15. Karla Salons leased equipment from Smith Co. on July 1, 2021, in a finance lease. The present value of the lease payments discounted at 10% was $81,100. Ten annual lease payments of $12,000 are due each year beginning July 1, 2021. Smith Co. had constructed the equipment recently for $66,000, and its retail fair value was $81,100. What amount of interest revenue from the lease should Smith Co. report in its December 31, 2021, income statement

Answers

Answer 1

Answer: $3,455

Explanation:

The interest received by Smith can be calculated as;

Interest Value = Present value of lease payment * interest rate

Present Value of interest rate

Ten annual lease payments of $12,000 are due each year beginning July 1, 2021.

That means first payment has been made already. Present value is;

= 81,100 - 12,000

= $69,100

Only half a year has gone by so this will need to be reflected;

Interest Value = Present value of lease payment * interest rate

= 69,100 * 10% * 6/12

= $3,455


Related Questions

Some towns limit the number of hours that liquor stores can sell alcohol on Sundays. This restriction could actually help liquor stores by

Answers

Answer: decreasing sales and increasing prices.

Explanation:

From the question, we are informed that some towns limit the number of hours that liquor stores can sell alcohol on Sundays. This restriction could actually help liquor stores reduce their sales and thereby lead to the increment of prices.

Since there has been a reduction I the number of hours, it means lesser alcohol will be sold and this can invariably lead to price increase.

"he company’s beginning cash balance was $90 and its ending balance was $85. Required: 1. Use the indirect method to determine the net cash provided by operating activities for the year. 2. Prepare a statement of cash flows for the year."

Answers

Answer:

1. Net cash provided by operating activities for the year = $130

2. Ending cash balance = $85

Explanation:

Note: This question is not complete. A complete question is therefore provided before answering the question. See the attached pdf file for the complete question.

The explanation to the answer is now provided as follows:

1. Use the indirect method to determine the net cash provided by operating activities for the year.

Note: See the part 1 of the attached excel file for the calculation of the net cash provided by operating activities for the year.

Note: See the part 1 of the attached excel file for the calculation of the net cash provided by operating activities for the year.

Cash flows from operating activities refers to the section of the cash flow statement that shows the cash generated and provided by the ongoing regular business activities of a company in a particular period. Cash flows from operating activities normally comprise of net income from the income statement, adjustments to net income as well as changes in working capital.

2. Prepare a statement of cash flows for the year.

Note: See the part 1 of the attached excel file for the statement of cash flows for the year.

Statement of cash flow refers to the financial statement that presents the effect of changes in balance sheet accounts and income on cash and cash equivalents by breaking it down to operating, investing, and financing activities.

Yan Yan Corp. has a $3,000 par value bond outstanding with a coupon rate of 5.2 percent paid semiannually and 25 years to maturity. The yield to maturity on this bond is 4.8 percent. What is the price of the bond? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Answers

Answer:

$3,173.63

Explanation:

For computing the price of the bond we need to apply the present value i.e to be shown in the attachment

Given that,  

Future value = $3,000

Rate of interest = 4.8% ÷ 2 = 2.4%

NPER = 25 years × 2 = 50 years

PMT = $3,000 × 5.2% ÷ 2  = $78

The formula is shown below:

= -PV(Rate;NPER;PMT;FV;type)

So, after applying the above formula, the price of the bond is $3,713.63

Yellowstone Corporation has just announced the repurchase of $125,000 of its stock. The company has 39,000 shares outstanding and earnings per share of $3.29. The company stock is currently selling for $76.09 per share. What is the price–earnings ratio after the repurchase?

