Answer:
Results are below.
Explanation:
First, we need to calculate the total fixed cost and the total unitary variable cost:
Total fixed cost= salaries + utilities + depreciation + maintenance
Total fixed cost= 7,500 + 1,000 + 1,100 + 2,940
Total fixed cost= $12,540
Total unitary variable cost= 24 + 46
Total unitary variable cost= $70
As the unitary contribution margin is negative (65 - 70), the company will never break even. I will assume that the selling price is incorrect, and the room costs $85:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 12,450 / (85 - 70)
Break-even point in units= 830
In a standard cost accounting system, the entry to record purchase of raw materials on account for $13500 when the standard cost is $12620 includes:______.
a. debit to Raw Materials Inventory for 12,750, debit to Materials Price Variance for $750 and credit to Accounts Payable for $13,500.
B. debit to Materials Price Variance for S7S0 and credit to Accounts Payable for $750.
c. debit to Raw Materials Inventory for $13,500 and credit to Accounts Payable of $13,500.
d. debit to Raw Materials Inventory for $12,750 and credit to Accounts Payable of $12,750.
Answer:
a. Debit to raw material inventory for $12,750, debit to material price variance $750 and credit to account payable for $13,500.
Explanation:
Date Journal Entry Debit Credit
Raw Material Inventory $12,750
Material Price Variance $750
Accounts Payable $13,500
Globalization of Market is taking place because of ___________.
Which of the strategies to enter global markets do you think would be best for a small, 100 person company manufacturing special dog collars
Answer:
Exporting by means of:
Local representative Online salesExplanation:
It would be best that the company engages in exports for the time being because it dos not require much funds to be used and so expenses are less.
The company could find a local representative in the countries that it would like to sell to and use that representative as a middleman to sell their goods there.
The company could also cut out the middle man and directly sell to consumers on the internet through websites dedicated to the sale of their kind of goods.
On January 1, a machine with a useful life of 5 years and a salvage value of $15000 was purchased for $115000. What is the depreciation expense for year 2 under straight-line depreciation
Answer:
Annual depreciation (year 2)= $20,000
Explanation:
Giving the following information:
Purchase price= $115,000
Salvage value= $15,000
Useful life= 5 years
To calculate the annual depreciation under the straight-line method, we need to use the following formula:
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (115,000 - 15,000) / 5
Annual depreciation= $20,000
Gary is walking through his organization's buying process and has identified some additional steps that are needed in a B2B transaction. What would be included in those additional steps
Answer: order-routine specification
problem recognition
Explanation:
Business-to-business transactions occur when a business makes a transaction with another business. It should be noted that this takes place when the business is sourcing materials which will be used for their production process.
Since Gary is walking through his organization's buying process and has identified some additional steps that are needed in a B2B transaction, the additional steps should include the order-routine specification and the problem recognition.
Bottum Corporation, a manufacturing Corporation, has provided data concerning its operations for May. The beginning balance in the raw materials account was $22,500 and the ending balance was $41,000. Raw materials purchases during the month totaled $68,000. Manufacturing overhead cost incurred during the month was $113,500, of which $2,500 consisted of raw materials classified as indirect materials. The direct materials cost for May was:
Answer:
the direct material cost is $47,000
Explanation:
The computation of the direct material cost is shown below:
= Opening balance + purchase made - indirect material - closing balance
= $22,500 + $68,000 - $2,500 - $41,000
= $47,000
hence, the direct material cost is $47,000
The same should be considered and relevant too
An accounting system that provides information that management can use to evaluate the performance of a department's activities is a:______.
A. Service accounting system.
B. Standard accounting system.
C. Revenue accounting system.
D. Departmental accounting system.
E. Cost accounting system.
Answer: D. Departmental accounting system.
Explanation:
As the term implies, Departmental accounting system engages in accounting for individual departments. The financial information of the department of interest will be recorded as well as other activities.
Management will then use this information to analyze and understand how well the department is doing. The information will also tell them if the department is being cost efficient and profitable.
Thirsty Cactus Corp. just paid a dividend of $1.50 per share. The dividends are expected to grow at 25 percent for the next 9 years and then level off to a 5 percent growth rate indefinitely. If the required return is 13 percent, what is the price of the stock today?
