Raw materials 29,500 Direct labor 8,600 Contribution margin $ 10,900 Less fixed costs: Production costs allocated to products 16,800 Profit (Loss) $ (5,900 ) What amount of cost is avoidable if Tangier outsources production of this product

Answers

Answer:

$38,100

Explanation:

For avoidable cost, they are example of relevant cost. When a decision is taken , some costs are incurred in connection with such decision, they are known as avoidable cost.

The direct costs associated with a decision to produce are avoidable costs, which entails that such costs will not be incurred should Tangier company decides not to produce.

Therefore, the avoidable cost of Tangier is

= Raw materials cost + Direct labor cost

= $29,500 + $8,600

= $38,100

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