Swifty Corporation gathered the following reconciling information in preparing its October bank reconciliation: Cash balance per books, 10/31 $12800 Deposits in transit 500 Notes receivable and interest collected by bank 2600 Bank charge for check printing 60 Outstanding checks 6100 NSF check 520 The adjusted cash balance per books on October 31 is
Answers
Answer:
See photo. I show how to balance but your format may be different. Hopefully you can use this info to fill out the format you learn in school.
Explanation:
Related Questions
The postal service of St. Vincent, an island in the West Indies, obtains a significant portion of its revenues from sales of special souvenir sheets to stamp collectors. The postal service purchases the souvenir sheets from a supplier for $0.80 each. St. Vincent has been selling the souvenir sheets for $8.00 each and ordinarily sells about 80,000 units. To test the market, the postal service recently priced a new souvenir sheet at $7.00 and sales increased to 93,600 units.
Required:
1. What total contribution margin did the postal service earn when it sold 80,000 sheets at a price of $8.00 each?
2. By what percentage did the St. Vincent post office decrease its selling price? By what percentage did unit sales increase? (Round your answers to one-tenth of a percent.)
3. What total contribution margin did the postal service earn when it sold 93,600 sheets at a price of $7.00 each?
4. What was the postal service’s increase (decrease) in total contribution margin going from the higher price of $8.00 to the lower price of $7.00?
5. How many sheets would the postal service have to sell at the lower price of $7.00 to equal the total contribution margin earned at the higher price of $8.00? (Round your answer up to the nearest whole number.)
6. What percentage increase in the number of sheets sold at $7.00 must be achieved to equal the total contribution margin earned at the higher price of $8.00? (Round your answer up to the nearest one-tenth of a percent.)
7. A financial manager at the postal service has suggested that a more accurate comparison of the two pricing alternatives ($8.00 vs. $7.00) should include an allocation of the postal service’s common fixed costs. A portion of the common fixed costs would be allocated to each alternative using total sales dollars as the cost allocation base. He contends that this approach would help ensure that the postal service’s common fixed costs are covered by the prices that it charges customers. Do you agree?
Answers
Answer:
St. Vincent
1. Contribution margin with sales of 80,000 sheets at $8.00 each:
Sales revenue $640,000
Cost of sales 64,000
Contribution $576,000
2. Percentage decrease in selling price:
Old price = $8.00
New price = 7.00
Decrease = $1.00
Decrease in percentage = $1/$8 * 100
= 12.5%
3. Percentage increase in sales units:
New sales units = 93,600
Old sales units = 80,000
Increase in units 13,600
Increase in percentage = 13,600/80,000 * 100
= 17%
4. Contribution margin with sales of 93,600 sheets at $7.00 each:
Sales revenue $655,200
Cost of sales 64,000
Contribution $591,800
Old contribution 576,000
Increase = $15,200
5. Contribution per margin (new price) = $6.20 ($7.00 - $0.80)
Units to sell to equal the total contribution margin earned at the higher price of $8.00 = 92,903 ($576,000/$6.20)
6. Percentage increase in the number of sheets sold at $7.00 to equal the total contribution margin earned at the higher price of $8.00:
New units = 92,903
Old units = 80,000
Increase = 12,903
Percentage increase = 12,903/80,000 * 100
= 16.129
= 16.13%
7. The common fixed costs do not vary according to the units sold. Allocating a portion of the fixed costs to the alternatives does not make the comparison more accurate.
Explanation:
a) Data and Calculations:
Cost of a souvenir = $0.80
Selling price per souvenir = $8.00
Sales units = 80,000
Selling price of a new souvenir = $7.00
Sales units of the new souvenir = 93,600
The following is a list of items for Witts Company's 2016 statement of cash flows:
a. receipt from sale of equipment, $2,700
b. increase in inventory, $3,900
c. net income, $13,500
d. payment for purchase of building, $29,000
e. depreciation expense, $8,700
f. receipt from issuance of bonds, $8,000
g. increase in prepaid expenses, $800
h. loss on sale of equipment, $2,200
i. payment of dividends, $5,200
j. decrease in accounts receivable, $1,700
l. issuance of common stock for land, $6,900
m. decrease in accounts payable, $1,500
n. beginning cash balance, $10,200
Required:
Prepare the statement of cash flows.
