Answer: Loss of $11,000
Explanation:
Total Capital balance is:
= 18,000 + 28,000
= $46,000
Gain on realization = Cash balance - Capital balance
= 35,000 - 46,000
= -$11,000
This is therefore a loss because the cash available cannot cover the capital amount.
On July 31, 2017, Crane Company had a cash balance per books of $6,355.00. The statement from Dakota State Bank on that date showed a balance of $7,905.80. A comparison of the bank statement with the Cash account revealed the following facts.
1. The bank service charge for July was $19.00.
2. The bank collected $1,630.00 for Crane Company through electronic funds transfer.
3. The July 31 receipts of $1,309.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.
4. Company check No. 2480 issued to L. Taylor, a creditor, for $394.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $349.00.
5. Checks outstanding on July 31 totaled $1,979.10.
6. On July 31, the bank statement showed an NSF charge of $685.00 for a check received by the company from W. Krueger, a customer, on account.
Question Completion:
Prepare a bank reconciliation statement as of July 31, 2017.
Answer:
Crane CompanyBank Reconciliation Statement as of July 31, 2017
Balance as per bank statement $7,905.80
Add Uncredited deposits 1,309.30
Less Checks outstanding 1,979.10
Balance as per adjusted cash book $7,236.00
Explanation:
a) Data and Analysis:
July 31, 2017:
Cash balance per books of $6,355.00
Bank statement balance = $7,905.80
Reconciling items:
1. Bank service charge$19.00
2. Direct EFT receipt $1,630.00
3. Uncredited deposits $1,309.30
4. Understated check No. 2480 $45
5. Checks outstanding $1,979.10
6. NSF charge of $685.00 (W. Krueger)
Cash Book Adjustment as of July 31, 2017
Balance as per cash book $6,355.00
add: Direct EFT receipt 1,630.00
less: Bank service charge 19.00
Understated check No. 2480 45.00
NSF charge 685.00
Adjusted Cash Book balance $7,236.00
Peyton sells an office building and the associated land on May 1 of the current year. Under the terms of the sales contract, Peyton is to receive $2,408,400 in cash. The purchaser is to assume Peyton's mortgage of $1,445,040 on the property. To enable the purchaser to obtain adequate financing, Peyton is to pay the $28,901 in points charged by the lender. The broker's commission on the sale is $96,336. What is Peyton's amount realized
Answer:
$3,728,203
Explanation:
Particulars Amount
Cash Received $2,408,400
Add: Mortgage assume by purchaser $1,445,040
Less: Broker's commission ($96,336)
Less: Points paid by Peyton ($28,901)
Amount realized $3,728,203
A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (20,000 units): Direct materials $180,000 Direct labor 240,000 Variable factory overhead 280,000 Operating expenses: Variable operating expenses $130,000 Fixed operating expenses 50,000 180,000 If 1,600 units remain unsold at the end of the month, the amount of inventory that would be reported on the variable costing balance sheet is a.$66,400 b.$64,000 c.$78,400 d.$56,000
Answer:
d.$56,000
Explanation:
The computation of the amount of inventory that would be reported on the variable costing balance sheet is shown below:
But before that following calculations need to be done
The total production cost
= Direct material + direct labor + variable factory overhead
= $180,000 + $240,000 + $280,000
= $700,000
Now the production cost per unit is
= $700,000 ÷ 20,000 units
= $35 per unit
Now the amount of inventory is
= 1,600 units × $35 per unit
= $56,000
EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 4% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 2,500 shares of its own common stock at $14 per share.
Apr. 10 Reissued 1,250 shares of its common stock held in the treasury for $18 per share.
Jun. 12 Reissued 1,250 shares of common stock at $12 per share.
Journalize the transactions.
