Answer:
A. Dr Loss on Impairment $1,100,000
Cr Copyrights $1,100,000
B. Dr Amortization Expense $333,000
Cr Copyrights $333,000
C. No Entry
Explanation:
A. Preparation of the journal entry to record the impairment of the asset at December 31, 2020
Dr Loss on Impairment 1,100,000
Cr Copyrights 1,100,000
(4,430,000-3,330,000)
(To record impairment of the asset )
Carrying amount 4,430,000
Fair value 3,330,000
Loss on impairment $1,100,000
B. Preparation of the journal entry to record amortization expense for 2021 related to the copyrights.
Dr Amortization Expense $333,000
Cr Copyrights $333,000
(3,330,000÷10 years)
(To record amortization expense)
New carrying amount 3,330,000
Useful life ÷ 10 years
Amortization per year $333,000
C.Preparation of the journal entry necessary to record the increase in fair value
No Entry
Discovering the process of distribution of commonly used items is quite interesting and opens eyes to several new processes and careers! Your group will be in charge of dissecting the process of distribution related to any of the following items:
*Televisions
*Milk in Cartons
*Laundry Detergent
*Refrigerators
*Lumber
*Pineapples
*Video Games
*Watches
*Coffee
*Shoes
*Football Helmets
*Pencils
Narrow your research by selecting a brand or company that manufactures or distributes one of the products listed above. For example, not all shoes come from the same country, manufacturer, distributor, or are distributed alike. Select a brand of shoes you are familiar with and begin the search. The goal is to trace the process from production to consumer.
Good Night, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $51,000, $28,000, and $33,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $48,000, $35,000, and $29,000, respectively. Direct materials purchases were $555,000. Direct labor was $252,000 for the year. Factory overhead was $176,000. Prepare a cost of goods sold budget for Good Night, Inc.
Answer:
Good Night, Inc.
Cost of goods sold budget
Beginning Finished Goods Inventory $51,000
Add Cost of Goods Manufactured $980,000
Less Ending Finished Goods Inventory ($48,000)
Cost of goods sold $947,000
Explanation:
Step 1 : Determine the Direct Materials used in Production
Beginning Materials Inventory $33,000
Add Material Purchases $555,000
Less Ending Materials Inventory ($29,000)
Direct Materials used in Production $559,000
Step 2 : Determine the Cost of Goods Manufactured
Beginning Work In Process Inventory $28,000
Add Manufacturing Costs :
Direct Materials used $559,000
Direct labor $252,000
Factory overhead $176,000 $987,000
Less Ending Work In Process Inventory ($35,000)
Cost of Goods Manufactured $980,000
Step 3 : Prepare the Cost of goods sold budget
Beginning Finished Goods Inventory $51,000
Add Cost of Goods Manufactured $980,000
Less Ending Finished Goods Inventory ($48,000)
Cost of goods sold $947,000
How would I put the reason I left my job simply and professionally if this was the reason: I left my job due to my drivers ed schedule interfering with my work schedule, I was also not able to get to and from work since my dad couldn't take me there all the time.
Rare earth metals are used in the production of many of the personal electronic devices you use every day. Suppose there is an unexpected decrease in the price of rare earth metals. a. The decrease in price of rare earth metals will lead to negative cost-push inflation. demand-pull inflation. an increase in expected inflation. negative demand-pull inflation. b. Illustrate the effect of the decrease in the price of rare earth metals by making the appropriate adjustments to the Phillips curve.
Answer:
a. negative cost-push inflation
b. Phillips Curve will shift right
Explanation:
a. Cost push inflation occurs when the costs of inputs such as wages and material costs increases. This leads to an increase in prices because producers will have to increase prices to make a profit.
In this scenario, material prices dropped instead of increasing. A negative cost-push inflation will therefore happen.
b. This will lead to a shift right in the Phillips curve to reflect that inflation has fallen. It will increase the output gap between Potential and Actual GDP because a lower inflation means more unemployment which means the economy is shrinking.