Answers
Answer and Explanation:
The preparation of the statement of cash flows is presented below:
Cash flows from operating activities
Net income $13,500
Add: depreciation expense $8,700
Add: loss on sale of equipment $2,200
Less: increase in inventory $3,900
Less: increase in prepaid expense -$800
Add: decrease in account receivable $1,700
Net cash provided by operating activities $19,900
Cash flows from investing activities
receipt from sale of equipment, $2,700
Less: payment for purchase of building, $29,000
Net cash used by investing activities -$26,300
Cash flows from financing activities
receipt from issuance of bonds, $8,000
Less: payment of dividends, $5,200
Net cash provided by financing activities $2,800
Net decrease in cash -$3,600
Add: opening cash balance $10,200
Ending cash balance $6,600
can you please help me on how to write a formal Email
Answers
Answer:
It's just like writing a letter!
Explanation:
You don't add the date, here's a format to go by:
Dear {Recipient},
{Body paragraph}
Thanks/Best Regards/Sincerely,
{Your name}
EXMAPLE:
To: (email)
Subject: Ice Cream
Email: Father and Mother, I was wondering if you would consider buying me ice cream. I understand I haven't been a good 5 - year - old, but may you consider the benefits of buying me ice cream?
Thank you,
5 - year - old
Orange Co. sells $1,000,000 of 10% bonds on August 1, 2019. The bonds pay interest on February 1 and August 1. The due date of the bonds is August 1, 2022. The bonds yield 12%. On October 1, 2020, Lemon Co. buys back $200,000 worth of bonds for $228,000 (includes accrued interest). Give entries through October 1, 2020
Answers
Answer:
price of the bonds:
$1,000,000 / (1 + 6%)⁶ = $704,961
$50,000 x 4.9173 (PVIFA, 6%, 6 periods) = $245,865
August 1, 2019, bonds sold at a discount
Dr Cash 950,826
Dr Discount on bonds payable 49,174
Cr Bonds payable 1,000,000
Assuming straight amortization of discount = $49,174 / 6 = $8,195.67
February 1, 2020, first coupon payment
Dr Interest expense 58,196
Cr Cash 8,196
Cr Discount on bonds payable 50,000
August 1, 2020, second coupon payment
Dr Interest expense 58,195
Cr Cash 8,195
Cr Discount on bonds payable 50,000
October 1, 2020
Dr Bonds payable 200,000
Dr Interest expense 3,879
Dr Loss on redemption of bonds 24,667
Cr Cash 228,000
Cr Discount on bonds payable 546
Should individuals have to pay more in taxes than large corporations?
Answers
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 pounds of oysters in August. The company’s flexible budget for August appears below: Quilcene Oysteria
Flexible Budget
For the Month Ended August 31
Actual pounds (q) 8,000
Revenue ($4.00q) $32,000
Expenses:
Packing supplies ($0.50q) 4,000
Oyster bed maintenance ($3,200) 3,200
Wages and salaries ($2,900 + $0.30q) 5,300
Shipping ($0.80q) 6,400
Utilities ($830) 830
Other ($450 + $0.05q) 850
Total expense 20,580
Net operating income $11,420
The actual results for August appear below:
Quilcene Oysteria
Income Statement
For the Month Ended August 31
Actual pounds 8000
Revenue 35,200
Expenses:
Packing supplies .4200
Oyster bed maintenance .3100
Wages and salaries .5640
Shipping . .6950
Utilities .810
Other .980
Total expense .21,680
Net operating income .13,520
Required:
Prepare a report showing the company's revenue and spending variances for August.
Answers
Answer:
$ 2,100.00 F
Explanation:
Preparation of the report showing the company's revenue and spending variances for August.
QUILCENE OYSTERIA
REVENUE AND SPENDING VARIANCES
For the Month Ended August 31
Actual Results Flexible Budget
Revenue and Spending Variances
Pounds 8,000 8,000
Revenue ($4.00q) $
35,200- $32,000 =$3,200 F
Expenses:
Packing supplies ($0.50q)
4,200-4,000=200 U
Oyster bed maintenance ($3,200)
3,100-3,200=100 F
Wages and salaries ($2,900 + $0.30q) 5,640-5,300=340 U
Shipping ($0.80q)
6,950-6,400=550 U
Utilities ($830) 810-830=20 F
Other
($450 + $0.05q) 980 -850=130 U
TOTAL EXPENSE
21,680 20,580 1,100 U
NET OPERATING INCOME
$ 13,520 $ 11,420 $ 2,100 F
(35,200-21,680=$ 13,520)
($32,000-20,580=$11,420)
($3,200-1,100=$2,100)
Summary:
Quilcene Oysteria
Revenues and Spending Variance
For the Month ended August 31
Revenue $ 3,200.00 F
Expenses:
Packing supplies $ 200.00 U
Oyster Bed Maintenance $ 100.00 F
Wages and Salaries $ 340.00 U
Shipping $ 550.00 U
Utilities $ 20.00 F
Other $ 130.00 U
Total Expenses $ 1,100.00 U
Net Operating Income $ 2,100.00 F
Therefore the company's revenue and spending variances for August will be :$ 2,100.00 F
The calculation of finding the revenue and spending variances and the net increase in Q Company’s operating income for Quilcene Oysteria in August, is shown in the attached image below.