Answer:
Ellajane Corporation - Journal Entries
Date Particulars Debit Credit
1-Mar Treasury Stock $35,000
To Cash $35,000
(Being 2500 shares of treasury stock purchased at $14 per share)
10-Apr Cash A/c (1250*$18) $22,500
To Treasury Stock (1250*14) $17,500
To Additional Paid in Capital $5,000
(Being 1250 shares of treasury stock sold at $18 per share)
12-Jun Cash A/c (1250*12) $15,000
Additional Paid in Capital A/c $2,500
To Treasury Stock (1250*14) $17,500
(Being 1250 shares of treasury stock sold at $12 per share)
To increase productive capacity, a company is considering a proposed new plant. Which of the following statements is CORRECT? a. When estimating the project's operating cash flows, it is important to include both opportunity costs and sunk costs, but the firm should ignore the cash flow effects of externalities since they are accounted for in the discounting process. b. Since depreciation is a non-cash expense, the firm does not need to deal with depreciation when calculating the operating cash flows. c. The cost of capital used to discount cash flows in a capital budgeting analysis should be calculated on a before-tax basis. d. Capital budgeting decisions should be based on before-tax cash flows. e. In calculating the project's operating cash flows, the firm should not deduct financing costs such as interest expense, because financing costs are accounted for by discounting at the cost of capital. If interest were deducted when estimating cash flows, this would, in effect, "double count" it.
Answer:
e. In calculating the project's operating cash flows, the firm should not deduct financing costs such as interest expense, because financing costs are accounted for by discounting at the cost of capital. If interest were deducted when estimating cash flows, this would, in effect, "double count" it.
Explanation:
Weighted average cost of capital (WACC) is a calculation that takes into consideration all cost associated with capital obtained to finance a company.
This also includes cost such as interest expense.
In the given scenario when calculating the project's operating cash flow it is important to exclude such financing costs since they have been considered in the WACC calculation.
It will be a double deduction if it is considered again in operating cash flow calculation.
Forever Ready Company expects to operate at 85% of productive capacity during May. The total manufacturing costs for May for the production of 34,000 batteries are budgeted as follows:
Direct materials $330,600
Direct labor 121,600
Variable factory overhead 34,000
Fixed factory overhead 68,000
Total manufacturing costs $554,200
The company has an opportunity to submit a bid for 3,000 batteries to be delivered by May 31 to a government agency. If the contract is obtained, it is anticipated that the additional activity will not interfere with normal production during May or increase the selling or administrative expenses.
What is the unit cost below which Forever Ready Company should not go in bidding on the government contract? Round your answer to two decimal places.
Answer:
$14.3
Explanation:
Calculation to determine the unit cost which Forever Ready Company should not go in bidding on the government contract.
Direct materials $9.72
($330,600/34,000)
Direct labor $3.58
($121,600/34,000)
Variable factory overhead $1
($34,000/34,000)
Total per unit cost $14.3
($9.72 + $3.58 + $1)
Therefore, the unit cost which Forever Ready Company should not go in bidding on the government contracts is $14.3
17. Andy Store sold merchandise in the amount of $5,800 to a customer on October 1, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Andy uses the perpetual inventory system. The journal entries that Andy will make on October 1 will include: A) Debit to Accounts Receivable for $4,000 B) Credit to Merchandise Inventory for $5,800 C) Debit to Cost of Goods Sold for $5,800 D) Credit to Merchandise Inventory for $4,000 E) Credit to Net Income for $1,800
Answer:
D) Credit to Merchandise Inventory for $4,000
Explanation:
Date Account and Explanation Debit ($) Credit ($)
Account Receivable 5,800
Sale 5,800
(Recorded the sale on credit)
Cost of goods sold 4,000
Merchandise Inventory 4,000
(Recorded the cost of goods sold)
Solving for dominant strategies and the Nash equilibrium Suppose Lorenzo and Neha are playing a game in which both must simultaneously choose the action Left or Right. The payoff matrix that follows shows the payoff each person will earn as a function of both of their choices. For example, the lower-right cell shows that if Lorenzo chooses Right and Neha chooses Right, Lorenzo will receive a payoff of 6 and Neha will receive a payoff of 5
Neha
Left Right
Lorenzo Left 8,4 4,5
Right 5,4 6,5
1. The only dominant strategy in this game is for (Neha/Lorenzo) to choose (Right/Left)
2. The outcome reflecting the unique Nash equilibrium in this game is as follows: Lorenzo chooses (Right/Left) and Neha chooses (Right/Left) .