The black dot will shift right to (0, -2)
Income statement under absorption costing and variable costing
The following information applies to the questions displayed below.
Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 42,000 units and sold 34,000 units at a price of $140 per unit.
Manufacturing costs
Direct materials per unit $60
Direct labor per unit $22
Variable overhead per unit $8
Fixed overhead for the year $504,000
Selling and administrative costs
Variable selling and administrative cost per unit $12
Fixed selling and administrative cost per year $115,000
1a. Assume the company uses absorption costing. Determine its product cost per unit.
1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing.
2a. Assume the company uses variable costing. Determine its product cost per unit.
2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing.
Answer:
Results are below.
Explanation:
The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead).
1)
First, we need to calculate the unitary fixed manufacturing overhead:
Fixed unitary manufacturing overhead= 504,000 / 42,000= $12
Now, the unitary production cost under the absorption costing method:
Unitary production cost= 60 + 22 + 8 + 12= $102
Finally, the income statement:
Sales= 34,000*140= 4,760,000
COGS= 34,000*102= (3,468,000)
Gross profit= 1,292,000
Total selling and administrative cost= 115,000 + 34,000*12= (523,000)
Net operating income= 769,000
2)
Unitary production cost= 60 + 22 + 8= $90
Now, the income statement:
Sales= 4,760,000
Total variable cost= (90 + 12)*34,000= (3,468,000)
Total contribution margin= 1,292,000
Total fixed overhead= (504,000)
Total selling and administrative cost= (115,000)
Net operating income= 673,000
Sales $ 79,000 $ 65,000 $ 61,000 $ 57,000 $ 50,000 Cost of goods sold 75,900 50,100 49,800 40,200 30,000 Dollar amounts stated are in thousands. a. Compute trend percentages for the above items taken from the financial statements of Lopez Plumbing over a five-year period. Treat 2017 as the base year. b. State whether the trends are favorable or unfavorable.
Answer:
This is a two part question and the answer is given in two separate headings.
Explanation:
Trend Percentages
Year 2021 2020 2019 2018
Sales* 58% 30% 22% 14%
Cost of Goods Sold** 153% 67% 66% 34%
*Sales is calculated by dividing the difference (between current Sales and Base Sales Year) by the Base Sale Year 2017 * 100. Example for 2018 the percentage is 14% [(57,000 - 50,000) / 50,000 * 100]. The same way other years have been calculated.
**Cost of Goods Sold has been calculated by dividing the difference (between current Cost of Goods Sold and Base Year Cost of Goods Sold) by the Base Year Cost of Goods Sold 2017 * 100. Example for 2018 the percentage is 14% [(40,200 - 30,000) / 30,000 * 100]. The same way other years have been calculated.
Trends Favourable or Unfavourable
It is noted that the trend is unfavourable for the five-year period. This is because the sales have been increasing but in comparison to the Cost of Goods Sold the rise is fairly slow. As shown in the above table where sales have increased by only 58% since its inception. However, the Cost of Goods Sold has increased rapidly and by the last trending year the rise in comparison to the base year 2017 was by 153%.
Alejandro, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2016. January 1, 2019 December 31, 2019 Fair value of pension plan assets $4,200,000 $4,500,000 Projected benefit obligation 4,800,000 5,160,000 Accumulated benefit obligation 840,000 1,020,000 Accumulated OCI – (Gains / Losses) -0- (90,000) The service cost component of pension expense for 2016 is $450,000 and the amortization of prior service cost due to an increase in benefits is $60,000. The settlement rate is 10% and the expected rate of return is 10%. What is the amount of pension expense for 2016?
