Answer:
Option D) All of these choices would increase involvement.
Explanation:
Corporate governance
This is simply defined as ways used to manage the relationship among stakeholders and to show and control the strategic direction and the firms or organization's performance.
In the United States and some other countries, the primary goal of a firm or organizations is to maximize profits so as to provide a financial gain to its shareholders. Lack of effort and insight can reduce the output generated by firms.
The fact that the directors has no share in the company may be one reason why they are not putting their maximum effort. By giving them little shares in the company, they would put great effort into work so that they can yield more profit. An appraisal will also help them to put effort into work since they are being monitored. And lastly, having a leader can help lead the others into the right direction and focus on meeting goals and objectives of the firm.
Liu Inc. is considering whether to continue to make a component or to buy it from an outside supplier. The company uses 14,000 of the components each year. The unit product cost of the component according to the company's cost accounting system is given as follows:
Assume that direct labor is a variable cost. Of the fixed manufacturing overhead, 40% is avoidable if the components were bought from the outside supplier. In addition, making one component uses 1 minute on the machine that is the company's current constraint. If the components were bought, this machine time would be freed up for use on another product that requires 2 minutes on the constraining machine and that has a contribution margin of $5.00 per unit.
When deciding whether to make or buy the component, what cost of making the component should be compared to the price of buying the component?
a. $24.05.
b. $21.25.
c. $18.53.
d. $21.33.
Answer:
Liu Inc.
In deciding whether to make or buy the component, the cost of making the component that should be compared to the price of buying it is:
= $21.71.
Explanation:
a) Data and Calculations:
Make Buy
Units of components required 14,000 14,000
Direct materials $9.60
Direct labor 6.70
Variable manufacturing overhead 1.55
Fixed manufacturing overhead 3.40
Unit product cost $21.25
Unavoidable fixed overhead (2.04) ($3.40 * 1 - 0.4)
Opportunity cost per unit 2.50 ($5.00/2)
Total avoidable cost per unit $21.71
Direct materials $9.60
Direct labor 6.70
Variable manufacturing overhead 1.55
Avoidable Fixed manufacturing overhead 1.36
Unit product cost $19.21
Opportunity cost per unit 2.50 ($5.00/2)
Total avoidable cost per unit $21.71
Selected accounts with some amounts omitted are as follows: Work in Process Oct. 1 Balance 24,500 Oct. 31 Goods finished X 31 Direct materials 91,700 31 Direct labor 186,600 31 Factory overhead X Finished Goods Oct. 1 Balance 14,600 31 Goods finished 343,900 If the balance of Work in Process on October 31 is $210,600, what was the amount of factory overhead applied in October?
Answer:
See below
Explanation:
Given the above, we will use the below to get the factory overhead
Ending finished goods = Opening balance + Direct materials + Direct labor + Factory overhead - Goods finished during the month
Fixing the values, we will have
= $14,600 + $91,700 + $186,600 + Factory overhead -
1. When the quantity supplied cannot be increased, regardless of what the price may be, it is called
Operfect inelastic supply
O elasticity of price
O inelastic supply
O elastic supply
When the quantity supplied cannot be increased, regardless of what the price may be, it is called perfect inelastic supply. Thus the correct option is A.
What is Supply?Supply is referred to as making the availability of the demanded object in the market. This can be goods, commodities, or currencies as well. If the supply of demanded goods is not fulfilled it reflects scarcity.
Quantity supplied remains static regardless of price changes, which is referred to as perfectly inelastic supply. it is a circumstance in which businesses are only capable of providing a fixed number and are therefore unable to increase or decrease the amount regardless of price changes.
Therefore, option A is appropriate.
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Do you think it is right for government to raise taxes to cut the deficit? Discuss why you choose the answer that you have chosen and also discuss other measures government can use to eliminate the deficit.
Answer:
It is right
A deficit occurs when government spending exceeds its revenue. The goal when there is a deficit is to increase revenue. One wat of doing this is to increase taxes. Increasing taxes would increase the income that accrues to the government.
