Answer:
$1.60 per direct labor hour
Explanation:
Overhead application rate = Budgeted Overheads ÷ Budgeted Activity
hence,
Overhead application rate = $364,800 ÷ $228,000
= $1.60 per direct labor hour
MC Qu. 98 At the beginning of the recent... At the beginning of the recent period, there were 1,470 units of product in a department, 35% completed. These units were finished and an additional 6,900 units were started and completed during the period. 1,560 units were still in process at the end of the period, 25% completed. Using the weighted average method, the equivalent units produced by the department were:
Answer:
Using the weighted average method, the equivalent units produced by the department were:
= 8,760 units.
Explanation:
a) Data and Calculations:
Units Conversion
Ending inventory 1,560
Units completed 8,370
Units available 9,930
Beginning inventory 1,470 35%
Additional units started 8,460
Equivalent units of production:
Units completed 8,370 8,370 (100%)
Ending inventory 1,560 390 (25%)
Equivalent units of production 8,760
A firm is evaluating the performance of two managers running a summer training program. One manager is in a large division with over 100 trainees, while the other is in a small division with only 15 trainees. What is one principle the firm should use in its evaluation
Answer:
Principle of equitable assessment
Explanation:
In simple words, the principle of equitable assessment refers to the concept which states that while comparing two subjects, the evaluation will be in such a way that the assessment will be fair to both the topics.
Hence, it should be made in such a way or should be made on those dimensions which consdier the differences between the two population.
Cavan Company prepared the following reconciliation between book income and taxable income for the current year ended December 31, year 1.
Pretax accounting income ...............................$1,000,000
Taxable income ...................................................(600,000)
Difference $ 400,000 Book-tax differences:
Interest on municipal income ...........................$ 100,000
Lower financial depreciation................................300,000
Total......................................................................$ 400,000
Cavan’s effective Federal and state income tax rate for year 1 is 30%. The depreciation difference will reverse equally over the next three years at enacted tax rates as follows.
Year Tax Rate Year 2 30% Year 3 25% Year 4 25%
In Cavan’s year 1 income statement, the deferred portion of its provision for income taxes should be: __________.
a. $120,000
b. $80,000
c. $100,000
d. $90,000
Answer:
b. $80,000
Explanation:
The computation of the deferred portion of its provision for income taxes should be given below:
= $300,000 ÷ 3 years
= $100,000
Now
= 30% of $100,000 + 25% of $100,000 + 25% of $100,000
= $30,000 + $25,000 + $25,000
= $80,000
Therefore the option b is correct
The spot price of an investment asset that provides no income is $32.10 and the risk-free rate for all maturities (with continuous compounding) is 6.25%. What is the 4-year forward price? Answer with two decimal digits accuracy. Example: 52.12
Answer:
$41.22
Explanation:
Forward price = Spot price*(1 + Risk free rate)^Time of contractContinuous compounding rate = e^(0.0625) = 1.06449445892 = 1.0645
Forward price = $32.10 * (1.0645)^4
Forward price = $32.10 * 1.28405215218
Forward price = $41.2180741
Forward price = $41.22
So, the 4-year forward price is $41.22.
Framjam Sports Equipment produces basketballs at its factory in Kentucky and soccer balls at its factory in Illinois. At its current annual rate of production, the cost of producing basketballs is $70,000 and the cost of producing soccer balls is $45,000. If the firm consolidates production at a single location, the annual cost of production will be $100,000. What is the degree of economies of scope in this case?
Answer:
0.15
Explanation:
The computation of the degree of economies of scope in this case is given below:
(cost of producing basketballs + cost of producing soccer balls - annual cost of production) ÷ annual cost of production
= ($70,000 + $45,000 - $100,000) ÷ $100,000
= 0.15
Rodgers Corporation agrees on January 1, 2019, to lease equipment from Packers, Inc. for 3 years. The lease calls for annual lease payments of $12,000 at the beginning of each year. The lease does not transfer ownership or contain a bargain purchase op- tion, and is not a specialized asset. In addition, the economic life of the equipment is 10 years, and the present value of the lease payments is less than 90% of the fair value of the equipment. Prepare Rodgers, journal entries on January 1, 2019 (commencement of the operating lease), and on December 31, 2019. Assume the implicit rate used by the lessor is 8%, and this is known to Rodgers. E21.17 003) Use the information for Rodgers Corporation and Packers, Inc. from BE21.16. Assume that for Packers, Inc., the lessor the collectibility of the lease payments is probable, and the fair value and cost of the equipment is $60,000. Prepare Packers' 2019 journal entries, assuming the company uses straight-line depreciation and no residual value.
