What term means managing the entire organization so that it excels on all dimensions of products and services that are important to customers?

Answers

Answer 1

Answer:

Total Quality Management

Explanation:

Total Quality Management is an approach in which all the employees of the company work to improve the entire process to offer a good customer experience. According to this, the answer is that the term that means managing the entire organization so that it excels on all dimensions of products and services that are important to customers is Total Quality Management.


Related Questions

Redford's salary was $123,000 in 2019. What would his total combined FICA tax (OASDI & Medicare) withheld from his salary be for the year?

Answers

Answer:

$9,409.50

Explanation:

Calculation for the total combined FICA tax (OASDI & Medicare) withheld from Redford's salary for the year

For the year 2019 the total FICA tax rate is 7.65%

Which are :

OASDI tax = 6.2%

+ Medicare tax =1.45%

Now let calculated the amount of OASDI tax for Redford's salary

Using this formula

OASDI tax =Salary ×OASDI tax rate

Let plug in the formula

OASDI tax =$123,000×6.2%

OASDI tax =$7,626

Let let calculated the amount of the Medicare tax for Redford's salary

Using this formula

Medicare tax =Salary ×Medicare tax rate

Let plug in the formula

Medicare tax=$123,000*1.45%

Medicare tax=$1,783.50

Total combined FICA tax

OASDI tax =$7,626

Medicare tax=$1,783.50

Total=$9,409.50

Therefore what the total combined FICA tax (OASDI & Medicare) withheld from his salary will be for the year is $9,409.50

The current account is best defined as:______.
a. the national income account that tracks all purchases made by businesses within the last six months.
b. the account that includes transactions like imports and exports, income earned by Americans abroad, and net transfers to other countries.
c. the account that tracks the flow of domestic money into and out of foreign assets and the flow of foreign money into and out of domestic assets.

Answers

Answer: The account that includes transactions like imports and exports, income earned by Americans abroad, and net transfers to other countries.

Explanation:

A current account can be defined as an account that record the different transactions a country carries out with another country. A current account comprises of net primary income, earnings from foreign investors that have occurred within a particular period of time.

Almost all countries are involved in trading of goods and services with another country, a current account helps to evaluate the manner in which a particular country traded their different goods with foreign markets.There tends to be a postive balance of a country exports more goods than it imports.

Explanation:

The manager of Synergy Company's Stock Division projects the following for next year: Sales $195,000 Operating income 70,000 Operating assets 385,000 The manager can invest in an additional project that would require $50,000 investment in additional assets and would generate $9,000 of additional income. The company's minimum rate of return is 15%. What is the residual income for the Stock Division with the additional project

Answers

Answer:

13,750

Explanation:

Residual income can be calculated by deducting required return from the  Net Operating income

DATA

Operating income = 70,000

Operating assets = 385000

Additional income = 9000

Additional investment = 50,000

Residual income =?

Solution

Residual income = Net Operating income - Required return

Residual income = (70,000+9,000) - ((385,000+50,000)x15%)

Residual income = 79,000 - 65250

Residual income = 13,750

A U.S. manufacturing company operating a subsidiary in an LDC (less-developed country) shows the following results:
U.S. LDC
Sales (units) 100,000 20,000
Labor (hours) 20,000 15,000
Raw materials (currency) $20,000 FC 20,000
Capital equipment (hours) 60,000 5,000
a. Calculate partial labor and capital productivity figures for the parent and subsidiary. Do the results seem confusing?
b. Compute the multifactor productivity figures for labor and capital together. Do the results make more sense?
c. Calculate raw material productivity figures (units/$ where $1=FC 10). Explain why these figures might be greater in the subsidiary.

Answers

Answer:

a. Labor Productivity:

Country     Sales (Units)    Labour (hours)     Productivity (Sales/Labour hours)

U.S              100,000              20,000              5 units / hours

LDC             20,000                15,000               1.33 units/ hours

Capital Productivity

Country     Sales (Units)    Capital (hours)     Productivity (Sales/Capital hours)

U.S              100,000               60,000                1.67 units / hour

LDC             20,000                 5,000                  4 units / hours

Conclusion: Yes, the result seems confusing. The labour productivity in U.S. is higher than LDC while the capital productivity in U.S. is lower than LDC which is contradictory.

