In its recent income statement, Smith Software Inc. reported paying $12 million in dividends to common shareholders, and in its year-end balance sheet, Smith reported $386 million of retained earnings. The previous year, its balance sheet showed $372 million of retained earnings. What was the firm's net income during the most recent year

Answers

Answer 1

Answer:

$26 million

Explanation:

Given the above information, net income

= Ending retained earnings - Beginning retained earnings + Dividend paid to shareholders

Ending retained earning = $386 million

Beginning retained earning = $372 million

Dividend paid to shareholders = $12 million

Then,

Net income earnings = $386 million - $372 million + $12 million

Net income earnings = $26 million

Therefore, the firm's net income during its most recent year is $26 million


Related Questions

CompuTop Company sells toy laptop computers for $30 each. If the variable cost for each laptop is $20 and fixed costs total $25,000, how much sales in dollars must it sell to generate a target income of $66,667

Answers

Answer:

the sales in dollars sell to generate the target income is $183,334

Explanation:

The computation of the sales in dollars sell to generate the target income is shown below:

= (Fixed cost + target income) ÷ (selling price - variable cost) ÷ selling price

= ($25,000 + $66,667) ÷ ($30 - $20) ÷ $20

= $91,667 ÷ 50%

= $183,334

Hence, the sales in dollars sell to generate the target income is $183,334


Discuss the two differences of Theory X and Y. Give example

Answers

key difference between theory X and theory Y

Your subscription to BusinessWeek is about to expire. You plan to subscribe to the magazine for the rest of your life. You can renew it by paying $50 annually, beginning immediately, or you can get a lifetime subscription for $500, also payable immediately. Assuming that you can earn 6.525% on your funds and that the annual renewal rate will remain constant, how many years must you live to make the lifetime subscription the better buy?
a) 7.48.
b) 8.80.
c) 10.35.
d) 12.18.
e) 14.33.

Answers

Answer: 15 years

Explanation:

The number of years that would make the lifetime subscription a better buy would be the one that would cause the present value of paying $50 per year to equal $500.

You can use the NPER function on Excel to find this out.

Rate = 6.525%

Pmt = 50

Pv = -500

Fv = 0

Type = 1 because payment begins immediately.

= 14.9997 years

= 15 years


Why is it important to test sending an electronic resume before sending it to an employer?

Answers

Answer:

To double check the formatting

Explanation:

You do this in order to double-check the formatting before the electronic resume get sent out to the employer. When the resumes is converted to this format, the text In it could be confusing to someone reading or it could be difficult to read. the best thing for you to do is to check it properly to see how the resume appears before you send it out

Samson Company reported total manufacturing costs of $320000, manufacturing overhead totaling $52000, and direct materials totaling $64000. How much is direct labor cost

Answers

Answer:

Direct labor cost is like $184000

Explanation is not my nation

Hillside Manufacturing Company uses 2,000 units of bearings per year. The bearings are purchased from a supplier in Florida. The following information is known for the problem:
Annual demand, D 2.000 units $10
Purchase price per unit, P
Holding cost per unit per year expressed as a percent of per-unit purchase price 20% $125
Ordering cost per order. S
Lead time. L 6 days 250
Number of working days per year
Answer the following questions. Write your final answer only (without intermediate steps) for the fill-in-the-blank questions.
Question 2 (2 points) The holding cost (H) = $ A/ per unit per year. Use 2-decimal accuracy for the final answer, e.g., 0.12, when necessary.
Question 3 (2 points) The economic order quantity (EOQ) = units. Round the final answer (if it is not an integer) to the nearest integer.
Question 4 (2 points) Based on the EOQ, the average inventory = A units. Round the final answer (if it is not an integer) to the nearest integer.
Question 5 (2 points) A/ Total annual inventory holding cost = $ . Round the final answer (if it is not an integer) to the nearest integer.
Question 6 (2 points) The optimal number of orders per year = A orders. Round the final answer (if it is not an integer) to the nearest integer.
Question 7 (2 points) Total annual inventory cost (excluding the purchase cost) = $ A Round the final answer (if it is not an integer) to the nearest integer
Question 8 (2 points) A units. Round Reorder point (ROP) = the final answer (if it is not an integer) to the nearest integer.
Question 9 (2 points) If the management decides to order 2,000 units (instead of the EOQ quantity obtained above) per order, the total annual inventory cost (excluding the purchase cost) = $ A Round the final answer (if it is not an integer) to the nearest integer.

