During the current month, Tomlin Company incurs the following manufacturing costs.
(a) Purchased raw materials of $16,940 on account.
(b) Incurred factory labor of $38,528. Of that amount, $32,281 relates to wages payable and $6,247 relates to payroll taxes payable.
(c) Factory utilities of $3,108 are payable, prepaid factory property taxes of $2,008 have expired, and depreciation on the factory building is $8,322.
Prepare journal entries for each type of manufacturing cost. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. Account Titles and Explanation Debit Credit
(a)
(b)
(c)

Answers

Answer 1

Answer:

(a) Dr Raw materials inventory $16,940

Cr Accounts payable $16,940

(b) Dr Factory labor $38,528

Cr Factory wages payable $32,281

Cr Employer Payroll Taxes Payable $6,247

(c) Dr Manufacturing overhead $13,438

Cr Prepaid Property Taxes $2,008

Cr Accumulated Depreciation-Buildings $8,322

Cr Utilities Payable $3,108

Explanation:

Preparation of journal entries for each type of manufacturing cost.

(a) Dr Raw materials inventory $16,940

Cr Accounts payable $16,940

(b) Dr Factory labor $38,528

Cr Factory wages payable $32,281

Cr Employer Payroll Taxes Payable $6,247

(c) Dr Manufacturing overhead $13,438

($3,108+$8,322+$2,008)

Cr Prepaid Property Taxes $2,008

Cr Accumulated Depreciation-Buildings $8,322

Cr Utilities Payable $3,108


Related Questions

Which of the following is the second step in the hiring process?

Select the best answer choice.
A.
the submission of the application or resume

B.
the interview

C.
sending a thank-you note

D.
getting hired for the position

Answers

Answer:

B) The interview

Explanation:

The second step in the hiring process is to plan your employee recruitment. Recruitment planning meetings or emails identify the job description or specification for the position so you know the skills and experience you seek.

Hope I helped! Brainiest plz!♥

Have a nice morning!

-Abby

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

Answers

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

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) .

Answers

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.

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

Answers

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.

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.

Answers

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.

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

Answers

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

Roland, Inc. provides residential painting services for three home building companies, Alpha, Beta, and Gamma, and it uses a job costing system for determining the costs for completing each job. The job cost system does not capture any cost incurred by Roland for return touchups and refinishes after the homeowner occupies the home. Roland paints each house on a square footage contract price, which includes painting as well as all refinishes and touchups required after the homes are occupied. Each year, Roland generates about one-third of its total revenues and gross profits from each of the three builders. Roland has observed that the builders, however, require substantially different levels of support following the completion of jobs. The following data have been gathered:Major refinishes Hours on job $70
Touchups Number of visits $180
Communication Number of calls $20
Builder Major Refinishes Touchups Communication
Alpha 80 150 360
Beta 35 110 205
Gamma 42 115 190
(a) Assuming that each of the three customers produces gross profits of $100,000, calculate the profitability from each builder after taking into account the support activity required for each builder.

Alpha

Beta

Gamma

Answers

Answer: See attachment

Explanation:

Based on the information provided, the question has been solved and attached.

Profitability for Alpha:

Revenue = $100,000

Cost = $39800

Profit = $60200

Profitability for Beta:

Revenue = $100,000

Cost = $26350

Profit = $73650

Profitability for Gamma:

Revenue = $100,000

Cost = $27440

Profit = $72560

You are the manager for a Pizza restaurant. Currently, your restaurant pre-makes pizzas that are ordered the most to increase the number of pizzas being made on time for your customers. Over time, many customers have complained that their pizzas were cold upon delivery and not fresh, requesting refunds or remakes of their pizza. Your location is losing money from these wasteful practices, therefore, you want to create a Kanban based on the following basic principles:

1. A later process tells an earlier process when new items are required. This means that unless a customer orders a pizza, no pizzas will be made. Pull!
2. The earlier process produces what the later process needs.
3. No Items can be made without a Kanban card (order request). This allows the process to be transparent so everyone knows what is going on.
4. Defects are not passed on to the next stage.Create a Kanban board for your pizza company that delivers. You must have 4-6 columns with headings for each.