b. Multi-factor productivity for Labor and Capital

Country      Sales                  Input                  Productivity

                  (Units)         (Labor + Capital)       (units/hours)

U.S.          100,000                80,000                1.25 units/hour

                                       (20,000 + 60,000)

LDC           20,000                 20,000                1 units/hour

                                        (15,000 + 5,000)

Conclusion: Yes it make sense as multi-factor productivity is better than partial productivity. Labor and capital are subtitles and that gives better presentation of the productivity.

c. Raw material productivity

Country      Sales           Raw material            Productivity

                  (Units)            (Currency)              (units/hours)

U.S.            100,000         $20,000                  5 units per dollar

LDC            20,000          = $2,000                 10 units per dollar        

Conclusion: The figures are greater in subsidiary because the price paid for raw material is much slower than the parent country.

 

Note: $1 = FC 10

$20,000 = FC 10

FC = $20,000 / 10 = $2,000

Bronn and Jaime make a written contract where Jaime will sell Bronn his armor and sword for $1,200.
Which of the following is not a defense to the formation of the contract?
Group of answer choices
A. fraud
B. illegality
C. incapacity
D. unconscionability
E. mirror image rule

Answers

Answer: Mirror image rule

Explanation:

It should be noted that the contract formation defenses are fraud, illegality, incapacity, unconscionability, duress and statute of Frauds.

The mirror image rule is not among the defense to the formation of w contract. It implies that an offer should be accepted with no changes made to the offer.

Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 8,588. The FICA tax for social security is 6.2% of the first $118,500 of employee earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,424.97. Her net pay for the month is: (Round your intermediate calculations to two decimal places.)
a) $7,038.50
b) $5,141.03
c) $6,072.04
d) $6,566.00
e) $6,506.04

Answers

Answer: e) $6,506.04

Explanation:

Employees do not pay FUTA or SUTA. Employers pay those.

Ms. Grant's net pay for the month therefore is;

= Gross earnings - FICA Social Security - FICA Medicare - Federal Income tax withheld

= 8,588 - (6.2% * 8,588) - ( 1.45% * 8,588) - 1,424.97

= 8,588 - ‭532.46 - ‭124.53 - 1,424.97

= $6,506.04‬

The manager of a crew that installs carpeting has tracked the crew’s output over the past several weeks, obtaining these figures:


Week Crew Size Yards Installed
1 4 97
2 3 71
3 4 98
4 2 54
5 3 63
6 2 52


a. Compute the labor productivity for each of the weeks. (Round your answers to 2 decimal places.)


Week Crew size Labor productivity
(Yards/Person)
1 4
2 3
3 4
4 2
5 3
6 2



b. Which crew size works best?

Answers

Answer:

a. Labor productivity is calculated as: Labor productivity = Total Yards Installed / Total Crew Size

Hence, the labor productivity for each week is;

Week 1 = 97 / 4 = 24.25

Week 2 = 71 / 3 = 23.67

Week 3 = 98 / 4 = 24.5

Week 4 = 54 / 2 = 27

Week 5 = 63 / 3 = 21

Week 6 = 52 / 2 = 26

b. A crew of size 2 works the best as they generate the highest labor productivity of 27. The crew with highest number generate a labor productivity of 24.5

Your parents put $300 into an account paying 11 percent interest for you when you were ten. Ten years later they tell you that you can take the money out of the account. What is the balance to the nearest penny

Answers

Answer:

The balance in the account = $851.8

Explanation:

The future value of a lump sum is the amount expected at a future date when a sum of money is invested today at a particular rate of interest for certain number of years

.

This implies compounding the initial amount invested ($300) at the given interest rate(11%) for 10 years.This will be done as follows:

FV = PV × (1+r)^(n)

FV-Future value

r- rate of return per period

n- Number of period

PV - 300

r-11%

DATA

FV- ?

PV - 300

n- 10

FV= 300 × 1.11^10 = 851.83

The balance in the account = $851.8

Oriole Company purchased equipment for $41600. Sales tax on the purchase was $2496. Other costs incurred were freight charges of $624, repairs of $364 for damage during installation, and installation costs of $696. What is the cost of the equipment

Answers

Answer:

The cost of the equipment is $45,416.

Explanation:

The cost of a newly purchased equipment is the addition of all relevant costs uncured in order to make the equipment ready for use.

