12-8. Dealerships for Subaru and other automobile manufacturers keep records of the mileage of cars they sell and service. Mileage data are used to remind customers of when they need to schedule service appointments, but they are used for other purposes as well. What kinds of decisions does this piece of data support at the local level and at the corporate level

Answers

Answer 1

Answer:

The Dealerships for Sabaru and other automobile manufacturers keeps records of the mileage of cars they sell and service due to various reasons. At the local level, it afford them the opportunity to know the car brand with the highest mileage being used by their customers.

Also, the ability to know the brand of car with least requirement for servicing. On the other-hand, at the corporate level, the records afford them the opportunity to know the automobile manufacturers which they will keep on trading with under dealership due to feedback from their customers.

Explanation:

Answer 2

The decisions that this piece of data supports at the local level and at the corporate level include the car that requires the least servicing.

From the complete information, it should be noted that the dealerships for Sabaru and other automobile manufacturers keep records of the mileage of cars they sell and service.

This can be pivotal in order to know the car brand with the highest mileage being used by their customers. Also, it's important to know the brand of car with the least requirement for servicing. At the corporate level, it's vital to know the automobile manufacturers that they'll continue trading with.

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Simon Corporation manufactures hydraulic valves. The product life of a valve is 4 years. Target average profit margin for Simon 20.00% The company does not expect the manufacturing cost to vary over the next 4 years. Estimated sales volume and the unit selling price of the valve for the next 4 years is given below: Year Sales volume (units) Unit selling price Year 1 40,000 $80.00 Year 2 50,000 $75.00 Year 3 35,000 $50.00 Year 4 25,000 $45.00 What is the allowable unit cost of a hydraulic valve using the target costing model

Answers

Answer:

Allowable unit cost of a hydraulic valve using the target costing model = 52.4

Explanation:

Given that:

Simon Corporation manufactures hydraulic valves. The product life of a valve is 4 years.

Target average profit margin for Simon 20.00%

The company does not expect the manufacturing cost to vary over the next 4 years

Estimated sales volume and the unit selling price of the valve for the next 4 years is given below:

Year                  Sales volume (units)                   Unit selling price

Year 1                       40,000                                 $80.00

Year 2                      50,000                                 $75.00

Year 3                     35,000                                   $50.00

Year 4                      25,000                                  $45.00

The objective is to determine the allowable unit cost of a hydraulic valve using the target costing model.

The Cost for each unit selling price can be calculated as:

= unit selling price - (Target average profit margin × unit selling price)

For Year 1

=  $80.00- (0.2 × $80.00)

= $80.00 - $16.00

= $64.00

For Year 2

= $75.00 - ( 0.2 × $75.00)

= $75.00 - ( $15.00)

= $60.00

Year 3

= $50.00 - (0.2× $50.00)

= $50.00 - $10.00

= $40.00

Year 4

= $45.00 - (0.2 × $45.00)

=$45.00 - $9.00

= $36.00

Year       Sales volume    Unit                Cost          Cost per Unit

                (units)             selling price  

Year 1       40,000          $80.00          $64.00       $2560000

Year 2      50,000          $75.00          $60.00       $3000000

Year 3      35,000          $50.00          $40.00        $1400000

Year 4       25,000          $45.00         $36.00        $900000

Total:        150000                                                    $7860000

Allowable unit cost = Total cost/Total number of unit cost

Allowable unit cost = $7860000/150000

Allowable unit cost = 52.4

Suppose the country of Stan has fixed its exchange rate to the dollar. The official exchange rate is 0.50 U.S. dollars per rupee. Suppose market conditions are such that the actual equilibrium exchange rate is 0.25 U.S dollars per rupee.
1. You are a tourist in Stan. Something you wish to buy costs 100 rupees. What is the price at official exchange rates? ___________ Are products bought from Stan a good deal?
2. You are a tourist in Stan. Something you wish to buy costs 100 rupees. What is the price if you could buy at the equilibrium exchange rate?
3. Will foreigners want to demand Stan’s rupees to buy goods at the official rate? Explain.
4. Will people in Stan want to buy U.S. goods at the official exchange rates? Will they being supplying or demanding their rupees?
5. Will the monetary authorities in Stan have to buy up a surplus of their currency or sell their currency to meet a shortage of their currency to keep the exchange rate at 0.50 dollars per rupee?

