Answer:
Dog Kennel
The revenue variance for March would be closest to:
= $1,028 U
Explanation:
a) Data and Calculations:
Budgeted kennel tenant-days = 3,100
Actual kennel tenant-days = 3,120
Fixed element Variable element Total
per month per tenant-day
Revenue - $ 34.00 $105,400
Wages and salaries $ 2,000 $ 7.00 $23,700
Food and supplies 1,000 13.50 42,850
Facility expenses 7,500 2.50 15,250
Administrative expenses 6,000 0.10 6,310
Total expenses $ 16,500 $ 23.10 $88,110
Actual results for March:
Revenue $ 104,372
Wages and salaries $ 28,500
Food and supplies $ 44,025
Facility expenses $ 14,900
Administrative expenses $ 7,090
Total expenses $94,515
Revenue variance for March would be closest to: $1,028 U ($105,400 - $104,372)
The following information was available for the year ended December 31, 2016:
Earnings before interest and taxes (operating income) $ 81,000
Interest expense 17,000 Income tax expense 22,000
Net income 42,000
Total assets at year-end 270,000
Total liabilities at year-end 148,000
Required:
a. Calculate the debt ratio at December 31, 2016. (Round your answer to 1 decimal place.)
b. Calculate the debt/equity ratio at December 31, 2016. (Round your answer to 2 decimal places.)
c. Calculate the times interest earned for the year ended December 31, 2016. (Round your answer to 2 decimal places.)
Answer and Explanation:
The calculation is given below:
a. The debt ratio is
= Total liabilities ÷ total assets
= $148,000 ÷ $270,000
= 0.5 times
b. The debt/equity ratio is
= Debt ÷ equity
= $148,000 ÷ ($270,000 - $148,000)
= $148,000 ÷ $122,000
= 1.21 times
c. The times interest earned ratio is
= earning before interest and taxes ÷ interest expense
= $81,000 ÷ $17,000
= 4.76 times
Because there isn't one single measure of inflation, the government and researchers use a variety of methods to get the most balanced picture of how prices fluctuate in the economy. Two of the most commonly used price indexes are the consumer price index (CPI) and the GDP deflator.
The CPI for this year is calculated by dividing thecost of a given market basket of goods and services using this year’s prices by thevalue of all goods and services produced in the economy this year using the base year’s prices and multiplying by 100. However, the GDP deflator reflects only the prices of all goods and services produced domestically. Indicate whether each scenario will affect the GDP deflator or the CPI for the United States. Check all that apply.
a. A decrease in the price of a Waterman Industries deep-water reel, which is a commercial fishing product used for deep-sea fishing
b. An increase in the price of a Japanese-made television that is popular among U.S. consumers
Answer:
GDP deflator
CPI
Explanation:
The consumer price index measures the changes in price of a basket of good. It is used to measure inflation. Basket of goods includes goods produced within the country and outside the country.
CPI = (cost of basket of goods in current period / cost of basket of goods in base period) x 100
An increase in the price of a Japanese-made television that is popular among U.S. consumers will increase CPI
GDP deflator = (nominal GDP / real GDP) x 100
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
Nominal GDP is GDP calculated using current year prices while Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.
A decrease in the price of a Waterman Industries deep-water reel, which is a commercial fishing product used for deep-sea fishing will decrease GDP deflator
Wallace Container Company issued $100 par value preferred stock 12 years ago. The stock provided a 9 percent yield at the time of issue. The preferred stock is now selling for $72. What is the current yield or cost of the preferred stock
Answer:
12.5%
Explanation:
Calculation to determine the current yield or cost of the preferred stock
First step is to determine the Preference dividend.
Dividend yield= Preference dividend/Market price
9%= Preference dividend/100
Preference dividend=9%*100
Preference dividend=$9
Now let determine the cost of the preferred stock
Using this formula
Cost of preference stock= (Preference dividend/Current market price)×100%
Let plug in the formula
Cost of preference stock=($9/72)×100%
Cost of preference stock=12.5%
Therefore the current yield or cost of the preferred stock is 12.5%
Reasons why South African post office taking private courier companies to court
Answer:
Explanation:
As the only operator of this kind in South Africa, the Post Office has the exclusive right to provide delivery services for all letters, postcards, printed matter, small parcels, and other postal articles up to and including 1kg.
