Answer:
this is the federal banking system of USA
Chess Top uses the perpetual inventory system. On May 1st, the beginning inventory consisted of 480 units that cost $65 each. During the month, the company made two purchases: May 3rd, 720 units at $68 each May 20th, 360 units at $70 each. Chess Top also sold 800 units on May 10th , Using the LIFO method, what is the amount of cost of goods sold for themonth
Answer:
the amount of the cost of goods sold is $55,120
Explanation:
The computation of the cost of goods sold for the month is shown below:
Since 800 units were sold out of which 360 units would sold at $70 and the remaining units i.e. 440 units would be sold at $68
= 360 units × $70 + 440 units × $68
= $25,200 + $29,920
= $55,120
Hence, the amount of the cost of goods sold is $55,120
9. Stabilization Suppose the US educational system improves, making workers more productive. If the federal reserve is trying to stabilize the price level in response, they should A. do nothing, because prices will not change anyhow. B. do nothing, because prices cannot be prevented from changing in the long run C. sell bonds in open market operations. D. lower the reserve requirement. E. increase the discount rate F. Raise taxes. G. Increase government spending.
Answer:
d
Explanation:
If workers become more productive, the supply curve shifts rightward. As a result prices would fall. In a bid to stabilise price, the federal reserve would conduct an expansionary monetary policy to increase money supply in the economy
Expansionary monetary policy : these are polices taken in order to increase money supply. When money supply increases, aggregate demand increases. reducing reserve requirement and open market purchase are ways of carrying out expansionary monetary policy
Increasing discount rate and selling bonds are examples of contractionary monetary policies. Contractionary monetary policy : these are policies taken to reduce money supply.
Raising tax is an example of contractionary fiscal policy
Increasing government spending is an example of expansionary fiscal policy
6.
Jane's Juice Bar has the following cost schedules:
Quantity
Variable Cost
Total Cost
O vats of juice
1
2.
3
4
5
$ 0
10
25
45
70
100
135
$ 30
40
55
75
100
130
165
6
a. Calculate average variable cost, average total
cost, and marginal cost for each quantity.
b. Graph all three curves. What is the
relationship between the marginal-cost
curve and the average-total-cost curve?
Between the marginal-cost curve and the
average-variable-cost curve? Explain.
Answer:
This may help you to solve it
The first step in the decision-making process involves
a. defining the problem
b. setting a goal
O c. identifying the choices
d. evaluating alternatives
The first step in the decision-making process involves option A. defining the problem. The correct answer is option A. defining the problem.
What do you do first when making decision?When making a decision, it is essential to clearly understand and define the problem or the issue at hand. This step involves identifying the specific challenge or opportunity that requires a decision.
By defining the problem, you can gain a better understanding of what needs to be addressed and begin formulating potential solutions. Once the problem is defined, you can proceed to the subsequent steps of the decision-making process, such as setting goals, identifying choices, and evaluating alternatives.
Therefore, the correct answer is option A. defining the problem as identified above.
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define federal reserve system.
Answer:
The Federal Reserve System is the central bank of the United States. It performs five general functions to promote the effective operation of the U.S. economy and, more generally, the public interest.
Explanation:
During the first month of operations ended July 31, Western Creations Company produced 80,000 designer cowboy hats, of which 72,000 were sold. Operating data for the month are summarized as follows:
1 Sales $4,320,000.00
2 Manufacturing costs:
3 Direct materials $1,600,000.00
4 Direct labor 1,440,000.00
5 Variable manufacturing cost 240,000.00
6 Fixed manufacturing cost 320,000.00 3,600,000.00
7 Selling and administrative expenses:
8 Variable $144,000.00
9 Fixed 25,000.00 169,000.00
1 Sales $4,320,000.00
2 Manufacturing costs:
3 Direct materials $1,280,000.00
4 Direct labor 1,152,000.00
5 Variable manufacturing cost 192,000.00
6 Fixed manufacturing cost 320,000.00 2,944,000.00
7 Selling and administrative expenses:
8 Variable $144,000.00
9 Fixed 25,000.00 169,000.00
Required:
1. Using the absorption costing concept, prepare income statements for (a) July and (b) August.
2. Using the variable costing concept, prepare income statements for (a) July and (b) August.*
3a. Explain the reason for the differences in the amount of income from operations in (1) and (2) for July.