The cost of the equipment includes costs such as purchase price, tax paid on the purchase, installation costs, etc.

However, any cost incurred to repair any damage to an equipment during installation is not part of equipment cost. Such repair costs are just ordinary expenses that are charged to the income statement during the period.

Based on the explanation above, the cost of the equipment by Oriole Company can be calculated as follows:

Equipment cost = Purchase price + Sales tax + Freight charges + Installation costs ..................... (1)

Since,

Purchase price = $41,600

Sales tax on the purchase = $2.496.

Freight charges = $624

Installation costs = $696.

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

Equipment cost = $41,600 + $2,496 + $624 + $696 = $45,416

Therefore, the cost of the equipment is $45,416.

Joe-Bob wants to buy a car and will need to take out a loan in order to make the purchase. His current monthly income is $3,500 per month. His mortgage payment is $900 per month, and his student loan payment is $350 per month. Note: You do not need to take taxes into consideration for this journal.

a. According to the affordability formulas given, can he afford to take out another loan?
b. When should he follow the affordability formulas?
c. In what cases should he not?
d. How could taking out the car loan impact his other priorities?

Answers

Answer:

A) according to the affordability formula Joe-Bob can take out another loan because his DTI is 36%

B) He should follow the affordability formula when he wants to take out  loans

C) He should not follow DTI if he isn't taking out loans  

D) Taking out a loan will negatively impact his other priorities if his DTI is very high or greater than 100%

Explanation:

using the affordability formula

The debt to income ratio = [tex]\frac{total debt}{gross income}[/tex]

total debt = mortgage payment + loan repayment = $900 + $350

= $1250

gross income = $3500

hence debt to income ratio =  1250 / 3500 = 0.3571 = 35.7%

A) according to the affordability formula Joe-Bob can take out another loan because his DTI is 36%

B) He should follow the affordability formula when he wants to take out  loans

C) He should not follow DTI if he isn't taking out loans  

D) Taking out a loan will negatively impact his other priorities if his DTI is very high or greater than 100%

a. According to the affordability formulas, Joe-Bob cannot afford to take out a car loan.  His current DTI without the auto loan is almost 36%.

b. Joe-Bob should follow the affordability formulas to guide his decisions in taking a new loan.

c. Joe-Bob does not need to follow the affordability formulas when his debt to income ratio (DTI) is far below 36%.  He can also avoid the affordability formulas when he has the prospect of increasing his monthly income.

d. If Joe-Bob takes out the car loan despite his poor rating on the affordability formulas, he may not afford to pay his bills for necessities.

Thus, Joe-Bob should not take on more loans now until he improves his income.  An automobile will require routine maintenance and some repairs, including fuelling.

Data and Calculations:

Current monthly income = $3,500

Monthly mortgage payment = $900

Monthly student loan payment = $350

Total current debts = $1,250 ($900 + $350)

The Affordability Formula (Current Debt Payment to Income Ratio) =

35.7% ($1,250/$3,500 x 100)

The Affordability Rule states that Joe-Bob should not spend more than 36% of his monthly income repaying loans.

Learn more: https://brainly.com/question/20482529

In the liquidation of a partnership, any gain or loss on the realization of non-cash assets should be allocated:_____.
a. first to creditors and the remainder to partners.
b. to the partners on the basis of their capital balances.
c. only after all creditors have been paid.
d. to the partners on the basis of their income-sharing ratio.

Answers

Answer:

D. To the partners on the basis of their income-sharing ratio.

Explanation:

Partnership liquidation can be easily seen to come into existence indefinitely through periodic changes within the ownership, they are seen to occur by circumstances which are totally uncommon occurrence.

The form of the dissolution is irrelevant, whether by absenting by personal decision of individual member or wholesale departure and formal liquidation. The end result will be the same. The primary dream of these harmonious and synchronical growth of the firm will be seen to come to an end.

This is why it is best shared to the partners on the basis of their income sharing ratio.