Answers

Answer:

2. holding cost is $2

3. EOQ = 500 units

4. Average inventory = 250units

5. total annual hoding cost = $500

6. number of orders is 4

7. total annual inventory = $1000

8. reorder point = 48

9. $2125

Explanation:

2. holding cost = 20% * $10

the holding cost is 20 percent of the purchase price for each unit

= 0.2*10

= $2.00

3. the EOQ

= 2*2000*$125/$2

= 250000

[tex]EOQ=\sqrt{250000}[/tex]

= 500 units

4.average inventory = EOQ/2

= 500/2 = 250 units

5. total annual hoding cost = average inventory * holding cost

= 250*2

= $500

6. number of orders= 2000 units/EOQ

= 2000/500

= 4 0rders

7. total annual inventory cost = ordering cost annual + holding cost annual

ordering annual cost = 2000/500*125

= 500

total annual inventory cost = 500 + 500 = $1000

8. reorder point

wwe first calculate the daily demand; = 2000/250 = 8

ROP = 8*6 = 48

9. annual ordring = 2000/2000 * 125

= $125

annual holding  = 2000/2 * holding cost of $2

= $2000

total annual inventory = 125 + 2000

= $2125

A bond has a modified duration of 8 and a price of 112,955 calculated using an annual effective interest rate of 6.4%. EMAC is the estimated price of this bond at an interest rate of 7.0% using the first-order Macaulay approximation EMOD is the estimated price of this bond at an interest rate of 7.0% using the first-order modified approximation Calculate EC EMOD A. 91 B. 102 C. 116 D. 127 E. 143

Answers

Answer:

Option E (143) is the appropriate solution.

Explanation:

According to the question,

The modified duration will be:

= [tex]\frac{Macaulay \ duration}{(1+yield)}[/tex]

= [tex]8\times 1.064[/tex]

= [tex]8.512[/tex]

The percentage change in price will be:

= [tex]-0.6\times 8 \ percent[/tex]

= [tex]-4.8[/tex] (%)

Now,

The EMOD will be:

= [tex]112955\times (1-4.8 \ percent)[/tex]

= [tex]107533.2[/tex] ($)

Or,

The EMAC will be:

= [tex]112955\times (\frac{1.064}{1.07} )^{8.512}[/tex]

= [tex]107675.7[/tex] ($)

Hence,

⇒ [tex]EMOD-EMAC=107533.2-107675.7[/tex]

                                  [tex]=-142.5[/tex]

⇒ [tex]EMAC-EMOD=143[/tex]