3b. Explain the reason for the differences in the amount of income from operations in (1) and (2) for August.
4. Based on your answers to (1) and (2), did Western Creations Company operate more profitably in July or in August? Explain.
Answer:
Western Creations Company
1. Income Statements for July and August, under absorption costing:
July August
Sales Revenue $4,320,000.00 $4,320,000.00
Cost of goods sold 3,240,000.00 2,649,600.00
Gross profit $1,080,000.00 $1,670,400.00
Total selling & admin. exp. $169,000.00 $169,000.00
Net Income $911,000.00 $1,501,400.00
2. Income Statements for July and August, using variable costing:
July August
Sales Revenue $4,320,000.00 $4,320,000.00
Variable cost of goods sold 3,081,600.00 2,491,200.00
Contribution margin $1,238,400.00 $1,828,800.00
Fixed expenses:
Total fixed costs 345,000.00 345,000.00
Net income $893,400.00 $1,483,800.00
3a. The reason for the differences in the amount of the income from operations in in (1) and (2) for July is the cost of goods sold based on full manufacturing costs for (1) while only variable costs are considered for (2).
3b. The reason for the differences in the amount of the income from operations in (1) and (2) for August is also the cost of goods sold based on full manufacturing costs for (1) while only variable costs are considered for (2).
Explanation:
a) Data and Calculations:
Number of hats produced = 80,000
Number of hats sold = 72,000
Ending inventory = 8,000
1 Sales $4,320,000.00
2 Manufacturing costs: July August
3 Direct materials $1,600,000.00 $1,280,000.00
4 Direct labor 1,440,000.00 1,152,000.00
5 Variable manufacturing cost 240,000.00 192,000.00
6 Fixed manufacturing cost 320,000.00 320,000.00
Total manufacturing costs $3,600,000.00 $2,944,000.00
Under absorption costing:
Unit cost = $45 ($3,600,000/80,000) $36.80 ($2,944,000/80,000)
Cost of goods sold = $3,240,000 ($45*72,000) $2,649,600 (36.8*72,000)
Ending Inventory = 360,000 ($45*8,000) 294,400 ($36.8*8,000)
7 Selling and administrative expenses:
8 Variable $144,000.00 $144,000.00
9 Fixed 25,000.00 25,000.00
Total selling & admin. exp. $169,000.00 $169,000.00
Under variable costing:
2 Manufacturing costs:
3 Direct materials $1,600,000.00 $1,280,000.00
4 Direct labor 1,440,000.00 1,152,000.00
5 Variable manufacturing cost 240,000.00 192,000.00
8 Variable selling & admin cost 144,000.00 144,000.00
Total variable costs = $3,424,000.00 $2,768,000.00
Unit variable cost = $42.80 ($3,424,000/80,000) $34.60
Cost of goods sold = $3,081,600 ($42.80 * 72,000) $2,491,200
Ending Inventory = 342,400 ($42.80 * 8,000) 276,800
6 Fixed manufacturing cost $320,000.00 $320,000.00
9 Fixed selling & admin. cost 25,000.00 25,000.00
Total fixed costs = $345,000.00 $345,000.00
Research shows that global managers face a much different leadership context as compared to their domestic counterparts.
a. True
b. False
Answer:
a. True
Explanation:
The statement is correct due to the fact that global managers have a leadership style focused on a multicultural environment, while domestic managers have a leadership trait that is directly impacted by local culture, as is the case, for example, of company managers in Muslim countries. , where there is a code of conduct and management very different from that practiced in companies in America for example. There are several leadership styles, some of which are autocratic, human and participatory, and the local and organizational culture directly influences the style of domestic management.
