On December 31, there were 53 units remaining in ending inventory. These 53 units consisted of 9 from January, 10 from February, 14 from May, 8 from September, and 12 from November. Using the specific identification method, what is the cost of the ending inventory

Answers

Answer 1

Answer:

Cost of the ending inventory = $7,108

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

A company had the following purchases during the current year:

January        17 Units at $112

February       37 Units at $123

May               32 Units at $135

September   29 Units at $143

November    27 Units at $153

On December 31, there were 53 units remaining in ending inventory. These 53 units consisted of 9 from January, 10 from February, 14 from May, 8 from September, and 12 from November. Using the specific identification method, what is the cost of the ending inventory?

Explanation of the answer is now provided as follows:

Specific identification method is an inventory method under which costs of goods sold and the closing/ending inventory are calculated using the particular cost of each inventory batch at the moment they were received.

Therefore, cost of the ending inventory is calculated as sum of the product of the number of closing units from each month and the cost per unit of purchases in that month.

Therefore, we have:

Cost of the ending inventory = (Number of closing units from January * Cost per unit of January Purchases) + (Number of closing units from February * Cost per unit of February Purchases) + (Number of closing units from May * Cost per unit of May Purchases) + (Number of closing units from September * Cost per unit of September Purchases) + (Number of closing units from November * Cost per unit of November Purchases) ………… (1)

Substituting the relevant values into equation (1), we have:

Cost of the ending inventory = (9 * $112) + (10 * $123) + (14 * $135) + (8 * $143) + (12 * $153) = $7,108


Related Questions

Kuley plans to retire in 8 years with $263,700 in her account, which has an annual return of 8.17 percent. If she receives annual payments of X, with her first payment of X received in 8 years and her last payment of X received in 15 years, then what is X, the amount of each payment

Answers

Answer:

Kuley

If she receives annual payments of X, with her first payment of X received in 8 years and her last payment of X received in 15 years, then the amount of each payment is:

X = $50,944.35

Explanation:

a) Data and Calculations:

Amount in savings account in 8 years' time = $263,700

Annual return rate = 8.17%

Period of savings from Year 8 to Year 15 = 7 years

Annual payments = X

X = $50,944.35

From an online financial calculator, the payment is determined as follows:

N (# of periods)  7

I/Y (Interest per year)  8.17

PV (Present Value)  263700

FV (Future Value)  0

Results

PMT = $50,944.35

Sum of all periodic payments $356,610.45

Total Interest $92,910.45

ng 40\%; \$4.400 A company is considering the purchase of a new machine for $ 63,000 . Management predicts that the machine can produce sales of $ 17,500 each year for the next 10 years . Expenses are expected to include direct materials , direct labor , and factory overhead totaling 6,500 per year including depreciation of per year . Income tax expense is per year based on a tax rate of What the payback period for the new machine

Answers

Answer:

3 years and 8 months

Explanation:

The payback period is the length of time that it takes for the cashflow of a project to equal the initial investment of the project.

Initial investment = $ 63,000

Cash flow :

Sales                                                                        $ 17,500

Less Expenses                                                        ($6,500)

Add Depreciation ($ 63,000 ÷ 10)                           $6,300

Annual Cash flow                                                    $17,300

thus,

It takes 3 years and 8 months ($11,100/$17,300 x 12) for the cashflow of a project to equal the initial investment for the new machine.

Markung's Co. is 100% equity-financed company (no debt or preferred stock); hence, its WACC equals it cost of common equality. Markung's Co.'s retained earnings will be sufficient to fund its capital budget in the foreseeable future. The company has a beta of 1.50, the risk-free rate is 5.0%, and the market return is 6.5%. What is Markung's Co.'s cost of equity?
Markung's Co. is financed exclusively using equity funding and has a cost of equity of 12.55%. It is considering the following projects for investment next year:
Project Required Investment Expected rate of return
W $22,450 13.10%
X $12,750 10.10%
Y $19,235 13.60%
Z $17,875 14.60%
Each Project has average risk, and Markung’s Co. accepts any project whose expected rate of return exceeds its cost of capital. How large should next year’s capital budget be?