PostNet was initially ordered to stop delivering all packages weighing 1kg and less by 17 March 2020. However, it secured an interdict which allowed it to continue to deliver these packages until the full challenge was heard in the Gauteng High Court.
The Post Office, Postnet and the South African Express Parcel Association (SAEPA) are now set to head to court in a move that could have ramifications for the entire courier industry in South Africa.
Icasa spokesperson Paseka Maleka told BusinessDay that the regulator would give its support to the Post Office as it was following the letter of the law, which allowed private couriers to only deliver food items in the 1kg or less category.
“Icasa’s mandate is to implement what the law requires, and we are doing exactly that,” he said.
“There are exemptions that deal with businesses that do not fall under postal services. Uber Eats, Mr Delivery, etc are such businesses. Obviously, one cannot expect Sapo to be delivering pizza to a consumer,” he said.
The Beauty Beyond Words Salon uses an activity-based costing system in its beauty salon to determine the cost of services. The salon has determined the costs of services by activity as follows:
Activity Activity Rate
Hair washing $4.00
Conditioning $3.50
Chemical treatment $25.00
Styling $10.00
Hair Washing
Conditioning Chemical Treatment
Styling
Haircut 1 1 0 0
Complete style 1 1 0 1
Perm 2 3 1 1
Highlights 3 4 2 1
Calculate the cost of services for a haircut.
a. $7.50
b. $4.00
c. $3.50
d. $11.50
Answer:
The correct option is a. $7.50.
Explanation:
Note: The data in this question are merged together. They are therefore sorted before answering the question. See the attached pdf file for the complete question with the sorted data.
The explanation of the answer is now provided as follows:
Activity-based costing is a costing system that involves identifying an organization's activities and assigning the cost of each activity to all products and services based on actual consumption.
Based on the data in the question, a haircut requires one units each of Hair Washing and Conditioning, while it requires zero unit of each of Chemical Treatment and Styling.
Therefore, we have:
Cost of services for a haircut = (Units of Hair Washing * Rate of Hair Washing) + (Units of Conditioning * Rate of Conditioning) = (1 * $4.00) + (1 $3.50) = $4.00 + $3.50 = $7.50
Therefore, the correct option is a. $7.50.
Phân tích việc Chính phủ sử dụng chính sách tài khóa tác động như thế nào đến nền kinh tế trong đại dịch
Answer: Chính phủ sẽ can thiệp bằng cách dùng gói cứu trợ và nới lỏng thuế cho cá nhân, hộ gia đình, và các doanh nghiệp
Explanation: gói cứu trợ cho hộ gia đình, các kinh doanh nhỏ, vừa và cả lớn để kích thích nền kinh tế, tăng tổng nguồn cung của đất nước đó. Mặt khác, các cá nhân, hộ gia đình cũng sẽ tăng nhu cầu khi được cứu trợ thêm lương và các khoản chi tiêu khác, giúp nền kinh tế hoạt động trở lại trong đại dịch. Bên cạnh đó, các thuế cũng được giảm xuống để thu hút cá nhân, doanh nghiệp, và các ngành công nghiệp khác đầu tư vào nguồn nhân lực, cơ sở hạ tầng, cũng từ đó tạo thêm được nhiều việc làm cho nhiều công nhân. Chính Phủ cũng có thể đầu tư số tiền vào các dịch vụ công như là xây dựng đường xá, cầu vượt, giúp tăng thêm việc làm và nguồn thu nhập cho người dân, dẫn đến việc hiệu ứng nhân đôi kép. Tất cả những việc này sẽ giúp cho nền kinh tế của một quốc gia hồi phục nền kinh tế bằng sự can thiệp của Chính Phủ và nới lỏng thuế.
