Bedrock Company reported a December 31 ending inventory balance of $412,000. The following additional information is also available: The ending inventory balance of $412,000 included $73,200 of consigned inventory for which Bedrock was the consignor. The ending inventory balance of $412,000 included $24,400 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year. Based on this information, the correct balance for ending inventory on December 31 is: Multiple Choice $303,000 $358,400 $387,600 $338,600 $241,000

Answers

Answer 1

Answer:

Bedrock Company

Ending Inventory is $387,600.

Explanation:

The inventory already includes the consigned inventory.  Since, Bedrock the consignor, its inclusion is correct.  In consignment accounting, consigned inventory belongs to the consignor, who is the legal owner.  The consignee is only in physical possession and not the legal owner.

The ending inventory should not include office supplies since they would be used during the coming year.  


Related Questions

Yogi expects to produce 1 comma 700 units in January and 2 comma 180 units in February . The company budgets 3 pounds per unit of direct materials at a cost of $ 15 per pound. Indirect materials are insignificant and not considered for budgeting purposes. The balance in the Raw Materials Inventory account​ (all direct​ materials) on January 1 is 5 comma 200 pounds. Yogi desires the ending balance in Raw Materials Inventory to be 60 ​% of the next​ month's direct materials needed for production. Desired ending balance for February is 4 comma 300 pounds. Prepare Yogi ​'s direct materials budget for January and February .

Answers

Answer and Explanation:

The Preparation of Yogi ​'s direct materials budget for January and February is shown below:-

                                 Direct material budget

                    Two months ended Jan 31 and Feb 28

                                                          January   February

Budgeted units to be produced a     1,700        2,180

Direct material pounds per unit b          3               3

Direct materials needed for

production (c = a × b)                           5,100       6,540

Add: Desired direct material

in ending inventory (pounds) d           3,060      4,300  

                                                     (5,100 × 0.6)

Total direct materials needed             8,160      10,840

(e = c + d)

Less: Direct material beginning in

inventory(pounds) f                               5,200     3,060

Budgeted purchase of direct  

material g = e - f                                     2,960     7,780

Direct material cost per pound h             $15         $15

Budgeted cost of direct material

purchases i = g × h                               $44,400  $116,700

Data from Dunshee Corporation's most recent balance sheet appear below: Year 2 Year 1 Current assets: Cash $ 130 $ 100 Accounts receivable, net 270 290 Inventory 90 110 Prepaid expenses 10 10 Total current assets $ 500 $ 510 Total current liabilities $ 230 $ 220 Sales on account in Year 2 amounted to $1,170 and the cost of goods sold was $730. The average collection period for Year 2 is closest to: (Round your intermediate calculations to 2 decimal places.)

Answers

Answer:

50 days

Explanation:

THE average collection period for Year 2 is closest to 50 days

Year 2:

cost of goods sold = $730

opening inventory = $110

closing inventory = $90 therefore total inventory = 110 + 90 = $200

Average inventory = $100

to calculate inventory turnover ratio = cost of goods sold / average inventory

                                = 730 / 100 = 7.30

The average collection period = 365 days / inventory turnover ratio

= 365/7.30 = 50 days

Recent financial statement data for Harmony Health Foods (HHF) Inc. is shown below.
Current liabilities $ 197
Income before interest and taxes $ 116
10% Bonds, long-term 370
Interest expense 37
Total liabilities 567
Income before tax 79
Shareholders' equity
Income tax 22
Capital stock 210
Net income $ 57
Retained earnings 291
Total shareholders' equity 501
Total liabilities and equity $1,068
HHF's times interest earned ratio is (Round your answer to two decimal places.):
a. 10.00.
b. 3.14.
c. 1.54.
d. 2.14.
Current liabilities $ 180
Income before interest and taxes $ 118
10% Bonds, long-term 360
Interest expense 36
Total liabilities 540
Income before tax 82
Shareholders' equity
Income tax 20
Capital stock 201
Net income $ 62
Retained earnings 283
Total shareholders' equity 484
Total liabilities and equity $1,024
HHF's debt to equity ratio is:_____________. (Round your answer to two decimal places.):
a. 0.74.
b. 0.56.
c. 1.12.
d. 1.90.

