Solution :
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 ---- FIXED
g. Accounting salaries --- FIXED
h. Color dyes for producing different colors of T-shirts ----- Variable
i. Salary of the production supervisor ---- FIXED
j. Straight-line depreciation on sewing machines ----- Fixed
k. Salaries of internal pattern designers ----- FIXED
l. Hourly wages of sewing machine operators ------ Variable
m. Property taxes on factory, building, and equipment ----- Fixed
n. Cotton and polyester cloth ---- VARIABLE
o. Maintenance costs with sewing machine company (the cost is $2,000 per year plus $0.001 for each machine hour of use.) ---- Mixed
The information in the table is from the statement of cash flows for a company at four different points in time (M, N, O, and P). Negative values are presented in parentheses.
For each point in time, state whether the company is most likely in the introductory phase, growth phase, maturity phase, or decline phase.
Point in Time
M N O P
Net cash provided by
operating activities $(60,000) $30,000 $120,000 $(10,000)
Cash provided by
investing activities (100,000) 25,000 30,000 (40,000)
Cash provided by
financing activities 70,000 (90,000) (50,000) 120,000
Net income (38,000) 10,000 100,000 (5,000)
Answer: m-introductory phase
n-decline phase
o-maturity phase
p-growth phase
Explanation:
For M, based on the values given, the company is in the introductory phase. This is the product's cycle first stage where a particular product is being launched into the market.
For N, based on the values given, the company is in the decline phase. This is the phase where there's reduction in sales and profits stop.
For O, based on the values given, the company is in the maturity phase. This is the stage of whereby the growth of the sales has started to reduce.
For P, based on the values given, the company is in the growth phase. This is the stage whereby the product gains acceptance among the consumers, and the public as a whole. There'll also be an increase in the sales and revenue.
Sunland Company uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance in the LIFO Reserve account at the end of 2020 was $277000. The balance in the same account at the end of 2021 is $419000. Sunland’s Cost of Goods Sold account has a balance of $2110000 from sales transactions recorded during the year. What amount should Sunland report as Cost of Goods Sold in the 2021 income statement?
Answer:
$2,252,000
Explanation:
Calculation to determine what amount should Sunland report as Cost of Goods Sold in the 2021 income statement
Using this formula
2021 income statement Cost of Goods Sold =Cost of Goods Sold account+(2021 LIFO Reserve account ending balance-2020 LIFO Reserve account ending balance)
Let Plug in the formula
2021 income statement Cost of Goods Sold =$2110000+($419000-$277000)
2021 income statement Cost of Goods Sold =$2110000+$142,000
2021 income statement Cost of Goods Sold =$2,252,000
Therefore The amount that Sunland should report as Cost of Goods Sold in the 2021 income statement is $2,252,000
Before an interview, you should perform a self-assessment to:
A. review your strengths, weaknesses, and career goals.
B. choose what you should study in college.
C. discover what you like to do.
D. find out what careers are right for you.
SUBMIT
Answer: review your strengths, weaknesses, and career goals
Answer:
A. review your strengths, weaknesses, and career goals
Explanation:
At some point during the interview process, you may be asked to describe your personal strengths and weaknesses. Many job candidates are unsure about how to approach this question. However, by establishing the appropriate context, you can give hiring managers an honest, thoughtful answer that highlights both your self-awareness and professionalism.
Preparing ahead of time for this question is a valuable use of your time before the interview. Even if you aren’t asked about your strengths and weaknesses specifically, scripting out your response to this common question will give you a candid yet compelling description of what you bring to the table and how you wish to grow in the future. With these talking points at the ready, you’ll be able to confidently answer many common interview questions.
Andy derives utility from two goods, potato chips (Qp) and Cola (Qc). Andy receives zero utility unless he consumes some of at least one good. The marginal utility that he receives from the two goods is given as follows:
Qp MUp Qc MUc
1 12 1 24
2 10 2 22
3 8 3 20
4 6 4 18
5 4 5 16
6 2 6 14
7 -2 7 12
8 4 8 10
Refer to Scenario, what is the total utility that Andy will receive if he consumes 5 units of potato chips (Qp) and no Cola drink (Qc)?
