Rerun Manufacturing Company is in the process of preparing its 2020 budget and is anticipating the following changes: 30% increase in the number of units sold. 25% increase in the direct material unit cost. 20% increase in the direct labor cost per unit. 12% increase in the manufacturing overhead cost per unit. 20% increase in the sales price. 6% increase in the administrative expenses.
Answers
Answer:
$403,485
Explanation:
The computation is shown below;
Composition of direct material, direct labor and factory overhead in the ratio of 3:2:1
So,
Direct Materials = $333,000 × 3 ÷ 6 =$166,500
Direct Labor = $333,000 × 2 ÷ 6 = $111,000
Factory Overhead = $333,000 × 1 ÷ 6 = $55,500
Now the Revised Cost of Goods Sold for the year 2020 is
Direct Materials = $166,500 × 125% = $208,125
Direct Labor = $111,000 × 120% = $133,200
Factory Overhead = $55,500 × 112% = $62,160
finally the estimated cost of goods sold for the year 2020 is
= $208,125 + $133,200 + $62,160
= $403,485
Related Questions
If you put up $25,000 today in exchange for a 8.50 percent, 19-year annuity, what will the annual cash flow be
Answers
Answer:
The right solution is "$2697.54".
Explanation:
Given:
Interest rate,
r = 8.50%
or,
= 0.085
Number of periods,
n = 19
Present value,
= $25,000
As we know,
⇒ [tex]Present \ value=C\times \frac{[1-(1+5)^{-n}]}{r}[/tex]
By substituting the values, we get
⇒ [tex]25000=C\times \frac{[1-(1+0.085)^{-19}]}{0.085}[/tex]
⇒ [tex]2125=C\times [1-0.21224378136][/tex]
⇒ [tex]2125=C\times 0.787756219[/tex]
⇒ [tex]C=\frac{2125}{0.787756219}[/tex]
⇒ [tex]=2697.54[/tex] ($)
A company had an unadjusted Cost of Goods Sold of $1,690,000. The company closes its underapplied or overapplied overhead to Cost of Goods Sold. The company had actual manufacturing overhead of $650,000 and applied manufacturing overhead of $666,250. What is the adjusted Cost of Goods Sold for the year
Answers
Answer:
"$1,673,750" is the appropriate answer.
Explanation:
The given values in the question are:
Applied overhead,
= $666,250
Actual overhead,
= $650,000
Unadjusted cost,
= $1,690,000
Now,
The overapplied overhead will be:
= [tex]Applied \ overhead-Actual \ overhead[/tex]
= [tex]666,250-650,000[/tex]
= [tex]16,250[/tex] ($)
hence,
The goods sold's adjusted cost will be:
= [tex]Unadjusted \ cost-Overapplied \ overhead[/tex]
= [tex]1,690,000-16,250[/tex]
= [tex]1,673,750[/tex] ($)
The following expenditures relating to plant assets were made by Adam Company during the first 2 months of 2020.
1. Paid $5,000 of accrued taxes at time plant site was acquired.
2. Paid $200 insurance to cover possible accident loss on new factory machinery while the machinery was in transit.
3. Paid $850 sales taxes on new delivery truck.
4. Paid $17,500 for parking lots and driveways on new plant site.
5. Paid $250 to have company name and advertising slogan painted on new delivery truck.
6. Paid $8,000 for installation of new factory machinery.
7. Paid $900 for one-year accident insurance policy on new delivery truck.
8. Paid $75 motor vehicle license fee on the new truck
Required:
a. Explain the application of the cost principle in determining the acquisition cost of plant assets.
b. List the numbers of the foregoing transactions, and opposite each indicate the account title to which each expenditure should be debited.
Answers
Explanation:
a.)
In terms of the cost principle, the cost of acquiring a plant asset involves all of the expenditures required to get this asset and also to get ready to serve it's purpose.
