Complete question :
Banc Corp. Trust is considering either a bankwide overhead rate or department overhead rates to allocate $396,000 of indirect costs. The bankwide rate couldbe based on either direct labor hours (DLH) or the number of loans processed. The departmental rates would be based on direct labor hours for ConsumerLoans and a dual rate based on direct labor hours and the number of loans processed for Commercial Loans. The following information was gathered for the upcoming period.
Dept - - - - - - - DLH - - loan processed - - - d/cost
Consumer - 14000 - - - 700 - - - - - - - - 280,000
Commercial - 8000 - - 300 - - - - - - - 180,000
Banc Corp. Trust estimates that it costs $500 to analyze and close a commercial loan. This amount has been included in the $396,000 of overhead costs. How much of the remaining overhead costs should be allocated to the Consumer Department?
Answer:
$172,200
Explanation:
Number of commercial loans processed = 300
Cost of processing a commercial loan = $500
Overhead cost = $396,000
Total cost = 300 * $500 = $150,000
Overhead left = $(396,000 - 150,000) = $246,000
Overhead sharing between commercial and consumer department :
Total loans = (300 + 700) = 1000
Number of consumer department loan = 700
Consumer department overhead :
(246,000 / 1000) * 700
246 * 700 = $172,200
Margarita, age 30, used to work 80 hours a week as a corporate lawyer. this year she quit her job to take care of her five-month-old daughter. she is currently not looking for a job. the survey conducted by the bureau of labor statistics will count margarita today as choose one:
a. not in the labor force.
b. not in the working-age population.
c. a discouraged worker.
d. employed.
e. unemployed.
Answer: a) Not in the labor force
Explanation:
The category of people not in the labour force are those who either have no interest in working for someone, have retired, or has resigned(with no intentions to work for anyone). This category of persons have no interest in taking up job positions as they want to either rest, face another aspect of their life or can't work again due to their age. Margarita is in the category of those not in the labour force as she looks towards taking care of her daughter and won't be in for any job at the moment.
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1 Blossom Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $22,500 and sales taxes $1,125. 2. Oriole Company does not segregate sales and sales taxes. Its register total for April 15 is $14,310, which includes a 6% sales tax.
Prepare the entry to record the sales transactions and related taxes for Blossom Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Answer and Explanation:
The Journal entry is shown below:-
a. Cash Dr, $23,625
To Sales Revenue $22,500
To Sales Tax payable $1,125
(Being cash is recorded)
Here we debited the cash as it increased the assets and we credited the sales revenue and sales tax payable as it increased the revenue and liabilities
b. Cash Dr, $14,310
To Sales Revenue $13,500
To Sales Tax payable $810 ($14,310 ÷ 106 × 6)
(Being cash is recorded)
Here we debited the cash as it increased the assets and we credited the sales revenue and sales tax payable as it increased the revenue and liabilities
Which transaction or event required the journal entry: debit Interest expense for $250 and credit Interest payable for $250
Answer:
Loan or loan note with a specific interest rate
Explanation:
When the firm has taken a loan from the bank or issued loan notes which have the specific interest rate or coupon rate respectively paid in arrears. The interest expense will accrue each year with the entry by debiting the interest expense and crediting the interest payable and when the interest will be paid the entry will be credit cash and debit interest payable.
Profits from a sole proprietorship are reported as taxable income and Question 5 options: can be reported as a deduction. are subject to a self-employment tax of approximately 15%. can be deferred to the next tax year. can't be taxed again in a future tax year.
Answer:
(B) are subject to a self-employment tax of approximately 15%.
Explanation:
The introduction of automatic elevator equipment allowed firms to handle the movement of people in a multistory building at less cost, thus decreasing the demand for elevator operators. The best explanation for this change is that the Multiple Choice marginal product of elevator operators was equal to its price. marginal product of automatic elevator equipment was equal to its price. marginal product of automatic elevator equipment divided by its price was greater than that for elevator operators. marginal product of elevator operators divided by its price was greater than that for automatic elevator equipment.
