Answer:
Date Account Titles and Explanation Debit$ Credit$
Feb 24. Investment - Company T 85,150
Cash {(1,000 * $85) + $150} 85.150
(To record the purchase of stock)
May 16 Investment - Company I 90,100
Cash{(2,500 * $36) + $100) 90,100
(To record the purchase of stock)
June 14 Cash{(400 * $100) - $75} 39,925
Investment {($85,150 * (400/1,000)} 34,060
Gain on sales of investment 5,865
(To record the sale of stock)
Aug 12. Cash {(750 * $32.50) - $80} 24,295
Loss on sale of investment 2,735
Investment {$90,100 * (750/1,500)} 27,030
(To record the sale of stock)
Oct 31 Cash ($0.4 * 600) 240
Dividend income 240
(To record dividend income)
A NASDAQ security is bid at $30.25 and offered at $30.75. An over-the-counter trader effects a trade at $30.75 and charges a commission of $.50 to the customer. The price that will show on the tape is:
Answer:
$30.75
Explanation:
Given that
Security bidding = $30.25
Offered price = $30.75
over the counter trading = $30.75
Commission charged = $0.50
based on the above information, the price that shows on the tape is equivalent to the over the counter trading price i.e $30.75 also it does not include the commission charged i.e $0.50
Hence, the price is $30.75
On January 1 of the current year, Paisley Company issues a 4-year, non-interest-bearing note with a face value of $7,000 and receives $4,852 in exchange. The recording of the issuance of the note includes a
Answer and Explanation:
The journal entry is shown below:
Cash Dr $4,852
Discount on note payable $2,148
To Note payable $7,000
(Being the issuance of the note is recorded)
Here we debited the cash and discount on note payable as it increased the assets and discount are always debited and credited the note payable as it also increased the liabilities so that the proper posting could be done
A three-year annuity-immediate will be issued a year from now with annual payments of 5,000. Using the forward rates, calculate the present value of this annuity a year from now.
Answer:
13,152.5
Explanation:
Given the the above parameters as mentioned in the question
To calculate the PV (Present Value)
We have PV = 5000 * 1.05 * [ 1/(1.0575)² + 1/(0.625)³ + 1/(1.065)⁴]
PV = 5000 * 1.05 * (0.8942094350 + 0.8337064929 + 0.7773230908) =
=> PV = 5000 * 1.05 * 2.5052390187
= 13,152.50
Therefore, in this case, using the forward rates, the present value of this annuity a year from now is 13,152.50
Samuel, a longtime employee of the ABCD Corporation, was injured when he fell off a ladder while stocking widgets at ABDC at their East Lansing, Michigan location. Samuel believes ABCD Corporation was negligent for selling widgets. If Samuel sues his employer in a circuit court under a negligence theory of recovery:
a. he will lose
b. he will win
c. he will forfeit his rights to workers compensation benefits, completely
d. he will forfeit his rights to workers compensation benefits, but only if the court awards him non-economic damages
Answer:
Option B. He will win
Explanation:
If Samuel is desiring to sue his employer in a circuit court because he thinks that the employer was negligent then he will have to sue under negligence Act, which says that the employer is obliged to take all necessary precautions and if found negligent then the court may apply contributory negligent theory as well as comparative negligent theory. These two negligent theories means that the employer was partly responsible for injury, which means that this would result in compensation to Samuel.
Hence it is more likely that Samuel will win the case.
It is likely that if Samuel sues ABCD Corporation in a circuit court under a negligence theory of recovery, a. he will lose.
The question to ask is, is ABCD Corporation negligent in selling widgets? No. Is it the case that the corporation's sale of widgets caused Samuel to fall off a ladder while he was stocking them at the Michigan location? No.
For Samuel to be successful in the circuit court, he must prove that ABCD Corporation acted negligently with its sales of widgets, especially:
ABCD Corporation owed a duty to Samuel not to sell widgets ABCD Corporation breached this duty to Samuel ABCD's breach was the actual cause of Samuel's injury ABCD's breach was also the proximate cause of Samuel's fall and injury Samuel suffered actual damages as a result of the negligent act by ABCD Corporation.