Answers

Answer:

Markung Cost of Equity:

For this you should use the Capital Asset Pricing Model:

Cost of equity = Risk free rate + Beta * (Market return - Risk free rate)

= 5% + 1.50 * (6.5% - 5%)

= 7.25%

Total capital budget:

They will only pick projects with a rate of return that is higher than 12.55%:

= Project W + Project Y + Project Z

= 22,450 + 19,235 + 17,875

= $59,560

A company had net sales of $600,000, total sales of $750,000, and an average accounts receivable of $75,000. Its accounts receivable turnover equals:

Answers

Answer: 8 times

Explanation:

The Accounts receivable turnover measures how efficiently a company collects the debt that is owed to it. It is calculated by the formula:

Accounts receivable turnover = Net Credit sales / Average accounts receivable

= 600,000 / 75,000

= 8 times

On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $2,350,000 at 9% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $7,000,000, 14% bonds $3,000,000, 9% long-term note Construction expenditures incurred during 2018 were as follows: January 1 $ 960,000 March 31 1,560,000 June 30 1,232,000 September 30 960,000 December 31 760,000 Required: Calculate the amount of interest capitalized for 2018 using the specific interest method. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3%).)

Answers

Answer:

Highlands Company

The interest capitalized for 2018 using the specific interest method is:

= $268,740.

Explanation:

a) Data and Calculations:

Amount borrowed on January 1, 2018 = $2,350,000

Rate of interest for the construction loan = 9%

Outstanding debts throughout 2018:

$7,000,000, 14% bonds

$3,000,000, 9% long-term note

Construction Expenditures incurred during 2018:

Date                    Expenditure     Weight       Weighted Average

January 1             $ 960,000         12/12           $960,000

March 31              1,560,000           9/12            1,170,000

June 30               1,232,000           6/12              616,000

September 30      960,000            3/12             240,000

December 31        760,000            0/12                         0

Total accumulated weighted-average expenditure = $2,986,000

Interest capitalized for 2018 using the specific interest method:

= $268,740 ($2,986,000 * 9%)

On May 25, after the transactions had been posted, Adams discovered that the following entry contains an error. The cash received represents a collection on account, rather than new service fees.
20--
May 23 Cash 101 1,270
Service Fees 401 1,270
Received cash for services previously earned
Correct the error in the general journal using the correcting entry method. If an amount box does not require an entry, leave it blank.

Answers

Answer:

With the correcting entry method, the wrongly posted account will transfer the amount that was to be posted elsewhere to the place it was to be posted in. In this case the posting was to be to Accounts Receivable not Service fees so:

Date                   Account Title                                     Debit                  Credit

May 23              Service Fees                                   $1,270

                          Accounts Receivable                                                 $1,270

The quantity demanded of cereal increased from 1,350 to 1,700 when the price of milk decreased from $2.05 to $1.65. What is the estimated cross-price elasticity of demand for cereal

Answers

Answer:

-1.33

Explanation:

Cross price elasticity of demand measures the responsiveness of quantity demanded of good A to changes in price of good B.

If cross price elasticity of demand is positive, it means that the goods are -substitute goods.

Substitute goods are goods that can be used in place of another good.

If the cross-price elasticity is negative, it means that the goods are complementary goods.

Complementary goods are goods that are consumed together

Cross Price elasticity of demand = percentage change in quantity demanded of good A / percentage change in price of good B

percentage change in quantity demanded of good = (1700/ 1350) - 1 = 0.259

percentage change in price = (1.65 / 2.05) - 1 = -0.195

0.259 / -0.195 = -1.33

An investor currently holds stock in Giggle Corporation and is considering buying stock in either Macrosoft Corporation or Faceplant Corporation. All three stocks have the same expected return and risk. The correlation between Giggle & Macrosoft is 0.25. The correlation between Giggle and Faceplant is -0.10. Portfolio risk is expected to:

a. Increase regardless of whether she buys Macrosoft or Faceplant since they are equally risky
b. Decline more when the investor buys Faceplant
c. Cannot tell from information provided – need to know risk, return and proportion of each stock in the portfolio
d. Stay the same regardless of whether Macrosoft or Faceplant is added since all three have the same risk
e. Decrease more when the investor buys Macrosoft

Answers

Answer:

b

Explanation:

Portfolio diversification is the process of holding different asset and security classes in order to minimise the non systemic risk of the portfolio

Correlation is a statistical measure used to measure the relationship that exists between two variables.

1. Positive correlation : it mean that the two variables move in the same direction. If one variable increases, the other variable also increases. It increases the risk of the portfolio

For example, there should be a positive correlation between quantity supplied and price

When there is a positive correlation, the graph of the variables is upward sloping

2. Negative correlation :  it mean that the two variables move in different direction. If one variable increases, the other variable decreases. It decreases the risk of the portfolio

For example, there should be a negative correlation between quantity demanded and price

When there is a negative correlation, the graph of the variables is downward sloping

3. Zero correlation : there is no relationship between the variables. It decreases the risk of the portfolio

Since graduating from college years​ ago, Dr. Nick Riviera has made deposits into his retirement fund on a basis in the amount of ​$. If his retirement fund has earned ​% interest compounded ​, how much has Nick accumulated in his retirement​ account?

Answers

Answer:

$280,971.79

Explanation:

Calculation to determine How much has Nick accumulated in his retirement​ account

Using Financial calculator

Amount Nick accumulated in his retirement​ account = FV(rate, nper, pmt, pv, type)

Where,

Monthly deposit = $130

Number of months = 40 * 12

Number of months= 480

Monthly interest rate = 6.3% /12

Let plug in the formula

Amount Nick accumulated in his retirement​ account = FV (6.3%/12, 480, -130, 0, 0)

Amount Nick accumulated in his retirement​ account = $280,971.79

Therefore the Amount Nick accumulated in his retirement​ account is $280,971.79

Suppose the price level reflects the number of dollars needed to buy a basket of goods containing one cup of tea, one biscuit, and one magazine. In year one, the basket costs $7.00. In year two, the price of the same basket is $8.00. From year one to year two, there isinflation at an annual rate of_____________ . In year one, $42.00 will buy baskets, and in year two, $42.00 will buy baskets. This example illustrates that, as the price level rises, the value of money___________ .

Answers

Answer:

14.3%

6 baskets

5.25

Falls

Explanation:

Inflation is a persistent rise in the general price levels

Types of inflation

1. demand pull inflation – this occurs when demand exceeds supply. When demand exceeds supply, prices rise

2. cost push inflation – this occurs when the cost of production increases. This leads to a reduction in supply. Higher prices are the resultant effect

Costs of inflation  

Shoe leather cost is when people try to spend money immediately so they would not be holding money for a long time. This is because money loses its value in an inflation.

Menu costs are the costs of changing price constantly as a result of inflation, When there is inflation, prices increases regularly. As a result prices needs to be updated regularly.

Annual rate of inflation = (0.08/0.07) - 1 = 0.143 = 14.3%

Baskets that can be bought in year 1 = 42 / 7 = 6

Baskets that can be bought in year 2 = 42 / 8 = 5.25

$42 buys less basket of goods in year 2. It means that the value of money has declined

Two employees are suspended for three days for a fight that violated the Human Resource policies of the facility. This behavior would be

Answers

Answer:

workplace misbehavior

Explanation:

In simple words, Any deliberate employee activity that is theoretically detrimental to the company or people inside the organisation is referred to as workplace misbehavior. Such misbehavior might vary from pumping noisy audio just to upset employees to verbal hostility and job sabotage, many of which can cause chaos in any workplace.

This behavior is a kind of "Workplace misbehavior".

Such deliberate employee behavior, which may hurt the corporation or organizations as well as individuals inside the company, is termed Workplace misbehavior.These conducts could maximum range from music blasting to aggravate employees, psychological hostility, and sabotage, which in any business can lead to disaster.

Thus the above response is correct.

Learn more about workplace misbehavior here:

https://brainly.com/question/14239778

Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost, Unit Cost On August 1, Cairle Company's work-in-process inventory consisted of three jobs with the following costs: Job 70 Job 71 Job 72 Direct materials $1,600 $2,000 $850 Direct labor 1,900 1,300 900 Applied overhead 1,425 975 675 During August, four more jobs were started. Information on costs added to the seven jobs during the month is as follows: Job 70 Job 71 Job 72 Job 73 Job 74 Job 75 Job 76
Direct materials $800 $1,235 $3,550 $5,000 $300 $560 $80 Direct labor 1,000 1,400 2,200 1,800 600 860 172
Before the end of August, Jobs 70, 72, 73, and 75 were completed. On August 31, Jobs 72 and 75 were sold.
Required:
1. Calculate the predetermined overhead rate based on direct labor cost.
% of direct labor cost.
2. Calculate the ending balance for each job as of August 31.
Ending Balance
Job 70 $
Job 71 $
Job 72 $
Job 73 $
Job 74 $
Job 75 $
Job 76 $
3. Calculate the ending balance of Work in Process as of August 31.
$
4. Calculate the cost of goods sold for August.
$
5. Assuming that Cairle prices its jobs at cost plus 20 percent, calculate Cairle’s sales revenue for August.

Answers

Answer:

Cairle Company

1. The predetermined overhead rate based on direct labor cost is:

= 75% of direct labor cost.

2. August 31 Ending Balances:

Job 70 $7,475  

Job 71 $7,960

Job 72 $9,825

Job 73 $8,150  

Job 74 $1,350

Job 75 $2,065

Job 76 $384

3. Ending balance of Work in Process, August 31:

= $9,694

4. The cost of goods sold for August = $11,890

5. Sales revenue for August = $14,268

Explanation:

a) Data and Calculations:

Work in process inventory on August 1:

                               Job 70  Job 71  Job 72  Job 73  Job 74  Job 75  Job 76

Direct materials     $1,600  $2,000     $850

Direct labor              1,900     1,300       900

Applied overhead    1,425       975       675

Direct materials       $800   $1,235 $3,550 $5,000   $300     $560     $80

Direct labor              1,000     1,400   2,200     1,800     600       860      172

Applied overhead      750     1,050    1,650     1,350     450       645      129

Total costs            $7,475  $7,960 $9,825   $8,150 $1,350 $2,065   $384

Work in Process:

Job 71 $7,960

Job 74   1,350

Job 76     384

Total  $9,694

Cost of goods sold:

Job 72 $9,825

Job 75 $2,065

Total    $11,890

Sales revenue = $14,268 ($11,890 * 1.20)

Before reconciling its bank statement, Lauren Cosmetics Corporation's general ledger had a month-end balance in the cash account of $8,250. The bank reconciliation for the month contained the following items:Deposits in transit $870Outstanding checks 645Interest earned 20NSF check returned to bank 220Bank service charge 70Given the above information, what up-to-date ending cash balance should Lauren report at month-end?A. $7,380.B. $8,530.C. $7,980.D. $7,700.

Answers

Answer:

a. $7,380

Explanation:

Ending cash balance = Cash balance + Interest earned - NSF check returned to bank - Bank service charge

Ending cash balance = $8,250 + $20 - $220 - $70

Ending cash balance = $7,980

So, $7,380 is the up-to-date ending cash balance should Lauren report at month-end.

The __________ will provide the organization with the assurance that all necessary steps are included in the disaster recovery plan

Answers

The answer is “test”

A company with excess capacity must decide between scrapping or reworking units that do not pass inspection. The company has 19,000 defective units that cost $5.20 per unit to manufacture. The units can be a) sold as is for $2.50 each, or b) reworked for $4.80 each and then sold for the full price of $7.70 each.
What is the incremental income from selling the units as scrap and reworking and selling the units? Should the company sell the units as scrap or rework them? (Enter costs and losses as negative values.)

Answers

Answer:

If the company reworks the units, income will increase by $7,600 (55,100 - 47,500).

Explanation:

Giving the following information:

Number of units= 19,000

Sold as-is:

Selling price= $2.5

Rework:

Selling price= $7.7

Incremental income= $4.8

First, we will calculate the effect on income of both options:

Sold as-is:

Effect on income= 2.5*19,000= $47,500

Rework:

Effect on income= 19,000*(7.7 - 4.8)

Effect on income= $55,100

If the company reworks the units, income will increase by $7,600 (55,100 - 47,500).

A marketing team at a carwash company was brainstorming better methods to identify what influenced their customers. The team discussed the social and personal factors of various customers and their decisions. What additional factors should the team discuss?
a. situational factors
b. psychological factors
c. personal factors

Answers

B, I think that is right. It should be, good luck!

Profit margin is calculated by dividing Group of answer choices sales by cost of goods sold. gross profit by net sales. net income by stockholders' equity. net income by net sales. Flag question: Question 19

Answers

Answer:

net income by net sales.

Explanation:

Price can be defined as the amount of money that is required to be paid by a buyer (customer) to a seller (producer) in order to acquire goods and services. Thus, it refers to the amount of money a customer or consumer buying goods and services are willing to pay for the goods and services being offered. Also, the price of goods and services are primarily being set by the seller or service provider and it eventually determines the profit margin of a business firm.

In Financial accounting, profit margin can be defined as a measure of the profitability of a business over a specific period of time. Thus, it is simply the amount of money by which revenue generated through sales exceed the costs of a product.

Hence, profit margin is calculated by dividing net income by net sales or net profits by net sales over a specific period of time.

The SRT partnership agreement specifies that partnership net income be allocated as follows in the following order: Partner S Partner R Partner TSalary allowance $20,000 $25,000 $15,000Interest on avg. capital balance 10% 10% 10%Remainder 30% 30% 40%Average capital balances for the current year were $60,000 for S, $50,000 for R, and $40,000 for T.Refer to the information given. Assuming no restrictions and current year net income of $45,000, what amount should be allocated to each partner? Partner S Partner R Partner TA) $17,000 $21,000 $7,000B) ($9,000) ($9,000) ($12,000)C) $13,500 $13,500 $18,000D) $22,500 $22,500 $0

Answers

Solution :

Note 1

calculation of remaining income after distribution of salary and interest on capital.

Total Net Income                                             $ 45,000

Less : Salary allowance                                   $ 60,000

($20,000 + $25,000 + $15,00)

Less : Interest on capital                                 $ 15,000

($ 6,000 + $ 5,000 + $ 4,000)

Remaining income / (loss) to be allocated    $ 30,000

Since the remaining income is negative, i.e. it loss to the SR partnership, so such Loss will also be allocated to the partners. Since in a partnership, Partners are required to share profits as well as losses. Hence, such loss will be deducted from the other shares.

Scheduled of amount allocated to each partner

                                                          Partners S      Partner R        Partner T

a). Salary allowance allocated          $ 20,000        $ 25,000       $ 15,000

b). Interest on average capital            $ 6000          $ 5000          $ 4000

    balance allocated.

c). Remaining income allocated       $ 9000           $ 9000          $ 12,000

Total allocation (a + b - c)  :                $ 17,000        $ 21,000        $ 7,000

Universal Travel Inc. borrowed $498,000 on November 1, 2021, and signed a 12-month note bearing interest at 7%. Interest is payable in full at maturity on October 31, 2022. In connection with this note, Universal Travel Inc. should report interest payable at December 31, 2021, in the amount of

Answers

Answer: $2,905

Explanation:

The total interest that will be paid on the note is:

= 498,000 * 7%

= $34,860

This interest will have to be apportioned monthly over the year. The monthly interest (which will also be the December interest) is:

= 34,860 / 12 months

= $2,905

A $1,000 par value bond pays interest of $35 each quarter and will mature in 10 years. If your simple annual required rate of return is 12 percent with quarterly compounding, how much should you be willing to pay for this bond

Answers

Answer:

the present value is $1,115.57

Explanation:

the computation of the present value is shown below:

Given that

Future value be $1,000

RATE is 12% ÷ 4 = 3%

NPER is 10 × 4 = 40

PMT is $35

The formula is shown below:

=-PV(RATE,NPER,PMT,FV,TYPE)

= $1,115.57

Hence, the present value is $1,115.57

Delta Screen Corporation is currently operating at 60% of capacity and producing 6,000 screens annually. The normal selling price is $750 per screen. They recently received an offer from a company in Germany to purchase 2,000 screens for $500 per unit. Delta has not previously sold products in Germany. Budgeted production costs for 6,000 and 8,000 screens follow:Units Produced 6,000 8,000 Direct Materials Cost $ 750,000 $ 1,000,000Direct Labor Cost 750,000 1,000,000Variable Overhead 900,000 1,200,000 Fixed Overhead 1,200,000 1,200,00 Total Cost 3,600,000 4,400,000Full Cost per Unit 600 550Delta’s marketing manager believes that although the price offered by the German customer is lower than current price, the order should be accepted to gain a foothold in the German market. The production manager, however, believes that the order should be rejected because the unit cost is higher than the price offered.If the president of Delta were to call on you to resolve the difference in opinion, what would you recommend? Explain.What is the minimum price for the special order if Delta is operating at full capacity?

Answers

Answer:

a. I would recommend the the special order should be accepted.

b. The minimum price for the special order is the current selling price of $750.

Explanation:

a. If the president of Delta were to call on you to resolve the difference in opinion, what would you recommend?

Because the existing data's format and findings are deceiving, I would suggest to the president to let us perform a differential analysis before making a recommendation.

Note: See the attached excel file for a analysis of accepting the order.

In the attached excel file, the following calculation is done:

Special order revenue = Difference revenue = Units of special order * Special order price per unit = 2,000 * $500 = $1,000,000

Revenue with the special order = Revenue without the special order + Special order revenue = $4,500,000 + $1,000,000 = $4,500,000

From the differential analysis in the attached excel, it can be observed that accepting the order will increase profit by $200,000.

Therefore, I would recommend the the special order should be accepted.

b. What is the minimum price for the special order if Delta is operating at full capacity?

Since other sales opportunities has be forgone if the special order is accepted if Delta is operating at full capacity, the minimum price for the special order must be or is the current selling price of $750.

Your friend was injured in an accident, and the insurance company has offered him the choice of $25,000 per year for 15 years, with the first payment being made today, or a lump sum. If a fair return is 7.5%, how large must the lump sum be to leave him as well off financially as with the annuity

Answers

Answer:

PV=$237,228.84

Explanation:

Giving the following information:

Annual payment= $25,000

Number of periods= 15 years

Interest rate= 7.5%

To calculate the value of the payments today (PV), we need to use the following formula:

PV= A*{(1/i) - 1/[i*(1 + i)^n]} * (1+i)

PV= 25,000*{(1/0.075) - 1/ [0.075*(1.075^15)]} * 1.075

PV=$237,228.84

Journalize Closing Entries Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month.
Date SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 Accounts and Explanation Debit Credit Account Title Balance Debit Credit 19.800 Accounts Recewable 10.900 Date Office Supplies Accounts and Explanation 200 Debit Credit Prepaid Rent 13.200 Furniture 23.100 Acumulated Depreciation Accounts Payable 2.600 Salanes Payable 600 best Pay 200 Uneaned Re Notes able Date Accounts and Explanation Debit Credit Comment 12.000 Dividends 33.700 Serce Reven 50.000 Depression Expense Rumine Date Accounts and Explanation Debit Credit Interesten 300 Rent tense Slanes Expen 4.600 1,000 Total 113.300

Answers

Answer:

Smart Touch Learning

Closing Journal Entries:

Debit Service Revenue $50,000

Credit Income Summary $50,000

To close service revenue to income summary.

Debit Income Summary $12,400

Credit Depreciation Expense $6,500

Credit Interest Expense $300

Credit Rent Expense $4,600

Credit Salaries Expense $1,000

To close expenses to the income summary.

Debit Income Summary $37,600

Credit Retained Earnings $37,600

To close income summary to retained earnings.

Debit Retained Earnings $37,600

Credit Dividends $33,700

To close dividends to retained earnings.

Explanation:

a) Data and Analysis:

SMART TOUCH LEARNING

Adjusted Trial Balance

December 31, 2016

Accounts and Explanation       Debit    Credit

Account Title Balance              Debit    Credit

Cash                                        19,800

Accounts Receivable             10,900

Office Supplies                           200

Prepaid Rent                          13,200

Furniture                                23,100

Accumulated Depreciation                  7,900

Accounts Payable                                2,600

Salaries Payable                                     600

Interest Payable                                     200

Unearned Revenue                           5,000

Notes Payable                                  12,000

Common stock                                35,000

Dividends                         33,700

Service Revenue                            50,000

Depreciation Expense      6,500

Interest Expense                  300

Rent Expense                   4,600

Salaries Expense              1,000

Total                               113,300   113,300

Analysis of Closing Entries:

Service Revenue $50,000 Income Summary $50,000

Income Summary $6,500 Depreciation Expense $6,500

Income Summary $300 Interest Expense $300

Income Summary $4,600 Rent Expense $4,600

Income Summary $1,000 Salaries Expense $1,000

Income Summary $37,600 Retained Earnings $37,600

Retained Earnings $37,600 Dividends $33,700

If there is a shortage in the market, the market price is too _______________. The quantity demanded will be ________________ the quantity supplied. Thus, the market price must ____________ , which will _____________ the quantity supplied and ____________ the quantity demanded.

Answers

Answer:

low

greater

increase

increase

decrease

Explanation:

Equilibrium price is the price at which quantity demand equal quantity supplied. Above equilibrium price there is a surplus - quantity supplied exceeds quantity demanded.

Below equilibrium price there is a shortage - quantity demanded exceeds quantity supplied

When there is a shortage in the market, the market price is too low. As a result, quantity demanded exceeds quantity supplied. Shortage would lead to an increase in price towards equilibrium. This would lead to an increase in the quantity supplied and a decrease in quantity demanded

The forecasted sales pertain to Arrow Corporation: Month Sales September $400,000 October 320,000 Finished Goods Inventory (August 31): 28,000 Arrow Corporation has a selling price of $5 on all units and expects to maintain ending inventories equal to 25 percent of the next month's sales. How many units does Arrow expect to produce in September

Answers

Answer:

68,000 units

Explanation:

The computation of the number of units that produced in september is given below;

The sales units at September is

= $400,000 ÷ 5

= 80,000 units

And, the october sales units is

= $320,000 ÷ 5

= 64,000 units

So, the production should be

= Ending finished units + sales units - beginning finished units

= (25% of 64,000 units)  + 80,000 units - 28,000 units

= 16,000 units + 80,000 units - 28,000 units

= 68,000 units

Globalization of Market is taking place because of ___________.

Answers

Because it involves the growing in third dependency among. The Konomi‘s of the world; mold to national nature of sourcing, manufacturing, trading and investment activities increasing frequency of cross-border.