Answer:
Rodgers Corporation and Packers, Inc.
Journal Entries:
1. Rodgers Corporation:
January 1, 2019:
Debit Right of Use Assets $33,400
Credit Lease Liability $33,400
To record the right of use asset and lease liability with the PV.
Debit Lease Liability $12,000
Credit Cash $12,000
To record the first payment of the lease liability on January 1, 2019
December 31, 2019:
Debit Amortization Expense $10,288
Debit Interest Expense $1,712
Credit Right of Use Assets $12,000
To record the annual amortization of the right of use assets.
Packers, Inc.
January 1, 2019:
Debit Cash $12,000
Credit Unearned Lease Revenue $12,000
To record unearned lease revenue.
December 31, 2019:
Debit Unearned Lease Revenue $12,000
Credit Lease Revenue $12,000
To record the earned lease revenue.
Debit Depreciation Expense $6,000
Credit Accumulated Depreciation- Leased Equipment $6,000
To record depreciation expense for the year.
Explanation:
a) Data and Calculations:
January 1, 2019
Annual lease payment at the beginning of each year = $12,000
The Present Value of annual lease payments = $33,400.
Implicit rate = 8%
To determine the PV of the lease payments:
N (# of periods) 3
I/Y (Interest per year) 8
PMT (Periodic Payment) 12000
FV (Future Value) 0
Results
PV = $33,399.18
Sum of all periodic payments $36,000.00
Total Interest $2,600.82
Schedule of Payments
Period PV PMT Interest FV
1 $33,400 $12,000.00 $1,712 $23,112
2 $23,112 $12,000.00 $889 $12,000
3 $12,000 $12,000.00 $0.00 $0.00
Analysis:
January 1, 2019:
Right of Use Assets $33,400 Lease Liability $33,400
Lease Liability $12,000 Cash $12,000
December 31, 2019:
Amortization Expense $10,288 Interest Expense $1,712 Right of Use Assets $12,000
Packers, Inc.
January 1, 2019:
Cash $12,000
Unearned Lease Revenue $12,000
December 31, 2019:
Unearned Lease Revenue $12,000
Lease Revenue $12,000
Depreciation Expense $6,000 ($60,000 ÷ 10)
Accumulated Depreciation- Leased Equipment $6,000
When Social Security was first instituted by President Franklin Roosevelt in 1935, the payroll tax rate on wages used to fund the program was
Answer: Social security retirement program .
Explanation:
Skyline Florists uses an activity-based costing system to compute the cost of making floral bouquets and delivering the bouquets to its commercial customers. Company personnel who earn $180,000 typically perform both tasks; other firm-wide overhead is expected to total $70,000. These costs are allocated as follows:
Bouquet Production Delivery Other
Wages and salaries 60% 30% 10%
Other overhead 50% 35% 15%
Riverside anticipates making 20,000 bouquets and 4,000 deliveries in the upcoming year. The cost of wages and salaries and other overhead that would be charged to each bouquet made is closest to:
a. $12.50.
b. $7.15.
c. some other amount.
d. $8.75.
e. $13.75.
Answer:
b. $7.15
Explanation:
Cost of wages & salaries per bouquet = [($180,000*60%) + ($70,000*50%)] / 20,000
Cost of wages & salaries per bouquet = ($108,000 + $35,000) / 20,000
Cost of wages & salaries per bouquet = $143,000 / 20,000
Cost of wages & salaries per bouquet = $7.15
So, the cost of wages and salaries and other overhead that would be charged to each bouquet made will be $7.15.
How do you think the four management functions of planning, organizing, leading , and controlling fit in with the ideas Sinek expresses in his talk?
Answer:
This posting should be a minimum of one short paragraph and a maximum of two paragraphs. Word totals for this post should be in the 100–200-word range. Whether you agree or disagree, explain why with supporting evidence and concepts from the readings or a related experience. Include a reference, link, or citation when appropriate.
The four functions of management are planning, organizing, leading, and controlling. By applying the right resources and knowledge, all these functions can easily fit in the ideas.
What is Management?More than just specialized knowledge, management requires an ability to navigate numerous procedural, structural, and interpersonal challenges in the process of guiding one's team to the completion of various goals.
What are the four management functions?No matter which company you work in, these four management functions remain consistent and applicable across all sectors.
