The PC Works assembles custom computers from components supplied by various manufacturers. The company is very small and its assembly shop and retail sales store are housed in a single facility in a Redmond, Washington, industrial park. Listed below are some of the costs that are incurred at the company.
For each cost, indicate whether it would most likely be classified as direct labor, direct materials, manufacturing overhead, selling, or an administrative cost.
1. The wages of the assembly shop's supervisor.
a. Direct labor cost
b. Direct materials cost
c. Manufacturing overhead cost
d. Marketing and selling cost
e. Administrative cost
2. The wages of the company's accountant.
a. Direct labor cost
b. Direct materials cost
c. Manufacturing overhead cost
d. Marketing and selling cost
e. Administrative cost
3. Depreciation on equipment used to test assembled computers before release to customers.
a. Direct labor cost
b. Direct materials cost
c. Manufacturing overhead cost
d. Marketing and selling cost
e. Administrative cost
4. Rent on the facility in the industrial park.
a. Direct labor cost
b. Direct materials cost
c. Manufacturing overhead cost
d. Marketing and selling cost
e. Administrative cost

Answers

Answer 1

Answer and Explanation:

The classification is as follows;

1. Since the wages are to paid for supervising the assembling process so the same is related to the factory operations therefore considered to be the manufacturing overhead cost

2.  The wages paid to the accountant so classified as the administration cost

3. The depreciation is the manufacturing overhead cost as it is the indirect cost.

4.  The rent facility should be classified as the manufacturing overhead cost and distributed as per the cost drivers.


Related Questions

Assume that a $1,000,000 par value, semiannual coupon U.S. Treasury note with four years to maturity (YTM) has a coupon rate of 6%. The yield to maturity of the bond is 11.00%. Using this information and ignoring the other costs involved, calculate the value of the Treasury note:_________.
a.) $841,635.85
b.) $715,390.47
c.) $530,230.59
d.) $1,009,963.02

Answers

Answer:

a.) $841,635.85

Explanation:

The value of the Treasury note is the present value of its future cash flows, its semiannual coupon payments and the face value receivable by the investors in the T-note at maturity.

Semiannual coupon=face value*coupon rate*6/12

face value=$1,000,000

coupon rate=6%

semiannual coupon=$1,000,000*6%*6/12

semiannual coupon=$30,000( there would 8 semiannual coupons in 4 years)

The present value of the cash flows can be determined using a financial calculator bearing in mind that the calculator would be set to its default end mode before making the following inputs:

N=8(semiannual coupons)

PMT=30000(amount of each semiannual coupon)

I/Y=5.50%(semiannual yield to maturity=11.00%*6/12)

FV=1000000(the face value of T-note)

CPT

PV=$841,635.85  

​Cyberphone, a manufacturer of cell phone​ accessories, ended the current year with annual sales​ (at cost) of ​$ million. During the​ year, the inventory of accessories turned over times. For the next​ year, Cyberphone plans to increase annual sales​ (at cost) by percent. a. What is the increase in the average aggregate inventory value required if Cyberphone maintains the same inventory turnover during the next​ year? ​$ nothing. ​(Enter your response as an​ integer.)

Answers

Answer:

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Explanation:

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Consider two stocks, A and B. Stock A has an expected return of 10% and a beta of 1.2. Stock B has an expected return of 14% and a beta of 1.8. The expected market rate of return is 9% and the risk-free rate is 5%. Security __________ would be considered the better buy because

Answers

Answer:

B; it offers an expected excess return of 1.8%

Explanation:

Here are the options :

A; it offers an expected excess return of .2%A; it offers an expected excess return of 2.2%B; it offers an expected excess return of 1.8%B; it offers an expected return of 2.4%

to determine which stock is the better buy, we have to calculate the expected return of the stocks using CAPM

According to the capital asset price model: Expected rate of return = risk free + beta x (market rate of return - risk free rate of return)

Stock A = 5% + 1.2(9% - 5%) = 9.8%

Stock B = 5% + 1.8(9% - 5%) = 12.20%

The next step is to determine the excess return

stated expected return - calculated expected return = excess return

Stock A's excess return = 10% - 9.8% - 0.2%

Stock B's excess return = 14 - 12.20 = 1.8%

Security B would be considered because it has a higher excess return

What would be the annual cost saved by shifting from the ​-bag lot size to the​ EOQ? The annual holding cost with the EOQ is ​$ nothing. ​(Enter your response rounded to two decimal​ places.)