Rocky Guide Service provides guided 1–5 day hiking tours throughout the Rocky Mountains. Wilderness Tours hires Rocky to lead various tours that Wilderness sells. Rocky receives $1,600 per tour day, and shortly after the end of each month Rocky learns whether it will receive a $160 bonus per tour day it guided during the previous month if its service during that month received an average evaluation of "excellent" by Wilderness customers. The $1,600 per day and any bonus due are paid in one lump payment shortly after the end of each month.

On July 1, based on prior experience, Rocky estimated there is a 40% chance it will earn the bonus for July tours. It guided a total of 10 days from July 1–July 15.
On July 16, based on Rocky’s view that it had provided excellent service during the first part of the month, Rocky revised its estimate to an 90% chance it would earn the bonus for July tours. Rocky also guided customers for 15 days from July 16–July 31.
On August 5 Rocky learned it did not receive an average evaluation of "excellent" for its July tours, so it would not receive any bonus for July, and received all payment due for the July tours.

Rocky bases estimates of variable consideration on the expected value it expects to receive.

Required:
Prepare the journal entries to record the transactions above.

Answers

Answer:

Please find the complete question in the attached file.

Explanation:

Rocky believed there would be a [tex]30\%[/tex] possibility of a July bonus for touring, i.e [tex]< 50\%[/tex], from July 1-July 15 (10 days)-. Therefore no bonus can be calculated as [tex]\$2,400[/tex] / day trip \times 10 days =[tex]\$2,400[/tex] throughout this duration.

The expected 15-day revenues from 16th July – 31st July may well be calculated as [tex]\$2,400 \times 15 \ days = \$36.000.[/tex] Rocky calculated that it would get the bonus [tex]80\%[/tex] of the time. Estimates a [tex]\$240/day\ bonus \times (10\ days + 15\ days) = \$6,000[/tex]

Viviano Corporation issued a new bond, and hired your bank as its underwriter. In an upcoming talk with its CFO, you are expected to explain the effect of market interest rate. An increase in the market rate of interest will have which one of the following effects on this bond?

a. increase the coupon rate
b. decrease the coupon rate
c. increase the market price
d. decrease the market price
e. increase the time period

Answers

Answer: d. decrease the market price

Explanation:

Interest rates and the prices of bonds are negatively correlated as one increasing means that the other is decreasing.

The reason is this: when market interest rates rise, investors will move away from bonds to other investments because bonds offer a fixed payment and so will be less attractive than other investments which would be offering higher returns based on the higher market rates.

The drop in demand for bonds will lead to their prices falling as per the rules of demand and supply.

The independent operational test and evaluation agency is responsible for the establishment of Critical Technical Parameters (CTPs).
A. True
B. False

Answers

Answer:

B. False

Explanation:

The given statement is false as the management office regarding the program  created the system to be responsible for the Criticial technical parameter establishment not the independent operational test and the evaluation agency.

So the option b is correct

Hence, the option a is wrong

Caber corporation applies manufacturing overhead on the basis of machine-hours. at the begining of the most recent year, the company based it predetermined overhead rate on total estimated overhead of $60,600. Actual manufacturing overhead for the year amounted to $59,000 and actual machine-hours were 5,900. The company's predetermined overhead rate for the year was $10.10 per machine-hour.
a. The pre-determined overhead rate was based on how many estimated machine-hours?
A. 5,783.
B. 6,000.
C. 5,900.
D. 5,842 24.
b. The applied manufacturing overhead for the year was closest to:_____.
A. $58,017.
B. $59,590.
C. $60,600.
D. $58,597.
c. The overhead for the year was:_____.
A. $1,010 underapplied.
B. $590 overapplied.
C. $590 underapplied.
D. $1,010 overapplied.

Answers

Answer and Explanation:

The calculation of each part is given below:

a. The estimated machine hours is

= $60,600 ÷ 10.10

= 6,000 machine hours

b. The applied manufacturing overhead is

= 5,900 × $10.10

= $59,590

c. The overhead should be

= $60,600 - $59,590

= $1,010 underapplied

In this way each and every part should be determined

So the same should be considered and relevant

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