Another measure of eliminating deficit is to reduce the spending by the government. Reducing government spending would reduce the amount of deficit
Explanation:
A tax is a compulsory sum levied by the government on certain goods and services
A company uses a legacy on-premises analytics application that operates on gigabytes of .csv files and represents months of data. The legacy application cannot handle the growing size of .csv files. New .csv files are added daily from various data sources to a central on-premises storage location. The company wants to continue to support the legacy application while users learn AWS analytics services. To achieve this, a solutions architect wants to maintain two synchronized copies of all the .csv files on-premises and in Amazon S3.
Which solution should the solutions architect recommend?
A. Deploy AWS DataSync on-premises. Configure DataSync to continuously replicate the .csv files between the company’s on-premises storage and the company’s S3 bucket.
B. Deploy an on-premises file gateway. Configure data sources to write the .csv files to the file gateway. Point the legacy analytics application to the file gateway. The file gateway should replicate the .csv files to Amazon S3.
C. Deploy an on-premises volume gateway. Configure data sources to write the .csv files to the volume gateway. Point the legacy analytics application to the volume gateway. The volume gateway should replicate data to Amazon S3.
D. Deploy AWS DataSync on-premises. Configure DataSync to continuously replicate the .csv files between on-premises and Amazon Elastic File System (Amazon EFS). Enable replication from Amazon EFS to the company’s S3 bucket.
Answer:
The only way the company can achieve this, a solutions architect that will maintain two synchronized copies of all the .csv files on-premises and in Amazon S3 would be through:
C. Deploy an on-premises volume gateway. Configure data sources to write the .csv files to the volume gateway. Point the legacy analytics application to the volume gateway. The volume gateway should replicate data to Amazon S3.
Explanation:
he following standards for variable manufacturing overhead have been established for a company that makes only one product: Standard hours per unit of output 8.2 hours Standard variable overhead rate $14.60 per hour The following data pertain to operations for the last month: Actual hours 2,875 hours Actual total variable manufacturing overhead cost $42,715 Actual output 150 units What is the variable overhead efficiency variance for the month
Answer:
See below
Explanation:
Firstly, we will calculate the standard hour
Standard hours = (Standard hours per unit × Actual output
= 8.2 × 150
= 1,230
Variable overhead efficiency variance
= Standard rate × ( Actual hours - Standard hours)
= $14.6 × (2,875 - 1,230)
= $14.6 × 1,645
= $24,017 U
Porter Co. is analyzing two potential investments. Project XProject Y Cost of machine$68,000 $60,000 Net cash flow: Year 1 24,000 4,000 Year 2 24,000 26,000 Year 3 24,000 26,000 Year 4 0 20,000 If the company is using the payback period method and it requires a payback of three years or less, which project(s) should be selected
Answer:
project x
Explanation:
2.8
Why do you think most of the careers in finance or business require a four-year college degree?
Answer: Because they are hard and you definitely need something to show them that you know what you are doing especially in finance bc you are managing people’s money and could go to jail if you don't know the codes and laws and you could really hurt someone financially
Explanation:
In the Shaping Department of Sheridan Company the unit materials cost is $6.00 and the unit conversion cost is $3.00. The department transferred out 41000 units and had 5400 units in ending work in process 25% complete. If all materials are added at the beginning of the process, the total cost to be assigned to the ending work in process is
Answer:
$36,450
Explanation:
Calculating cost assigned to ending work in process:
Particulars Amount
Material (5,400 units*$6) $32,400
Conversion cost (5,400*25%*$3) $4,050
Total cost of ending work in process $36,450
Congressman Brown supports pre-existing conditions protections introduced by the Affordable Care Act. These protections force insurers to cover health problems arising from pre-existing conditions, and forbid them from charging people with such health conditions higher prices for insurance. However he opposes the subsidies since they are too costly for the government. He supports repealing the ACA and re- introducing pre-existing condition protection using new legislation. What do you think might happen if he was successful?
