Answer: Bright Future Scholarship
Explanation:
since it’s for only Florida schools this can be the only answer.
Answer:
bright future
Explanation:
Took the test and got it right
Which staff member usually does the work of both a front desk clerk and an accounting clerk?
A. Controller
B. Credit manager
C. Accounts receivable clerk
D. Night auditor
Cushenberry Corporation had the following transactions. 1. Sold land (cost $12,000) for $15,000. 2. Issued common stock at par for $20,000. 3. Recorded depreciation on buildings for $17,000. 4. Paid salaries of $9,000. 5. Issued 1,000 shares of $1 par value common stock for equipment worth $8,000. 6. Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200.
Required:
For each transaction above, (a) prepare the journal entry, and (b) indicate how it would affect the statement of cash flows using the indirect method.
Answer:
Entries are given
Explanation:
We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.
Sold land (cost $12,000) for $15,000.
Dr Cash 15,000
Cr Land 12,000
Cr Gain on Sale 3,000
Increase investing cash flows by 15,000. and 3000 gain will be deducted from operating activities
Issued common stock
Dr Cash 20,000
Cr Common Stock 20,000
Increase financing cash flows by 20,000
Recorded depreciation on buildings for $17,000.
Dr Depreciation Expense 17,000
Cr Accumulated Depreciation 17,000
This will not affect cash flow.
Paid salaries of $9,000.
Dr Salaries Expense 9,000
Cr Cash 9,000
Decrease operating activities cash flow by $9,000.
Issued 1,000 shares of $1 par value common stock for equipment
Dr Equipment 8,000
Cr Additional paid-in capital Common Stock 7,000
Cr Common Stock 1,000
It doesn't involve any cash however affects the company financial position so it will be recorded in schedule of non cash financing and investing activities
Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200.
Dr Cash 1,200
Dr Accumulated Depreciation 7,000
Dr Loss on Disposal 1,800
Cr Equipment 10,000
There would be an increased cash flow of $1,200 under investing activities.
true or false ,The first step in composing a message is to identify its purpose
What is a premium in personal finance HEEEEELLPPP
Premium has multiple meanings in finance, with the first being the total cost to buy an option. A premium is also the difference between the price paid for a fixed-income security and the security's face amount at issue.
Source: Investopedia
Brews 4 U is a local chain of coffee shops. Managers are interested in the costs of the stores and believe that the costs can be explained in large part by the number of customers patronizing the stores. Monthly data regarding customer visits and costs for the preceding year for one of the stores have been entered into the regression analysis.
Average monthly customer-visits 1,462
Average monthly total costs $4,629
Regression results: Intercept $1,496
b coefficient $2.08
R2 0.86814
Required:
a. In a regression equation expressed as y= a + bx, how is the letter b best described?
b. How is the letter y in the regression equation best described?
c. How is the letter x in the regression equation best described?
d. Based on the data derived from the regression analysis, what are the estimated costs for 370 customer-visits in a month?
e. What is the percent of the total variance that can be explained by the regression equation?
Answer:
Explanation:
a. In a regression equation expressed as y= a + bx, how is the letter b best described?
Here, b is the slope and best described as the estimate of the cost when there's a visit of an additional customer.
b. How is the letter y in the regression equation best described?
The letter y is the observed store cost for that particular month.
c. How is the letter x in the regression equation best described?
The letter x is the observed customer visit for that particular month.
d. Based on the data derived from the regression analysis, what are the estimated costs for 370 customer-visits in a month?
The estimated cost for 370 customer visit will be:
Y = a + bx
where,
a =$1496
b = $2.08
x = 370 customer visit
Y = $1496 + ($2.08 × 370 customer visit)
= $1496 + $769.6
= $2265.6
e. What is the percent of the total variance that can be explained by the regression equation?
The percent of total variance which the regression equation explain will be:
R2 = 0.86814 or 86.814%
Suppose that per-unit costs for Alpha-Zeta Co. are $25 when they are producing 50,000 units. Now suppose that the firm increases production to 50,100 units and total costs are $2,000,000 at that level of production. Question: What is occurring as the firm increases production from 50,000 to 50,100 units?
Answer:
Diseconomies of scale due to the fact that per unit cost increased from $25 to $39.92
Explanation:
Economies is scale is when a larger production is a product leads to reduced cost of production.
For example if production of 1,000 units of a good costs $20 per unit, but production of 1,500 units goes for $17. The cost of production per unit reduces. So there is economies of scale.
In the given scenario production of 5,000 units is at $25 per unit.
While at 5,100 units it is (2,000,000 ÷ 50,100) = $39.92
So this is a diseconomies of scale.
Southwest Pediatrics has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $116,000; Allowance for Uncollectible Accounts = $1,900 (debit). On December 31, 2021, Southwest estimates uncollectible accounts to be 15% of accounts receivable.