The following is a list of various costs of producing T-shirts. Classify each cost as either a variable, fixed, or mixed cost for units produced and sold.
a. Ink used for screen printing Variable
b. Warehouse rent of $8,000 per month plus $0.50 per square foot of storage used Mixed
c. Thread Variable
d. Electricity costs of $0.038 per kilowatt-hour Variable
e. Janitorial costs of $4,000 per month Fixed
f. Advertising costs of $12,000 per month
g. Accounting salaries
h. Color dyes for producing different colors of T-shirts Variable
i. Salary of the production supervisor
j. Straight-line depreciation on sewing machines Fixed
k. Salaries of internal pattern designers
l. Hourly wages of sewing machine operators Variable
m. Property taxes on factory, building, and equipment Fixed
n. Cotton and polyester cloth
o. Maintenance costs with sewing machine company (the cost is $2,000 per year plus $0.001 for each machine hour of use.) Mixed
B) Magnolia, Inc. manufactures bedding sets. The budgeted production is for 31,800 comforters this year. Each comforter requires 7 yards of material. The estimated January 1 beginning inventory is 5,320 yards with the desired ending balance of 4,100 yards of material. If the material costs $6.80 per yard, determine the materials budget for the year.
$_______
C) Gleason invested $90,000 in the James and Kirk partnership for ownership equity of $90,000. Prior to the investment, land was revalued to a market value of $425,000 from a book value of $200,000. James and Kirk share net income in a 1:2 ratio.
a. Provide the journal entry for the revaluation of land. If an amount box does not require an entry, leave it blank.
b. Provide the journal entry to admit Gleason.
D) If the contribution margin ratio for France Company is 37%, sales were $413,000, and fixed costs were $106,000, what was the income from operations?
$152,810
$106,000
$37,448
$46,810
E) Cash and accounts receivable for Adams Company are provided below:
Current Year Prior Year
Cash $70,000 $50,000
Accounts receivable (net) 70,400 80,000
Based on this information, What is the amount and percentage of increase or decrease that would be shown with horizontal analysis?
Account Dollar Change Percent Change
Cash $ %
Accounts Receivable $
%

Answers

Answer:

A. Production and Sales Cost Classification:

Variable

a. Ink used for screen printing

c. Thread

d. Electricity costs of $0.038 per kilowatt-hour

h. Color dyes for producing different colors of T-shirts

k. Salaries of internal pattern designers

l. Hourly wages of sewing machine operators

n. Cotton and polyester cloth

Mixed

b. Warehouse rent of $8,000 per month plus $0.50 per square foot of storage used

o. Maintenance costs with sewing machine company (the cost is $2,000 per year plus $0.001 for each machine hour of use.)

Fixed

e.Janitorial costs of $4,000 per month Fixed

f. Advertising costs of $12,000 per month

g. Accounting salaries

i. Salary of the production supervisor

j. Straight-line depreciation on sewing machines

m. Property taxes on factory, building, and equipment

B. The materials budget for the year is:

= $1,505,384.

C. James, Kirk, and Gleason Partnership

Debit Land $225,000

Credit Land revaluation gain $225,000

To record land revaluation.

a. Debit Land Revaluation gain $225,000

Credit James, capital $75,000

Credit Kirk, Capital $150,000

To share the revaluation gain.

b. Debit Cash $90,000

Credit Gleason, Capital $90,000

To record Gleason's admission as a partner.

Debit James, Capital $30,000

Debit Kirk, Capital $60,000

Credit Cash $90,000

To reduce James and Kirk's capital accounts.

D. France Company

Income from operations = $46,810

E. Adams Company:

Account                               Dollar Change    Percent Change

Cash                                        $20,000                  40%

Accounts Receivable               ($9,600)                 (12%)

Explanation:

a) Data and Calculations:

A) Variable costs vary in total and are fixed per units.  Fixed costs vary per units but are fixed in total within the relevant production capacity.  Mixed costs have variable and fixed costs combined.

B) Magnolia, Inc.

Budgeted production of comforters for this year = 31,800

Materials required by each comforter = 7 yards

Total materials required for production =222,600 (31,800 * 7)

Beginning inventory = 5,320 yards

Ending balance = 4,100 yards

Total materials to be bought = 221,380 (222,600 + 4,100 - 5,320)

Material costs $6.80 per yard

Materials budget for the year = $1,505,384 (221,380 * $6.80)

$_______

C) Gleason invested $90,000 in the James and Kirk partnership for ownership equity of $90,000.