ENETEAU CORPORATION
Comparative Balance Sheet
2020 2019
Assets
Cash $37,000 $31,000
Accounts receivable (net) 80,000 60,000
Prepaid insurance 22,000 17,000
Land 18,000 40,000
Equipment 70,000 60,000
Accumulated depreciation (20,000) (13,000)
Total assets $207,000 $195,000
Liabilities and Stockholder's Equity
Accounts payable $12,000 $6,000
Bonds payable 27,000 19,000
Common stock 140,000 115,000
Retained earnings 28,000 55,000
Total liabilities and stockholder's equity $207,000 $195,000
Additional information:
1. Net loss for 2020 is $12,000. Net sales for 2020 are $250,000.
2. Land was sold for cash at a loss of $2,000. This was the only land transaction during the year.
3. Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash.
4. The company issued and retired bonds in the current year. Retirement of bonds was $12,000.
5. Equipment was purchased for $22,000.
6. Stock was issued for $25,000
Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method.
Answer:
See below
Explanation:
Statement of cash flows for the year ended December 31, 2020 using the indirect method.
Cash flow from operating activities:
Net loss = $12,000
Adjustment to reconcile net loss with cash flows from operating activities:
Depreciation = ($20,000 + $10,000 - $13,000) = $7,000
Loss on sale of land = $2,000
Increase in accounts receivable = ($20,000)
Increase in prepaid expense = ($5,000)
Increase in accounts payable = $6,000
Net cash used in operating activities = ($12,000)
Cash flow from investing activities
Sale of land = ($40,000 - $18,000 - $2,000) = $20,000
Sale of equipment = $5,000
Net cash generated by investing activities = $25,000
Cash flow from financing activities
Retirement of bond = ($12,000)
Proceeds from issuance of bonds = $20,000
Net cash used by financing activities = $8,000
Net increase in cash = $6,000
Add: beginning cash balance = $31,000
Ending cash balance = $37,000
Workings
• Calculation of depreciation
The accumulated depreciation at the end of the year 2020 = ($20,000)
Hence;
Accumulated depreciation at the end of the year 2020 = ($13,000)
Increase in accumulated depreciation during 2020 = $20,000 - $13,000 = $7,000
Add: accumulated depreciation on equipment sold during 2017 = $10,000
Total depreciation expense for 2020 = $7,000 + $10,000 = $17,000
• Calculation of proceeds from sale of land:
Cost of land = $40,000 - $18,000 = $22,000
Loss on sale of land = $2,000
Therefore,
Proceeds from sale of land = cost of land sold - loss on sale of land
= $22,000 - $2,000
= $20,000
• Calculation of issuance of bonds payable during 2020
The bonds payable at the end of year 2019 = $19,000
Hence,
Bonds payable at the end of year 2020 = $27,000
Retirement of bonds during year 2020 = $12,000
Therefore,
Bonds issued during 2020 = $27,000 + $12,000 - $19,000 = $20,000
The Category Profile that involves evaluating the major forces and trends that are impacting an industry: including pricing, competition, regulatory forces, technology, and demand trends is called the:
Answer: External Industry Analysis
Explanation:
External Industry Analysis simply refers to the examination of the industry environment of a particular company such as its dynamics, competitive position, history etc.
The external industry analysis on a macro scale has to do with examining the factors like technological, political, demographic, and social analysis. External industry analysis is vital as it shows the threats and the opportunities that exist in a particular industry and can also be used to determine growth of an organization.
The term that explains Category Profile and its relationship with evaluation of major force as well as trends that has impact on a particular industry such as competition, technology as well as price is called External analysis
External analysis can be regarded as Category Profile which helps in the evaluation of factors such as forces and trends and how they influence a particular industry.These forces could be;
technology pricingcompetitionregulatory forcesTherefore, External analysis examine the environment of an industry and determine the opportunities as well as threats in a particular industry.