Agatha was a licensed loan originator when the housing market slowdown left her with little work. She accepted a job outside the mortgage field over three years ago, and her license expired. Now, Agatha wants to apply for a license again. One of the requirements Agatha must meet in order to be re-licensed is:
Answer: Providing proof that she completed all of the continuing education requirements for the year she last held a license.
Explanation:
Based on the information given, since the license of Agatha has expired, one of the requirements that she must meet in order to be re-licensed is to provide proof that she completed all of the continuing education requirements for the year she last held a license.
It should be noted that providing proof that she still meets the qualifications to be a mortgage loan originator or information that relates to her previous license isn't required.
write 20 abbreviation and words in full ( manuscript )
Answer:
approx. - approximately
appt. - appointment
apt. - apartment
A.S.A.P. - as soon as possible
c/o - care of, used when sending mail to someone who's not at their usual address
dept. - department
D.I.Y. - Do it yourself
est. - established
E.T.A. - estimated time of arrival
min. - minute or minimum
misc. - miscellaneous
Mr. - Mister
Mrs. - Mistress (pronounced Missus)
no. - number
R.S.V.P. - Répondez, s'il vous plait, this initialism comes from the French for "please reply." It's used on invitations to parties and events and is intended (as it says) to be responded to with a "yes, we will attend," or "no, we will not."
tel. - telephone
temp. - temperature or temporary
vet. - veteran or veterinarian
vs. - versus
tsp or t - teaspoon/teaspoons
tbs, tbsp or T - tablespoon/tablespoons
c - cup/cups
gal - gallon
lb - pound/pounds
pt - pint
qt - quart
hope this is what tou looking for. theres more than 20, so you can pick and choose
Prosecutors representing the Securities and Exchange Commission recentlyannounced criminal charges against 13 individuals for engaging in insidertrading. According to the SECs director of enforcement, a trading ring acting on inside information compromises the marketsintegrity and investorstrust. . . . Explain why.
Answer and Explanation:
Insider trading compromises the integrity of the market because insider investors have non-public information about the stocks of the company that could very much impact the value of the stock of the company. In other words, an insider knows what the public doesn't know about a company and it allows him an unfair advantage to trade the stocks of the company using this information and make large unusual profit. This could lead to market collapse as investors are no longer encouraged to invest seeing that they can't trust that the market is transparent and trustworthy(they don't have all the important information that would affect the company)
On January 1, Eastern College received $1,280,000 from its students for the spring semester that it recorded in Unearned Tuition and Fees. The term spans four months beginning on January 2 and the college spreads the revenue evenly over the months of the term. What amount of tuition revenue should the college recognize on February 28? Assume the college prepares monthly financial statements.a. $640,000.b. $1,280,000.c. $880,000.d. $960,000.e. $320,000.
Answer:
e. $320,000
Explanation:
Calculation to determine amount of tuition revenue should the college recognize on February 28
Using this formula
Tuition revenue =Amount received/Term spans
Let plug in the formula
Tuition revenue=$1,280,000 /4 months
Tuition revenue=$320,000
Therefore amount of tuition revenue should the college recognize on February 28 is $320,000
A student borrows $90,000 for business school at 9.0% stated annual interest with equal monthly payments over 9 years. Consider this as a loan with no payments or interest during school so that the problem structure is equivalent to a standard loan received one period before the first payment. How much is the monthly payment
Answer:
the monthly payment is $1,218.86
Explanation:
The computation of the monthly payment is shown below;
Given that
RATE = 9% ÷ 12 = 0.75%
NPER = 9 × 12 = 108
PV = -$90,000
FV = $0
The formula is shown below;
=PMT(RATE,NPER,PV,FV,TYPE)
After applying the above formula, the monthly payment is $1,218.86
The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending December 31:
Apr. 13. Wrote off account of Dean Sheppard, $2,120.
May 15. Received $1,060 as partial payment on the $2,820 account of Dan Pyle. Wrote off the remaining balance as uncollectible.
July 27. Received $2,120 from Dean Sheppard, whose account had been written off on
April 13. Reinstated the account and recorded the cash receipt.