Answers

Answer and Explanation:

1. At 0fficial exchange rate:

100 * 0.5 = $50

what I want to buy would be purchased at $50

at market exchange rate:

0.25 x 100 = $25

products bought from this place are not a good deal as I am paying more than the market exchange rate.

2. at equilibrium exchange rate:

100 x 0.25% = $25

the price is $25

3. from answers 1 and 2, I will not want demand Stan's rupees. the products are costly to get.

4. Stan's currency is obviously overvalued. the people from this country now has increased purchasing power so they can purchase goods in dollars, therefore they would be supplying their currency.

5. They will have to buy up the surplus of rupees so that they can easily keep up with maintaining the rupee at half a dollar.

Item9 2 points Time Remaining 2 hours 55 minutes 49 seconds02:55:49 eBookItem 9Item 9 2 points Time Remaining 2 hours 55 minutes 49 seconds02:55:49 TB MC Qu. 6-143 Keyser Corporation, which has... Keyser Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $ 118 Units in beginning inventory 400 Units produced 2,100 Units sold 2,300 Units in ending inventory 200 Variable costs per unit: Direct materials $ 37 Direct labor $ 23 Variable manufacturing overhead $ 3 Variable selling and administrative expense $ 5 Fixed costs: Fixed manufacturing overhead $ 73,500 Fixed selling and administrative expense $ 29,900 The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month. What is the net operating income for the month under variable costing?

Answers

Answer:

Results are below.

Explanation:

Giving the following information:

Selling price $118

Units sold 2,300

Variable costs per unit:

Direct materials $37

Direct labor $23

Variable manufacturing overhead $3

Variable selling and administrative expense $5

First, we need to determine the total unitary variable cost:

Unitary variable cost= 37 + 23 + 3 + 5=$68

Variable cost income statement:

Sales= 2,300*118= 271,400

Total variable cost= 68*2,300= (156,400)

Total contribution margin= 115,000

Fixed manufacturing overhead= (73,500)

Fixed selling and administrative expense= (29,900)

Net operating income= 11,600

Kelley Company reports $1,250,000 of net income for 2017 and declares $175,000 of cash dividends on its preferred stock for 2017. At the end of 2017, the company had 380,000 weighted-average shares of common stock. 1. What amount of net income is available to common stockholders for 2017

Answers

Answer:

Net income available to common stockholders is $1,075,000

Explanation:

Net Income                            $1,250,000

To Preferred Shareholders   $175,000    

Net income available to       $1,075,000

common stockholders

Basic earnings per share = Net income available to common stockholders / weighted average shares of common stock

Basic earnings per share = $1,075,000 / 380,000

Basic earnings per share = $2.8290 per share.

good is excludable if: a. it is Wi-Fi or a similar service. b. people who do not pay cannot be easily prevented from using the good. c. one person's use of the good does not reduce the ability of another person to use the same good. d. people who do not pay can be easily prevented from using the good.

Answers

Answer:

The correct answer is:

people who do not pay can be easily prevented from using the good. (d)

Explanation:

Excludable goods or services are those to which the consumer cannot have access unless payment of some form is made. By contrast, a non-excludable good or service is one to which the consumer cannot be prevented from using even without payment. Excludable goods can be further divided into rivalrous and non-rivalrous.

A rivalrous excludable good or service is one in which usage by a consumer or usage by one party prevents or reduces significantly, its use by another consumer or party examples are goods such as clothes, food, cars etc, while non-rivalrous excludable goods/services include tv subscriptions, cinemas, etc.