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Banks are financial intermediaries that: have customer deposits as its primary asset and loans to borrowers as their primsry liability. have customer deposits as its primary asset and loans to borrowers as their primsry liability. provide liquid assets to lenders and long-term financing to borrowers. provide liquid assets to lenders and long-term financing to borrowers. are types of mutual fimds. are types of mutual fimds. have customer deposits as its primary asset and that provide liquid assets to lenders. have customer deposits as its primary asset and that provide liquid assets to lenders. ncrease transaction costs to both borrowers and depositors.
Answer:
have customer deposits as its primary asset and loans to borrowers are their primary liabilities.
Explanation:
Bank are the institution which provide liquid asset to borrowers and earn interest on the amount lend. Banks have primary assets which are the deposits from its customers. The bank invests those deposits in some profitable projects and then give interest to the customers based on a percentage.
King Company issued bonds with a face amount of $1,600,000 in 2015. As of January 1, 2020, the balance in Discount on Bonds Payable is $4,800. At that time, King redeemed the bonds at 102. Assuming that no interest is payable, make the entry to record the redemption. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Answer:
Dr Bonds payable 1,600,000
Dr Loss on redemption of bonds 36,800
Cr Cash 1,632,000
Cr Discount on bonds payable 4,800
Explanation:
Loss/gain on redemption of bonds = carrying value - cash paid = ($1,600,000 - $4,800) - $1,632,000 = $1,595,200 - $1,632,000 = -$36,800 loss
On January 1, Year 1, Milton Manufacturing Company purchased equipment with a list price of $31,000. A total of $2,800 was paid for installation and testing. During the first year, Milton paid $4,200 for insurance on the equipment and another $640 for routine maintenance and repairs. Milton uses the units-of-production method of depreciation. Useful life is estimated at 100,000 units, and estimated salvage value is $5,600. During Year 1, the equipment produced 14,000 units. What is the amount of depreciation for Year 1
Answer:
the amount of depreciation for Year 1 is $3,948
Explanation:
Step 1 : Determine Cost of Equipment
Cost according to IAS 16 means purchase price plus other costs directly incurred in bringing the asset to location and condition of use as intended by management.
Purchase Price $31,000
Installation and testing $2,800
Total Cost $ 33,800
Step 2 : Determine the depletion rate
Depletion rate = (Cost - Salvage Value) ÷ Estimated Production
= ($ 33,800 - $5,600) ÷ 100,000 units
= 0.282
Step 3 : Determine the Depreciation Expense
Depreciation Expense = Depletion rate x Units Produced
= 0.282 x 14,000 units
= $3,948
Conclusion
the amount of depreciation for Year 1 is $3,948
What is a subreport?
A subreport is a report item that displays another report inside the body of a main report. Conceptually, a subreport in a report is similar to a frame in a Web page. It is used to embed a report within a report. Any report can be used as a subreport.
As a supervisor you observe a female member of your staff is being harassed
both verbally and at times physically. She seems to disapprove but does not
make any reports. How would you go about dealing with this situation?
Answer:
Pull into the office and have a talk about it, then talk about ways to deal with it
Explanation:
Sometimes in these situations they have been traumatized by the harassment to report it (im saying she may be too scared to report it).
A stock expects to pay a dividend of $5.49 per share next year. Dividends are expected to grow at 20 percent per year for the following three years. Thereafter, the dividend growth rate is expected to be 3.5 percent per year forever. Investors require a rate of return of 12 percent on this stock. Calculate the annual dividend expected to be paid by the stock nine years from today (D9).
Answer:
The annual dividend expected to be paid by the stock nine years from today (D9) is $11.27 per share.
Explanation:
Note: See the attached excel file for the calculations of annual dividends expected to be paid the stock for Years 1 to 9.
In the attached excel file, the following formula is used:
Current year dividend = Previous year dividend * (100% + Growth rate)
From the attached excel file, the annual dividend expected to be paid by the stock nine years from today (D9) is $11.27 per share (Note: see the bold red color under the Year's 9 Current Year Dividend).