Answers

Answer:

The price–earnings ratio after the repurchase is 22.18

Explanation:

First calculate Numbers of new shares

New Shares = Old Shares - ( Repurchased Shares / Price per share )

New Shares = 39,000 - ( $125,000 / $76.09 )

New Shares = 39,000 - 1,642.79

New Shares = 37,357.21 shares

New compute the old earning

Old  Earning = EPS x Numbers of old shares = $3.29 x 39,000 = $128,310

New compute revised Earning per share

Revised EPS = Earning / New shares = $128,310 / 37,357.21 shares = $3.43

Now we need to calculate the Price earning ratio

P/E Ratio = Price per share / Revised earning per share = $76.09 / $3.43 = 22.18 times

In a transaction for a good valued at $550 by a buyer and $500 by a seller, what percentage sales tax (assume tax on $500) would result in an unconsummated transaction

Answers

Answer:

A percentage sales tax that is more than 10% will result in an unconsummated transaction, because the buyer is not willing to pay more than $550 for the good.

Explanation:

A sales tax of 10% will make the good to cost $550 ($500 x 1.1).  This is the maximum value placed on the good by the buyer.  If the rate of the sales tax exceeds this rate, the buyer will likely not buy the good unless it is an essential good that she cannot do without.  So, in levying sales taxes, it is important to understand the demand elasticity of the good.  A good whose demand is inelastic is more likely to favor high sales tax rates than a similar good with elastic demand.  This elasticity of demand tries to explain the response that demand will generate based on an increase or a decrease in price of a good.

If the Fed carries out an open market operation and buys U.S. government​ securities, the federal funds rate​ ________ and the quantity of reserves​ ________.

Answers

Answer:

decreases,  increases

Explanation:

An open market operation where the government buys securities increases the money supply so the Federal funds rates increases. Because of the increase in money supply, the reserves held by banks would increase.

the federal funds rate​ is the interest rate at which banks can borrow or lend excess reserves overnight

A company is considering a project with a beta of 0.5 while the company’s beta is 2.0. How should the company adjust its WACC to reflect the riskiness of the project? g

Answers

Answer: decrease

Explanation:

The weighted average cost of capital is a vital calculation that is used in finance to know whether the return on an investment will meet or exceed exceed a project or an asset.

If a company is considering a project with a beta of 0.5 while the company’s beta is 2.0, to reflect the riskiness of the project, the WACC will be reduced.

An economy begins in long-run equilibrium, and then a change in government regulations makes holding money less attractive. a. (1.5 points) How does this change affect the demand for money

Answers

Answer: Demand Curve shifts left

Explanation:

Money is now less attractive to hold so people will demand less of it. This will cause the demand curve in the monetary market therefore to shift to the left.

Shifts in the demand curve for money are usually caused when a non-interest determinant of demand changes such as a decrease in income.

Policy makers have changed their focus from keeping inflation from getting too high to keeping inflation from getting too low because

Answers

Options:

a. technology has changed the structural economy so much that asset inflation is no longer a concern.

b. historically there has been asset deflation and now there is asset inflation.

c. during the financial crisis of 2008 there was asset deflation which can lead to overall deflation.

d. during the financial crisis of 2008 there was asset deflation

Answer:

c. during the financial crisis of 2008 there was asset deflation which can lead to overall deflation.

Explanation:

Unexpectedly, during the 2008 financial crises that had a firm grip on the US economy. Economist observed a trend of asset deflation.

For example, the real estate sector saw a reduction in the general level of prices homes in the economy. Thus, this meant that a too low inflation would lead to overall deflation, and it was a concern for policy makers.

Based on a predicted level of production and sales of 22,000 units, a company anticipates total variable costs of $99,000, fixed costs of $30,000, and operating income of $36,000. Based on this information, the budgeted amount of fixed costs for 20,000 units would be:

Answers

Answer:

Budgeted amount of fixed cost for 20,000 units = $30,000

Explanation:

For 22,000 units, Budgeted fixed cost was $30,000

Thus, since fixed cost do not change in totality under ordinary circumstances, the same amount of fixed cost would be budgeted for 20,000 units as well

Based on the information given, the budgeted amount of fixed costs for 20,000 units would be $30,000.

What is a budget?

A budget simply means a financial plan that is used by an individual, business organization or government to estimate the amount of revenue and expenditures over a specified period of time, and it is usually on an annual basis i.e one year.

In this scenario, the budgeted amount of fixed costs for 20,000 units would be equal to $30,000 because fixed cost remains the same and doesn't change under ordinary circumstances.