Cost is measurable by the cash amount paid for a transaction that has to do with money or the money equivalent paid when assets that are not cash are used as a means of payment.
the cash equivalent is the same as the fair market value of the assets that were given or received..
b )
the account title that expenditure should be debited
1. 5000 paid for land
2. 200 paid is for factory machine equipment
3. 850 paid for delivery truck is for equipment
4. 17500 paid for parking lot is for land improvement
5. 250 paid for companies name to be printed on truck is equipment
6. 8000 paid for installation is for equipment
7. 900 paid for insurance policy on truck is prepaid insurance
8. 75 paid as license fee is for license insurance
If an investor buys a T-bill with a 90-day maturity and $50,000 par value for $48,500 and holds it to maturity, what is the annualized yield
Answers
Answer:
12.55%
Explanation:
Note that the T-bill rate of return is annualized based on 360-day count convention, hence, to begin with, let us determine the rate of return over a 90-day maturity period as shown thus:
rate of return over 90 days=(FV-PV)/FV
FV=face value=$50,000
PV=purchase price=$48,500
rate of return over 90 days=($50,000-$48,500)/$50,000
rate of return over 90 days=3.00%
annualized rate of return=(1+90day return)^(360/90)-1
the annualized rate of return=(1+3.00%)^(360/90)-1
the annualized rate of return=12.55%
Monopoly uses two steps to make a game. Step 1 takes 20 seconds. Step 2 takes 15 seconds. Each step is staffed by one worker, for a total of two workers. Each worker is paid $15 per hour. Each game is sold for $20. Material costs are $5 per game and fixed costs are $500 per hour. Demand rate is 120 games per hour. How much profit does Monopoly make per hour
Answers
Answer:
Monopoly
The profit that Monopoly makes per hour is:
= $1,876.
Explanation:
a) Data and Calculations:
Direct labor costs:
Step 1, 20 seconds at $15 per hour = $5
Step 2, 15 seconds at $15 per hour = $3.75
Total 35 seconds at $15 per hour = $8.75
Direct materials cost $5
Variable cost per game = $13.75
Fixed cost per game = (500 * 35/60) = $292.00
Total cost of production = $305.75
Revenue (120 * $20) = $2,400
Variable cost per hour = 24 ($13.75 * 60/35)
Fixed cost per hour = 500
Total cost per hour = $524
Profit per hour = $1,876
Three categories of activities (operating, investing, and financing) generate or use the cash flow in a company. In the following table, identify which type of activity is described by each statement
Operating Activity Investing Activity Financing Activity A company records a loss of $70,000 on the sale of its outdated inventory D and W Co. sells its last season's inventory to a discount store. Digiink Printing co. buys new machinery to ramp up its production capacity. Yum Brands distributes dividends to its common stockholders for the first
During the last year, Globo-Chem Co. generated $1,053.00 million in cash flow from operating activities and had negative cash flow generated from investing activities (-576.00 million). At the end of the first year, Globo-Chem Co. had $180 million in cash on its balance sheet, and the firm had $280 million in cash at the end of the second year. What was the firm's cash flow (CF) due to financing activities in the second year?
A. $471.25 million
B. $5.189.50 million
C. $282.75 million
D. $-377.00 million
Answers
Answer:
1. a. A company records a loss of $70,000 on the sale of its outdated inventory. OPERATING ACTIVITY.
Operating activities have to do with the day to day operations of the business.
b. D and W Co. sells its last season's inventory to a discount store. OPERATING ACTIVITY.
This is also a day-to-day operation of the business so it falls under operating activities.
c. DigiIink Printing co. buys new machinery to ramp up its production capacity. INVESTING ACTIVITY.
Investing activities have to do with the purchase and sale of capital assets such as financial assets in other companies or fixed assets. The machinery purchased here is a fixed asset so this will count as an investing activity.
d. Yum Brands distributes dividends to its common stockholders for the first. FINANCING ACTIVITY.
Financing activities have to do with the long term debt and equity of a company and this includes dividends so this falls under her.
2. Cashflow due to financing activities:
Cash Balance second year = Cash Balance first year + Cash Flows From Operating Activities + Cash Flows From Investing Activities + Cash Flows From Financing Activities
280 = 180 + 1,053 - 576 + Financing activities
280 = 657 + Financing activities
Financing cashflow = 280 - 657
= -$377 million
To open and operate Boo! City, a Halloween costume and paraphernalia shop, Dwayne and Erica form a business organization that combines the limited liability aspects of a corporation with the tax advantages of a partnership. Their form of business organization is
Answers
Answer:
a limited liability company.