Answers

Answer:

1. B. 3.14

2. C. 1.12

Explanation:

1. Times Interest Earned ratio

Measures how well a company is able to cover it's debt obligations using it's earnings.

The formula is simply,

= Earning before Interest and Tax / Interest Expense

Therefore,

Times Interest Earned ratio = 116/37

= 3.14

HHF's times interest earned ratio is Option B, 3.14.

2. Debt to Equity Ratio

This ratio compares the debt used to fund a company vs it's equity. It measures how much of either way used to fund the company.

The formula is,

= Total Debt / Total Equity

= 540/484

= 1.12

HHF's Debt to Equity ratio is 1.12, Option C.

Fresher Foods, Inc., orally agreed to purchase one thousand bushels of corn for $1.25 per bushel from Dale Vernon, a farmer. Fresher Foods paid $125 down and agreed to pay the remainder of the purchase price on delivery, which was scheduled for one week later. When Fresher Foods tendered the balance of $1,125 on the scheduled day of delivery and requested the corn, Vernon refused to deliver it. Fresher Foods sued Vernon for damages, claiming that Vernon had breached their oral contract.
Can Fresher Foods recover? If so, to what extent?

Answers

Answer:

In the case of Fresher Goods, Inc.v. Vernon, the trial court will possibly conclude that Vernon must complete the portion of the payment which has already been compensated for as a result of partial results.

Explanation:

Vernon accepted partial payment for the sold goods. While the Law of Frauds demanded that any contract for the selling of goods at a price of $500 or more be enforceable in writing, the oral arrangement was partially compensated and agreed by all parties. That part of the deal was binding, so Vernon would supply 100 corn bushels to Fresher for $1.25 per bushel.

Forty-three percent of Americans use social media and other websites to voice their opinions about
television programs (the Huffington Post, November 23, 2011). Below are the results of a survey of
1364 individuals who were asked if they use social media and other websites to voice their opinions
about Television programs
Uses Social Media and Other Websites to
Voice Opinions About Television Programs
Doesn’t Use Social Media and
Other Websites to Voice
Opinions About Television
Programs
Female 395 291
Male 323 355
a. Show a joint probability table. (2 marks)
b. What is the probability a respondent is female? (2 marks)
c. What is the conditional probability a respondent uses social media and other websites to voice
opinions about television programs given the respondent is female? (3 marks)
d. Let F denote the event that the respondent is female and A denote the event that the
respondent uses social media and other websites to voice opinions about television programs.
Are events F and A independent?

Answers

Answer:

(a) 0.2896 (b) 0.5029 (c)0.5758 (d)In this case they are dependent  because the gender is segregated as social media user or not as asocial media worker. the probability and variable is tied to it

Explanation:

Solution

(a)In a survey of 1,364 people, 395 were females who used social media and 232 did not. of males 232 use social media and 355 did not

To make or develop a probability table, take each group and divide their number by their total for example female that use social media is 395 of a total of 1364

395/1364 =0.2896

The probability that a woman uses social media in the survey is 0.2896

so,

                                  A              B              T

Female                  0.2896       0.2133      0.5029

Male                      0.2368       0.2603     0.4971

Total                      0.5264      0.4736       1.00

(b) To find the probability  of a surveyed person being a female, we divivde the total number of females by the whole number, shown below

686/1364 = 0.5029

(c)Conditional probability is defined using the formula which is shown below:

P(A/B) = P(A∩B)/P(B)-------(1)

Where P(A∩B) is the probability of females that use social media 0.2896 and P(B) is the total female probability which is 0.5029

Now we substitute the values in the equation 1 and calculate the probability as shown below:

P(A/B) = 0.2896/0.5029 =0.5758

the conditional probability that are surveyed person is female and uses social media is 0.5758

(d) In this case they are dependent  because the gender is segregated as social media user or not as asocial media worker. the probability and variable is tied to it

Fallow Corporation has two separate profit centers. The following information is available for the most recent year: West Division East Division Sales (net) $ 400,000 $ 550,000 Salary expense 46,000 60,000 Cost of goods sold 140,000 255,000 The West Division occupies 10,000 square feet in the plant. The East Division occupies 6,000 square feet. Rent, which was $ 80,000 for the year, is an indirect expense and is allocated based on square footage. Compute operating income for the West Division.