Operating income, also known as operating profit or operating earnings, is a measure of a company's profitability that reflects the results of its core operations. It represents the income generated from the company's primary business activities, excluding non-operating items such as interest income, interest expense, and income taxes. Operating income provides insight into the profitability and efficiency of a company's core operations, independent of its financing and tax-related activities.
Learn more about operating income here:
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Illustrate the effects of each of the transactions on the accounts and financial statements of Snipes Company.
June 8. Snipes Company sold merchandise on account to Beejoy Company, $18,250, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $10,000. Snipes Company paid transportation costs of $400 for delivery of the merchandise.
Answers
Answer:
Snipes Company
Effects of each transaction on the accounts and the financial statements of Snipes Company:
Balance Sheet Income Statement Statement of
Cash Flows
Assets = Liabilities + Equity Revenue - Expense = Profit
+ $18,250 = 0 + $18,250 + $18,250 - 0 + $18,250
Accounts receivable $18,250 Sales revenue $18,250
Assets = Liabilities + Equity Revenue - Expense = Profit
-$10,000 = 0 - $10,000 0 - $10,000
Cost of goods sold $10,000 Inventory $10,000
Assets = Liabilities + Equity Revenue - Expense = Profit
-$400 0 -$400 0 -$400 -$400 Operating activity
Transportation-out expense $400 Cash $400
Explanation:
a) Data and Analysis:
Accounts receivable $18,250 Sales revenue $18,250
Cost of goods sold $10,000 Inventory $10,000
Transportation-out expense $400 Cash $400
For 2018, Tree Top Farms had sales of $438,000, cost of goods sold of $286,000, ending inventory of $154,000, ending accounts receivable of $46,000, and ending accounts payable of $38,000. For 2019, sales were $413,000, cost of goods sold was $281,000, ending inventory was $149,000, ending accounts receivables were $48,000, and ending accounts payable were $36,000. What was the cash cycle for 2019 based on a 365-day year
Answers
Answer:
190.27 days
Explanation:
Average accounts receivable = (Ending accounts receivable 2018 + Ending accounts receivable 2019) / 2
Average accounts receivable = ($46,000 + $48,000)/2
Average accounts receivable = $47,000
Average accounts payable = (Ending accounts payable 2018 + Ending accounts payable 2019) / 2
Average accounts payable = ($38,000 + $36,000)/2
Average accounts payable = $37,000
Average inventory = (Ending inventory 2018 + Ending inventory 2019) / 2
Average inventory = ($154,000 + $149,000)/2
Average inventory = $151,500
Days sales outstanding = (Average accounts receivable*365 days)/Sales
Days sales outstanding = ($47,000*365 days)/$413,000
Days sales outstanding = $17,155,000/$413,000
Days sales outstanding = 41.54 days
Days payable outstanding = (Average accounts payable*365 days)/Cost of goods sold
Days payable outstanding = ($37,000*365 days)/$281,000
Days payable outstanding = $13,505,000/$281,000
Days payable outstanding = 48.06 days
Days inventory outstanding = (Average inventory*365 days)/Cost of goods sold
Days inventory outstanding = ($151,500*365 days)/$281,000
Days inventory outstanding = $55,297,500/$281,000
Days inventory outstanding = 196.79 days
Cash cycle = Days sales outstanding + Days inventory outstanding - Days payable outstanding
Cash cycle = 41.54 days + 196.79 days - 48.06 days
Cash cycle = 190.27 days
Hence, the cash cycle for 2019 based on a 365-day year is 190.27 days
The grouping of living things according to similar characteristics is
Answers
Answer:
see the explanation
Explanation:
A species can be defined as a group of organisms with similar features, and these organisms are capable of breeding and produce fertile offspring. You are probably aware of the fact that horses and donkeys belong to the same kingdom, phylum, class, order, family as well as genus but they are from different species.
A guitar manufacturer is considering eliminating its electric guitar division because its $94,140 expenses are higher than its $88,420 sales. The company reports the following expenses for this division.
Avoidable Expenses Unavoidable Expenses
Cost of goods sold $66,500
Direct expenses 11,950 $2,650
Indirect expenses 860 1,850
Service department costs 8,800 1,530
Should the division be eliminated?