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A Missouri job shop has four departments machining (M), dipping in a chemical bath (D), finishing (F), and plating (P) assigned to four work areas. The operations manager, Mary Marrs, has gathered the following data for the movement of material. The number of workpieces moved yearly between work areas are:
M D F P
M - 800 2,000 200
D - - 400 400
F - - - 2,000
P - - - -
It costs $0.75 to move 1 workpiece 1 foot in the job shop. For the layout design of the job shop,
LAYOUT PLAN A:
Distance between work areas (departments) in feet:
M D F P
M - 21 12 8
D - - 5 10
F - - - 4
P - - - -
The yearly total material handling cost of the current layout presented in PLAN A_____________.

Answers

Answer: Find the answer in the attached file

Explanation:

HSS Company provides security services to senior executives of prominent corporations when they travel outside the United States. HSS applies both fixed and variable overhead using direct labor hours. The annual budget for one if its customers is as follows: Budgeted hours 800 hours Direct labor $50.00 per hr. Variable overhead $30.00per hr. Fixed overhead $15.00 per hr. During the year, HSS had the following activity related to this customer: Actual hours were 850 at a total cost of $44,200. Actual fixed overhead was $12,750. Actual variable overhead was $22,950. What is the Variable Overhead Flexible Budget Variance?
a. U $2,550
b. U $1,050
c. F $2,550
d. F $1,050

Answers

Answer:

Variable overhead variance  = $2,550 favorable

Explanation:

Flexible budget is that which is that which recognizes the cost behavior and is used for control purpose. It is prepared based on the actual level of activity achieved.

The variable overhead rate variance is the difference between the actual variable overhead cost and the actual hours multiplied by the standard variable overhead rate.

Actual hours of labour should have cost    

($30× 850)                                                                             25500

but did cost                                                                           22,950

Variable overhead variance                                                  2,550  favorable

Variable overhead rate variance  = $2,550 favorable

Variable overhead deficiency variance

Listed below are transactions that might be reported as investing and/or financing activities on a statement of cash flows. Possible reporting classifications of those transactions are provided also.

Required:
Indicate the reporting classification of each transaction by entering the appropriate classification code. (The first item is provided as an example.)

Classifications
+ I Investing activity (cash inflow)
– I Investing activity (cash outflow)
+ F Financing activity (cash inflow)
– F Financing activity (cash outflow)
N Noncash investing and financing activity
X Not reported as an investing and/or a financing activity


Classifications Transactions
+I 1. Sale of land.
2. Issuance of common stock for cash.
3. Purchase of treasury stock.
4. Conversion of bonds payable to common stock.
5. Lease of equipment.
6. Sale of patent.
7. Acquisition of building for cash.
8. Issuance of common stock for land.
9. Collection of note receivable (principal amount).
10. Issuance of bonds.
11. Issuance of stock dividend.
12. Payment of property dividend.
13. Payment of cash dividends.
14. Issuance of short-term note payable for cash.
15. Issuance of long-term note payable for cash.
16. Purchase of marketable securities ("available for sale").
17. Payment of note payable.
18. Cash payment for five-year insurance policy.
19. Sale of equipment.
20. Issuance of note payable for equipment.
21. Acquisition of common stock of another corporation.
22. Repayment of long-term debt by issuing common stock.
23. Payment of semiannual interest on bonds payable.
24. Retirement of preferred stock.
25. Loan to another firm.
26. Sale of inventory to customers.
27. Purchase of marketable securities (cash equivalents).

Answers

Answer:

Investing Activities refer to cashflow activities that have to do with Fixed assets as well as the ownership of the securities of other companies.

Financing Activities refer to cashflow activities that have to do with how the company sources funds for the company so this includes Equity related activities and long term liabilities.