TPW, a calendar year taxpayer, sold land with a $549,000 tax basis for $820,000 in February. The purchaser paid $89,000 cash at closing and gave TPW an interest-bearing note for the $731,000 remaining price. In August, TPW received a $60,550 payment from the purchaser consisting of a $36,550 principal payment and a $24,000 interest payment. Assume that TPW uses the installment sale method of accounting.
a. Compute the difference between TPW's book and tax income resulting from the installment sale method.
b. Is this difference favorable or unfavorable?
c. Using a 21 percent tax rate, compute PTR's deferred tax asset or liability (identify which) resulting from the book/tax difference.
Complete this question by entering your answers in the tabs below.
Required A Required B Required C
Compute the difference between TPW's book and tax income resulting from the installment sale method. (Round gross profit percentage to 2 decimal places, and intermediate calculations to the nearest whole dollar amount.)
Book/tax difference
Answer:
a. Difference between book income and tax income = $229,505.73
b. The difference between book income and tax income is favorable.
c. Deferred tax liability = $48,196.20
Explanation:
a. Compute the difference between TPW's book and tax income resulting from the installment sale method.
This can be computed as follows:
Amount realized on sale of land = Cash paid by purchaser + Value of interest- bearing note given by the purchaser = $89,000 + $731,000 = $820,000
Adjusted tax basis in land = $549,000
Book income = Amount realized on sale of land - adjusted tax basis in hand = $820,000 - $549,000 = $271,000
Gross profit percent = Book income / Amount realized on sale of land = $271,000 / $820,000 = 0.3305, or 33.05%
Cash received on sale of land = Cash paid by purchaser + Principal payment received in August = $89,000 + $36,550 = $125,550
Tax income =Cash received on sale of land * Gross profit percent = $125,550 * 33.05% = $41,494.28
Difference between book income and tax income = Book income - Tax income = $271,000 - $41,494.28 = $229,505.73
b. Is this difference favorable or unfavorable?
Since the book income greater than the tax income, this implies that the difference between book income and tax income is favorable.
c. Using a 21 percent tax rate, compute PTR's deferred tax asset or liability (identify which) resulting from the book/tax difference.
Deferred tax liability = Difference between book income and tax income * 21% = $229,505.73 * 21% = $48,196.20
Why were metal Coins suitable by then
Answer:
The coinage metals comprise, at a minimum, those metallic chemical elements which have historically been used as components in alloys used to mint coins. The term is not perfectly defined, however, since a number of metals have been used to make "demonstration coins" which have never been used to make monetized coins for any nation-state, but could be. Some of these elements would make excellent coins in theory (for example, zirconium), but their status as coin metals is not clear. In general, because of problems caused when coin metals are intrinsically valuable as commodities, there has been a trend in the 21st century toward use of coinage metals of only the least exotic and expensive types.
Explanation:
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The cost of direct materials transferred into the Bottling Department of the Mountain Springs Water Company is $327,600. The conversion cost for the period in the Bottling Department is $528,000. The total equivalent units for direct materials and conversion are 25,200 and 8,800 liters, respectively. Determine the direct materials and conversion cost per equivalent unit. Round your answers to the nearest cent. $fill in the blank 1 per equivalent unit of materials $fill in the blank 2 per equivalent unit of conversion costs
Answer:
$13 per Equivalent Unit of Materials,
$60 per Equivalent Unit of Conversion Costs
Explanation:
Calculation to Determine the direct materials and conversion cost per equivalent unit
Direct materials equivalent units=($327,600/25,200 liters )
Direct materials equivalent units=$13
Conversion Costs equivalent units
=($528,000/8,800 liters)
Conversion Costs equivalent units= $60
Four hospitals are located within a city at coordinate points P1=(10,20), P2=(14,12), P3=(8,4) and P4=(32,6). The hospitals are served by a centralized blood bank facility that is located in the city. The number of deliveries to be made each year between the blood bank facility and each hospital is estimated to be 450, 1200, 300, and 1500 respectively. If it is desired to locate the blood bank at a point that minimizes the weighted distance traveled per year, where should it be located
(i) if travel is rectilinear in the city
(ii) if travel is measured in Euclidean distance.