Required:
1. Record the adjusting entry for uncollectible accounts on December 31, 2021.
2. Determine the amount at which bad debt expense is reported in the income statement and the allowance for uncollectible accounts is reported in the balance sheet.
3. Calculate the net realizable value of accounts receivable.
Answer:
Bad Debt expense = Allowance for uncollectible debit + (Estimated uncollectibles)
= 1,900 + (15% * 116,000)
= $19,300
1.
Dec. 31 DR Bad debt expenses $19,300
CR Allowance for Uncollectable $19,300
2. Balance Sheet;
= 116,000 * 15%
= $17,400
Income Statement;
= $19,300
3. Net realizable value
= Accounts receivable - Estimated uncollectibles
= 116,000 - 17,400
= $98,600
A commodity’s demand causes its price to go up.
True
False
Answer:
the answer is false
Explanation:
The following transactions occur for the Wolfpack Shoe Company during the month of June:
Provide services to customers for $30,000 and receive cash.
Purchase office supplies on account for $20,000.
Pay $7,000 in salaries to employees for work performed during the month.
1. Analyze each transaction.
2. Record the transaction.
3. Post the transaction to T-accounts. Assume the opening balance in each of the accounts is zero.
Answer:
1.
Assets = $30,000 (increase) and Revenue = $30,000 (increase)
Assets = $20,000 (increase) and Liabilities = $20,000 (increase)
Assets = $7,000 (decrease) and Liabilities = $7,000 (decrease)
2.
Cash $30,000 (debit)
Service Revenue $30,000 (credit)
Cash Received for Service Rendered
Office Supplies $20,000 (debit)
Accounts Payable $20,000 (credit)
Office Supplies purchased on credit
Salaries Expense $7,000 (debit)
Cash $7,000 (credit)
Salaries Paid
3.
Cash Account
Debit :
Service Revenue $30,000
Credit :
Salaries Payable $7,000
Balance c/d $23,000
Revenue Account
Debit :
Balance c/d $30,000
Credit :
Cash $30,000
Office Supplies Account
Debit :
Accounts Payable $20,000
Credit :
Balance c/d $20,000
Accounts Payable Account
Debit :
Balance c/d $20,000
Credit :
Office Supplies $20,000
Salaries Expense Account
Debit :
Cash $7,000
Credit :
Balance c/d $7,000
Explanation:
Accounting starts with analyzing transactions and their effects on Assets, Liabilities, Equity, Revenues and Expenses.
The next stage is to record the transactions in Journals. See journals and narrations above.
Then the preparation of Ledger Accounts using the Journal entries.
What is the basic economic problem?
a
Creating stability in the stock market.
b
Making products available at places that are convenient for customers.
c
Being a competitive business in the marketplace.
d
Making choices about using limited resources to satisfy unlimited wants.
im on a test please help
Flintlnc. provided the following information for the year 2017.
Retained earnings, January 1, 2017 $ 589,400
Administrative expenses 246,000
Selling expenses 307,200
Sales revenue 1,812,200
Cash dividends declared 83,000
Cost of goods sold 821,500
Loss on discontinued operations 78,200
Rent revenue 40,200
Unrealized holding gain on available-for-sale securities 16,900
Income tax applicable to continuing operations 192,700
Income tax benefit applicable to loss on discontinued operations 43,010
Income tax applicable to unrealized holding gain on available-for-sale securities
2,000
1. Prepare a single-step income statement for 2017. Shares outstanding during 2017 were 100,000. (Round earnings per share to 2 decimal places, e.g. $1.48.)
2. Prepare aretained earning statement for 2017. Shares outstanding for 2017 were 100000.
Answer: See explanation
Explanation:
1. Prepare a single-step income statement for 2017. Shares outstanding during 2017 were 100,000. (Round earnings per share to 2 decimal places, e.g. $1.48.)
The income from continuing operations for earnings per share was calculated as:
= 285000/100000
= $2.85
The loss on discontinued operations was calculated as:
= 35190/100000 shares
= 0.35
Check the attachment for the solution.
2. Prepare aretained earning statement for 2017. Shares outstanding for 2017 were 100000.
Check the attachment for the solution
The value of a share of common stock depends on the cash flows it is expected to provide, and those flows consist of the dividends the investor receives each year while holding the stock and the price the investor receives when the stock is sold. The final price includes the original price paid plus an expected capital gain. The actions of the marginal investor determine the equilibrium stock price. Market equilibrium occurs when the stock's price is -Select-less thanequal togreater thanCorrect 1 of Item 1 its intrinsic value. If the stock market is reasonably efficient, differences between the stock price and intrinsic value should not be very large and they should not persist for very long. When investing in common stocks, an investor's goal is to purchase stocks that are undervalued (the price is -Select-abovebelowequivalent toCorrect 2 of Item 1 the stock's intrinsic value) and avoid stocks that are overvalued.