Answers

Answer:

Operating Income  WEST division     164,000

Explanation:

Fallow Corporation

Income Statement

                              West Division               East Division

Sales (net)               $ 400,000                    $ 550,000

Cost of goods sold    140,000                       255,000

Gross Profit                260,000                     295,000

Less Indirect Expenses

Salary expense           46,000                      60,000

Rent *                           50000                      30,000

Operating Income      164,000                   205,000

Rent is apportioned on the basis of the square footage.The west division has 10,000 square feet in the plant. The East Division occupies 6,000 square feet.

Rent of West Division = Area of the West/ Total Area (* RENT)

                                    = 10,000/16,000* 80,000= $ 50,000

Rent of East Division = 6,000/16,000* 80,000= $ 30,000

Public policy toward monopolies Suppose that a government that is skeptical of efforts to regulate prices charged by private companies is nevertheless concerned that an electric utility company is taking advantage of consumers with unfair pricing policies. Which of the following policy options might most effectively enable the government to achieve its objectives in this situation?
A. Do nothing at all.
B. Use antitrust laws to increase competition.
C. Turn the company into a public enterprise.
D. Regulate the firm's pricing behavior.

Answers

Answer:

C.

Explanation:

State Owned Enterprises are those enterprises that is legally taken by the government. This entity is formed by the government to take authority over the commercial activities. It is also known as SOE and Government Owned Corporations (GOC). These enterprises are formed to function on account of government. It helps in avoiding the unfair pricing policies by private companies in some markets.

In the given situation, the government should use the policy of turning the company into a public enterprise through SOE policy. With this, the government will be able to regulate the prices and avoid unfair pricing by the private companies.

So, the correct answer is option C.

Assume that Parker Company will receive SF200,000 in 360 days. Assume the following interest rates: the 360-day borrowing rate in U.S. is 7% while the 360-day borrowing rate in Switzerland is 5%. The 360-day deposit rate in U.S. is 5% while the 360-day deposit rate in Switzerland is 4%. Assume the forward rate of the Swiss franc is $0.50 and the spot rate of the Swiss franc is $0.48. If Parker Company uses a money market hedge, it will receive ____ in 360 days.

Answers

Answer:

Company will receive = $96,000

Explanation:

As per the data given in the question,

Corresponding SF liability equals to pay SF200,000 including interest

= 200,000÷1.05 = SF190476.19

Now Convert the SF into $US at the current spot rate = $0.48×190476.19

= $91428.57

Now deposit the $ US at 5% and withdraw after 360 days =

= $91428.57 + $91428.57×5%

= $95999.99

This way the liability of SF 190476.19 + 190476.19×5% interest will be paid off when Parker company receives $200,000, Parker company will receive = $96,000 in 360 days.

Extreme Builders constructs houses. The standard labor rate is $25 per hour and the standard number of hours is 15,000 hours per home. During the year, it constructed 12 homes using 18,000 labor hours per home and a rate of $28 per hour. Calculate the Extreme Builders' labor rate variance. a.$648,000 F b.$540,000 F c.$648,000 U d.$540,000 U

Answers

Answer:

Direct labor rate variance= $648,000 unfavorable

Explanation:

Giving the following information:

The standard labor rate is $25 per hour. During the year, it constructed 12 homes using 18,000 labor hours per home and a rate of $28 per hour.

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

Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity

Direct labor rate variance= (25 - 28)*216,000

Direct labor rate variance= $648,000 unfavorable

Carl invested $100,000 in a fund, which earned 8% over the next year. At the end of the year, he invested an additional $50,000 and the fund earned 18% over the next year. Carl withdrew no money from the fund. Which of the following statements about time-weighted return (TWR) and money-weighted return (MWR) is most accurate? Group of answer choices TWR is greater than MWR, and MWR is the more appropriate measure for Carl. MWR is greater than TWR, and MWR is the more appropriate measure for Carl. TWR is greater than MWR, and TWR is the more appropriate measure for Carl. MWR is greater than TWR, and TWR is the more appropriate measure for Carl.