Answer:
The marginal product of automatic elevator equipment divided by its price was greater than that for elevator operators
Explanation:
Since in the question, it is mentioned that the automatic elevator introduction permit the firms to handle the movement of the people at least cost also it declines the demand for the operators of the elevator
This represents that the marginal product of elevator equipment would be divided by price and also it is more than for operators who are dealing in elevators
function of the money.
Answer:
The function of money is that it allows us to buy things and exchange it for things we want.
Managers who believe that their native country, culture, language, and behavior are superior to all others are ____ managers. Multiple Choice maquiladoras geocentric polycentric ethnocentric diverse
Answer:
ethnocentric
Explanation:
ethnocentric managers believe that their culture is superior to other cultures.
polycentric mangers are mangers who believe that native managers in foreign offices are best suited to mange native workers
geocentric Managers believe that there are differences and similarities between home and foreign workers and practices. they believe that techniques adopted should be the most effective.
Kela Corporation reports net income of $450,000 that includes depreciation expense of $70,000. Also, cash of $50,000 was borrowed on a 5-year note payable. Based on this data, total cash inflows from operating activities are:
Answer:
$520,000
Explanation:
Kela corporation reports a net income of $450,000
The depreciation is $70,000
A cash of $50,000 was borrowed on a 5-year note payable
Therefore, the total cash inflows from operating activities can be calculated as follows
= Net income+depreciation
= $450,000+$70,000
= $520,000
Hence the total cash inflow from operating activities is $520,000
In concert with quality management programs, _______ controls help monitor the quality of goods or services at each step in the production process to alert managers to problems. feedforward concurrent feedback bureaucratic clan
Answer:
The correct answer is B) Concurrent Controls
Explanation:
Concurrent controls is a management sub-concept in Organisational Control.
Concurrent control is exerted while the activity such as production or manufacturing or service delivery is ongoing, not before or after.
If the control is executed afterwards, it no longer Concurrent but Feedback Control.
Another word for concurrent control is "Yes-No" control or Screening control. Where this is deployed, regular checks are put in place in real-time to ensure that timely course correction is made during the event.
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michelle works in retail and cant decide what products to include i the stores front window display what is the first step she should take to solve this problem
The available options are:
A. List the options.
B. Evaluate the decision/choice.
C. State the problem.
D. Determine the pros and cons.
Answer:
State the problem.
Explanation:
In a situation like this, it is expected that the first step to take to solve the problem is that Michelle should understand the reason, she wants to put the product on the window display. This includes knowing what she will benefit by placing the product on the window display and which product she wants to display. This process which is the first step in the problem-solving technique is known as STATE THE PROBLEM.
Hence, the right answer is State the Problem.
A company sells DVD players for $200 per unit. The players have a unit variable cost of $160. The company estimates that it will sell one home entertainment system for every four DVD players sold. Home entertainment systems have a unit variable cost of $460 and sell for $600 per unit. The company's fixed costs are $90,000. Assuming that the sales mix estimate is correct, how many DVD players need to be sold for the company to break even?
Answer:
Break-even point= 1,200 DVDs
Explanation:
First, we need to calculate the sales proportion:
DVD= 4/5= 0.8
Home entertainment= 1/5= 0.2
Now, we need to calculate the break-even point for the whole company:
Break-even point (units)= Total fixed costs / Weighted average contribution margin
Weighted average contribution margin= (weighted average selling price - weighted average unitary variable cost)
Weighted average contribution margin= (200*0.8 + 600*0.2) - (160*0.8 + 460*0.2)
Weighted average contribution margin= 60
Break-even point (units)= 90,000/60= 1,500
Finally, the number of DVDs:
DVD= 1,500*0.8= 1,200 DVDs
DVD players need to be sold for the company to break even point :
Formula :
Break-even point (units)= Total fixed costs / Weighted average contribution marginBreak-even point (units)= 90,000/60Break-even point (units)= 1,500
Therefore, the number of DVDs:
DVDs= Break-Even Point-Sales Proportion DVD= 1,500*0.8DVD= 1,200 DVDsWorking Notes :
Sales Proportion:DVD= 4/5= 0.8
Home entertainment= 1/5= 0.2
Weighted average contribution margin= (weighted average selling price - weighted average unitary variable cost)Weighted average contribution margin= (200*0.8 + 600*0.2) - (160*0.8 + 460*0.2) Weighted average contribution margin= 60
DVD players need to be sold for the company to break even is 1200DVDs.