Answer:
Health insurance providers can't deny benefits or bill extra for pre-existing illnesses underneath the Affordable Care Act. If you have a pre-existing disability, you will also purchase life insurance from certain providers, but your premiums will be greater and your disability payments will be smaller.
If he is good, the exemption for policies will be eliminated, as well as the extra amount that insurers may have been entitled to charge from policyholders. This might be very useful to both the government and the policyholders.
5. On the job, Candice coordinates the work of a small group
of people and acts as a catalyst. Her job title is most likely
a. vice president.
b. middle manager.
c. general manager.
d. team leader.
The correct option d. team leader, best describe the role of Candice who coordinates the small group of people.
Define the roles of term team leader and its roles?An professional who directs, teaches, and guides a team of individuals who work as a team is known as a team leader.
This definition states that a team leader must be able to effectively communicate, supervise the work of many others, and resolve any issues that may develop throughout a project. The team leader must ensure that all team members receive the essential information, remove barriers to production, inspire team members, and offer support to the group in order to fulfill their many crucial duties. The job description of a team leader outlines how the leader aids team members in achieving their objectives and adding to the expansion of a business. Team leaders encourage open and productive communication within their workplace and serve as an example to others.To know more about the team leader, here
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Traditions Home Accessories Company manufactures decorative lamps using an activity-based costing system to allocate all manufacturing conversion costs. The following information is provided for the month of June: Activity Estimated Indirect Activity Costs Allocation Base Estimated Quantity of Allocation Base Materials handling $3,000 Number of parts 6,000 parts Assembling $7,200 Number of hours 3,000 hours Packaging $4,000 Number of lamps 2,000 lamps Four lamps can be assembled in 1 hour. Each lamp consists of 9 parts. The total direct materials cost per lamp is $8.00. What is the total manufacturing cost per lamp
Answer:
$15.10 per lamp
Explanation:
Cost per part of Material handling = $3000/6000 parts
Cost per part of Material handling = $0.50 per part
Assembling per hour = $7200/3000
Assembling per hour = $2.40 per hour
Packaging per lamp = $4000/2000
Packaging per lamp = $2 per lamp
Total manufacturing cost per Lamp = $8 + (9*$0.50) + ($2.40/4) + $2
Total manufacturing cost per Lamp = $8 + $4.5 + $0.6 + $2
Total manufacturing cost per Lamp = $15.10 per lamp
Which of following is true about percentages
what are 3 important parts of budgets that you need to know each month
You are provided two problem statements below (Homework Problem 1). For each, provide a score on a scale of 1 to 10 with 10 being best. Provide justification for each score that you gave.
Example Problem Statements
We want to improve employee performance in the Human Resources (HR) department.
We want to improve sales revenue by 10%
To provide a score on a scale of 1 to 10 on the problem statements, as per the examples, we can score as follows:
Improve the performance of HR employees, score 9, as this is a problem that affects the entire organizational system.Improve sales revenue by 10%, grade 7, as sales revenue can be improved in the period according to commemorative dates.What are organizational problem statements?They correspond to an analysis of the organizational environment to understand what are the greatest needs for improvement, control and revision, to eliminate production bottlenecks, lack of integration and organizational flow.
Therefore, the problem statements in an organization help in managing more aligned to the reality of the company, such as its resources, monitoring and review of the processes that are responsible for making the company successful and positioned in the market.
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What is a BFOQ? Should BFOQs be allowed?