Required:
Decide what your Kanban cards will represent. Set Rules for your Kanban.

Answers

Answer:

RULES OF KANBAN BOARD

Yellow – A Slice of Pizza

• Blue – Full Pizza

• Green – Soda

• Green jumps from Queue to Pack only

• No pizza will be delivered without quality check

• Pizza will return to the backlog, if it is found with inferior quality during quality check

• A unique token number will be given for each order

• Orders with multiple pizza or a combo order will be given same unique token number

• Pizza will be prepared in the order of token number

• Token number will include initials “C” for carry out, “D” for dine in

THE ATTACHED IMAGE HAS THE REPRESENTATIONS OF KANBAN CARDS.

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?

Answers

Answer:

Benzion Barlev of New York University

NEGOTIATION 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

The Smith family wants to relocate to a neighborhood with better schools before their three-year-old goes to kindergarten. They talked with Byron about properties he has for sale in neighborhoods they would like to live in. They also mentioned to Byron that they both work and may need someone to help with in-home care for their child. Byron gave them Taylor’s name to call about childcare. The Smiths also said they were having a hard time getting loan approval, so Byron suggested that they call Travis. Which best describes the jobs performed by Byron, Taylor, and Travis?

a) Byron is a Customer Service Representative, Taylor is a Child Care Worker, and Travis is a Loan Counselor.

b) Byron is a Real Estate Manager, Taylor is a Nanny, and Travis is a Loan Counselor.

c) Byron is a Real Estate Manager, Taylor is a Preschool Teacher, and Travis is a Customer Service Representative.

d) Byron is a Home Counselor, Taylor is a Nanny, and Travis is a Property Manager.

Answers

Answer:

the correct answer is B)

Explanation:

Given that they spoke to Byron about properties that he wants to sell, that means he is a Real Estate Manager. Taylor came up because they needed in-home care. That makes Taylor a Nanny because Nannies are professionals who take care of babies in their own homes.

Loan counselors have no other major business besides advising people on issues relating to taking up a loan. Therefore that makes Travis a loan Counselor.

Cheers

Sicilian Defence, a division of Queen's Gambit Corp., has a net operating income of $60,000 and average operating assets of $300,000. The minimum required rate of return for the company is 15%. If the manager of the Sicilian Defence division is evaluated based on residual income, will she want to make an investment of $100,000 that would generate additional net operating income of $18,000 per year?

Answers

Answer:

Queen's Gambit Corp.

Sicilian Defence Division

If the manager of the Sicilian Defence division is evaluated based on residual income, will she want to make an investment of $100,000 that would generate additional net operating income of $18,000 per year?

Yes.

The additional investment yields comparable positive Residual Income.

Explanation:

a) Data and Calculations:

Net operating income of Sicilian Defence Division = $60,000

Average operating assets = $300,000

Required rate of return for the company = 15%

Residual income (RI)= Operating Income - (Operating Assets x Required Rate of Return)

= $60,000 - ($300,000 * 15%)

= $60,000 - $45,000

= $15,000

Investment cost = $100,000

Additional net operating income = $18,000

Residual Income = $18,000 - ($100,000 * 15%)

= $18,000 - $15,000

= $3,000

Total residual income = $78,000 - ($400,000 * 15%)

= $78,000 - $60,000

= $18,000

On January 1, 2021 Rastell Co signed a long term finance lease for an office building. The terms of the lease required Rastall to pay 16,000 annually beginning December 31, 2021 and continuing each year for 16 years. On January 1, 2021 the present value of the lease payments is 151, 146 discounted at the 7% interest rate implicit in the lease In Rastall’s December 31, 2021, balance sheet, the lease payable should be:

a. $109,200
b. $112,679
c. $221,000
d. $95,679

Answers

Answer:

$145,726

Explanation:

