Cost of Goods Sold Section, Multiple-Step Income Statement
Based on the information that follows, prepare the cost of goods sold section of a multiple-step income statement.
Merchandise Inventory, January 1, 20-- $37,000
Estimated Returns Inventory, January 1, 20-- 1,000
Purchases 102,000
Purchases Returns and Allowances 4,200
Purchases Discounts 2,040
Freight-In 800
Merchandise Inventory, December 31, 20-- 30,500
Estimated Returns Inventory, December 31, 20-- 1,500
Income Statement
For Year Ended December 31, 20--
Cost of goods sold:
$
$
$
$

$


$
$
Cost of goods sold $

Answers

Answer 1

Answer and Explanation:

The preparation of the cost of goods sold section of a multiple-step income statement is presented below:

Cost of goods section

Multiple-income statement

Opening inventory         $37,000

Estimated return inventory $1,000

Purchase $102,000

Less purchase returns -$4,200

Less: Purchase discount -$2,040

Add: Freight in $800

Less: closing inventory -$30,500

Less: estimated return inventory -$1,500

Cost of goods sold $102,560


Related Questions

In 2008, Betserai was a 10-year-old quintrillionaire living in Bulawayo, Zimbabwe. He was literally rolling in money. In fact, Betserai has so much money that he decided to make kites out of billion dollar bills instead of putting the money into the bank to earn interest. None of Betserai's friends bothered to save their money, either. Rupert was Betserai's American pen pal and heard of Betserai's story and was extremely confused. He was taught that Zimbabwe was one of the poorer countries in the world, or at the least substantially poorer than the United States. Which statement best explains this phenomenon?
A. A country's wealth is based on the amount of money in circulation.
B. Zimbabwe was in the midst of an incredible economic boom, substantially increasing the wealth of all its citizens.
C. Rapid rises in price levels made the Zimbabwean dollar near worthless in terms of purchasing power.
D. All of these statements could explain what happened in Zimbabwe in 2008.

Answers

Answer:

C. Rapid rises in price levels made the Zimbabwean dollar near worthless in terms of purchasing power.

Explanation:

As in the given situation it is mentioned that 10 year old boy has the bill of billion dollar this represented that the country really printed the bill of billion dollar. It means that the attempt is to be done in order to print a currenct note of higher denomination that also represent that the country would increased such level also at the same time a big amount is required to purchased the goods and services.

Also the high denomination values would not consist of actual value as they have purchasing power i.e. negligible

Classify each of the following costs as a direct cost or an indirect​ cost, assuming that the cost object is the Juniors Department​ (clothing and accessories for teenage and young​ women) in the Stow​ Kohl's department store.​ (Kohl's is a chain of department stores and has stores located across the United​ States.) a. Juniors Department sales clerks ▼ b. Cost of Juniors clothing c. Cost of hangers used to display the clothing in the store d. Electricity for the building e. Cost of radio advertising for the store f. Juniors clothing buyers' salaries (these buyers buy for all the Juniors Departments of Kohl's stores)

Answers

Answer:

The correct answers are:

a - Direct cost

b - direct cost

c - indirect cost

d - indirect cost

e - indirect cost

f - direct cost

Explanation:

On the one hand, the term of "direct cost" in the field of management and accounting refers to the type of cost that is directly associated with the production of a good in particular. So that basically means that a direct cost of a product is something that was extremely necessary to use in the production of it or in the other case it could not have been made.

On the other hand, the term of "indirect cost" refers to the whole opposite concept, meaning that the indirect cost will be those who can not be directly associated with a product or its production but instead it is implicated actually with a whole other activites in the company, such is the case of the electricity of the building.

An insurance company accepts an obligation to pay 10,000 at the end of each year for 2 years. The insurance company purchases a combination of the following two bonds at a total cost of X in order to exactly match its obligation: 1-year 4% annual coupon bond with a yield rate of 5% 2-year 6% annual coupon bond with a yield rate of 5% Calculate X.

Answers

Answer:

$18,594.10

Explanation:

Insurance company has to pay $10,000 for two year with rate of 5% since market rate remain same in both the bond.

X = PV (PMT, N, I/Y)

X = PV(10000, 2, 5)

X = 18594.1043

X = $18,594.10

The following data pertains to Lam Co.'s manufacturing operations: Inventories 4/1 4/30 Direct Materials $ 18,000 $ 15,000 Work in Process 9,000 6,000 Finished Goods 27,000 36,000 Additional information for the month of April: Direct materials purchased $ 32,000 Direct labor 30,000 Direct labor rate per hour 10.00 Factor overhead incurred 40,000 Overhead is applied at $12 per direct labor hour. For the month of April, conversion cost incurred was:

Answers

Answer: $65000

Explanation:

For the month of April, the conversion cost that was incurred would be calculated as:

Beginning inventory of Direct Materials = $18000

Add: Purchase = $32000

Total cost of Direct Materials available = $50000

Less: Ending inventory of Direct Material = $15000

Therefore, Direct material used:

= $50000 - $15000 = $35000

Add: Direct labor = $30000

Conversion cost incurred = $35000 + $30000 = $65000

Data pertaining to the postretirement health care benefit plan of Danielson Delivery Service include the following for the current calendar year: Service cost $ 150,000 APBO, January 1 $ 800,000 Plan assets (fair value), January 1 $ 80,000 Prior service cost (current year amortization, $2,000) $ 90,000 Retiree benefits paid (end of year) $ 90,000 Net gain (current year amortization, $1,000) $ 92,000 Contribution to health care fund (end of year) $ 85,000 Return on plan assets (actual and expected) 10 % Discount rate 8 % Required: 1. Determine Danielson's postretirement benefit expense for the current year.