Answer: $570,000
Explanation:
The amount of pension expense for 2016 is calculated below:
Service cost = $450,000
Add: Interest on projected benefit obligations = 10% × 4,800,000 = $480,000
Less: Expected return on plan assets = 10% × $4,200,000 = $420,000
Add: Amortization of prior service cost = $60,000
Pension expense = $570,000
Childress Company produces three products, K1, S5, and G9. Each product uses the same type of direct material. K1 uses 4.9 pounds of the material, S5 uses 2.4 pounds of the material, and G9 uses 5.4 pounds of the material. Demand for all products is strong, but only 58,400 pounds of material are available. Information about the selling price per unit and variable cost per unit of each product follows. K1 S5 G91 Selling price $ 167.40 $ 99.28 $ 210.02 Variable costs 89.00 76.00 149.00 Calculate the contribution margin per pound for each of the three products. Orders for which product should be produced and filled first, then second, and then third
Answer:
Childress Company
Orders for K1 should be filled first.
Orders for G9 should be filled second.
Orders for S5 should be filled third.
Explanation:
a) Data and Calculations:
K1 S5 G9
Direct materials per unit (pounds) 4.9 2.4 5.4
Materials available for production = 58,400
Selling price $ 167.40 $ 99.28 $ 210.02
Variable costs 89.00 76.00 149.00
Contribution margin per unit $ 78.40 $ 23.28 $ 61.02
Contribution margin per pound $16 $9.70 $11.30
Orders for K1 should be filled first
Orders for G9 should be filled second
Orders for S5 should be filled third.
b) This order filling sequence will maximize the contribution margin per pound, ensuring the highest efficient use of the limited materials available for production.
"Using the given information, determine the cost of one no rechargeable alkaline battery; and compare with the cost of one rechargeable NiCad battery. *Assumption: The cost of the electricity to recharge the NiCad is negligible (about $0.01). NiCad batteries can be recharged (reused) 100 times. A 4 pack of AA NiCad rechargeable batteries cost $10.80. A 4 pack of AA alkaline non rechargeable batteries cost $3.69. Over the life of the battery, which battery is most cost effective? Group of answer choices The NiCad AA rechargeable battery The AA alkaline non rechargeable battery Both batteries cost are the same Batteries are independent of chemical composition and therefore does not impact consumer cost structures"
Answer:
Over the life of the battery, the battery that is most cost-effective is:
The AA alkaline non rechargeable battery.
Explanation:
a) Data and Calculations:
Number of times that NiCad batteries can be recharged (reused) = 100 times
Cost of a 4 pack of AA NiCad rechargeable batteries = $10.80
Recharging cost = $1 ($0.01 * 100)
Total cost of AA NiCad rechargeable batteries = $11.80
Cost per use = $0.12 ($11.80/100)
Cost of a 4 pack of AA alkaline non rechargeable batteries = $3.69
Cost per use of AA alkaline non rechargeable batteries = $0.04 ($3.69/100)
b) The comparison and the resulting conclusions are based on the assumption that the non rechargeable and the rechargeable batteries enjoy equal useful life. Therefore, the AA alkaline non rechargeable batteries are also used 100 times.
Batteries are a group of cells that are used in devices so it works as an electric power supply. Batteries can be rechargeable or non-rechargeable.
The correct answer is:
Option B. The AA alkaline non-rechargeable battery.
This can be explained as:
NiCad batteries can be reused = 100 timesPrice of four-pack of AA NiCad batteries = $10.80Recharging value = [tex]\$1 (\$0.01 \times 100)[/tex]The complete price of AA NiCad batteries = $11.80Cost per use for rechargeable batteries = [tex]\$0.12 \; (\dfrac{\$11.80}{100}) = 0.0141[/tex]Price of four packs of AA alkaline non-rechargeable = $3.69Value per use of non-rechargeable batteries = [tex]\$0.04 \; (\dfrac{\$3.69}{100}) = 0.0014[/tex]Therefore, based on the comparison and consequences the AA alkaline non-rechargeable batteries are also utilised many times.