Note: The options to this question belongs to another question entirely and that is attached as picture. So, the correct answer is not among the 4 options

Interest expense = Present value of lease payment * Interest rate

Interest expense = $151,146 * 7%

Interest expense = $10,580.22

Particulars                                                                           Amount

Present value of lease payment                                       $151,146

Add: Interest expense                                                       $10.580

Less: Annual Payments                                                     ($16,000)

Lease Payable on December 31, 2021 Balance Sheet  $145,726

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 $

Answers

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

Simon's most recent income statement is given below. Sales (8,000 units) $160,000 Less variable expenses (68,000) Contribution margin 92,000 Less fixed expenses (50,000) Net income $42,000 Required: a. Contribution margin per unit is b. If sales are doubled total variable costs will equal c. If sales are doubled total fixed costs will equal d. If 20 more units are sold, profits will increase by e. Compute how many units must be sold to break even. f. Compute how many units must be sold to achieve operating income of $60,000. g. Compute the revenue needed to achieve an after tax income of $30,000 given a tax rate of 30%.

Answers

Answer:

a. $11.50

b. $136,000

c. $50,000

d. $230

Explanation:

Contribution = sales - variable costs

Fixed costs do not vary with level of sales or production.

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.

Answers

Answer:

B

Explanation:

The independent cases are listed below includes all balance sheet accounts related to operating activities:
Case A Case B Case C
Net income $314,000 $17,000 $424,000
Depreciation expense 44,000 154,000 84,000
Accounts receivable
increase (decrease) 108,000 (204,000) (24,000)
Inventory increase
(decrease) (54,000) 39,000 54,000
Accounts payable
increase (decrease) (54,000) 124,000 74,000
Accrued liabilities
increase (decrease) 64,000 (224,000 ) (44,000)
Show the operating activities section of cash flows for each of the given cases.

Answers

Answer:

                         Cash Flow from Operating Activities  

                                                                    Case A       Case B     Case C

Net Income                                                $314,000   $17,000   $424,000

Adjustments to Reconcile Net income to

Net cash provided by Operating Activities

Depreciation                                               $44,000   $154,000  $84,000  

Changes in Assets and Liabilities  

Accounts Receivable                                -$108,000  $204,000  $24,000  

Inventory                                                     $54,000   -$39,000   -$54,000

Accounts Payable                                     -$54,000    $124,000   $74,000

Accrued Liabilities                                      $64,000  -$224,000  -$44,000

Net cash under Operating Activities           $0         $236,000  $508,000

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.

Answers

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

Exercise
1. State and explain 5 characteristics of the
youth​

Answers

1. Physical characteristics
2. Mental characteristics
3. Emotional characteristics
4. Social characteristics
4. Spiritual life
The Type of youths include respectable,delinquent,politically militant and cultural rebels.

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).

Answers

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

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.

Answers

Question Completion:

Prepare a bank reconciliation statement as of July 31, 2017.

Answer:

Crane Company

Bank 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

On January 8, 2012, Speedway Delivery Service purchased a truck at a cost of $65,000. Before placing the truck in service, Speedway spent $4,000 painting it, $2,500 replacing tires, and $8,000 overhauling the engine. The truck should remain in service for five years and have a residual value of $6,000. The truck’s annual mileage is expected to be 22,000 miles in each of the first four years and 12,000 miles in the fifth year—100,000 miles in total. In deciding which depreciation method to use, David Greer, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance).
Requirements
1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value.
2. Speedway prepares financial statements using the depreciation method that reports the highest net income in the early years of asset use. For income tax purposes, the company uses the depreciation method that minimizes income taxes in the early years. Consider the first year that Speedway uses the truck. Identify the depreciation methods that meet the general manager’s objectives, assuming the income tax authorities permit the use of any of the methods.