Thus, based on the above, Samuel will lose the case because the corporation was not negligent for selling widgets nor for the fall of Samuel from the ladder.
Related: https://brainly.com/question/17101789
Childress Company produces three products, K1, S5, and G9. Each product uses the same type of direct material. K1 uses 4 pounds of the material, S5 uses 2.2 pounds of the material, and G9 uses 6.5 pounds of the material. Demand for all products is strong, but only 55,400 pounds of material are available. Information about the selling price per unit and variable cost per unit of each product follows. K1 S5 G9 Selling price $155.8 $108.92 $205.55 Variable costs 91.00 90.00 136.00
Required:
Calculate the contribution margin per pound for each of the three products.
Answer:
The contribution margin per pound for each of the three products is :
K1 = $16.20
S5 = $8.60
G9 = $10.70
Explanation:
First Calculate the Contribution per margin for for the 3 products.
K1 S5 G9
Selling Price $155.80 $108.92 $205.55
Less Variable Costs ($91.00) ($90.00) ($136.00)
Contribution $64.80 $18.92 $69.55
Then determine the contribution per pound as follows :
K1 S5 G9
Contribution $64.80 $18.92 $69.55
Material Usage per unit 4 pounds 2.2 pounds 6.5 pounds
Contribution per pound $16.20 $8.60 $10.70
Choose three organizations that you believe have had the greatest impact on the current state of safety and health programs in the United States. Summarize the purpose of each organization, and discuss how you believe you can use these organizations to improve your ability to perform your duties as a safety and health professional.
The correct answer to this open question is the following.
The three organizations would be OSHA, NIOSH, and NACOSH.
OSHA stands for Occupational Safety and Health Administration. It tries to ensure that the workers labor under the proper safety and health conditions in their workplace.
NIOSH stands for the National Instituto for Occupational Safety and Health. This organization basically is dedicated to researching to know the working conditions of workers in America and make recommendations.
NACOSH stands for the National Advisory Committee on Occupational Safety and Health. It functions as an adviser or counselor to the Department of Labor on safety and security issues.
These three can definitely be used to improve my ability to perform my duties as a safety and health professional in that they include a series of recommendations, programs, and educational tips to be applied in the workplace and diminish the possibility of accidents or how to react in case of one.
A retail operation has an average gross margin of 35%. If the average monthly sales for the store is $200,000.00, what is the cost of goods sold?
Answer:
COGS= $130,000
Explanation:
Giving the following information:
A retail operation has an average gross margin of 35%.
Sales= $200,000.00
To calculate the cost of goods sold, we need to use the following formula:
Gross margin= sales - COGS
COGS= sales - gross margin
COGS= 200,000 - (200,000*0.35)
COGS= $130,000
The Baldwin Company currently has the following balances on their balance sheet: Total Assets $260,881 Total Liabilities $150,673 Retained Earnings $52,700 Suppose next year the Baldwin Company generates $44,200 in net profit, pays $12,000 in dividends, total assets increase by $55,000, and total liabilities remain unchanged. What will ending Baldwins balance in Common Stock be next year
Answer:
common stock = $80,308
Explanation:
assets = liabilities + equity
current balance:
$260,881 = $150,673 + $110,208
$110,208 = common stock + retained earnings = $57,508 + $52,700
next year:
net income = $44,200
dividends = $12,000
assets = $260,881 + $55,000 = $315,881
liabilities = $150,673
equity = $315,881 - $150,673 = $165,208
retained earnings = $52,700 + $44,200 - $12,000 = $84,900
common stock = $165,208 - $84,900 = $80,308
TB MC Qu. 6-62 Gayne Corporation's contribution margin ratio is ... Gayne Corporation's contribution margin ratio is 18% and its fixed monthly expenses are $51,000. If the company's sales for a month are $313,000, what is the best estimate of the company's net operating income
Answer:
$5,340
Explanation:
Gayne's corporation contribution margin ratio is 18%
= 18/100
= 0.18
The fixed monthly expenses is $51,000
The company sales for the month is $313,000
Therefore, the net operating income can be calculated as follows
= (Contribution margin ratio×sales)-fixed expenses
= (0.18× $313,000)- $51,000
= $56,340-$51,000
= $5,340
Hence the best estimate of the company's net operating income is $5,340
The project has been challenging to manage. Everyone has been on edge due to pressure to complete the project on time. Unfortunately, the tension has grown to the point where team meetings have become shouting matches and little work is accomplished during the meetings. One team member asks to be excused from future team meetings, as all the shouting upsets him. Meanwhile, the sponsor has asked to attend team meetings in order to better understand how the project is going and the issues involved in completing the project, and the customer has started discussions about adding scope to the project. In this situation, it would be BEST for the project manager to:
Answer: C. Involve the team in creating ground rules for the meetings.