Explanation:
From the question we are informed about To open and operate Boo! City, a Halloween costume and paraphernalia shop, Dwayne and Erica form a business organization that combines the limited liability aspects of a corporation with the tax advantages of a partnership. In this case, Their form of business organization is limited liability company.limited liability company can be regarded as business structure in which owners are not personally liable as regards to debts or liabilities of the company.It is hybrid entities with features of corporation and partnership as well as sole proprietorship.
If the French bank Société Générale reported its 2019 net income was 23,561 million euros and its operating expenses totaled 16,016
million euros, what was its gross profit? (Enter your answer in millions of euros.)
Gross Profit
million euros
Answers
Answer:
39,577 million euros
Explanation:
Calculation to determine the what was its gross profit
Using this formula
Gross profit=Net income+Operating expenses
Let plug in the formula
Gross profit=23,561 million +16,016 million
Gross profit=39,577 million euros
Therefore gross profit will be 39,577 million euros
Waterway Industries reported the following information for 2016: October November December Budgeted sales $490000 $370000 $470000 Budgeted purchases $340000 $186000 $218000 All sales are on credit. Customer amounts on account are collected 50% in the month of sale and 50% in the following month. Cost of goods sold is 35% of sales. Waterway purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month. Accounts payable is used only for inventory acquisitions. How much cash will Waterway receive during November?
Answers
Answer:
$430,000
Explanation:
Cash Waterway will receive during November = (Budgeted Sales October*50%) + (Budgeted Sales November*50%)
Cash Waterway will receive during November = ($490,000*50%) +($370,000*50%)
Cash Waterway will receive during November = $245,000 + $185,000
Cash Waterway will receive during November = $430,000
What is the future value of $3,100 in 17 years assuming an interest rate of 8.4 percent compounded semiannually
Answers
Answer:
$12,556.37
Explanation:
Calculation to determine What is the future value
Using this formula
Future value = PV(1 + r)^n
Let plug in the formula
Future value = $3,100[1 + (.084/2)]^17(2)
Future value = $12,556.37
Therefore the future value is $12,556.37
Help please Briefly explain how technology affects promotional strategies.
Answers
Answer: Technology has transformed marketing by making campaigns more personalized and immersive for people and creating ecosystems that are more integrated and targeted for marketers. And it's not just the interface between brands and people that have been transformed. ... 30% will prioritise technology over creativity.
Assume your entry price for both long and short positions is $50 and you would like to set the reward-risk ratio (RRR) at 1.2. Calculate the profit and loss exit points for both long and short positions.
Answers
Answer:
Long Position
Profit exit point: sell limit= 8.33
Loss exit point= 41.66
Short Position
Lost exit point: buy stop= 58
Profit exit point:buy limit=40
Explanation:
Calculation to determine the profit and loss exit points for both long and short positions.
LONG POSITION profit and loss exit points
First step is to calculate the Profit exit point: sell limit
Profit exit point: sell limit=( 50x10% )/1.2
Profit exit point: sell limit=$10/1.2
Profit exit point: sell limit= 8.33
Now let calculate the Loss exit point
Loss exit point=50-8.33
Loss exit point= 41.66
SHORT POSITION profit and loss exit points
Lost exit point: buy stop=20%/x=1.2
Lost exit point: buy stop=20%/2
Lost exit point: buy stop=1.6
Lost exit point: buy stop= 50+(50x1.6)
Lost exit point: buy stop= 58
Now let calculate the Profit exit point:buy limit:
Profit exit point:buy limit=50-(50*.20)
Profit exit point:buy limit=40
To explain the analogous relationship between the trail and the hike to the plant and inventory Alex makes the following statement: On the trail I can tell everyone to hurry up, or I can tell Ron to slow down. In the plant, when departments get behind and WIP inventory starts building, people are shifted around, put on overtime, and the whip starts to crack. Product moves out the door and inventories start down again. We always hurry up or run; we never slow down or stop. Workers sitting idle are taboo. Group of answer choices True False
Answers
Answer:
True
Explanation:
In industry, inventory buildups are cancelled with increased sales and marketing activities, which attract rewards and punishments. This is why it is always a taboo to observe idle workers. Idle workers cost the entity much in expenses. Workers are employed based on productivity and profitability indexes. There is no business entity that employs workers for the fun of employment.