Answers

Answer:

Without Calculating The... Problem 13 Current on-hand inventory is 310 bags, with no open orders or. Problem 13 ... What would be the annual cost saved by shifting from the 505-​bag lot size to the EOQ? The annual holding cost with the EOQ is $ 690.15.

Explanation:

does it help??

In the liquidation of a partnership, any gain or loss on the realization of noncash assets should be allocated Group of answer choices first to creditors and the remainder to partners. to the partners on the basis of their capital balances. to the partners on the basis of their income-sharing ratio. only after all creditors have been paid.

Answers

Answer:

to the partners on the basis of their capital balances.

Explanation:

When the partnership is liquidated so any gain or loss that should be realized on non-cash asset should be distributed to the partners based on their capital balances. As at the time of gain or loss the sale of the non-cash assets should be distributed to the partners at their profit sharing ratio

therefore as per the given situation, the above represent the answer

After successfully completing your corporate finance class, you feel the next challenge ahead is to serve on the board of directors of Schenkel Enterprises. Unfortunately, you will be the only individual voting for you. a. If the company has 470,000 shares outstanding and the stock currently sells for $41, how much will it cost you to buy a seat if the company uses straight voting

Answers

Answer: $9,635,041

Explanation:

With 470,000 shares, you will need to hold a majority to vote yourself into the board.

To gain a majority, you need more than 50% of the shares:

= 470,000 / 2 + 1 share to give you majority

= 235,001 shares

The cost of 235,001 shares is:

= 235,001 * 41

= $9,635,041

Ramble On Co. wishes to maintain a growth rate of 13.6 percent per year, a debt-equity ratio of 1.8, and a dividend payout ratio of 30 percent. The ratio of total assets to sales is constant at .98. What profit margin must the firm achieve

Answers

Answer: 5.99%

Explanation:

Based on the question,

Dividend payout ratio = 30%

Therefore, the retention ratio will be:

= 1 - 30%

= 70%

Growth rate = 13.6%

We'll the use the sustainable growth rate formula which will be:

0.136 = (ROE x 0.7)/ (1-(ROE x 0.7))

0.136(1 - (0.7ROE)) = 0.7ROE

ROE = 0.136/0.7952

ROE = 0.171026

Then, the Profit margin will be:

ROE = Profit Margin x Asset Turnover x Equity multiplier

0.171026 = PM x (1/0.98) x (1 + 1.8)

0.171026 = PM x (1/0.98) x 2.8

PM = 0.171026 x 0.98/2.8

PM = 0.0598591

Profit margin = 5.99%

At a total cost of $2,480,000, Herrera Corporation acquired 160,000 shares of Tran Corp. common stock as a long-term investment. Tran Corp. has 400,000 shares of common stock outstanding, including the shares acquired by Herrera Corporation.

Required:
Journalize the entries by Herrera Corporation.

Answers

Answer:

Explanation:

Journalizing is the approach taken by corporate organizations for recording daily operations and transactions in the organization. Organizations use it to produce the final accounts and assess the company's performance and productivity.

Assuming:

the current net income of the Tran Corp. = $510,000  &

A cash dividend of $1.10 / common share is paid by Tran Corp.

Then:

To record entry for income of Trans Corp:

Description                                 Debit ($)        Credit($)

Investment - Tran Corp. stock  

(510000*(160000/400000)         204000

Tran Corp COmpany Income                            204000

(To record income of Tran Corp Company)

The entry record for dividend received by cash:

Description                                    Debit ($)     Credit ($)

Cash  (160000/1.10)                        145,455

Investment - Tran Corp stock                           145,455

(Record recieved dividend)

Select financial statement data for two recent years for Davenport Company are as follows:
20Y5 20Y4
Sales $1,776,000 $1,020,000
Fixed assets: Beginning of year 720,000 640,000
End of year 760,000 720,000
a. Determine the fixed asset turnover ratio for 20Y4 and 20Y5. Round to one decimal place.
20Y5 20Y4
Fixed Asset Turnover Ratio
b. Does the change in the fixed asset turnover ratio from 20Y4 to 20Y5 indicate a favorable or an unfavorable change?