The Department of Homeland Security has asked the Internal Revenue Service for the tax retums of U.S. citizens who have been identified as having ties to terrorist organizations. The IRS has declined to turn over the tax retums. Which of the following rights relating to the individuals and the authority of the two agencies is correct?
a. The IRS must festseek permission from the individuals.
b. The Department of Homeland Security cannot obtain this information, as they may be used only for investigating tax fraud.
c. The Department of Homeland Security must submit a freedom of Information act request.
d. The Department of Homeland Security can obtain the information because it is engaged in law enforcement activity

Answers

Answer: The Department of Homeland Security can obtain the information because it is engaged in law enforcement activity

Explanation:

With regards to the question above, it should be noted that exchanging information is not allowed only in cases whereby the Department if Homeland Security needs it for law enforcement activities.

Therefore, option D i.e. The Department of Homeland Security can obtain the information because it is engaged in law enforcement activity is correct.

Vince offers to buy a book owned by Sun-Hi for twice what Sun-Hi paid for it. She accepts and hands the book to Vince. Sun-Hi's delivery of the book is

Answers

Answer:

Vince and Sun-Hi's Book

With Sun-Hi's delivery of the book, the offer by Vince is accepted by Sun-Hi.

Acceptance of an offer is necessary to make a contract.

Explanation:

An offer by Vince is not a contract, but its acceptance by Sun-Hi without a counter-offer makes it a valid contract that can be enforced in law if other ingredients for a valid contract are present.  Acceptance establishes the agreement between Vince and Sun-Hi.  Once Sun-Hi accepts Vince's offer with valid considerations (the book and double the price), the agreement for a business transaction between them is consummated.  It is acceptance that completes the exchange of promises in this simple contract.

Easton Co. deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on June 30, its Cash account shows a debit balance of $61,709. Easton's June bank statement shows $59,549 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $ 4,250 Outstanding checks $ 2,075 Check printing fee, not yet recorded by company $ 18 Interest earned on account, not yet recorded by the company $ 33

Answers

Answer:

                                         ADJUSTED BOOK BALANCE

Bank balance              $59,549      Book balance         $61,709

+ Deposit in transit      $4,250        Interest earned          $33

- Outstanding checks  $2,075        Bank service fees      $18

Adjusted book             $61,724                                    $61,724

balance

On September 12, Vander Company sold merchandise in the amount of $2,200 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $1,520. Vander uses the periodic inventory system and the gross method of accounting for sales. On September 14, Jepson returns some of the merchandise. The selling price of the merchandise is $190 and the cost of the merchandise returned is $135. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Vander makes on September 18 is:

Answers

Answer and Explanation:

The Journal entry is shown below:-

Cash Dr, 1969.80 (2010 × 98%)

Sales discount Dr, 40.20

            To Account receivable $2,010 ($2,200 - $190)

(Being the entry is recorded)

Here we debited the cash and sales discount as it increased the assets and we credited the accounts receivable as it reduced the assets

Jeff has the opportunity to receive​ lump-sum payments either now or in the future. Which of the following opportunities is the​ best, given that the interest rate is ​4% per​ year?

a. one that pays $ 900 now
b. one that pays $ 1080 in two years
c. one that pays $ 1350 in five years
d. one that pays $ 1620 in ten years

Answers

Answer:

c. one that pays $ 1350 in five years

Explanation:

we have to calculate the present value of each option:

option a, $900 (that is the present value)option b, $1,080 in 2 years. PV = $1,080 / (1 + 4%)² = $998.52option c, $1,350 in 5 years. PV = $1,350 / (1 + 4%)⁵ = $1,109.60option d, $1,620 in 10 years. PV = $1,620 / (1 + 4%)¹⁰ = $1,094.41

Option c yields the highest present value = $1,109.60

Using the following data on bond yields: This Year Last Year Yield on top-rated corporate bonds 4 % 7 % Yield on intermediate-grade corporate bonds 6 % 9 % a. Calculate the confidence index this year and last year.

Answers

Answer:

0.6667 ; 0.7778

Explanation:

Given the following :

- - - - - - - - - - - - - - - - - this year - - - - last year

Top rated bond - - - - - 4% - - - - - - - - - 7%

Intermediate grade - - 6% - - - - - - - - - 9%

Confidence Index (This year) :

(Yield on top rated corporate bond / yield on intermediate grade corporate bond)

= 4% / 6% = 0.6667

Confidence index(last year) :

(Yield on top rated corporate bond / yield on intermediate grade corporate bond)