In a market economy, individuals' economic lives are said to be interrelated with many other individuals and firms. almost completely controlled by government regulation. illegal and in violation of government rules on prices and sales. based more on production than on consumption.
Answers
Answer:
Interrelated with many other individuals and firms
Explanation:
market economy can be regarded as an economic system whereby decisions as regards to investment, production asvwell as distribution are been guided by the price signals which is been at up by forces of supply and demand. Inthe activities are iunplanned. It should be noted that, In a market economy, individuals' economic lives are said to be interrelated with many other individuals and firms.
Christopher is a cash-method, calendar-year taxpayer, and he made the following cash payments related to his business this year. Calculate the after-tax cost of each payment assuming he has a 30 percent marginal tax rate.
a. $500 fine for speeding while traveling to a client meeting.
b. $900 of interest on a short-term loan incurred in September and repaid in November. Half of the loan proceeds were used immediately to pay salaries and the other half was invested in municipal bonds until November.
c. $600 for office supplies in May of this year. He used half of the supplies this year and he will use the remaining half by February of next year.
d. $450 for several pair of work boots. Christopher expects to use the boots about 80 percent of the time in his business and the remainder of the time for hiking. Consider the boots to be a form of clothing.
Answers
Solution :
It is given that Christopher is the cash method and a calendar year taxpayer. He also made the cash payments that is related to the business for this year.
We have to assume marginal tax rate = 30 %
Therefore, the after tax cost for the payments are :
a). $ 500 - not deductible as it was a penalty for the violation.
b). 765 - half of the interest is not deductible. i.e. 900 x (1 - (0.5 x 0.3))
c). 420 - fully deductible, i.e. 600 x (1 - 0.3)
d). 450 - not deductible
Vaughn Manufacturing incurred the following costs for 84000 units: Variable costs $504000 Fixed costs 392000 Vaughn has received a special order from a foreign company for 2500 units. There is sufficient capacity to fill the order without jeopardizing regular sales. Filling the order will require spending an additional $4500 for shipping. If Vaughn wants to earn $5000 on the order, what should the unit price be?
Answers
Answer: $9.80
Explanation:
The unit price to earn $5000 on the order will be calculated thus:
The variable costs for 2500 units will be:
= 504000/84000 × 2500
= 15000
The unit price will now be:
= (15000+4500+5000) / 2500
= 24500 / 2500
= $9.80
The unit price is $9.80
Vista Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows.
1. Purchased 18,400 units of raw materials on account at a cost of $3.90 per unit. Standard cost was $3.80 per unit.
2. Issued 18,400 units of raw materials for jobs that required 18,100 standard units of raw materials.
3. Incurred 16,000 actual hours of direct labor at an actual rate of $4.10 per hour. The standard rate is $4.60 per hour. (Credit Factory Wages Payable).
4. Performed 16,000 hours of direct labor on jobs when standard hours were 16,190.
5. Applied overhead to jobs at the rate of 100% of direct labor cost for standard hours allowed.
Journalize the January transactions.