Planning is important to identify the goals and making plans to attain these goals.Organizing refers to taking up of these plans and putting into action.Leading is the stage of motivating and influencing employees to do the work. Controlling function consists of monitoring performance and progress through project execution and making adjustments as needed.Thus, by using knowledge, team-management, and right resources, all these functions can fit in with the ideas.
Learn more on management here - brainly.com/question/15351742
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If 2,500 units are produced, the total amount of indirect manufacturing cost incurred is closest to:
Answer: $14,550
Explanation:
Within a certain activity range, the fixed cost remains the same so in this activity range of $2,200 to $5,000, the fixed overhead cost will remain the same:
= 3 * 3,600 units
= $10,800
Variable overhead costs will vary by units:
= 2,500 * 1.50
= $3,750
Total cost = 10,800 + 3,750
= $14,550
Suppose most people regard emeralds, rubies, and sapphires as close substitutes for diamonds. Then DeBeers, a large diamond company, has a. less incentive to advertise than it would otherwise have. b. more control over the price of diamonds than it would otherwise have. c. less market power than it would otherwise have. d. higher profits than it would otherwise have.
Answer: less market power than it would otherwise have.
Explanation:
Following the information given that most people regard emeralds, rubies, and sapphires as close substitutes for diamonds, then it can be infered that DeBeers, a large diamond company, will have less market power than it would otherwise have.
Since the company has less market power due to other substitutes in the market, there'll be less ability for the company to fix price since customers can easily move to other products and purchase them.
julie has just retired. Her company’s retirement program has two options as to how retirement benefits can be received. Under the first option, Julie would receive a lump sum of $127,000 immediately as her full retirement benefit. Under the second option, she would receive $14,000 each year for 10 years plus a lump-sum payment of $53,000 at the end of the 10-year period. Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using tables. Required: 1-a. Calculate the present value for the following assuming that the money can be invested at 11%. 1-b. If she can invest money at 11%, which option would you recommend that she accept
Answer:
a. i. Present value of first option = $127,000
ii. Present value of second option:
= Present value of $14,000 annuity + Present value of $53,000 lump sum.
Present value of annuity:
= Annuity * Present value interest factor of annuity, 11%, 10 years
= 14,000 * 5.8892
= $82,448.80
Present value of lump sum:
= 53,000 / ( 1 + 11%)¹⁰
= $18,665.77
Present value of second option = 82,448.80 + 18,665.77
= $101,114.57
b. She should take the first option. It has a larger present value.
This is science ฅ^•ﻌ•^ฅ
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Is the sun a star?
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✍︎☮︎ᴄᴀʀʀʏᴏɴʟᴇᴀʀɴɪɴɢ☮︎
Boats and Bait has 78,000 shares outstanding that sell for a price of $74 per share. The stock has a par value of $2 per share. The company's balance sheet shows capital surplus of $185,000 and retained earnings of $225,000. If the company declares a stock dividend of 17.5 percent, what is the new common stock value on the balance sheet?
Answer:
$183,300
Explanation:
The computation is shown below:
Value of common stock value on the balance sheet prior to the stock dividend is
= No of stock outstanding × Face value per share
= 78,000 × $2
= $156,000
Now
New shares to be issued is
= 78,000 × 0.175
= 13,650 shares
So,
Total shares outstanding after stock issue is
= 78,000 + 13,650
= 91,650 shares
Now the value of common stock after stock dividend is
= 91,650 × $2
= $183,300
What is you view of international initiatives to criminalize foreign bribery? Explain your answer and please conduct research to support your findings, citing at least one resource in APA format.
Answer:
Bribery is act of paying someone incentive in the form of money to get an undue favor.
Explanation:
Bribery is a global issues. People use this unfair mean to achieve what they want. Bribery is illegal in almost all countries of the world. Many countries have issued strict laws against bribery to stop it. Foreign corrupt practicing act of 1977 issued by United States to make bribery unlawful and minimize this crime in the country. Many businesses offer handsome amount as bribery to many countries government to get unfair advantage in the foreign country which completely creases the domestic businesses as competition arises in the home country.
The ogvernment is bound by the acts of its agents committed within the scope of their agents authority, such as express and actual authroity.
A. True
B. False
Answer: True
Explanation:
Express and actual authority refers to the agent's power to act on behalf of a principal, which had been granted by the agreement that already took place between the agent and principal.
It should be noted that government is bound by the acts of its agents which are committed within the scope of their agents authority, like the express and actual authroity.
Therefore, the correct answer is True.
You are given the following data on US Treasury. The maturity date is May 15, 2041. The asked yield-to-maturity is 2.128%. The coupon rate is 2.35%. You agree to buy the bond June 21, 2021. Assume T 2. Par is $1,000. What is the clean (flat) price
Answer:
$1,035.84
Explanation:
Number of years to maturity (Nper) = 20
Annual Coupon payment (PMT) = 1000*2.35% =$23.50
Payment at maturity (FV) = $1000
Yield to maturity (Rate) = 2.13%
Using the MsExcel Present value function
Clean(flat) price = PV(Nper, PMT, FV, Rate)
Clean(flat) price = PV(20, 23.50, 1000, 2.13%)
Clean(flat) price = 1035.8436
Clean(flat) price = $1,035.84
True or false: Demand is created through meeting customer buying criteria, awareness (promotion) and accessibility (sales distribution), and credit terms.
Answer:
false
Explanation:
Suppose advances in computer technology lead to a surge in worker productivity. In the long run, output will ________ and the price level will ________.
Answer:
increase; decrease.
Explanation:
Technology can be defined as a branch of knowledge which typically involves the process of applying, creating and managing practical or scientific knowledge to solve problems and improve human life. Technologies are applied to many fields in the world such as medicine, information technology, cybersecurity, engineering, environmental etc.
Generally, technology has impacted the world significantly and positively as it has helped to automate processes, increased efficiency and level of output with little or no human effort.
Assuming advances in computer technology led to a surge in the level of productivity by the workers working in a company. In the long run, output will increase and the price level will decrease.
One of the growers is excited by the price increase caused by the blight because he believes it will increase revenue in this market. As an economics student, you can use elasticities to determine whether this change in price will lead to an increase or decrease in total revenue in this market.Using the midpoint method, the price elasticity of demand for soybeans between the prices of
Full question attached
Answer:
Not elastic
Explanation:
The formula for demand elasticity= percentage change in quantity/percentage change in price
Therefore demand elasticity = Q2-Q1/Q2+Q1/2/P2-P1/P2+P1/2
Using graph of demand attached
= 12-15/12+15/2/21-15/21+15/2
= -3/27/2/6/36/2
=-2/9/1/3
=-2/3
=-0.67
Elasticity is less than one and so demand is inelastic
Baskin's pretax accounting income in Year 2 is $100,000. Baskin received cash rental payments in advance for $20,000 in Year 1 and $30,000 in Year 2, which are taxed in the year of receipt. It is expected the rent will be recognized for financial reporting purposes as $25,000 in Year 3 and $25,000 in Year 4. The income tax rate is 40%. What is Baskin's tax basis for rental revenues in Year 2
Answer:
the baskin tax basis for rental revenue is $10,000
Explanation:
The computation of the baskin tax basis for rental revenue is given below:
= Year 4 rent recognized × income tax rate
= $25,000 × 40%
= $10,000
Hence, the baskin tax basis for rental revenue is $10,000
The same should be considered and relevant
how does minimum wage influence the demand and supply in the labour market?
Under what circumstance would agency conflict be most likely to increase? When owners are very close to the business. When owners are separated from the business. When oversight by the board is adequate. When the incentives of a manager align with those of owners.
Answer:
When owners are separated from the business
Explanation:
Agency conflict arises when ownership is separated from management and management have to take decision to maximize wealth of owner instead of themselves.
Hence when owners are separated from the business is the correct answer.
MFI Inc. has a beta of . If the expected market return is percent and the risk-free rate is percent, what is the appropriate required return of MFI (using the CAPM)? Using the CAPM, the appropriate required return of MFI is 14.74%. (Round to two decimal places.)
Answer: 14.38%
Explanation:
Required return using the Capital Asset Pricing Model (CAPM) is:
= Risk free rate + Beta * (Expected market return - Risk free rate)
= 6.5% + 1.05 * (14% - 6.5%)
= 6.5% + 7.875%
= 14.38%
Rickett Corporation had a favorable direct-labor efficiency variance of $6,000 for the period just ended. The actual wage rate was $0.50 more than the standard rate of $12.00. If the company's standard hours allowed for actual production totaled 9,500, how many hours did the firm actually work
Answer:
Actual Quantity= 9,000 hours
Explanation:
Giving the following information:
Direct-labor efficiency variance= $6,000 favorable
Standard rate= $12.00.
Standard quantity= 9,500
To calculate the actual hours worked, we need to use the following formula.