Explanation:
The meetings have seemingly descended into anarchy and as such needs to be controlled in an orderly manner to make any sort of progress. One way this can be done is through the setting of ground rules. These rules need to be accepted and inclusive of people's qualms or else the arguments will continue.
When the rules are made therefore, the inputs of the entire team should be taken into consideration and this is what the Project manager needs to do. Setting all inclusive rules also helps the team understand each other better during the discussions are point of views will be seen and understood better.
The strategic appeal of related diversification is that it Multiple Choice allows a firm to reap the competitive advantage benefits of skills transfer, lower costs (due to economies of scope), cross-business use of a powerful brand name, and/or cross-business collaboration in creating stronger competitive capabilities. is less capital intensive than unrelated diversification because related diversification emphasizes getting into cash cow businesses (as opposed to cash hog businesses). involves diversifying into industries having the same kinds of key success factors. is less risky than unrelated diversification because it avoids the acquisition of cash hog businesses. facilitates the achievement of greater economies of scale since the company only enters those businesses that serve the same types of buyer groups and/or buyer needs.
Answer: allows a firm to reap the competitive advantage benefits of skills transfer, lower costs (due to economies of scope), cross-business use of a powerful brand name, and/or cross-business collaboration in creating stronger competitive capabilities.
Explanation:
Related diversification is when an organization expands its business by producing products which are similar to what it currently produces. In related diversification, there's identical product lines. An example is a computer manufacturer producing calculators.
Organizations that go into related diversification enjoys lower costs and competitive advantage over their counterparts.
A factory costs $400,000. It will produce an inflow after operating costs of $100 000 in year 1. $ 200,000 in year 2, and $ 300,000 in year 3. The opportunity cost of capital is 12%. Calculate NPV.
Answer:
NPV = $62,258.56
Explanation:
initial outlay year 0 = $400,000
cash inflow year 1 = $100,000
cash inflow year 2 = $200,000
cash inflow year 3 = $300,000
discount rate = 12%
using a financial calculator, NPV = $62,258.56
if you do it by hand:
NPV = -$400,000 + $100,000/1.12 + $200,000/1.12² + $300,000/1.12³ = -$400,000 + $89,285.71 + $159,438.78 + $213,534.07 = $62,258.56
"Which of the following are covered under the Securities Exchange Act of 1934? I Registration of new issues II Stabilization of new issues III Registration of exchanges IV Registration of broker/dealers"
Answer: II. stabilization of new issues
III. registration of exchanges
IV. registration of broker-dealers
Explanation:
The Securities Exchange Act of 1934 was put in place in order to be in charge of security trading.
From the options, those that are covered under the Securities Exchange Act of 1934 include the stabilization of new issues, the registration of exchanges and the registration of broker/dealers.
It should be noted that the Securities Exchange Act of 1934 does not cover the registration of new issues.
An investor holds a 10 year bond pays a coupon rate of 9%. The yeid to maturity of the bond is 10% . The bond is trading:
Answer:
the bond is trading at a discount
Explanation:
There is an inverse relationship between the yield and the price of the bond.