Answer:
In employment law, a bona fide occupational qualification (BFOQ) (US) or bona fide occupational requirement (BFOR) (Canada) or genuine occupational qualification (GOQ) (UK) is a quality or an attribute that employers are allowed to consider when making decisions on the hiring and retention of employees—a quality that when considered in other contexts would constitute discrimination and thus be in violation of civil rights employment law. Such qualifications must be listed in the employment offering.[citation needed]
Explanation:
Canada
The law of Canada regarding bona fide occupational requirements was considered in a 1985 Canadian court case involving an employee of the Canadian National Railway, K. S. Bhinder, a Sikh whose religion required that he wear a turban, lost his challenge of the CNR policy that required him to wear a hard hat.[1] In 1990, in deciding another case, the Supreme Court of Canada amended the Bhinder decision: "An employer that has not adopted a policy with respect to accommodation and cannot otherwise satisfy the trier of fact that individual accommodation would result in undue hardship will be required to justify his conduct with respect to the individual complainant. Even then the employer can invoke the BFOQ defence."[2]
United States
In employment discrimination law in the United States, both Title VII of the Civil Rights Act of 1964 and the Age Discrimination in Employment Act contain a BFOQ defense. The BFOQ provision of Title VII provides that:
[I]t shall not be an unlawful employment practice for an employer to hire and employ employees, for an employment agency to classify, or refer for employment any individual, for a labor organization to classify its membership or to classify or refer for employment any individual, or for an employer, labor organization, or joint labor-management committee controlling apprenticeship or other training or retraining programs to admit or employ any individual in any such program, on the basis of his religion, sex, or national origin in those certain instances where religion, sex, or national origin is a bona fide occupational qualification reasonably necessary to the normal operation of that particular business or enterprise ...[3]
i'm not able to add the balance of the answer so pls go to https://en.wikipedia.org/wiki/Bona_fide_occupational_qualification
Black Lilies is a fledgling apparel company which is run and managed by its creator Patricia. She has advertised for an accounting executive to manage the finances of the firm. Which of the following, if true, would result in a complementary fit having occurred for the post?
a. Patricia is well-versed in accounting and will manage the firm's finances jointly with the new employee.
b. There is already a dedicated finance team in the firm who would work with the new employee.
c. The existing accounting executive is planning to quit to take up a better opportunity.
d. Patricia lacks the requisite skills to manage the company's accounts,hence the opening.
Answer:
d. Patricia lacks the requisite skills to manage the company's accounts,hence the opening.
Explanation:
Businesses require various set of skills from their employees to function properly and make a profit.
Also duplication of these skills should be avoided to maximise profit.
In the given scenario if Patricia were well versed in accounting them it would be a duplication of duties employing an accountant.
It would be a complimentary fit if Patricia lacks the requisite skills to manage the company's accounts,hence the opening.
As a manger, it is important to determine what is driving the success of a project or product. What factors could lead to failure, what situations would be detrimental, what kind of loss is expected.
a. True
b. False
Answer:
True
Explanation:
A project manager has the responsibility of completing the project on time and deliver the project with due diligence. Hence, he/she is required to determine all the factors hindering the timely completion of project or affecting the qualitative delivery. Thus, a manger will study about factors that could affect the project both positively and negatively.
Unsecured loans are based on ____________.
Unsecured loans are based on the borrower's creditworthiness and financial stability.
Unsecured loans are loans that are not backed by collateral, such as a house or car. Because the lender does not have any collateral to seize if the borrower defaults on the loan, they must rely on the borrower's creditworthiness and financial stability to determine whether to approve the loan and what terms to offer.
To assess a borrower's creditworthiness and financial stability, the lender may consider factors such as the borrower's credit score, income, employment history, and debts. They may also review the borrower's credit report, which provides detailed information about their credit history and financial behavior. Based on this information, the lender will decide whether to approve the loan and, if so, what terms to offer. This may include the interest rate, loan amount, and repayment period.
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5. When are government intervention or government regulations beneficial to consumers?
O when they impose regulations on businesses that limit profits
O when they limit consumer choices by regulating goods sold by private firms
O when they limit the number of businesses permitted to open and sell goods to consumers
O when they impose safety regulations that determine how bicycle helmets are manufactured
They impose regulations on businesses that limit profits as the government intervention or government regulations beneficial to consumers. Thus, option (a) is correct.
What is government?The term “government” refers to the legal authority of the country. The government manages to control, command, and handle the country. The government's first priority is to ensure citizens are safe in the country.