Answers
Answer:
1. Dr Raw Materials Inventory $69,920
Dr Materials Price Variance $1,840
Cr Accounts Payable $71,760
2. Dr Work in Process Inventory $68,780
Dr Materials Quantity Variance $1,140
Cr Raw Materials Inventory $69,920
3. Dr Factory Labor $73,600
Cr Labor Price Variance $8,000
Cr Factory Wages Payable $65,600
4. Dr Work in Process Inventory $74,474
Cr Labor Quantity Variance $874
Cr Factory Labor $73,600
5. Dr Work in Process Inventory $143,254
Cr Manufacturing Overhead $143,254
Explanation:
Preparation of the anuary transactions
1. Dr Raw Materials Inventory $69,920
(18,400*$3.80)
Dr Materials Price Variance $1,840 [18,400 x ($3.90 - $3.80)]
Cr Accounts Payable $71,760
($69,920+$1,840)
2. Dr Work in Process Inventory $68,780
(18,100*$3.80)
Dr Materials Quantity Variance $1,140 [$3.80 x (18,400 - 18,100)]
Cr Raw Materials Inventory $69,920
(18,400*$3.80)
3. Dr Factory Labor $73,600
($16,000*$4.60)
Cr Labor Price Variance $8,000
[16,000 x ($4.10 - $4.60)]
Cr Factory Wages Payable $65,600
(16,000*$4.10)
4. Dr Work in Process Inventory $74,474
(16,190*$4.60)
Cr Labor Quantity Variance $874 [$4.60 x (16,000 - 16,190)]
Cr Factory Labor $73,600
($8,000+$65,600)
5. Dr Work in Process Inventory $143,254
($68,780+$74,474)
Cr Manufacturing Overhead $143,254
An investment offers $5,800 per year for 20 years, with the first payment occurring one year from now. a. If the required return is 7 percent, what is the value of the investment today
Answers
Answer:
Present value of the investment= $61,445.28
Explanation:
Giving the following information:
Annual payment= $5,800
Number of periods= 20 years
Interest rate= 7%
First, we need to calculate the future value of the investment:
FV= {A*[(1+i)^n-1]}/i
A= annual payment
FV= {5,800*[(1.07^20) - 1]} / 0.07
FV= $237,773.86
Now, the present value:
PV= FV / (1 + i)^n
PV= 237,773.86 / (1.07^20)
PV= $61,445.28
A recent college graduate has obtained employment at a major financial institution in the big city. Since she just graduated, she has decided to continue to rent her college apartment in the suburbs and make the daily commute to the big city for work. She currently pays $1,200 per month to rent an apartment in the suburbs. She works at the bank five days a week and it takes her one hour each way to commute from her home to her office. According to the assumptions of the bid-rent model, what should this recent grad be willing to pay in rent per month to live in the big city if her hourly wage rate is $25
Answers
Answer:
$2,200
Explanation:
Calculation to determine what should this recent grad be willing to pay in rent per month
First step is to calculate the work days
Using this formula
Work days = 5 days per week x 1 hour to work+ 1 hour from work
Let plug in the formula
Work days = 5 days a week x 2 hours
Work days= 10 hours
The second step is to calculate the monthly commuting in a standard month of 4 weeks
Monthly commuting = 4 x 10 hours
Monthly commuting = 40 hours
Third step is to calculate hourly how much she will be able to maximize
Amount maximize = $25 x 40 hours (commuting hours)
Amount maximize= $1,000
Now let determine The total she will be willing to pay in rent
Rent per month= $1,200 + $1,000
Rent per month=$2,200
Therefore what should this recent grad be willing to pay in rent per month is $2,200
What is a special event that is for people outside a company, such as customers, potential customers, and the
public?
A. Product launch
B. Sales event
C. External event
D. Internal event
Please select the best answer from the choices provided
Answers
Answer:
C.
Explanation:
The external events are those events organized for the customers, potential customers, the general public, or other companies outside of the client's business. These events give a chance to the company to showcase its values, beliefs, and morals upon which the company stands.
The external events include charity events, fundraisers, etc. These events paves a way for the business to establish new partnerships with other companies or local businesses.
Therefore, option C is correct.
Answer:
C
Explanation:
Q8 Bernard co. has 9% coupon bonds on the market that have 11 years left to maturity. The bonds will make annual payments. If the YTM on these bonds is 10%, what is the current bond price (in $ dollars)
Answers
Answer: Hello the face value of the bond is missing hence I will assume $1000 as the face value.
$935.05
Explanation:
Assumption: Face value of Bond = $1,000
Determine the current bond price
Nper = 11 years
YTM ( rate ) = 10%
PMT = 9% ( coupon rate ) * 1000 ( face value of bond ) = 90
Fv = $1000
apply excel function to determine the current bond price
=PV( 10%,11,90,1000,0) = $935.05
Note : You can insert the face value you have into the excel function if the value you have isn't $1000 as I assumed
Fed up with her working conditions at the university, Juanita decides to invest in a state-of-the-art sewing machine and produce limited quantities of her own clothing designs. After a few months of operation, she decides to apply some of the forecasting techniques she mastered in school. Which of these statements about her forecasts is correct?
a. Her forecasts will probably be 100% accurate.
b. Her demand forecasts for a year from now will probably be more accurate than her demand forecasts for three months from now.
c. Her demand forecasts for each style of skirt will be more accurate than her demand forecasts for all skirts.
d. The best way for her to determine the amount of fabric she needs is to forecast it based on her customer orders for each type of skirt.