The value of a stock today can be calculated as the present value of -Select-a finitean infiniteCorrect 3 of Item 1 stream of dividends:
This is the generalized stock valuation model. We will now look at 3 different situations where we can adapt this generalized model to each of these situations to determine a stock's intrinsic value:
1. Constant Growth Stocks;
2. Zero Growth Stocks;
3. Nonconstant Growth Stocks.
Constant Growth Stocks:
For many companies it is reasonable to predict that dividends will grow at a constant rate, so we can rewrite the generalized model as follows:
This is known as the constant growth model or Gordon model, named after Myron J. Gordon who developed and popularized it. There are several conditions that must exist before this equation can be used. First, the required rate of return, rs, must be greater than the long-run growth rate, g. Second, the constant growth model is not appropriate unless a company's growth rate is expected to remain constant in the future. This condition almost never holds for -Select-maturestart-upCorrect 4 of Item 1 firms, but it does exist for many -Select-maturestart-upCorrect 5 of Item 1 companies.
Which of the following assumptions would cause the constant growth stock valuation model to be invalid?
The growth rate is zero.
The growth rate is negative.
The required rate of return is greater than the growth rate.
The required rate of return is more than 50%.
None of the above assumptions would invalidate the model.
-Select-Statement aStatement bStatement cStatement dStatement eCorrect 6 of Item 1
Quantitative Problem 1: Hubbard Industries just paid a common dividend, D0, of $1.60. It expects to grow at a constant rate of 2% per year. If investors require a 10% return on equity, what is the current price of Hubbard's common stock? Round your answer to the nearest cent. Do not round intermediate calculations.
$ per share
Zero Growth Stocks:
The constant growth model is sufficiently general to handle the case of a zero growth stock, where the dividend is expected to remain constant over time. In this situation, the equation is:
Note that this is the same equation developed in Chapter 5 to value a perpetuity, and it is the same equation used to value a perpetual preferred stock that entitles its owners to regular, fixed dividend payments in perpetuity. The valuation equation is simply the current dividend divided by the required rate of return.
Quantitative Problem 2: Carlysle Corporation has perpetual preferred stock outstanding that pays a constant annual dividend of $2.00 at the end of each year. If investors require an 10% return on the preferred stock, what is the price of the firm's perpetual preferred stock? Round your answer to the nearest cent. Do not round intermediate calculations.
$ per share
Nonconstant Growth Stocks:
For many companies, it is not appropriate to assume that dividends will grow at a constant rate. Most firms go through life cycles where they experience different growth rates during different parts of the cycle. For valuing these firms, the generalized valuation and the constant growth equations are combined to arrive at the nonconstant growth valuation equation:
Basically, this equation calculates the present value of dividends received during the nonconstant growth period and the present value of the stock's horizon value, which is the value at the horizon date of all dividends expected thereafter.
Quantitative Problem 3: Assume today is December 31, 2013. Imagine Works Inc. just paid a dividend of $1.15 per share at the end of 2013. The dividend is expected to grow at 15% per year for 3 years, after which time it is expected to grow at a constant rate of 6% annually. The company's cost of equity (rs) is 9.5%. Using the dividend growth model (allowing for nonconstant growth), what should be the price of the company's stock today (December 31, 2013)? Round your answer to the nearest cent. Do not round intermediate calculations.
$ per share
Full question attached
Answer and Explanation:
Find attached
For Sheffield Corp., sales is $1660000 (8300 units), fixed expenses are $480000, and the contribution margin per unit is $80. What is the margin of safety in dollars
Answer:
$460,000
Explanation:
The computation of the margin of safety in dollars is shown below:-
Break even sales = fixed cost ÷ contribution per unit
= $480,000 ÷ $80
= 6,000 units
The Margin of safety in dollars = Total sales - Break even sales
= 8,300 - 6,000
= 2,300
sale price = $1660000 ÷ 8,300
= $200 per unit
margin of safety in dollars = 2,300 × $200
= $460,000
what are you being for halloween
Answer:
maybe a fox
Explanation:
1. As a young child, Karina had a passion for animals and environmental issues. After she graduated from college, Karina landed a job in an organization whose mission is to create public awareness about endangered animals and other environmental issues. Karina’s employer depends largely on grants and donations to fund business activities.
Answer: Non-profit corporation
Explanation:
The question seeks to find out what kind of company Karina works for. The answer would be a Non-profit Corporation. Non-profit Organizations are usually involved in humanitarian and altruistic pursuits such animal rights and environmental protection.
Non-profit usually rely on grants and donations in order to carry out their operations and they get usually these from wealthy individuals and companies as part of their Corporate Social Responsibility.
Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Co. under credit 7 Macy returns 125 units because they did not fit the customer 's needs (invoice amount: $1,750). Allied restores 8 Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied sends cash per unit (for a total cost of $20,000) terms 2/10, n/60. The goods cost Allied $15,000 the units, which cost $1,250, to its inventory. Macy a credit memorandum for $300 toward the original invoice amount to compensate for the damage allowances, and any cash discount. 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, Exercise 5-4 Recording sales, sales returns, and sales allowances LO P2
Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. (Allied estimates returns using an adjusting entry at each year-end.) View transaction list Journal entry worksheet Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000).