Jackson Industries uses a standard cost system in which direct materials inventory is carried at standard cost. Jackson has established the following standards for one unit of product: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6 pounds $4.30 per pound $25.80 Direct labor 2.40 hours $5.00 per hour $12.00 During May, Jackson purchased 145,600 pounds of direct material at a total cost of $655,200. The total factory wages for May were $258,800, 90 percent of which were for direct labor. Jackson manufactured 21,000 units of product during May using 122,800 pounds of direct material and 50,900 direct labor-hours. The price variance for the direct material acquired by Jackson Industries during May is:

Answers

Answer:

Direct material price variance= $29,120 unfavorable

Explanation:

Giving the following information:

Standard: Direct materials 6 pounds $4.30 per pound $25.80

Actual= Jackson purchased 145,600 pounds of direct material at a total cost of $655,200.

To calculate the direct material price variance, we need to use the following formula:

Direct material price variance= (standard price - actual price)*actual quantity

Actual price= 655,200/145,600= $4.5

Direct material price variance= (4.3 - 4.5)*145,600

Direct material price variance= $29,120 unfavorable

22. On January 1, 2021, Princess Corporation leased equipment to King Company. The lease term is eight years. The first payment of $675,000 was made on January 1, 2021. The equipment cost Princess Corporation $3,600,000. The present value of the lease payments is $3,961,183. The lease is appropriately classified as a sales-type lease. Assuming the interest rate for this lease is 10%, how much interest revenue will Princess record in 2022 on this lease

Answers

Answer:

$293,980.13

Explanation:

Calculation of how much of the interest revenue Princess will record in 2022 on the lease

First Step is to find the interest for year 2021

Present Value January 1, 2021 $3,961,183

Less Payment January 1, 2021 (675,000)

=$3,286,183

Hence,

2021 Interest =$3,286,183× 10%

2021 Interest = $328,618.3

Second Step

Second Payment $675,000

Less Interest (328,618.3)

Reduced balance $346,381.7

Third Step is to find the how much interest revenue will Princess record in 2022 on the lease

2021 $3,286,183

Less Reduced balance (346,381.7)

January 1 2022 Liability = $2,939,801.3× 10%

2022 Interest Revenue =$293,980.13

Therefore the amount of interest revenue that Princess will record in 2022 on the lease will be $293,980.13

Northwest Fur Co. started 2021 with $105,000 of merchandise inventory on hand. During 2021, $510,000 in merchandise was purchased on account with credit terms of 3/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $8,900. Merchandise with an invoice amount of $3,700 was returned for credit. Cost of goods sold for the year was $362,000. Northwest uses a perpetual inventory system. What is ending inventory assuming Northwest uses the gross method to record purchases

Answers

Answer:

The ending inventory by using the gross method is $243,011

Explanation:

Purchases = Net purchases + Freight inwards

Purchases = 491,111 + 8,900

Purchases = 500,011

When Net purchase = Gross Purchase - Purchase return - Discount

Net purchase = 510,000 - 3,700- 15,189

Net purchase = 491,111

Working

Discount = (Purchases - Purchase return) × Discount rate

Discount = (510,000 - 3,700) * 3%

Discount = 15,189

Ending inventory = Beginning inventory + Purchases− Cost of good sold

Ending inventory = (105,000 + 500,011) - 362,000

Ending inventory = $243,011

Thus, the ending inventory by using the gross method is $243,011.

Sally Eason put $4,000 in her deductible IRA this year. If Sally is in the 25 percent marginal tax bracket, the government actually contributed ____ of that amount for her. Group of answer choices

Answers

Answer: $1000

Explanation:

From the question, we are informed that Sally Eason put $4,000 in her deductible IRA this year and that Sally is in the 25 percent marginal tax bracket.

Based on the above information, the government contributed:

= 25% × $4,000

= 25/100 × $4,000

= 0.25 × $4,000

= $1000

balance sheet reports assets of $6900000 and liabilities of $2700000. All of Ivanhoe’s assets’ book values approximate their fair value, except for land, which has a fair value that is $410000 greater than its book value. On 12/31/21, Oriole Corporation paid $7030000 to acquire Ivanhoe. What amount of goodwill should Oriole record as a result of this purchase?

Answers

Answer: $2,420,000‬

Explanation:

Goodwill is the amount over the fair value of a company that it is purchased for.