= 7% / 9% = 0.7778

Ball Bearings, Inc., faces costs of production as follows:Quantity Total Fixed Costs (Dollars) Total Variable Costs (Dollars)0 100 01 100 502 100 703 100 904 100 1405 100 2006 100 360(a.) Complete the following table by calculating the company's total cost, marginal cost, average fixed cost, average variable cost, and average total cost at each level of production.
(b.) The price of a case of ball bearings is $50. Seeing that he can't make a profit, the company's chief executive officer (CEO) decides to shut down operations.The firm's profit in this case is...(c.) True or False: This was a wise decision.(d.) Vaguely remembering his introductory economics course, the company's chief financial officer tells the CEO it is better to produce 1 case of ball bearings, because marginal revenue equals marginal cost at that quantity.At this level of production, the firm's profit is...True or False: This is the best decision the firm can make.

Answers

Answer:

Ball Bearings, Inc.

a) Calculations of Costs of Production:

Qty Total Fixed   Total       Total    Marginal  Average  Average   Average

       Costs ($)  Variable  Costs ($) Costs ($)   Fixed      Variable     Total

                        Costs ($)                                Costs ($)  Costs ($) Costs ($)

 0      100             0            100         100          100              0            100

 1       100           50            150         50           100             50           150

2       100           70            170          20            50             35            85

3       100           90           190          20            33              30            63

4       100          140          240          50            25              35           60

5       100         200         300          60             20             40            60

6       100         360         460         160             17              60             77

b)  For the first ball bearings, the profit in this case is a loss of $100 (Revenue - Total costs; $150 - 50).

c) False

d) At this level of production, the firm's profit, is a loss of $100.  This is the best decision the firm can make: False.

Explanation:

a) Data:

Costs of production as follows:

Quantity   Total Fixed Costs ($) Total  Variable Costs ($)

   0                        100                                   0

   1                         100                                 50

  2                         100                                 70

  3                         100                                 90

  4                         100                                140

  5                         100                              200

  6                         100                              360

a) Ball Bearings, Inc. can become profitable when the total revenue exceeds the total costs (variable and fixed).  Ball's marginal cost is the additional cost that the corporation incurs for producing one additional unit of ball bearings.  Its average fixed, variable, and total costs are computed by dividing the total fixed, variable, and total costs by the number of ball bearings produced.

Treasury bonds paying an 8% coupon rate with semiannual payments currently sell at par value. What coupon rate would they have to pay in order to sell at par if they paid their coupons annually? (Hint: What is the effective annual yield on the bond?)

Answers

Answer:

8.16%

Explanation:

current yield = bond's value x (1 + semiannual interest rate)ⁿ

in this case:

bond's value = $1,000 (we choose the value)semiannual interest rate = 8% / 2 = 4%n = 2 semiannual coupons

current yield = $1,000 x (1 + 4%)² = $1,000 x 1.0816 = $1,081.60

in order for a bond that pays an annual coupon to be sold at the same value, it must yield the same return = ($1,081.60 - $1,000) / $1,000 = 8.16%

g On July 1, Shady Creek Resort borrowed $320,000 cash by signing a 10-year, 11.5% installment note requiring equal payments each June 30 of $55,480. What amount of interest expense will be included in the first annual payment

Answers

Answer:

Interest portion for one year = $320,000 * 11.5% =  $36,800

Total installment paid = $55,480

So, principal portion repaid = $55,480 -  $36,800 = $18,680

                               Journal entry

Date    General journal      Debit          Credit

           Interest expense    $36,800

           Notes payable        $18,680

                 To Cash                              $55,480

A proposed cost-saving device has an installed cost of $790,000. The device will be used in a five-year project but is classified as three-year MACRS property for tax purposes. The required initial net working capital investment is $77,000, the tax rate is 21 percent, and the project discount rate is 10 percent. The device has an estimated Year 5 salvage value of $118,000. What level of pretax cost savings do we require for this project to be profitable?

Answers

Answer:

The pretax cost savings for project to be profitable will be more than $2,059,794 for the 5 years of life.

Explanation:

Installed cost = $790,000

Initial working capital = $77,000

Tax rate = 21%

Project discount rate = 10%

Estimated salvage value = $118,000

Depreciable amount :

Installed cost  $790,000

Salvage value     118,000

Net                  $672,000

Annual depreciation = $134,400 ($672,000/5)

Working capital        =   $77,000

Pretax cost savings =  $211,400 x 1.61051 x 1.21

= $2,059,794

The science of designing for efficient and comfortable interaction between a product and the human body is called __________.