According to the rule of the government was the based on the share the profit to the government as per the taxes. The business was the developed to pay the tax to the government to the set as limit of the profit.
As a result, the regulation as the limit of the profit as the set. Therefore, option (a) is correct.
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All of the following are part of an accounting system except:
Answer:
C
Explanation:
its either c or a , the question is not worded right on canvas
The current pandemic revealed gaps in Occupational health and wellness programs. Researchers found that a healthy workforce is a productive workforce. There are a number of workplace stressors that lead to employee stress and strain; therefore, it is important that organizations take steps to ensure work life balance and mitigate strain.
Choose an company or an organization, and explain in detail 3-4 measures they are taking to 1) ensure employees maintain work-life balance and 2) minimize work stress.
The correct answer to this open question is the following.
The company I choose is Marsh, an insurance company with branches worldwide.
The measures this company is taking to minimize work stress and ensure employees maintain work-life balance are the following.
1.- The company works by establishing goals. So employees know what they have to do. They can do it in one day or three. The point is that they have a date to have the work finished. So the employee is able to manage its time according to its projects and goals. The company is not strict to force employees to work determined hours a day, as long as employees always finish their projects on time and with results expected. This allows employees to properly manage their time.
2.- The company invites employees to register in fitness centers or recreational clubs so they can attend yoga, aerobics, or dance classes. Of course, the company pays for this. The goal is to have healthier employees that invest time in their health and recreation.
3.- The company authorizes remote work or work from home if that is appropriate for most of the areas of the company. The only requirement is that employees maintain productivity, efficiency, and accomplish the company's goals. This allows employees to be close to their families during difficult times.
Peters, Inc. produces 3 products: P1, Q2, and R3. P1 requires 400 purchase orders, Q2 requires 600 purchase orders, and R3 requires 1000 purchase orders. Peters has identified an ordering and receiving activity cost pool with allocated overhead of $390000 for which the cost driver is purchase orders. Direct labor hours used on each product are 50000 for P1, 40000 for Q2, and 110000 for R3. How much ordering and receiving overhead is assigned to each product
Answer:
P1 $78,000
Q2 $117,000
R3 $195,000
Explanation:
Calculation to determine How much ordering and receiving overhead is assigned to each product
First step is to calculate the price per order using this formula
Price per order= Total cost of purchase orders ÷ total purchase orders
Let plug in the formula
Price per order= $390000 ÷ (400 + 600 + 1,000)
Price per order= $390000 ÷2,000 orders
Price per order= $195
Now let determine How much ordering and receiving overhead is assigned to each product
Using this formula
Ordering and receiving overhead = Purchase orders × price per order
Let plug in the formula
P1 = 400 × $195
P1= $78,000
Q2 = 600 × $195
Q2=$117,000
R3 = 1,000 × $195
R3=$195,000
Therefore How much ordering and receiving overhead is assigned to each product are :
P1 $78,000
Q2 $117,000
R3 $195,000
The concept of competitive advantage focuses on a. what customers are willing to pay. b. the costs a firm incurs in delivering a product and/or service. c. increasing the wedge between what customers are willing to pay and the cost that the firm incurs. d. decreasing the wedge between what customers are willing to pay and the cost that the firm incurs. e. creating an attractive industry.
Answer:
c. increasing the wedge between what customers are willing to pay and the cost that the firm incurs.
Explanation:
Competitive advantage can be defined as conditions, factors or circumstances that allow a business firm (organization) to manufacture finished goods or services better and perhaps cheaper than other (rival) firms in the same industry. Thus, it's responsible for putting a business firm in a superior or more favorable position than rival firms.
This ultimately implies that, a competitive advantage has a significant impact on a business because it increases its level of sales, revenue generation and profit margin when compared to rival firms in the same industry.
Hence, the concept of competitive advantage focuses on increasing the wedge between what customers are willing to pay and the cost that the firm incurs. Generally, customers are willing to pay for a product or service provided they get value for their money and derive enough satisfaction from it.