Answers
Answer:
Electric Division Should be Kept
Explanation:
Analysis of the decision is as follows :
Kept Eliminated
Sales $72,000
Expenses :
Direct Expenses $1,250
Indirect Expenses $1,600
Service Department Costs $1,430
Cost of Goods Sold $56,000
Total Expenses $56,000 $4,280
Net Income (Loss) $16,000 ($4,280)
Conclusion :
Electric Division Should be Kept since it is contributing tp the whole company profit than its taking from it.
3. Assume that the Appliance Division is operating at 75 percent capacity. The Manufactured Housing Division is currently buying 4,000 dishwashers from an outside supplier for $290 each. Assume that any joint benefit will be split evenly between the two divisions. What is the expected transfer price
Answers
This question is incomplete, the complete question is;
Transfer Pricing: Various Computations
Corning Company has a decentralized organization with a divisional structure. Two of these divisions are the Appliance Division and the Manufactured Housing Division. Each divisional manager is evaluated on the basis of ROI.
The Appliance Division produces a small automatic dishwasher that the Manufactured Housing Division can use in one of its models. Appliance can produce up to 20,000 of these dishwashers per year. The variable costs of manufacturing the dishwashers are $98.The Manufactured Housing Division inserts the dishwasher into the model house and then sells the manufactured house to outside customers for $73,000 each. The division's capacity is 4,000 units. The variable costs of the manufactured house (in addition to the cost of the dishwasher itself) are $42,600.
Required:
Assume each part is independent, unless otherwise indicated.
1) Assume that all of the dishwashers produced can be sold to external customers for $320 each. The Manufactured Housing Division wants to buy 4,000 dishwashers per year. What should the transfer price be?
2) Refer to Requirement 1. Assume $24 of avoidable distribution costs. Identify the maximum and minimum transfer prices.
3) Assume that the Appliance Division is operating at 75 percent capacity. The Manufactured Housing Division is currently buying 4,000 dishwashers from an outside supplier for $290 each. Assume that any joint benefit will be split evenly between the two divisions. What is the expected transfer price?
Answer:
a) The transfer price TP is the market ( $ 320 )
b)
- minimum transfer price : $ 296
- maximum transfer price : $ 320
c) the expected transfer price is $ 194
Explanation:
Given the data in the question;
a) What should the transfer price be?
The transfer price TP is the market ( $ 320 ) as all the dishwashers produced will be sold to the external customers for $ 320 .
b) Identify the maximum and minimum transfer prices?
Refer to question 1 above and assuming $24 of avoidable distribution costs.
the maximum and minimum transfer prices will be;
- minimum transfer price : $ 320 - $ 24 = $ 296
- maximum transfer price : $ 320
c) What is the expected transfer price?
given that; the variable costs of manufacturing the dishwashers are $98.
The Manufactured Housing Division is currently buying 4,000 dishwashers from an outside supplier for $290 each.
so potential gain = $290 - $98
= $ 192
thus, share of gain of each division will be;
⇒ $ 192 / 2 = $ 96
so the transfer price will be;
⇒ $ 98 + $ 96
= $ 194
Therefore, the expected transfer price is $ 194
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $770,000; Allowance for Doubtful Accounts has a credit balance of $7,000; and sales for the year total $3,470,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $32,200. a. Determine the amount of the adjusting entry for uncollectible accounts. $fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $fill in the blank 4 c. Determine the net realizable value of accounts receivable.
Answers
Answer:
A. $25,200
B. Accounts Receivable $770,000
Allowance for Doubtful Accounts $32,200
Bad Debt Expense $25,200
C. $744,800
Explanation:
a. Calculation to Determine the amount of the adjusting entry for uncollectible accounts using this formula
Uncollectible accounts Adjusting entry= Allowance for Doubtful Accounts - Credit balance on Allowance for doubtful accounts
Let plug in the formula
Uncollectible accounts Adjusting entry=$32,200 - $7,000
Uncollectible accounts Adjusting entry= $25,200
Therefore the amount of the adjusting entry for uncollectible accounts is $25,200
B. Based on the information given the adjusted balances of Accounts Receivable will be $770,000
Based on the information given the adjusted balances of Allowance for Doubtful Accounts will be $32,200
Bad Debt Expense = $32,200 - $7,000
Bad Debt Expense= $25,200
c. Calculation to Determine the net realizable value of accounts receivable
Using this formula
Net realizable value of accounts receivable = Accounts receivables - Bad debt
Let plug in the formula
Net realizable value of accounts receivable= $770,000 - $25,200
Net realizable value of accounts receivable=$744,800
Therefore Net realizable value of accounts receivable is $744,800
Why do you think it’s important to appear confident during a business presentation? Explain your answer.
Subject
Answers
Answer:
because...
Explanation:
if you act confidence it gives your audience more sense of pleasure as they have the feeling you know what you are talking about and makes them better trust you. It makes it seem you know what you are doing and you will more likely get a better grade or results depending on the situation.