Answers
Answer:
Juanita
The correct statement about her forecasts is:
c. Her demand forecasts for each style of skirt will be more accurate than her demand forecasts for all skirts.
Explanation:
Since she has produced limited quantities of her own clothing designs, Juanita is in a better position to determine the demand for each style of skirt that she had produced. This knowledge, which she acquired after a few months of operation, coupled with the forecasting techniques she had mastered in school, will enable her to make a demand forecast for her particular designs than she can make for all design types of skirts.
What is the role of technical profession in an economy?
Answers
Explanation:
I am not understanding your question
Destaque las ventajas y desventajas que tiene un mercado libre.
Answers
answer:
ventaja —
libertad para innovarlos clientes impulsan las eleccionesdesventaja —
gamas de productos limitadaspeligros del afán de lucroexplanation:
la falta de control gubernamental permite a las economías de libre mercado una amplia gama de libertades, pero estas también tienen algunos inconvenientes distintosCan you order with a Nike gift card online?
Answers
Answer:
ok call 911 hahaha thanks for the points
Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales $620 Cost of goods sold 217 Gross margin 403 Salaries expense$85 Depreciation expense 72 Amortization expense 5 Interest expense 12 Loss on sale of land 3 177 Income before taxes 226 Income tax expense 113 Net Income $113 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 20212020Change Cash$108 $104 $4 Accounts receivable 224 238 (14) Inventory 442 454 (12) Accounts payable 150 142 8 Salaries payable 82 90 (8) Interest payable 31 24 7 Income tax payable 21 14 7 Required: Prepare the cash flows from the operating activities section of the statement of cash flows for Myriad Products Company using the indirect method
Answers
Answer:
$233 million
Explanation:
Statement of cash flow
Cash flow from operating activity
Particulars Amount ($ in millions)
Net income 113
Adjustment in net income
Depreciation 72
Amortization 5
Loss on sale of land 3
Decrease account receivable 14
Decrease inventory 12
Increase account payable 8
Decrease salary payable (8)
Increase interest payable 7
Increase income tax payable 7 120
Net cash flow from operating activity 233
Marketing channels can achieve economies of scale through:a. overcoming spatial discrepanciesb. overcoming temporal discrepanciesc. overcoming discrepancies of quantityd. specialization and division of labor
Answers
Answer: D. specialization and division of labor
Explanation:
Economies of scale refers to the cost advantages that are reaped by companies when there is efficient production such that production increases and there's lowering of costs.
Economies of scale can be achieved by marketing channels through specialization and division of labor. This can be done by aiding the producers who doesn't have the finance and lacks motivation, or the expertise to market directly to the consumers.
The current monthly production volume of a company is 1,120 units. Workers are paid $19 per hour, and each worker can produce 4 units per hour. The fixed costs for a month are $4,200. Determine the selling price of the product that the company should charge in order to breakeven its monthly profit.
Answers
Answer:
The selling price of the product that the company should charge in order to breakeven its monthly profit is $8.50 per unit.
Explanation:
Number of hours worked by workers per month = Total monthly units / Units per hour = 1,120 / 4 = 280
Total monthly variable cost = Total monthly wages = Number of hours worked by workers per month * Hourly rate = 280 * $19 = $5,320
Total monthly cost = Total monthly variable cost + Fixed costs for a month = $5,320 + $4,200 = $9,520
Selling price to breakeven = Total monthly cost / Total monthly units = $9,520 / 1,120 = $8.50
Therefore, the selling price of the product that the company should charge in order to breakeven its monthly profit is $8.50 per unit.
The trading securities portfolio of Jerome, Inc., had a total cost of $3,000 and a fair value of $2,800 on December 31, which is the first year it held trading securities. Complete the necessary adjusting entry.
Answers
Answer:
Dr Unrealized Loss - Income $200
Cr Fair value adjustment - trading $200
Explanation
Preparation of the necessary adjusting entry
Based on the information given the appropriate adjusting journal entry is :
Dr Unrealized Loss - Income $200
($3,000 - $2,800)
Cr Fair value adjustment - trading $200
(To recrod adjustment to fair value for trading securities )
explain the funtion of an office