Answer:
TU = 40
Explanation:
Total utility is the sum of marginal utility obtained by consuming different units of the good. So at 5 units of potato chips (Qp) and 0 units of Cola drink (Qc) , we can find total utility by adding marginal utility till 5th unit of Qp.
[tex]Total utility = 12 + 10 + 8 + 6 + 4 \\ = 40[/tex]
Thus, total utility from 5 units of potato chips and no cola is 40 utils.
The total utility that Andy will receive if he consumes 5 units of potato chips (Qp) and no Cola drink (Qc) is 40.
The calculation is as follows:= 12 + 10 + 8 + 6 + 4
= 40 utils
Therefore we can conclude that The total utility that Andy will receive if he consumes 5 units of potato chips (Qp) and no Cola drink (Qc) is 40.
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Ice House Industries, Inc. has three operating departments: Cooking, Churning and Freezing. Indirect factory costs for the current period were Administrative, $560,000 and Maintenance, $98,000. Administrative costs are allocated to operating departments based on the number of workers and maintenance costs are allocated to operating departments based on square footage occupied.
cooking depart churning depart freezing depart
number of employees 2,940 employees 4,900 employees 1,960 employees
square feet occupied 33,250 Sq Ft 38,000 Sq Ft 23,750 Sq Ft
1. Based on the above data, determine the administrative cost allocated to each operating department of Ice House Industries, Inc.
(A) Cooking: $168,000 Churning: $280,000 Freezing: $112,000
(B) Cooking: $186,666 Churning: $186,666 Freezing: $186,666
(C) Cooking: $112,000 Churning: $280,000 Freezing: $168,000
(D) Cooking: $280,000 Churning: $112,000 Freezing: $168,000
(E) Cooking: $219,333 Churning: $219,333 Freezing: $219,333
A. Choice A
B. Choice B
C. Choice C
D. Choice D
E. Choice E
2. Based on the above data, determine the maintenance cost allocated to each operating department of Ice House Industries, Inc.
(A) Cooking: $219,333 Churning:$219,333 Freezing: $219,333
(B) Cooking: $230,00 Churning: $263,200 Freezing:$164,500
(C) Cooking: $33,250 Churning: $38,000 Freezing:$23,750
(D) Cooking: $32,666 Churning: $32,666 Freezing:$32,666
(E) Cooking:$34,300 Churning: $39,200 Freezing:$24,500
A. Choice A
B. Choice B
C. Choice C
D. Choice D
E. Choice E
Answer:
1. (A) Cooking: $168,000 Churning: $280,000 Freezing: $112,000
2. (E) Cooking:$34,300 Churning: $39,200 Freezing:$24,500
Explanation:
The computation is shown below:
a. For administrative cost allocated to each operating department is
Cooking
= $560,000 × 2,940 ÷ (2,940 + 4,900 + 1,960)
= $168,000
Churning
= $560,000 × 4,900 ÷ (2,940 + 4,900 + 1,960)
= $280,000
Freezing
= $560,000 × 1,960 ÷ (2,940 + 4,900 + 1,960)
= $112,000
b. For maintenance cost allocated to each operating department is
Cooking
= $98,000 × 33,250 ÷ (33,250 + 38,000 23750)
= $34,300
Churning
= $98,000 × 38,000 ÷ (33,250 + 38,000 23750)
= $39,200
And, for freezing
= $98,000 × 23,750 ÷ (33,250 + 38,000 23750)
= $24,500
Beyer Company is considering the purchase of an asset for $245,000. It is expected to produce the following net cash flows. The cash flows occur evenly within each year. Assume that Beyer requires a 9% return on its investments. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.) Year 1 Year 2 Year 3 Year 4 Year 5 Total Net cash flows $ 76,000 $ 55,000 $ 82,000 $ 158,000 $ 37,000 $ 408,000 a. Compute the net present value of this investment. b. Should Beyer accept the investment
Answer:
hi hi hi hi hi hi hi hi hi hi hi hi hi hi łíłśFor each of the following scenarios, determine whether the situation described can be attributed to the real-balances effect, the interest-rate effect, or the foreign-purchases effect.
a. As a result of an increase in the price level, the cost of borrowing increases, which causes people to buy fewer cars.