Answers

Answer:

20Y5 = 2.4

20Y4 = 1.5

It is favourable

Explanation:

Fixed asset turnover = revenue / average net fixed assets

Average fixed asset =( fixed asset at the beginning of year + fixed asset at the end of year) / 2

20y5 = (720,000 + 760,000) / 2 = 740,000

20y4 = (720,000 + 640000) / 2 = 680,000

Fixed asset turnover = $1,776,000 / 740,000 = 2.4

$1,020,000 / 680,000 = 1.5

the higher the ratio, the better for a firm. it means that less fixed asset is generating higher revenues

Josiah's team missed a crucial deadline and lost a major client due to poor communication. As a result, his team is experiencing trust issues. Josiah is looking for ways to improve trust across the team as a whole and has generated a few ideas. All of the following are likely to increase trust except:________.
a. Josiah creates a poster board with team goals, indicating the roles of each team member.
b. Josiah plans to provide his team with more project training sessions to help improve their efficiency both as dividuals and as a group.
c. Josiah conducts individual performance reviews in front of the whole group so no one feels singled out
d. Josiah has individual check-ins with his team members to provide feedback

Answers

C, talking about individual issues in front of a group can make team members feel uncomfortable. Talking with team members individually and providing feedback privately will create a more comfortable environment.

Cal Lury owes $21,000 now. A lender will carry the debt for five more years at 6 percent interest. That is, in this particular case, the amount owed will go up by 6 percent per year for five years. The lender then will require that Cal pay off the loan over the next 13 years at 9 percent interest. What will his annual payment be

Answers

Answer:

$3,753.59

Explanation:

Value of debt at end of 5 years = $21,000 * (1 + 6%)^5

Value of debt at end of 5 years = $21,000 * 1.3382255776

Value of debt at end of 5 years = $28102.7371296

Value of debt at end of 5 years = $28,102.74

Let x be the annual payments:

x*[1 - (1 + 9%)^-13] / 9% = $28,102.74

x * [1-0.32617864688] / 0.09 = $28,102.74

x * 7.486904 = $28,102.74

x = $28,102.74 / 7.486904

x = 3753.58626

x = $3,753.59

Flagstaff Company has budgeted production units of 9,000 for July and 9,200 for August. The direct labor requirement per unit is 0.50 hours. Labor is paid at the rate of $22 per hour. The total cost of direct labor budgeted for the month of August is:

Answers

Answer:

the  total cost of direct labor budgeted for the month of August is $101,200

Explanation:

The computation of the total cost of direct labor budgeted is shown below:

Direct labor cost is

= 9,200 ×  .50 hours × $22 per hour  

= $101,200

Hence, the  total cost of direct labor budgeted for the month of August is $101,200

The same should be relevant

Cape Corp. will pay a dividend of $3.60 next year. The company has stated that it will maintain a constant growth rate of 5 percent a year forever. a. If you want a return of 17 percent, how much will you pay for the stock

Answers

Answer:

$30

Explanation:

according to the constant dividend growth model

price = d1 / (r - g)

d1 = next dividend to be paid

r = cost of equity

g = growth rate

$3.6 / (0.17 - 0.05)

$3.60 / 0.12  = $30

If the best operating level of a process X is 1026 bottles per day and the actual output during a day is 786 bottles, then what is the capacity utilization rate for process X

Answers

Answer:

greater than 70% but less than or equal to 90%

Explanation:

The computation of the capacity utilization rate for process X is shown below:

As we know that

Capacity Utilization = (Actual Output ÷ Design Capacity) × 100

=  (786 ÷ 1026) × 100

= 76.61%

So, it is greater than 70% but less than or equal to 90%

You are now 20 years of age and decide to save $100 at the end of each month until you are 65. If the interest rate is 9.2%, how much money will you have when you are 65?