As the yield goes up, the price of the bond goes down and as the yield goes down, the price of the bond goes up.
The yield - 10%, is greater than the coupon rate - 9%, the price will be less than the par value, and we say that the bond is trading at a discount.
Firm M has a margin of 7%, turnover of 2.0, sales of $910,000, and average stockholders' equity of $490,000. Required: Calculate Firm M’s average total assets, net income, return on investment (ROI), and return on equity (ROE
Answer:
1. Average total asset = $455,000
2. Net income = $63,700
3. Return on investment = 14%
4. Return on equity (ROE) = 13%
Explanation:
These can be calculated as follows:
1. Average total asset
To calculate this, we use the formula for calculating the Asset turnover ratio as follows:
Asset turnover ratio = Sales / Average total asset ……………………………… (1)
Where;
Turnover = asset turnover ratio = 2
Sales = $910,000
Average total asset = ?
Substituting the values into equation (1) and solve for average total asset, we have:
2 = $910,000 / Average total asset
Average total asset = $910,000 / 2
Average total asset = $455,000
2. Net income
To calculate this, we use the formula for calculating net income margin as follows:
Net income margin = Net income / Sales ……………………………………. (2)
Where,
Margin = Net income margin = 7%, or 0.07
Net income = ?
Sales = $910,000
Substituting the values into equation (2) and solve for net income, we have:
7% = Net income / $910,000
Net income = $910,000 * 7%
Net income = $63,700
3. Return on investment
To calculate this, we use the formula for calculating the return on investment as follows:
Return on investment = Net income / Average total assets ……………… (3)
Where;
Net income = $63,700
Average total asset = $455,000
Substituting the values into equation (3), we have:
Return on investment = $63,700 / $455,000
Return on investment = 0.14, or 14%
4. Return on equity (ROE)
To calculate this, we use the formula for calculating the return on equity (ROE) as follows:
Return on equity (ROE) = Net income / Average stockholders' equity…….. (4)
Net income = $63,700
Average stockholders' equity = $490,000
Substituting the values into equation (4), we have:
Return on equity (ROE) = $63,700 / $490,000
Return on equity (ROE) = 0.13, or 13%
At 17 years old, Otto signed a contract to purchase a new Hummer by advancing a payment of $50,000. However, when Otto turned 20, he wished to disaffirm this contract. Does the law permit this
Based on your case knowledge, to what extent do you agree or disagree with the following statement - "Kay Whitmore - Kodak CEO, had an understanding of Kodak's potential in the PC market. This was illustrated by her strong engagement with Bill Gates and Microsoft."
1. Strongly Agree
2. Mildly Agree
3. Neither Agree nor Disagree
4. MIldly Disagree
5. Strongly Disagree
6. Not Applicable
Answer:
3. Neither Agree nor Disagree
Explanation:
The reason was that the Kay Whitmore's engagement with Bill Gates and Microsoft has not much impacts on the potential of Kodak's products to exploit additional opportunities in Microsoft hence statement in consideration is not a one side argument as it is doubtful position.
So I am neither agreeing nor disagreeing with the statement hence the option 3 is correct here.
An economy begins in long-run equilibrium, and then a change in government regulations makes holding money less attractive. a. (1.5 points) How does this change affect the demand for money
Answer: Demand Curve shifts left
Explanation:
Money is now less attractive to hold so people will demand less of it. This will cause the demand curve in the monetary market therefore to shift to the left.
Shifts in the demand curve for money are usually caused when a non-interest determinant of demand changes such as a decrease in income.
The offer curve describes Group of answer choices different wage offers a firm will make to workers of different education levels. different wage-and-risk level offers made by different firms. different wage-and-risk levels available to one firm. different risk levels associated with the same wage level.
Answer: different wage-and-risk level offers made by different firms.
Explanation:
The offer curve show the different wage-and-risk level offers made by different firms.
When firms make different wages and risk level offers, the offer curve can be used to show the comparison and relationship between the offers by the firms that are involved.