1. Sale of land.  +I

2. Issuance of common stock for cash.  +F

3. Purchase of treasury stock.  -F

4. Conversion of bonds payable to common stock.  N

5. Lease of equipment.  N

6. Sale of patent.  +I

7. Acquisition of building for cash.  -I

8. Issuance of common stock for land.  N

9. Collection of note receivable (principal amount).  +I

10. Issuance of bonds.  +F

11. Issuance of stock dividend.  X

12. Payment of property dividend.  X

13. Payment of cash dividends.  -F

14. Issuance of short-term note payable for cash.  +F

15. Issuance of long-term note payable for cash.  +F

16. Purchase of marketable securities ("available for sale").  -I

17. Payment of note payable.  -F

18. Cash payment for five-year insurance policy.  X

19. Sale of equipment.  +I

20. Issuance of note payable for equipment.  N

21. Acquisition of common stock of another corporation.  -I

22. Repayment of long-term debt by issuing common stock.  N

23. Payment of semiannual interest on bonds payable.  X

24. Retirement of preferred stock.  -F

25. Loan to another firm.  -I

26. Sale of inventory to customers.  X

27. Purchase of marketable securities (cash equivalents). X

Please see appropriate classification below.

+ I Investing activity (cash inflow)

1. Sale of land.  +I

6. Sale of patent.  +I

9. Collection of note receivable (principal amount).  +I

19. Sale of equipment.  +I

– I Investing activity (cash outflow)

7. Acquisition of building for cash.  -I

16. Purchase of marketable securities ("available for sale").  -I

21. Acquisition of common stock of another corporation.  -I

25. Loan to another firm.  -I

+ F Financing activity (cash inflow)

2. Issuance of common stock for cash.  +F

10. Issuance of bonds.  +F

14. Issuance of short-term note payable for cash.  +F

15. Issuance of long-term note payable for cash.  +F

– F Financing activity (cash outflow)

3. Purchase of treasury stock.  -F

13. Payment of cash dividends.  -F

17. Payment of note payable.  -F

24. Retirement of preferred stock.  -F

N Noncash investing and financing activity

4. Conversion of bonds payable to common stock.  N

5. Lease of equipment.  N

8. Issuance of common stock for land.  N

20. Issuance of note payable for equipment.  N

22. Repayment of long-term debt by issuing common stock.  N

X Not reported as an investing and/or a financing activity

11. Issuance of stock dividend.  X

12. Payment of property dividend.  X

18. Cash payment for five-year insurance policy.  X

23. Payment of semi-annual interest on bonds payable.  X

26. Sale of inventory to customers.  X

27. Purchase of marketable securities (cash equivalents). X

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If Preble had purchased 188,000 pounds of materials at $7.20 per pound and used 170,000 pounds in production, what would be the materials quantity variance for March?

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f Preble had purchased 188,000 pounds of materials at $7.20 per pound and used 170,000 pounds in production, what would be the materials quantity variance for March?

                                                                        Standard cost

Direct Material: 6  pounds at  $8 per pound   48

Direct labour    :4 hours at  $13 per hour          52

Variable overhead  4 hours at $5 per hour       20

The planning budget for  for March is to produce and sell   20,000 units but the However during March the company actually produce 25,500 units

Answer:

Material quantity Variance   =$122,400 unfavorable

Explanation:

Material quantity variance occurs when the actual quantity used to achieved a given level of output is more or less than the standard quantity.

It is determined by the difference between the actual and standard quantity of material for the actual level of output multiplied by the the standard price

                                                                                             Pounds

25,500 should have used  (25,500× 6)                       153,000

but did use                                                                       170,000

Quantity variance                                                              17,000

Standard price                                                             ×     $7.20

Material quantity Variance                                             $122,400 unfavorable

Material quantity Variance   =$122,400

Sheffield Corporation purchased machinery on January 1, 2017, at a cost of $250,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $24,000. The company is considering different depreciation methods that could be used for financial reporting purposes.Required:Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate.