Note: Enter debits before credits. Date General Journal Debit Credit May 03
Answer:
May 3 No Journal Entry
May 5
Dr Merchandise Inventory 21,000
Cr Accounts Payable 21,000
May 7
Dr Accounts Payable 1,750
Cr Merchandise Inventory 1,750
May 8
Dr Accounts Payable 300
Cr Merchandise Inventory 800
May 15
Dr Accounts Payable 18,950
Cr Merchandise Inventory 379
Cr Cash 18,571
Explanation:
Preparation of Journal entries
May 3 No Journal Entry
May 5
Dr Merchandise Inventory 21,000
(1,500 * $14 per unit )
Cr Accounts Payable 21,000
(To record the purchase of inventory)
May 7
Dr Accounts Payable 1,750
Cr Merchandise Inventory 1,750
(To record the purchase return)
May 8
Dr Accounts Payable 300
Cr Merchandise Inventory 800
(To record the allowance to Macy)
May 15
Dr Accounts Payable 18,950
($21,000-$1,750-$300)
Cr Merchandise Inventory 379
($21,000-$1,750-$300)*2%
Cr Cash 18,571
($21,000-$1,750-$300)*98%
(To record the payment on account)
Target (TGT) recently earned a profit of $4.15 per share and has a P/E ratio of 23.19. Earnings have been growing at 11.5 percent per year over the past few years. If this growth continues, what would the stock price be in five years if the P/E ratio remains unchanged
Answer:
$165.85
Explanation:
Calculation for what would the stock price be in five years
First step is to calculate the EPS in 5 years
Using this formula
EPS in 5 years=EPS 0 (1+ Growth rate)^n
Let plug in the formula
EPS in 5 years=4.15*(1+11.5%)^5
EPS in 5 years=$7.1519
Now let calculate for the stock price in 5 years
Using this formula
Stock price in 5 years=P/E ratio*EPS in 5 years
Let plug in the formula
Stock price in 5 years=23.19*$7.1519
Stock price in 5 years=$165.85
Therefore what would the stock price be in five years is $165.85
( Please Help thank you.)
Franchisors in foreign countries must be aware of
A: Ease of communication
B: Shared currency Values
C. Political Risk
D: shared values and customs
Answer:
I think it's C but I'm not 100% sure.
Explanation:
Franchisors in foreign countries must be aware of political risks. Thus, the correct option is (C).
Economic problems, related legal systems, the lack of corruption, supply chain difficulties, and taxation must all be considered by franchisors.
A franchisor selecting a market in which to expand must have thorough market information as well as undertake a study of existing competitors in that area.
A corporation may choose to employ franchising as a marketing concept for business growth.
The vast majority of courts have ruled that franchisors may be held accountable for the actions of their franchisees and franchisee employees.
Therefore, the correct option is "C".
To know more about the Franchise, visit:
https://brainly.com/question/3032789
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1. You are 26 years old, married, and have two small children. You have a household income (take-home pay) of $3,500 per month and currently rent your home. You have and pay many bills, and make many purchases (usually by debit card) each month. You often lose track of spending and end up paying unnecessary bank fees. You would like to buy a new car in five months and a new home in two years. To avoid overdrafts, you chose "opt-in" overdraft protection with your bank. You just received your bank statement, which states a balance of $691, while your check register says you have a balance of $800. Which of the following accounts would be best for?
Purpose Type of accountA) Satisfying your day-to-day spending needs? ___________ B) Making and holding funds for your car purchase? ___________C) Making and holding funds for your home purchase? ___________D) Making and holding funds for your retirement?
A. Stock and bond portfolio.
B. NOW account.
C. NOW account.
D. Mutual funds.
2. Which of the following accounts is typically not insured?A. Mutual Funds.B. NOW account.
C. Certificate of deposit.
D. Statement savings account.
3. Which of the following practices would help you keep accurate records regarding the funds in your bank account?
A. Keep track of your balance online.B. Immediately record the date and amount of each transaction in your check register and calculate the new balance.C. Wait for the printed bank statement to arrive in the mail to know what payments and receipts have cleared your account.4. You can avoid a service fee on an average-balance account if you:______.
A. Issue a stop-payment order when you find yourself overdrawn.B. Keep a certain average daily balance in the account through a specified time.C. Avoid an overdraft for a specified time.D. Have your paycheck automatically deposited into your account each pay period.
Answer:
1. A) Satisfying your day-to-day spending needs?
Statement Savings account
Bank statements will hep you keep track of the balance.
B) Making and holding funds for your car purchase?
NOW Account.