Land $225,000

Land revaluation $225,000

a. Land Revaluation $225,000

James, capital $75,000

Kirk, Capital $150,000

b. Cash $90,000 Gleason, Capital $90,000

James, Capital $30,000 Kirk, Capital $60,000 Cash $90,000

D) France Company

Contribution margin ratio = 37%

Sales $413,000

Contribution margin = $152,810 ($413,000 * 37%)

Fixed costs  $106,000

Income from operations = $46,810

 

E) Adams Company:

                                    Current Year   Prior Year

Cash                                 $70,000      $50,000

Accounts receivable (net) 70,400         80,000

Account                              Dollar Change    Percent Change

Cash                                               $20,000        40%

Accounts Receivable                     ($9,600)       (12%)

Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data:
Total machine-hours 30,900 Total fixed manufacturing overhead cost $ 154,500 Variable manufacturing overhead per machine-hour $ 3
Recently, Job T687 was completed with the following characteristics:
Number of units in the job 10 Total machine-hours 30 rect materials $740 Direct labor cost $1,480
The amount of overhead applied to Job T687 is closest to: (Round your intermediate calculations to 2 decimal places.)
a. $240.00
b. $154.50
c. $48.00
d. $338.40

Answers

Answer:

a. $240.00

Explanation:

Total variable overhead estimated = $3 * 30,900

Total variable overhead estimated = $92,700

Total overhead estimated = Total variable overhead estimated + Total fixed overhead estimated

Total overhead estimated = $92,700 + $154,500

Total overhead estimated = $247,200

Predetermined overhead rate = $247,200 / 30,900

Predetermined overhead rate = $8

Total machine-hours = 30

Amount of overhead applied to Job T687:

= $8 * 30 hours

= $240.00

g dividends paid 13500. what was the net income for the past year of the firm faces a tax rate of 30%

Answers

Answer:

A.) £27,214.29

B.) £19,250

Step-by-step explanation:

Given the following :

Andy £13500

Bevan £27500

Cheryl £13250

Deva £75000

Elliott £18750

Frankie £27500

Grace £15000

Mean income = (total sum of salaries / number of workers)

Mean income = £(13500 + 27500 + 13250 + 75000 + 18750 + 27500 + 15000) / 7

Mean income = (£190,500 / 7) = £27,214.286

B.) mean income excluding Deva's salary:

Mean income = Mean income = £(13500 + 27500 + 13250 + 18750 + 27500 + 15000) / 7

Mean income = £115,500 / 6

Mean income = £19,250

Joe is currently selling 873 hamburgers per month at $5 per hamburger for total monthly sales of $4,365. The restaurant manager feels that a $1,000 monthly advertising budget would increase monthly sales by $3,000 to a total of 1,473 hamburgers. Should Joe add advertising

Answers

Answer:

Yes

Explanation:

Yes, as long as Joe is able to recover the money that he has spent on advertising and still increase his profit, then he should advertise. In this scenario, he wants to spend a fixed $1000 monthly on ads. If these ads generate an increase monthly sales of $3,000 as expected, then this means that Joe's restaurant will increase their total profits by $2,000 after recovering what they spent on the ads. This is what ads are for.


To keep your business plan up-to-date, it should be revised every
A-month.
B-6 months.
C-year.
D-other year.

Answers

Answer:

A-month

Explanation:

by revising it monthly, it is the most up to date and can be consistently helpful to you as well as organized.

C-year.

Entrepreneur.com recommends that you do a thorough update to your business plan at least once annually.

implications of game theory

Answers

Answer:

Game Theory is a general mathematical analysis to investigate the strategic interactions among players. Game theorists attempt to provide precise descriptions of situations of conflicting interests in order to study the behavior that such a conflict would (or, in some cases, should) elicit from rational agents. Players are assumed to consider the position and perceptions of other players while forming their strategies. In our examples, we will assume that there are two players, and that each has two choices and the fact that the players are selfish (operate in their own best interests) and rational .

Limitations of Game Theory :

The biggest issue with game theory is that, like most other economic models, it relies on the assumption that people are rational actors that are self-interested and utility-maximizing. Of course, we are social beings who do cooperate and do care about the welfare of others, often at our own expense. Game theory cannot account for the fact that in some situations we may fall into a Nash equilibrium, and other times not, depending on the social context and who the players are.