Answers

Answer:

The question is lacking the multiple-choice options, below is the complete question and options:

The science of designing for efficient and comfortable interaction between a product and the human body is called __________.

A. the Kazuo principle

B. physical economics

C. the Kotlean method

D. ergonomics

Answer:

The correct answer is:

ergonomics (D)

Explanation:

Ergonomics is the application of the principles of psychology and physiology to the design and engineering of products, processes, or systems, with the aim of reducing human error, increasing productivity and enhancing safety and comfort, by paying particular attention to the human being the thing being interacted with. The ergonomic process involves:

Assessing risk, planning improvements, measuring progress, and scaling solutions.

Ergonomics involves so many disciplines including anthropology, psychology, physiology, sociology, engineering, biomechanics etc.

To gain more in-depth knowledge of ergonomics, I suggest you look it up.

In material requirement planning calculations, gross requirements for finished products are taken from ________________________.

Answers

Answer:

Forecasted sales

Explanation:

In the production process amount of inventory purchased for producing goods must be carefully calculated.

This avoids waste incurred from buying excess of materials needed for operation. Also when there is shortage of materials time and resources are wasted getting more materials.

So when calculating material requirements for finished products it is important that we consider sales forecasts.

Materials purchased based on this will just adequately meet the demand for product.

This reduce cost of storage of excess materials.

Pauley Company needs to determine a markup for a new product. Pauley expects to sell 15,000 units and wants a target profit of $22 per unit. Additional information is as follows:

Variable product cost per unit $19
Variable administrative cost per unit 11
Total fixed overhead 13,500
Total fixed administrative 21,000

Using the variable cost method, what markup percentage to variable cost should be used?

Answers

Answer:

81%

Explanation:

Calculation for the markup percentage to variable cost that should be used

Using this formula

Markup percentage=[(Target profit + Fixed overhead costs + Fixed administrative costs) / Total variable costs

Let plug in the formula

Markup percentage=[($22*15,000 units)+$13,500+$21,000]/$30×15,000)

Markup percentage=($330,000+$13,500+$21,000)/$450,000

Markup percentage=$364,500/$450,000

Markup percentage=0.81*100

Markup percentage=81%

Calculation for Total variable costs

Variable product cost per unit $19

Variable administrative cost per unit $11

Total variable costs =$30

Therefore the markup percentage to variable cost that should be used will be 81%

At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions: overhead costs, $840,000, and direct materials costs, $400,000. At year-end, the company’s records show that actual overhead costs for the year are $1,041,000. Actual direct materials cost had been assigned to jobs as follows.Jobs completed and sold $390,000 Jobs in finished goods inventory 83,000 Jobs in work in process inventory 55,000 Total actual direct materials cost $528,000Required:a. Determine the predetermined overhead rate.b. Write the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied.c. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold.

Answers

Answer:

a. Determine the predetermined overhead rate.

the predetermined overhead rate = total budgeted overheard costs / total budgeted direct materials used = $840,000 / $400,000 = 2.1 = 210%

b. Write the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied.

applied overhead costs = actual direct materials x overhead rate = $528,000 x 210% = $1,108,800

over applied overhead = actual overhead - standard overhead = $1,041,000 - $1,108,800 = -$67,800 favorable variance

c. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold.

Dr Manufacturing overhead 67,800

    Cr Cost of goods sold 67,800

Explanation:

budget:

overhead costs, $840,000

direct materials costs, $400,000

actual:

overhead costs, $1,041,000

direct materials costs, $528,000

LLP Company had the following stockholders’ equity as ofJanuary 1, 2017.
Common stock, $1 par value, 120,000 shares issued$120,000
Paid-in capital in excess of par—common stock833,000
Retained earnings408,000
Total stockholders’ equity$1,361,000
During 2017, the following transactions occurred.
Feb. 16LLP repurchased 5,000 shares of treasury stock at a price of $15 per share.
Mar. 8200 shares of treasury stock repurchased above were reissued at $16 per share.
Apr. 11800 shares of treasury stock repurchased above were reissued at $12 per share.
May. 82,000 shares of treasury stock repurchased above were reissued at $18 per share
Instructions:
a. Prepare the journal entries to record the treasury stock transactions in 2017, assuming Clemson uses the cost method.
b. Prepare the stockholders’ equity section as of April 30, 2017. Net income for the first 4 months of 2017 was $130,000.