An account that earns interest yet allows the owner to write drafts against the money in the account. This would be good here as it will increase the funds you are saving for the car purchase.
C) Making and holding funds for your home purchase?
NOW Account.
NOW stands for Negotiable Order of Withdrawal account and would work here as well.
D) Making and holding funds for your retirement?
Certificate of Deposit.
These are offered by banks and earn a higher interest return. They however have to be locked up for a while without withdrawing so they are great for retirement saving.
2. Which of the following accounts is typically not insured?
A. Mutual Funds.Mutual funds are not financial deposits so will not be covered by the Federal Deposit Insurance Corporation (FDIC).
3. Which of the following practices would help you keep accurate records regarding the funds in your bank account?
A. Keep track of your balance online.B. Immediately record the date and amount of each transaction in your check register and calculate the new balance.4. You can avoid a service fee on an average-balance account if you:
B. Keep a certain average daily balance in the account through a specified timeSelected accounts from the ledger of McDaniel Corporation appear below. Indicate the nature of each account. Type Of Account
1. Supplies select a type of account
2. Notes Payable select a type of account
3. Service Revenue select a type of account
4. Dividends select a type of account
5. Accounts Payable select a type of account
6. Salaries and Wages Expense select a type of account
7. Common Stock select a type of account
8. Accounts Receivable select a type of account
9. Equipment select a type of account
10. Notes Receivable select a type of account
Answer:
1. Supplies - ASSETS
Supplies are assets and are debited when they increase.
2. Notes Payable - LIABILITIES.
Current Liabilities owed to creditors.
3. Service Revenue. REVENUE
Revenue that will go to the income statement.
4. Dividends. EQUITY.
These are payments to Shareholders and so are Equity.
5. Accounts Payable. LIABILITY.
These are current liabilities and increase by credit.
6. Salaries and Wages Expense. EXPENSE.
These are expenses that will go to the Income Statement
7. Common Stock. EQUITY.
Common Stock is equity as it represents ownership in the company.
8. Accounts Receivable. ASSET.
Accounts Receivables are current assets and are debited when they increase.
9. Equipment. ASSET.
Equipment are fixed assets and are debited when they increase.
10. Notes Receivable. ASSETS.
Like Receivables these are current assets and are debited when they increase.
Andreasen Corporation manufactures thermostats for office buildings. The following is the cost of each unit:
Materials $ 36.00
Labor 14.00
Variable overhead 4.00
Fixed overhead ($1,800,000 per year; 100,000 units per year) 18.00
Total $ 72.00
Simpson Company has approached Andreasen with an offer to buy 7,500 thermostats at a price of $60 each. The regular price is $100. Andreasen has the capacity to produce the 7,500 additional units without affecting its current production of 100,000 units. Simpson requires that each unit use its branding, which requires a more expensive label, resulting in an additional $2 per unit material cost. The labor cost of affixing the label will be the same as for the current models. The Simpson order will also require a one-time rental of packaging equipment for $20,000.
Required:
a. Prepare a schedule to show the impact of filling the Simpson order on Andreasen’s profits for the year. (Enter your answers in thousands (i.e., 5,400,000 should be entered as 5,400). Select option "higher" or "lower", keeping Status Quo as the base. Select "none" if there is no effect.)
Status quo 100,000 units Alternative 107,500 units Difference Higher or lower
Sales Revenue ? ? ? ?
Less: variable cost ? ? ? ?
Materials ? ? ? ?
Labor ? ? ? ?
Variable Overhead ? ? ? ?
Total variable cost ? ? ? ?
Contribution margin ? ? ? ?
Less; fixed costs ? ? ? ?
Operating profit or loss ? ? ? ?
b. Do you agree with the decision to accept the special order. Yes or no?
c. Considering only profit, determine the minimum quantity of thermostats in the special order that would make it profitable, assuming capacity is available.... Quanitity of Themostats #___?____ units
Answer:
Andreasen Corporation
Special Order by Simpson Company:
a. Status quo Alternative
100,000 units 107,500 units Total Difference
($'000) ($'000) ($'000) ($'000)
Sales Revenue $10,000 $450 $10,450 $450 Higher
Total Variable cost 5,400 420 5,820 420 Higher
Contribution $4,600 $30 $4,630 30 Higher
Fixed costs 1,800 20 1,820 20 Higher
Operating profit $2,800 $10 $2,810 10 Higher
b. No.
d. Contribution per unit = $4 ($30,000/7,500)
Fixed cost = $20,000
Fixed cost Plus Profit = $30,000
Minimum quantity to make it profitable = $30,000/$4 = 7,500 thermostats
However, this profit level is far below the normal production profit of 28% on sales revenue.