To learn more about non-rechargeable and rechargeable batteries follow the link:
https://brainly.com/question/817968
What is a loan forgiveness program? "
Answer:
Loan forgiveness is a program in which student loans are all or partly written down, as long as a candidate fulfills certain requirements. In nations where students must finance their education with student loans, loan forgiveness programs are designed to help make college more accessible for people who are willing to do a little bit of extra work.
user add controls to a form
Answer: meeeeep
Explanation:
Manoel
Logistics is concerned Multiple Choice with flows of materials, finished products, and information. only with the flow of information, not the flow of materials and products. with the flow of materials to the manufacturer and with the flow of finished products to the consumer, but not with the flow of information. only with the flow of finished goods from the producer to the final consumer.
Answer:
Option A
Explanation:
Logistics is concerned with the flow of goods (raw material and finished products) to the consumer and the producer.
However, the entire process of logistics involve Flow of physical items as well as abstract items inclusive of time, information, particles, and energy
Hence, option A is correct
As of December 31, 2020, Gill Co. reported accounts receivable of $233,000 and an allowance for uncollectible accounts of $8,900. During 2021, accounts receivable increased by $22,900, (that change includes $7,350 of bad debts that were written off). An analysis of Gill Co.'s December 31, 2021, accounts receivable suggests that the allowance for uncollectible accounts should be 4% of accounts receivable. Bad debt expense for 2021 would be:
Answer:
$8,686
Explanation:
Calculation to determine what the Bad debt expense for 2021 would be
First step is to calculate the Estimated bad debts
Estimated bad debts=
($233,000+$22,900)*4%
Estimated bad debts=$10,236
Second step is to calculate the Allowance
Allowance=$8,900-$7,350
Allowance$1,550
Now let calculate the Bad debts expense
Bad debts expense=$10,236-$1,550
Bad debts expense=$8,686
Therefore the Bad debt expense for 2021 would be $8,686
The following totals for the month of April were taken from the payroll records of Kingbird Company. Salaries $144000 FICA taxes withheld 11020 Income taxes withheld 30000 Medical insurance deductions 5400 Federal unemployment taxes 380 State unemployment taxes 2590 The journal entry to record the monthly payroll on April 30 would include a debit to Salaries and Wages Expense for $144000. debit to Salaries and Wages Expense for $97580. credit to Salaries and Wages Payable for $144000. debit to Salaries and Wages Payable for $144000.
Answer:
debit to Salaries and Wages Expense for $144000
Explanation:
Based on the information given we were told that the company salaries was the amount of $144,000 which means that The journal entry to record the monthly payroll on April 30 would include :
April 30
Debit to Salaries for $144,000
Credit Wages Expense for $144000
(To record monthly payroll)
Gourmet Aroma Coffee House has an exclusive contract with Columbia exporters. Two brands of gourmet coffee are imported, Morning Thunder (MT) and Evening Tender (ET). The following data are provided for the current fiscal year: Budgeted Operating Results MT ET MT ET Price per pound $ 40 $ 60 $ 50 $ 56 Variable cost per pound 20 36 24 40 Sales (in pounds) 4,000 4,000 3,960 5,040 The total market was estimated to be 80,000 pounds at the time of budget. The actual total market for the year is 75,000 pounds. What is the total contribution margin sales volume variance
Answer:
$24,160 favorable
Explanation:
The computation of the total contribution margin sales volume variance is given below:
The Budgeted contribution margin per pound of MT is
= $40 - $20
= $20 per pound
Now the budgeted contribution margin per pound of ET is
= $60 - $30
= $24 per pound
MT's contribution margin sales volume variance is
= (Actual sales quantity - Budgeted sales quantity) × Budgeted contribution margin per pound
= (3960 - 4000) × $20
= $800 Unfavorable
ET's contribution margin sales volume variance is
= (Actual sales quantity - Budgeted sales quantity) × Budgeted contribution margin per pound
= (5,040 - 4000) × $24
= $24,960 favorable
Now the total contribution margin sales volume is
= $800 unfavorable + $24,960 favorable
= $24,160 favorable
Although ZipCar has some routine operating tasks, its rules and regulations are, for the most part, not strict. ZipCar's decision making does not follow a strict chain of command, and first-line customer service agents have the authority to make decisions without management approval. This information primarily indicates that ZipCar lacks ________. a organizational culture b cross-functional teams c bureaucratic characteristics d cost controls e strategic alliances
Answer: bureaucratic characteristics
Explanation:
From the information given, we can say that ZipCar lacks bureaucratic characteristics. A bureaucratic organization is an organization with several layers of systems and processes and this brings about complexity and delay in decision making as it is hierarchical.