Goodwill = Acquisition price - Net Assets

Net Assets = Assets - Liabilities

= (6,900,000 + 410,000) - 2,700,000

= $4,610,000‬

Goodwill = 7,030,000 - 4,610,000

= $2,420,000‬

an investment under consideration has a payback of six years and a cost of 876000. Assume the cash flows are conventional. If the required return is 12 percent, what is the worst-case NPV?

Answers

Answer:

-43291.14

Explanation:

Npv = net present value

Payback = 6 years

Required return = 12 percent

Cost = 876000

When we talk about last case npv we mean that cash flow has gotten to its last future. The entire cost of 876000 will have to be paid after 6 years and after that future cash flows would exist.

Npv = -876000 +(876000/1.12)⁶

= -876000+443808.86

= = -43291.14

The risk-free rate is 6% and the expected rate of return on the market portfolio is 13%. a. Calculate the required rate of return on a security with a beta of 1.25.

Answers

Answer:

The required rate of return is r = 0.1475 or 14.75%

Explanation:

The required rate of return is the minimum return that investors demand/expect on a stock based on the systematic risk of the stock as given by the beta. The expected or required rate of return on a stock can be calculated using the CAPM equation.

The equation is,

r = rRF + Beta * (rM - rRF)

Where,

rRF is the risk free raterM is the return on market

r = 0.06 + 1.25 * (0.13 - 0.06)

r = 0.1475 or 14.75%

The firm has total fixed costs of $9 and a constant marginal cost of $3 per unit. The firm will maximize profit with a. 9 units of output. b. 15 units of output. c. 21 units of output. d. 30 units of output.

Answers

Answer:

b. 15 units of output.

Explanation:

information regarding sales price and quantity demanded is missing, so I looked it up (see attached file):

units              sales revenue            total costs            profits

9                       $216                            $36                     $180

15                      $270                           $54                     $216

21                      $252                           $72                     $180

30                     $90                             $99                     ($9)

Ray's Satellite Emporium wishes to determine the best order size for its best-selling satellite dish (model TS111). Ray has estimated the annual demand for this model at 1,500 units. His cost to carry one unit is $80 per year per unit, and he has estimated that each order costs $22 to place.
Using the EOQ model, how many should Ray order each time?

Answers

Answer:

28.72 units

Explanation:

Calculation of how many should Ray order each time using EOQ model

Using this formula

EOQ= √2DS/H

Where,

D=Annual demand 1,500 units

S=Order costs $22

H=Holding Costs $80 per unit

Let plug in the formula

EOQ=√2*1,500*$22/$80

EOQ=√66,000/$80

EOQ=√825

EOQ=28.72 units

Therefore Using the EOQ model, Ray should order 28.72 units each time.

Explain how growth in the demand for​ Australia's natural resources would affect the demand for Australian dollars in the foreign exchange market. Explain how the supply of Australian dollars would change.

Answers

Answer:

The question here is that of the balance of trade and the principles of demand and supply.  

According to the Economics principles of demand and supply, when demand is high, prices follow in the same direction and the currency appreciates in value.

So, on one hand, when the demand for Australia's natural resources increases, because the legal tender recognised within Australia's borders is its own currency, trading partners are forced to convert from their currency into the Australian dollars thus creating an increased demand for the currency.

On the other hand, if the value of a countrys imports is more than the value of its export transactions, the opposite would happen, that is, its currency depreciates or loses value.

Cheers!

Which of the following items would be a way to manipulate the cash flow from operating activities amount on the statement of cash flows?

a.
Adding depreciation back to net income to determine cash flow from operating activities.

b.
Including interest expense and tax expense in the calculation of cash flow from operating activities.

c.
Recording an item that should be recorded as an operating activity as an investing activity.

d.
The cash flow statement cannot be manipulated.