Answer:
$143.40
Explanation:
The dividend for the next year = [tex]\text{ current year dividend} \times (1 + \text{growth})[/tex]
= $ 1.50 x (1 + 0.13)
= 1.50 x 1.30
= $ 1.95
The dividend in the second year = 1.95 x 1.30
= $ 2.54
Similarly, the dividend for the year 9 is = [tex]$1.50 \times (1.30)^9$[/tex]
= $ 15.91
The value of the stock at the end of year 9,
[tex]$=\frac{\text{Dividend of year 10}}{\text{(Required rate of return - Growth rate)}}$[/tex]
[tex]$=\frac{15.91\times1.05}{0.13-0.05}$[/tex]
= $ 208.81
The present value factor [tex]$=\frac{1}{(1+r)^n}$[/tex]
where, r = rate of interest = 13% = 0.13
n = years (1 to 9)
So, the present value factor for the 2nd year is [tex]$=\frac{1}{(1+0.13)^2}$[/tex]
[tex]$=\frac{1}{(1.13)^2}$[/tex]
[tex]$=\frac{1}{1.2769}$[/tex]
= 0.783147
Therefore, the price of the stock today is calculated as to be $ 143.40
Amanda is playing a game of chance in which she rolls a number cube with sides numbered from to 1 to 6. The number cube is fair, so a side is rolled at random. This game is this: Amanda rolls the number cube once. She wins $1 if a 1 is rolled, $2 if a 2 is rolled, $3 if a 3 is rolled, and 4 if a 4 is rolled. She loses $0,50 if a 4, 5 or 6 is rolled.
(a) Find the expected value of playing the game.
(b) What can Elsa expect in the long run, after playing the game many times?
1) Elsa can expect to gain money. She can expect to win__dollars per roll.
2) Elsa can expect to lose money. She can expect to lose___dollars per roll.
3) Elsa can expect to break even (neither gain nor lose money).
Answer:
a. 0.75
b. elsa can expect to gain money. 0.75$
Explanation:
x = 1/6 = 0.166667
given an outcome of 1,
1$ win * 0.166667 = 0.166667
given an outcome of 2,
$2 win * 0.166667 = 0.33333
given an outcome of 3,
$3 win*0.166667 = 0.5
remember that if she has an out come of 4, 5 and 6 she loses 0.5 dollars
given an outcome of 4,
-$0.5 * 0.166667 = -0.083333
given an outcome of 5,
-$0.5 * 0.166667 = -0.083333
given an outcome of 6,
-$0.5 * 0.166667 = -0.083333
The expected value of playing the game = 0.166667+0.333333+0.5-0.083333-0.083333-0.083333
= 0.750001
expected value of plying game = 0.75
b. in the long run, after playing the game many times, Elsa can expect to gain money. she can expect to win 0.75$ per role. option 1
The specific pace and quota of work and tight surveillance indicate that company 1 has a(n) _______ culture.
Question options:
-traditional
-contingency
-androgynous
-mechanistic
-organic
Answer:
mechanistic
Explanation:
The mechanistic culture in an organization is one that works by strict rules, structure and guidelines. It is different from the organic culture that is more open and flexible. Mechanistic organizations are characterized by hierarchy and bureaucracy, specifying labour divisions for it's employees in a formal, close-knitted and "mechanistic" approach. mechanistic organizations can be found among older organizations such as universities, hospitals, government organizations etc. Organic organizations can be found among newer organizations such as tech companies.
In a mechanistic culture-based organization, the specific pace, quota of work and tight surveillance are indicator that the company practice such culture.
The mechanistic culture is usually adopted by organization because its works by strict rules, structure and guidelines.
Mechanistic organizations can be found among older organizations such as universities, hospitals, government organizations etc.
In conclusion, the specific pace and quota of work and tight surveillance indicate that company 1 has a mechanistic culture,
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Travel expenses incurred by the sales department of a manufacturing company would be classified as: a. indirect labor b. manufacturing overhead c. a period cost d. a conversion cost e. a product cost
Answer:
c. a period cost
Explanation:
Option C, period cos is the correct answer because the period cost is not related to the production and manufacturing of the commodity. Rather it is the cost incurred outside the factory such as marketing expenses, travelling expenses, etc. Therefore, the option "period cost" is the correct answer.
Travel expenses incurred by the sales department of a manufacturing company would be classified as: c. a period cost
Period costs are indirect costs incurred in the production of goods and services. These costs are not tied directly to production processes.
Unlike product costs that are assigned to one particular product, Period costs are not assigned to one particular product or the cost of inventory.
Period costs are also not included in the inventory valuation hence are treated as expenses in the period in which they are incurred.
Other examples of Period costs includes: marketing expenses, indirect labor etc.
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The DEF partnership reported net income of $130,000 for the year ended December 31, 20X8. According to the partnership agreement, partnership profits and losses are to be distributed as follows in the following order:
D Â Â Â Â Â Â Â Â Â Â Â Â EÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â F
Salaries               $25,000            $20,000        $15,000
Bonus on net income        10%                       -----                -----
Remainder            60%            30%         10%
Required:
How should partnership net income for 2008 be allocated to D, E, and F?
Answer:
The DEF Partnership
Allocation of Partnership Net Income for 2008:
D E F Total
Net income $130,000
Salaries $25,000 $20,000 $15,000 (60,000)
Bonus on net income 13,000 ----- ----- (13,000)
Remainder 34,200 17,100 5,700 (57,000)
Total allocation $72,200 $37,100 $20,700 $130,000
Explanation:
a) Data and Calculations:
Net income for the year ended December 31, 2008 = $130,000
Order of distribution of partnership profits and losses:
D E F
Salaries $25,000 $20,000 $15,000
Bonus on net income 10% ----- -----
Remainder 60% 30% 10%
Bonus on net income = $13,000 ($130,000 * 10%)
Remainder after salaries and bonus = $57,000 ($130,000 - $73,000)
D = $34,200 ($57,000 * 60%)
E = $17,100 ($57,000 * 30%)
F = $5,700 ($57,000 * 10%)
The company's bank reconciliation at June 30 included interest earned in the amount of $150. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus.
Answer:
Dr Cash $150
Cr Interest Revenue $150
Explanation:
Based on the information given ifnThe bank statement included a CREDIT MEMORANDUM in the amount of $150 for interest which means that the journal entry will be :
Dr Cash $150
Cr Interest Revenue $150
A bond that pays interest semiannually has a price of $941.35 and a semiannual coupon payment of $26.00. If the par value is $1,000, what is the current yield
Answer:
5.52%
Explanation:
Calculation to determine the current yield
Current yield = ($26.00 × 2)/$941.35
Current yield=$52/$941.35
Current yield= .0552*100
Current yield= 5.52%
Therefore the Current yield is 5.52%
If a company can implement cash management systems and save three days by reducing remittance time and one day by increasing disbursement time based on $2,000,000 in average daily remittances and $2,500,000 in average daily disbursements and its return on freed-up funds is 10%, what is the maximum that it should spend on the system
Answer: $850,000
Explanation:
The maximum amount that'll be spent on the system goes thus:
Additional collections will be:
= $2,000,000 × 3 days
= $6,000,000
Delayed disbursements will be,:
= $2,500,000 × 1 day
= $2,500,000
Then, the increment on funds will be:
= Additional collection + Delayed disbursement
= $6,000,000 + $2,500,000
= $8,500,000
Hence, maximum amount will be:
= 10% × $8,500,000
= $850,000
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.
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
Lucy has been the sole shareholder of a calendar year S corporation since 1980. At the end of 2011, Lucy's stock basis is $23,500, and she receives a distribution of $25,000. Corporate level accounts are computed as follows.
AAA 7,000
PTI 11,000
Accumulated E&P 600
How much capital gain, if any, will Lucy have?
a. $600
b. $7,000
c. $6,400
d. $900
e. None of the above
Answer: d. $900
Explanation:
Capital gain = Total distribution - AAA as this isn't taxed - Accumulated E&P - PTI which isn't taxed either - Stock basis
Stock basis = Stock basis - AAA - PTI
= 23,500 - 7,000 - 11,000
= $5,500
Capital Gain = 25,000 - 7,000 - 600 - 11,000 - 5,500
= $900
The declaration, record, and payment dates in connection with a cash dividend of $54,000 on a corporation's common stock are October 1, November 7, and December 15.
Journalize the entries required on each date. If no entry is required, choose "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
Answer:
October 1
Dr Cash Dividend $54,000
Cr Dividend payable $54,000
November 7
No entry
December 15
Dr Dividend payable $54,000
Cr Cash $54,000
Explanation:
Preparation of the amount journal entries
October 1
Dr Cash $54,000
Cr Dividend payable $54,000
November 7
No entry
December 15
Dr Dividend payable $54,000
Cr Cash $54,000
In a sales contract, the passage of risk of loss from a seller to a buyer gives the buyer the right to insure the goods and the right to recover from third parties who damage them.
a. True
b. False
The statement - "In a sales contract, the passage of risk of loss from a seller to a buyer gives the buyer the right to insure the goods and the right to recover from third parties who damage them". Thus, option (a) is correct.
What is sales contract?A sales contract, customer orders, or contract for sale is a legal transaction in which a buyer purchases assets from a seller for an agreed-upon monetary value. It is an evident old practice of exchange that is currently controlled by statute law in many common law countries.
"In a sales contract, the passing of risk of loss from a seller to a buyer allows the buyer the opportunity to insure the products and the right to collect from third parties who destroy them,".
Therefore, it can be concluded that the statement mentioned above is true. Hence, option (A) is correct.
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9. Suppose Betty saves $200 each month in her 401(k) account. How much less will her monthly take-home pay be than if she saved nothing? (Assume a combined 20% state and federal income tax rate.)
Answer:
$160
Explanation:
The way 401(k) savings work is that employees can save from their earnings before tax is deducted, which means that on the $200 saved no tax is deducted, hence, the take of the employee reduces by $200
When there are savings, a tax of 20% would have been deducted from the $200, as a result, the employee would be left with $160($200-($200*20%)), which means that take-home would reduce by $40, the amount tax deducted.
The reduction in take-home=$200-$40
The reduction in take-home=$160
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
On November 1st, Neiman Marcus at the Florida Mall signed a $100,000, 2%, eight-month note payable with all of the principal and interest due at maturity eight months later on July 1. Neiman Marcus' Store at Florida Mall should report interest payable at (year-end) December 31, in the amount of:
Swifty Corporation purchased a truck at the beginning of 2020 for $109600. The truck is estimated to have a salvage value of $4100 and a useful life of 123000 miles. It was driven 18000 miles in 2020 and 26000 miles in 2021. What is the depreciation expense for 2020?
a. $37752
b. $22308
c. $16639
d. $15444
Answer:
Annual depreciation= $15,444
Explanation:
Giving the following information:
Purchase price= $109,600
Salvage value= $4,100
Useful life= 123,000
Miles driven 2020= 18,000
To calculate the depreciation expense, we will use the units-of-production method:
Annual depreciation= [(original cost - salvage value)/useful life of production in miles]*miles drive
Annual depreciation= [(109,600 - 4,100)/123,000]*18,000
Annual depreciation= 0.858*18,000
Annual depreciation= $15,444
Research on a Philippine company that filed for bankruptcy, what type of bankruptcy they filed, and its effect on the company?
Answer:
There are various reasons when a company files bankruptcy. When a company debtors raise above its assets, the company may claim bankruptcy. The business of a company will then seize when it files bankruptcy.
Explanation:
When a company files bankruptcy, its operations are closed and then analysts visit to identify worth of company's existing assets and analyze whether these assets are enough to pay off liabilities. Debtors are paid first and then with any left over amount investors are paid back.
New educational study has proven that the practice of writing, erasing, and rewriting improves students' ability to process information, leading parents to steer away from pen use in favor of pencils.
a. True
b. False
Frans paid R9600 as interest on a loan he took 5 years ago at 16% rate. What's was the amount he took as loan?
[tex]\bold{{Answer}}[/tex]
Any choices?
The amount he took as loan was Rs.7680
What is loan?The term loan refers to a type of credit vehicle in which a sum of money is lent to another party in exchange for future repayment of the value or principal amount. In many cases, the lender also adds interest and/or finance charges to the principal value which the borrower must repay in addition to the principal balance. Loans may be for a specific, one-time amount, or they may be available as an open-ended line of credit up to a specified limit. Loans come in many different forms including secured, unsecured, commercial, and personal loans.
A loan is a form of debt incurred by an individual or other entity. The lender—usually a corporation, financial institution, or government—advances a sum of money to the borrower. In return, the borrower agrees to a certain set of terms including any finance charges, interest, repayment date, and other conditions. In some cases, the lender may require collateral to secure the loan and ensure repayment.
What are methods of calculating interest on loan?"The interest rate on loans can be set at simple or compound interest. Simple interest is interest on the principal loan. Banks almost never charge borrowers simple interest. For example, let's say an individual takes out a $300,000 mortgage from the bank, and the loan agreement stipulates that the interest rate on the loan is 15% annually. As a result, the borrower will have to pay the bank a total of $345,000 or $300,000 x 1.15. Compound interest is interest on interest and means more money in interest has to be paid by the borrower. The interest is not only applied to the principal but also the accumulated interest of previous periods. The bank assumes that at the end of the first year, the borrower owes it the principal plus interest for that year. At the end of the second year, the borrower owes it the principal and the interest for the first year plus the interest on interest for the first year."
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Item65eBookItem 65When managers identify a market trend that suggests a new opportunity and then devise a strategy to go after this new opportunity, they are involved in the function of
Answer:
Planning.
Explanation:
A manager can be defined as an individual who is saddled with the responsibility of providing guidance, support, supervision, administrative control, as well as acting as a role model or example to the employees working in an organization by being morally upright.
Planning can be defined as the process of developing organizational objectives and translating them into action plans or courses of action.
This ultimately implies that, planning is a strategic technique used by organizations to make an aggregate plan for its manufacturing (production) process typically ahead of time, in order to have an idea of the level of goods that are to be produced and what resources are required so as to reduce the total cost of production to its barest minimum.
When managers identify a market trend that suggests a new opportunity and then devise a strategy to go after this new opportunity, they are involved in the function of planning.
Prepare journal entries for each transaction and identify the financial statement impact of each entry.
The financial statements are automatically generated based on the journal entries recorded.
Assume Adams Services began the year with the following balances: Cash, $41,000;
Accounts receivable, $11,200; and Common stock, $52,200.
Jan. 1 Leslie Adams invested $21,200 cash in the company in exchange for common stock.
Jan. 2 The company provided services to a client and immediately received $4,500 cash.
Jan. 3 The company received $11,200 cash from a client in payment for services to be provided next year.
Jan. 4 The company received $5,900 cash from a client in partial payment of accounts receivable.
Jan. 5 The company borrowed $11,000 cash from the bank by signing a note payable.
Answer:
Cash (Dr.) $21,200
Common Stock (Cr.) $21,200
Cash (Dr.) $4,500
Services to client (Cr.) $4,500
Cash (Dr.) $11,200
Unearned Revenue (Cr.) $11,200
Cash (Dr.) $5,900
Accounts Receivable (Cr.) $5,900
Cash (Dr.) $11,000
Notes Payable (Cr.) $11,000
Explanation:
Adams services may record these transactions as journal entries. The transactions may have some changes after they are recorded then adjusting entries will be prepared to reflect the correct effect of transaction on business activities.
From 1990 to 2000, calculate the percentage change in Instructions: Enter your responses rounded to one decimal place. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. Real GDP. % b. Real consumption. % c. Real government spending
Answer:
Note The full question is attached as picture below
1. Real consumption % change = ((Consumption in 2009 / Consumption in 2007) - 1) * 100
Real consumption % change = ((9847 / 10042) - 1) * 100
Real consumption change % = (0.981 - 1) * 100
Real consumption change% = -1.9%
2. Real investment % = ((Investment in 2009 / 2007) - 1) * 100
Real investment % = ((1898 / 2644) - 1) * 100
Real investment % = (0.718 - 1) * 100
Real investment % = -28.2%
3. Government spending % = ((Government spending 2009 / 2007) - 1)*100
Government spending % = ((3089 / 2914) - 1)*100
Government spending % = (1.06 - 1) * 100
Government spending % = 6%
Elk, a C corporation, has $370,000 operating income and $290,000 operating expenses during the current year. In addition, Elk has a $10,000 long-term capital gain and a $17,000 short-term capital loss. Elk's taxable income is:
Answer:
$80,000
Explanation:
Calculation to determine what Elk's taxable income is:
Using this formula
Taxable income=Operating income-Operating expenses
Let plug in the formula
Taxable income=$370,000-$290,000
Taxable income=$80,000
Therefore Elk's taxable income is:$80,000