Classify each of the following costs as a product cost or period cost. If it is a product cost, classify it as direct (or indirect) materials, direct (or indirect) labor, or overhead.
a. Wheat used to make flour at General Mills.
b. Sales commissions paid to sales personnel at Gap retail stores.
c. Costs incurred by General Motors to ship automobile seats purchased from the Lear Corporation to GM assembly plants.
d. Insurance paid on the Target retail stores in Michigan.
Answers
Answer:
Product costs refer to the costs incurred to produce a good while period costs are more like general expenses incurred during a period.
a. Wheat used to make flour at General Mills. ⇒ PRODUCT COST. DIRECT MATERIAL.
Wheat is a main ingredient in producing flour so it is a product cost. It is also a direct material cost because it is directly involved in the making of flour which is the main product of General Mills.
b. Sales commissions paid to sales personnel at Gap retail stores. ⇒ PERIOD COST.
Sales commissions have nothing to do with the production of the goods so is a period cost that relates to general expenses incurred in a period.
c. Costs incurred by General Motors to ship automobile seats purchased from the Lear Corporation to GM assembly plants. ⇒ PRODUCT COST. DIRECT MATERIAL COST.
The automobile seats are necessary for the production of cars which makes them a product cost. Cars are the main product of GM and chairs are necessary for that so this is a direct material.
d. Insurance paid on the Target retail stores in Michigan. ⇒ PERIOD COST.
General period expense.
Calculate the annual cash dividends required to be paid for each of the following preferred stock issues:
Required:
a. $3.30 cumulative preferred, no par value; 210,000 shares authorized, 146,000 shares issued. (The treasury stock caption of the stockholders' equity section of the balance sheet indicates that 40,653 shares of this preferred stock issue are owned by the company.) (Round your answer to 2 decimal places.)
b. 5%, $40 par value preferred, 293,000 shares authorized, 165,000 shares issued, and 72,725 shares outstanding. (Round your answer to 2 decimal places.)
c. 12.2% cumulative preferred, $100 stated value, $108 liquidating value; 81,000 shares authorized, 42,000 shares issued, 26,000 shares outstanding.
Answers
Answer:
Annual Cash Dividends
a. = $347,645.10
b. = $145,450
c. = $317,200
Explanation:
a) Data and Calculations:
1. $3.30 Cumulative Preferred Stock:
Authorized shares = 210,000
Issued shares = 146,000
Treasury shares = 40,653
Outstanding shares 105,347
Cash dividend = $347,645.10 ($3.30 * 105,347)
2. 5% Preferred Stock, $40 par value:
Authorized shares = 293,000
Issued shares = 165,000
Outstanding shares 72,725 * $40 = $2,909,000
Cash dividend = $145,450 ($2,909,000 * 5%)
3. 12.2% cumulative preferred, $100 stated value, $108 liquidating value:
Authorized shares = 81,000
Issued shares = 42,000
Outstanding shares 26,000 * $100 = $2,600,000
Cash dividend = $317,200 ($2,600,000 * 12.2%)
Baker Winery manufactures a fine wine in two departments, Fermenting and Bottling. In the Fermenting Department, grapes are aged in casks for a period of 30 days. In the Bottling Department, the wine is bottled and then sent to the finished goods warehouse. Labor and overhead are incurred uniformly through both processes. Materials are entered at the beginning of both processes. Cost and production data for the Fermenting Department for December 2020 are presented below: Cost data Beginning work in process inventory $37,000 ($30,000 of materials cost) Materials 390,000 Conversion costs 116,000 Total costs $543,000 Production data Beginning work in process (gallons) 5,000 (40%) Gallons started into production 79,000 Ending work in process (gallons) 8,000 (75%)
Instructions:
a) compute the equivalent units of production
b) Determine the unit production costs
c) Determine the costs to be assigned to units transferred out and ending work in process.
Answers
Answer:
a) 84,000 units ( materials )
82,000 units ( conversion )
b) $6.5
c) $494,000 ( material )
$494,000 ( conversion )
Explanation:
a) Calculate the equivalent unit of production
applying the weighted average method
for the units completed and transferred out
= 5000 + 79000 - 8000 = 76000 ( material ) , Conversion = 76000
For ending work in process
= 8000 ( material ) , conversion = 8000 * 75% = 6000
∴ equivalent units of production
= 76000 + 8000 = 84,000 units ( materials )
and
= 76000 + 6000 = 82,000 units ( conversion )
B) calculate the unit production costs
Total cost incurred till date = beginning work in process + current period cost
= 30,000 + 390,000 = 420,000 ( material )
(conversion) = 123,000.