The life of a sole proprietorship is limited. A sole proprietor can generally raise large sums of capital quite easily. Transferring ownership of a sole proprietorship is easier than transferring ownership of a corporation. A sole proprietorship is taxed the same as a C corporation. A sole proprietorship is the most regulated form of organization.

Answers

Answer: The life of a sole proprietorship is limited.

Explanation:

A sole proprietorship simply means a one man business where the owner manages, controls the business and enjoys the profits alone.

A sole proprietorship has a limited liability as its life is limited. Normally, the death of the owner would result in the end of the business and the owner bears the loss alone.

A A sole proprietorship is not taxed the same as a C corporation and it isn't the most regulated form of organization.

_____ can be calculated as the percentage of workers who remain in a firm from one point in time to another point in time.

Answers

Answer: Retention rate

Explanation:

Retention rate refers to the percentage of customers that are retained by a business for a given period of time.

Retention rate is usually calculated on an annual basis. It can be calculated as the percentage of workers who remain in a firm from one point in time to another point in time.

A statement of cash flows helps answer all of the following: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) check all that apply What explains the changes in the cash account?unanswered Where does a company spends its cash?unanswered How can the company improve its operations?unanswered How does a company receives its cash?unanswered What are the changes in the non-cash accounts?

Answers

Answer:

What explains the changes in the cash account?Where does a company spends its cash?How does a company receive its cash?

Explanation:

The Statement of Cash Flows shows the actual cash that a company has by showing the various places that cash comes in from and how cash leaves. It therefore shows how the cash account changes.

In showing how cash leaves the company, the statement shows how the company spends its cash and in showing how money comes in, the statement shows how the company receives its cash as well such as through investments in other companies and net income.

The Statement of Cash Flows depicts a company's actual cash flow by displaying where the money originates from and where it goes. As a result, it depicts the movement of the cash account.

The statement indicates how money left the company and how it gets in, such as through investments in other companies and net income.

So, Option A, B, and D are correct.

The other Options are incorrect as:

Option C is incorrect as a cash flow does not show how a company improves its operation it only shows the transactions.

Option E is incorrect as cash flow does not represent changes in noncash accounts as cash flow represents only cash transactions.

A cash flow is a physical or digital transfer of capital: a payment, notably from one central bank fund to another, is a cash flow in its restricted sense; the word 'cash flow' is primarily used to denote the transfer of funds from one central bank account to another.

Thus Options A, B, and D are correct statements for cash flow.

For more information about Cash Flow refer to the link:

https://brainly.com/question/10714011

The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials$35,000 $60,000 Work in process 9,000 20,900 Finished goods 67,000 34,300 Activities and information for May Raw materials purchases (paid with cash) 171,000 Factory payroll (paid with cash) 200,000 Factory overhead Indirect materials 8,000 Indirect labor 46,000 Other overhead costs 108,000 Sales (received in cash) 1,300,000 Predetermined overhead rate based on direct labor cost 55% Compute the following amounts for the month of May using T-accounts. Cost of direct materials used. Cost of direct labor used. Cost of goods manufactured. Cost of goods sold\.\* Gross profit. Overapplied or underapplied overhead. *Do not consider any underapplied or overapplied overhead.

Answers

Answer:

Lock-Tite Company

Cost of direct materials used = $138,000

Cost of direct labor used = $154,000

Cost of goods manufactured = $364,800

Cost of goods sold = $397,500

Gross profit = $902,500

Overapplied or underapplied overhead = $77,300

Explanation:

a) Data and Calculations:

                                            April 30    May 31

Inventories

Raw materials                    $35,000 $60,000

Work in process                     9,000   20,900

Finished goods                    67,000   34,300

Activities and information for May

Raw materials purchases (paid with cash) 171,000

Factory payroll (paid with cash) 200,000

Factory overhead

Indirect materials 8,000

Indirect labor 46,000

Other overhead costs 108,000

Sales (received in cash) 1,300,000

Predetermined overhead rate based on direct labor cost 55%

T-accounts:

Raw materials

Date      Account Titles            Debit       Credit

April 30 Beginning balance $35,000

May       Cash                         171,000

May       Work in Process                     $138,000

May       Manufacturing overhead            8,000

May 31   Closing balance                     $60,000

Payroll Expenses

Date      Account Titles            Debit       Credit

May       Cash                   $200,000

May       Manufacturing overhead           $46,000

May       Work in Process                       $154,000

Work in process

Date      Account Titles            Debit       Credit

April 30 Beginning balance $9,000

May       Raw materials       138,000

May       Payroll expenses  154,000

May       Overhead              84,700

May       Finished goods                    $364,800

May 31  Closing balance                     $20,900

Finished goods

Date      Account Titles            Debit       Credit

April 30 Beginning balance  $67,000

May       Work in process      364,800

May       Cost of goods sold                $397,500

May 31  Closing balance                       $34,300

Income Summary

Date      Account Titles            Debit       Credit

May 31  Sales revenue                       $1,300,000

May 31  Cost of goods sold $397,500

May 31  Gross profit            $902,500

Manufacturing Overhead

Date      Account Titles            Debit       Credit

May      Raw materials         $8,000

May      Payroll expenses    46,000

May     Other overhead     108,000

May     Work in Process                     $84,700 ($154,000 * 55%)

May     Underapplied overhead          77,300

Eileen transfers property worth $200,000 (basis of $190,000) to Goldfinch Corporation. In return, she receives 80% of the stock in Goldfinch Corporation (fair market value of $180,000) and a long-term note (fair market value of $20,000) executed by Goldfinch and made payable to Eileen. Eileen recognizes gain on the transfer of:______.a. $0.b. $10,000.c. $20,000.d. $190,000.e. None of the above.

Answers

Answer:

b. $10,000

Explanation:

Calculation to determine Eileen recognizes gain on the transfer

Recognized gain=Basis -Fair market value

Recognized gain=$190,000 -$180,000

Recognized gain=$10,000 gain

Therefore Eileen recognizes gain on the transfer of:$10,000

You buy a 12-year 10% annual coupon bond at par value, $1,000. You sell the bond 3 years later for $1,100. What is your total rate of return over this 3-year period?

Answers

Answer:

40%

Explanation:

Coupon per year = Face Value * Coupon Rate

Coupon per year = $1,000 * 10%

Coupon per year = $1,000 * 0.10

Coupon per year = $100

Total Coupon in 3 years = Coupon per year * 3 years

Total Coupon in 3 years = $100 * 3 years

Total Coupon in 3 years = $300

Rate of return = [(Selling Price - Face Value) + Coupon Received] / Face Value*100

Rate of return = [[($1,100 - $1,000) + $300] / 1000] *100

Rate of return = [[$100 + $300] / $1000] * 100

Rate of return = $400 / $1000 * 100

Rate of return = 0.40

Rate of return = 40%

In a small open economy, output (gross domestic product) is $25 billion, government purchases are $6 billion, and net factor payments from abroad are zero. Desired consumption and desired investment are related to the world real interest rate in the following manner:
World Real Interest Rate Desired Consumption Desired Investment
5% $12 billion $3 billion
4% $13 billion $4 billion
3% $14 billion $5 billion
2% $15 billion $6 billion
For each value of the world real interest rate, find national saving, foreign lending, and absorption. Calculate net exports as the difference between output and absorption. What is the relationship between net exports and foreign lending?

Answers

Answer:

Consumption is given.

Investment is also given.

Government spending is $6 billion.

GDP is $25 billion.

National Saving = GDP - Consumption - Government spending

Foreign lending = Savings - Investment

Absorption = Consumption + Investment + Government spending

Net Exports = GDP - Absorption

The relationship/ correlation between Net Exports and Foreign Lending is one that is perfectly positive as both measures are exactly the same.  