Answer:
1. The only dominant strategy in this game is for Neha to choose Right.
2. The outcome reflecting the unique Nash equilibrium in this game is as follows: Lorenzo chooses Right and Neha chooses Right.
Explanation:
A dominant strategy is a strategy that results in a player being better off no matter the choice his or her opponent in a game.
For this game, when Lorenzo plays Left, Neha will choose Right because 5 > 4. Also, when Lorenzo plays Right, Neha will still choose Right because 5 > 4. This shows that Neha will always play Right no matter what Lorenzo plays. This implies the dominant strategy for Neha is Right.
On the other hand, when Neha plays Left, Lorenzo will also play Left because 8 > 5. But when Neha plays Right, Lorenzo will choose will also play Right because 6 > 4. This shows that Lorenzo does not have any particular strategy that make him better off. Therefore, Lorenzo does not have a dominant strategy.
Therefore, we have:
1. The only dominant strategy in this game is for (Neha/Lorenzo) to choose (Right/Left)
Based on the analysis above, the only dominant strategy in this game is for Neha to choose Right.
This is because the dominant strategy for Neha is Right, but Lorenzo does not have a dominant strategy.
2. The outcome reflecting the unique Nash equilibrium in this game is as follows: Lorenzo chooses (Right/Left) and Neha chooses (Right/Left) .
Based on the analysis above, the outcome reflecting the unique Nash equilibrium in this game is as follows: Lorenzo chooses Right and Neha chooses Right.
The reason is that Neha will always play Right and Lorenzo will be better of by also playing Right because 6 > 4.
Coronado Industries had 293000 shares of common stock issued and outstanding at December 31, 2020. No common stock was issued during 2021. On January 1, 2021, Coronado issued 200000 shares of nonconvertible preferred stock. During 2021, Coronado declared and paid $110000 cash dividends on the common stock and $79000 on the preferred stock. Net income for the year ended December 31, 2021 was $618000. What should be Coronado's 2021 earnings per common share
Answer:
$3.72
Explanation:
earnings per common share = earning attributable to holder of common stock ÷ weighted average number of common stocks outstanding
therefore,
earnings per common share = $3.72
The Kelsh Company has two divisions--North and South. The divisions have the following revenues and expenses:
North South
Sales $900,000 $800,000
Variable expenses 450,000 300,000
Traceable fixed expenses 260,000 210,000
Allocated common corporate expenses 240,000 190,000
Net operating income (loss) ($50,000) $100,000
Management at Kelsh is pondering the elimination of the North Division. If the North Division were eliminated, its traceable fixed expenses could be avoided. The total common corporate expenses would be unaffected.
Given this data, the elimination of the North Division would result in an overall company operating income of:
a. 50,000
b. 150,000
c. (140,000)
d. 100,000
Answer:
c. (140,000)
Explanation:
Effect on net income of dropping the North Division:
Sales $(900,000)
Variable expenses $450,000
Contribution margin $(450,000)
Traceable fixed expenses $260,000
Effect on net income ($190,000)
Since the North Division currently have Net operating income (loss) of ($50,000), so therefore, after dropping the North Division, the overall company net operating loss will be $140,000 ($50,000 - $190,000).
On January 3, 2020, Hanna Corporation signed a lease on a machine for its manufacturing operation and the lease commences on the same date. The lease requires Hanna to make six annual lease payments of $12,000 with the first payment due December 31,2020. Hanna could have financed the machine by borrowing the purchase price at an interest rate of 7%. a. Prepare the journal entries that Hanna Corporation would make on January 3 and December 31, 2020, to record this lease assuming. i. the lease is reported as an operating lease. ii. the lease is reported as a finance lease. b. Post the journal entries of part a to the appropriate T-accounts. c. Show how the entries posted in part b would affect the financial statements using the financial statement effects template.