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
6,000 = (9,500 - Actual Quantity)*12
6,000= 114,000 - 12Actual Quantity
12Actual Quantity = 108,000
Actual Quantity= 9,000 hours
Why is keeping a journal about what is good and bad regarding your summer or part-time work a good idea to help you choose a career path
The correct answer to this open question is the following.
Keeping a journal about what is good and bad regarding my summer or part-time work is a good idea to help me choose a career path because writing down what I like and what I dislike, I can get a pretty close idea of the things I enjoy and have more skills to perform, compared to the things I do not like or I have no abilities at all.
If a clearly identify my skills and abilities in the workplace during the summer, it will be easier for me to identify what could be the profession I love or at least, what I am attracted to.
As it is difficult to remember all the work experience by memory, writing the journal will help me to remember exact dates, specific activities that I enjoyed or were interesting, and what was not.
If the price of a good increases, _____________. The demand curve _________________ . If the number of buyers in the market increases, ________________. The demand curve ____________.
Answer:
1. Quantity demanded decreases
2. Shift to the left
3. Quantity demanded increases
4. Shift to the right
Explanation:
If the price of a good increases, QUANTITY DEMANDED DECREASES, The demand curve SHIFT TO THE LEFT.
If the number of buyers in the market increases, QUANTITY DEMANDED INCREASES. The demand curve SHIFT TO THE RIGHT.
This is based on the law of demand which states under normal circumstances, the lower the price, the higher the quantity demanded, and the higher the price, the lower the quantity demanded.
A demand curve moves to the right when there is an increase in quantity demanded, while the demand curve also moves to the left when there is a decrease in quantity demanded.
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $440,000; Allowance for Doubtful Accounts has a credit balance of $4,000; and sales for the year total $1,980,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $14,800.
Required:
a. Determine the amount of the adjusting entry for uncollectible accounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
c. Determine the net realizable value of accounts receivable.
Answer: See explanation
Explanation:
a. The amount of the adjusting entry for uncollectible accounts will be:
= Estimated balance required in Allowance account - Unadjusted balance existing in Allowance account
= $14800 - $4000
= $10800
b. The adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense will be:
Account receivables = $440,000
Allowance for Doubtful accounts = $14,800
Bad Debt expense = $10800
c. The net realizable value of accounts receivable will be:
= Account receivables - Allowance for Doubtful accounts
= $440,000 - $14800
= $425200
In each of the following situations, determine whether the company would be more likely or less likely to benefit from refining its costing system.
1. In bidding for jobs, managers lost bids they expected to win and won bids they expected to lose
2. The company operates in a very competitive industry.
3. The company produces few products, and the products consume resources in a similar manner.
4. The company has very few indirect costs
5. The company produces high volumes of some of its products and low volumes of other products.
6. The company has reengineered its production process but has not changed its accounting system
Answer and Explanation:
The classification is as follows;
a. When the lost bids could be wins and won bids could be lose so it is most likely
b. When the company operates in the industry i.e. competitive so it is most likely
c. When the company generates less products and products are consumed in same way so it is less likely
d. When the company has less non-direct cost so it is less likely
e. When the company generated the high volume of products and some products are of less volume so it is most likely
f. When the company reengineered the process of the production but not varied the accounting system so it is most likely
With so many workers habituated to using mobile devices for so much of their work, should company management develop apps for influencing subordinates? Explain your reasoning.
Answer:
This is not a yes or no answer.
The action of leadership/management would depend on their assessment of the impact of the habit on the results being delivered by the workers.
The questions to ask are:
Does the use of the mobile phone for their work reduce or increase productivity?Does what are the advantages? are there disadvantages?What would developing an app achieve for management?Explanation:
In trying to influence workers who are already habituated or accustomed to a particular way of doing things, it is best practice to study the culture and establish what its advantages are. This can then be compared to its demerits. If the demerits clearly and consistently present risks that make of no relevance the advantages, the leader(s) must move to correct such a risk.
So assuming that using mobile phones makes ICT risks (such as loss of company data, loss of company data, risk of unauthorised access etc) even more pronounced, whether or not the app is the best solution will depend on the total cost of that solution to the company weighed against other options.
Other options could simply be
- looking for an already existing app
- banning the using of mobile phone for office work using etc
- re-establishing the use of laptops as the preferred work tool
In any of the above scenarios, the leadership will succeed in influencing its workers positively if it:
plays its part well as a cultural shift role modelbecomes an arbiter of the policies modifying changes affecting work styleencourages the new workstyle by rewarding those that embrace it openly manage change by ensuring that there is a training platform that helps ease the transition into the new work style.Cheers