Explanation:
a) Data and Calculations:
Materials $ 36.00
Labor 14.00
Variable overhead 4.00
Total variable cost = $54
Fixed overhead ($1,800,000 per year; 100,000 units per year) 18.00
Total $ 72.00
Selling price = $100
Special order = 7,500 thermostats
Price of special order = $60
Relevant costs of special order:
Materials $ 36.00
Labor 14.00
Variable overhead 4.00
Additional material = $2
Unit variable cost = $56
Total variable cost = $420,000
Packaging equipment 20,000
Total relevant cost = $440,000
Sales Revenue = $450,000
Profit from special order = $10,000
Yancey Productions is a film studio that uses a job-order costing system. The company’s direct materials consist of items such as costumes and props. Its direct labor includes each film’s actors, directors, and extras. The company’s overhead costs include items such as utilities, depreciation of equipment, senior management salaries, and wages of maintenance workers. Yancey applies its overhead cost to films based on direct labor-dollars.At the beginning of the year, Yancey made the following estimates:Direct labor-dollars to support all productions $ 8,260,000Fixed overhead cost $ 4,956,000Variable overhead cost per direct labor-dollar $ 0.17Required:1. Compute the predetermined overhead rate. (I found the answer: .77 per DL$)2. During the year, Yancey produced a film titled You Can Say That Again that incurred the following costs:Direct materials $ 1,386,000Direct labor cost $ 2,478,000Compute the total job cost for this particular film.Direct Materials: $1,386,000Direct Labor: $2,478,000
Answer and Explanation:
The computation is shown below:
Predetermined overhead rate is
= Variable overhead cost per direct labor hours + Fixed overhead cost ÷ Direct labor-dollars
= $0.17 + $4,956,000 ÷ 8,260,000
= $0.17 + $0.6
= $0.77
Now the total cost is
= Direct material cost + direct labor cost + manufacturing cost
= $1,386,000 + $2,478,000 + ($2,478,000 × $0.77)
= $5,772,060
"16. An investment promises to pay $6,000 at the end of each year for the next five years and $4,000 at the end of each year for years 6 through 10. a. If you require a 12 percent rate of return on an investment of this sort, what is the maximum amount you would pay for this investment?"
Answer:
$33,387.70
Explanation:
A summary of the cash flows for this investment is :
Year 1 $6,000
Year 2 $6,000
Year 3 $6,000
Year 4 $6,000
Year 5 $6,000
Year 6 $4,000
Year 7 $4,000
Year 8 $4,000
Year 9 $4,000
Year 10 $4,000
So, clear these are uneven cash flows thus use your CFj function on your financial calculator to find the Net Present Value at the rate of 12% as below:
CFj $6,000
CFj $6,000
CFj $6,000
CFj $6,000
CFj $6,000
CFj $4,000
CFj $4,000
CFj $4,000
CFj $4,000
CFj $4,000
I/YR = 12 %
SHIFT NPV = $33,387.70
Thus, the maximum amount you would pay for this investment is $33,387.70.
Categories of expenditures
Eric and Ginny Gaffney live in Swarthmore, PA. Ginny's father, Kenji, lives in Sweden.
For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (I), government purchases (G), exports (X), or imports (M). Check all that apply.
Transaction C I G X M
Eric's employer upgrades all of its computer systems using U.S.-made parts.
Ginny gets a new refrigerator made in the United States.
Ginny's father in Sweden orders a bottle of Vermont maple syrup from the producer's website.
The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore.
Eric buys a bottle of Italian wine.
Answer:
Categories of expenditures
1. I
Eric's employer upgrades all of its computer systems using U.S.-made parts.
2. C
Ginny gets a new refrigerator made in the United States.
3. X
Ginny's father in Sweden orders a bottle of Vermont maple syrup from the producer's website.
4. G
The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore.
5. M
Eric buys a bottle of Italian wine.
Explanation:
The US Gross Domestic Product (GDP) can be measured using the expenditure approach: Y = C + I + G + (X – M). This expenditure approach calculates GDP by evaluating the sum of all final goods and services purchased in the US economy. The components of the US GDP identified as “Y” in equation form include Consumption (C), Investment (I), Government Spending (G), and Net Exports (X – M) with X as exports and M as imports.
Winona and Hubert need to decide which one of them will take time off from work to complete the rather urgent task of shearing their llamas. Winona is pretty good with a pair of shears; she can shear the llamas in 1 hour. Hubert is somewhat slow; it takes him 9 hours to shear the llamas. Winona earns $200 per hour as a psychiatrist, while Hubert earns $25 per hour as a cobbler. Keeping in mind that either Winona or Hubert must take time off from work to shear the llamas, who has the lowest opportunity cost of completing the task?
a. Jacques
b. Kyoko and Jacques face equal opportunity costs
c. Kyoko
Support Department Cost Allocation-Direct Method Charlie's Wood Works produces wood products (e.g., cabinets, tables, picture frames, and so on). Production departments include Cutting and Assembly. The Janitorial and Security departments support the Cutting and Assembly departments. The Assembly Department spans about 42,560 square feet and holds assets valued at about $77,520. The Cutting Department spans about 33,440 square feet and holds assets valued at about $126,480. Charlie's Wood Works allocates support department costs using the direct method. If costs from the Janitorial Department are allocated based on square feet and costs from the Security Department are allocated based on asset value.
a. Determine the percentage of Janitorial costs that should be allocated to the Assembly Department.
b. Determine the percentage of Security costs that should be allocated to the Cutting Department.