Answer:
Hanna Corporation
a. Journal entries that Hanna Corporation would make on January 3 and December 31, 2020 to record this lease assuming:
i. the lease is reported as an operating lease:
January 3, 2020: No journal entry
December 31, 2020:
Debit Lease Expense $12,000
Credit Cash $12,000
To record the payment for the operating lease.
ii. the lease is reported as a finance lease:
January 3, 2020:
Debit Right to Use Asset $57,198.48
Credit Lease Liability $57,198.48
To recognize the right to the leased asset and establish the related liability.
December 31, 2020:
Debit Lease Liability $7,996,11
Debit Interest Expense $4,003.89
Credit Cash $12,000
To record the payment for the lease liability and interest expense.
b. T-accounts;
Operating lease:
Cash Account
Date Account Titles Debit Credit
Dec. 31, 2020 Lease Expense $12,000
Lease Expense
Date Account Titles Debit Credit
Dec. 31, 2020 Cash $12,000
Finance Lease:
Right to Use Asset
Date Account Titles Debit Credit
Jan. 3, 2020 Lease Liability $57,198.48
Lease Liability
Date Account Titles Debit Credit
Jan. 3, 2020 Right to Use Asset $57,198.48
Dec. 31, 2020 Cash $7,996.11
Cash Account
Date Account Titles Debit Credit
Dec. 31, 2020 Lease Liability $7,996.11
Interest Expense $4,003.89
Interest Expense
Date Account Titles Debit Credit
Dec. 31, 2020 Cash $4,003.89
c. Financial Statement Effects:
Balance Sheet Income Statement Statement of
Assets = Liabilities + Equity Revenue-Expenses=Profit
a. Cash -$12,000
= Liabilities + Equity (Retained -$12,000 Operating activity
Earnings - $12,000) $12,000
b. Assets +$57,198.48
= Liabilities +$57,198.48
Cash -$12,000
= Liabilities -$7,996,11 + Equity -$4,003.89 Operating activity
(Retained earnings -$4,003.89) $4,003.89
Explanation:
a) Data and Calculations:
Lease for a manufacturing machine:
Annual lease payment = $12,000
Lease period = 6 years
Lease date = January 3, 2020
First payment date = December 31, 2020
Relevant interest rate = 7%
From an online financial calculator:
N (# of periods) 6
I/Y (Interest per year) 7
PMT (Periodic Payment) 12000
FV (Future Value) 0
Results
PV = $57,198.48
Sum of all periodic payments $72,000.00
Total Interest $14,801.52
Payment Schedule
Period PV PMT Interest FV
1 $57,198.48 $12,000.00 $4,003.89 $49,202.37
2 $49,202.37 $12,000.00 $3,444.17 $40,646.54
3 $40,646.54 $12,000.00 $2,845.26 $31,491.79
4 $31,491.79 $12,000.00 $2,204.43 $21,696.22
5 $21,696.22 $12,000.00 $1,518.74 $11,214.95
6 $11,214.95 $12,000.00 $785.05 $0.00
Before negotiating a long-term construction contract, build- ing contractors must carefully estimate the total cost of completing the project. Benzion Barlev of New York University proposed a model for total cost of a long-term contract based on the normal distribution(Journal of Business Finance and Accounting, July 1995). For one particular construction contract, Barlev assumed total cost, x, to be normally distributed with mean $850,000 and standard deviation $170,000. The revenue, R, promised to the contractor is $1,00,000.
Required:
a. The contract will be profitable if revenue exceeds total cost. What is the probability that the co ntract will be profitable for the contractor?
b. What is the probability that the project will result in a loss for the contractor?
c. Suppose the contractor has the opportunity to renegotiate the contract. What value of R should the contractor strive for in order to have a .99 probability of making a profit?
Answer:
Benzion Barlev of New York UniversityNEGOTIATION OF A LONG-TERM CONSTRUCTION CONTRACT
a. The probability that the contract will be profitable for the contractor is:
= 81%
b. The probability that the project will result in a loss for the contractor is:
= 19%
c. The value of R that the contractor should strive for in order to have a .99 probability of making a profit is:
= $1,246,100.