Answers

Answer:

FV= $804,326.91

Explanation:

Giving the following information:

Monthly deposit (A)= $100

Interest rate (i)= 0.092/12= 0.0077

Number of periods= 45*12= 540 months

To calculate the future value, we need to use the following formula:

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

A= monthly deposit

FV= {100*[(1.0077^540) - 1]} / 0.0077

FV= $804,326.91

More than 99% of all U.S. firms are classified as small businesses, and they employ about half of private workers. A small business is defined as any independently owned and operated business that is not dominant in its competitive area and does not employ more than 500 people. Understanding the advantages and disadvantages of small business ownership is crucial for any potential entrepreneur.
Match each statement or scenario with the appropriate advantage or disadvantage of small business
i. ownership.ii. Focusiii. Reputationiv. High stress levelv. Inexperience/Incompetencevi. Flexibilityvii.Inability to cope with growthviii.Costsix. Independencex. High failure rateMatch each of the options above to the items below.1. One of the leading reasons for becoming your own boss. 2. A 20-employee factory does not have a designated accounting or advertising department.3. The pizzas offered on the Patrick’s Pizza menu are often based on the types of produce in season.4. Mike’s trucking business provides specific information and products to commercial truck drivers.5. Brandy’s nursery offers delivery and expert installation of their trees at no extra cost to the customer and will replace any defective one up to 3 years after purchase.6. Sue works more than 60 hours a week at her construction business and cannot find reliable suppliers for lumber inventory.
7. Half of all new employer firms fail within the first five years.8. As a fitness expert, Tyler is having difficulties understanding the accounting requirements for his bank business loan for his workout facility.9. Circumstances such as products not arriving on time due to limited capacity affect the reputation of a company more than any other factor.

Answers

Answer:

A

Explanation:

Law Office employ 12 full-time attorneys and 5 paraprofessionals. Budgeted salaries include $100,000 for each attorney and $30,000 per paraprofessional. For 20x1, indirect costs were budgeted at $250,000, but actually amounted to $300,000. Actual salaries were $110,000 for each attorney and $30,000 for each paraprofessional. Direct and indirect costs are applied on a professional labor-hour basis that includes both attorney and paraprofessional hours. Total budgeted labor-hours were 50,000; however, actual labor-hours were 60,000.
How much should the client be billed in a normal costing system which uses budgeted rate and cost allocations are based on actual data, when 1,000 professional labor-hours were used?a. $27,000b. $32,000c. $34,800d. $37,400

Answers

Answer:

See below

Explanation:

Given the above information,

= ($110,000 × 12 + $30,000 × 5) / 60,000 × 1,000

= ($1,320,000 + $150,000) / 60,000,000

= $1,470,000 / 60,000,000 + $300,000/60,000) × 1,000

= $0.0245 + $5,000

= $5,000

Miracle Clean's variable costs are $3.00 per bottle and Fixed Expenses are $350,000 per year. The company currently sells 150,000 bottles for $6.50 which results in profit of $175,000. The company is considering raising the selling price to $7.00 per bottle which is expected to decrease sales by 20%. If the price is raised, the number of units that must be sold to keep the profits unchanged is

Answers

Answer:

131,250= number of units

Explanation:

Giving the following information:

We need to calculate the number of units to be sold to maintain a profit of $175,000.

Unitary variable cost= $3

Fixed expenses= $350,000

Selling price= $7

Net income= total contribution margin - fixed cost

175,000= number of units*(7 - 3) - 350,000

525,000 = number of units*4

525,000 / 4= number of units

131,250= number of units

What will be the nominal rate of return on a perpetual preferred stock with a $100 par value, a stated dividend of 12% of par, and a current market price of (a) $56.00, (b) $76.00, (c) $116.00, and (d) $133.00? Round your answers to two decimal places. %

Answers

Given :

[tex] \text{Preferred share par value = $30} [/tex]

[tex] \text{Dividend per share (Dp) = $10 ($100×10%)} [/tex]

Required :

[tex] \text{Normal rate of return (rp)} [/tex]

Formula :

[tex] \text{rp =} \frac{Dp}{Vp} [/tex]

Where,

[tex] \text{Vp = price of preferred share} [/tex]

[tex] \text{Dp = dividend per share} [/tex]

[tex] \text{Rp = normal rate of return of preferred share} [/tex]

Solve for nomial rate of return (rp) :

Refer The Attachment

IF COUNTRIES FIND WAYS OF IMPROVING THEIR FACTOR OF PRODUCTIVITY

Answers

Answer:

THEIR FACTOR OF PRODUCTIVITY will increase.