Answers

Answer:

C. Recording an item that should be recorded as an operating activity as an investing activity.

Explanation:

Hope it helped

The answer to the question is c

On January 1, the listed spot and futures prices of a Treasury bond were 95.4 and 95.6. You sold $100,000 par value Treasury bonds and purchased one Treasury bond futures contract. One month later, the listed spot price and futures prices were 95 and 94.4, respectively. If you were to liquidate your position, your profits would be a Group of answer choices $125 profit. $1,060.50 loss. None of the options are correct. $125 loss. $1,062.50 profit.

Answers

Answer:

None of the options are correct.

Explanation:

We start by calculating the net change of the treasury bond position.

= $95,125 - $95,000

= $125

The long treasury bond position gains $125 after a month.

We will also calculate the net change of the treasury bond futures contract.

= $94,125 - $95,187.50

= -$1,062.50

Therefore, Net profits is;

= $125 - $1,062.50

= -$937.50

Due Diligence refers to diligently monitoring the interview for lies or half-truths the interviewee might include. Select one: True False

Answers

Answer: False

Explanation:

Due diligence is a review, audit or an investigation that is performed in order to confirm certain facts. Due diligence also involves looking at the financial records of w company before having a transaction with the company in order to ascertain some facts.

Due Diligence is not diligently monitoring the interview for lies or half-truths the interviewee might include. This is false.

Division A had ROI of 15% last year. The manager of Division A is considering an additional investment for the coming year. What step will the manager likely choose to take

Answers

Answer: c.Reject the investment if it returns less than 15% ROI.

Explanation:

Additional investments should yield incremental returns if they are to be accepted. In the previous year, Division A had an Return on Investment of 15%, when an additional investment is being considered, it must bring in more than that 15% if it is to be accepted.

Therefore, if an investment is to give a less than 15% ROI, it should be rejected as it is not bringing additional returns for the Division.

Ultimate Sportswear has $150,000 of 8% non-cumulative, non-participating, preferred stock outstanding. Ultimate Sportswear also has $550,000 of common stock outstanding. In the company's first year of operation, no dividends were paid. During the second year, the company paid cash dividends of $35,000. This dividend should be distributed as follows:
a. $8,750 preferred: $26,250 common.
b. $0 preferred: $35,000 common.
c. $12.000 preferred: $23.000 common.
d. $19.000 preferred: $16.000 common
e. $17,500 preferred; $17,500 соmmоn.

Answers

Answer:

c. $12,000 preferred: $23,000 common

Explanation:

Calculation of how the Dividend should be distributed

First step is to calculate for preferred stock outstanding

Preferred stock outstanding=$150,000 * 8% non-cumulative

Preferred stock outstanding=$12,000

Second step is to calculate for common stock outstanding

Using this formula

Common stock outstanding = Cash Dividend-Preferred stock outstanding

Let plug in the formula

Common stock outstanding=$35,000-$12,000

Common stock outstanding=$23,000

Therefore Preferred stock outstanding will be $12,000 while Common stock outstanding will be $23,000

1. While FF was started 40 years ago, its common stock has been publicly traded for the past 25 years. 2. The returns on its equity are calculated as arithmetic returns. 3. The historical returns for FF for 2012 to 2016 are:

Answers

Answer:

hello some details/parts of your question are missing attached below is the missing part

answer : A ) = 24.13%

              B ) =  0.1084, The preceding data series represents a SAMPLE        

              C ) =  0.4494

Explanation:

A) The average realized  return on FF stock can be calculated as

= 24% + 16.15% + 29% +39.9% + 12.35% / 5

= 24.13%

B) The preceding data series represents a SAMPLE  standard deviation BECAUSE RETURNS WERE MADE ONLY FOR FIVE YEARS

and the sample standard deviation is calculated as

[tex]s^2 = \frac{summation ( x - mean vale)^2}{N-1}[/tex]

[tex]S^2 = \frac{0.0470383}{ 5 -1 }[/tex]  =   0.01175056

s = [tex]\sqrt{0.01175056}[/tex] = 0.1084

C) coefficient of variation

coefficient of variation = standard deviation / mean

                                      = 0.1084 / 0.2413 = 0.4494

                                                     

A bond par value is $1,000 and the coupon rate is 5.1 percent. The bond price was $946.02 at the beginning of the year and $979.58 at the end of the year. The inflation rate for the year was 2.6 percent. What was the bond's real return for the year

Answers

Answer:

the bond's real return for the year is 6.18 %.

