Answer:
Net operating income= (2,000)
Explanation:
Giving the following information:
fixed manufacturing overhead was $30,000
variable production costs were $48,000
fixed selling and administration costs were $20,000
variable selling administrative expenses were $9,600.
During the year, 3,000 units were produced and 2,400 units were sold for $40 per unit.
First, we need to calculate the unitary product variable cost:
Unitary product cost= 48,000/3,000= $16
Income statement:
Sales= 2,400*40= 96,000
Total variable cost= (2,400*16) + 9,600= (48,000)
Contribution margin= 48,000
fixed manufacturing overhead= (30,000)
fixed selling and administration costs were= (20,000)
Net operating income= (2,000)
Samco signed a 5-year note payable on January 1, 2018, of $ 475 comma 000. The note requires annual principal payments each December 31 of $ 95 comma 000 plus interest at 9%. The entry to record the annual payment on December 31, 2021, includes A. a debit to Interest Expense for $ 17 comma 100. B. a debit to Interest Expense for $ 42 comma 750. C. a credit to Cash of $ 137 comma 750. D. a credit to Notes Payable for $ 95 comma 000.
Answer:
Option A, a debit to Interest Expense for $ 17 comma 100 is correct
Explanation:
The principal amount on 1st January 2021 needs to be established since that would be the amount left after 2018,2019,2020 principals have been repaid
Principal at 1st January 2021=$475,000-($95,000*3)=$190000
Interest on principal in 2021=$190000 *9%=$17100
Total repayment in 2021=principal plus interest=$95,000+$17,100=$ 112,100.00
The $95,000 would be a debit to notes payable not credit hence option is wrong.
Only option A,a debit of $17,100 to interest expense is correct
• Why has the stock market declined so much?
We need a passage or something. not just the question
Swan Company produces its product at a total cost of $43 per unit. Of this amount, $8 per unit is selling and administrative costs. The total variable cost is $30 per unit, and the desired profit is $20 per unit. The markup percentage on product cost is a.47% b.70% c.110% d.80%
Answer:
46.50%.
Explanation:
Percentage Markup = ( Desired profit x 100 ) / Total cost.
($20 × 100 ) / $43 = 46.50%.
I hope my answer helps you
elb Company currently manufactures 50,000 units per year of a key component for its manufacturing process. Variable costs are $2.95 per unit, fixed costs related to making this component are $67,000 per year, and allocated fixed costs are $61,500 per year. The allocated fixed costs are unavoidable whether the company makes or buys this component. The company is considering buying this component from a supplier for $3.90 per unit. Calculate the total incremental cost of making 50,000 units and buying 50,000 units. Should it continue to manufacture the component, or should it buy this component from the outside supplier
Answer: Please refer to Explanation
Explanation:
Incremental Cost of Making Product
Variable costs are $2.95 per unit and 50,000 units are to be made. Total Variable Cost is therefore,
= 2.95 * 50,000
= $147,500
Fixed costs associated with the production are$ 67,000 so added tl the variable costs is,
= 147,500 + 67,000
= $214,500
$214,500 is the cost making the product.
Cost of Buying Product
Component can be bought for $3.90 per unit. 50,000 units to be bought gives,
= 50,000 * 3.9
= $195,000
Cost of buying is $195,000
Decision
Company should buy the component as it spends less in buying it than I making it.
Note - Allocated fixed costs were not included in calculation because they will be there regardless of the decision. Hence the term, incremental costs.
Answer:
elb Company
a) Incremental Cost of making 50,000 units:
Variable costs = $2.95 x 50,000 = $147,500
Avoidable fixed costs = $67,000
Total = $214,500
b) Incremental Cost of buying 50,000
Buy-in costs =- $3.90 x 50,000 = $195,000
c) The company should buy this component from the outside supplier.
Explanation:
In make or buy decisions, only variable and avoidable costs are taken into consideration. Unavoidable fixed costs are sunk costs which must be incurred irrespective of the choice made.
Therefore, the unavoidable allocated fixed costs of $61,500 should not be taken into consideration. Afterall, no matter the decision, it would still be incurred and allocated.
Your aunt is about to retire, and she wants to sell some of her stock and buy an annuity that will provide her with income of $53,000 per year for 30 years, beginning a year from today. The going rate on such annuities is 7.25%. How much would it cost her to buy such an annuity today
Answer:
Present Value= $641,494.12
Explanation:
Giving the following information:
Cash flow= $53,000 per year
Number of years= 30 years
Interest rate= 7.25%
First, we need to calculate the final value of the annuity:
FV= {A*[(1+i)^n-1]}/i
A= annual flow
FV= {53,000*[(1.0725^30)-1]} / 0.0725
FV= $5,237,351.32
Now, we can determine the present value:
PV= FV/(1+i)^n
PV= 5,237,351.32/ (1.0725^30)
PV= $641,494.12
Grab Manufacturing Co. purchased a 10-ton draw press at a cost of $183,000 with terms of 4/15, n/45. Payment was made within the discount period. Shipping costs were $4,300, which included $270 for insurance in transit. Installation costs totaled $12,900, which included $3,700 for taking out a section of a wall and rebuilding it because the press was too large for the doorway. The capitalized cost of the 10-ton draw press is: Multiple Choice $192,880. $190,880. $196,380. $197,880.
Answer:
$192,880
Explanation:
According to the scenario, computation of the given data are as follow:-
Cost of 10-ton draw press is $183,000 and if the cost paid before 15 days, there will be a 4% discount.
Discount Value is
= Cost of Draw Press × Discount Rate
= $183,000 × 4%
= $7,320
Total Capitalized Amount is
= (Total Cost of Draw Press - Discount Value) + Shipping Cost + Installation Cost
= ($183,000 - $7,320) + $4,300 + $12,900
= $175,680 + $4,300 + $12,900
= $192,880
According to the analysis, the capitalized cost of the 10-ton draw press is $192,880.
Because any cost which incurred for using an asset should be capitalized.
On March 15, American Eagle declares a quarterly cash dividend of $0.045 per share payable on April 13 to all stockholders of record on March 30.
Required:
Record American Eagle's declaration and payment of cash dividends for its 226 million shares. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. $5.5 should be entered as 5,500,000).)
Answer and Explanation:
The journal entries are shown below:
On March 15
Dividend Dr $10,170,000 (226 million shares × $0.045 per share)
To Dividend payable $10,170,000
(Being the dividend is declared)
For recording this we debited the dividend as it increased the balance of dividend and credited the dividend payable as it increased the liabilities
On March 30
No journal entry is required for recording of dividend
On April 13
Dividend payable $10,170,000
To cash $10,170,000
For recording this we debited the dividend payable as it decreased the liabilities and credited the cash as it reduced the assets
(Being the dividend payable is recorded)
A Company manufactures clay molded pottery on an assembly line. Its standard costing system uses two cost categories, direct materials and conversion costs. Each product must pass through the Molding Department and the Finishing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Data for the Assembly Department for August 2017 are: Work in process, beginning inventory: 3000 units Direct materials (100% complete) Conversion costs (40% complete) Units started during August 695 units Work in process, ending inventory: 500 units Direct materials (100% complete) Conversion costs (65% complete) Costs for August: Standard costs for Assembly: Direct materials $15 per unit Conversion costs $35.50 per unit Work in process, beginning inventory: Direct materials $12,400 Conversion costs $9450 What is the balance in ending work-in-process inventory
Answer:
Ending work-in-process inventory is $19,037.50
Explanation:
First Determine the Equivalent Units in ending work-in-process inventory in terms of direct materials and conversion costs
Direct materials ( 500 units × 100%) = 500 units
Conversion costs (500 units × 65%) = 325 units
Then determine the Value of ending work-in-process inventory
Direct materials ( 500 units × $15) = $ 7,500.00
Conversion costs (325 units × $35.50) = $ 11,537.50
Total = $19,037.50
Conclusion
Therefore, ending work-in-process inventory is $19,037.50
Southern Rim Parts estimates its manufacturing overhead to be $318,000 and its direct labor costs to be $1,060,000 for year 1. The first three jobs that Southern Rim worked on had actual direct labor costs of $65,000 for Job 301, $90,000 for Job 302, and $175,000 for Job 303. For the year, actual manufacturing overhead was $399,000 and total direct labor cost was $834,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates.Required:a. How much overhead was assigned to each of the three jobs, 301, 302, and 303?b. What was the over- or underapplied manufacturing overhead for year 1?
Answer:
a. Job 301 = $19,500
Job 302 = $27,000
Job 303 = $52,500
b. Overhead applied for the year = $250,200
Under-applied overhead = $148,800
Explanation:
a. The computation of overhead was assigned to each of the three jobs, 301, 302, and 303 is shown below:-
Overhead application rate = Budgeted Overhead ÷ Application Base
Application base = Budgeted Overhead ÷ Budgeted Direct Labor costs
= $318,000 ÷ $1,060,000
= 0.3
Overhead assignment to jobs = Budgeted rate × Labor Cost
Job 301
= 0.3 × $65,000
= $19,500
Job 302
= 0.3 × $90,000
= $27,000
Job 303
= 0.3 × $175,000
= $52,500
b. The computation of over- or underapplied manufacturing overhead for year 1 is shown below:-
Overhead applied for the year = Total direct labor cost × Overhead rate
= $834,000 × 0.3
= $250,200
Under-applied overhead = Actual overhead - Applied overhead
= $399,000 - $250,200
= $148,800
11. a. Suppose David spends his income M on goods x1 and x2, which are priced p1 and p2, respectively. David’s preference is given by the utility function
(1, 2) = √1 + √2.
(i) Derive the Marshallian (ordinary) demand functions for x1 and x2. (25 marks)
(ii) Show that the sum of all income and (own and cross) price elasticity of demand
for x1 is equal to zero. (25 marks) b. For Jimmy both current and future consumption are normal goods. He has strictly convex and strictly monotonic preferences. The initial real interest rate is positive. If the real interest rate falls, in each of the following cases, argue what will happen to his period 2 consumption level? Clearly illustrate your argument on a graph.
(i) He is initially a borrower. (25 marks)
(ii) He is initially a lender. (25 marks)
Answer:
Explanation:
D
We can consider the case where wine producers in Chile ask the government to tax imported wines from France with a tax. They consider that this tax would increase both the State's tax revenue and employment in the Chilean wine industry. What kind of economic argument is this in relation to international trade? Do you agree or not with the argument presented by wine producers in Chile? If the state government adopts this position, does it consider it to be good economic policy or not? Briefly explain your answers using the concepts of international trade discussed in your Textbook.
Answer:
If the Government executes taxes on lavender trade from France (therefore creating French wine beloved than national wine), the local wine manufacturers would take pleasure in such a strategy because it would create French wine much economical (since it'll value extra) and therefore doubtless growth in local wine drinking. This might additional because additional service chances within the national wine region and conjointly rise the Government's government revenue (income from taxes on the wine trade). Such a procedure is hidden wanting i.e. an advocate procedure in expressions of Global trade wherever the govt. is protective the benefits of the native wine manufacturers by heavy imports.
If the Chilean wine trade isn't terribly inexpensive in relations of value, feature etc. and remains at an emergent phase then it's vital to safeguard the local trade from global competition.
Which of the following scenarios are potential candidates for the Chi-square test? Check all that apply. Group of answer choices Is there a relationship between gender and pet ownership? Is there a relationship between martial status (single, married, divorced, widowed) and political party affiliation (Democrat, Independent, Republican)? Is there a relationship between amount of credit card debt and employment status (unemployed, employed part-time, employed full-time)?
Answer:
A. Is there a relationship between gender and pet ownership?
B. Is there a relationship between marital status (single, married, divorced, widowed) and political party affiliation (Democrat, Independent, Republican)?
Explanation:
The chi squared test is a test in statistics used to establish the relationship between categorical variables. It seeks to compare the observed results in an experiment to the expected results. The test assumes that the variables being compared are independent of each other.
Categorical variables are descriptive and qualitative in nature. Numerical variables, on the other hand, deal with numbers. The amount of credit card debt is a numerical value, and therefore, does not qualify as a chi squared variable.
How are foreign exchange rates determined
Answer:
Currency prices can be determined in two main ways: a floating rate or a fixed rate. A floating rate is determined by the open market through supply and demand on global currency markets. ... 5 Therefore, most exchange rates are not set but are determined by on-going trading activity in the world's currency markets.
Answer: market forces for. a p e x
Explanation:
just did that bro
Contribution Margin Variance, Contribution Margin Volume Variance, Market Share Variance, Market Size Variance Sulert, Inc., produces and sells gel-filled ice packs. Sulert’s performance report for April follows: Actual Budgeted Units sold 290,000 300,000 Sales $1,450,000 $1,515,000 Variable costs 652,500 636,300 Contribution margin $ 797,500 $ 878,700 Market size (in units) 1,250,000 1,200,000 Required: 1. Calculate the contribution margin variance and the contribution margin volume variance. In your computations, round the contribution margin per unit to three decimal places. Contribution margin variance $ Unfavorable Contribution margin volume variance $ Unfavorable 2. Calculate the market share variance and the market size variance. In your computations, round the unit contribution margin to three decimal places and round the market share percentage to one decimal place (for example, .8439 would be rounded to 84.4%). Round your final answers to the nearest dollar. (CMA adapted) Market share variance $ Unfavorable Market size variance $ Favorable
Answer:
1. Market share variance= $65,903(Unfavorable)
2. Market size variance= $36,613(favourable)
Check attachment for the table
Costs of $6,500 were incurred to acquire goods and make them ready for sale. The goods were shipped to the buyer (FOB shipping point) for a cost of $350. Additional necessary costs of $700 were incurred to acquire the goods. No other incentives or discounts were available. What is the buyer’s total cost of merchandise inventory?
Answer:
Total cost of merchandise inventory = $7,550
Explanation:
The total cost of merchandise inventory, is the sum total of all the costs incurred in the acquisition of the goods, and it is calculated as shown below:
cost of goods = $6,500
cost of shipping = $350
Additional necessary cost = $700
∴ Total cost of merchandise inventory = cost of goods + cost of shipping + Additional necessary cost
Total cost of merchandise inventory = 6,500 + 350 + 700 = $7,550
Oriole Tire Co. just paid an annual dividend of $1.70 on its common shares. If Oriole is expected to increase its annual dividend by 3.10 percent per year into the foreseeable future and the current price of Oriole’s common shares is $19.65, what is the cost of common stock for Oriole? (Round intermediate calculations to 4 decimal places, e.g. 0.1555 and final answer to 2 decimal places, e.g. 15.25%.)
Answer:
Cost of common stock is 12.02%
Explanation:
The cost of common stock can be computed from share price formula given below:
share price=do*(1+g)/r-g
do is the dividend just paid which is $1.70
g is the expected dividend growth per year which is 3.10%
r is the cost of common stock which is unknown
share price is $19.65
by changing the subject of the formula:
r=do*(1+g)/share price+g
r=1.70*(1+3.10%)/19.65+3.10%
r=1.7527/19.65+3.10%
r=0.0892+3.10%=12.02%
The company's cost of capital which is also the cost of common stock is 12.02%
Margie Company produces a single product and has provided the following data concerning its most recent month of operations: Selling price $ 88 Units in beginning inventory 0 Units produced 5,200 Units sold 4,900 Units in ending inventory 300 Variable costs per unit: Direct materials $ 12 Direct labor $ 23 Variable manufacturing overhead $ 2 Variable selling and administrative expense $ 5 Fixed costs: Fixed manufacturing overhead $ 161,200 Fixed selling and administrative expense $ 63,700 The total contribution margin for the month under variable costing is:
Answer:
$225,400
Explanation:
The computation of total contribution margin under variable costing is shown below:-
Sales (4900 × $88) $431,200
Less:Variable cost
Direct material (4900 × $12) ($58,800)
Direct labor (4900 × 23) ($112,700)
Variable manufacturing overhead
(4900 × 2) ($9,800)
Variable selling and administrative
expenses (4900 × $5) ($24,500)
Total variable expenses ($205,800)
Contribution margin $225,400
Therefore the total contribution margin under variable costing is $225,400
Number of Days Past Due Toot Auto Supply distributes new and used automobile parts to local dealers throughout the Midwest. Toot’s credit terms are n/30. As of the end of business on October 31, the following accounts receivable were past due: Account Due Date Amount Avalanche Auto August 15 $12,000 Bales Auto October 4 2,400 Derby Auto Repair June 26 3,900 Lucky's Auto Repair September 10 6,600 Pit Stop Auto September 24 1,100 Reliable Auto Repair July 2 9,750 Trident Auto August 25 1,800 Valley Repair & Tow May 23 4,000 Determine the number of days each account is past due as of October 31. Account Due Date Number of Days Past Due Avalanche Auto August 15 Bales Auto October 4 Derby Auto Repair June 26 Lucky's Auto Repair September 10 Pit Stop Auto September 24 Reliable Auto Repair July 2 Trident Auto August 25 Valley Repair & Tow May 23
Answer:
Check the explanation
Explanation:
Account Due Date Number of Days Past Due
Avalanche Auto August 15 (23+30+31)=84 days
Bales Auto October 4 20 days
Derby Auto Repair September 24 (7+31+31+30+31)=130 days
Lucky's Auto Repair September 24 (28+31)=59 days
Pit Stop Auto September 19 (11+31)=42 days
Reliable Auto Repair July 15 (16+31+30+31)=108 days
Trident Auto August 25 (7+30+31)=68 days
Valley Repair & Tow May 28 (14+30+31+31+30+31)=167 days
Suppose that output (Y ) in an economy is given by the following aggregate production function: Yt = Kt + Nt where Kt is capital and Nt is the population. Furthermore, assume that capital depreciates at rate δ and that savings is a constant proportion s of income. You may assume that δ > s. 1. Suppose that the population remains constant. Solve for the steady-state level of capital per worker. 2. Now suppose that the population grows at rate n. Solve for the steady-state level of capital per worker. 3. Based on your answer to part 2) above, solve for the steady-state growth rates (in terms of n) of the following: (a) capital per worker (b) output per worker (c) capital (d) output
Answer:
Check the explanation
Explanation:
Yt = Kt + Nt
Taking output per worker, we divide by Nt
Yt/Nt = Kt/Nt + 1
yt = kt + 1
where yt is output per worker and kt is capital per worker.
a) With population being constant, savings rate s and depreciation rate δ.
ΔKt = It - δKt
dividing by Nt, we get
ΔKt/Nt = It/Nt - δKt/Nt ..... [1]
for kt = Kt/Nt, taking derivative
d(kt)/dt = d(Kt/Nt)/dt ... since Nt is a constant, we have
d(kt)/dt = d(Kt/Nt)/dt = (dKt/dt)/Nt = ΔKt/Nt = It/Nt - δKt/Nt = it - δkt
thus, Capital accumulation Δkt = i – δkt
In steady state, Δkt = 0
That is I – δkt = 0
S = I means that I = s.yt
Thus, s.yt – δkt = 0
Then kt* = s/δ(yt) = s(kt+1)/(δ )
kt*= skt/(δ) + s/(δ)
kt* - skt*/(δ) = s/(δ)
kt*(1- s/(δ) = s/(δ)
kt*((δ - s)/(δ) = s/(δ)
kt*(δ-s)) = s
kt* = s/(δ -s)
capital per worker is given by kt*
b) with population growth rate of n,
d(kt)/dt = d(Kt/Nt)/dt =
= [tex]\frac{\frac{dKt}{dt}Nt - \frac{dNt}{dt}Kt}{N^{2}t}[/tex]
= [tex]\frac{dKt/dt}{Nt} - \frac{dNt/dt}{Nt}.\frac{Kt}{Nt}[/tex]
= ΔKt/Nt - n.kt
because (dNt/dt)/Nt = growth rate of population = n and Kt/Nt = kt (capital per worker)
so, d(kt)/dt = ΔKt/Nt - n.kt
Δkt = ΔKt/Nt - n.kt = It/Nt - δKt/Nt - n.kt ......(from [1])
Δkt = it - δkt - n.kt
at steady state Δkt = it - δkt - n.kt = 0
s.yt - (δ + n)kt = 0........... since it = s.yt
kt* = s.yt/(δ + n) =s(kt+1)/(δ + n)
kt*= skt/(δ + n) + s/(δ + n)
kt* - skt*/(δ + n) = s/(δ + n)
kt*(1- s/(δ + n)) = s/(δ + n)
kt*((δ + n - s)/(δ + n)) = s/(δ + n)
kt*(δ + n -s)) = s
kt* = s/(δ + n -s)
.... is the steady state level of capital per worker with population growth rate of n.
3. a) capital per worker. in steady state Δkt = 0 therefore, growth rate of kt is zero
b) output per worker, yt = kt + 1
g(yt) = g(kt) = 0
since capital per worker is not growing, output per worker also does not grow.
c)capital.
kt* = s/(δ + n -s)
Kt*/Nt = s/(δ + n -s)
Kt* = sNt/(δ + n -s)
taking derivative with respect to t.
d(Kt*)/dt = s/(δ + n -s). dNt/dt
(dNt/dt)/N =n (population growth rate)
so dNt/dt = n.Nt
d(Kt*)/dt = s/(δ + n -s).n.Nt
dividing by Kt*
(d(Kt*)/dt)/Kt* = s/(δ + n -s).n.Nt/Kt* = sn/(δ + n -s). (Nt/Kt)
[tex]\frac{sn}{\delta +n-s}.\frac{Nt}{Kt}[/tex]
using K/N = k
[tex]\frac{s}{\delta +n-s}.\frac{n}{kt}[/tex]
plugging the value of kt*
[tex]\frac{sn}{\delta +n-s}.\frac{(\delta + n -s)}{s}[/tex]
n
thus, Capital K grows at rate n
d) Yt = Kt + Nt
dYt/dt = dKt/dt + dNt/dt = s/(δ + n -s).n.Nt + n.Nt
using d(Kt*)/dt = s/(δ + n -s).n.Nt from previous part and that (dNt/dt)/N =n
dYt/dt = n.Nt(s/(δ + n -s) + 1) = n.Nt(s+ δ + n -s)/(δ + n -s) = n.Nt((δ + n)/(δ + n -s)
dYt/dt = n.Nt((δ + n)/(δ + n -s)
dividing by Yt
g(Yt) = n.(δ + n)/(δ + n -s).Nt/Yt
since Yt/Nt = yt
g(Yt) = n.(δ + n)/(δ + n -s) (1/yt)
at kt* = s/(δ + n -s), yt* = kt* + 1
so yt* = s/(δ + n -s) + 1 = (s + δ + n -s)/(δ + n -s) = (δ + n)/(δ + n -s)
thus, g(Yt) = n.(δ + n)/(δ + n -s) (1/yt) = n.(δ + n)/(δ + n -s) ((δ + n -s)/(δ + n)) = n
therefore, in steady state Yt grows at rate n.
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue $ 58,322 Cash 51,907 Accounts Receivable 8,426 Interest Expense 2,530 Accounts Payable 5,500 Operating Expenses 47,241 Deferred Revenue 1,476 Equipment 22,746 Income Tax Expense 2,916 The following activities occurred in 2019: Performed advertising services on account, $69,000. Received cash payments on account, $13,400. Received deposits from customers for advertising services to be performed in 2020, $4,500. Made payments to suppliers on account, $5,500. Incurred $56,450 of operating expenses; $48,950 was paid in cash and $7,500 was on account and unpaid as of the end of the year. What is the balance of Accounts Receivable at December 31, 2019
Answer:
Check the explanation
Explanation:
Particulars Amt
Opening Cash 51907
Add: Cash Received (13400+4500) 17900
Less: Payment to supplier 5500
Less: Operating Expenses Paid 48950
Closing Cash Balance 15357
A translation adjustment (or translation gain) that is a consequence of translation of a functional currency that is different from the reporting currency should be:_______.
A. Included in net income in the period in which it occurs.
B. Deferred and amortized over a period not to exceed 40 years.
C. Deferred until a subsequent year when a loss occurs and offset it against that loss.
D. Included as a separate item in the equity section of the balance sheet.
Answer:
d
Explanation:
wild guess
To encourage employee ownership of the company's common shares, KL Corp. permits any of its employees to buy shares directly from the company through payroll deduction. There are no brokerage fees and shares can be purchased at a 12% discount. During May, employees purchased 10,000 shares at a time when the market price of the shares on the New York Stock Exchange was $12 per share. KL will record compensation expense associated with the May purchases of:
Answer:
Dr Cash 105,600
Dr Compensation Expense 14,400
Cr Common Stock 10,000
Cr Paid-In Capital – Excess of Par 110,000
Explanation:
KL Corp Journal entry
Dr Cash 105,600
Dr Compensation Expense 14,400 (10,000*12*12%)
Cr Common Stock 10,000 (10,000*1)
Cr Paid-In Capital – Excess of Par 110,000
(10,000*(12-1))
The following units of an item were available for sale during the year: Beginning inventory 8,100 units at $180 Sale 5,300 units at $300 First purchase 15,000 units at $185 Sale 13,000 units at $300 Second purchase 16,000 units at $192 Sale 14,000 units at $300 The firm uses the perpetual inventory system, and there are 6,800 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? $ b. What is the total cost of the ending inventory according to LIFO?
Answer:
a. $1,305,600
b. $1,258,000
Explanation:
FIFO - Assumes that the first goods received by the business will be first ones to be delivered to the final customer
FIFO Inventory = 6,800 units × $ 192 = $1,305,600
LIFO - Assumes that the last goods purchased are the first ones to be issued to the final customer
LIFO Inventory = 2,800 units × $180 = $ 504,000
2,000 units × $185 = $ 370,000
2,000 units × $ 192 = $ 384,000
Total = $1,258,000
On January 1, 2021, Swifty Corporation had 106000 shares of its $5 par value common stock outstanding. On June 1, the corporation acquired 10300 shares of stock to be held in the treasury. On December 1, when the market price of the stock was $13, the corporation declared a 15% stock dividend to be issued to stockholders of record on December 16, 2021. What was the impact of the 15% stock dividend on the balance of the retained earnings account?
Answer:
Decrease by $186,615
Explanation:
The impact of the 15% stock dividend on the balance of the retained earnings account is shown below:-
Shares = 106000 - 10300
= 95,700
Dividend of 15% = 95,700 × 15%
= $14,355
Value of shares = Dividend × Market price of the stock
= $14,355 × $13
= $186,615
So, the retained earning will decrease by $186,615
A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $2,700 and is paid at the beginning of the first year. Eighty percent of the premium applies to manufacturing operations and 20% applies to selling and administrative activities. What amounts should be considered product and period costs respectively for the first full year of coverage?
Answer:
$720 and $180
Explanation:
According to the scenario, computation of the given data are as follows:
Premium for 3 years = $2,700
So, premium for 1 year = $2,700 ÷ 3 = $900 per year
Manufacturing operation percentage = 80%
Selling and administrative operation percentage = 20%
So, Premium for manufacturing operation = $900 × 80% = $720
And Premium for selling and admin operation = $900 × 20% = $180
Carlos is a 25% owner of CEBJ Builders, a company that specializes in residential construction. The other 75% of CEBJ is owned by his three brothers. During the year, Carlos spends 1,800 hours managing the operations of CEBJ. He also is the 100% owner of four rental properties and spends 125 hours a year maintaining the properties, more than any other individual. During the current year, the four properties generate a loss of $18,500. His adjusted gross income before considering the rental loss is $118,000.
What amount of the loss can Carlos deduct from the current year?
Answer:
$99,500
Explanation:
Adjusted gross income before considering the rental loss $118,000.
Less generated a loss of $18,500
Adjusted gross income $99,500
Carlos qualifies under the real estate professional exception due to the fact that he spends more than 50% of his personal service time in real property trade and the amount of time spent in real property trade is higher than 750 hours, he is as well the sole owner and spends more than 100hours.
Therefore the rental activity is not considered passive and he is allowed to offset the $18,500 loss against his active and portfolio income which is why Carlos'sadjusted gross income after considering the loss is $99,500 ($118,000 -$18,500)
You should meet with your academic adviser at least once a __________.
Group of answer choices
Answer:
Once a Semester
Explanation:
Advisors can help you decide if you want to minor in something, and what the requirements are. They can ensure you're odds of graduating in four years is on track, or give you special permissions to take certain classes.
Who has the comparative advantageLOADING... in producing oil? A. Norway has a comparative advantage producing oil because its opportunity cost of producing oil is lower. B. Neither country has a comparative advantage producing oil because their opportunity costs of producing oil are equal. C. The United Kingdom has a comparative advantage producing oil because its opportunity cost of producing oil is lower. D. Norway has a comparative advantage producing oil because it can produce more oil. E. The United Kingdom has a comparative advantage producing oil because it can produce more oil.
Answer:
The answer is option D) Norway has a comparative advantage producing oil because it can produce more oil.
Explanation:
Norway currently produces 1,398 thousand barrels of crude oil per day. At this capacity, it can produce more oil in comparison to United Kingdom that produces 1000 thousand barrels per day.
This statistics gives Norway a comparative advantage over United Kingdom.
Also comparing the consumption rate for both countries with Norway having a population of 5,421,241 which is far less than 66, 650,000 of the United Kingdom, shows that Norway will have enough to cater for her citizens as well as for exports.
Wayne Industries is building a new prototype riding lawnmower especially for women. The marketing strategy for the product has been developed and presented. The lawnmower is now being tested rigorously. This step will ensure that the product meets all the CPSC product specifications and leaves little chance for any product liability issues. Which step int he new product development process is this?
A) After this stage, no changes can be made in any aspect of the product design, features, or composition.
B) At this stage, the functional features and the intended psychological characteristics are combined.
C) The new product at this stage can be distributed through a full-scale roll-out immediately.
D) The new lawnmower is at the introductory stage of the lifecycle.
E) The new-product idea is at the last stage of the development process.
Answer:
The answer is option E) The new-product idea is at the last stage of the development process.
Explanation:
The are several stages in the development of a new product idea. Beginning with initial idea generation all the way to the final evaluation stage.
The new prototype riding lawnmower especially for women designed by Wayne Industries is at the last stage of the development process.
The last stage of the development process also known as the Evaluation phase is characterized by:
Presenting the marketing strategy developed for the product.ensuring that the product meets all the CPSC product specifications and leaves little chance for any product liability issues.At the market price of $8, the quantity demanded is nothing units, and quantity supplied is nothing units. At this price, ▼ a surplus a shortage an equilibrium exists. At a market price of $4, ▼ an equilibrium a surplus a shortage now exists. The market equilibrium exists at a price of $ nothing. In equilibrium, the quantity demanded by consumers is ▼ greater than equal to less than to the quantity supplied by producers.
Answer:
The answer is explained in the explanation section below
Explanation:
Solution
(1)At the market price of $8, the Demanded Quantity is 20 units per week , and the Quantity Supplied is 60 units.
(2) At this price Surplus exists.
Economic Surplus is a is a situation in which the quantity supplied is higher than the quantity demanded. This situation is also referred to as excess supply.
(3) At price $4 there is an exist shortage
At price $4 The quantity Supplied is 20 units and the Quantity Demanded is 60 units respectively. hence, at price $4 Demand is higher/greater than Supply.
(4) At a price of $6 per unit, the market equilibrium exists
Market equilibrium is a situation when the Quantity Demanded of a commodity by the consumer is the same to the respective Quantity Supplied of that commodity by the producers.
(5) )Quantity Demanded by the consumers is equal to the quantity supplied by the producers. In the equilibrium
At price $4 per unit , the quantity supplied by the producers is equal to 40 units and the quantity demanded by the consumers is equal to 40 units Thus the supplied quantity is equal to the demanded quantity this point.