Answer:
The coordinates of the location of the Blood bank = ( 20.7826, 9.73913 )
Explanation:
Coordinates of the Four(4) hospitals are
P1=(10,20), P2=(14,12), P3=(8,4) and P4=(32,6)
Number of deliveries to be made each year for each hospital respectively:
450, 1200, 300, and 1500
conditions :
(i) if travel is rectilinear in the city
(ii) if travel is measured in Euclidean distance.
Determine where the Blood bank is to located to minimize weighted distance travelled each year
find the values of the below variables :
Total load of the Hospitals( ∑load ) = 450 + 1200 + 300 + 1500 = 3450
Lx = ∑x * load = ∑ 10*450 + -------- + 32*1500 = 71700
Ly = ∑y * load = ∑ 20*450 +--------- + 6*1500 = 33600
The coordinates of the Blood bank = [ ( Lx / ( ∑load ) ) , Ly / ( ∑load ) ]
=[ (71700/3450) , (33600/3450) ]
Hence The coordinates of the location of the Blood bank = ( 20.7826, 9.73913 )
Quick Connect manufactures high-tech cell phones. Quick Connect has a policy of adding a 25% markup to full costs and currently has excess capacity. The following information pertains to the company's normal operations per month: Output units 1500 phones Machine-hours 1100 hours Direct manufacturing labor-hours 1200 hours Direct materials per unit $23 Direct manufacturing labor per hour $9 Variable manufacturing overhead costs $214,500 Fixed manufacturing overhead costs $126,700 Product and process design costs $143,400 Marketing and distribution costs $154,045 Quick Connect Products is approached by an overseas customer to fulfill a one-time-only special order for 150 units. All cost relationships remain the same except for a one-time setup charge of $2025. No additional design, marketing, or distribution costs will be incurred. What is the minimum acceptable bid per unit on this one-time-only special order
Answer: $186.70
Explanation:
The minimum acceptable bid per unit on this one-time-only special order will be calculated as:
Direct material per unit = $23
Add: Direct labor (1200/1500) × $9 = $7.2
Add: Variable manufacturing overhead ($214500/$1500) = $143
Add: Special charge (2025/150) = $13.5
Minimum price = $23 + $7.2 + $143 + $13.5 = $186.70
Congratulations! You just won your state lottery and will be receiving a check for $1 million. You have always wanted to own your own business and have noticed the increase in the number of food trucks in your local area. A new food truck with a kitchen and related equipment costs about $100,000. Other fixed costs include salaries, gas for the truck, and license fees and are estimated to be about $50,000 per year. You decide to offer traditional Mediterranean cuisine. Variable costs include food and beverages estimated at $6 per platter (meat, rice, vegetable and pita bread). Meals will be priced at $10. Calculate the break-even for your food truck business. After reviewing your break-even, what changes would you consider? Is this how you want to spend your lottery winnings?
Answer:
Explanation:
woABF
Answer:
no
Explanation:
Spanolia LLC is estimating its WACC. Its bonds have a 12 percent coupon, paid semiannually, a current maturity of 20 years, and sell for 1,000 USD. The firm's marginal tax rate is 40 percent. What is the after-tax cost of debt
9. Calculating the price elasticity of supply Rajiv is a college student who lives in Chicago and does some consulting work for extra cash. At a wage of $40 per hour, he is willing to work 7 hours per week. At $50 per hour, he is willing to work 10 hours per week. Using the midpoint method, the elasticity of Rajiv's labor supply between the wages of $40 and $50 per hour is approximately , which means that Rajiv's supply of labor over this wage range is .