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The seller told the listing broker that the seller's loan was assumable. Upon reviewing the seller's loan documents the listing broker found the mortgage was not assumable and the seller would have to pay off the mortgage upon sale. What clause did the listing broker discover upon reading the mortgage document
Answer:
Due on sale clause
Explanation:
A due on sale clause is the clause in which there is a promissory note or a loan that specified that the full balance could be called up at the time of sale or ownership transfer in order to protect the note
Therefore in the given situation, since it is mentioned that the seller has to pay the amount at the time of sale
So this represents the due on sale clause
The span of control for a manager: a. should never exceed 7 subordinates. b. varies somewhat from manager to manager, but most managers operate best with a span of control of about 9 employees. c. depends on a number of factors, and can vary from one manager, location and type of employees. d. is no longer a relevant issue in this day of computerized offices .
Answer:
c. depends on a number of factors, and can vary from one manager, location and type of employees.
Explanation:
A manager can be defined as an individual who is saddled with the responsibility of supervising and ensuring his subordinates (employees) are working effectively and efficiently with the organization's goals and objectives.
In Business management or human resource management, span of control can be defined as the number of subordinates or junior level staffs who are directly controlled by a superior (manager).
Basically, the span of control for a manager depends on a number of factors, and can vary from one manager, location and type of employees.
This ultimately implies that, span of control is directly proportional to the organizational structure and any other factor around them.
Land and other real estate held as investments by endowments in a government's permanent fund should be reported at
Complete Question:
Land and other real estate held as investments by endowments in a government’s permanent fund should be reported at
Group of answer choices
A. Historical cost.
B. Fair value less costs of disposal.
C. Fair value.
D. The lower of cost and net realizable value.
Answer:
C. Fair value.
Explanation:
Land and other real estate held as investments by endowments in a government's permanent fund should be reported at fair value of the reporting date except for the exception of life insurance contract, external investment pool, money market investment etc.
The fair value can be defined as the actual or real value of an asset, security, product or item in financial accounting.
"If a customer calls his registered representative and states the following: "I just got my account statement and I see that your recommendations have lost 15% in value. Clearly, you have made unsuitable recommendations and you will be hearing from my attorney." Which statement is TRUE under FINRA rules regarding how the representative should handle this?"
Answer:
The representative does not need to take any actions
Explanation:
The representative should not take any actions yet because the customer has not made his complaints in writing. Under FINRA, a customer's complaint is defined as one received by the company in writing through mail(hand written)or electronic mail(email). The financial regulatory authority abbreviated FINRA is a self regulatory organization and non governmental organization in the US that makes and enforces rules and best practices that govern brokerage/security/broker-dealer firms and safeguard the public against fraud and malpractices that might emanate from such firms.
A fishery with populations well below historic levels that has reduced reproductive capacity is called ___________.
In the second case study, why did the court MOST likely feel that the agent's limited dealings with the buyer did not constitute the creation of an agency? A) The agent never spoke directly with the buyer. B) Dual agency is illegal. C) The buyer and agent did not complete an agency agreement, either oral or written. D) The buyer did not like the agent from the very beginning.
Answer:
C) The buyer and agent did not complete an agency agreement, either oral or written.
Explanation:
Agency agreement, which is a binding contract between an agent and another person, (most likely a buyer) is an important document which helps to establish the relationship between both and the agency which renders the help. Since, there was no agreement whether oral or written, their dealings do not constitute the creation of an agency.
Those who make dispositional attributions regarding poverty and unemployment tend to adopt political positions that:________
a. offer more direct support to the poor.
b. are unsympathetic to the poor.
c. tend to blame the poor for their problems.
d. are more neutral regarding poverty and unemployment.