Answer:
a. 56%
b. 62%
Explanation:
a. Janitorial costs are allocated based on square feet.
Assembly Department Square feet = 42,560
Total area for both departments = 42,560 + 33,440 = $76,000
Percentage of costs
= 42,560/ 76,000
= 56%
b. Security costs are allocated based on asset value.
Cutting Department Asset Value = $126,480
Total asset value for both departments = 77,520 + 126,480 = $204,000
Percentage of costs
= 126,480/ 204,000
= 62%
Headland Mining Company purchased land on February 1, 2020, at a cost of $1,169,500. It estimated that a total of 52,800 tons of mineral was available for mining. After it has removed all the natural resources, the company will be required to restore the property to its previous state because of strict environmental protection laws. It estimates the fair value of this restoration obligation at $96,300. It believes it will be able to sell the property afterwards for $107,000. It incurred developmental costs of $214,000 before it was able to do any mining. In 2020, resources removed totaled 26,400 tons. The company sold 19,360 tons. Compute the following information for 2020.
A) Per unit mineral cost.
B) Total material cost of December 31, 2020, inventory.
C) Total material cost in cost of goods sold at December 31, 2020.
Answer:
1. $26 per unit
2. $183,040
3. $503,360
Explanation:
1. Computation of per unit mineral cost
Per unit mineral cost=(1,169,500+96,300+214,000-107,000)/52,800
Per unit mineral cost=1,372,800/52,800
Per unit mineral cost=$26 per unit
Therefore the Per unit mineral cost will be $26 per unit
2. Computation of Total materials cost
Total materials cost= (26,400 tons-19,360 tons)*26
Total materials cost=7,040*26
Total materials cost=$183,040
Therefore the Total materials cost will be $183,040
3. Calculation for the Total materials cost in Cost of goods sold
Total materials cost in Cost of goods sold= (19,360*26)
Total materials cost in Cost of goods sold =$503,360
Therefore the Total materials cost in Cost of goods sold will be $503,360
Suppose that in a competitive market without government regulations, the equilibrium price of a hamburger is $7 each.
Complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding.
Statement Price Control Binding or Not
Due to new regulations, fast-food restaurants that would like to pay better wages in order to hire more workers are prohibited from doing so.
The government prohibits fast-food restaurants from selling hamburgers for more that $5 each.
Answer:
Price Ceiling regulations prohibit the price of a good or service from being higher than a set price known as the Price Ceiling.
Price Floor regulations prohibit the price of a good or service from being lower than a set price known as the Price floor.
When either Price Ceiling or Floor is said to be nonbinding, it means that it does not affect the market/ equilibrium price of the good or service.
Binding Ceilings or Floors affect the market/ equilibrium price.
Due to new regulations, fast-food restaurants that would like to pay better wages in order to hire more workers are prohibited from doing so. BINDING PRICE CEILING.
The Fast-food restaurants cannot pay above a certain amount which makes this a Price Ceiling. It is binding because the Market wants to pay higher wages to hire more people but cannot therefore the price ceiling is having an effect on the equilibrium price.
The government prohibits fast-food restaurants from selling hamburgers for more that $5 each. BINDING PRICE CEILING.
Fast-food restaurants are not allowed to sell above the set price of $5 which makes this a price ceiling. It is Binding because the equilibrium price is $7 which means that fast-food restaurants are forced to sell below the equilibrium price therefore this Price ceiling affects the equilibrium price.
Answer:
See Below..
Explanation:
1. Due to new regulations, fast-food restaurants that would like to pay better wages in order to hire more workers are prohibited from doing so.
Price Ceiling and Binding
In the labor market, minimum wage laws are an example of a price floor while a cap on wages is an example of a price ceiling. Moreover, the impact of the minimum wage laws depends on the skill and experience of the worker. In this case, new regulations restrict fast-food restaurants from increasing wages and, thus, attracting more workers. This binding price ceiling causes a shortage of workers in this labor market.
2. The government prohibits fast-food restaurants from selling hamburgers for more that $5 each.
Price Floor and Binding
A price ceiling is a legal maximum on the price at which a good can be sold. Therefore, prohibiting fast-food restaurants from selling hamburgers for more than a particular price is an example of a price ceiling. A binding price ceiling is a price ceiling that is set below the equilibrium price. Because the equilibrium price is $7 each for hamburgers, a legal maximum price of $5 is a binding price ceiling. A binding price ceiling will ultimately cause a shortage, while a non-binding price ceiling has no effect on the equilibrium price and quantity.