Answers

Answer:

Speedway Delivery Service

1. Depreciation Schedules:

Depreciation Schedule (Straight-line Method)

Date                         Cost Value   Depreciation  Accumulated   Net Book

                                                          Expense     Depreciation       Value

December 31, 2012    $79,500         $14,700         $14,700          $64,800

December 31, 2013    $79,500         $14,700        $29,400          $50,100

December 31, 2014    $79,500         $14,700         $44,100         $35,400

December 31, 2015    $79,500         $14,700        $58,800         $20,700

December 31, 2016    $79,500         $14,700        $73,500           $6,000

Depreciation Schedule (Units-of-production Method)

Date                         Cost Value   Depreciation  Accumulated   Net Book

                                                          Expense     Depreciation       Value

December 31, 2012    $79,500         $16,170          $16,170          $63,330

December 31, 2013    $79,500         $16,170        $32,340           $47,160

December 31, 2014    $79,500         $16,170         $48,510         $30,990

December 31, 2015    $79,500         $16,170        $64,680          $14,820

December 31, 2016    $79,500         $8,820        $73,500           $6,000

Depreciation Schedule (Double-declining-balance Method)

Date                         Cost Value   Depreciation  Accumulated   Net Book

                                                          Expense     Depreciation       Value

December 31, 2012    $79,500         $31,800        $31,800          $47,700

December 31, 2013    $79,500         $19,080       $50,880         $28,620

December 31, 2014    $79,500          $11,448       $62,328           $17,172

December 31, 2015    $79,500          $6,869        $69,197          $10,303

December 31, 2016    $79,500          $4,303       $73,500           $6,000

2. The straight-line method reports the highest net income in the early years while the double-declining-balance method minimizes the income taxes in the early years.

Explanation:

a) Data and Calculations:

January 8, 2012:

Purchase of a delivery truck = $65,000

Cost of painting the truck =         4,000

Cost of replacing the tires =        2,500

Cost of overhauling the engine  8,000

Total costs =                            $79,500

Residual value =                          6,000

Depreciable amount =           $73,500

Estimated useful life = 5 years

Straight-line depreciation Method:

Annual depreciation expense = $14,700 ($73,500/5)

Units-of-production Method:

Depreciation rate per mile = $0.735 ($73,500/100,000)

For 22,000 miles, depreciation expense = $16,170 ($0.735 * 22,000)

For 12 ,000 miles, depreciation expense = $8,820 ($0.735 * 12,000)

Double-declining-balance method:

Depreciation rate = 100/5 * 2 = 40%

First year's depreciation expense = $31,800 ($79,500 * 40%)

Declined balance = $47,700 ($79,500 - $31,800)

Second year's depreciation expense = $19,080 ($47,700 * 40%)

Declined balance = $28,620 ($47,700 - $19,080)

Third year's depreciation expense = $11,448 ($28,620 * 40%)

Declined balance = $17,172 ($28,620 - $11,448)

Fourth year's depreciation expense = $6,869 ($17,172 * 40%)

Declined balance = $10,303 ($17,172 - $6,869)

Fifth year's depreciation expense = $4,303 ($10,303 - $6,000)

'Teaching profession is an important profession of nation' Justify this statement.​

Answers

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.

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.

Answers

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

Communication starts with

Answers

sender

is answer..

........

_____ Web sites are dedicated to employment opportunities with a given city, state, or country.


Education

Industry

Government

Corporate

Answers

Answer:

the answer is government

A bank loan officer has been approached by a start-up company that needs a five-year loan to purchase the equipment for its first project. The project will have a life of five years. At the end of five years, the equipment will be worthless. The founders of the company told the loan officer that they would be willing to pay a much higher interest rate on a simple interest loan rather than contracting to an add-on interest loan.
A. The loan officer should offer the company an add-on interest loan because there is a high risk that the company will not be able to repay the principal on the loan at the end of the project's life.
B. The loan officer should offer the company a simple interest loan. The bank will make more money in the long run, because it can charge a much higher interest rate.

Answers

Answer:

A.

Explanation:

add on interest loan is more frequently in case of sub prime borrowers.

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 =

Answers

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

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

Answers

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

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

Answers

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

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.

Answers

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

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