Favre and Carter Law Office employ 12 full-time attorneys and 5 paraprofessionals. Budgeted salaries include $100,000 for each attorney and $30,000 per paraprofessional. For 20x1, indirect costs were budgeted at $250,000, but actually amounted to $300,000. Actual salaries were $110,000 for each attorney and $30,000 for each paraprofessional. Direct and indirect costs are applied on a professional labor-hour basis that includes both attorney and paraprofessional hours. Total budgeted labor-hours were 50,000; however, actual labor-hours were 60,000.
How much should the client be billed in a normal costing system which uses budgeted rate and cost allocations are based on actual data, when 1,000 professional labor-hours were used?
a. $27,000
b. $32,000
c. $34,800
d. $37,400

Answers

Answer:

Billed costs= $32,000

Explanation:

Giving the following information:

Total estimated cost attorney= 12*100,000= $1,200,000

Total estimated cost paraprofessional= 5*30,000= $150,000

Estimated Indirect costs= $250,000

Estimated number of hours= 50,000

First, we need to calculate the allocation rate:

Allocation rate= total estimated costs for the period/ total amount of allocation base

Allocation rate=   (1,200,000 + 150,000 + 250,000) / 50,000

Allocation rate= 1,600,000/50,000

Allocation rate= $32

Now, for 1,000 hours:

Billed costs= 1,000*32= $32,000

what is the future value of ordinary annuity makes 2000 every month 10 years interest rate is 7% g

Answers

Answer:

The future value of the ordinary annuity is:

= $346,169.61.

Explanation:

a) Data and Calculations:

Ordinary annuity receipt/payment = $2,000

Payment is made monthly for 10 years (120 months)

Interest rate = 7%

From an online financial calculator, the future value is:

N (# of periods)  120

I/Y (Interest per year)  7

PV (Present Value)  0

PMT (Periodic Payment)  2000

 

Results

FV = $346,169.61

Sum of all periodic payments $240,000.00

Total Interest $106,169.61

Wieters Industries manufactures several products including a basic case for a popular smartphone. The company is considering adopting an activity-based costing approach for setting its budget. The company's production activities, budgeted activity costs, and cost drivers for the coming year are as follows:

Activity Activity Overhead $ Cost Driver Cost Driver Quantity
Machine setup $200,000 # of setups    800
Inspection   120,000 # of quality tests    400
Materials receiving    252,000 # of purchase orders   1,800

The budgeted data for smartphone case production are as follows.

Direct materials $2.50 per unit
Direct labor $0.54 per unit
Number of setups 92
Number of quality tests 400
Number of purchase orders 50
Production 15,000 units

Required
a. Calculate the activity rate for each cost pool.
b. Calculate the activity-based unit cost of the smartphone case.

Answers

Answer:

Wieters Industries

a. Activity Rates:

Machine setup =    $250

Inspection =              300

Materials receiving   140

b. The activity-based unit cost of the smartphone case is:

= $13.04

Explanation:

a) Data and Calculations:

Activity             Activity Overhead $   Cost Driver      Cost Driver Quantity

Machine setup             $200,000        # of setups                   800

Inspection                      120,000       # of quality tests           400

Materials receiving      252,000       # of purchase orders   1,800

Total overhead costs  $572,000

Activity Rates:

Machine setup =    $250 ($200,000/800)

Inspection =              300 ($120,000/400)

Materials receiving   140 ($252,000/1,800)

Budgeted data for smartphone case production:

Direct materials $2.50 per unit

Direct labor $0.54 per unit

Number of setups 92

Number of quality tests 400

Number of purchase orders 50

Production 15,000 units

Overhead Applied to Smartphone Case:

Number of setups 92 * $250 =             $ 23,000

Number of quality tests 400 * $300 =    120,000

Number of purchase orders 50 * $140 =   7,000

Total overhead applied =                      $150,000

Overhead per unit = $10 ($150,000/15,000)

Unit Cost of Smartphone Case:

Direct materials per unit  $2.50

Direct labor per unit        $0.54

Overhead per unit         $10.00

Total unit cost =             $13.04

1. Prepare the December 31 adjusting entries for the following transactions. Omit explanations. 1. Fees accrued but not billed, $6,300. 2. The supplies account balance on December 31, $4,750; supplies on hand, $960. 3. Wages accrued but not paid, $2,700. 4. Depreciation of office equipment, $1,650. 5. Rent expired during year, $10,800.

Answers

Answer:

1. Debit Accounts Receivable $6300

Credit Fees Revenue $6300

2. Debit Supplies Expense $3790

Credit Supplies $3790

3. Debit Wages Expense $2700

Credit Wages Payable $2700

4. Debit Depreciation Expense $1650

Credit Accumulated Depreciation-office equip. $1650

5. Debit Rent Expense $10800

Credit Prepaid Rent $10800

Explanation:

Preparation of the December 31 adjusting entries

1. Debit Accounts Receivable $6300

Credit Fees Revenue $6300

2. Debit Supplies Expense $3790

Credit Supplies $3790

(4750-960)

3. Debit Wages Expense $2700

Credit Wages Payable $2700

4. Debit Depreciation Expense $1650

Credit Accumulated Depreciation-office equip. $1650

5. Debit Rent Expense $10800

Credit Prepaid Rent $10800

Mideast Airlines purchased a 777 aircraft on January 1, 2020 at a cost of
$40,000,000. The estimated useful life of the aircraft is 20 years, with an
estimated salvage value of $6,000,000. What is the accumulated
depreciation and book value at December 31, 2022, using the straight-line
method

Answers

Answer:

3,400,000 accumulated depreciation, 36,600,000 book value

Explanation:

Cost - salvage = amount to be depreciated

40,000,000-6,000,000=34,000,000 amount to be deprecated

34,000,000/20 years =1,700,000 depreciation per year

1,700,000x2-3,400,000 accumulated depreciation after 2 years

40,000,000-3,400,000=36,600,000 book value

You sell 25,000 loaf of bread per year. The carrying cost associated the main ingredient wheat flour is estimated to be $8 per unit (amount used for 1 loaf of bread) per year, and the ordering cost is $10 per order. And assume 1 year is 300 days and lead time is 3 days.

Required:
a. What is the EOQ?
b. How much money you will lose if you order 300 units of wheat flour? Calculate the total cost of inventory with EOQ model and with order size is 300. The difference will give you the answer.
c. Calculate the re-order point (assuming no uncertainty)?

Answers

Answer:

Annual Demand (D) = 25000

Carrying Cost (H) = 8

Ordering Costs (S) = 10

Number of working days = 300

Lead Time (Lt) = 3 days

a. EOQ = Sqrt (2*D*S/H)

EOQ = Sqrt (2*25000*10/8)

EOQ = Sqrt (62500)

EOQ = 250

b. Total Cost = (D * S) / EOQ + (EOQ * H) / 2

Total Cost = (25000 * 10) / 250 + (250 * 8) / 2

Total Cost = 1000 + 1000

Total Cost = 2000

Now, we calculate total Cost with order size: of 300

Total Cost = (25000 * 10) / 300 + (300 * 8) / 2

Total Costs = 833.3333 + 1200

Total Cost = 2,033.3333

The amount to lost if we order 300 units of wheat flour is as follows

= 2033.33 - 2000

= $33.33

3. ROP = (D / Number of working days) x Lt

ROP = (25000 / 300) * 3

ROP = 83.3333 * 3

ROP = 249.9999

ROP = 250

On January 1, Pharoah Company had 87000 shares of $10 par value common stock outstanding. On May 7, the company declared a 5% stock dividend to stockholders of record on May 21. Market value of the stock was $16 on May 7. The stock was distributed on May 24. The entry to record the transaction of May 24 would include a

Answers

Answer: credit to Common Stock Dividends Distributable for $43500

Explanation:

Based on the information given in the question, the entry to record the transaction of May 24 goes thus:

Debit Stock Dividend = 87000 × 5% × $16 = $69600

Credit To Common Stock Dividend Distributable = 87000 × 5% × $10 = $43500

Credit To Paid in capital in excess of Par - Common Stock = $69600 - $43500 = $26100

A total materials variance is analyzed in terms of quantity and quality variances. tight and loose variances. price and quantity variances. buy and sell variances.