Dec. 31 Wrote off the following accounts as uncollectible (record as one journal entry): Paul Chapman $2,120 Duane DeRosa 3,590 Teresa Galloway 4,640 Ernie Klatt 1,310 Marty Richey 1,715
31 If necessary, record the year-end adjusting entry for uncollectible accounts.
Required:
a. Journalize the transactions under the direct write-off method.
b. Journalize the transactions under the allowance method.
c. How much higher (lower) would Shipway Company’s net income have been under the direct write-off method than under the allowance method?
Answer:
Shipway Company
Journal Entries:
a. Direct Method:
Apr. 13. Debit Bad Debts Expense $2,120
Credit Accounts Receivable (Dean Sheppard) $2,120
To write-off account deemed uncollectible.
May 15. Debit Cash $1,060
Debit Bad Debts Expense $1,760
Credit Accounts Receivable (Dan Pyle) $2,820
To record the receipt of cash and write-off of uncollectible balance.
July 27. Debit Accounts Receivable $2,120
Credit Bad Debts Expense $2,120
To reinstate the account.
Debit Cash $2,120
Credit Accounts Receivable $2,120
To record the receipt of cash.
Dec. 31 Debit Bad Debts Expense $13,375
Credit Accounts Receivable $13,375
To write-off the following uncollectible accounts: Paul Chapman $2,120 Duane DeRosa 3,590 Teresa Galloway 4,640 Ernie Klatt 1,310 Marty Richey 1,715.
b. Allowance Method:
Apr. 13. Debit Allowance for Uncollectibles $2,120
Credit Accounts Receivable (Dean Sheppard) $2,120
To write-off account deemed uncollectible.
May 15. Debit Cash $1,060
Debit Allowance for Uncollectibles $1,760
Credit Accounts Receivable (Dan Pyle) $2,820
To record the receipt of cash and write-off of uncollectible balance.
July 27. Debit Accounts Receivable $2,120
Credit Allowance for Uncollectibles $2,120
To reinstate a previously written-off account.
Debit Cash $2,120
Credit Accounts Receivable $2,120
To record the receipt of cash on account.
Dec. 31 Debit Allowance for Uncollectibles $13,375
Credit Accounts Receivable $13,375
To write-off of uncollectible accounts.
c. The amount by which Shipway Company’s net income would have been higher (lower) under the direct write-off method than under the allowance method is:
= $0
Explanation:
a) Data and Analysis:
Direct Method:
Apr. 13. Bad Debts Expense $2,120 Accounts Receivable (Dean Sheppard) $2,120
May 15. Cash $1,060 Bad Debts Expense $1,760 Accounts Receivable (Dan Pyle) $2,820
July 27. Accounts Receivable $2,120 Bad Debts Expense $2,120 Cash $2,120 Accounts Receivable $2,120
Dec. 31 Bad Debts Expense $13,375 Accounts Receivable $13,375
Uncollectible accounts: Paul Chapman $2,120 Duane DeRosa 3,590 Teresa Galloway 4,640 Ernie Klatt 1,310 Marty Richey 1,715
Allowance Method:
Apr. 13. Allowance for Uncollectibles $2,120 Accounts Receivable (Dean Sheppard) $2,120
May 15. Cash $1,060 Allowance for Uncollectibles $1,760 Accounts Receivable (Dan Pyle) $2,820
July 27. Accounts Receivable $2,120 Allowance for Uncollectibles $2,120 Cash $2,120 Accounts Receivable $2,120
Dec. 31 Allowance for Uncollectibles $13,375 Accounts Receivable $13,375
Uncollectible accounts: Paul Chapman $2,120 Duane DeRosa 3,590 Teresa Galloway 4,640 Ernie Klatt 1,310 Marty Richey 1,715
As of December 31, 2019, Nilsen Industries had $2,000 of raw materials inventory. At the beginning of 2019, there was $1,600 of materials on hand. During the year, the company purchased $354,000 of materials; however it paid for only $314,000. How much inventory was requisitioned for use on jobs during 2019? a. $354,400b. $344,400c. $343,600d. $353,600
Answer:
d. $353,600
Explanation:
The computation of the inventory requisitioned for use on jobs during 2019 is shown below;
= OPening inventory + purchase made - ending inventory
= $1,600 + $354,000 - $2,000
= $353,600
Hence, the inventory requisitioned for use on jobs during 2019 is $353,600
Therefore the option d is correct
Which of the following statement completions is NOT CORRECT? For a profitable firm, when MACRS accelerated depreciation is compared to straight-line depreciation, MACRS accelerated allowances produce a. Lower tax payments in the earlier years of an asset's life. b. Larger total undiscounted profits from the project over the project's life. c. Higher depreciation charges in the early years of an asset's life. d. Smaller accounting profits in the early years, assuming the company uses the same depreciation method for tax and book purposes. e. Larger cash flows in the earlier years of an asset's life.