A team member complains to the project manager that another team member has once again failed to provide necessary information. The project manager meets with both team members to uncover the reason for the problem. This is an example of:__________.
Answer:
Conflict Management / Resolution
Explanation:
Conflict Management is a process of resolving disputes and finding positive solutions towards achieving the common goal. In this example, one team members has failed to provide information again, meaning that issue has been persistent and the Manager meeting both members to find out the reason of this behavior comes under conflict resolution aspect of team leader.
The following present value factors are provided for use in this problem.
Periods Present Value of $1 at 11% Present Value of an Annuity of $1 at 11%
1 0.9009 0.9009
2 0.8116 1.7125
3 0.7312 2.4437
4 0.6587 3.1024
Cliff Co. wants to purchase a machine for $42,000, but needs to earn an 11% return. The expected year-end net cash flows are $14,000 in each of the first three years, and $18,000 in the fourth year. What is the machine's net present value?
a. $7,788
b. $4,069.
Answer:
B
Explanation:
Net present value is the present value of after-tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator
Only projects with a positive NPV should be accepted. A project with a negative NPV should not be chosen because it isn't profitable.
When choosing between positive NPV projects, choose the project with the highest NPV first because it is the most profitable.
Cash flow in year 0 = $-42,000,
Cash flow in year 1 = $14,000
Cash flow in year 2 = $14,000
Cash flow in year 3 = $14,000
Cash flow in year 4 = $18,000
I = 11 %
NPV = $4,069.
To find the NPV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 14,850 $ 22,850 Work in process $ 27,850 $ 9,850 Finished Goods $ 62,850 $ 77,850 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,850 machine-hours and incur $294,495 in manufacturing overhead cost. The following transactions were recorded for the year: Raw materials were purchased, $315,850. Raw materials were requisitioned for use in production, $307,850 ($280,150 direct and $27,700 indirect). The following employee costs were incurred: direct labor, $377,850; indirect labor, $96,850; and administrative salaries, $172,850. Selling costs, $147,850. Factory utility costs, $10,850. Depreciation for the year was $178,000 of which $171,000 is related to factory operations and $7,000 is related to selling, general, and administrative activities. Manufacturing overhead was applied to jobs. The actual level of activity for the year was 34,170 machine-hours. Sales for the year totaled $1,315,000. Required: a. Prepare a schedule of cost of goods manufactured. b. Was the overhead underapplied or overapplied
Answer:
Baab Corporation
a. Schedule of cost of goods manufactured:
Beginning work in process $ 27,850
Direct raw materials 280,150
Direct labor 377,850
Manufacturing overhead 297,279
Ending work in process ($ 9,850)
Cost of goods manufactured $973,279
b. The overhead was underapplied (by $9,121).
Explanation:
a) Data and Calculations:
Beginning Ending
Raw materials $ 14,850 $ 22,850
Work in process $ 27,850 $ 9,850
Finished Goods $ 62,850 $ 77,850
Estimated machine hours = 33,850
Manufacturing overhead cost = $294,495
Predetermined overhead rate = $294,495/33,850 = $8.70 per mh
Raw materials purchase $315,850
Raw materials used for production $307,850
Direct raw materials $280,150
Indirect raw materials $27,700
Direct labor$377,850
Indirect labor, $96,850
Administrative salaries, $172,850
Selling costs, $147,850
Factory utility costs, $10,850
Depreciation:
Factory Depreciation $171,000
Selling, general, and admin. $7,000
Total for the year was $178,000
Actual level of activity for the year = 34,170 machine hours
Sales for the year = $1,315,000
Manufacturing Overhead:
Indirect raw materials $27,700
Indirect labor, 96,850
Factory utility costs, 10,850
Factory Depreciation 171,000
Total overhead incurred $306,400
Overhead applied 297,279
Underapplied overhead $9,121
All Kiwi Ltd (a New Zealand-based company) has a wholly-owned subsidiary in Malaysia whose manager is being evaluated on the basis of the variance between actual profit and budgeted profit in New Zealand dollars (NZD). Relevant information in Malaysian ringgit (MYR) for the current year is as follows: Budget Actual Revenues MYR 12,000,000 MYR 11,000,000 Expenses 9,000,000 9,000,000 Current year actual and projected exchange rates between the New Zealand dollar (NZD) and the Malaysian ringgit (MYR) are as follows: Actual at time of budget preparation NZD 0.312 per MYR 1 Projected ending at time of budget preparation NZD 0.340 per MYR 1 Actual at end of budget period NZD 0.357 per MYR 1 Required: Calculate the total budget variance for the current year using a projected exchange rate (projected at the time the budget is prepared).