Roosevelt Corporation has a weighted-average unit contribution margin of $30 for its two products, Standard and Supreme. Expected sales for Roosevelt are 40,000 Standard and 60,000 Supreme. Fixed expenses are $1,800,000. How many Standards would Roosevelt sell at the break-even point?
A. 36,000
B. 40,000
C. 60,000
D. 24,000

Answers

Answer:

D. 24,000

Explanation:

Calculation to determine How many Standards would Roosevelt sell at the break-even point

First step

Total sales = 40000 + 60000

Total sales= 100000 units

Second step

Standard = 40000 / 100000

Standard= 0.4

Third step

Supreme = 60000 / 100000

Supreme= 0.6

Fourth step

Overall break even in units = 1800000 / 30

Overall break even in units= 60000 units

Now let calculate the Standards sales at break even point

Standards sales at break even point = 60000 *

0.4

Standards sales at break even point =24000 units

Therefore the Standards sales at break even point is 24000 units

would you recommend that accountants wait until collections are made from customers before recording sales revenue

Answers

Answer: No

Explanation:

Accounting currently uses the Accrual basis and this is the best basis to use so far because it records revenue when they are earned not when the actual money comes in.

In doing this, the company is able to properly ascertain the revenue that it made in a particular period. If a company were to wait until collections were made, the company might wait for over one period to record their sales which would not be very helpful in calculating income for the period.

Also if companies waited to record only after sales, people not paying and becoming doubtful debts become a headache to record.

The Molding Department of Boswell Company has the following production data: beginning work process 40,000 units (60% complete), started into production 730,000 units, completed and transferred out 690,000 units, and ending work in process 80,000 units (40% complete). Assuming conversion costs are incurred uniformly during the process, the equivalent units for conversion costs are:

Answers

Answer: 770,000 units

Explanation:

The Equivalent units for Conversion cost is calculated as:

= Total units completed and transferred out + Equivalent units of closing work in process

As the conversion costs were incurred uniformly during the process, the entire closing work in process would have already incurred conversion cost. Conversion cost closing equivalent units are therefore 80,000 units.

Equivalent units for Conversion cost = 690,000 + 80,000

= 770,000 units

Many economists oppose a constitutional amendment that would require a balanced budget for the federal government because it would probably make the business cycle more volatile.
a. True
b. False

Answers

False is the correct answer

Answer:

The statement is False.

Explanation:

What is a constitutional balanced budget amendment?

The balanced budget amendment's requirement that total government spending cannot exceed total receipts collected in the same year has far-reaching ramifications for Social Security.

What is Balanced Budget?

A balanced budget is one in which total revenues equal or exceed total costs. After a full year of revenues and expenses have been incurred and recorded, a budget can be declared balanced. Budget deficits, according to proponents of a balanced budget, burden future generations with debt.

Example of Balanced Budget-

If Michael and Jessica earn $75,000 per year but spend only $70,000, they have a balanced budget because their expenses are equal to or less than their income. They can use the extra $5,000 in their budget to pay off debt or meet their savings goals in this situation.

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Vextra Corporation is considering the purchase of new equipment costing $38,000.The projected annual cash inflow is $11,600, to be received at the end of each year.The machine has a useful life of 4 years and no salvage value.Vextra requires a 12% return on its investments.The present value of an annuity of $1 for different periods follows:Periods 12 Percent1 0.89292 1.69013 2.40184 3.0373What is the net present value of the machine (rounded to the nearest whole dollar)?a. $(35,233).b. $(2,767).c. $38,000.d. $(3,700).e. $5,233.

Answers

Answer:

b. $(2,767).