Answer:
The NOT CORRECT statement is:
b. Larger total undiscounted profits from the project over the project's life.
Explanation:
The MACRS (Modified Accelerated Cost Recovery System) apportions larger depreciation expense in the earlier years of the asset's life, as it attempts to depreciate higher cost in those earlier years than the later years. This implies that the accounting profits in the early years can only be smaller and the undiscounted profits cannot be larger over the project's life.
Royal Inc. issued 10-year, $100,000, 10% annual interest-bearing bonds with a carrying value of $88,800 as of December 31, 2020. Royal Inc. amortizes the discount using the effective interest method. At the time the bonds were issued on June 30, 2020, Royal Inc. elected to account for the bonds using the fair value option. In prepar-ing financial statements for 2020, Royal Inc. will need to make an adjusting entry to reflect the change in the fair value of the bonds.Required:a. Assume that the fair value of the $100,000 bonds is $80,000 on December 31, 2020. The decrease in fair value is due to general interest rate changes. Record the adjusting entry on December 31, 2020. b. Assume instead that the fair value of the $100,000 bonds is $95,000 on December 31, 2020. The increase in the fair value of the bonds is due entirely to a change in the credit risk of the debt.
Answer:
Royal Inc.
Journal Entries:
a. Assumed fair value on December 31, 2020 = $80,000
Debit Bonds Payable $8,800
Credit Fair Value Adjustment - Bonds Payable $8,800
To record the fair value adjustment in the carrying value of the bonds.
b. Assumed fair value on December 31, 2020 = $95,000
Debit Fair Value Adjustment - Bonds Payable $6,200
Credit Bonds Payable $6,200
To record the fair value adjustment in the carrying value of the bonds.
Explanation:
a) Data and Calculations:
Face value of bonds issued = $100,000
Carrying value as of December 31, 2020 = $88,800
Coupon interest rate = 10%
Maturity period = 10 years
a. Assumed fair value on December 31, 2020 = $80,000
Bonds Payable $8,800 Fair Value Adjustment - Bonds Payable $8,800
b. Assumed fair value on December 31, 2020 = $95,000
Fair Value Adjustment - Bonds Payable $6,200 Bonds Payable $6,200
When first eliminating multiple choice answer choices, you should cross out answers that are silly or are impossible
to be correct
Please select the best answer from the choices provided
ОТrue
OFalse
Answer:
True
.......
When approaching a multiple-choice question, it's essential to first eliminate answer choices that are obviously incorrect or "silly." Hence th statement is true .
What is MCQ ?Doing so will increase your chances of selecting the correct answer from the remaining options.
To begin, carefully read the question stem and identify any clues or keywords that might help you narrow down the possible answers. Then, review each answer choice and eliminate any that are blatantly wrong, based on your knowledge of the subject matter or common sense.
For example, if you are taking a math test and the question asks you to solve for x in the equation 2x + 5 = 13, you can quickly eliminate answer choices such as -5 or 50, which are clearly impossible solutions.
It's important to note that eliminating "silly" answer choices is just the first step in the process of solving a multiple-choice question. After you've narrowed down the possibilities, you'll need to carefully consider each remaining option and choose the one that best fits the question stem.