Answers

Answer and Explanation:

(A) Depreciation Schedules Under Straight line method

Depreciation rate under straight line method = 1 ÷ Useful life of asset

= 1 ÷ 4

=25%      

Depreciable cost = Cost of the Asset - Salvage value

= $250,000 - $24000

= $226,000

Year    Depreciable   Depreciation     Annual        Accumulated   Book

                cost      rate                Depreciation  Depreciation  Value

                                                            Expense

2017     $226,000       25%             $565,00          56,500       $193,500

                                                                                  ($250,000 - $56,500)

2018     $226,000       25%             $565,00          $113,000      $137,000

                                                                                   ($193,500 - $56,500)

2019     $226,000       25%             $565,00          $169,500    $80,500

                                                                                    ($137,000 - $56,500)

2020     $226,000       25%             $565,00         $226,000    $24,000

                                                                                    ($80,500 - $56,500)

For computing the annual depreciation we simply multiply the depreciable cost with depreciation rate.

(B) Depreciation Schedules Under Double declining balance method

Depreciation rate under Double declining Balance method

= 2 × Straight line method

= 2 × 25%

= 50%

Year   Book value   Depreciation     Annual        Accumulated   Book

           beginning      rate                Depreciation  Depreciation  Value

          of the year                                 Expense

2017    $250,000      50%               $125,000    $125,000     $125,000     2018    $125,000       50%             $62,500       $187,500      $62,500     2019     $62,500        50%            $31,250         $218,750      $31,250  

2020    $31,250                             $7,250         $226,000      $24,000

For computing the annual depreciation expenses we simply multiply the book value beginning of the year with depreciation rate.  

2020 Depreciation balance

= Book Value beginning 2020 - Salvage value

= $31,250 - $24,000

= $7,250      

TB MC Qu. 9-100 The following labor standards have been ... The following labor standards have been established for a particular product: Standard labor-hours per unit of output 9.6 hours Standard labor rate $ 13.40 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 7,400 hours Actual total labor cost $ 96,200 Actual output 950 units What is the labor efficiency variance for the month

Answers

Answer:

Direct labor time (efficiency) variance= $23,048 favorable

Explanation:

Giving the following information:

Standard labor-hours per unit of output 9.6 hours

Standard labor rate $ 13.40 per hour

Actual hours worked 7,400 hours

Actual output 950 units

To calculate the direct labor efficiency variance, we need to use the following formula:

Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate

Standard quantity= 9.6*950= 9,120

Direct labor time (efficiency) variance= (9,120 - 7,400)*13.4

Direct labor time (efficiency) variance= $23,048 favorable

A financial advisor informs a client that the expected return on a portfolio is 8% with a standard deviation of 12%. There is a 25% chance the return will be negative and a 15% chance that the return would be above 16%. Does her assessment follow a normal distribution? Calculate the probabilities for a normal distribution and compare.

Answers

Answer:

A) The assessment does not follow a normal distribution

B ) P(r<0) = 0.2546 ( from standard normal table ),     P( r > 0.16 ) ≠ 0.15

Explanation:

Expected return on portfolio  E (r) = 8%

Standard deviation (STD) = 12%

chances of Negative return  P(r < 0 )  = 25%

calculate the probabilities for a normal distribution

E (r) = 0.08 , STD = 0.12,  P(r < 0 ) = 0.25

P( r > 0.16 ) = 0.15

calculating the value of the probability  P(r < 0 )

P(r < 0 ) = P [tex](Z < \frac{0-E(r)}{STD} )[/tex]

              = P ( Z <  [tex]\frac{0-0.08}{0.12}[/tex] )

              = P ( Z < - 0.667 )

P(r<0) = 0.2546 ( from standard normal table )

calculating the value of the  probability P( r > 0.16 )

P( r > 0.16 ) = [tex]P ( Z > \frac{0.16- E(r)}{STD})[/tex]

                  = P ( Z > [tex]\frac{0.16-0.08}{0.12}[/tex] )

                  = P ( Z > 0.667 )

to compare if p(r>0.16 ) is = 0.15

 P(R > 0.16 ) = 1 - P ( Z < 0.667 )

                    = 1 - 0.7454 ( value from standard normal table )

                    = 0.2546

hence P( r > 0.16 ) ≠ 0.15

The assessment does not follow a normal distribution

When analyzing the changes on a spreadsheet used to prepare a statement of cash flows, the cash flows from operating activities generally are affected by

Answers

Answer: a. Net income, current assets, and current liabilities

Explanation:

The Operating Cashflow relates to cash transactions that have to do with the normal operations of the business. In other words, the business that the firm does to make revenue. It therefore includes, production, purchases, admin expenses, net income and the assets required to run the business.