Equivalent units = 84,000 ( materials ) , 82,000 ( conversion )
cost per unit = 420,000 / 84000 , 123000/ 82,000
= 5 , 1.5
Hence Total unit cost = $6.5 ( i.e. 1.5 + 5 )
C) cost to be assigned
76000 * 6.5 = $494,000 ( material )
76000 * 6.5 = $494,000 ( conversion )
Key Co. plans to present comparative financial statements for the years ended December 31, 20X1 and 20X2, respectively. Smith, CPA, audited Key's financial statements for both years and plans to report on the comparative financial statements on May 1, 20X3. Key's current management team was not present until January 1, 20X2. What period of time should be covered by Key's management representation letter
Answers
Answer: B. January 1, 20X1, through May 1, 20X3
Explanation:
The management representation letter should cover all the periods that will be in the auditor's report not just the periods that the current management team was in effect in.
Even though the financial statements are for the years ended December 31, 20X1 and 20X2, the auditor has a responsibility to include the events that happened all the way up to the date the reports will be released on May 20X3.
This is why the management representation letter needs to include the entire period of January 1, 20X1, through May 1, 20X3 because those will be in the audit report.
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $615,000, Allowance for Doubtful Accounts has a credit balance of $5,500, and sales for the year total $2,770,000. Bad debt expense is estimated at 1.1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. $fill in the blank 1 30,470 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Answers
Answer:
a. Adjusting entry is the bad debt expense:
= Sales * Percent of sales for bad debt
= 2,770,000 * 1.1%
= $30,470
b.
Accounts Receivable will remain the same as it has already been adjusted for bad debt = $615,000
Allowance for Doubtful Accounts
= Bad debt + Credit balance
= 30,470 + 5,500
= $35,970
Bad Debt Expense = $30,470
what is the role of the prosecutor in a civil case
Answers
A prosecutor is a legal representative of the prosecution in countries with either the civil case inquisitorial system, they represents the government in the case brought against the accused person
Answer:
same as the answer of her/him
Explanation:
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When the existing spot rate exceeds the exercise price, a call option is ____, and a put option is ____. Group of answer choices out of the money; in the money out of the money; out of the money in the money; in the money in the money; out of the money
Answers
Answer:
in the money; out of the money.
Explanation:
Secondary market can be defined as a market where various investors sell and buy securities from other investors.
Some examples of secondary market around the world are New York Stock Exchange (NYSE), NASDAQ, London Stock Exchange (LSE) and National Stock Exchange (NSE).
On the other hand, the primary market refers to the market where these securities that are being sold are issued or created.
In trading and investment, a stock option can be defined as a contract that states that the buyer as the right to buy (call) or sell (put) an asset at a particular price at any time but necessarily obligational. Thus, it is strictly at the discretion of the buyer (investor).
Generally, in a long (buy) position, a buyer hopes that the price of stocks will rise because he or she will typically profit from a rise in price.
However, a short (buy) position, a buyer hopes that the price of stocks will fall because he or she will typically profit from a fall in price.
A spot rate is the cash or exchange rate placed on a contract in the stock exchange market.
When the existing spot rate exceeds the exercise price, a call option is in the money, and a put option is out of the money.
Answer:
a a b c
Explanation:
The cost of materials transferred into the Rolling Department of Keystone Steel Company is $510,000 from the Casting Department. The conversion cost for the period in the Rolling Department is $81,200 ($54,700 factory overhead applied and $26,500 direct labor). The total cost transferred to Finished Goods for the period was $553,200. The Rolling Department had a beginning inventory of $25,000.
Required:
a. Journalize the cost of transferred-in materials.
b. Journalize the conversion costs.
c. Journalize the costs transferred out to Finished Goods.
d. Journalize the costs transferred out to Finished Goods.
e. Determine the balance of Work in Process—Rolling at the end of the period.
Answers
Answer:
Part a
Debit : Work in Process - Rolling Department $510,000
Credit : Work in Process - Casting Department $510,000
Part b
Debit : Work in Process - Overheads $54,700
Debit : Work in Process - Direct labor $26,500
Credit : Accounts Payable $81,200
Part c
Debit : Finished Goods Inventory $553,200
Credit : Work in Process - Rolling Department $553,200
Part d
Debit : Finished Goods Inventory $553,200
Credit : Work in Process - Rolling Department $553,200
Part e
$18200 credit
Explanation:
Ending Balance = Opening Balance + Additions - Transfers out
therefore,
Rolling Department balance = $25,000 + $510,000 - $553,200
= ($18200)
Also see journal prepared above.
Ticketsales, Inc., receives $5,520,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts.
