B. Lopez Company reports unadjusted first-year merchandise sales of 221,000 and cost of merchandise sales of $64,000. The company expects future returns and allowances equal to 5% of sales and 5% cost of sales. The year-end adjusting entry to record the cost side of sales returns and allowances is:

Answer: See explanation

Explanation:

The year-end adjusting entry to record the cost side of sales returns and allowances will be:

Dr Inventory Return estimated $3200

Cr Cost of goods sold $3200

(To record expected coat of returns)

Note that the above calculation was done as:

= $64,000 × 5%

= $64,000 × 0.05

= $3200

The business cycle measures fluctuations in the long-run trend growth rate of GDP. fluctuations in the profit of businesses. fluctuations in consumption. short-run fluctuations in economic activity. fluctuations in the average tax rate paid by businesses.

Windhoek Mines, Ltd., of Namibia, is contemplating the purchase of equipment to exploit a mineral deposit on land to which the company has mineral rights. An engineering and cost analysis has been made, and it is expected that the following cash flows would be associated with opening and operating a mine in the area: Cost of new equipment and timbers $ 370,000 Working capital required $ 115,000 Annual net cash receipts $ 130,000 * Cost to construct new roads in year three $ 43,000 Salvage value of equipment in four years $ 68,000 *Receipts from sales of ore, less out-of-pocket costs for salaries, utilities, insurance, and so forth. The mineral deposit would be exhausted after four years of mining. At that point, the working capital would be released for reinvestment elsewhere. The company’s required rate of return is 18%. Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using tables. Required: a. What is the net present value of the proposed mining project? b. Should the project be accepted?

Which of the following is a component of the talent acquisition function of HR management?
Group of answer choices

Recruiting

Training

Career planning

Orientation

Trader M places a System Order to buy 100 shares of ABC stock at a price two cents below the best non-Nasdaq participant on the same side of the market. This is what type of order

The Lime Corporation has obtained the following sales forecast data:
July August September October
Cash sales $ 80,000 $ 70,000 $ 50,000 $ 60,000
Credit sales $ 240,000 $ 220,000 $ 180,000 $ 200,000
The regular pattern of collection of credit sales is 20% in the month of sale, 70% in the month following the month of sale, and the remainder in the second month following the month of sale. There are no bad debts. The budgeted cash receipts for October would be:_________
a. $188.000
b. $248,000
c. $226,000
d. $278,000
e. none of above

Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost, Unit Cost On August 1, Cairle Company's work-in-process inventory consisted of three jobs with the following costs: Job 70 Job 71 Job 72 Direct materials $1,600 $2,000 $850 Direct labor 1,900 1,300 900 Applied overhead 1,425 975 675 During August, four more jobs were started. Information on costs added to the seven jobs during the month is as follows: Job 70 Job 71 Job 72 Job 73 Job 74 Job 75 Job 76
Direct materials $800 $1,235 $3,550 $5,000 $300 $560 $80 Direct labor 1,000 1,400 2,200 1,800 600 860 172
Before the end of August, Jobs 70, 72, 73, and 75 were completed. On August 31, Jobs 72 and 75 were sold.
Required:
1. Calculate the predetermined overhead rate based on direct labor cost.
% of direct labor cost.
2. Calculate the ending balance for each job as of August 31.
Ending Balance
Job 70 $
Job 71 $
Job 72 $
Job 73 $
Job 74 $
Job 75 $
Job 76 $
3. Calculate the ending balance of Work in Process as of August 31.
$
4. Calculate the cost of goods sold for August.
$
5. Assuming that Cairle prices its jobs at cost plus 20 percent, calculate Cairle’s sales revenue for August.

Joshua has been working as a project manager in an information technology company for three years. Martha is a delivery team lead in the same company. When the company receives a project that has to be completed in a short span of time, Joshua decides to increase the daily work hours of the delivery team to accommodate the project. Martha, however, insists that Joshua request the client for a time extension. Not willing to reach an agreement, Joshua and Martha ignore each other's opinions and begin working on the project individually. Which of the following conflict-handling intentions does this scenario portray? Collaborating Accommodating Avoiding Compromising

Parker & Stone, Inc., is looking at setting up a new manufacturing plant in South Park to produce garden tools. The company bought some land 5 years ago for $9,639,708 in anticipation of using it as a warehouse and distribution site, but the company has since decided to rent these facilities from a competitor instead. If the land were sold today, the company would net $3,650,288. An engineer was hired to study the land at a cost of $810,081, and her conclusion was that the land can support the new manufacturing facility. The company wants to build its new manufacturing plant on this land; the plant will cost $6,880,840 million to build, and the site requires $529,656 worth of grading before it is suitable for construction. What is the proper cash flow amount to use as the initial investment in fixed assets when evaluating this project?

Patty took a cash advance of $1,500. Her new credit card charges an Annual Percentage Rate of 21%. The transaction fee for the cash advance is 3% of the amount of the advance, with a minimum fee of $35. This fee is added to the total cash advance, and accrues interest.

Hint: calculate 3% of 1,500. Add that 3% to the original cash advance of 1,500. This becomes your charged amount.

If Patty makes monthly payments of $65:

What is the total amount Patty will end up paying for the cash advance?

Kuley plans to retire in 8 years with $263,700 in her account, which has an annual return of 8.17 percent. If she receives annual payments of X, with her first payment of X received in 8 years and her last payment of X received in 15 years, then what is X, the amount of each payment

Use the following selected balance sheet and income statement information for Caroline Supply Co. (in millions) to compute asset turnover (AT) to the nearest hundredth of a percent.
Operating profit before tax Earnings without interest expense (EWI) Average total assets Sales Tax rate on operating profit
$58,300 $93,400 $360,600 $1,135,420 35%

Winner Corporation acquired 80 percent of the common shares and 70 percent of the preferred shares of First Corporation at underlying book value on January 1, 20X9. At that date, the fair value of the noncontrolling interest in First's common stock was equal to 20 percent of the book value of its common stock. First's balance sheet at the time of acquisition contained the following balances:
Total Assets $600,000 Total Liabilities $90,000
Preferred Stock 100,000
Common Stock 150,000
Retained Earnings 260,000
Total Assets $600,000 Total Liabilities and
Equities $600,000
The preferred shares are cumulative and have a 10 percent annual dividend rate and are four years in arrears on January 1, 20X9. All of the $5 par value preferred shares are callable at $6 per share. During 20X9, Shovel reported net income of $100,000 and paid no dividends.
Required information
Based on the preceding information, what is First's contribution to consolidated net income for 20X9?
a. $80,000
b. $100,000
c. $90,000
d. $50,000

Nadal Inc. had two temporary differences at the end of 2013. The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Nadal's accounting department has developed a schedule of future taxable and deductible amounts related to these temporary differences as follows:
Taxable amounts:
2014 $40,000
2015 $50,000
2016 $60,000
2017 $80,000
Deductible amounts:
2014 $0
2015 $(15,000)
2016 $(19,000)
2017 $0
As of the beginning of 2013, the enacted tax rate is 34% for 2013 and 2014, and 38% for 2015-2018. At the beginning of 2013, the company had no deferred income taxes on its balance sheet. Taxable income is expected in all future years.
A. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2013.
B. Indicate how deferred income taxes would be classified on the balance sheet at the end of 2013.

Should the firms' overseas operations be judged by the standards (legal, economic, cultural, and moral) of the country in which it is operating or should they be judged by the standards of the U.S. market?

MC Qu. 116 CWN Company uses a job order costing... CWN Company uses a job order costing system and last period incurred $70,000 of actual overhead and $100,000 of direct labor. CWN estimates that its overhead next period will be $85,000. It also expects to incur $100,000 of direct labor. If CWN bases applied overhead on direct labor cost, its predetermined overhead rate for the next period should be:

You run a hospital with 100 rooms. Fixed daily cost is $935.00 which includes staff salary, property charges, maintenance etc. Variable cost per room is $10.00 which includes cleaning, equipment rentals, utility cost etc. which is incurred only when the room is full. You charge $77.00 per room per day. You sold 40.00 rooms today, how much profit/loss did you earn for today.

A TV manufacturing company uses speakers at the rate of 8000/mo. When it places an order for speakers it incurs a fixed cost of $1200. The monthly interest rate for keeping a speaker in stock is assessed at 1%/mo. The cost of the speaker depends on the order size. If less than 1000 speakers are ordered the cost is $11 each. When the order size is between 1000 and 10,000 the cost is $10.50/unit. For order sizes between 10,000 and 30,000 the cost is $10 per unit. For order quantities between 30,000 and 80,000 the cost drops to $9.50. Beyond 80,000 the cost is $9.25. Determine the optimum order size and time between orders if shortages are not allowed.
Please use excel to solve this problem. Show all cell formulas and parameters used.

During June, Cisco Company produced 12,000 chainsaw blades. The standard quantity of material allowed per unit was 1.5 pounds of steel per blade at a standard cost of $8 per pound. The actual cost was $7 per pound. The actual pounds of steel that Cisco purchased were 19,500 pounds. All materials purchased were used. Calculate Cisco's materials usage variance.

How are changes in U.S. demographics affecting the workplace relative to demographic changes in our traditional competitors

An educational institution has total direct labor and material costs of $1964 per student. Its fixed costs are $352,800. Total revenues for the year were $1,800,000. It had 800 students in the past year. How many students should they accept in the next year to break even assuming the variable cost margins are equal to this year, and assuming fixed costs are to increase by $19,000 due to increased rent for expansion? (round to the nearest whole number).

It's time to buy pet food again and Lisa heads to the grocery store with $40 in her purse, leaving her four hungry dogs and seven hungry cats at home. Dog food costs $1 per can and cat food costs $0.50 per can. Lisa wants to minimize her pet food cost. What is an appropriate objective function for this scenario?

Matching Items Reported to Cash Flow Statement Categories (Indirect Method).
Adidas AG is a global company that designs and markets sports and fitness products, including footwear, apparel, and accessories. Some of the items included in its recent annual consolidated statement of cash flows presented using the indirect method are listed here. Indicate whether each item is disclosed in the Operating Activities, Investing Activities, or Financing Activities section of the statement or use Not Applicable if the item does not appear on the statement. (Note: This is the exact wording used on the actual statement).
1. Dividends paid.
2. Repayments of short-term borrowings.
3. Depreciation and amortization.
4. Proceeds from reissuance of treasury shares to employees.
5. [Change in] Accounts payable and other liabilities.
6. Cash collections from customers.
7. Purchase of investments.
8. Net income.
9. Purchase of property, plant, and equipment.
10. Increase in receivables and other assets.

Cyclical unemployment arises when:______.
a. the agriculture sector completes the cycle of planting, cultivating, and harvesting the nation's food supply.
b. labor unions strike for higher wages.
c. the business cycle enters an expansionary phase.
d. business activity in the macroeconomy declines.

MC Qu. 120 Dallas Company uses a job order... Dallas Company uses a job order costing system. The company's executives estimated that direct labor would be $4,160,000 (260,000 hours at $16/hour) and that factory overhead would be $1,560,000 for the current period. At the end of the period, the records show that there had been 240,000 hours of direct labor and $1,260,000 of actual overhead costs. Using direct labor hours as a base, what was the predetermined overhead rate

Hardy Company manufactures a single product by a continuous process involving two production departments. The records indicate that $140,000 of direct materials were issued to and $200,000 of direct labor was incurred by Department 1 in the manufacture of the product. The factory overhead rate is $25 per machine hour; machine hours were 5,000 in Department 1. Work in process inventory in the department at the beginning of the period totaled $35,000; and work in process inventory at the end of the period was $25,000.
The transfer of production costs to Department 2.
Instructions:
Prepare entries to record (a) The flow of costs into Department 1 for (1) direct materials (2) direct labor (3) overhead (b) The transfer of production costs to Department 2.

What is the present value of an investment that will pay $2,000 at the end of the year when interest is compounded annually at 5.10%

An investment offers $6,700 per year for 15 years, with the first payment occurring one year from now. a. If the required return is 6 percent, what is the value of the investment today

Avery Company has two divisions, Polk and Bishop. Polk produces an item that Bishop could use in its production. Bishop currently is purchasing 26,000 units from an outside supplier for $16 per unit. Polk is currently operating at less than its full capacity of 630,000 units and has variable costs of $9 per unit. The full cost to manufacture the unit is $12. Polk currently sells 460,000 units at a selling price of $18 per unit.
a. What will be the effect on Avery Company’s operating profit if the transfer is made internally?
b. What is the minimum transfer price from Polk’s perspective?
c. What is the maximum transfer price from Bishop’s perspective?

Juniper Design Ltd. of Manchester, England, is a company specializing in providing design services to residential developers. Last year the company had net operating income of $430,000 on sales of $1,300,000. The companyâs average operating assets for the year were $1,500,000 and its minimum required rate of return was 10%.
Required:Compute the companyâs residual income for the year.Average Operating Assets-Net Operating Income-Minimum required return-Residual income-

A structure that organizes worldwide operations primarily based on function and secondarily on product is called: a global area division. a global functional division. a multinational matrix structure. a global product division.