Learn more about MCQ here
https://brainly.com/question/1220138
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name business sector in which kpm is operating
Answer:
1. banking and capital markets ( banking, capital markets and insurance.)
2. healthcare and life sciences.
Given the following production plan, use a chase production strategy to compute the monthly production, ending inventory/(backlog), net requirements and required workforce levels. A worker can produce 75 units per month. Assume that the beginning inventory in January is 750 units, and the firm desires to have 750 units of inventory at the end of June.
Month Jan Feb Mar Apr May Jun
Demand 2100 3000 5100 6000 4800 2400
Required:
a. What are the net requirements for January?
b. What month has the highest number of workers required?
c. What is the production level for June?
d. How many people will be employed for the month of January?
Answer:
Computation of the monthly production, ending inventory/(backlog), net requirements and required workforce levels:
a. The net requirements for January = 2,025 units and 27 workers.
b. The month with the highest number of workers required is April.
c. The production level for June is 2,475 units
d. 27 workers will be employed for the month of January.
Explanation:
a) Data and Calculations:
Production per worker per month = 75 units
Beginning inventory in January = 750 units
Desired ending inventory in June = 750 units
Production Schedule, using the chase production strategy:
Month Jan Feb Mar Apr May Jun
Beginning inventory 75 0 0 0 0 0
Monthly production 2,025 3,000 5,100 6,000 4,800 2,475
Net requirements 2,100 3,000 5,100 6,000 4,800 2,400
Ending inventory/(backlog) 0 0 0 0 0 75
Required workforce levels 27 40 68 80 64 33
Mankiw discusses Giffen goods as a possible counterexample to the law of demand. Although not explicitly mentioned by Mankiw, Veblen goods are another possible exception to the law of demand. Perform a quick web search to answer the following:
a. What is a Veblen good?
b. What is an example of a Veblen good?
c. Why do some consumers purchase Veblen goods?
Answer:
Find the answers below
Explanation:
A. Veblen goods are luxury goods sought after by wealthy people and for which these category of people increase their demand as the prices of the good increase (in contrast to the popular law of demand).
2. Examples are luxury houses or cars, jewelry etc.
3. Some customers buy these type of goods in order to show how wealthy they are or show their status.
A popular hotel has continued to lose business in its room service food sales over the last five years. Using the Six Sigma DMAIC process explain what you would do in each step of the process to improve the sales - provide relevant, practical details. What statistics would you apply and why?
The correct answer to this open question is the following.
Using the Six Sigma DMAIC process, I will explain what I would do in each step of the process to improve the sales.
DMAIC stands for Define, Measure, Analyze, Improve, and control.
What I would do first is, of course, define the nature of the problem. To define exactly what is the root of the drop in sales in the hotel. That would allow me to establish proper goals and define a strategy to implement. If a need to do surveys to customers or unsatisfied clients, I would do that. Listening to customer feedback would provide the necessary information.
Then, I have to measure the performance of my employees. Monitoring and evaluate the productivity of the people who work in the organization.
I have to analyze if the productivity ratio of each employee to know if they are performing to the maximum of their capabilities.
In this case, I could use a Pareto chart or the 80-20 rule, to assess productivity in the company.
I have to pay attention to the causes of poor performance and poor quality service. There is an interesting analysis called Root Cause Analysis (RCA) that can be useful in this case.
Once identified and eliminated the root or causes of the problems, then it comes de Improve the process to enhance the performance in every area of the organization. I would have to get people on the same page and focus on one problem at a time to doing things right.
Another model that could be useful in this scenario would be Design of Experiments, commonly known as DOE, which helps resolve complex issues
Finally, the control of everything implementation and solution to confirm it has been established the right way with the desired results. This could be part of the continuing Quality Control process- The poke yoke system would be a good option to be contemplated.