Answers

Answer:

price and quantity variances.

Explanation:

In Financial accounting, costing is the measurement of the cost of production of goods and services by assessing the fixed costs and variable costs associated with each step of production.

Manufacturing costs can be defined as the overall costs associated with the acquisition of resources such as materials and the cost of converting these raw materials into finished goods. Manufacturing costs include direct labor costs, direct materials cost and manufacturing overhead costs.

Total direct materials variance gives the difference between the budgeted cost and actual cost of a unit of goods produced.

Generally, a total materials variance is analyzed in terms of price and quantity variances used by a manufacturer in the manufacturing of a particular product.

Here are the U.S. tax rates and their corresponding tax brackets based on filing status for single individuals (i.e. not corporations) If taxable income is: Then income tax equals: Not over $9,875 10% of the taxable income Over $9,875 but not over $40,125 $987.50 plus 12% of the excess over $9,875 Over $40,125 but not over $85,525 $4,617.5 plus 22% of the excess over $40,125 Over $85,525 but not over $163,300 $14,605.5 plus 24% of the excess over $85,525 Over $163,300 but not over $207,350 $33,271.5 plus 32% of the excess over $163,300 Over $207,350 but not over $518,400 $47,367.5 plus 35% of the excess over $207,350 Over $518,400 $156,235 plus 37% of the excess over $518,400 Layla's taxable income for 2019 was $182,431. How much are her federal income taxes to the nearest dollar

Answers

Answer:

Layla's federal income taxes to the nearest dollar are:

= $39,393.

Explanation:

a) Data and Calculations:

Layla's taxable income

 for 2019 =                 $182,431    Income Tax

Income tax on            (163,300) = $33,271.50

Excess of $163,300        19,131 =    $6,121.92 ($19,131 * 32%)

Total income tax payable =       $39,393.42

U.S. Tax Rates and Corresponding Tax Brackets (Single Individuals)

If taxable income is:            Then income tax equals:

Not over $9,875 10% of the taxable income Over $9,875 but not over $40,125 $987.50 plus 12% of the excess over $9,875

Over $40,125 but not over $85,525 $4,617.5 plus 22% of the excess over $40,125

Over $85,525 but not over $163,300 $14,605.5 plus 24% of the excess over $85,525

Over $163,300 but not over $207,350 $33,271.5 plus 32% of the excess over $163,300

Over $207,350 but not over $518,400 $47,367.5 plus 35% of the excess over $207,350

Over $518,400 $156,235 plus 37% of the excess over $518,400 Layla's taxable income for 2019 was $182,431

Carol Co. prepares a statement of cash flows starting with net income and then adjusting for items necessary to obtain net cash provided or used by operating activities. Carol Co. must be using the______method of reporting the statement of cash flows.

Answers

Answer:

indirect

Explanation:

From the question we are informed about Carol Co. prepares a statement of cash flows which start with net income and then adjusting for items necessary to obtain net cash provided or used by operating activities. In this case, Carol Co. must be using the

indirect method of reporting the statement of cash flows. In financial accounting, cash flow statement can be regarded as financial statement which express the way changes in balance sheet accounts as well as income affect cash and cash equivalents, and also give the analysis breakdown to operating, financing as well as investingactivities.

The methods for reporting statement of cash flows could be Direct or indirect method.

The indirect method can be regarded as method that gives presentation of the statement of cash flows by strating

with net income or net loss, along with deduction or additions to the amount for non-cash revenue and expense items or from them which comes subsequently, which then results to cash flow from operating activities.

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