Answers

Answer:

(d)MWR is greater than TWR, and TWR is the more appropriate measure for Carl

Explanation

since he is investing in between the year and he is earning 18% return which is higher than the 8% return on his early initial investment so time weighted return would be lower than that of the money weighted return because he is making money on the initial investment at interest that is lower than the interest rate which has been made by him in the middle of the investment period.

money weighted return is not as appropriate as time weighted written because time weighted return always takes into account the proper withdrawals and amount invested in between.

If a company is concerned about extending credit to a risky customer, it could do any of the following except: Select one: a. require the customer to pay cash in advance. b. require the customer to provide a letter of credit or a bank guarantee. c. contact references provided by the customer, such as banks and other suppliers. d. provide the customer a lengthy payment period to increase the chance of paying.

Answers

Answer:

D. Provide the customer a lengthy payment period to increase the chance of paying.

Explanation:

This is explained to be one of the working ethics found in some working and recruiting bodies or companies.

This trade payables’ payment period ratio here is said to represents the time lag between a credit purchase and making payment to the supplier. As trade payables relate to credit purchases so credit purchases figure should be used in calculating this ratio.

However as the amount of credit purchase is usually not separately available in the income statement so in that case total purchases could be used.

Like other ratios, this ratio is observed over a period of time and compared with the other businesses in the same industry.

For the next ten questions, use the following information: Stlyez Corp. has a monthly demand of 2,000 units for a product. The product is used at a constant rate over the 365 days. The annual holding cost for the product is estimated to be $4.00 per unit and the cost of placing each order is $150.00. Current order quantity (lot size) is 1000 units. What is the annual holding cost for Stlyez Corp. for their current lot size of 1000 units?

Answers

Answer:

$ 2,000

Explanation:

ANNUAL HOLDING COST = (Q / 2) * HOLDING COST

ANNUAL HOLDING COST = (1000 / 2) * 4 = 2000

Hence, the correct amount for the holding cost is $ 2,000

Which one of the following is NOT part of the estimated net investment (NINV) for a capital budgeting project? The estimated salvage value of the new assets at the end of their 10-year expected economic life. The immediate increase in net working capital required by the project. The after-tax salvage value of assets to be replaced by the project. The cost of new assets required by the project

Answers

Answer:

The correct answer to the following question will be Option A.

Explanation:

Net investment or expenditure seems to be the total money that a business invests on financial assets, less the deferred revenue of those resources. This statistic gives people a sense of real spending on capital products such as plants, machinery, including technology used throughout the activities of the business.The effective improvement including its program's net income, after-tax recovery value of the properties to have been substituted by the task.

So that the above option A is not related to the given scenario.

Farrugia Corporation produces two intermediate products, A and B, from a common input. Intermediate product A can be further processed into Product X. Intermediate product B can be further processed into Product Y. The common input is purchased in batches that cost $89 each and the cost of processing a batch to produce intermediate products A and B is $36. Intermediate product A can be sold as is for $53 or processed further for $33 to make Product X that is sold for $79. Intermediate product B can be sold as is for $113 or processed further for $66 to make Product Y that is sold for $158.
Required:
A. Assuming that no other costs are involved in processing potatoes or in selling products, how much money does the company make from processing one batch of the common input into the end products X and Y?
B. Should each of the intermediate products, A and B, be sold as is or processed further into an end product?

Answers

Answer:

Explanation:

                                  Product A              Product B     Total

Incremental rev.           79                       158                  237

Incremental cost           33                        66                   99

Contribution                  46                        92                  138

common cost                                                                    (89)

Cost of Processing                                                           (36)

Net income                                                                        13

B

Financial advantage - Incremental revenue- Incremental cost -Initial revenue

Product A

79-33-53 = - 7

Product B

158-66-113 = -21.

The two products are better sold at it is without further processing.