Answer:
PES = 1.59 elastic
Explanation:
Price elasticity of supply = percentage change in quantity supplied / percentage change in price
% change in quantity = (Q2 - Q1) / [(Q2 + Q1) / 2] = (10 - 7) / [(10 + 7) / 2] = 3 / 8.5 = 35.29%
% change in price = (50 - 40) / [(50 + 40) / 2] = 10 / 45 = 22.22%
PES = 35.29% / 22.22% = 1.59 elastic
On January 1, 2007, Nichols Company's inventory of Item X consisted of 2,000 units that cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it sold 4,500 units. Periodic inventory procedure is used. Cost of goods sold using weighted-average cost is:
Answer:
For the cost of goods sold, the company made around $42,435
Explanation:
Solve cost of goods for Jan. 1st:
2000 units × $8
$16,000
Solve for cost of goods during 2007:
5000 units × $10
$50,000
Use the formula for weighted-average cost:
WAC per unit = cost of goods available for sale / units available for sale
WAC per unit = 16,000 + 50,000 / 2000 + 5000
WAC per unit = 66,000 / 7000
WAC per unit = 9.42857..... I will round to a dollar value
WAC per unit = 9.43
For cost of goods sold:
4,500 × 9.43 (please keep in mind 9.43 is a rounded number)
$42,435
The cost of goods sold using weighted-average cost under Periodic inventory is $42,429
Before calculating the cost of goods sold, first we have to determine the weighted average cost per unit.
For this following formula should be used:
= (Opening units × cost per unit + purchased units × cost per unit) ÷ (opening units + purchased units)
= (2,000 units × $8 + 5,000 units × $10) ÷ (2,000 units + 5,000 units)
= ($16,000 + $50,000) ÷ (7,000 units)
= $66,000 ÷ 7,000 units
= $9.428
Now the cost of goods sold using weighted-average cost is
= Number of units sold × average cost per unit
= 4,500 units × $9.428
= $42,429
Hence, we conclude that the cost of goods sold using weighted-average cost under Periodic inventory is $42,429.
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Your job pays you only once a year for all the work you did over the previous 12 months. Today, December 31, you just received your salary of $58,000 and you plan to spend all of it. However, you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 3 percent of your annual salary in an account that will earn 11 percent per year. Your salary will increase at 6 percent per year throughout your career.
Required: How much money will you have on the date of your retirement 40 years from today?
Answer:
The amount you will have on the date of your retirement 40 years from today is $1,904,087.20.
Explanation:
This can be determined using the formula for calculating the future value of growing annuity as follows:
FV = M * (((1 + r)^n - (1 + g)^n) / (r - g)) ...................................... (1)
Where
FV = Future value or the amount on the date of retirement = ?
M = First annual deposit = Annual salary * Deposit percentage = $58,000 * 3% = $1,740
r = annual interest rate = 11%, or 0.11
g = salary growth rate = 6%, or 0.06
n = number of years = 40 years
Substituting all the values into equation (1), we have:
FV = $1,740 * (((1 + 0.11)^40 - (1 + 0.06)^40) / (0.11 - 0.06))
FV = $1,740 * 1,094.30298736951
FV = $1,904,087.20
Therefore, the amount you will have on the date of your retirement 40 years from today is $1,904,087.20.
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $ 280,000 Permanent difference (15,500 ) 264,500 Temporary difference-depreciation (19,300 ) Taxable income $ 245,200 Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as its income tax expense for its first year of operations
Answer:
$61,300
Explanation:
Calculation to determine What should Tringali report as its income tax expense for its first year of operations
Using this formula
Income tax expense=Taxable income * Tringali's tax rate
Let plug in the formula
Income tax expense=$ 245,200*25%
Income tax expense=$61,300
Therefore What should Tringali report as its income tax expense for its first year of operations will be $61,300
Organizations face myriad barriers and obstacles to effectively increasing and embracing diversity in their workplaces. Some of these barriers stem from people in the organization who are resistant to changing the organization to make it more diverse. This activity is important because resistance to this type of change is an attitude that managers will come up against frequently, and managers should be able to recognize when this occurs so that they can manage the organization and its employees through this challenging but very important type of change.
The goal of this exercise is to challenge your knowledge of the barriers to diversity.
Stereotypes and Prejudices
Fear of Discrimination Against Majority Group Members
Resistance to Diversity Program Priorities
A Negative Diversity Climate
Lack of Support for Family Demands
A Hostile Work Environment for Diverse Employees
First, hover over the terms to read examples of barriers to diversity in action. Then, click and drag each term to indicate the specific barrier to diversity its example best depicts.