Explanation:

First find the nominal return of the bond then the real return as follows :

PV = - $946.02

Pmt = $1,000 × 5.10% = $51

P/yr = 1

FV = $979.58

n = 1

r = ?

Using a Financial Calculator, the nominal return of the bond, r is 8.9385 %.

Real Return = ( 1 + nominal return) / (1 + inflation rate) -1

                   =  (1 + 0.089395) / (1 + 0.026) - 1

                   = 0.0618 or 6.18 %

Ford Motor Company is discussing new ways to recapitalize the firm and raise additional capital. Its current capital structure has a ​% weight in​ equity, ​% in preferred​ stock, and ​% in debt. The cost of equity capital is ​%, the cost of preferred stock is ​%, and the pretax cost of debt is ​%. What is the weighted average cost of capital for Ford if its marginal tax rate is ​%?

Answers

Complete Question:

Ford Motor Company is discussing new ways to recapitalize the firm and raise additional capital. Its current capital structure has a 10% weight in equity, 25% in preferred stock, and 65% in debt. The cost of equity capital is 17%, the cost of preferred stock is 11%, and the pretax cost of debt is 9%. What is the weighted average cost of capital for Ford if its marginal tax rate is 40%?

Answer:

7.96%

Explanation:

We can calculate WACC using the formula:

WACC = Cost of equity * Equity %age / 100%         +          

After Tax Cost of Debt * Debt %age / 100%            +        

Cost of Preferred Stock * Preferred Stock %age / 100%

Here,

Cost of equity is 17%

Cost of preferred stock is 11%

Post tax cost of debt = Pre-Tax cost *  (1 - Tax rate)

This implies,

Post tax cost of debt = 9% * (1 - 40%) =  5.4%

Equity weight is 10% weight in equity

Preferred stock weight is 25%

Debt Weight is 65%

By putting value in the formula given in the attachment, we have:

WACC = 17% * (10% / 100%)      +     11% * (25% / 100%)    +    5.4% * (65% / 100%)

WACC = 1.7%   +   2.75%   +    3.51%

WACC = 7.96%

Gabriele Enterprises has bonds on the market making annual payments, with eleven years to maturity, a par value of $1,000, and selling for $982. At this price, the bonds yield 7.6 percent.

Required:
What must the coupon rate be on the bonds?

Answers

Answer:

The answer is 7.35 percent

Explanation:

N(Number of periods) = 11years

I/Y(Yield to maturity) = 7.6 percent

PV(present value or market price) = $982

PMT( coupon payment) = ?

FV( Future value or par value) = $1,000.

We are using a Financial calculator for this.

N= 11; I/Y = 7.6; PV = -$982; FV= $1,000; CPT PV= $73.52

Therefore, coupon rate is ($73.52/$1,000) x 100 percent

=7.35 percent

Just how strong the competitive pressures are from substitute products depends on: Select one: a. Whether the available substitutes are products or services b. The speed with which buyer needs and expectations are changing c. Whether attractively priced substitutes are readily available and the ease with which buyers can switch to substitutes d. Whether the producers of substitutes have ample budgets for new product R

Answers

Answer: c. Whether attractively priced substitutes are readily available and the ease with which buyers can switch to substitutes

Explanation:

Substitute products are the product that can be used in place of another identical product e.g butter and margarine.

Just how strong the competitive pressures are from substitute products depends on whether attractively priced substitutes are readily available and the ease with which buyers can switch to substitutes.

The accounting principle that requires important noncash financing and investing activities be reported on the statement of cash flows or in a footnote is the:\

Answers

Answer: Full Disclosure Principle

Explanation:

The Full Disclosure Principle is a principle in Accounting that aims to be keep the relevant business information as transparent as possible. The principle therefore requires that all information relating to the business be disclosed so that the stakeholders in the business will be able to reasonably understand the operations of the business.