Required:
Record the cash receipt in advance of concerts.
Answers
Answer:
On October 31, Debit Cash for $5,520,000; and Credit Unearned ticket revenue for $5,520,000.
On November 5, Debit Unearned ticket revenue for $1,380,000; and Credit Ticket revenue for $1,380,000.
Explanation:
The journal entries will look as follows:
Date Description Debit ($) Credit ($)
Oct 31 Cash 5,520,000
Unearned ticket revenue 5,520,000
(To record ticket revenue received in advance.)
Nov 5 Unearned ticket revenue 1,380,000
Ticket revenue (w.1) 1,380,000
(To record revenue ticket revenue earned.)
Workings:
w.1. Ticket revenue = Unearned ticket revenue * (1 / 4) = $5,520,000 * (1 / 4) = $1,380,000
Mountainside Industries manufactures specialized plastic boxes in two processes: Molding and Packaging. In the Packaging Department, materials are added at the end of the process. The following data are given:
Costs
Units Trans.-in Materials Conv.
Work in process, July 1 30 $1,590 $ 0 $ 513
Transferred in during July ?
Completed during July 105
Work in process, July 31 15
Costs added during July
$4,410
$1,050
$1,767
The conversion process on the beginning inventory is 70 percent completed and the ending inventory is 60 percent completed.
Mountainside's equivalent units for conversion using FIFO would be:___________
a. 114.
b. 105.
c. 93.
d. 9.
Answers
Answer:
c. 93.
Explanation:
The computation of the conversion equivalent units under FIFO method is given below:
= Beginning work in process + unit started & completed + ending work in process
= 30 × 30% + (105 - 30) × 100% + 15 × 60%
= 9 units + 75 units + 9 units
= 93 units
Hence, the third option is correct
The following financial information is available on Rawls Manufacturing Company: Current per share market price $48.00 Current per share dividend $3.50 Current per share earnings $6.00 Beta 1.1 Expected rate of return on market 12.0% Risk-free rate 6.0% Expected long-term growth rate 5.0% Rawls can issue new common stock to net the company $44 per share. Determine the cost of external equity capital using the dividend capitalization model approach. (Compute answer to the nearest 0.1%.)
Answers
Answer:
13.4%
Explanation:
Calculation to determine the cost of external equity capital using the dividend capitalization model approach
Using this formula
Cost of external equity capital = (D1/Pnet) + g
Let plug in the formula
Cost of external equity capital =[$3.50(1.05)/$44] + 0.05
Cost of external equity capital= 0.1335 *100
Cost of external equity capital= 13.4%
Therefore the cost of external equity capital using the dividend capitalization model approach is 13.4%
Production Budget Pasadena Candle Inc. projected sales of 800,000 candles for the year. The estimated January 1 inventory i 35,000 units, and the desired December 31 inventory is 20,000 units.
Prepare a production budget report in units for Pasadena Candle Inc.
Answers
Answer and Explanation:
The preparation of the production budget is presented below;
Expected sales units 800,000 candles
Add: Desired closing inventory, Dec 31 20,000 units
Total units available 820,000 units
Subtract: Estimated opening inventory,Jan 1 -35,000 units
Total units to be produced 785,000 units
Hence, the above format should be prepared for the production budget
Ohio Swiss Milk Products manufactures and distributes ice cream in Ohio, Kentucky, and West Virginia. The company wants to expand operations by locating another plant in northern Ohio. The size of the new plant will be a function of the expected demand for ice cream within the area served by the plant. A mar-ket survey is currently under way to determine that demand. Ohio Swiss wants to estimate the relationship between the manufacturing cost per gallon and the number of gallons sold in a year to determine the demand for ice cream and, thus, the size of the new plant. The following data have been collected.
Plant Cost per Thousand Gallons (Y) Thousands of Gallons Sold (X)
1 $1,015 416.9
2 973 472.5
3 1,046 250
4 1,006 372.1
5 1,058 238.1
6 1,068 258,6
7 967 597
8 997 414
9 1,044 263.2
10 1,008 372
Total $10,182 3,654.40
Required:
a. Develop a regression equation to forecast the cost per gallon as a function of the number of gallons produced.
b. What are the correlation coefficient and the coefficient of determination? Comment on your regression equation in light of these measures.
c. Suppose that the market survey indicates a demand of 325,000 gallons in the Bucyrus Ohio, area. Estimate the manufacturing cost per gallon for a plant producing 325,000 gallons peryear.
Answers
Answer:
a. The regression equation required is Y = 915.18 – 0.2819X.
b. b-1. Correlation coefficient (r) = –0.9423
b-2. Coefficient of determination = r^2 = 88.80%
b-3. The negative correlation coefficient of -0.9423 implies that increase in X mostly causes a decrease in Y. The coefficient of determination implies that 88.80% variation in Y is explained by X.
c. The manufacturing cost per gallon is $823.56.