Since ZipCar's decision making does not follow a strict chain of command, and the first-line customer service agents have the authority to make decisions without management approval, this shows that the organization lacks bureaucratic characteristics.
Select the examples that best demonstrate likely tasks for Health, Safety, and Environmental Management workers. Check all that apply.
Donovan inspects facilities, and enforces laws and regulations.
April drives a train safely and carefully.
Chuck collects samples of materials for analysis.
Leif repairs broken equipment in a factory.
Elise takes orders, and sells products to customers.
Shayla teaches others how to use equipment safely
Answer:
It is Donovan, Chuck, and Shayla. Or 1, 3, and 6. Or A, C, and F.
Explanation:
I just did the instruction on edge. Good luck finishing this year up :)
Answer:
136 is correct!
Explanation:
credits to the other person
DeShawn wants to fill out a financial application For post secondary education. What personal Information does DeShawn Most likely need to fill Out the application?
His income
His childhood address
His extracurricular activities
His grade point average in high school.
Answer:his income
Explanation:
His income should be need to fill out the application.
The following information should be considered:
Since the person wants to fill out the financial application. So here only his income needs to fill so that his earning capacity should be known. The address, extracurricular activities, and the grade point should not be relevant in the given situation.Therefore we can conclude that His income should be need to fill out the application.
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the burning of candle stick is a good example of ____change .(a) temporary (b) permanent (c) conditionally
Answer:
Explanation:
Option A temporary is the correct answer
7. The price of a movie ticket goes from $7.00 to $8.50. What should happen to the demand for these tickets?
Answer: The price increses
Explanation: Goes t0 7.00 to 8.50 increses a 1.50
The demand has went up
Suppose you started a new all-equity financed company that is expected to generate an ROE of 15% indefinitely. The current book value per share equals $30. The required return on the stock equals 12% and you expect to grow at a constant rate of 5% forever. What is the value of the stock of the startup company
Answer:
The value of the stock at start-up = $67.5
Explanation:
According to the dividend valuation model , the current price of a stock is the present value of the expected future dividends discounted at the required rate of return
This principle can be applied as follows:
The value of stock today is the present value of the future return discounted at the required rate of return
The return can be computed as the ROE × Book value of share
Return = 15%× 30 =4.5
Price of stock today = D× (1+g)/r-g
D= current return, g- growth rate, r-required rate of return
DATA: D= 4.5, g= 5%, r= 12%
PV = 4.5× (1.05)/(0.12-0.05)
= 67.5
The value of the stock at start-up = $67.5
Definition of businnes
Answer:
a person's regular occupation, profession, or trade.
or
the practice of making one's living by engaging in commerce.
Explanation:
The capital budgeting committee of the Caldwell Pipe Corporation is evaluating the possibility of replacing its old pipe-bending machine with a more advanced model. Information on the existing machine and the new model follows: Existing machine New machine Original cost $200,000 $400,000 Market value now 80,000 Market value in year 5 0 20,000 Annual cash operating costs 40,000 10,000 Remaining life 5 yrs 5 yrs Refer to Caldwell Pipe Corporation. If the company buys the new machine and disposes of the existing machine, corporate profit over the five-year life of the new machine will be ________ than the profit that would have been generated had the existing machine been retained for five years.
Answer:
Caldwell Pipe Corporation
If the company buys the new machine and disposes of the existing machine, corporate profit over the five-year life of the new machine will be ___$150,000_____ than the profit that would have been generated had the existing machine been retained for five years.
Explanation:
a) Data and Calculations:
Existing machine New machine
Original cost $200,000 $400,000
Market value now 80,000
Market value in year 5 0 20,000
Annual cash operating costs 40,000 10,000
Remaining life 5 yrs 5 yrs
Total cash operating costs $200,000 $50,000
Difference between the annual cash operating costs = $150,000 ($200,000 - $50,000)
b) Corporate profit is based on the difference between the net revenue and the cost of operations. With the old machine, the total cash operating costs after 5 years will be $200,000 ($40,000 * 5). On the other hand, with the new machine, the total cash operating costs after 5 years will be $50,000 ($10,000 * 5). This makes an operating cost difference of $150,000 ($200,000 - $50,000).
Differential Chemical produced 14,000 gallons of Preon and 28,000 gallons of Paron. Joint costs incurred in producing the two products totaled $7,800. At the split-off point, Preon has a market value of $6.00 per gallon and Paron $2.00 per gallon. Compute the portion of the joint costs to be allocated to Preon if the value basis is used.Multiple Choice$1,560.$5,845.$2,600.$4,680.$3,120.
Answer: $4680
Explanation:
The joint cost allocated to Preon will be calculated below as:
Preon's value will be:
= 14000 × $6.00
= $84000
Paron's value will be:
= 28000 × $2.00
= $56000
Total value = Preon's value + Paron's value
= $84000 + $56000
= $140000
The joint cost allocated to Preon will be
= 7800 × 84000/140000
= $4680
24. The following information is available for Geek Manufacturing Company. -- Direct materials price standard is $4.50 per pound. -- Direct materials quantity standard is seven pounds per finished unit. -- Budgeted production is 25,000 finished units. -- 200,000 pounds of direct materials were purchased for $925,000. -- 200,000 pounds of direct materials were used in production. -- 25,600 finished units of product were produced. What is the direct materials price variance
Answer:
Material price variance = $25,000 Unfavorable
Explanation:
A material price variance occurs where materials are purchased at a price either lower or higher than the standard price. A favorable variance is recorded where the actual total cost of materials is lower that the standard cost. While an adverse variance implies the opposite
$
200,000 pounds should have cost (200,000× $4.50)= 900,000
but did cost 925,000
Material price variance 25,000Unfavorable
Material price variance = $25,000 Unfavorable
Which of the following is the index used to measure changes in gross domestic product?
A) implicit GDP price deflator
B) producer price index (PPI)
C) wage-price spiral
D) consumer price index (CPI)
Answer:
implicit GDP price deflator.
Direct materials purchases are estimated to be $300,000, $360,000 and $450,000 for June, July, and August, respectively. Cash payments are paid such that 60% are paid in the month incurred and 40% are paid in the following month. What are the budgeted cash payments for July and August, respectively
Answer:
$336,000 and $414,000
Explanation:
The computation of the budgeted cash payments for July and August is shown below:
For July month
= 60% of $360,000 (July) = $216,000
And,
= 40% of $300,000(June)
= $120,000
Total = $336,000
For August
= 60% of $450,000(Aug)
= $270,000
And,
= 40% of $360,000(July)
= $144,000
Total = $414,000
what is the importance of Business Development Services?
Answer:
Business development services are important because they can assist entrepreneurs to run their business more effectively and, if appropriately applied, can act as an enhancer of access to finance and as an alternative form of “collateral” in circumstances where tangible collateral may be an impediment to meeting .
What leads to excess demand?
A. More people want a good or service than producers can supply.
B. Prices for a good or service increase more than consumers are willing
to pay.
C. Sellers decrease the prices of their goods or services.
D. The supply of a good or service is equal to the amount consumers want.
Planning goals is a large part of self-management.
Please select the best answer from the choices provided
OT
OF
Answer:
True.
Explanation:
Planning can be defined as the process of developing individual or organizational aims, goals and objectives and translating them into action plans or courses of action.
Goals generally refers to the outcome statements that describe what an individual is hoping to achieve (accomplish), where he or she hopes to be in the nearest future, and the purpose for an action plan.
Planning goals is a large part of self-management because it sets the direction an individual should follow to achieve his or her objectives, mission or plans.