Answers

Complete Question:

Clemenson LLP Company had the following stockholders’ equity as of January 1, 2017.

Common stock, $1 par value, 120,000 shares issued$120,000

Paid-in capital in excess of par—common stock 833,000

Retained earnings 408,000

Total stockholders’ equity$1,361,000

During 2017, the following transactions occurred.

Feb. 16: LLP repurchased 5,000 shares of treasury stock at a price of $15 per share.

Mar. 8: 2,000 shares of treasury stock repurchased above were reissued at $16 per share.

Apr. 11: 800 shares of treasury stock repurchased above were reissued at $12 per share.

May. 8: 2,000 shares of treasury stock repurchased above were reissued at $18 per share

Instructions:

a. Prepare the journal entries to record the treasury stock transactions in 2017, assuming Clemson uses the cost method.

b. Prepare the stockholders’ equity section as of April 30, 2017. Net income for the first 4 months of 2017 was $130,000.

Answer:

Clemson LLP Company

a. Journal Entries

Feb. 16:

Debit Treasury Stock account $75,000

Credit Cash Account $75,000

To record the repurchase of 5,000 shares of treasury stock at a price of $15 per share.

March 8:

Debit Cash Account $32,000

Credit Treasury Stock account $32,000

To record the resale of 2,000 shares of treasury stock at $16 per share.

April 11:

Debit Cash Account $9,600

Credit Treasury Stock account $9,600

To record the resale of 800 shares of treasury stock at $12 per share.

May 8:

Debit Cash Account $36,000

Credit Treasury Stock account $36,000

To record the resale of 2,000 shares of treasury stock at $18 per share.

b. Stockholders' Equity Section as of April 30, 2017:

Common stock, $1 par value, 120,000 shares issued  $120,000

Treasury Stock, 200 shares                                                 2,600

Paid-in capital in excess of par—common stock             833,000

Retained earnings                                                            538,000

Total stockholders’ equity                                           $1,493,600

Explanation:

a) Data and Calculations:

Stockholders’ equity as of January 1, 2017:

Common stock, $1 par value, 120,000 shares issued  $120,000

Paid-in capital in excess of par—common stock             833,000

Retained earnings                                                            408,000

Total stockholders’ equity                                            $1,361,000

b) Retained Earnings:

Jan. 1, 2017 balance $408,000

Net Income               $130,000

April 30, 2017 bal.    $538,000

c) Since Clemenson accounts for the Treasury Stock transactions using the cost method, it means that all treasury transactions are recorded directly in the Treasury Stock account based on their cost and not the par value.  This method of using the cost is one of the two methods for accounting for treasury stock transactions.  The other method, which Clemenson can use is the par value method.  Under this second method, Clemenson will record the above and below par value differences in the Paid-in Capital in excess of par account instead of the Treasury Stock account.  While the treasury stock account is a contra account to the Common Stock account, in Clemenson's case, the Treasury Stock balance is not a debit but a credit balance.

Company XYZ has 2 fixed price contracts for 2 different clients. The company has enough capacity for both contracts but is uncertain whether they will be profitable. Using the information below, a) calculate the activity-based costs and profits for each contract (this requires more than one step) and b) calculate the profit for each job using absorption costing, absorbing overheads using molding hours: Enter all answers in number format without commas, decimals, or dollar signs. Customer AAA BBB Component Type A999 B999 Contract Value ($) $27,000 $100,000 Contract Quantity 1,000 unit 2,000 unit Material cost/unit $15 $20 Molding time/batch 5 hours 7.5 hours Batch size 100 units 50 unitsAnnual Budgeted overheads as follows:Activity Cost Driver Cost driver CostMolding Molding hours 2,000 $150,000Inspection Batches 150 $75,000Production Mgmt Contracts 20 $125,000 Required:Calculate the activity-based costs and profits for each contract.

Answers

Answer:

The contract A yields a loss under ABC but Contract B yields a profit.

ABC Profit  contract A  $ (3000) contract B  $ 11250

Under absorption costing both contract yield profits.

Absorption Profit    contract A  $ 3250 contract B    $7500  

Management should make decisions using ABC and reject Contract A and accept Contract B.