Answer:
a. offer more direct support to the poor.
Explanation:
For February, sales revenue is $900,000, sales commissions are 5% of sales, the sales manager's salary is $96,000, advertising expenses are $80,000, shipping expenses total 2% of sales, and miscellaneous selling expenses are $2,100 plus 1/2 of 1% of sales. Total selling expenses for the month of February are
Answer:
$245,600
Explanation:
The computation of Total selling expenses is shown below:-
Particulars Calculation Amount
Sales Commissions ($900,000 × 5%) $45,000
Salary expenses $96,000
Advertising expenses $80,000
Shipping expenses ($900,000 × 2%) $18,000
Miscellaneous selling
expenses ($2,100 + 1 ÷ 2 × $6,600
($900,000 × 1%)
Total Sales expenses $245,600
We simply added all the items
All the following statements concerning variable life insurance are correct EXCEPT: Group of answer choices The policyowner can invest the cash value in different investment accounts. The premium is level and guaranteed not to increase. The death benefit can vary with the policy's investment experience. Cash surrender values are guaranteed.
Answer:
D. Cash surrender values are guaranteed.
Explanation:
Variable Life Insurance is an insurance policy that requires a specific amount of the premium paid by the insurance holder to be dedicated to the investment funds and assets of the company offering the insurance policy. It is important to know that
1. there is a cash value account that can be invested in different subaccounts in this type of policy.
2. The premium level is fixed and the policyholder is expected to pay it on a regular basis. He can be assured that the premium level will not increase.
3. A death benefit is also guaranteed to be paid to a beneficiary chosen by the policyholder, but the amount to be paid as the death benefit depends on how good or bad the policy's investment performed.
But then it is important to note that the cash surrender values are not guaranteed because there is a risk factor. They can fluctuate depending on whether the policy performed poorly or excellently.
Assume that you plan to buy a share of XYZ stock today and to hold it for 2 years. Your expectations are that you will not receive a dividend at the end of Year 1, but you will receive a dividend of $9.25 at the end of Year 2. In addition, you expect to sell the stock for $150 at the end of Year 2. If your expected rate of return is 16 percent, how much should you be willing to pay for this stock today?
Answer:
Price to be paid today = $118.35
Explanation:
The price of a share can be calculated using the dividend valuation model
According to this model the value of share is equal to the sum of the present values of its future cash dividends discounted at the required rate of return.
The model can applied as follows:
PV of dividend = D×(1+r) ^(-n)
D- dividend , r - required rate , n- number of year
D- 9.25, r - 16%, n = 2
PV of dividend = 9.25 × (1.16)^(-2)= 6.9
PV of disposal value
PV of dividend = F × (1+r) ^(-n)
D- disposal value , r - required rate , n- number of year
PV of disposal value = 150 × (1.16)^(-2)= 111.47
Price to be paid today
Total present value = 6.9 + 111.47 = 118.35
Price to be paid today = $118.35
Sheridan Company, had 837000 shares of common stock issued and outstanding at December 31, 2017. On July 1, 2018, an additional 40600 shares of common stock were issued for cash. Sheridan also had unexercised stock options to purchase 31400 shares of common stock at $15 per share outstanding at the beginning and end of 2018. The average market price of Sheridan's common stock was $20 during 2018. What is the number of shares that should be used in computing diluted earnings per share for the year ended December 31, 2018
Answer:
865,150 shares
Explanation:
The calculation of shares for diluted earning per share is shown below:-
Shares for diluted earning per share = Outstanding shares + Issued shares + Stock option
= 837,000 + (40,600 × 6 ÷ 12) + ((31,400 - (31,400 × $15 ÷ $20)
= 837,000 + 20,300 + 7,850
= 865,150 shares
Therefore we have applied the above formula.
When presenting solutions, Chris (a salesperson)often has to handle buyer resistance. Chris should think of buyer resistance as a(n)___________ event.