Suppose the government imposes a tax on three products with differing demand elasticities. Match the product to the group that will most likely bear the incidence of the tax.
a. the government
b. producers
c. consumers and producers
d. consumers
1. highly inelastic
2. somewhat elastic
3. highly elastic
Answer:
a. Government - highly Inelastic
b. producers - Somewhat elastic
c. consumers and producers - Highly elastic
d. consumers - Highly elastic
Explanation:
Inelastic demand is that which does not changes with the change in the price of any product.
Government oriented demand remains constant irrespective of pricing and hence it is highly inelastic while in case of producers and consumers, the demand may vary depending on the substitute availability in the market
Answer: producer - highly elastic
Consumers and producers - somewhat elastic
Consumers - highly inelastic
government- none
Explanation:
Future pension liabilities are estimated based on all of the following except a.expected employee compensation levels. b.federal withholding income tax. c.employee life expectancy. d.employee turnover.
Answer:
The answer is B.
Explanation:
The correct option is B. - federal withholding income tax.
Pension liability is the amount of money that a company or government at any level(federal or state) has to account for in order to make future pension payments. It is a future payment that a company or government is obligated to pay its retired employees.
They take into considerations:
1. Their employees turnover
2. Their employees life expectancy
3. Their employees compensation level.
Federal tax level is not the issue because the payment is futuristic and federal tax can change.
Explain the importance of a cross-cultural understanding for international businesses success.
Answer:
Cross-cultural communication has become strategically important to companies due to the growth of global business, technology, and the internet. Cross-cultural communication in an organization deals with understanding different business customs, beliefs and communication strategies.
The following events apply to Guiltf Seafood for the 2018 fiscal year 1.
a. The company started when it acquired $17,000 cash by issuing common stock.
b. Purchased a new cooktop that cost $16,900 cash. Earned $22,500 in cash revenue.
c. Paid $10,300 cash for salaries expense.
d. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of four years and an estimated salvage value of $2,200. Use straight-line depreciation. The adjustment was made as of December 31, Year 1.
Required:
Record the above transactions in a horizontal statements model.
Answer:
Gulf Seafood
Horizontal Statements Model:
Balance Sheet Income Statement Cash Flows
Assets = Liabilities + Equity Revenue - Expenses = Income
a. $17,000 0 + $17,000 FA
b. $16,900 ($16,900) IA
$22,500 $22,500 $22,500 OA
c. ($10,300) ($10,300) ($10,300) OA
d. ($3,675) ($3,675) ($3,675) None
$25,525 = 0 + $25,525 $22,500 - $13,675 = $8,825
Explanation:
a) Data and Analysis:
a. Cash $17,000 Common stock $17,000
b. Equipment $16,900 Cash ($16,900)
Cash $22,500 Revenue $22,500
c. Cash ($10,300) Salaries Expense ($10,300)
d. Accumulated Depreciation ($3,675) Depreciation Expense ($3,675)
Ice Cream Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below:
Beginning work in process inventory:
Units in beginning work in process inventory 900
Materials costs $13,000
Conversion costs $5,100
Percent complete with respect to materials 75%
Percent complete with respect to conversion 20%
Units started into production during the month 9,600
Units completed and transferred to the next department during the month 8,500
Materials costs added during the month $172,100
Conversion costs added during the month $242,100
Ending work in process inventory:
Units in ending work in process inventory 2,000
Percent complete with respect to materials 90%
Percent complete with respect to conversion 30%
The cost per equivalent unit for materials for the month in the first processing department is closest to: __________
Answer:
Ice Cream Corporation
The cost per equivalent unit for materials for the month in the first processing department is closest to: __________
= $17.97.
Explanation:
a) Data and Calculations:
Units Materials Conversion
Beginning work in process inventory 900 $13,000 $5,100
Degree of completion 75% 20%
Units started into production 9,600
Total units in production 10,500
Units completed and transferred 8,500 100% 100%
Ending work in process inventory 2,000 90% 30%
Units Materials Conversion
Beginning work in process inventory 900 $13,000 $5,100
Costs added during the month $172,100 $242,100
Total production costs for the month $185,100 $247,200
Equivalent units of production:
Units Materials Conversion
Units completed and transferred 8,500 8,500 (100%) 8,500 (100%)
Ending work in process inventory 2,000 1,800 (90%) 600 (30%)
Total equivalent units 10,300 9,100
Cost per equivalent unit:
Materials Conversion
Total production costs $185,100 $247,200
Total equivalent units 10,300 9,100
Cost per equivalent unit $17.97 $27.16
Would you please help me ? Thanks in advance
You have four essentially identical extra tickets to the Midwest Regional Sweet 16 game in the men’s basketball tournament. The table shows the willingness to pay of the four potential buyers in the market for a ticket to the game.