1. Real-balances effect
2. Foreign-purchases effect
3. Interest-rate effect
b. When the price level decreases, restaurants become busier as more people purchase restaurant meals.
1. Real-balances effect
2. Foreign-purchases effect
3. Interest-rate effect
Answer:
A)Interest-rate effect
B)Real-balances effect
Explanation:
✓The interest rate effect can be regarded as change in borrowing as well as spending behaviors as a consequence or result of adjustment of interest rate. As a general rule, interest are been set by central bank of the nation, then consumer banks will then extend similar interest rates across their customers. For instance
As a result of an increase in the price level, the cost of borrowing increases, which causes people to buy fewer cars.
✓ In economics, real balance effect can be regarded as "Pigou effect" which can be regarded as stimulation of output as well as employment which is been caused as a result of increased consumption through a rise in real balances of wealth, especially during time of deflation. Instance of this is
When the price level decreases, restaurants become busier as more people purchase restaurant meals.
Computing and Recording Interest Capitalization Bullock Company is constructing a building for its own use and has been capitalizing interest based on average expenditures on a quarterly basis since the project began last year. The following expenditures are made during the first quarter: January 1, $2,520,000; February 1, $2,295,000; and March 31, $3,285,000. Bullock had the following debts outstanding during this quarter. Debt Amount Note payable, 10%, incurred specifically to finance construction $1,440,000 Short-term note payable, 15% 2,250,000 Mortgage note payable, 8% 1,080,000 Answer the following questions, round your answers to the nearest whole number.
a. Compute interest to be capitalized and interest to be expensed for this first quarter.
Amount of interest to be capitalized Answer 0
Amount of interest to expense Answer 0
b. Prepare the entry to record the construction expenditures and interest.
Note: Record the debit accounts in alphabetical order using the first letter of the account name
. Account Name Dr.
Cr.
Answer:
Bullock Company
a. The amount of interest to be capitalized = $405,000.
The amount of interest to expense = $105,975
b. Journal Entry:
January 1,
Debit Construction expenditure $2,520,000
Credit Cash $2,520,000
To record the expenditure incurred on this date.
February 1,
Debit Construction expenditure $2,295,000
Credit Cash $2,295,000
To record the expenditure incurred on this date.
March 31,
Debit Construction expenditure $3,285,000
Credit Cash $3,285,000
To record the expenditure incurred on this date.
March 31
Debit Construction expenditure $405,000
Credit Capitalized interest $405,000
To capitalize the interest for the quarter.
March 31
Debit Interest Expense $105,975
Credit Interest Payable $105,975
To record the interest expense for the quarter.
Explanation:
a) Data and Calculations:
First Quarter Expenditures:
Date Amount Weight Weighted-Average
January 1, $2,520,000 3/3 $2,520,000
February 1, $2,295,000 2/3 1,530,000
March 31, $3,285,000 0/3 0
Accumulated Weighted-Average expenditure = $4,050,000
Capitalized Interest = $4,050,000 * 10% * 1/4 = $405,000
Debts outstanding during the quarter:
Debt Amount Interest Expense
Note payable, 10%, incurred specifically
to finance construction $1,440,000 $0
Short-term note payable, 15% 2,250,000 $84,375
Mortgage note payable, 8% 1,080,000 $21,600
Total interest expense for the quarter $105,975
Suppose two types of consumers buy suits. Consumers of type A will pay $100 for a coat and $50 for pants. Consumers of type B will pay $75 for a coat and $75 for pants. The firm selling suits faces no competition and has a marginal cost of zero. The optimal commodity bundling strategy is:
Answer:
Charge $150 for a suit
Explanation:
Bundling strategy is the pricing of goods by a business despite different customers having different preferential prices they are willing to pay for the good.
In this scenario Consumers of type A will pay $100 for a coat and $50 for pants. Consumers of type B will pay $75 for a coat and $75 for pants.
The two customers are willing to pay $150 for both the jacket and the pants.
So the best decision for the company is to sell a suit made up of the jacket and pants for $150.
This way bother customers will get their preferred price.
Charging $150 for the suit is the optimal commodity bundling strategy in this scenario. Thus, Option (C) is correct.
Consumers of type A are willing to pay $100 for a coat and $50 for pants, totaling $150. By offering a bundled price of $150, the firm ensures that consumers of type A are willing to purchase the suit at their maximum willingness to pay.
Consumers of type B, who are willing to pay $75 for both the coat and pants individually, also find the bundled price of $150 attractive because it allows them to acquire both items at their maximum willingness to pay.
Thus, Option (C) i.e. charging $150 for a suit would maximize the firm's revenue by catering to both types of consumers and capturing their respective willingness to pay.
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Suppose two types of consumers buy suits. Consumers of type A will pay $100 for a coat and $50 for pants. Consumers of type B will pay $75 for a coat and $75 for pants. The firm selling suits face no competition and has a marginal cost of zero. The optimal commodity bundling strategy is: Multiple Choice
a)Charge $100 for a suit.
b)Charge $75 for a suit.
c)Charge $150 for a suit.
d)Charge $125 for a suit.
Karen, Kelsey, Rita, and Lizzi own a large commercial building as concurrent owners. They are tenants with the right to survivorship. Lizzi transfers her one-quarter interest in the building to a private charity organization owned by Stella. Which form of concurrent ownership would allow Karen, Kelsey, and Rita to become the owners of the property following Lizzi's death without the inclusion of the private charity organization run by Stella?
a) a tenancy in common
b) a tenancy by entirety
c) a joint tenancy
d) a community property
Answer:
Option C: A Joint tenancy
Explanation:
Joint Tenancy
This is simply a type of a concurrent estate. This is the process by which the cotenants have acquired four unities of title. That is the: the unity of Time, the unity of Title, the Unity of Interest and the Unity of Possession. The cotenants must received these unities from the same transferor(s) and each joint tenant is has equal right to the primary benefit of a joint tenancy such as the right of survivorship. It is the property that belongs to two or more people, even if married or unmarried.
This Joint tenancy deals with 2 or more tenants who owns the land altogether, in all. No tenant has more than the other.
The right of survivorship
It is stated that upon death of a joint tenant, the deceased's interest transfers straight to the surviving joint tenant or tenants-one less owner
Assume that you believe exchange rate movements are mostly driven by purchasing power parity. The U.S. and Canada presently have the same nominal (quoted) interest rate. The central bank of Canada just made an announcement that causes you to revise your estimate of Canada's real interest rate upward. Nominal interest rates were not affected by the announcement. Do you expect that the Canadian dollar to appreciate, depreciate, or remain the same against the dollar in response to the announcement
Answer:
The Canadian dollar would appreciate
Explanation:
Real interest rate is nominal interest rate less inflation rate
exchange rate is the rate at which one currency is exchanged for another currency
if the real interest rate of the canadian dollar increases, there would be an increase in demand for canadian dollars. As a result, the demand for canadian dollars would increase. the increase in demand would lead to an appreciation of the canadian dollar
The following costs related to Summertime Company for a relevant range of up to 20,000 units annually: Variable Costs: Direct materials $2.50 Direct labor 0.75 Manufacturing Overhead 1.25 Selling and administrative 1.50 Fixed Costs: Manufacturing overhead $10,000 Selling and Administrative 5,000 The selling price per unit of product is $15.00. At a sales volume of 15,000 units, what is the total cost for Summertime Company
Answer:
Total cost= $105,000
Explanation:
Because the 15,000 units are in the relevant range, the fixed costs remain constant. Now, we need to calculate the total cost of 15,000 units:
Direct material= 15,000*2.5= 37,500
Direct labor= 15,000*0.75= 11,250
Variable overhead= 15,000*1.25= 18,750
Variable selling and administrative= 15,000*1.5= 22,500
Total variable cost= $90,000
Total fixed costs= $15,000
Total cost= $105,000
Elaine needs $1,500 to buy textbooks and other school supplies. Kramer agrees to loan Elaine $1,500, accepting as collateral Elaine’s car. They put their agreement in writing and sign it. Elaine keeps possession of the car. What are the requirements for Kramer to have an enforceable security interest in the car? What must Kramer do to let other creditors know of his security interest in the car?
Answer:
1. For Kramer to have an enforceable security interest in the car, the following requirements must be met:
a. Elaine must possess the property right over the car.
b. Kramer must give value for the security interest.
c. Elaine must have authenticated the security agreement by describing it, or Kramer must be in possession of the collateral.
2. Kramer needs to perfect his security interest in the car by registering it with the appropriate statutory body.
Explanation:
Under UCC Article 9, four steps must be taken by Kramer to perfect the security interest in the collateral car. They include:
a. Creating and filing a financing statement with the statutory body
b. Establishing actual possession of the car
c. Establishing control over the car by not allowing Elaine keep its possession.
d. Attaching a purchase financial security interest on the car.
Recently, some college alumni started a moving service for students living on campus. They have 3 employees and are debating hiring one more. The hourly wage for an employee is $30 per hour. An average moving job takes 4 hours. The company currently does 3 moving jobs per week, but with one more employee, the company could manage 5 jobs per week. The company charges $100 for a moving job.
Instructions:
Round your answers to the nearest whole number.
a. The new employee's marginal product of labor is ______.
b. The value of that merginal product is ______.
c. The moving service should moving jobs ______- hire another worker.
Answer: a. 2
b. $200
c. Should not
Explanation:
a. The new employee's marginal product of labor is ______.
This will be:
= 5 - 3
= 2 moving jobs
b. The value of that marginal product is ______..
Since the company charges $100 for a moving job, the value of the marginal product will be:
= 2 × $100
= $200
c. The moving service should moving jobs ______- hire another worker
Marginal cost of moving 2 jobs will be:
= $30 × 4 × 2
= $240
Since the marginal cost is more than the marginal product, the company should not hire another worker.
A company's income statement reported net income of $80,000 during 2016. The income tax return excluded a revenue item of $6,000 (reported on the income statement) because under the tax laws the $6,000 would not be reported for tax purposes until 2017. Which of the following statements is incorrect assuming a 21% tax rate?
a. Income tax expense on the income statement exceeds the tax liability to the IRS.
b. The $6,000 of revenue creates a deferred tax liability.
c. A $2,100 deferred tax liability is reported as of December 31, 2014.
d. Income tax expense on the income statement is $25,900.
Answer:
d. Income tax expense on the income statement is $25,900.
Explanation:
Calculation to determine the statements that is incorrect assuming a 21% tax rate
INCOME TAX EXPENSE
Using this formula
Income tax expense=Net income*Tax rate
Let plug in the formula
Income tax expense=$80,000*.21
Income tax expense=$16,800
Based on the above calculationThe income tax expense ($80,000 × .21) on the income statement is $16,800
Therefore the statements that is incorrect assuming a 21% tax rate is
INCOME TAX EXPENSE ON THE INCOME STATEMENT is $25,900
Your best friend Sue has always wanted to be an FBI agent for the U.S. government. However, because of the recent restructured changes in the FBI (due to the in creased terrorism threat), Sue is uncertain whether she wants to pursue an FBI career. She feels that the FBI does not provide as much career security as she once thought that it did. Sue is excellent with numbers, taxes, law, and communication.
Required:
a. Explain the purpose and mission of the CI Division.
b. Explain what other governmental agencies the CI Division works with.
c. Explain the requirements for an entry-level CI spe cial agent.
Answer:
Explanation:
a)
The purpose of Criminal Investigation Division, or popularly called the CI Division is to be able investigate tax related frauds, to bring to justice citizens who one way or the other do not file tax returns m(whether or not this is intentional) or those who refuse to pay their taxes or do not play complete taxes. Remember, paying of taxes is the civic responsibility of citizens. CI also looks into other cases that are related to money laundering crimes.
c)
One of the major requirements is a bachelor's degree and a minimum of at least three years of experience in high-level investigative work or even in criminology. This is what is required.
A subsidiary of Porter Inc., a U.S. company, is located in France. The functional currency of this subsidiary is the dollar. The subsidiary acquired inventory on credit on November 1, 2020, for 200,000 Euro. The inventory was sold on January 17, 2021 for E250,000. The subsidiary paid for the inventory on January 31, 2021. Currency exchange rates between the dollar and the Euro were as follows:
November 1, 2019 E1=1.32
December 31, 2019 E1=1.30
January 17, 2020 E1= 1.21
October 1, 2018 E1=1.35
December 31, 2018 E1=1.15
The inventory balance for this inventory in Porter's consolidated balance sheet at December 31, 2019 was _________
Answer:
$0
Explanation:
According to the scenario, computation of the given data are as follows,
Date of acquire = November 1,2020
Inventory sold on date = January 17,2021
Payment for inventory = January 31,2021
So, inventory balance for the given inventory in Porter's consolidated balance sheet on December 31,2019 was $0, because there was no transaction done on or before December 31,2019.
Sable, Inc. has budgeted direct materials purchases of $400,000 in March and $500,000 in April. Past experience indicates that the company pays for 60% of its purchases in the month of purchase and the remaining 40% in the next month. Other costs are all paid during the month incurred. During April, the following items were budgeted: Wages expense $120,000 Purchase of office equipment 200,000 Selling and administrative expenses 126,000 Depreciation expense 18,000 Compute the amount of budgeted cash disbursements for April.
Answer:
$906,000
Explanation:
Cash disbursements for April.
Purchases - 60 % $300,000
Purchases - 40 % $160,000
Wages expense $120,000
Purchase of office equipment $200,000
Selling and administrative expenses $126,000
Total $906,000
therefore,
the amount of budgeted cash disbursements for April is $906,000
Tara incorporates her sole proprietorship, transferring it to newly formed Black Corporation. The assets transferred have an adjusted basis of $290,000 and a fair market value of $300,000. Also transferred by Tara was $50,000 in liabilities, all related to the business. In return for these transfers, Tara receives all of the stock in Black Corporation.
a. Black Corporation has a basis of $241,000 in the property.
b. Black Corporation has a basis of $240,000 in the property.
c. Tara’s basis in the Black Corporation stock is $241,000.
d. Tara’s basis in the Black Corporation stock is $249,000.
e. None of the above.
Answer:
Black Corporation
e. None of the above.
Explanation:
a) Data and Calculations:
Adjusted basis of assets = $290,000
Fair market value of assets = $300,000
Liabilities transferred = $50,000
Black Corporation's basis = $250,000 ( $300,000 - $50,000)
Tara's basis in the Black Corporation = $240,000
b) According to U.S. Code 351, no gain or loss shall be recognized for Tara if property is transferred to Black Corporation by Tara solely in exchange for stock in Black Corporation, and immediately after the exchange, Tara comes into the control of Black Corporation.
Describe how each of the following will affect the demand for personal computers: (a) A rise in incomes (assuming computers are a normal good); (b) A lower expected price for computers; (c) Cheaper software; (d) Simpler-to-operate computers.
Answer and Explanation:
The impact of the demand in the following situations are
1. Since there is a rise in the income and we assume it is a normal good. So in the case of the normal goods it shows a direct relationship between the income and the demand that means if the income is increased so the demand also increased & vice versa
2. For The lower expected computer price, the demand would decrease as the people predict that the price could decline in future
3. For cheaper software, the demand is increased as the price is very less
4. In the case when the computer are simple to operate so it would increase the demand
A rise in income would lead to an increase in the demand for personal computers.
A lower than expected price for personal computers would lead to a rise in the quantity demanded for personal computers.
A cheaper software would lead to an increase in the demand for personal computers.
Simpler-to-operate computers would lead to an increase in the demand for personal computers.
A normal good is a good whose demand increases when income increases and decreases when income declines.
Only a change in the price of a good leads to a change in the quantity demanded. Other factors lead to a change in demand.
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Question 2 of 10 What is the main advantage of having a skill set with a high market value? O A. Workers are more productive per hour using those skills. O B. Worker organizations have a major need for those skills. O C. Employers are willing to pay more for those skills. O D. There are fewer regulations restricting those skills.
Answer:
employees are willing 2 pay more for those skills
Explanation:
a p e x <3
Which of the following is not a way of creating agency in California?
Answer:
Note that in California, there are THREE ways to create agency: by agreement, by ratification, and by estoppel.
Explanation:
1. Written or expressed - An oral or written contract in which the parties state the contract's terms and express their intentions in words. We agree orally to the terms of our agency relationship, wherein you will hire me to market your property or represent you as a buyer's agent.
2. Implied - A contract under which the agreement of the parties is demonstrated by their acts and conduct. Example: "I'll help you buy a house; so don't work with anyone else because I will be your agent. Let's go look at some houses today."
3. Ostensible Agency - An actual agency relationship that arises by the actions of the parties rather than by express agreement. For example, the owner of a property knows a broker is showing the owner's vacant lot to prospective buyers without authority to do so. Unless the owner takes steps to stop such unauthorized showings, the law considers that third parties have a just cause to believe the broker to be the "owner's broker." This situation is called an ostensible agency because on the surface an agency appears to exist. Once this type of agency is created, the owner is prevented by estoppel* from denying its existence.
*Estoppel - A legal doctrine by which a person is prevented from asserting rights or facts that are inconsistent with a previous position or representation made by act, conduct, or silence.
4. Ratification - A method of creating an agency relationship in which the principal (seller or buyer) accepts the conduct of someone who acted without prior authorization as the principal's agent. Example: A licensee who shows a property without the owner's prior approval, and then the owner agrees to work with the agent to sell the property.
Note that in California, there are THREE ways to create agency: by agreement, by ratification, and by estoppel.
During the current month, Tomlin Company incurs the following manufacturing costs.
(a) Purchased raw materials of $16,940 on account.
(b) Incurred factory labor of $38,528. Of that amount, $32,281 relates to wages payable and $6,247 relates to payroll taxes payable.
(c) Factory utilities of $3,108 are payable, prepaid factory property taxes of $2,008 have expired, and depreciation on the factory building is $8,322.
Prepare journal entries for each type of manufacturing cost. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. Account Titles and Explanation Debit Credit
(a)
(b)
(c)
Answer:
(a) Dr Raw materials inventory $16,940
Cr Accounts payable $16,940
(b) Dr Factory labor $38,528
Cr Factory wages payable $32,281
Cr Employer Payroll Taxes Payable $6,247
(c) Dr Manufacturing overhead $13,438
Cr Prepaid Property Taxes $2,008
Cr Accumulated Depreciation-Buildings $8,322
Cr Utilities Payable $3,108
Explanation:
Preparation of journal entries for each type of manufacturing cost.
(a) Dr Raw materials inventory $16,940
Cr Accounts payable $16,940
(b) Dr Factory labor $38,528
Cr Factory wages payable $32,281
Cr Employer Payroll Taxes Payable $6,247
(c) Dr Manufacturing overhead $13,438
($3,108+$8,322+$2,008)
Cr Prepaid Property Taxes $2,008
Cr Accumulated Depreciation-Buildings $8,322
Cr Utilities Payable $3,108
Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the $26.10 million cost of the patent on a straight-line basis since it was acquired at the beginning of 2017. Due to rapid technological advances in the industry, management decided that the patent would benefit the company over a total of six years rather than the nine-year life being used to amortize its cost. The decision was made at the end of 2021 (before adjusting and closing entries.
Required:
Prepare the appropriate adjusting entry for patent amortization in 2013 to reflect the revised estimate.
Answer:
Original Cost = $26.10
Annual Amortization (Old) = $26.10 / 9 years
Annual Amortization (Old) = $2.9 million
Amortization till Date (2017 - 2021) = $2.9*4 = $11.6 million
Unamortized Value = $26.10 million - $11.6 million
Unamortized Value = $14.5 million
Remaining Life = 6 - 4
Remaining Life = 2 Years
New Amortization = Unamortized Value/Remaining Life
New Amortization = $14.5/2
New Amortization = $7.25 million
Journal Entry
Amortization Expense Debit - $7.25 million
Patent Credit - $7.25 million
MedTech Corp. stock was $55.25 per share at the end of last year. Since then, it paid a $0.45 per share dividend. The stock price is currently $62.50. If you owned 500 shares of MedTech, what was your percent return
Answer:
Percentage Return = 0.13936651584 or 13.936651584% rounded off to 13.94%
Explanation:
To calculate the return percentage, we need to take the total return provided by the share in form of both dividends and capital gains. The total yield or return for the holding period can be calculated as follows,
Percentage Return = [Dividend + P1 - P0] / P0
Where,
P1 is price todayP0 is the purchase pricePercentage Return = [0.45 + 62.50 - 55.25] / 55.25
Percentage Return = 0.13936651584 or 13.936651584% rounded off to 13.94%
Do you think you would want a credit card in college? Why or why not ?
Answer:
Yes I would to help build my credit but only if I was in a spot where I knew that I whould be able to keep up and pay it back on time.
Explanation:
Bismith Company reported: Actual fixed overhead Fixed manufacturing overhead spending variance Fixed manufacturing production-volume variance $700,000 $40,000 unfavorable $30,000 unfavorable
To record the write-off of these variances at the end of the accounting period, Bismith would
A. credit Fixed Manufacturing Production-Volume Variance for $30,000
B. debit Fixed Manufacturing Control for $700,000
C. credit Fixed Manufacturing Overhead Allocated for $700,000
D. debit Fixed Manufacturing Overhead Spending Variance for $40,000
Answer:
D. Debit fixed manufacturing overhead spending variance for $40,000
Explanation:
Since fixed manufacturing overhead shows the difference between the actual fixed overhead costs and budgeted fixed overhead cost during a period, Bismith would debit fixed manufacturing overhead spending variance of $40,000 inorder to write off the recording of the variances at the end of the accounting period because the value for fixed manufacturing overhead spending variance has already being gotten hence would be applied at the end of the period.
Which of these investments may be long term? Choose four answers.
savings accounts
mutual funds
bonds
retirement funds
commodities
These long-term investments are the asset size of company balance sheets i.e shown by a company's investments it including stocks, bonds, and real estate these are long-term as they are kept for one than one year.
The long-term investment includes mutual funds, bonds, retirement funds, commodities. These are investments that are made for the long term periods and may be for long-term goals of the individual or the organization.
Thus the options B, C, D, and E are correct.
Learn more about the investments may be of long-term.
brainly.com/question/18641093.
The investments may be long term is bonds and retirement funds.
What is long term investment?A long-term investment is an investment owned by an individual or company for more than three year.
This could be a company or an individual asset such as real estate and bonds that takes a long time to mature because they do not generate income immediately.
Therefore, The investments may be long term is bonds and retirement funds
Learn more on investment here,
https://brainly.com/question/417234
Given the following information for Albright Company, what was the total manufacturing cost variance? Manufacturing Costs Actual Costs Standard Cost at Actual Volume Budgeted Cost Direct materials $ 80,300 $ 76,000 $ 71,250 Direct labor 77,000 72,500 68,400 Factory overhead 44,800 48,000 45,600 Total $202,100 $196,500 $185,250 a.$5,600 unfavorable b.$(5,600) favorable c.$16,850 unfavorable d.$3,200 unfavorable
Answer:
Total manufacturing cost variance = $5,600 unfavorable
Explanation:
The total manufacturing cost variance is the difference between the actual total manufacturing cost incurred and the standard manufacturing cost for the actual output achieved.
The manufacturing cost is the sum of the direct material cost and direct labour cost and factory production overhead.
Actual total Manufacturing cost = 202,100
Standard manufacturing cost=$196,500
Variance = $202,100- $196,500=$5,600 unfavorable
Total manufacturing cost variance = $5,600 unfavorable
The demand function is given by
D = 20 - p-p2 where D =
demand and p = price. Find the
elasticity of demand w.r.t. price
when price is 2
Answer:
Q=120−4P
Explanation:
putting P = 20 we get
q= 40
we know that elasticity is quantity demanded / price
20
40
=2
hence the correct option: D