Ivan incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation?s stock. The property transferred to the corporation had the following fair market values and adjusted bases:
FMV Adjusted Basis
Inventory $19,900 $37,000
Building 82,500 60,500
Land 82,750 50,250
Total $185,150 $147,750
The fair market value of the corporation's stock received in the exchange equaled the fair market value of the assets transferred to the corporation by Ivan. The transaction met the requirements to be tax-deferred under 351. (Any answer representing a loss should be entered as a negative number. Leave no answer blank. Enter zero if applicable.)
a. What amount of gain or loss does Ivan realize on the transfer of the property to his corporation?
b. What amount of gain or loss does Ivan recognize on the transfer of the property to his corporation?
c. What is Ivan's basis in the stock he receives in his corporation?
d. What is the corporation's adjusted basis in each of the assets received in the exchange?
e. Would the stock held by Ivan qualify as 1244 stock?
Answer:
Ivan Incorporated
a. Ivan realizes a gain of $37,400 on the transfer of the property to his corporation.
b. Ivan recognizes $0 gain on the transfer of the property to his corporation under tax deferred 351.
c. Ivan's basis in the stock he receives in his corporation is equal to $185,150, the fair market value.
d. The corporation's adjusted basis in each of the assets received in the exchange is as follows:
Inventory $19,900
Building 82,500
Land 82,750
Total $185,150
e. The stock held by Ivan would qualify as 1244 stock when it is disposed of by Ivan.
Explanation:
a) Data and Calculations:
FMV Adjusted Basis
Inventory $19,900 $37,000
Building 82,500 60,500
Land 82,750 50,250
Total $185,150 $147,750
Gain = FMV minus Adjusted Basis
= $185,150 - $147,750
= $37,400
b) Section 351(a) of the IRS Code "provides that no gain or loss shall be recognized if Ivan transfers property to his corporation solely in exchange for stock in the corporation and immediately after the exchange, Ivan is in control (as defined in § 368(c)) of the corporation." Therefore, Ivan will not recognize any loss on the transfer.
c) Section 1244 of the IRS Code "allows Ivan as a shareholder of a small corporation to deduct losses on the disposal of his shares to be treated as ordinary loss and not capital loss." This can treatment is allowed on disposal or if the shares become worthless.
of a portfolio. The beta of four stocksG, H, I, and Jare , , , and , respectively. What is the beta of a portfolio with the following weights in each asset: LOADING...? What is the beta of portfolio 1?
Answer: 1.02
Explanation:
The Portfolio Beta will be the weighted average of the betas of the individual stocks in Portfolio 1.
Portfolio Beta = (weight in G * beta of G) + (weight in H * beta of H) + (weight in I * beta of I) + (weight in J * beta of J)
= (0.25 * 0.45) + ( 0.25 * 0.82) + ( 0.25 * 1.14) + ( 0.25 * 1.66)
= 0.1125 + 0.205 + 0.285 + 0.415
= 1.0175
= 1.02
Oriole Company purchased equipment for $41600. Sales tax on the purchase was $2496. Other costs incurred were freight charges of $624, repairs of $364 for damage during installation, and installation costs of $696. What is the cost of the equipment
Answer:
The cost of the equipment is $45,416.
Explanation:
The cost of a newly purchased equipment is the addition of all relevant costs uncured in order to make the equipment ready for use.
The cost of the equipment includes costs such as purchase price, tax paid on the purchase, installation costs, etc.
However, any cost incurred to repair any damage to an equipment during installation is not part of equipment cost. Such repair costs are just ordinary expenses that are charged to the income statement during the period.
Based on the explanation above, the cost of the equipment by Oriole Company can be calculated as follows:
Equipment cost = Purchase price + Sales tax + Freight charges + Installation costs ..................... (1)
Since,
Purchase price = $41,600
Sales tax on the purchase = $2.496.
Freight charges = $624
Installation costs = $696.
Substituting the values into equation (1), we have:
Equipment cost = $41,600 + $2,496 + $624 + $696 = $45,416
Therefore, the cost of the equipment is $45,416.