Answers

Answer: $‭207,00‬

Explanation:

Postretirement benefit for the year is:

= Service cost + Interest cost + Amortization of prior service cost - Return on plant assets - Amortization of net gain

Interest cost = Discount rate *  Actual Projected benefit obligation (APBO)

= 8% * 800,000

= $64,000

Return on plant assets = Return on plan assets (actual and expected)* Plan assets

= 10% * 80,000

= $8,000

Postretirement benefit = 150,000 + 64,000 + 2,000 - 8,000 - 1,000

= $‭207,000‬

Pina Colada Corp. issued 22000 shares of $1 par common stock for $40 per share during 2022. The company paid dividends of $53000 and issued long-term notes payable of $484000 during the year. What amount of cash flows from financing activities will be reported on the statement of cash flows

Answers

Answer:

Net cash flows from financing activities $1,311,000.

Explanation:

The computation of the amount that would be reported on the financing activities of the cash flow statement is as follows:

Issue of common stock(22,000 shares × $40) $880,000

Less: payment of dividend ($53,000)

Add: Issue of the long term note payable $484,000

Net cash flows from financing activities $1,311,000.

A country has constant opportunity cost of production. If they devote all of their resources to the production of blankets they can produce a total of 284 per week. If they devote all of their resources to the production of t-shirts they can produce a total of 612 shirts per week. What is the opportunity cost of producing 1 blanket

Answers

Answer:

2.15 shirts

Explanation:

Opportunity cost or implicit is the cost of the next best option forgone when one alternative is chosen over other alternatives

By producing one more blanket, the country would be forgoing the opportunity to produce one more shirt.

opportunity cost of producing 1 blanket = 612 shirts / 284 = 2.15 shirts

Nichols Fruits leased farm equipment from King Machinery on January 1, 2021. The present value of the lease payments discounted at 10% was $40 million. Ten annual lease payments of $6 million are due at the beginning of each year beginning January 1, 2021. King had constructed the equipment recently for $33 million. With this lease agreement, control is considered to be transferred to the lessee at the beginning of the lease. What amount of interest revenue from the lease should King report in its 2021 income statement?
A. $3.4 million.
B. $6.0 million.
C. $17.0 million.
D. $10.4 million.

Answers

Answer:

A. $3.4 million

Explanation:

Calculation for What amount of interest revenue from the lease should King report in its 2021 income statement

Interest revenue = 10% * [$40 - $6])

Interest revenue = 10% *$34

Interest revenue = $3.4 million

Therefore the amount of interest revenue from the lease that King should report in its 2021 income statement will be $3.4 million

Esquire Company needs to acquire a molding machine to be used in its manufacturing process. Two types of machines that would be appropriate are presently on the market. The company has determined the following:

Machine A could be purchased for $60,500. It will last 10 years with annual maintenance costs of $2,100 per year. After 10 years the machine can be sold for $6,050.
Machine B could be purchased for $55,000. It also will last 10 years and will require maintenance costs of $8,400 in year three, $10,500 in year six, and $12,600 in year eight. After 10 years, the machine will have no salvage value.

Required:
Assume an interest rate of 8% properly reflects the time value of money in this situation and that maintenance costs are paid at the end of each year.

Answers

Answer:

Esquire should purchase Machine A.

Explanation:

Note: The requirement of this question is not complete. The complete requirement is therefore presented before answering the question as follows:

Required:

Assume an interest rate of 8% properly reflects the time value of money in this situation and that maintenance costs are paid at the end of each year. Ignore income tax considerations.

Calculate the present value of Machine A & Machine B. Which machine Esquire should purchase? (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)

Explanation of the answer is now given as follows:

Note: See the attached excel file for the calculations of the present value of Machine A & Machine B.

In the attached excel file, the following is used:

Discounting factor = 1 / (1 + r)^n ……………………………. (1)

Where:

r = interest rate = 8%, or 0.08

n = the year in focus

From part 1 of the attached excel file, we have:

Net present value of Machine A = -$71,788.85

From part 2 of the attached excel file, we have:

Net present value of Machine B = -$75,092.36

Since the Net present value of Machine A of -$71,788.85 is less than the Net present value of Machine B of -$75,092.36, Esquire should purchase Machine A.

In 2020, Ryan files as head of household and has taxable income of $122,500. None of his taxable income consists of capital gains or qualified dividends. Using the tax rate schedule, his tax liability rounded to the nearest dollar, totals $______.

Answers

Answer: 22,038, 22,037, or 22,036

Explanation:

Taxable liability of Ryan is $22,154

Given:

Household and taxable income = $122,500

Find:

Taxable liability

Computation:

Household and taxable income of Ryan is $122,500

So,

Ryan falls [$84,201 - $160,700] tax range

So,

Taxable liability = 12,962 + (122,500 - 84200) × 24%

Taxable liability = 12,962 + (122,500 - 84200) × 0.24

Taxable liability = 12,962 + (38,300) × 0.24

Taxable liability = 12,962 + 9,192

Taxable liability = $22,154

Learn more:

https://brainly.com/question/17961582?referrer=searchResults

he accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts Payable $418 Fees Earned $2,221 Accounts Receivable 765 Insurance Expense 411 Prepaid Insurance 4,395 Land 1,763 Cash 1,386 Wages Expense 735 Drawing 301 Capital 7,117 Total assets are

Answers

Answer:

See below

Explanation:

With regards to the above,

Total assets = $765 + $4,395 + $1,763 + $1,386

Suppose a city block was going to be used for a parking lot in both New York City and a small town. The opportunity cost would be multiple choice 2 lower in New York City because the alternative uses of the city block are more varied. lower in a small city because the alternative uses of the city block are more varied. greater in New York City because the alternative uses of the city block are more valuable. greater in a small city because the alternative uses of the city block are more valuable.

Answers

Answer:

c. The opportunity cost would be greater in New York City because the alternative uses of the block are more valuable.

Explanation:

Value of piece of land would be much higher in New York City in comparison to a small town.

This means that if a piece of land is used for parking lot in the New York City then the alternative use of such land would be more valuable in comparison to the utilization of similar piece of land in a small town.

Higher the value of alternative uses, higher would be the opportunity cost. So, the opportunity cost would be greater in New York City because the alternative uses of the block are more valuable.

Blue Dog Manufacturing Corp. just reported a net income of $7,000,000, and its current stock price is $23.00 per share. Blue Dog is forecasting an increase of 25% for its net income next year, but it also expects it will have to issue 1,900,000 new shares of stock (raising its shares outstanding from 5,500,000 shares to 7,400,000 shares).

Required:
If Blue Dog’s forecast turns out to be correct and its price-to-earnings (P/E) ratio does not change, what does management expect its stock price to be one year from now?

Answers

Answer:

$21.41

Explanation:

The computation of the stock price one year from now is as follows:

As we know that

Earnings per share = Earnings after tax ÷  Number of shares

= $7,000,000 ÷  5,500,000 shares

= $1.27 per share  

And,

P/E ratio = Current price per share ÷ Earnings per share

= $23 ÷ $1.27

= 18.11

Next Year:

Earnings after tax is

= $7,000,000 ×  1.25

= $8,750,000

Now  

Earnings per share = Earnings after tax ÷  Number of shares

= $8,750,000 ÷  7,400,000 shares

= $1.18 per share  

And,

P/E ratio = Current price per share ÷ Earnings per share

18.11 = Current price per share ÷ $1.18

So, the current price per share is

= $1.18 × 18.11

= $21.41

Tirri Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 7.50 Direct labor $ 3.85 Variable manufacturing overhead $ 1.55 Fixed manufacturing overhead $ 24,400 Sales commissions $ 1.05 Variable administrative expense $ 0.60 Fixed selling and administrative expense $ 8,800 If the selling price is $28.10 per unit, the contribution margin per unit sold is closest to:

Answers

Answer:

$13.55

Explanation:

The contribution margin per unit is computed as;

= Selling price - (Direct materials + Direct labor + Variable manufacturing overhead + Sales commission + Variable administrative expense)

= $28.10 - ($7.50 + $3.85 + $1.55 + $1.05 + $0.60)

= $28.10 - $14.55

= $13.55

Therefore , the contribution margin per unit is $13.55

Derek will deposit $9,359.00 per year for 18.00 years into an account that earns 4.00%, The first deposit is made next year. He has $18,418.00 in his account today. How much will be in the account 49.00 years from today

Answers

Answer:

FV= $904,322.05

Explanation:

First, we will calculate the future value of the 18 deposits 19 years from now. Also the value of the $18,418 19 years from now.

FV= {A*[(1+i)^n-1]}/i

A= annual deposit= 9,359

n= 18

i= 0.04

FV= {9,359*[(1.04^18) - 1]} / 0.04

FV= $240,015.42

FV= PV*(1+i)^n

FV= 18,418*(1.04^19)

FV= $38,803.95

Total FV= 240,015.42 + 38,803.95= $278,819.37

Finally, the value of the account for the remaining 30 years:

FV= 278,819.37*(1.04^30)

FV= $904,322.05

The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded.

1. On December 1, 2020, the company paid its annual fire insurance premium of $7,200 for the year beginning December 1 and debited prepaid insurance.
2. On August 31, 2020, the company borrowed $115,000 from a local bank. The note requires principal and interest at 8% to be paid on August 31, 2021.
3. Mazzanti owns a warehouse that it rents to another company. On January 1, 2021, Mazzanti collected $26,400 representing rent for the 2021 calendar year and credited deferred rent revenue.
4. Depreciation on the office building is $19,200 for the fiscal year.
5. Employee salaries for the month of June 2021 $19,500 will be paid on July 20, 2021.

Required:
Prepare the necessary year-end adjusting entries at the end of June 30, 2018, for the above situations.

Answers

Answer:

1. Dr Insurance expense 1,800

Cr Prepaid insurance 1,800

2. Dr Interest expense 2,300

Cr Interest payable 2,300

3. Dr Deferred rent revenue 6,600

Cr Rent revenue 6,600

4. Dr Depreciation expense 4,800

Cr Accumulated depreciation—building 4,800

5. Dr Salaries and wages expense 19,500

Cr Salaries and wages payable 19,500

Explanation:

Preparation of the necessary year-end adjusting entries at the end of June 30, 2018, for the above situations

1. Dr Insurance expense 1,800

Cr Prepaid insurance 1,800

($7,200 × 3/12)

2. Dr Interest expense 2,300

Cr Interest payable 2,300

($115,000× 8% × 3/12)

3. Dr Deferred rent revenue 6,600

Cr Rent revenue 6,600

($26,400 × 3/12)

4. Dr Depreciation expense 4,800

Cr Accumulated depreciation—building 4,800

($19,200 × 3/12)

5. Dr Salaries and wages expense 19,500

Cr Salaries and wages payable 19,500

Owner, Andy Pforzheimer, talks to his staff about their technical skills. He likely expects the Executive Chef, in particular, to excel at which technical

skills? Check all that apply.

Answers

Answer: Knowledge of kitchen equipment such as an anti-griddle or kitchen torch

Preparing delicious menu items for customers to enjoy

Explanation:

Technical skills simply refers to the skills and the abilities that one should have so that the person can be able to do his or her job effectively.

In this case, the owner expects the Executive Chef to excel at:

• Knowledge of kitchen equipment such as an anti-griddle or kitchen torch

• Preparing delicious menu items for customers to enjoy.

As a chef, he must be able to prepare delicious meals and also have knowledge of the kitchen utensils and the equipments.

During January, Year 2, Geo entered into the following transactions: Paid $728 on account for utilities that were used during December, Year 1. Purchased $488 of supplies for cash. Signed a rental agreement for office space and paid $6,100 in advance for six months of rent beginning February 1, Year 2. Purchased $21,000 of new equipment, signing a promissory note. Provided $32,500 of services. $16,000 was received in cash and $16,500 was provided on credit. Paid workers $7,400 for work done in January. Required: Prepare journal entries for each of the following January activities, and post results to the relevant T-accounts. Compute the ending balance of each T-account. Beginning balances have been entered.

Answers

Answer:

Geo

1. Journal Entries:

1. Debit Utilities Payable $728

Credit Cash $728

To record the payment of utilities on account.

2. Debit Supplies $488

Credit Cash $488

To record the purchase of supplies for cash.

3. Debit Prepaid Rent $6,100

Credit Cash $6,100

To record the prepayment of rent for 6 six months.

4. Debit Equipment $21,000

Credit Note Payable $21,000

To record the purchase of equipment on account.

5. Debit Cash $16,000

Debit Accounts Receivable $16,500

Credit Services Revenue $32,500

To record the rendering of services for cash and on account.

6. Debit Salaries Expense $7,400

Credit Cash $7,400

To record the payment of salaries for January.

2. T-accounts:

Utilities Payable

Accounts Titles       Debit        Credit

Cash                        $728

Cash

Accounts Titles       Debit        Credit

Utilities payable                       $728

Supplies                                     488

Prepaid Rent                           6,100

Service Revenue  $16,000

Salaries Expense                   7,400

Supplies

Accounts Titles       Debit        Credit

Cash                       $488

Prepaid Rent

Accounts Titles       Debit        Credit

Cash                    $6,100

Equipment

Accounts Titles       Debit        Credit

Note Payable        $21,000

Note Payable

Accounts Titles       Debit        Credit

Equipment                             $21,000

Accounts Receivable

Accounts Titles       Debit        Credit

Service Revenue $16,500

Services Revenue

Accounts Titles            Debit        Credit

Cash                          $16,000

Accounts Receivable 16,500

Salaries Expense

Accounts Titles       Debit        Credit

Cash                      $7,400

Explanation:

Since the beginning balances were not supplied, the T-accounts are not balanced at the end of the period.  Journal entries were prepared to record the daily business transactions for the first time in the accounting system.  The entries showed the accounts to be debited and credited respectively.

The chart below gives prices and output information for the country of Utopia. Use this information to calculate real and nominal GDP for both years. Use 2001 as the base year.
Year 2000 2001
Price Quantity Price Quantity
Ice Cream $7.00 600 $3.00 400
Blue Jeans $70.00 20 $20.00 90
Laptops $300.00 5 $300.00 5
2000 nominal GDP = $_________
2001 nominal GDP = $_________
2000 real GDP = $_________
2001 real GDP = $_________

Answers

Answer and Explanation:

The computation is shown below:

As we know that

Nominal GDP = Sum of (Present Year Price × Present Year Quantity)

And,  

Real GDP = Sum of (Base Year Price × Present Year Quantity)

Now

(a) Nominal GDP, 2000 is

= $[(7 × 600) + (70 × 20) + (300 × 5)]

= $4,200 + $1,400 + $1,500

= $7,100

(b) Nominal GDP, 2001 is

= $[(3 × 400) + (20 × 90) + (300 × 5)]

= ($1,200 + $1,800 + $1,500)

= $4,500

(c) Real GDP, 2000 is

= $[(3 × 600) + (20 × 20) + (300 × 5)]

= $1,800 + $400 + 1,500

= $3,700

(d) Real GDP, 2001 is

= $[(3 × 400) + (20 × 90) + (300 × 5)]

= $1,200 + $1,800 + $1,500

= $4,500

Perot Corporation is developing a new CPU chip based on a new type of technology. Its new chip, the Patay2 chip, will take two years to develop. However, because other chip manufacturers will be able to copy the technology, it will have a market life of two years after it is introduced. Perot expects to be able to price the chip higher in the first year, and it anticipates a significant production cost reduction after the first year as well. The relevant information for developing and selling the Patay2 is given as follows: PATAY2 CHIP PRODUCT ESTIMATES Development cost $ 20,000,000 Pilot testing $ 5,000,000 Debug $ 3,200,000 Ramp-up cost $ 3,000,000 Advance marketing $ 5,400,000 Marketing and support cost $ 1,000,000 per year Unit production cost year 1 $ 655.00 Unit production cost year 2 $ 545.00 Unit price year 1 $ 820.00 Unit price year 2 $ 650.00 Sales and production volume year 1 250,000 Sales and production volume year 2 150,000 Interest rate 10 %
Assume all cash flows occur at the end of each period.
a. What is the net present value (at the discount rate of 10%) of this project? (Negative value should be indicated by a minus sign. Enter your answer in thousands of dollars. Round your answer to the nearest thousand.)
b. Perot’s engineers have determined that spending $10 million more on development will allow them to add even more advanced features. Having a more advanced chip will allow them to price the chip $50 higher in both years ($870 for year 1 and $700 for year 2). What is the NPV of the project if this option is implemented? (Negative value should be indicated by a minus sign. Enter your answer in thousands of dollars. Round your answer to the nearest thousand.)
c. If sales are only 200,000 the first year and 100,000 the second year, what would the NPV of the project be? Assume the development costs and sales price are as originally estimated. (Negative value should be indicated by a minus sign. Enter your answer in thousands of dollars. Round your answer to the nearest thousand.)

Answers

Answer:

a. Net present value of this project is $12,181,000.

b. Net present value of this project is $19,743,000.

c. Net present value of this project is $342,000.

Explanation:

a. What is the net present value (at the discount rate of 10%) of this project? (Negative value should be indicated by a minus sign. Enter your answer in thousands of dollars. Round your answer to the nearest thousand.)

Present value of year 1 revenue = (Sales and production volume year 1 * Unit price year 1) / (1 + Discount rate)^1 = (250,000 * $820.00) / (1 + 10%)^1 = $186,363,636.36

Present value of year 2 revenue = (Sales and production volume year 2 * Unit price year 2) / (1 + Discount rate)^2 = (150,000 * $650.00) / (1 + 10%)^2= $80,578,512.40

Year 0 total cost = Development cost + Pilot testing + Debug + Ramp-up cost + Advance marketing = $20,000,000 + $5,000,000 + $3,200,000 + $3,000,000 + $5,400,000 = $36,600,000.00

Present value of Year 1 total cost = (Marketing and support cost + (Sales and production volume year 1* Unit production cost year 1)) / (1 + Discount rate)^1 = ($1,000,000 + (250,000 * $655.00)) / (1 + 10%)^1 =  $149,772,727.27

Present value of Year 2 total cost = (Marketing and support cost + (Sales and production volume year 1* Unit production cost year 2)) / (1 + Discount rate)^2 = ($1,000,000 + (150,000 * $545.00)) / (1 + 10%)^2 =  $68,388,429.75

Net present value of this project = Present value of year 1 revenue + Present value of year 2 revenue - Year 0 total cost - Present value of Year 1 total cost - Present value of Year 2 total cost = $186,363,636.36 + $80,578,512.40 - $36,600,000.00 - $149,772,727.27 - $68,388,429.75 = $2,180,991.74

Rounding to the nearest thousand, we have:

Net present value of this project = $12,181,000

b. Perot’s engineers have determined that spending $10 million more on development will allow them to add even more advanced features. Having a more advanced chip will allow them to price the chip $50 higher in both years ($870 for year 1 and $700 for year 2). What is the NPV of the project if this option is implemented? (Negative value should be indicated by a minus sign. Enter your answer in thousands of dollars. Round your answer to the nearest thousand.)

Present value of year 1 revenue = (Sales and production volume year 1 * Unit price year 1) / (1 + Discount rate)^1 = (250,000 * $870) / (1 + 10%)^1 = $197,727,272.73

Present value of year 2 revenue = (Sales and production volume year 2 * Unit price year 2) / (1 + Discount rate)^2 = (150,000 * $700) / (1 + 10%)^2= $86,776,859.50

Year 0 total cost = Development cost + Pilot testing + Debug + Ramp-up cost + Advance marketing + additional development cost = $20,000,000 + $5,000,000 + $3,200,000 + $3,000,000 + $5,400,000 + $10,000,000 = $46,600,000.00

Present value of Year 1 total cost = as already obtained in part a above = $149,772,727.27

Present value of Year 2 total cost = as already obtained in part a above =  $68,388,429.75

Net present value of this project = Present value of year 1 revenue + Present value of year 2 revenue - Year 0 total cost - Present value of Year 1 total cost - Present value of Year 2 total cost = $197,727,272.73 + $86,776,859.50 - $46,600,000.00 - $149,772,727.27 - $68,388,429.75 = $19,742,975.21

Rounding to the nearest thousand, we have:

Net present value of this project = $19,743,000

c. If sales are only 200,000 the first year and 100,000 the second year, what would the NPV of the project be? Assume the development costs and sales price are as originally estimated. (Negative value should be indicated by a minus sign. Enter your answer in thousands of dollars. Round your answer to the nearest thousand.

Present value of year 1 revenue = (Sales and production volume year 1 * Unit price year 1) / (1 + Discount rate)^1 = (200,000 * $820.00) / (1 + 10%)^1 = $149,090,909.09

Present value of year 2 revenue = (Sales and production volume year 2 * Unit price year 2) / (1 + Discount rate)^2 = (100,000 * $650.00) / (1 + 10%)^2= $53,719,008.26

Year 0 total cost = Development cost + Pilot testing + Debug + Ramp-up cost + Advance marketing = $20,000,000 + $5,000,000 + $3,200,000 + $3,000,000 + $5,400,000 = $36,600,000.00

Present value of Year 1 total cost = (Marketing and support cost + (Sales and production volume year 1* Unit production cost year 1)) / (1 + Discount rate)^1 = ($1,000,000 + (200,000 * $655.00)) / (1 + 10%)^1 =  $120,000,000.00

Present value of Year 2 total cost = (Marketing and support cost + (Sales and production volume year 1* Unit production cost year 2)) / (1 + Discount rate)^2 = ($1,000,000 + (100,000 * $545.00)) / (1 + 10%)^2 =  $45,867,768.60

Net present value of this project = Present value of year 1 revenue + Present value of year 2 revenue - Year 0 total cost - Present value of Year 1 total cost - Present value of Year 2 total cost = $149,090,909.09 + $53,719,008.26 - $36,600,000.00 - $120,000,000.00 - $45,867,768.60 = $342,148.76

Rounding to the nearest thousand, we have:

Net present value of this project = $342,000

In Marubeni America Corp. v. United States, the federal appellate court ruled that the Nissan Pathfinder was, for tariff classification purposes a motor vehicle for the transport of passengers. The classification of goods is significant because: Question 16 options: A) the fair value will vary depending on the classification B) the subsidy will vary depending on the classification C) the tariffs will vary depending on the classification D) the dumping duty will vary depending on the classification

Answers

Answer: the tariffs will vary depending on the classification.

Explanation:

Tariff is a form of tax that is usually imposed on the imports that are brought from other countries to a particular country.

With regards to information provided in the question, the classification of goods is significant because the tariffs will vary depending on the classification.

Below are several transactions that took place in Seneca Company last year: Paid suppliers for inventory purchases. Bought equipment for cash. Paid cash to repurchase its own stock. Collected cash from customers. Paid wages to employees. Equipment was sold for cash. Common stock was sold for cash to investors. Cash dividends were declared and paid. A long-term loan was made to a supplier. Income taxes were paid to the government. Interest was paid to a lender. Bonds were retired by paying the principal amount due. Required: Indicate how each of the above transaction would be classified on a statement of cash flows. As appropriate, place an X in the Operating, Investing, or Financing column. Also, place an X in the Cash Inflow or Cash Outflow column.

Answers

Answer:

Note: Operating = A, Investing = B, Financing = C,  Cash Inflow column = D, Cash Outflow column = E

                                                                A          B         C         D          E

a. Paid suppliers for inventory               X                                             X

purchases.

b. Bought equipment for cash.                           X                                 X

c. Paid cash to repurchase its                                         X                    X

own stock.

d. Collected cash from customers.         X                                  X

e. Paid wages to employees.                  X                                             X

f. Equipment was sold for cash.                          X                      X

g. Common stock was sold for                                        X          X

cash to investors.

h. Cash dividends were declared                                    X                     X

and paid.

i. A long-term loan was made to                                       X         X        

a supplier.

j. Income taxes were paid to                    X                                              X

the government.

k. Interest was paid to a lender.               X                                              X

l. Bonds were retired by paying                                        X                      X

the principal amount due

Stephenson Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the CFO's back-up computer data.

Cost of Goods Sold $380,000
Work-in-Process Inventory, Beginning 30,000
Work-in-Process Inventory, Ending 40,000
Selling and Administrative Expense 50,000
Finished Goods Inventory, Ending 15,000
Finished Goods Inventory, Beginning ?
Direct Materials Purchased 171,000
Factory Overhead Applied 112,000
Operating Income 22,000
Direct Materials Inventory, Beginning 18,000
Direct Materials Inventory, Ending 6,000
Cost of Goods Manufactured 340,000
Direct Labor 55,000

The CFO of Stephenson Company has asked you to recalculate the following accounts and report to him by week's end.

What should be the amount of direct materials used?

a. $208,400
b. $405,500
c. $440,800
d. $201,500

Answers

Answer:

Direct material used= $183,000

Explanation:

Giving the following information:

Direct Materials Purchased 171,000

Direct Materials Inventory, Beginning 18,000

Direct Materials Inventory, Ending 6,000

To calculate the direct material used, we need to use the following formula:

Direct material used= beginning inventory + purchases - ending inventory

Direct material used= 18,000 + 171,000 - 6,000

Direct material used= $183,000

Prove:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 30,000 + 183,000 + 55,000 + 112,000 - 40,000

cost of goods manufactured= $340,000

If Ralph rides the bus to work which is considered an inferior good/service. After Ralph applies for and accepts a new management job at twice his old salary he starts to make changes. Based on what you have learned about changes in income and consumer choices, what will most likely happen to Ralph’s use of public transportation? Group of answer choices Ralph would discontinue riding the bus and switch to riding his bike. Ralph would discontinue riding the bus and purchase a car. It will decrease since Ralph will ask his boss if he can telework to avoid the long commute. Ralph would continue riding the bus.

Answers

Answer:

Ralph would discontinue riding the bus and purchase a car.

Explanation:

As in the question it is mentioned that Ralph rides the bus when he go to work this represent an inferior good or a service but when he accept a new management job where his salary is doubled so he begins to make the changes

The change is that as the income rises, so the consumption would fall so he would prefer the more expensive option i.e to purchase a car

A- Ralph would discontinue riding the bus and switch to riding his bike after he gets a new management job and his salary is doubled as compared to the old payroll of Ralph.

Ralph is a rational consumer who will like to upgrade his lifestyle only when his salary reaches a level that he can spend extra part of his disposable income.

Ralph would continue riding his bike for numerous reasons one of them being that he would want to save the time of commute between his accommodation and his workplace,

Ralph will also be able to save time for himself when he reaches home as he can depart at his own comfortable times and this will lead to him eventually spending on own's happiness for Ralph.

Ralph will also end up saving money even after commuting through bike as he knows that his salary is doubled from the previous salary. This will hence not cost as much to him than he would proportionately save.

Hence, the correct option is A that Ralph will stop riding bus and use bike to commute.

To know more about consumer behavior, click on the links below

https://brainly.com/question/10073130

The accounts in the ledger of Hickory Furniture Company as of December 31, 2019, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted.
Accounts Payable $42,770
Accounts Receivable 116,900
Cash ?
Elaine Wells, Capital 75,000
Elaine Wells, Drawing 24,000
Fees Earned 745,230
Insurance Expense 3,600
Land 50,000
Miscellaneous Expense 9,500
Notes Payable 50,000
Prepaid Insurance 21,600
Rent Expense 48,000
Supplies 4,275
Supplies Expense 6,255
Unearned Rent 12,000
Utilities Expense 26,850
Wages Expense 580,700
Prepare an unadjusted trial balance.

Answers

Answer:

Hickory Furniture Company

Unadjusted Trial Balance

As of December 31, 2019

Accounts Title                   Debit         Credit

Accounts Payable                              $42,770

Accounts Receivable    $116,900

Cash                                 33,320

Elaine Wells, Capital                           75,000

Elaine Wells, Drawing     24,000

Fees Earned                                     745,230

Insurance Expense          3,600

Land                               50,000

Miscellaneous Expense  9,500

Notes Payable                                   50,000

Prepaid Insurance         21,600

Rent Expense               48,000

Supplies                          4,275

Supplies Expense          6,255

Unearned Rent                                  12,000

Utilities Expense          26,850

Wages Expense         580,700

Totals                       $925,000   $925,000    

Explanation:

a) Data and Calculations:

Accounts Title                   Debit             Credit

Accounts Payable                                 $42,770

Accounts Receivable    $116,900

Cash ?

Elaine Wells, Capital                              75,000

Elaine Wells, Drawing     24,000

Fees Earned                                       745,230

Insurance Expense          3,600

Land                               50,000

Miscellaneous Expense  9,500

Notes Payable                                    50,000

Prepaid Insurance         21,600

Rent Expense               48,000

Supplies                          4,275

Supplies Expense          6,255

Unearned Rent                                 12,000

Utilities Expense          26,850

Wages Expense         580,700

Totals                        $891,680  $925,000

Cash = $925,000 - $891,680 = $33,320

b) The unadjusted Trial Balance lists the general ledger account balances of Hickory Furniture Company before the adjustment of accounts.  It is the first trial balance that is prepared.

Analyze the role individual team members and leaders play in ensuring or detracting from team success. In the analysis, considering the advantages and disadvantages of the team effectiveness model (Exhibit 7.2). For example, what would be some of the effective and ineffective individual and leadership behaviors regarding team environmental, design, process, and effectiveness practices

Answers

The correct answer to this open question is the following.

Unfortunately, you did not attach the team effectiveness model (Exhibit 7.2). You did not a link or picture of it.

However, trying to help you, we can comment on the following model.

We are going to use the Katzenbach and Smith Team Model.

This team effectiveness model has three important components at the base of the pyramid: collective work product, commitment, and personal growth.

From there, the next level indicates the specific goals of the team, the ground rules, the common approach, and the meaningful purpose of the team.

Going up the pyramid we have the Skills and Accountability.

In the Skills, the authors include interpersonal skills, technical skills, and problem-solving abilities. Regarding Accountability, the authors include mutual and personal accountability.

At the very top of the pyramid, we have the performance results.

This model helps to establish the foundation of the role individual team members and leaders play in ensuring team success.

For this to happen, leaders have to set the example of the n¿behavior they like to observe on team members. On the other hand, setting that example, team members are expected to follow through with the goals and expectations, following high standards of performance to accomplish goals.

Taveras Corporation is currently operating at 50% of its available manufacturing capacity. It uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production 215,000 Fixed manufacturing overhead cost $ 3,655,000 Variable manufacturing overhead cost per machine-hour $ 2.00 Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job P90 was started, completed, and sold to the customer for $3,500. The following information was available with respect to this job: Direct materials $ 1,610 Direct labor cost $ 1,155 Machine-hours used 82 Compute the total manufacturing cost assigned to Job P90.

Answers

Answer:

1. Plant wide predetermined overhead rate is $19 per hour

2. Manufacturing cost assigned to job P90 is $4,323

Explanation:

1. In order to calculate the predetermined overhead rate based on machine hours expended, the fixed overhead cost would have to be divided by the machine hours and then add up variable overhead cost per machine hour

= [ Fixed manufacturing overhead / Machine hours required to support production ] + Variable manufacturing overhead cost per machine hour

= [$3,655,000/215,000] + $2

= $17 + $2

= $19 per hour

2. Manufacturing cost of job P90

Direct materials

$1,610

Direct labor cost

$1,155

Overhead 82 machine hours × $19

$1,558

Total cost

$4,323

g 4. The price of a home is $197,000. The bank requires 20% down payment and four points at closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 4.25%. a. Find the required down payment. b. Find the amount of the mortgage. c. How much will be paid for the four points at closing

Answers

Answer:

a. $39,400

b. $157,600

c. $6,304

Explanation:

a. Down payment

Bank requires 20% down payment

= 20% * 197,000

= $39,400

b. Mortgage amount

= Price of house - down payment

= 197,000 - 39,400

= $157,600

c. Amount at 4 points:

= Mortgage * 4%

= 157,600 * 4%

= $6,304

On January 1 of the current reporting year, Coda Company's projected benefit obligation was $30 million. During the year, pension benefits paid by the trustee were $4 million. Service cost was $10 million. Pension plan assets earned $5 million as expected. At the end of the year, there was no net gain or loss and no prior service cost. The actuary's discount rate was 10%. Required: Determine the amount of the projected benefit obligation at December 31.

Answers

Answer:

The amount of projected benefit obligation is on Dec 31 is $39 million

Explanation:

The computation of the amount of projected benefit obligation is on Dec 31 as follows;

Beginning PBO  $30 million

Service cost $10 million

Interest cost (10% × $30) $3 million

Loss (gain) on PBO $0

Less: benefits paid -$4 million

Ending PBO $39 million

Hence, the amount of projected benefit obligation is on Dec 31 is $39 million

Stevens Company's inventory on March 1 and the costs charged to Work in Process—Department B during March are as follows:

Beginning work in process, 12,000 units, 60% completed $62,400
From Department A, 55,000 units started this period
Direct materials added 115,500
Direct labor incurred 384,916
Factory overhead incurred 138,000

During March, all direct materials were transferred from Department A, the units in process at March 1 were completed, and of the 55,000 units entering the department, all were completed except 6,000 units that were 70% completed. Inventories are costed by the first-in, first-out method.

Required:
Prepare a cost of production report for March.

Answers

Solution :

 Particulars                                                         Direct materials   Conversions

Cost per equivalent unit              

Total costs for month March in Department B          115500              522915

Total equivalent units                                                   55000              58000

Cost per equivalent unit                                                 2.10               9.0158

So, total conversion cost for March in the Department B

= 384915 + 138000

= $ 522915

Costs charged to production:

                                                 Direct Materials    Conversion      Total cost

                                                Costs                        costs            

Inventory in process, March 1                                                              62400

Cost incurred in March                                                                         638415

Total costs accounted by the department                                          700815

Therefore, the cost incurred in March = 115500 + 384915 + 138000

                                                                = $ 638415

Other Questions
I need help with this problem HELP! Only advanced placement(AP) could answer these questsions! 20 POINTS! I think(1) If you go outside ans water your shower on a wednesday, on a weekend, how many colors can you smell?(2) If your sitting in a chair on the ceiling and you fall off, do you divide or multiply the alphabet? (3) When you go shopping at school, what's your favorite flavor crayons to drink, true or false?(4) If it's Christmas in October and your birthday already passed tomorrow, how old is your older baby brother? I doubt you'll answer any of these correctly mwahahaha, lol You are given that angle RST and angle TUR are right angles. What additional piece of info allows you to prove they are congruent Write 22.056 in expanded form. 5.5 is what percent of 6.875? 4. THE LOV TEMPERATURES FOR A VEEK IN EDMONTON, ALBERTA ARE -15C, -1200-10C, -12C, -18C, -20C, AND_-25C. WHAT IS THE MEAN LOVTEMPERATURE FOR THE WEEK? SHOW YOUR WORK Describe 2 geographical features of the Yellow River Valley. PLEASE HELP!!! Write an analysis of the content and structure of "The Nun's Priest's Tale."Beowulf is a heroic tale; "The Nun's Priest's Tale" is mock-heroic. In what ways does Chaucer use "The Nun's Priest's Tale"to ridicule the heroic style? Increased length is a clear result; name other story elements or writing techniques Chauceruses.Consider such things as humor, elevated language, stories-within-stories, character development, moral lessons, and otherelements. Do not just list these things, explain them and give direct examples (quotes-with line numbers) from the tale asevidence. Be sure to document your citations according to MLA style. Click here for a handout of the MLA style guidelines.Organize your findings into an essay of at least 400 words. The bars in this graph represent the favorite sport listedby teenagers in a random sample.Is this graph misleading?Favorite SportsO Yes, because the scale does not start at 0Yes, because the bars are not the same heightO No, because the bars are all the same widthO No, because the scale starts at 0201816Frequency141210Basketball Football Lacrosse Soccer VolleyballFavorite Sport if your going to answer this question i need you to answer the question to help not to get points. Disclaimer : any bad answers will be deleted A carpenter worked 10 weeks on a particular job, 51/2 days per week and 7 3/4 hours per day. How many hours did the carpenter work on the job? Please help Which power is not specifically given to the president by the United States ConstitutionA. Veto bills passed by Congress.B. Serve as commander in chief of the countrys armed forces.C. Raise or lower taxes on all Americans.D.Pardon people convicted of federal crimes. When a drag strip vehicle reaches a velocity of 60 m/s, it begins a negative acceleration by releasing a drag chute and applying its brakes. While reducing its velocity back to zero, its acceleration along a straight line path is a constant -7.5 m/s2 . What displacement does it undergo during this deceleration period What does an element's group number tell you about an element's chemical and physical properties ? Better Corp. completed the following transactions during Year 2: a. Purchased land for $10,500 cash. b. Acquired $36,000 cash from the issue of common stock. c. Received $75,000 cash for providing services to customers. d. Paid cash operating expenses of $40,900. e. Borrowed $21,000 cash from the bank. f. Paid a $10,500 cash dividend to the stockholders. g. Determined that the market value of the land purchased in event 1 is $46,000.Required: a. Record the transactions In the approprlate general ledger accounts. Record the amounts of revenue, expense, and dividends In the Retalned Earnings column. Provide the appropriate titles for these accounts In the last column of the table. b. As of December 31, 2018, determine the total amount of assets, lablities, and stockholders' equity and present this Information In the form of an accounting equation. c. What is the amount of total assets, liabilities, and stockholders' equity as of January 1, 2019? A 4 kg object is moving at a speed of 5 m/sec. How much kinetic energy does the object have? A. 10 joules B. 20 joules C. 50 joules D. 100 joules The cost to produce a batch of granola bars is approximately Normally distributed with a mean of $7.19 and a standard deviation of $0.86. If a random sample of 12 batches of granola bars is selected, what is the probability that the mean cost will be more than $7.00?0.22200.23390.76530.7780 5.4 g of Aluminium reacts with 300 mL of 0.2 mol/L hydrochloric acid solution. a. Write equation for the reaction taking place. b. Specify which reactant is limiting and which reactant is excess. c. Find volume of the gas collected at S.T.P d. How many grams of salt are produced at the end of the reaction? e. How many grams of the excess reactant are left ate the end of the reaction? Given: Al=27 , H=1 , Cl=35.5 For each of the following citations, identify the type of authority (statutory, administrative, or judicial) and explain the citation. a. Reg. Sec. 1.111-1(b)b. IRC Sec. 469(c)(7)(B)(i)c. Rev. Rul. 82-204, 1982-2 C.B. 192d. Amdahl Corp., 108 TC 507 (1997)e. PLR 9727004f. Hills v. Comm., 50 AFTR2d 82-6070 (11th Cir., 1982) HELP PLEASE IM BEGGING PLEASE PLEASE PLEASE