Explanation:

The computation of the net present value is shown below:

= Present cash flows - initial investment

= ($11,600 × 3.0373) - $38,000

= $35,232.68 - $38,000

= -$2,767.32

= -$2,767

Hence, the option b is correct

We simply applied the above formula to determine the net present value

Consider the market for purple potatoes below and assume that a price ceiling of $30 is imposed by the government. Calculate the deadweight loss:

Answers

Answer:

$5000

Explanation:

A car dealer acquires a used car for $14,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include
$250 for transportation-in.
$300 for shipping insurance.
$900 for car import duties.
$150 for advertising.
$1,250 for sales staff salaries.
$180 for trimming shrubs.
For computing inventory, what cost is assigned to the used car? Included in Inventory Cost Expensed as incurred Cost 14.000 900 Cost Transportation in Import duties Insurance during shipment Advertising Sales staff salaries 300 150 1,250 16.850S 0 $

Answers

Answer: $15,450

Explanation:

The inventory cost of the car is every cost that was incurred to get it to the car dealer and ready for sale.

Total inventory cost assigned is:

= Cost of car + transportation-in + shipping insurance + car import duties

= 14,000 + 250 + 300 + 900

= $15,450

You invested 50% of the wealth in stock A and the remaining 50% in stock B. The expected rates of returns on A and B are given below: Year Expected return on A Expected return on B 2000 14% 16% 2001 15% 17% 2002 16% 18%2003 17% 19%Find the standard deviation of the portfolio. A. 0.955%.B. 1.291%.C. 1.697%.D. 2.124%.E. 2.890%.

Answers

Answer:

B. 1.291%

Explanation:

The computation of the standard deviation is shown below;

= 2000 + 2001 + 2002 +  2003

= 0.5 × 14% + 0.5 × 16% + 0.5 × 15% + 0.5 × 17% + 0.5 × 16% + 0.5 × 18% + 0.5 × 17% + 0.5 × 19%

= 15% + 16%  + 17% + 18%

= stdev( 15% + 16%  + 17% + 18%)

= 1.291%

Hence, the correct option is b.

Mohave Corp. makes several varieties of beach umbrellas and accessories. It has been approached by a company called Lost Mine Industries about producing a special order for a custom umbrella called the Ultimate Shade (US). The special-order umbrellas with the Lost Mine Company logo would be distributed to participants at an upcoming convention sponsored by Lost Mine.
Lost Mine has offered to buy 1,500 of the US umbrellas at a price of $11 each. Mohave currently has the excess capacity necessary to accept the offer. The following information is related to the production of the US umbrella:
Direct materials $5.00
Direct labor 2.00
Variable manufacturing overhead 3.50
Fixed manufacturing overhead 2.50
Total cost $13.00
Regular sales price $19.00
Required:
1. Compute the incremental profit (or loss) from accepting the special order.
2. Should Mohave accept the special order?
3. Suppose that the special order had been to purchase 2,000 umbrellas for $9.00 each. Recompute the incremental profit (or loss) from accepting the special order under this scenario.
4. Assume that Mohave is operating at full capacity. Calculate the special-order price per unit at which Mohave would be indifferent between accepting or rejecting the special order.

Answers

Answer:

Mohave Corp.

1. The incremental profit from accepting the special order is:

= $750.

2. Mohave should accept the special order.

Explanation:

a) Data and Calculations:

Special order quantity = 1,500

Special order price = $11 per unit

Direct materials                             $5.00

Direct labor                                      2.00

Variable manufacturing overhead 3.50  $10.50

Fixed manufacturing overhead                   2.50

Total cost                                                   $13.00

Regular sales price                                   $19.00

Relevant costs:

Direct materials                             $5.00

Direct labor                                      2.00

Variable manufacturing overhead 3.50  $10.50

Incremental Analysis:

Special order price =          $11.00

Variable cost per unit =     $10.50

Incremental profit per unit $0.50

Total incremental profit = $750 ( $0.50 * 1,500)

A skilled carpenter installed a roof on a new administrative building for a private not-for-profit free of charge. The not-for-profit would have had to pay $2,300 for this service if not donated. What entry should the not-for-profit make

Answers

Answer and Explanation:

The journal entry should the not for profit make is given below;

Capital Expenditures $2,300

     Contribution revenue $2,300

(Being the capital expenditure is recorded)

here the capital expenditure is debited as it increased the expenses and credited the contribution revenue as it also increased the revenue

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