Explanation:

Customer                         AAA               BBB

Component Type           A999                B999

Contract Value ($)       $27,000            $100,000

Contract Quantity         1,000 unit        2,000 unit

Material cost/unit              $15                        $20

Molding time/batch          5 hours            7.5 hours

Batch size                       100 units                50 units

Activity Based Rate= Cost per Unit of Cost Driver

Activity                Cost driver         Cost                 Rate

Molding                2,000              $150,000        $150,000 / 2,000 = 75

Inspection            150                   $75,000        $75,000/150 = 500

Production             20                 $125,000        $125,000/20=  6250        

Total                                             $ 350,000                                          

Cost Drivers Consumed

Activity                              A999                                      B999

Molding time/batch          5 hours* 10                    7.5 hours *40

                                            50                                   300

Batch size              1,000 unit/ 100 units          2,000 unit/50 units

                                     = 10                                      =40

ABC  Profits for Each Contract

                                         A999                                      B999

Selling Price                  $27,000                              $100,000

Materials                      15*1000                                  20 * 2000  

                                    =   15000                                   =   40,000

Molding                   50 hours *75                               300* 75

                                    3750                                       22500

Inspection             10 batches *500                       40 batches *500

                                 $ 5000                                    $ 20000

Management Contracts    $ 6250                             $ 6250

Total                            $ 30,000                               $ 88,750

Profit                            $ (3000)                                $ 11250

Overhead Rate  Absorption Costing

Total Overheads= ( 150,000 + 125,000+ 75000) = $ 350000

Annual Molding Hours = 2000

Rate= $ 350,000/2000=$ 175 per molding hour

Absorption Costing

Profit For each Contract

                                         A999                                      B999

Selling Price                  $27,000                              $100,000

Materials                      15*1000                                  20 * 2000  

                                    =   15000                                   =   40,000

Overheads                50 hours *175                           300 Hours *175

                               =  8750                                            = 52,500

Total Cost                    23750                                      92500            

Profit                             3250                                            7500        

The contract A yields a loss under ABC but Contract B yields a profit.

Under absorption costing both contract yield profits.

Management should make decisions using ABC and reject Contract A and accept Contract B.

A manufacturing division has an average of $1,800,000 invested in assets and earned income of $720,000. The division's return on investment is

Answers

Answer:

ROI = 0.4

Explanation:

To find the answer, we use the following formula:

Return on Investment = Profit / Investment

Now, we simply plug the amounts into the formula:

Return on Investment = $720,000 / $1,800,000

                                    = 0.4

Answer:

40%

Explanation:

Angie Pereira and Ferro Schwartz are employees of Free Star, Inc. In February 2019. Angie's gross pay was $6000, and Ferro's gross pay was $7400. All earnings are subject to FICA-OASDI Tax of 6.296 and FICA--Medicare Tax of 1.4596. Which of the following would be included in the entry to record the salaries expense for February?
A. a credit to Salaries Expense for 5830.80
B. a credit to FICA-OASDI Taxes Payable for $830.80
C. a debit to FICA-Medicare Taxes Payable for $830.80
D. a debit to Salaries Payable to employees for $830.80

Answers

Answer:

B. a credit to FICA-OASDI Taxes Payable for $830.80

Explanation:

Free Star, Inc. In February 2019.

Angie's gross pay was $6000,

Ferro's gross pay was $7400

Total gross pay $ 13400

FICA-OASDI Tax  6.296 %

$ 13400 * 6.2% = $ 830.80

The recording of the journal entry would require a debit to FICA tax and credit to FICA tax payable .

The FICa tax is 6.2 % which equals to $ 830.80 of the two gross pays.

All the other three options are incorrect.

The owner of a leased property conveys possession of the property to the tenant providing them with uninterrupted us of the property without interference from the owner. This is known as

Answers

Answer:

Quiet enjoyment

Explanation:

Quiet enjoyment is a clause in lease agreement that provides a guarantee that the tenant will occupy the property in peace without interference from any other claimants or the landlord.

For example this clause protects a tenant from being removed from a property by someone of higher rank or authority like an agent.

The law recognises quiet enjoyment even when it is not stated explicitly in a lease agreement. It is assumed that every tenant has a right to quiet enjoyment

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