Explanation:
a) Data and Calculations:
Mean total cost (x) = $850,000
Standard deviation = $170,000
Revenue = $1,000,000
Probability of being profitable = (R - x)/std deviation
= ($1,000,000 - $850,000)/$170,000
= $150,000/$170,000
= 0.882
From Z table, 0.882 = 0.81057 = 81%
Probability of loss = 19% (100 - 81%)
To have a 99% (0.99) probability of making a profit, Z value = 2.33 from the Z table:
(R - x)/std deviation = 2.33
(R - x) = 2.33 * $170,000
= $396,100
(R - $850,000) = $396,100
R = $396,100 + $850,000
R = $1,246,100
What is one specific requirement of a negotiable instrument?
O A. It must involve an exchange of goods.
B. It must provide for a fixed amount of money.
O C. It must be agreed to orally.
O D. It must involve two parties who are friends.
Answer:
B
Explanation:
You wish to take an Excel course. You may enroll at one within your school or you may take a community class at the local library. You've gathered the following information to aid in your decision-making process.
Costs/Benefits College Course Community Course
Cost $2,600 $1,390
Distance to course 0.40 miles (walking distance) 16 miles (driving distance)
Timing of course Weekday Weekend
Number of meetings 16 8
Qualitative considerations Convenience, quality of instruction Flexibility, brief duration
If you enroll in the community class, you will be unable to work at your regular job on weekends for the eight weekend days when the class meets. If you typically earn $260 per weekend shift, which option would you choose (considering enrollment cost and opportunity cost)?
a) Neither alternative
b) College course
c) Community course
d) Both alternatives
Answer:
The chosen option (considering enrollment costs and opportunity cost) is:
b) College course.
Explanation:
a) Data and Calculations:
Costs/Benefits
College Course Community Course
Cost $2,600 $1,390
Opportunity costs -2,080 2,080
Net costs $520 $3,470
Distance to course 0.40 miles 16 miles
(walking distance) (driving distance)
Timing of course Weekday Weekend
Number of meetings 16 8
b) With the College course option, you will earn $2,080 ($260 * 8) weekdays to offset part of the enrollment cost. With the Community course option, $2,080 will be lost in opportunity cost, thereby increasing the total costs incurred. These costs are apart from the driving costs associated with traveling 16 miles to the Community Course at the local library.
Communication starts with
sender
is answer..
........
Danner Company expects to have a cash balance of $52,965 on January 1, 2017. Relevant monthly budget data for the first 2 months of 2017 are as follows. Collections from customers: January $100,045, February $176,550. Payments for direct materials: January $58,850, February $88,275. Direct labor: January $35,310, February $52,965. Wages are paid in the month they are incurred. Manufacturing overhead: January $24,717, February $29,425. These costs include depreciation of $1,765 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $17,655, February $23,540. These costs are exclusive of depreciation. They are paid as incurred. Sales of marketable securities in January are expected to realize $14,124 in cash. Danner Company has a line of credit at a local bank that enables it to borrow up to $29,425. The company wants to maintain a minimum monthly cash balance of $23,540.
Prepare a cash budget for January and February.
Answer:
Danner Company
Cash Budget for January and February
January February
Beginning balance $52,965 $32,367
Collections from customers 100,045 176,550
Sales of marketable securities 14,124
Cash available $167,134 $208,917
Payments:
Direct materials $58,850 $88,275
Direct labor 35,310 52,965
Manufacturing overhead 22,952 27,660
Selling & administrative expenses 17,655 23,540
Total payments $134,767 $192,440
Cash balance $32,367 $16,477
Required minimum balance 23,540 23,540
Excess (Needed) Financing $8,827 ($7,063)
Explanation:
a) Data and Calculations:
Expected January 1, 2017 Cash Balance = $52,965
January February
Collections from customers $100,045 $176,550
Sales of marketable securities 14,124
Payments:
Direct materials $58,850 $88,275
Direct labor 35,310 52,965
Manufacturing overhead 22,952 27,660
Selling & administrative expenses 17,655 23,540
Line of credit limit = $29,425
Required minimum cash balance = $23,540
If Congress wanted to help the economy out of a recession, they would be most likely to: check all that apply Group of answer choices increase transfer payments increase interest rates decrease taxes reduce government spending
Answer:
increase transfer payments
decrease taxes
Explanation:
A recession is when the GDP of a country for two consecutive quarters is negative
to help a country out of a recession, expansionary fiscal policies have to be undertaken
Expansionary fiscal policy is when the government increases the money supply in the economy either by increasing spending or cutting taxes.
increasing interest rate is a monetary policy
he controller of Wildhorse Industries has collected the following monthly expense data for use in analyzing the cost behavior of maintenance costs. Month Total Maintenance Costs Total Machine Hours January $2,925 3,880 February 3,324 4,432 March 3,989 6,648 April 4,986 8,753 May 3,546 5,540 June 5,420 8,870 (a1) Determine the variable-cost components using the high-low method. (Round answer to 2 decimal places e.g. 2.25.) Variable cost per machine hour $
Answer:
Variable cost per unit= $0.5
Explanation:
To calculate the variable and fixed costs under the high-low method, we need to use the following formulas:
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (5,420 - 2,925) / (8,870 - 3,880)
Variable cost per unit= $0.5
Fixed costs= Highest activity cost - (Variable cost per unit * HAU)
Fixed costs= 5,420 - (0.5*8,870)
Fixed costs= $985
Fixed costs= LAC - (Variable cost per unit* LAU)
Fixed costs= 2,925 - (0.5*3,880)
Fixed costs= $985
Question 10 (5 points)
Company policy for internal control should include all of the following except for
which one?
Employees will be rotated.
Monthly bank statements should be sent to and reconciled by the same
employees who authorize payments and write checks.
At time of payment, all supporting invoices or documents will be stamped "paid."
The owner (or responsible employee) signs all checks after receiving
authorization to pay from the departments concerned.
Answer:
Monthly bank statements should be sent to and reconciled by the same employees who authorize payments and write checks
Explanation:
Suppose Dina gets a sales bonus at her place of work that gives her an extra $800 of disposable income. She chooses to spend $600 and save the remaining $200. From this, you can tell that Dina's marginal propensity to consume (MPC) is , and her marginal propensity to save (MPS) is . Mathematically, it must always be true that: Disposable Income = Therefore, it must also be true that: 1 =
Answer:
MPC = 0.75
MPS = 0.25
Disposable income = amount spent on consumption + amount saved
Marginal Propensity to Consume + Marginal Propensity to Save = 1
Explanation:
Marginal propensity to consume is the proportion of disposable income that is spent on consumption
Marginal propensity to consume = amount consumed / disposable income
Marginal propensity to save is the proportion of disposable income that is saved
Marginal propensity to save = amount saved / disposable income
MPC + MPS = 1
Disposable income = amount spent on consumption + amount saved
MPC = 600 / 800 = 0.75
MPS = 200 / 800 = 0.25
A continuous (rolling) budget A. presents the plan for a range of activity so that the plan can be adjusted for changes in activity levels. B. presents a statement of expectations for a period of time but does not present a firm commitment. C. presents the plan for only one level of activity and does not adjust to changes in the level of activity. D.drops the current month or quarter and adds a future month or quarter as the current month or quarter is completed. E. classifies budget requests by activity and estimates the benefits arising from each activity. A continuous budget has a constant time horizon and always looks ahead the same number of periods.
Answer:
D.drops the current month or quarter and adds a future month or quarter as the current month or quarter is completed.
Explanation:
A continuous (rolling) budget is one that varies over time. It attach another month to the end of the budget as one month expires. for example, If initial budget covers the months of January to December 2018, then you may add January 2019 after January 2018 has ended.
Hence, option D is the correct answer.
Joint products A and B emerge from common processing costs of $100,000 and yield 2,000 units of Product A and 1,000 units of Product B. Product A can be sold for $100 per unit. Product B can be sold for $120 per unit. The amount of joint costs allocated to Product A (if joint costs are allocated on the basis of relative sales value) will be $ (rounded to nearest dollar).
Answer:
Product A - Joint Cost Allocated = $62500
Explanation:
To calculate the allocation of joint costs to Product A, we must first calculate the sales revenue or value for both products.