What is the yield to maturity on a bond that pays annual coupon rate of 14%, has a par value of $1,000, matures in 10 years, and is selling for $911?
Answer:
Yield to Maturity =15.6%
Explanation:
The Yield to maturity is the discount rate that equates then price of the bonds to the present of cash inflows expected from the bond
The yield on the bond can be determined as follows using the formula below:
YM = C + F-P/n) ÷ 1/2 (F+P)
YM-Yield to maturity-
C- annual coupon
F- Face Value
P- Current Price
n- number of years
DATA
Coupon = coupon rate × Nominal value = 1,000 × 14%=140
Face Value = 1000
YM-?, C- 140, Face Value - 1,000, P-911 , n- 10
YM = (140 + (1000-911)/10) ÷ ( 1/2× (1000 + 911) )
YM = 0.156 × 100 = 15.6%
Yield to Maturity =15.6%
The internal rate of return method is used to analyze a $831,500 capital investment proposal with annual net cash flows of $250,000 for each of the six years of its useful life. a. Determine a present value factor for an annuity of $1, which can be used in determining the internal rate of return. Carry your answer out to three decimal places.
Answer:
annuity factor for 20% and 6 periods = 3.326
Explanation:
the IRR represents the discount rate at which a project's NPV = 0
NPV = initial outlay + PV of future cash flows
NPV = 0
initial outlay = -$831,500
PV of future cash flows = $831,500 = cash flow x annuity factor
annuity factor = $831,500 / $250,000 = 3.326
using an annuity table and looking for the annuity factors for 6 periods, we find that the annuity factor for 20% and 6 periods = 3.326.
So our IRR = 20%
Balance sheet. Use the data from the following financial statements in the popup window. Complete the balance sheet. Hint: Find the accumulated depreciation for 2014 first. The accumulated depreciation for 2014 is:
Data Table
Partial Income Statement Year Ending 2014
Sales revenue $350,100
Cost of goods sold $142,000
Fixed costs $43,100
Selling, general, and
administrative expenses $28,200
Depreciation $46,000
Partial Balance Sheet 12/31/2013
ASSETS LIABILITIES
Cash $16,100 Notes payable $14,100
Accounts receivable $28,000 Accounts payable $18,800
Inventories $47,800 Long-term debt $190,100
Fixed assets $368,000 OWNERS' EQUITY
Accumulated
depreciation (-) $140,400 Retained earnings
Intangible assets $81,900 Common stock $131,800
Partial Balance Sheet 12/31/2014
ASSETS LIABILITIES
Cash $26,000 Notes payable $11,800
Accounts receivable $19,100 Accounts payable $23,900
Inventories $53,100 Long-term debt $162,100
Fixed assets $448,100 OWNERS' EQUITY
Accumulated depreciation (-) Retained earnings
Intangible assets $81,900 Common stock $182,000
Answer:
57
Explanation:
im rich
Supply Chain Integration Supply chain integration is a major contributing factor to organizational success. The goal of supply chain integration is alignment within the supply chain. As a business leader, how can you achieve greater supply chain integration with suppliers and customers
Answer:
True.
Explanation:
The integration of the supply chain comes from the use of the total quality management tool that will make the supply chain effective as a whole, generating significant improvements at each stage of the chain, with the help of technologies that streamline operations. Integrating the supply chain means organizing the steps so that there is a reduction in costs, time, waste and continuous optimization of the processes as a whole, making the product reach the final consumer correctly meeting their expectations and needs.
In his 1935 book, Harold Laswell described politics as "Who Gets What When How." The American concept of pluralism, or group politics, includes all of the following except _________________.
A) placing others into decision-making positions.
B) removing inefficient or ineffective representatives.
C) casting one's ballot on Election Day.
D) influencing decisions affecting one's life.
Answer:
D) influencing decisions affecting one's life.
Explanation:
Pluralism is an American theory of governance that states that political power is controlled by several groups of people and not the citizens as a whole. These several groups of people constitute organizations, activists, environmentalists, and other impactful groups who seek recognition and acceptance from the populace and who make decisions that affect the citizens. One attribute of Pluralism is the fact that no single elite or groups of elites control decision making in governance.