Explanation:
Note: See the attached excel file for the calculation of Mean of X and Y and other values.
a. Develop a regression equation to forecast the cost per gallon as a function of the number of gallons produced.
The regression can be written as follows:
Y = bo + b1X ………………… (1)
b1 = (Sum of (Y - Mean of Y) * (X - Mean of X)) / (Sum of (X - Mean of X)^2) = –34,273.08 / 121,585.14 = –0.2819
b0 = Mean of Y – (b1 * Mean of X) = 1,018.20 - (365.44 * 0.2819) = 915.18
Substituting b) and b1 values into equation (1), regression equation to forecast the cost per gallon as a function of the number of gallons produced can be written as follows:
Y = 915.18 – 0.2819X ……………………….. (2)
Equation (2) is the regression equation required.
b. What are the correlation coefficient and the coefficient of determination? Comment on your regression equation in light of these measures.
b-1. Correlation coefficient (r) can be calculated using the following formula:
r = (Sum of (Y - Mean of Y) * (X - Mean of X)) / ((Sum of (Y - Mean of Y)^2) * (Sum of (X - Mean of X)^2))^0.5 = –34,273.08 / (10,879.60 * 121,585.14)^0.5 = –0.9423
b-2. Coefficient of determination = r^2 = –0.94^2 = 0.8880, or 88.80%
b-3. The negative correlation coefficient of -0.9423 implies that increase in X mostly causes a decrease in Y. The coefficient of determination implies that 88.80% variation in Y is explained by X.
c. Suppose that the market survey indicates a demand of 325,000 gallons in the Bucyrus Ohio, area. Estimate the manufacturing cost per gallon for a plant producing 325,000 gallons per year.
Since X and Y are in thousands, 325,000 gallons implies we have:
X = 325
Substitute X = 325 into equation (2), we have:
Y = 915.18 - (0.2819 * 325)
Expressing in full form, we have:
Y = $823
Therefore, the manufacturing cost per gallon is $823.56.
Use the following information to answer question. Madelyn owns a small pottery factory. She can make 1,000 pieces of pottery per year and sell them for $100 each. It costs Madelyn $20,000 for the raw materials to produce the 1,000 pieces of pottery. She has invested $100,000 in her factory and equipment: $50,000 from her savings and $50,000 borrowed at 10 percent (assume that she could have loaned her money out at 10 percent, too). Madelyn can work at a competing pottery factory for $40,000 per year.
Required:
The economic profit at madelyn's pottery factory is:_________
Answers
Answer:
$30,000
Explanation:
According to the scenario, computation of the given data are as follows,
Total number of pieces per year = 1,000
Selling price per piece = $100 per piece
So, Total revenue = $100 × 1,000 = $100,000
Raw material = $20,000
Investment = $100,000
So, interest on investment = 10% × $100,000 = $10,000
Opportunity cost = $40,000
So, we can calculate the economic profit by using following formula,
Economic profit = Total revenue - Raw material - interest on investment - Opportunity cost
By putting the value, we get
Economic profit = $100,000 - $20,000 - $10,000 - $40,000
= $30,000
Data related to the inventories of Costco Medical Supply are presented below:
Surgical
Equipment Surgical
Supplies Rehab
Equipment Rehab
Supplies
Selling price $272 $135 $342 $153
Cost 151 103 256 153
Costs to sell 18 10 18 7
In applying the lower of cost and net realizable value rule, the inventory of rehab supplies would be valued at:_________
Answers
Answer:
146
Explanation:
The computation is shown below
Particulars Surgical Surgical Rehab Rehab
Equipment Supplies Equipment Supplies
Cost (A) 151 103 256 153
Selling price 272 135 342 153
Less:
cost to sell 18 10 18 7
Net realizable
value (B) 254 125 324 146
Lower of A & B 151 103 256 146
Do tax cuts stimulate or restrict spending? Why?
Answers
Answer:
Income tax cuts reduce the amount individuals and families pay on wages earned. When people can take home more of their paychecks, consumer spending increases.
Explanation:
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what are good poem names
Answers
Answer:
It Depends.
Explanation:
It really depends on what poem you are writing. If it is a sad poem, chose words or phrases with a sad connotation. If it is a netrual poem, chose words with a neutral connotation. It is very hard to give you an answer because you gave very little explanation about what the poem is about, but at the end of the day, name the poem based on what you think it is about.
Answer:
if it is about music entitle it whatever the poem is about like if it about depression entitle it: feelings slide over me
Explanation: