Answer:
Results are below.
Explanation:
Giving the following information:
Purchases= $32,000
Beginning inventory= $7,800
Ending inventory= $4,400
To calculate the direct material used, we need to use the following formula:
Direct material used= beginning inventory + purchases - ending inventory
Direct material used= 7,800 + 32,000 - 4,400
Direct material used= $35,400
Determine if the research is deductive or inductive: - If because of analysis of data collected, one infers that the problem of turnover can be minimized by three important factors: (i) flexible work hours; (ii) recognition of superior performance of workers through suitable merit pay raises; and (iii) enriching certain types of jobs. If a manager observes that people residing at distances beyond 50 miles from the workplace remain absent more frequently than those he knows to reside close by, and infers thereby that distance is a factor in absenteeism. Fares spent some time reviewing the literature on child behavior and focused particularly on theoretical explanations for gender differences he might expect to find in his upcoming study of children.
Answer:
1. Deductive
2. Inductive
3. Deductive
Explanation:
Deductive research is a form of reasoning that stems from existing theories that can be tested. Data is collected to test a theory and the results are analyzed. The first and third scenarios are deductive research works because there are existing theories or data that can be worked on. In the first instance, data on issues of turnover already exist. In the third scenario, there were theories to explain gender differences.
Inductive research proposes a theory after observation. This is applicable in the second instance where the manager proposes the theory that relates distance to absenteeism after close observation.
On June 15, Oakley Inc. sells inventory on account to Sunglass Hut (SH) for $4,500, terms 4/10, n/30. On June 20, SH returns to Oakley inventory that SH had purchased for $1,000. On June 24, SH completely fulfills its obligation to Oakley by making a cash payment. What is the amount of cash paid by SH to Oakley
Answer: $3360
Explanation:
Based on the information given in the question, the amount of cash paid by SH to Oakley will be calculated as thus:
SH will be entitled to a discount of 4% since the payment was made within the discount period, therefore, the discount that is applicable will be:
= $4500 - $1000
= $3,500
Therefore, the amount of cash payment that is made by SH to Oakley will be:
= $3,500 - (4% × $3,500)
= $3500 - (0.04 × $3500)
= $3500 - $140
= $3360
Therefore, the amount of cash paid by SH to Oakley is $3360.
Travis and Andrea were divorced in 2017. Their only marital property consisted of a personal residence (fair market value of $400,000, cost of $200,000), and publicly traded stocks (fair market value of $800,000, cost basis of $500,000). Under the terms of the divorce agreement, Andrea received the personal residence and Travis received the stocks. In addition, Andrea was to receive $50,000 for eight years. I. If the $50,000 annual payments are to be made to Andrea or her estate (if she dies before the end of the eight years), the payments will qualify as alimony. II. Andrea has a taxable gain from an exchange of her one-half interest in the stocks for Travis' one-half interest in the house and cash. III. If Travis sells the stocks for $900,000, he must recognize a $400,000 gain. a.I, II, and III are true. b.Only III is true. c.Only I and II are true. d.Only I and III are true.
Answer: B. b.Only III is true.
Explanation:
It should be noted that in order to qualify as an alimony, then the cash payments have to stop when the payer dies.
It should be noted that the $50,000 annual payments that are to be made to Andrea or her estate if she dies before the end of the eight years doesn't qualify as alimony.
Therefore, the correct option will be that If Travis sells the stocks for $900,000, he must recognize a $400,000 gain.
Therefore, only III is correct.
Prior to June 30, a company has never had any treasury stock transactions. A company repurchased 100 shares of its $1 par common stock on June 30 for $40 per share. On July 20, it reissued 50 of these shares at $46 per share. On August 1, it reissued 20 of the shares at $38 per share. What is the journal entry necessary to record the repurchase of stock on June 30?A. Debit Common Stock $2,300; credit Cash $2,300.
B. Debit Common Stock $20; debit Treasury Stock $2,290; credit Cash $2,300.
C. Debit Common Stock $2,300; credit Treasury Stock $2,000; credit Paid-In Capital, Treasury Stock $300.
D. Debit Cash $2,300; credit Paid-in Capital, Treasury Stock $300; credit Treasury Stock $2,000.
E. Debit Cash $2,300; credit Treasury Stock $2,300.
Answer:
When shares are repurchased, they are recorded at the cost price in the books which means that they will be recorded at:
= 100 * 40
= $4,000
Cash will then be credited because assets are credited when they reduce.
Treasury stock will be debited to show that Equity is reducing.
Date Account Title Debit Credit
June, 30 Treasury Stock $4,000
Cash $4,000
A trial balance is a(n) (list/balance/chart)
of accounts and their balances at a point in time and is used to confirm that the sum of debit account balances equals the sum of
account balances. Use one word for each blank.
Answer:
- List; credit
"A trial balance is a(n) list of accounts and their balances at a point in time and is used to confirm that the sum of debit account balances equals the sum of credit account balances."
Explanation:
'Trial Balance' is described as the 'statement of the balances of all nominal accounts in a double-entry ledger.' It is primarily made with the aim to examine the equality in the debit, as well as, credit balances. As per the accounting rules, the total value of the debits must be equal to the total of credit values. Any difference or discrepancy in the balance signals that an error has been made in the calculation or making the entries and certain transactions are missed out. Thus, the correct words would be 'list and credit.'
Suppose Siam Traders has the following results related to cash flows for 2020:
Net Income of $7,200,000
Increase in Accounts Payable of $600,000
Increase in Accounts Receivable of $100,000
Decrease in Debt of $700,000
Depreciation Expenses of $2,000,000
Dividends Paid of $500,000
Decrease in Inventory of $1,000,000
Purchases of Property, Plant, & Equipment of $8,300,000
Other Adjustments from Financing Activities of -$100,000
Other Adjustments from Investing Activities of $400,000
Other Adjustments from Operating Activities of -$200,000
Requried:
Create a statement of cash flows with amounts in thousands.
Answer:
Siam Traders
Siam Traders
Statement of Cash Flows (in thousands)
Operating Activities:
Net Income $7,200
Non-cash adjustment:
Depreciation Expenses $2,000
Increase in Accounts Receivable ($100)
Decrease in Inventory $1,000
Increase in Accounts Payable $600
Other Adjustments from Operating Activities ($200)
Net cash from operating activities $10,500
Investing Activities:
Purchases of Property, Plant, & Equipment ($8,300)
Other Adjustments from Investing Activities $400
Net cash from investing activities ($7,900)
Financing Activities:
Decrease in Debt ($700)
Dividends Paid ($500)
Other Adjustments from Financing Activities of ($100)
Net cash from financing activities ($1,300)
Net cash flows $1,300
Explanation:
a) Data and Calculations:
Net Income of $7,200,000
Increase in Accounts Payable of $600,000
Increase in Accounts Receivable of $100,000
Decrease in Debt of $700,000
Depreciation Expenses of $2,000,000
Dividends Paid of $500,000
Decrease in Inventory of $1,000,000
Purchases of Property, Plant, & Equipment of $8,300,000
Other Adjustments from Financing Activities of -$100,000
Other Adjustments from Investing Activities of $400,000
Other Adjustments from Operating Activities of -$200,000
Operating Activities:
Net Income of $7,200,000
Depreciation Expenses of $2,000,000
Increase in Accounts Receivable of $100,000
Decrease in Inventory of $1,000,000
Increase in Accounts Payable of $600,000
Other Adjustments from Operating Activities of -$200,000
Investing Activities:
Purchases of Property, Plant, & Equipment of $8,300,000
Other Adjustments from Investing Activities of $400,000
Financing Activities:
Decrease in Debt of $700,000
Dividends Paid of $500,000
Other Adjustments from Financing Activities of -$100,000
epartments have estimated annual factory overhead costs of $256,000 and $480,000, respectively. The Fabrication Dept. expects 25,000 machine hours this year. The Assembly Dept. expects $592,000 DL cost this year. Calculate the factory overhead cost that will be charged to each unit of the two products using multiple production dept. factory overhead rates (round to nearest $0.00).
Answer:
Factory overhead cost charged to each unit:
Fabrication Assembly
Factory overhead rates $10.24 $0.81
Machine hours per unit 5
Direct labor cost per unit $118.40
Factory overhead cost per unit $51.20 $95.90
Explanation:
a) Data and Calculations:
Fabrication Assembly
Annual overhead costs $256,000 $480,000
Expected machine hours 25,000 0
Expected direct labor costs 0 $592,000
Overhead rates $10.24 $0.81
($256,000/25,000) ($480,000/$592,000)
Assuming number of units produced = 5,000
Each unit will consume 5 (25,000/5,000) $118.40 ($592,000/5,000)
machine hours direct labor cost
Overhead cost per unit = $51.20 $95.90
($10.24 * 5) ($118.40 * $0.81)
Discretionary fiscal policy will stabilize the economy most when Group of answer choices deficits are incurred during recessions and surpluses during inflations. deficits are incurred during inflations and surpluses during recessions budget surpluses are continuously incurred. the budget is balanced each year.
Answer:
deficits are incurred during recessions and surpluses during inflations
Explanation:
Discretionary fiscal policies are deliberate steps taken by the government to stimulate the economy in order to cause the economy to move to full employment and price stability more quickly than it might otherwise.
Discretionary fiscal policies can either be expansionary or contractionary
Expansionary fiscal policy is when the government increases the money supply in the economy either by increasing spending or cutting taxes. These policies are carried out in a recession when the government wants to increase total spending
Contractionary fiscal policies is when the government reduces the money supply in the economy either by reducing spending or increasing taxes . These policies are carried out in periods of inflation when the government wants to reduce money supply in the economy
Neubart Company owns 100% of the outstanding shares of two European subsidiaries, which operate largely independently and operate in a different industry than Neubart. The subsidiaries' earnings typically are reinvested in their home country. In consolidating the subsidiaries financial statements with those of the U.S. parent, the subsidiaries' financial statement numbers should be:________ a) remeasured using the current rate method. b) remeasured using the temporal method. c) translated using the current rate method. d) translated using the temporal method.
Answer: c) translated using the current rate method.
Explanation:
It should be noted that the translation method is utilized when the financial statements of a subsidiary unit are being expressed in the functional currency of the parent company.
Following the question given above, in consolidating the subsidiaries financial statements with those of the U.S. parent, the subsidiaries' financial statement numbers should be translated using the current rate method.
Therefore, the correct option is C.
Molly sells bracelets to Jean's Place, a boutique store. Molly is scheduled to deliver 100 bracelets on July 1. On June 15, Jean, the owner of Jean's Place calls Molly and says "I might not be able to pay for your bracelets." Molly does not deliver the bracelets on July 1. Jean can probably recover from Molly for breach of contract. Group of answer choices True False
Answer: False
Explanation:
The contract is such that Molly agreed to bring bracelets if Jean would pay for said bracelets.
The terms of the contract therefore are that Jean would pay and Molly would deliver. Jean then calls Molly and says that they will be unable to pay which means that they are not going to be able to hold up their responsibilities in the contract.
Molly has the right to then cancel the contract because the other party will not be able to perform their obligations and face no repercussion for it.
Jamar Co. sold its headquarters building at a gain, and simultaneously leased back the building. The lease was reported as a finance lease. At the time of the sale, the gain should be reported as
Answer:
a deferred gain
Explanation:
Deferred gain occurs when the recipient of the proceeds or profits from a transaction do not collect it all upfront. Some of the gain is not collected now but deferred to some future time.
It is referred to as unrealised revenue and is represented on the balance sheet as a liability.
In the given scenario Jamar Co. sold its headquarters building at a gain, and simultaneously leased back the building. This means not all the gains from the sale are received now.
So this is a deferred gain.
Item 2 On July 1 of the current calendar year, Plum Co. paid $8,000 cash for management services to be performed over a two-year period beginning July 1. Plum follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. The adjusting entry on December 31 of the current year for Plum would include:
Answer:
- July 1st - December 31st (6 months)
- Here, $8,000 is paid for 2 years (24 months)
So, expenses for 6 month = $8,000 * 6/24 = $2,000
Date Journal Entry Debit Credit
Expense $2,000
Prepaid expense $2,000
(To record the expense)
The Baldwin Company has just purchased $40,900,000 of plant and equipment that has an estimated useful life of 15 years. The expected salvage value at the end of 15 years is $4,090,000. What will the book value of this purchase (exclude all other plant and equipment) be after its third year of use
Answer:
$38,448,000
Explanation:
Calculation to determine What will the book value of this purchase
First step
Depreciation = (cost - salvage)/useful life
Depreciation= (40,900,000 - 4,090,000 )/15
Depreciation=36810000/15
Depreciation=2454000
Now let determine the
Book value=Cost -Depreciation
Book value=$40,900,000-$2,454,000
Book value=$38,448,000
Therefore the book value of this purchase is$38,448,000
Production and sales estimates for March for Robin Co. are as follows: Estimated inventory (units), March 1 18,500 Desired inventory (units), March 31 20,000 Expected sales volume (units): Territory M 6,800 Territory L 8,300 Territory L 7,300 Unit sales price $15 The number of units expected to be manufactured in March is
Answer:
Robin Co.
The number of units expected to be manufactured in March is:
= 23,900 units.
Explanation:
a) Data and Calculations:
Estimated inventory (units), March 1 = 18,500
Desired inventory (units), March 31 = 20,000
Expected sales volume (units): Territory M 6,800 Territory N 8,300 Territory L 7,300
Unit sales price = $15
Total expected sales volume (units) = 22,400
Production estimation:
Total expected sales units = 22,400
Desired inventory (units), March 31 20,000
Units available for sale = 42,400
Estimated inventory (units), March 1 18,500
Units expected to be manufactured 23,900
A truck that cost $72,000 and on which $60,000 of accumulated depreciation has been recorded was disposed of for $18,000 cash. The entry to record this event would include a
Answer:
Gain of $6,000.
Explanation:
Calculation to determine what The entry to record this event would include
Using this formula
Gain=(Accumulated depreciation+Cash)-Cost
Let plug in the formula
Gain=($60,000+$18,000)-$72,000
Gain=$78,000-$72,000
Gain=$6,000
Therefore The entry to record this event would include a gain of $6,000
Product quality is ultimately reflected in the __________ and the price that customers are willing to pay. Group of answer choices market share development capability development time development cost
Answer: Market share
Explanation:
When a product is of high quality, more people will want to buy it because humans are drawn to things of superior quality. The quality item will therefore have a higher market share than its competitors.
The price will also reflect this as it would be higher than competing products to show that it is more sought after.
Take the iPhone for example. There are many more smartphones in the market but because of the quality of iPhones, they have such a high market share in the United States.
An investment offers $2,374 per year for 13 years, with the first payment occurring 1 year from now. If the required return is 8 percent, what is the value of the investment
Answer:
PV= $18,763.56
Explanation:
Giving the following information:
Annual payment (A)= $2,374
Number of payments= 13
Discount rate (i)= 8%
To calculate the present value, we need to use the following formula:
PV= A*{(1/i) - 1/[i*(1 + i)^n]}
PV= 2,374*{(1/0.08) - 1 / [(0.08*(1.08^13)}}
PV= $18,763.56
Fuente, Inc., has identified an investment project with the following cash flows. Year Cash Flow 1 $ 1,070 2 1,300 3 1,520 4 2,260 a. If the discount rate is 8 percent, what is the future value of these cash flows in Year 4
Answer:
Total FV= $6,765.82
Explanation:
Giving the following information:
Year Cash Flow 1 $ 1,070 2 1,300 3 1,520 4 2,260
Discount rate= 8%
To calculate the total future value, we need to use the following formula on each cash flow:
FV= Cf*(1 + i)^n
FV1= 1,070*(1.08^3)= 1,347.9
FV2= 1,300*(1.08^2)= 1,516.32
FV3= 1,520*1.08= 1,641.6
FV4= 2,260
Total FV= $6,765.82
a. Net income was $471,000.
b. Issued common stock for $74,000 cash.
c. Paid cash dividend of $11,000.
d. Paid $130,000 cash to settle a note payable at its $130,000 maturity value.
e. Paid $122,000 cash to acquire its treasury stock.
f. Purchased equipment for $91,000 cash.
Use the above information to determine cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.)
Answer:
-$189,000
Explanation:
Calculation to determine the cash flows from financing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Issued common stock for cash $74,000
Less Paid cash dividend ($11,000)
Less Paid cash to settle a note payable ($130,000)
Less Paid cash to acquire its treasury stock ($122,000)
Cash flows from financing activities -$189,000
Therefore the Cash flows from financing activities is -$189,000
who is the cm of korea
Kim boo-kyum is cm ko korea
Answer:
kim book kyum is the cm of korea
Explanation:
hope it helps!!
A state of economic scarcity exists when consumers:
A. do not have enough resources to satisfy all of their wants.
B. save their money in banks instead of spending it.
C. borrow too much money to buy unnecessary products.
D. have their economic freedoms restricted by the government.
Maricopa's Success scholarship fund receives a gift of $ 160000. The money is invested in stocks, bonds, and CDs. CDs pay 4.5 % interest, bonds pay 5.8 % interest, and stocks pay 8.4 % interest. Maricopa Success invests $ 15000 more in bonds than in CDs. If the annual income from the investments is $ 10450 , how much was invested in each account
Answer:
Maricopa's Success invested $40,000 in CDs, $55,000 in bonds and $65,000 in stocks.
Explanation:
Since Maricopa's Success scholarship fund receives a gift of $ 160,000, and the money is invested in stocks, bonds, and CDs, and CDs pay 4.5% interest, bonds pay 5.8% interest, and stocks pay 8.4% interest, and Maricopa Success invests $ 15000 more in bonds than in CDs, if the annual income from the investments is $ 10,450, to determine how much was invested in each account, the following calculation must be performed:
15,000 x 0.045 + 30,000 x 0.058 + 115,000 x 0.084 = 675 + 1740 + 9660 = 12,075
30,000 x 0.045 + 45,000 x 0.058 + 85,000 x 0.084 = 1350 + 2610 + 7140 = 11,100
37,500 x 0.045 + 52,500 x 0.058 + 70,000 x 0.084 = 1687.5 + 3045 + 5880 = 10,612.5
40,000 x 0.045 + 55,000 x 0.058 + 65,000 x 0.084 = 1800 + 3190 + 5460 = 10,450
Therefore, Maricopa's Success invested $ 40,000 in CDs, $ 55,000 in bonds and $ 65,000 in stocks.
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item.
Product Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value)
Model A 12 $106 $102
Model B 45 84 70
Model C 36 254 243
Model D 31 85 88
Model E 41 132 148
Required:
Determine the value of the inventory at the lower of cost or market.
Answer:
The value of the inventory at the lower of cost or market price is:
= $21,170.
Explanation:
a) Data and Calculations:
Product Inventory Cost per Unit Market Value per Unit LCNRV
Quantity (Net Realizable Value)
Model A 12 $106 $102 $1,225 (12*$102)
Model B 45 84 70 3,150 (45*$70)
Model C 36 254 243 8,748 (36*$243)
Model D 31 85 88 2,635 (31*$88)
Model E 41 132 148 5,412 (41*$132)
Total cost of inventory based on LCNRV (per item) $21,170
Given the following data, compute overhead applied and the under- or overapplication of overhead for the period:
Estimated annual overhead cost $1700000
Actual annual overhead cost $1675000
Estimated machine hours 200000
Actual machine hours 190000
Answer:
Underapplied overhead= $60,000
Explanation:
Giving the following information:
Estimated annual overhead cost $1700000
Actual annual overhead cost $1675000
Estimated machine hours 200000
Actual machine hours 190000
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 1,700,000 / 200,000
Predetermined manufacturing overhead rate= $8.5 per machine hour
Now, we can allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 8.5*190,000
Allocated MOH= $1,615,000
Finally, the over/under allocation:
Under/over applied overhead= real overhead - allocated overhead
Under/over applied overhead= 1,675,000 - 1,615,000
Underapplied overhead= $60,000
According to the law of ________, the quantity of Indian rupees demanded by U.S. consumers will ________ when the price of Indian rupees in terms of U.S. dollars falls.
Answer:
demand
rise
Explanation:
According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.
If the price of Indian rupees in terms of U.S. dollars falls, it means that the US dollar has appreciated against the rupees
it becomes cheaper to buy the rupees.
As a result, the quantity demanded of rupees would increase
The American Recovery and Reinvestment Act, signed by President Barack Obama in 2009, aimed at: Group of answer choices providing higher unemployment benefits to the residents of the economy. removing the supply bottlenecks in the economy. ensuring free trade flows across the world. stimulating the aggregate demand in the economy. closing an expansionary gap through a contractionary fiscal policy.
Answer: Stimulating the aggregate demand in the economy.
Explanation:
When former President Obama took over the governing of the nation in 2009, the country was in the midst of one of the worst global depressions that it had ever been through. Employment was high and aggregate demand was low.
President Obama therefore embarked on an expansionary fiscal policy by passing the American Recovery and Reinvestment Act which was to target certain sectors of the economy with the view of increasing investment in those sectors and consumption so that Aggregate demand can be stimulated in the economy as those two things are components of Aggregate demand.
Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $4,538. The FICA tax for social security is 6.2% of the first $128,400 earned each calendar year, and the FICA tax rate for Medicare is 1.45% of all earnings for both the employee and the employer. The amount of federal income tax withheld from his earnings was $680.70. His net pay for the month is:_________
A) $3,857.30
B) $3,510.14
C) $4,538.00
D) $3,162.98
E) $4,190.84
Answer: $3,510.14
Explanation:
Trey Morgan's net pay will be amount remaining after deducting the FICA taxes for Social security and Medicare and the Federal income tax withheld.
The net pay is therefore:
= 4,538 - (4,538 * 6.2%) - (4,538 * 1.45%) - 680.70
= 4,538 - 281.356 - 65.801 - 680.70
= $3,510.14
) What are the source documents for direct materials, direct labor, and manufacturing overhead costs assigned to this job
Answer:
As the details of the job are not included, I shall use the general source documents for these costs.
Direct Materials ⇒ Material requisition slip/document
These are documents that list out the materials that are needed for the production of the good in question. It is sent to inventory where the materials would be acquired from.
Direct Labor ⇒ Time sheets / Records
The company will have some form of time sheet or other recoding document that workers can use to clock the the time they worked on the good.
Manufacturing Overhead Cost ⇒ Predetermined rate.
For manufacturing overheads, a predetermined rate is usually used to apportion the cost.
According to the National Association of Colleges and Employers (NACE) survey, some of the skills that employers seek include:
Answer:
1) Problem solving skills
2) Teamwork abilities
3) Strong work ethic
4) Analytic / Quantitative Skills
Explanation:
As reported by the National Association of Colleges and Employers (NACE), during their survey on skills employers seek in candidates. They have found that the most important skills employers seek in a candidate's resume aside from a good GPA are problem-solving skills and the ability to work in a team.
Other top skills that employers want are a strong work ethic and analytical/quantitative skills. These skills were among the top six in the last year's report of NACE. While this year they have become the top four most wanted skills by an employer.
There are other skills as well that employers seek such as Communication Skills (written), Leadership, Communication Skills (Verbal), Initiative, etc. However, they are not as important as the top four skills mentioned above.
Chabot Company had the following results last year: net operating income, $2,160; turnover, 5; and return on investment 18%. Chabot Company's average operating assets were: a. $300,000. b. $60,000. c. $10,800. d. $12,000.