Buyer Willingness to Pay
Michael $500
Earvin $400
Larry $350
Charles $300
1. If you offer to sell the tickets for $300, who will purchase the good?
a.Michael only
b.Michael and Earvin only
c.Earvin only
d.The four buyers will purchase the good.
Answer:
D
Explanation:
Willingness to pay is the highest amount a consumer is willing to pay for a good or service. A consumer would purchase a good as long as price is equal to or less than their willingness to pay.
Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.
Consumer surplus = willingness to pay – price of the good
People would purchase a good as long as consumer surplus is positive or zero
Michael = $500 - $300 = $200
Earvin = $400 - $300 = $100
Larry = $350 - $300 = $50
Charles = $300 - $300 = 0
Chuck Wagon Grills, Inc., makes a single product—a handmade specialty barbecue grill that it sells for $300. Data for last year’s operations follow: Units in beginning inventory 0 Units produced 9,500 Units sold 8,400 Units in ending inventory 1,100 Variable costs per unit: Direct materials $ 60 Direct labor 40 Variable manufacturing overhead 10 Variable selling and administrative 30 Total variable cost per unit $ 140 Fixed costs: Fixed manufacturing overhead $ 180,000 Fixed selling and administrative 780,000 Total fixed costs $ 960,000 Required: 1. Assume that the company uses variable costing. Compute the unit product cost for one barbecue grill. 2. Assume that the company uses variable costing. Prepare a contribution format income statement for last year. 3. What is the company’s break-even point in terms of the number of barbecue grills sold?
Answer:
Results are below.
Explanation:
The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead).
Unitary production variable cost= 60 + 40 + 10
Unitary production variable cost= $110
Now, the income statement:
Sales= 300*8,400= 2,520,000
Total variable cost= 8,400*(110 + 30)= (1,176,000)
Total contribution margin= 1,344,000
Fixed manufacturing overhead= (180,000)
Fixed selling and administrative= (780,000)
Net operating income= $384,000
Finally, the break-even point in units:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 960,000 / (300 - 140)
Break-even point in units= 6,000
The Menswear Department of Major's Department Store had sales of $198,000, cost of goods sold of $137,500, indirect expenses of $14,250, and direct expenses of $28,500 for the current period. The Menswear Department's contribution to overhead as a percent of sales is:
Answer:
the contribution to overhead as a percent of sales is 16.16%
Explanation:
The computation of the contribution to overhead as a percent of sales is given below;
Sales $198,000
Less: Cost of goods sold $137,500
Less: Direct Expenses $28,500
Contribution $32,000
Now the percentage should be
= $32,000 ÷ $198,000
= 16.16%
Hence, the contribution to overhead as a percent of sales is 16.16%
What is salary system?
Answer:
Salary systems – also referred to as compensation plans or pay structure – are a collection of steps, policies and practices employers use to pay employees for their work. Salary systems consist of more than producing a weekly, biweekly or bimonthly paycheck.
Explanation:
A partner invests into a partnership a building with an original cost of $180,000 and accumulated depreciation of $80,000. This building has a $140,000 fair value. As a result of the investment, the partner's capital account will be credited for Group of answer choices $140,000. $100,000. $180,000. $240,000.
Answer:
$140,000
Explanation:
For accounting and legal purposes, the contribution of a partner to a partnership business is recorded using the fair value of the asset contributed.
It therefore means that;
Capital account = Fair value of the asset (I.e partner's investment in a partnership business is based on fair value of such investment)
With regards to the foregoing, the partner's capital account will be credited with $140,000