The groups of people have powers that are limited in scope and regulated by competition with other groups. Moreso, these groups seek approval from the populace and that is why opinion polls, surveys, elections, etc., are carried out in order to ascertain which entities are more popular with the people.
A market situation in which a large number of firms produce similar but not identical products is called
Answer:
A market situation in which a large number of firms produce similar but not identical products is called perfectly competitive.
Explanation:
The Asian Garden, a local Thai restaurant, expects sales to be $ 285,000 in January. Its average customer restaurant bill is $ 15. Only 20 % of the restaurant bills are paid with cash; 60 % are paid with credit cards and 20 % with debit cards. The transaction fees charged by the credit and debit card issuers are as follows:Credit cards: $0.60 per transaction + 2 % of the amount chargedDebit cards: $0.55 per transaction + 1% of the amount chargedRequried:a. How much of the total sales revenue is expected to be paid incash?b. How many customer transactions does the company expect inJanuary?c. How much of the total sales revenue is expected to be paid with credit cards?d. How many customer transactions will be paid for by customers using creditcards?e. When budgeting for January's operating expenses, how much should the restaurant expect to incur in credit card transactionfees?f. How much of the total sales revenue is expected to be paid with debit cards?g. How many customer transactions will be paid for by customers using debitcards?h. When budgeting for January's operating expenses, how much should the restaurant expect to incur in debit card transactionfees?i. How much money will be deposited in the restaurant's bank account during the month of January related to credit and debit card sales? Assume the credit and debit card issuers deposit the funds on the same day the transactions occur at the restaurant(there is no processing delay).j. What is the total amount of money that the restaurant expects to deposit in its bank account during the month of January from cash, credit card, and debit card sales? Again assume the credit and debit card issuers deposit the funds on the same day that the transaction occurs.
Answer:
a. How much of the total sales revenue is expected to be paid incash?
$855,000b. How many customer transactions does the company expect inJanuary?
19,000c. How much of the total sales revenue is expected to be paid with credit cards?
$171,000d. How many customer transactions will be paid for by customers using creditcards?
11,400e. When budgeting for January's operating expenses, how much should the restaurant expect to incur in credit card transactionfees?
$10,260f. How much of the total sales revenue is expected to be paid with debit cards?
$57,000g. How many customer transactions will be paid for by customers using debitcards?
3,800h. When budgeting for January's operating expenses, how much should the restaurant expect to incur in debit card transactionfees?
$2,660i. How much money will be deposited in the restaurant's bank account during the month of January related to credit and debit card sales? Assume the credit and debit card issuers deposit the funds on the same day the transactions occur at the restaurant(there is no processing delay).
$215,080j. What is the total amount of money that the restaurant expects to deposit in its bank account during the month of January from cash, credit card, and debit card sales? Again assume the credit and debit card issuers deposit the funds on the same day that the transaction occurs.
$272,080Explanation:
total sales $285,000 / $15 = 19,000 customers
cash sales = $285,000 x 20% = $57,000credit cards = $285,000 x 60% = $171,000debit cards = $285,000 x 20% = $57,000credit card fees = (11,400 x $0.60) + ($171,000 x 2%) = $10,260
debit card fees = (3,800 x $0.55) + ($57,000 x 1%) = $2,660
Seven Manufacturing Corporation uses both standards and budgets. The company estimates that production for the year will be 100,000 units of Product Fast. To produce these units of Product Fast, the company expects to spend $600,000 for materials and $800,000 for labor.
Required:
Compute the estimates for a standard cost.
Answer:
Unitary cost= $14
Explanation:
Giving the following information:
Production= 100,000
To produce these units of Product Fast, the company expects to spend $600,000 for materials and $800,000 for labor.
First, we need to calculate the total cost and then the unitary cost:
Total cost= 600,000 + 800,000= $1,400,000
Unitary cost= 1,400,000/100,000= $14