As no other cost is involved in the processing or selling and the initial selling price is greater than the incremental contribution , it is advisable that they are sold as they are

Beamish Inc., which produces a single product, has provided the following data for its most recent month of operations: Number of units produced 4,600 Variable costs per unit: Direct materials $ 91 Direct labor $ 85 Variable manufacturing overhead $ 7 Variable selling and administrative expense $ 10 Fixed costs: Fixed manufacturing overhead $ 161,000 Fixed selling and administrative expense $ 326,600 There were no beginning or ending inventories. The absorption costing unit product cost was:

Answers

Answer:

The answer is $ 218

Explanation:

Solution

Given that:

                       Description                             Amount

                       Direct materials                          $91

                 Direct labor                                       $85

Variable manufacturing overhead                     $7

Fixed manufacturing overhead

( $ 161,000/ 4,600 units)                                    $35

The unit product under absorption costing =  $218

Therefore, the absorption costing unit product cost is $218

In 2020, Sheffield Corp., issued for $102 per share, 97000 shares of $100 par value convertible preferred stock. One share of preferred stock can be converted into three shares of Sheffield's $20 par value common stock at the option of the preferred stockholder. In August 2021, all of the preferred stock was converted into common stock. The market value of the common stock at the date of the conversion was $25 per share. What total amount should be credited to additional paid-in capital from common stock as a result of the conversion of the preferred stock into common stock

Answers

Answer:

Additional paid-in capital is $4,074,000.

Explanation:

In 2020, Sheffield issued $102 per share and there were 97,000 shares of convertible preferred stock.

Preferred stock = 97,000 shares × $102 = $9,894,000

Also we were told that one preferred stock can be converted to 3 common stock i.e. 3 × Preferred stock = Common stock

Therefore, Common stock = [(97000 shares × 3 shares) × $20] = $5,820,000

Additional paid-in capital = $9,894,000  - $5,820,000 = $4,074,000.

An investment, which has an expected return of 15%, is expected to make annual cash flows forever. The first annual cash flow is expected today and all subsequent annual cash flows are expected to grow at a constant rate of 5% per year. The cash flow expected today is expected to be $20000. What is the present value (as of today) of the cash flow that is expected to be made in 9 years from today?

Answers

Answer:

$19,999.64

Explanation:

Kindly check the attached picture for explanation

Crowl Corporation is investigating automating a process by purchasing a machine for $793,800 that would have a 9-year useful life and no salvage value. By automating the process, the company would save $133,000 per year in cash operating costs. The new machine would replace some old equipment that would be sold for scrap now, yielding $21,200. The annual depreciation on the new machine would be $88,200. The simple rate of return on the investment is closest to
a. 5.80%
b. 11.12%
c. 16.72%
d. 5.12%

Answers

Answer:

Simple rate of return is 5.8%

Therefore option (a) is correct option.

Explanation:

It is given that purchase cost = $793800

Company saving per year = $133000

Yielding = $21200

Annual depreciation = $88200

Annual profit = $133000 - $88200 = $44800

Net investment is equal to = $793800 - $21200 = $772600

Simple rate of return [tex]=\frac{44800}{772600}=0.0579[/tex]

= 5.8%

Therefore simple rate of return is 5.8 %

So option (a) is correct.

. Spot rates and forward rates:Assume that the current yield curve for zero-coupon bonds (spot rates) is as follows:y1 = 0.5%, y2 = 0.75%, y3 = 1.0%, y4 = 1.25%, y5 = 1.5%a. Plot the spot rates against maturity (yield curve). Is the yield curve upward or downward sloping? Do market participants expect interest rates to increase or decrease in the future? b. What are the implied 1-year forward rates f2, f3, f4, and f5? Are interest rates expected to increase or decrease?Assume that there is no uncertainty about future short rates. This means that future 1 year interest rates will be equal to current forward rates (which you calculated in b.).c. In that situation what will be the spot curve (that is, the yields to maturity on 1, 2, 3, and 4-year zero coupon bonds) in 1 year? d. What is the price of a 5-year coupon bond making annual coupon payments of 2% and a par value of 1000 today? Is the bond trading above or below par? Why?e. What is the price of this bond next year (remember, it is then a 4-year coupon bond)? What is the rate of return on this bond over the next year?

Answers

Answer:

Check the explanation

Explanation:

As is observable in the first attached image below, the yield curve is upward sloping. According to the pure expectations hypothesis which states that current short-term interest rates are a reflection of long-term term interest rates, market participants should expect long-term interest rates to rise going forward.

(b) Implied one-year forward rate calculation:

[tex]1+f2 = [(1+y2)^(2)] / (1+y1)[/tex]

f2 = 1.0006%

[tex]f3 = [{(1+y3)^(3)} / {(1+y2)^(2)}] - 1[/tex]

f3 = 1.502% approximately

[tex]f4 = [{(1+y4)^(4)} / {(1+y3)^(3)}] - 1[/tex]

f4 = 2.004% approximately

[tex]f5 =[{(1+y5)^(5)} / {(1+y4)^(4)}] - 1[/tex]

f5 = 2.506% approximately.

As implied one-year forward rates are observed to be rising and there is no uncertainty about future spot rates, future interest rates are expected to rise.

(C) Kindly check the second attached image below for the solution to question c

(d) The bond's price would be calculated by summing the Present Values(PVs) of the bond's future cash flows (in the form of annual coupon payments and face value redemption). The discount rate, however, should be the spot rates from the yield curve instead of a single promised yield to maturity.

Let bond price be Pm

Therefore, Pm = 20 / 1.005 + 20 / (1.0075)^(2) + 20 / (1.01)^(3) + 20 / (1.0125)^(4) + 1020 / (1.015)^(5) = $ 1024.872 approximately.

The bond's market value is above its par value, thereby implying that the bond is selling at a premium. This happens whenever the bond's discount rate (or spot interest rates in this case) is below the bond's annual coupon rate.

A marketing manager wants to build a strong relationship with the customers and to customize messages without high costs. He understands that relationship building and message customization would require constant updating of the database due to the reliance on CRM and he plans to hire staff to make sure the database stays up to date. Based on the manager's consideration, ________ will be the most appropriate promotion mix element.

Answers

Answer:

Direct marketing and interactive marketing.

Explanation:

In a case of direct marketing here, they do research, identify customers, select media (TV, direct mail, internet), and create a campaign. But rather than guess whether the message worked, they track the consumer's response. How many people (and of what age, ethnic group, income level) called the number in the catalog, clicked the button on the website, or went to the store for their gift with purchase. This is because direct marketers can measure the results, they can make the next campaign even better.

While in the other hand, interactive marketing explained to be the fastest growing form of marketing where sellers do chats and explanations that comes off as convincing approach of their products to their buyers, this could be physically or online.

Which of the following is a manufacturing cost?
A. Indirect materials
B. Advertising expense
C. Depreciation of the office equipment used by the sales staff
D. Salary of clerical workers

Answers

Answer:

A and C

Explanation:

A manufacturing cost is the depreciation of the office supplies utilized by the sales team and indirect materials. As a result, choices (A) and (C) are the correct stuff.

What is manufacturing cost?

The cost of all the resources used to produce a product, collectively referred to as the manufacturing cost, is what is considered. Direct labor, direct material costs, and manufacturing overhead make up the three areas that make up the cost of production. The whole cost of delivery is affected by it.

The raw materials known as "direct materials" are those that are included into the finished good. Applying a chain of processes to maintain a deliverable product provides value to raw materials in manufacturing. For example, welding, cutting, and painting are just a few of the many processes that can be used on raw materials. The difference between direct and indirect materials must be understood.

Hence, option (C) is accurate.

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Imagine that your goal is to retire 34 years from today with \$1,000,000$1,000,000 in savings. Assuming that you currently (i.e., today) have \$5,000$5,000 in savings, what rate of return must you earn on that savings to hit your goal? (Hint: Solve your future value formula for the discount rate, RR) *Make sure to input all percentage answers as numeric values without symbols, and use four decimal places of precision. For example, if the answer is 6%, then enter 0.0600.

Answers

Answer:

Present value after 34years = 1000000

Cash flow at present= 5000

Using

PV= CF(1+R)^t

1000000=5000(1+R)^34

R=1.169-1

R=0.168(16.8%)

Rate of return must you earn on that savings to hit your goal is 0.168, at the present value of $1000000, this can be calculated as follows

formula for calculating rate of return =

PV= CF(1+R) ^t

Wherein,

PV is Present value after 34years = 1000000

CF is Cash flow at present= 5000

R (rate of return) =?

T, that is time is 34 years

Therefore, with the help of given numbers the rate of return can be calculated as follows:

1000000=5000(1+R) ^34

R=1.169-1

R=0.168(16.8%)

Therefore, an individual with the present value of $1000000 and present cash flow of $5000 can earn a rate of return at 0.168 after 34 years

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The Kaufusi Company has the following budgeted sales: April May June July Credit sales..................................... $ 320,000 $ 300,000 $ 350,000 $ 400,000 Cash sales....................................... $ 70,000 $ 80,000 $ 90,000 $ 70,000 The regular pattern of collection of credit sales is 30% in the month of sale, 60% 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 accounts receivable balance on May 31 would be:

Answers

Answer: $242,000

Explanation:

Seeing as this is the balance on the 31st of May, it can be assumed that the 60% to be collected in May (being the month following April) from April Credit Sales has already been collected so only 10% remains.

For May, we can assume that the 30% has been collected leaving only 70% still to be collected on the 31st.

Calculating therefore,

April Credit Sales Due 31st of May = 320,000 * 10%

= $32,000

May Credit Sales due 31st of May = 300,000 * 70%

= $210,000

Total on the 31st of May is therefore,

= 32,000 + 210,000

= $242,000

The budgeted accounts receivable balance on May 31 would be $242,000.

Suppose that​ initially, the economy is in​ long-run macroeconomic equilibrium at point A. If there is increased pessimism about the future of the​ economy, the AD curve will shift from ▼ . The new​ short-run macroeconomic equilibrium occurs at ▼ point A point B point C . ​Long-run adjustment will shift the SRAS curve from ▼ SRAS 0 to SRAS 1 SRAS 1 to SRAS 0 as workers adjust to​ lower-than-expected prices. The new​ long-run macroeconomic equilibrium occurs at ▼ point A point B point C .

Answers

Answer:

a) In simple words, higher level of pessimism would result in lesser aggregate demand. Thus, AD will shift from point AD0 to the point AD1.  The fresh short time equilibrium is placed at point B (wherein AD1 is conneting to SRAS0).  Longer run accostoming will move SRAS curve from point SRAS0 to the pint SRAS1.  Hence, the New longer run equilibrium has been placed at point C.

Holmes Company produces a product that can be either sold as is or processed further. Holmes has already spent $52,000 to produce 2,325 units that can be sold now for $81,500 to another manufacturer. Alternatively, Holmes can process the units further at an incremental cost of $265 per unit. If Holmes processes further, the units can be sold for $410 each. Compute the incremental income if Holmes processes further.

Answers

Answer:

incremental income= $255,625

Explanation:

Giving the following information:

Holmes has already spent $52,000 to produce 2,325 units that can be sold now for $81,500 to another manufacturer.

Process the units further at an incremental cost of $265 per unit. If Holmes processes further, the units can be sold for $410 each.

Sell as-is:

Net income= 81,500 - 52,000= $29,500

Continue processing:

Net income= 2,325*(410 - 265) - 52,000= $285,125

incremental income= 285,125 - 29,500= $255,625

Freeman, Inc., reported net income of $40,000 for 20A. The income tax return excluded a revenue item of $3,000 (reported on the income statement) because under the tax laws the $3,000 would not be reported for tax purposes until 20B. Assuming a 30% income tax rate, this situation would cause a 20A deferred tax amount of A) $3,000 (debit). B) $3,000 (credit). C) $ 900 (debit). D) $ 900 (credit).

Answers

Answer:

The correct option is D,$900(credit)

Explanation:

The revenue omitted would be increase revenue in the year 20B ,as result net income would also be increased,hence the tax impact of it in the future that should be taken record of now is a deferred tax liability,a tax payable in the year 20B.

The amount of tax deferred is the omitted revenue multiplied by the tax rate of 30% i.e

deferred tax =$3000*30%=$900

This would be credited to deferred tax liability and debited income tax expense.

company is considering establishing a new machine to automate a packing process. The machine will save $ 50,000 in labor annually. The machine can be purchased for $ 250,000 today and will be used for 10 years. It has a salvage value of $5,000 at the end of its useful life. The new machine will require an annual maintenance cost of $ 11,000. The company has a minimum rate of return of 10%. What is the Net present worth and should they buy the machine

Answers

Answer:

NPV = $-8,434.17

The firm shouldn't buy the machine

Explanation:

Net present value is the present value of after tax cash flows from an investment less the amount invested.

NPV can be calculated using a financial calculator:

Cash flow in year 0 = $-250,000

Cash flow each year from year 1 to 9 = $50,000 - $11,000 = $39,000

Cash flow in year 10 = $39,000 + $5,000 = $44,000

I = 10%

NPV = $-8,434.17

The NPV 8s negative and this indicates that the investment would be unprofitable. The firm shouldn't invest in the project.

To find the NPV using a financial calacutor:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.

3. Press compute

I hope my answer helps you

A production line is to be designed for a product whose completion requires 19 minutes of work. The factory works 400 minutes per day. Can an assembly line with five workstations make 100 units per day? A. yes, with exactly 250 minutes to spare B. no, but four workstations would be sufficient C. no, it will fall short even with a perfectly balanced line D. yes, with high line efficiency E. cannot be determined from the information given

Answers

Answer:

C. No, it will fall short even with a perfectly balanced line.

Explanation:

It is clearly seen here that the workforce does not tally with the target production desired, so it is explained that making the target unit of 100 will certainly fall short, even with a perfectly balanced line.

They could rely on the numbers to make intelligent estimates of the magnitude, timing, and uncertainty of future cash flows and to judge whether the resulting estimate of value was fairly represented in the current stock price. And they could make wise decisions about whether to invest in or acquire a company, thus promoting the efficient allocation of capital.

g On July 1, 2019, Sheffield Corp. issued 9% bonds in the face amount of $12400000, which mature on July 1, 2025. The bonds were issued for $11859948 to yield 10%, resulting in a bond discount of $540052. Sheffield uses the effective-interest method of amortizing bond discount. Interest is payable annually on June 30. At June 30, 2021, Sheffield's unamortized bond discount should be

Answers

Answer:

$393,063

Explanation:

The bond is issued on discount when the issuance price is less than the face value of the bond. The discount is expensed over the bond period until maturity. It is added to the interest expense value to expense it.

Unamortized Discount is the discount balance which has not been expensed or discount balance for outstanding period of the bond to maturity.

Discount Balance = $540,052

Date   Interest Paid  Interest Expense  Amortization Book Value

7/1/19                                                                           11,859,948

6/30/20 1,116,000   1,185,995              69,995           11,929,943

6/30/21   1,116,000   1,192,994              76,994           12,006,937

Unamortized Discount = Total Discount - Discount amortized

Unamortized Discount = $540,052 - ($69,995 + $76,994)

Unamortized Discount = $393,063

Use the following information for Problems 35 through 40 A potential investor is seeking to invest $1,000,000 in a venture, which currently has 2 million shares held by its founders, and is targeting a 50% return five years from now. The venture is expected to produce 1 million dollars in income per year at year 5. It is known that a similar venture recently produced $2,000,000 in income and sold shares to the public for $20,000,000. What is the percent ownership of our venture that must be sold in order to provide the venture investor’s target return?

Answers

Answer:

0.3797 or 37.97%

Explanation:

According to the scenario, computation of the given data are as follow:-

Wants Rate on return on investment = 50%

Expected value of return on investment = invested amount × (1+g)^t

= $1,000,000 × (1+50%)^5

= $1,000,000 × 7.59375

= $7,593,750

Similar venture would achieve valuation of $20,000,000 for $2,000,000. We can expect that company would achieve similar valuation of $20,000,000 in 5 years from now.

Investor’s share value at 5 years = $7,593,750 ÷ $20,000,000

= 0.3797 or 37.97%

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