Answer:
Variance (Unfavorable) (NZD 340,000)
Explanation:
Budget Variance using exchange rate projected at the time of budget
Budget Actual Variance Exc. Rate Variance in NZD
MYR MYR
Revenue 12000000 11000000 -1000000 0.34 -340000
Expenses 9000000 9000000 0 0.34 0
Profit 3000000 2000000 -1000000 0.34 -340000
The following events took place for Technology Treasures Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: a. Purchased $138,600 of materials. b. Used $93,540 of direct materials in production. c. Incurred $182,560 of direct labor wages. d. Incurred $213,040 of factory overhead. e. Transferred $426,220 of work in process to finished goods. f. Sold goods for $660,000. g. Sold goods with a cost of $367,500. h. Incurred $86,200 of selling expense. i. Incurred $70,250 of administrative expense. Required: Using the information given, complete the following: a. Prepare the January income statement for Technology Treasures Manufacturing Company. Be sure to complete the statement heading. Refer to the lists of Accounts, Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Colons (:) will fill in where needed. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. b. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations.
Answer:
Technology Treasures Manufacturing Company
a) Technology Treasures Manufacturing Company
Income Statement for the month ended January 31
Sales revenue $660,000
Cost of goods sold 367,500
Gross profit $292,500
Expenses:
Selling expense $86,200
Admin. expense 70,250 156,450
Net income $136,050
b) Ending balances of:
Materials Inventory, $45,060
Work in Process Inventory, $62,920
Finished Goods Inventory, $58,720
Explanation:
a) Data and Analysis:
a. Raw materials $138,600 Cash $138,600
b. Work in process$93,540 Raw materials $93,540
c. Work in process $182,560 Payroll expenses $182,560
d. Work in process $213,040 Factory overhead $213,040
e. Finished goods $426,220 Work in process $426,220
f. Cash $660,000 Sales revenue $660,000
g. Cost of goods sold $367,500 Finished goods $367,500
h. Selling expense $86,200 Cash $86,200
i. Administrative expense $70,250 Cash $70,250
Materials Inventory
Account Titles Debit Credit
Cash $138,600
Work in process $93,540
Ending balance 45,060
Work in Process Inventory
Account Titles Debit Credit
Raw materials $93,540
Payroll expenses 182,560
Factory overhead 213,040
Finished goods $426,220
Ending balance 62,920
Finished Goods Inventory
Account Titles Debit Credit
Work in process $426,220
Cost of goods sold $367,500
Ending balance 58,720
1. A interest rate that does not change during the life of the loan is a
A. High
B. Variable
C. Fixed
D. Current
2. A interest rate that changes based on the base rate used by the bank
A. Current
B. Fixed
C. High
D. Variable
Answer:
1,C. Fixed
2.D. Variable
Explanation:
A fixed-rate loan has an interest rate that doesn't change throughout the life of the loan. Because the rate remains the same for the entire term, the monthly loan payment shouldn't change, resulting in a relatively low-risk loan. As you compare loan options, note whether or not loans feature fixed rates
.A floating interest rate, also known as a variable or adjustable rate, refers to any type of debt instrument, such as a loan, bond, mortgage, or credit, that does not have a fixed rate of interest over the life of the instrument.