A) Negative
B) Unimportant
C) Positive
D) A buyer initiated challenge (BIC)
E) Show stopper
Answer:
C) Positive
Explanation:
Although in the question it is stated that Chris, who is a salesman, manages the buyer resistance while presenting the solutions, the Chris also thinks that buyer resistance is a positive event
Thus, in the provided scenario, option c is right, as it does not satisfy all other options available
So the right option is c.postive
What is the main reason that it is necessary for public companies to follow the rules and format set out in the Generally Accepted Accounting Principles (GAAP) when creating financial statements? A. It ensures that the market value of assets and debt are reported accurately. B. It ensures that information on the performance of public companies is reported on cashbasis accounting. C. It ensures that important budgetary information is not omitted. D. It makes it easier to compare the financial results of different firms.
Answer:
D. It makes it easier to compare the financial results of different firms.
Explanation:
Frank wants to add contact information for his references to his resume what should he obtained before including this contact information
A.Training certificates
B. Each person’s approval
C. Experience letter
D. Membership certificates.
Answer: B
Explanation: You should always contact someone before you list them as a reference to confirm that they are comfortable giving you a good recommendation if the potential employer contacts them, and also to confirm that you are listing the correct contact information on your resume.
In increasingly fast-paced markets, price and technology are not enough. ________ is the factor that will often give a company its competitive edge and is defined as the totality of features that affect how a product looks, feels, and functions in terms of customer requirements
Answer:
Design
Explanation:
Product design involves development of of ideas that will lead to new or different areas products.
Design of a product gives it a unique looks, feels, and functions in terms of customer requirements.
This provides a competitive advantage to the seller by differentiating this product from others in the market.
For example customers that purchase Sony televisions enjoy a unique quality that is associated with Sony televisions. They prefer to buy this product because of these unique traits
Many gluten-free food options are found on the store shelves in the United States, but they are scarcely available in international markets. Given the increasing awareness of a healthy lifestyle, such products satisfy an unmet need. Therefore, a product such as gluten-free food in international markets:_________.
Answer: Is likely to have greater value
Explanation:
Gluten-free food are food that are safe to eat. Examples are most dairy products, such as cheese, butter and milk, fruit and vegetables, meat and fish (although not breaded or battered)
potatoes, rice and rice noodles. Although they are available at stores in America, they are scarce in the other part of world due to how they are valued. The demand of such food in those region is higher than that of America hence their shortage there.
Companies that organize their sales force by customer and territory; product and territory; product and customer; or territory, product, and customer are using a ________ sales-force structure.
Answer:
complex.
Explanation:
A complex sales-force structure is one that contains a diverse sales team design. The organizations that adopt this sales force structure are usually those that offer a diverse range of products for each type of customer and in different geographic areas, so you need to combine different types of sales force structures to achieve your sales objectives and goals. sales according to the preferences and profile of each customer in each location.
A diversified company has a parenting advantage when it Multiple Choice results in supporting short-term economic shareholder value. avoids acquiring undervalued companies and thus reduces risks. is more able than other companies to create positive collaboration within its portfolio for different specialty groups and geographic locations. is more able than other companies to boost the combined performance of its individual businesses through its high-level guidance, general oversight, and other corporate-level contributions. manages a set of fundamentally similar business operations inside fundamentally similar industries and environments.
Answer: is more able than other companies to boost the combined performance of its individual businesses through its high-level guidance, general oversight, and other corporate-level contributions
Explanation: The parenting advantage is simply held by that company or organization who thrives more than it's competitors using strategic implementation and adding value to its individual operations in other to facilitate the performance of the company's businesses. Being able to outperform competitiors require high-level guidance and corporate strategy which involves the implementation of a well-defined blueprint designed through high level expertise capable aiding performance and value.
In an addendum to the purchase and sale contract, the seller agrees to paint the house before conveying the house to the buyer. The weather changes, and the seller is unable to finish painting the house before closing. This is an example of _______.
Answer: Partial performance
Explanation:
Partial performance is described as the completion of a job that forms a portion of a contract.Here, the seller agrees to paint the house before conveying the house to the buyer. The weather changes, and the seller is unable to finish painting the house before closing.
This indicates a part of job is done.
Hence, this is an example of partial performance.