As only financial data can be reported in financial statements such as cash related activities in the Cashflow Statement, the principle requires that important noncash financing and investing activities be reported on the statement of cash flows or in a footnote so that the readers of the statement will not have any missing information.

ICOT Industries issued 28 million of its $1 par common shares for $492 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $3 million. Required: 1. Prepare the journal entry to record the issuance of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Answers

Answer:

Dr Cash $492

Cr Common stock $28

Cr PIC in excess of par 464

Dr PIC in excess of par $3

Cr Cash $3

Explanation:

Preparation of the Journal entry to record the issuance of the shares

Based on the information given we were told that the Industries issued 28 million of its $1 par common shares for the amount of $492 million on April 11 which means that the Journal entry will be:

Dr Cash $492

Cr Common stock $28

(28 million x $1)

Cr PIC in excess of par 464

($492-$28)

(To record the sale of the stock)

Based on the information given we were told that the Industries had Legal, promotional, and accounting services necessary to effect the sale cost of the amount of $3 million which means that the Journal entry will be:

Dr PIC in excess of par $3

Cr Cash $3

(To record the stock issue costs)

The following accounts are from last year's books of Sharp Manufacturing: Raw Materials Bal 0 (b) 154,800 (a) 166,000 11,200 Work In Process Bal 0 (f) 513,200 (b) 132,400 (c) 168,800 (e) 212,000 0 Finished Goods Bal 0 (g) 464,000 (f) 513,200 49,200 Manufacturing Overhead (b) 22,400 (e) 212,000 (c) 26,400 (d) 156,800 6,400 Cost of Goods Sold (g) 464,000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of direct materials used for the year

Answers

Answer:

$132,400

Explanation:

Based on the information given we were told that Sharp make use of job order costing as well as applies manufacturing overhead to jobs which are often based on the direct labor costs, which simply means the amount of direct materials that is been used for the year will be a debit amount of $132,400 in the work in process .

Therefore the amount of direct materials used for the year will be $132,400

Universal Travel Inc. borrowed $497,000 on November 1, 2018, and signed a 12-month note bearing interest at 4%. Interest is payable in full at maturity on October 31, 2019. In connection with this note, Universal Travel Inc. should report interest payable at December 31, 2018, in the amount of:

Answers

Answer:

Dec 31, 2018

Interest expense                        3313.33 Dr

    Interest Payable                           3313.33 Cr

Explanation:

The note interest is payable at an annual rate of 4%. The interest will be paid at maturity however, an adjusting entry will be made on December 31, 2018 following the accrual basis of accounting to record the interest expense that relates to the period from November to December of 2018. The interest expense will be debited and as the interest will be paid at maturity, interest payable will be credited.

Interest expense = 497000 * 0.04 * 2/12   = $3313.33

Prepare journal entries to record the following four separate issuances of stock. A corporation issued 7,000 shares of $20 par value common stock for $168,000 cash. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $34,000. The stock has a $1 per share stated value. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $34,000. The stock has no stated value. A corporation issued 1,750 shares of $25 par value preferred stock for $77,750 cash.

Answers

Answer: Please see explanation column for answer

Explanation:

1. For shares issued in excess of par value common stock

Amount                          Debit                           Credit

Cash                            $168,000

Common stock  at $20 ( 7000 x 20)              $140,000

Paid in excess of par value common stock

(168,000 - 140,000)                                          $28,000

2. For shares issued to Promoters at stated value

Amount                                    Debit                             Credit

Organisational expenses       $34,000

Common stock  at $1 ( 3,500x 1)                               $3,500

Paid in capital in excess of stated value

common stock(34,000 - 3,500)                               $30, 500

3. For shares issued to Promoters at no stated  value

Amount                                               Debit                    Credit

Organisational expenses                $34,000

Common stock  at $1 no par value                               $34,000

4.For shares issued in excess of par value preferred  stock

Amount                          Debit                                  Credit

Cash                              $77,750

preferred  stock  at $25(1,750 x 25)                         $43,750

Paid in capital in excess of par value

Preferred stock(77,750 -43,750)                               $34,000

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