Operating cashflows will therefore be affected by the Net Income as this is the end result of the business transactions the business engaged in. The current assets were needed to sell goods as well as being derived from selling goods and the current liabilities enabled the company to buy goods that they sell amongst other things.

Net income, current assets, and current liabilities are directly related to the operations of the business and so affect the Operating cashflows.

The marketing team of a regional airline company plans to launch a new marketing campaign to draw more customers to its flights. Select the first three planning steps the marketing team should take to begin the campaign:

Answers

Explanation:

1. advertising

2. distribution

3. well crafted

Determine the target market, define purpose and objectives for IMC campaign, set S.M.A.R.T. goals are the first three planning steps the marketing team should take to begin the marketing campaign.

What is marketing campaign?

An integrated marketing communication is made up of a number of advertisement messages that all have the same idea and theme. A platform known as an IMC allows a collection of people to combine their views, ideas, and ideologies into one sizable media base.

Marketing efforts can help you find new consumers and raise brand awareness. They also help to establish a reputation, engage customers, and tell your target market about the most recent goods and services. They are therefore critically necessary for any firm.

Therefore, the marketing team's first three planning phases before launching the campaign should be to identify the target market, establish the purpose and objectives for the IMC campaign, and set S.M.A.R.T. goals.

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A registered representative ("rr") is an MFP of a municipal securities firm that is an underwriter for that municipal issuer. The MFP volunteers his time to the election campaign of a candidate for mayor of the issuer by offering to host a reception. The "rr," who is entitled to vote in the election, does not make a contribution to the elected official’s campaign, but does pay $300 of "out of pocket" expenses for the cost of the reception. Which statement is TRUE?

Answers

Answer:

The $300 of out of pocket expense exceeds the MSRB political contribution limit and will result in the municipal securities firm being banned as an underwriter for that issuer for 2 years.

Explanation:

The municipal securities firm is is underwriter for municipal issuer. The volunteers have paid $300 out of pocket but they are not entitled to make contribution to the campaign. This will result the firm being banned for two years as an underwriter for the issuer.

Sell Inc.'s stock has a 25 percent chance of producing a 30% return, a 50 percent chance of producing a12% return, and a 25 percent chance of producing a 5% return. What is the firm's expected rate of return?

Answers

Answer:

r = 0.1475 or 14.75%

Explanation:

The expected rate of return or r is the average return that is expected from the stock. It is the expected rate of profit or loss that an investor can anticipate on an investment whose returns are known or anticipated.

The expected rate of return of can be calculated as follows,

r = pA * rA  +  pB * rB + ... + pN * rN

Where,

pA, pB and so on represents the probability of an event or return occuringrA, rB and so on are the return in different events

r = 0.25 * 0.3  +  0.5 * 0.12  +  0.25 * 0.05

r = 0.1475 or 14.75%

Tony Hawk's Adventure (THA) issued callable bonds on January 1, 2021. THA's accountant has projected the following amortization schedule from issuance until maturity: Date Cash Paid Interest Expense Increase in Carrying Value Carrying Value 01/01/2021 $ 189,516 06/30/2021 $ 6,000 $ 7,581 $ 1,581 191,097 12/31/2021 6,000 7,644 1,644 192,741 06/30/2022 6,000 7,710 1,710 194,451 12/31/2022 6,000 7,778 1,778 196,229 06/30/2023 6,000 7,849 1,849 198,078 12/31/2023 6,000 7,922 1,922 200,000 What is the annual market interest rate on the bonds

Answers

Answer:

8%

Explanation:

Calculation for the annual market interest rate on the bonds

Using this formula

Annual market interest rate=(Interest expenses/Carrying value)× 2 payments per year

Where,

06/30/2021 Interest expenses=$7,581

01/01/2021 Carrying value =$189,516

Let plug in the formula

Annual market interest rate=

($7,581/ $189,516)×2 payments per year

Annual market interest rate=0.04×2 payments per year

Annual market interest rate=0.08×100

Annual market interest rate=8%

Therefore the the annual market interest rate on the bonds will be 8%

If an investor buys enough stocks, he or she can, through diversification, eliminate all of the unique risk inherent in owning stocks, but as a general rule it will not be possible to eliminate all systemic risk.
A. True
B. False

Answers

Answer: True

Explanation:

Buying enough negatively correlated stock can indeed help in diversification of a Portfolio and this on its own is very important as it reduces risk. The type of risk that it reduces however is Unsystematic risk. This is the unique risk inherent in owing stocks.

Systematic risk which is also called undiversifiable risk however cannot be so easily eliminated. This risk is inherent in the Market  or the Market segment in question and results from a mix of the Economic, Geo-political and Financial factors in the market. As such, it will not be possible to eliminate all systematic risk.

Kartman Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.5 pounds $ 7.00 per pound $ 45.50 Direct labor 0.6 hours $ 24.00 per hour $ 14.40 Variable overhead 0.6 hours $ 4.00 per hour $ 2.40 In June the company's budgeted production was 3,400 units but the actual production was 3,500 units. The company used 22,150 pounds of the direct material and 2,290 direct labor-hours to produce this output. During the month, the company purchased 25,400 pounds of the direct material at a cost of $170,180. The actual direct labor cost was $57,021 and the actual variable overhead cost was $8,931. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor efficiency variance for June is:

Answers

Answer:

Direct labor time (efficiency) variance= $4,560 unfavorable

Explanation:

Giving the following information:

Standard= Direct labor 0.6 hours $ 24.00 per hour $ 14.40

Actual production= 3,500 units.

2,290 direct labor-hours were used.

To calculate the direct labor efficiency variance, we need to use the following formula:

Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate

Standard quantity= 3,500*0.6= 2,100

Direct labor time (efficiency) variance= (2,100 - 2,290)*24

Direct labor time (efficiency) variance= $4,560 unfavorable

The labor efficiency variance is $4,560 unfavorable.

Calculation of the labor efficiency variance:

The following formula should be used for determining the same.

Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate

Here,

Standard quantity= 3,500*0.6= 2,100

So,

Direct labor time (efficiency) variance= (2,100 - 2,290)*24

= $4,560 unfavorable

Learn more about labor here: https://brainly.com/question/24513550

Long-Term Solvency Ratios Summary data from year-end financial statements of Palm Springs Company for 2017 follow.
Summary Income Statement Data
Sales $11,692,900
Cost of goods sold 5,135,000
Selling expenses 938,000
Administrative expenses 780,000
Interest expense 2,210,000
Income tax expense 905,000 9,968,000
Net income $1,724,900
Summary Balance Sheet Data
Cash $117,000
Total liabilities $900,000
Noncash assets 1,183,000
Stockholders' equity 400,000
Total assets $1,300,000
Total liabilities and equity $1,300,000
Round answers to two decimal places.
a. Compute the ratio of times-interest-earned.
b. Compute the debt-to-equity ratio.

Answers

Answer:

a. Compute the ratio of times-interest-earned.

times-interest-earned = EBIT / interest expense

EBIT = $4,839,900interest expense = $2,210,000

times-interest-earned = $4,839,900 / $2,210,000 = 2.19

b. Compute the debt-to-equity ratio.

debt-to-equity ratio = total liabilities / total stockholders' equity

total liabilities = $900,000total stockholders' equity = $400,000

debt-to-equity ratio = $900,000 / $400,000 = 2.25

A computer maintenance company wants to 'capture' the knowledge that employees carry around in their heads by creating a database where employees document their solutions to unusual maintenance problems. This practice tries to:

Answers

Answer: Transfer human capital to structural capital

Explanation:

From the question, we are informed that computer maintenance company wants to 'capture' the knowledge that employees carry around in their heads by creating a database where employees document their solutions to unusual maintenance problems.