Total sales value - Product A = 100 * 2000 = $200000
Total sales value - Product B = 120 * 1000 = $120000
Total Sales Value = 200000 + 120000 = $320000
The amount of Joint costs that will be allocated to Product A will be,
Product A - Joint Cost Allocated = (200000 / 320000) * 100000
Product A - Joint Cost Allocated = $62500
Depletion Entries Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 4,000,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. $fill in the blank ed11a103ff82045_1 b. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31 fill in the blank 396e8209705d02e_2 fill in the blank 396e8209705d02e_3 fill in the blank 396e8209705d02e_5 fill in the blank 396e8209705d02e_6
Answer: See explanation
Explanation:
a. Determine the amount of depletion expense for the current year.
First, we've to calculate the depletion rate per unit which will be:
= $67,500,000 / 30,000,000
= $2.25
Then, the depletion expense will be:
= $2.25 × 4,000,000
= $9,000,000
b. Journalize the adjusting entry on December 31 to recognize the depletion expense.
Debit Depletion expense $9,000,000
Credit Accumulated depreciation $9,000,000
(Being depletion of 4,000,000 tons)
The following wordy, inefficient, and disorganized e-mail message invites department managers to three interviewing sessions to select student interns. However, to be effective, this message desperately needs a radical rewrite.
Your Task. Study the e-mail message and the list of ten weaknesses below the message. Then revise the message to correct each weakness. You revision needs to condense this sloppy 14-sentence message into 6 efficient sentences plus a list, and convey all the necessary information. Make all of your corrections directly to the message.
To: Management Staff
From: Nathan Weintraub
Subject: Interns
Staff:
As you may be aware, we have for the past year been considering changing our approach to interns. Your management council recently made a decision to offer compensation to the interns in our internship program because we learned that in two fields (computer science and information systems) interns are usually paid, which is the norm. However, we will be unable to offer any more than three internships.
In collaboration with our nearby college, we have narrowed the field to six excellent candidates. These six candidates will be interviewed. This is to inform you that you are required to attend three interviewing sessions for these student candidates. Your presence is needed at these sessions to help us avoid making poor selections.
You should mark your calendars for the following three times. We are scheduling the first set of interviews for April 5 to meet in the conference room. Please examine all the candidates’ résumés, which are attached, and send me your ranking lists.
The second interviewing session is scheduled for April 8 in Office 22 (the conference room was already scheduled). On April 11 we can finish up in the conference room. All of the meetings will start at 2 p.m. In view of the fact that your projects need fresh ideas and talented new team members, I should not have to urge you to attend and be well prepared.
Nathan Weintraub
Director, Human Resources
1. Does not provide a helpful subject line.
2. Starts indirectly with an explanation instead of the main idea: scheduling interviews.
3. Fails to develop reader benefits, such as explaining why the readers should be interested.
4. Sounds negative (unable to offer; avoid making poor selections; should not have to urge you).
5. Buries a verb (made a decision instead of decided).
6. Has a long lead-in (This is to inform you that).
7. Suffers from flabby expression (in view of the fact that), other wordiness, repetition, and a demanding tone.
8. Fails to make the interview dates and rooms highly readable with a list.
9. Inserts request (send me your ranking lists) in the middle of a paragraph instead of at the end of the message where action items should go.
10. Does not include an end date and reason for returning the ranking lists.
Explanation:
Since the list of ten weaknesses has been provided, the sample rewrite based on the needed corrections provided could read;
To: Management Staff
From: Nathan Weintraub
Subject: Invitation to attend interviewing sessions.
"Management would love to invite you to three interviewing sessions for the selection of internship students.
Because of proven expertise and years of experience working in this company, management deems you fit to make the best selection for the company. Hence, we are thus confident that you would give this task your best....."
Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The journal entry to record June production activities for overhead allocation is:
Direct materials used $87,000
Direct labor used 160,000
Predetermined overhead rate (based on direct labor) 155%
Goods transferred to finished goods 432,000
Cost of goods sold 444,000
Credit sales 810,000
a. Debit Factory Overhead $248,000; credit Cash $248,000.
b. Debit Work in Process Inventory $160,000; credit Factory Payroll $160,000.
c. Debit Work in Process Inventory $248,000; credit Factory Overhead $248,000.
d. Debit Work in Process Inventory $160,000; credit Factory Overhead $160,000.
e. Debit Work in Process Inventory $160,000; credit Cash $160,000.
Answer:
c. Debit Work in Process Inventory $248,000; credit Factory Overhead $248,000.
Explanation:
The journal entry to record the overhead allocation is given below:
Work in Process Inventory $248,000 ($160,000 × 155%)
To Factory Overhead $248,000.
(being the overhead allocation is recorded)
here the work in process inventory is debited as it increased the asset and the factory overhead is credited so that the allocation of the overhead could be cone
Therefore the third option is correct
'Teaching profession is an important profession of nation' Justify this statement.
Answer:
A teacher plays a role of a mentor as well as of a facilitator.
Explanation:
Teachers instill knowledge and skills in our youngsters of the nation. They are the nation builders. The state of teaching is stronger because teachers everywhere are leading from their classrooms and taking over new roles to enhance education for teenagers.
A teacher plays a role of a mentor as well as of a facilitator.
Suppose that Ava withdraws $300 from her savings account at Second Bank. The reserve requirement facing Second Bank is 10%. Assume the bank does not wish to hold any excess reserves of new deposits. Use this information to complete the balance sheet below to show how Second Bank's assets and liabilities change when Ava withdraws the $300 from the bank. Instructions: Enter your answer as a whole number. If you are entering a negative number include a minus sign. A Simple Bank Balance Sheet Assets Liabilities.
Change in Reserves: $ -30
Change in Deposits: $ -300
Change in Loans: $ -270
Answer:
Due to withdrawal of the $300 from saving account. Decrease in the required reserve = 300*10% = $30. So, Change in reserve = -$30
Decrease in loans as there is no excess reserve) = $300 - $30 = $270. So, the change in loans = -$270
Decrease in deposits since it is withdrawn = $300. So, the change in deposit = -$300
Balance Sheet
Assets Liabilities
Changes in required reserve = -$30 Change in deposit = -$300
Changes in loans = -$270
Total Change = -$300 Total Change = -$300
Which type of interview presents the interviewee with a project which the interviewee must create and carry out a plan for?
Select the best answer choice:
A.
Behavioral interview
B.
Informational interview
C.
Case interview
D.
Panel interview
Answer:C
Explanation:
A behavioral interview is obviously based on behavior.
A informational interview is where you have to know more.
A case interview is where you basically work as an employee to see how you can manage or do the job.
A panel interview is where there’s many interviewers and one candidate
Santa Corporation issued a bond on January 1 of this year with a face value of $1,000. The bond's coupon rate is 6 percent and interest is paid once a year on December 31. The bond matures in three years. The annual market rate of interest was 8 percent at the time the bond was sold. The following amortization schedule pertains to the bond issued: Cash Paid Interest Expense Amortization Balance January 1, Year 1 $948 December 31, Year 1 $60 $76 $16 964 December 31, Year 2 60 77 17 981 December 31, Year 3 60 79 19 1,000 Required: 1. What was the bond's issue price
Answer:
Total of amortisation for 3 years = 16+17+19 = 52
Bonds issue price = 1000 - 52 = $948
I hope this helps a little bit.
In the balance sheet at the end of its first year of operations, Dinty Inc. reported an allowance for uncollectible accounts of $82,000. During the year, Dinty wrote off $32,000 of accounts receivable it had attempted to collect and failed. Credit sales for the year were $2,200,000, and cash collections from credit customers totaled $1,950,000. What accounts receivable balance would Dinty report in its first year-end balance sheet?
Answer:
$218,000
Explanation:
Account receivable balance = Credit sales - Cash collection - Wrote-offs
Account receivable balance = $2,200,000 - $1,950,000 - $32,000
Account receivable balance = $218,000
So, the accounts receivable balance would Dinty report in its first year-end balance sheet is $218,000