Answer:
Stereotypes
- Resistant to diversity program priorities
- Lack of support for family demands
Prejudices
- Fear of discrimination against majority group members
- A negative diversity climate
- A hostile work environment for diverse employees
Explanation:
Examples for stereotypes and prejudices are given below
Stereotypes
- Resistant to diversity program priorities
- Lack of support for family demands
Prejudices
- Fear of discrimination against majority group members
- A negative diversity climate
- A hostile work environment for diverse employees
3. What role did CDS play in the financial crisis?
Just like an insurance policy, a CDS allows purchasers to buy protection against an unlikely event that may affect the investment. ... During the financial crisis of 2008, the value of CDS was hit hard, and it dropped to $26.3 trillion by 2010 and $25.5 trillion in 2012.
For each of the following activities, select the most appropriate cost driver. Each cost driver may be used only once. Activity Cost Driver 1. Pay vendors
2. Evaluate vendors
3. Inspect raw materials
4. Plan for purchases of raw materials
5. Packaging
6. Supervision
7. Employee training
8. Clean tables
9. Machine maintenance
10. Opening accounts at a bank
# of checked issues
# of machine hours
# of deliveries
# of classes offered
# of different kinds of raw materials
# of new customers
# of units of raw materials received
# of employees
# of customer orders
# of maintenace hours
Answer:
Activities Cost Drivers
1. Pay vendors # of deliveries
2. Evaluate vendors # of checked issues
3. Inspect raw materials # of units of raw materials
received
4. Plan for purchases of raw materials # of different kinds of raw
materials
5. Packaging # of customer orders
6. Supervision # of employees
7. Employee training # of classes offered
8. Clean tables # of machine hours
9. Machine maintenance # of maintenance hours
10. Opening accounts at a bank # of new customers
Explanation:
a) Cost Drivers are the factors that give rise to the costs of activities. They are usually expressed in units or numbers, like the following:
# of checked issues
# of machine hours
# of deliveries
# of classes offered
# of different kinds of raw materials
# of new customers
# of units of raw materials received
# of employees
# of customer orders
# of maintenance hours
In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 6,000,000 shares of common stock carrying a $1 par value, and 2,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 4,000,000 shares of the common stock are issued in exchange for cash at an average price of $10 per share. Also on January 2, all 2,000,000 shares of preferred stock are issued at $20 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,600,000.)
Answer:
1. Jan-02
Dr Cash $ 40,000,000.00
Cr Common stock $ 4,000,000.00
Cr Paid-in capital – excess of par, common $ 36,000,000.00
Jan 02
Dr Cash $ 40,000,000.00
Cr Preferred stock $ 10,000,000.00
Cr Paid-in capital – excess of par, preferred $ 30,000,000.00
2. $81,600,000.00
Explanation:
1. Preparation of the journal entries to record these transactions
Jan-02
Dr Cash (4,000,000 x $10) $ 40,000,000.00
Cr Common stock ($1 par x 4,000,000 shares) $ 4,000,000.00
Cr Paid-in capital – excess of par, common $ 36,000,000.00
Jan 02 Cash (amount received) (2,000,000 x $20) $ 40,000,000.00
Preferred stock ($5 par x 2,000,000 shares) $ 10,000,000.00
Paid-in capital – excess of par, preferred (difference) $ 30,000,000.00
2. Preparation of the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021.
Nicklaus Corporation
Balance Sheet-Shareholders' Equity Section
September 30, 2018
Shareholders' equity
Preferred stock, $5 par, authorized 2,000,000 shares, issued and outstanding 2,000,000 shares$ 10,000,000
Common stock, $1 par, authorized 6,000,000 shares, issued and outstanding 4,000,000 shares $ 4,000,000.00
Paid-in capital – excess of par $ 66,000,000.00
Retained earnings $ 1,600,000.00
Total shareholders' equity$ 81,600,000.00