Hope this helped you!
A company purchased new furniture at a cost of $26,000 on September 30. The furniture is estimated to have a useful life of 5 years and a salvage value of $3,200. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the furniture for the first year ended December 31
Answer: Depreciation for 3 months = $1140.
Explanation:
In straight line method, Depreciation for full year = (Cost – Salvage value) ÷ useful life
Depreciation for full year = ($26,000 -$3,200 ) ÷ 5
= $(22800÷ 5)
= $ 4,560
Furniture was purchased on September 30, so depreciation will be calculated from October to December(3 months)
Depreciation for 3 months = Yearly depreciation x ([tex]\dfrac3{12}[/tex])
= $4,560 x (0.25)
= $1140.
Hence, Depreciation for 3 months = $1140.
Dale’s Business Services experienced the following events during its first year of operations:
1. Acquired $20,000 cash from the issue of common stock.
2. Borrowed $12,000 cash from First Bank.
3. Paid $5,000 cash to purchase land.
4. Received $25,000 cash for providing boarding services.
5. Acquired an additional $5,000 cash from the issue of common stock.
6. Purchased additional land for $4,000 cash.
7. Paid $10,000 cash for salary expense.
8. Signed a contract to provide additional services in the future.
9. Paid $1,200 cash for rent expense.
10. Paid a $1,000 cash dividend to the stockholders.
11. Determined the market value of the land to be $18,000 at the end of the accounting period.
Required:
Classify each event as an asset source, use, or exchange transaction or as not applicable (NA).
Answer:
Explanation:
AS U BEING MY FRIEND I WILL WARN ABOUT MY HUMAN BEING IN THE TELESCOPE. BUT WHAT I REALLY NEED TO TALK TO U ABOUT IS THE FLYING SAUSAGE INCIDENT I DON’T THINK I TALKED TO U ABOUT THIS BUT U REALLY SHOULD KNOW THAT I AM SECRETLY A FLYING SAUSAGE NOT ONLY AM I A FLYING SAUSAGE BUT I AM THE FLYING SAUSAGE THAT TOOK THE WALKING CHEESEBURGERS PICKLES. I NEED UR HELP TO ESCAPE THE POLICE MEN BECAUSE THE ONLY REASON I STOLE HIS PICKLES WAS BECAUSE I WAS GOING THROUGH THIS THING WHERE ALL I WANTED TO DO WAS EAT PICKLES AND MY MOM WOULDN’T BUY ANY. I HAD NO MONEY SO I DIDN’T KNOW WHAT ELSE TO DO. I WALKED OVER TO THE CHEESEURGER AND TOOK HIS PICKLES. APPARENTLY THATS AGAINST THE LAW BUT I STILL DID IT. I ALREADY ATE THE PICKLES SO I CAN’T RETURN THEM. I ASKED BOBBYJO TO PUT ME IN A BOX AND SEND ME TO NORTH CAROLINA SO I AM NOW IN NEW ENGLAND I NEED U TO GO ON A SECRET MISSION AND GO BUY ME A PRIVATE JET U SEE I CAN NOT FLY ANYMORE SO I NEED SOMEONE TO SEND ME A PRIVATE JET NOT A AIRPLANE I ALREADY HAVE 2,345 AIRPLANES PLEASE DO NOT SEND ME AN AIRPLANE.PLEASE AND THANK YOU I HOPE U CAN COMPLETE MY MISSION.
THE YOUNG HOT WING
DID U KNOW THAT A LONG TIME AGO THERE ONCE WAS A YOUNG HOT WING HE WAS A VERY NICE HOT WING EXCEPT HE WANTED TO HE TOMATO'S NOT JUST NORMAL TAMATO'S BUT TOMATO'S FROM A CLOWNS NOSE. HE HAD TO HAVE THE CLOWNS NOSE'S FOR EVERY MEAL BUT THEY HAD TO BE USED.
THIS HOT WING ENDED UP AS A MODEL IN THE 1780'S. HE TURNED OUT NICE AND RED WITH HOT SAUCE. ONE DAY AT A MODELING SHOW A GUY DECIDED TO GO UP ON STAGE AND TAKE A BIG JUICY BITE OUT OF THE HOT WING. THE HOT WING CRIED AND CRIED FOR A MILLION YEARS BECAUSE HE COULD NO LONGER BE A MODEL. AFTER HE CRIED FOREVER HE WAS VERY MOLDY SO HE STARTED TO CRY AGAIN. AFTER THAT THE LITTLE MOLDY PARTS CAME OF OF HIM AND BECAME SERGEANTS THEY STICTICHED UP THE HOTWINGS WHOLE. BY NOW THE YOUNG HOT WING IS A VERY OLD BUT HE STILL COMPLETED HIS MODELING CAREER. AFTER THE SERGEANT'S FIXED UP THE HOT WING THEY GOT A HOTDOG AND ATE IT.