This shows that the company is transferring human capital to structural capital. Human capital has to do with the skills and experiences that workers have.

The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account:

June 1Balance 25 units at $60
6 Sale 20 units
8 Purchase 20 units at $61
16 Sale 10 units
20 Purchase 20 units at $62
23 Sale 25 units
30 Purchase 15 units at $63

Required:
Calculate the cost of the ending inventory at June 30, using (a) the first-in, first-out (FIFO) method and (b) the last-in, first-out (LIFO) method. Identify the quantity, unit price, and total cost of each lot in the inventory.

Answers

Answer:

Under LIFO:

date       transaction         units          unit price          total

1             Balance               25             $60                 $1,500

6            Sale                     20             $60                $1,200

8            Purchase             20             $61                  $1,220

16           Sale                     10              $61                 $610

20          Purchase            20             $62                  $1,240

23          Sale                     20             $62                 $1,240

23          Sale                     5                $61                  $305

30          Purchase             15              $63                 $945

ending inventory = total purchases + beginning balance - COGS = ($1,220 + $1,240 + $945) + $1,500 - ($1,200 + $610 + $1,240 + $305) = $3,405 + $1,500 - $3,355 = $1,550

Under FIFO:

date       transaction         units          unit price          total

1             Balance               25             $60                 $1,500

6            Sale                     20             $60                $1,200

8            Purchase             20             $61                  $1,220

16           Sale                      5               $60                $300

16           Sale                      5               $61                 $305

20          Purchase            20             $62                  $1,240

23          Sale                      15             $61                  $915

23          Sale                      10             $62                  $620

30          Purchase             15              $63                 $945

ending inventory = total purchases + beginning balance - COGS = ($1,220 + $1,240 + $945) + $1,500 - ($1,200 + $300 + $305 + $915 + $620) = $3,405 + $1,500 - $3,340 = $1,565

On February 20, services valued at $60,000 relating to the organization of a corporation were performed in exchange for 1,000 shares of its $25 par value common stock.
Make the necessary journal entry.

Answers

Answer: The solution has been attached

Explanation:

From the question, we are informed that on February 20, services valued at $60,000 relating to the organization of a corporation were performed in exchange for 1,000 shares of its $25 par value common stock.

The common stock was calculated as:

= 1000 × $25

= $25,000

The paid on capital in excess of the par common stock was calculated as:

= $60,000 - $25,000

= $35,000

The journal has been solved and attached.

All slings shall be manufactured under ASME B30.9 guidelines and must have an affixed permanent identification tag that includes:_______

a. Name or trademark of the manufacturer
b. WLL for given type of hitch and configuration
c. Type of material
d. All of the above

Answers

Answer:

All of the above

Explanation:

All slings must have an affixed permanent identification tag that includes; The name or trademark of the manufacturer, WLL for the given type of hitch and configuration, and also the type of material used for the production of the sling. although there are many slings in the market but slings can be categorized into three recognized categories which are ; synthetic,chain and wire rope.

ASME B30 is charged with the responsibility for the Safety and Standard for Cableways, Cranes, Derricks, Hoists, Hooks, Jacks, and Slings. so they ensure that an affixed permanent identification tag is attached to products as well.

Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M Company Balance Sheets (partial) 2020 2019 Current assets Cash and cash equivalents $ 3,008 $1,899 Accounts receivable, net 3,110 3,065 Inventories 2,675 3,017 Other current assets 1,890 1,542 Total current assets $10,683 $9,523 Current liabilities $ 4,974 $5,821 (a) Calculate the current ratio and working capital for 3M for 2019 and 2020.

Answers

Answer:

Current ratio  = Current Assets / Current Liability

Current ratio 2019   = 9,523 / 5,821

Current ratio 2019   = 1.64 : 1

Current ratio 2020 =  10,683 / 4,974

Current ratio 2020 =  2.15 : 1

Working Capital = Current asset - Current liability

Working capital 2019 = $9,523 - $5,821

Working capital 2019 = $3,702

Working capital 2020 = $10,683 -  $4,974

Working capital 2020 = $5,709

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