Answer:
"how can i help"
Explanation:
customer service
At the beginning of the month, the Painting Department of Skye Manufacturing had 24,000 units in inventory, 80% complete as to materials, and 20% complete as to conversion. The cost of the beginning inventory, $32,650, consisted of $26,400 of material costs and $6,250 of conversion costs. During the month the department started 119,000 units and transferred 126,000 units to the next manufacturing department. Costs added in the current month consisted of $283,440 of materials costs and $562,825 of conversion costs. At the end of the month, the department had 17,000 units in inventory, 30% complete as to materials and 15% complete as to conversion. If Skye Manufacturing uses the weighted average method of process costing, compute the costs per equivalent unit of materials and conversion respectively for the Painting Department.
Answer:
Materials $2,36
Conversion $4,43
Explanation:
Weighted-Average:
completed + ending WIP
(there is not differenciation between completed and started and completed)
Equivalent units Materials: 126,000 + 17,000 x 30% = 131,1 00
Conversion: 126,000 + 17,000 x 15% = 128,55 0
Material Equivalent cost:
283,440 + 26,400 = 309,840
$309,840 / 131,100 = 2,3633867
Conversion Equivalent cost:
562,825 + 6,250 = 569,075
569,075 / 128,550 = 4,4268767
Question 2 of 10
What is one major disadvantage of corporations compared to other types of
business organizations?
A. Corporations have a difficult time raising money to get started
B. Corporations have a limited life span if their owners die or quit.
C. Shareholders may remove the original owners from a corporation
D. One owner assumes all the risk and liability in a corporation
SUOMI
Answer:
C. Shareholders may remove the original owners from a corporation
Explanation:
Unfortunately, the founders of a corporation can be removed from the business. The process of removing a shareholder is hectic but still possible. A shareholder's agreement binds the shareholders of a business or a corporation. The agreement is the equivalent of a contract among the shareholder.
A gross violation of the agreement by a shareholder may lead to their removal. The conditions and processes of removal are normally contained in the shareholder's agreement.
Lorenzo is the sole proprietor of a trampoline shop. During 2019, the following transactions occurred.Unimproved land adjacent to the store was condemned by the city on February 1. The condemnation proceeds were $15,000. The land, acquired in 1986, had an allocable basis of $40,000. Lorenzo has additional parking across the street and plans to use the condemnation proceeds to build his inventory.A truck used to deliver trampolines was sold on January 2 for $3,500. The truck was purchased on January 2, 2014, for $6,000. On the date of sale, the adjusted basis was zero.Lorenzo sold an antique rowing machine at an auction. Net proceeds were $4,900. The rowing machine was purchased as used equipment 17 years ago for $5,200 and is fully depreciated.Lorenzo sold an apartment building for $300,000 on September 1. The rental property was purchased on September 1, 2015, for $150,000 and was being depreciated over a 27.5-year MACRS life using the straight-line method. At the date of sale, the adjusted basis was $124,783.Lorenzo's personal yacht was stolen on September 5. The yacht had been purchased in August at a cost of $25,000. The fair market value immediately preceding the theft was $19,600. Lorenzo was insured for 50% of the original cost, and he received $12,500 on December 1.Lorenzo sold a Buick on May 1 for $9,600. The vehicle had been used exclusively for personal purposes. It was purchased on September 1, 2014, for $20,800.Lorenzo's trampoline stretching machine (owned two years) was stolen on May 5, but the business's insurance company will not pay any of the machine's value because Larry failed to pay the insurance premium. The machine had a fair market value of $8,000 and an adjusted basis of $6,000 at the time of theft.Lorenzo had AGI of $102,000 from sources other than those described above.Lorenzo has no non-recaptured § 1231 lookback losses.For each transaction, what are the amount and nature of recognized gain or loss?What is Lorenzo's 2019 Adjusted Gross Income?
Explanation:
we have to get The Amount and nature of recognized gain or loss for each transaction:
a. The condemnation proceeds = $15,000. allocable basis of acquired land = $40,000."
loss = $40,000 - $15,000
= $25,000
b. sale of truck = $3,500. the adjusted basis = 0
Gain = $3,500 - 0 = $3,500
c.
As rowing machine was sold for 4900 and is fully depreciated, with an adjusted basis of 0
Gain = $4,900 - 0 = $4,900
d. sale of apartment = 300000
adjusted basis = $124,783
when we subtract we get :
The Overall gain would be = $300,000 - $124,783 = $175,217
Unrecaptured Section gain = $150,000 - $124,783 = $25,217
Regular long-term capital gain = Overall gain - Uncaptured section gain
This is:
= $175,217 - $25,217 = $150,000
e. his yatch was stolen, it had cost $25,000. The fair market value = $19,600. he was insured for 50% of the original cost, of which he got $12,500 on December 1."
Then Tax loss = Fair market value - Amount received from insurance
$19600-$12,500 = $7,100
so we have here a tax loss of $7,100 ( before any AGI limitation),
f. he sold a Buick for $9,600. It was bought for $20,800."
Loss = $20,800 - $9,600 = $11,200
a non-deductible personal loss.
g. after his trampoline machine was stolen. fair market value was 8000, adjusted basis = 6000
Tax Loss = $6,000
lorenzos Adjusted Gross Income for 2019 = $102,000 + $3,500 + $4,900 + $150,000 - $6,000 = $254,400
Who designed the Parthenon?
On March 2, 2015, Best Buy co. announced that it planned to repurchase up to $1 billion of its common shares. The company also announced on that day that an increase in its quarterly dividend from $0.19 to $0.23 per share, and a one-time special dividend of $0.51 per share. The special dividend resulted from a windfall legal settlement related to manufacture of liquid crystal displays it had sold. Which method of returning capital to investors (repurchases, regular dividends, special dividends) do you think is viewed by shareholders most favorably, and why
Answer:
Follows are the solution to this question:
Explanation:
The company sold the quantum dot produce will have a huge amount of money in the company, shareholders may have differing opinions to use that money the holds the surplus. As capital becomes kept, this hardly increases the value of a business or takes the investors through their pockets.
Position of the investor on (repurchasing, earnings)
Payout and buyback of shares are considered a factor influencing shareholders' interest and some factors are based on investor interest.
Current income source
Many investors can only be the source of revenue for such investors so that they'd prefer to have a regular dividend. Then the more current revenue you earn its most beneficial is a unique dividend. Share buybacks as an opportunity to share in order to collect large sums of cash.
Productive investments value
Those who become shareholders that must increase the asset's lengthy-term price, — for example stock values by companies investing in positive NPV ventures and in this case increase the interest of existing investors.
Improved future dividend
Just after the purchase of shares in share price issuance, a number of shares will be limited, and effective dividends rise per share. It means that an investor will acquire a further equity interest in the business by buying back preferred stock.
Focused on the hypotheses of dividends, repurchases, or portion share price plus repurchases, there are many mainly three opinions.
Many people would prefer the $0.51 dividend payment as a sum of money that was received in the case of a dividend. And at the same time, there will be an idea that the dividends must be paid regularly as well as the remaining cash must buy safely.
You would like to buy a house that costs $ 350 comma 000$350,000. You have $ 50 comma 000$50,000 in cash that you can put down on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 8 %8% per year. You can afford to pay only $ 25 comma 580$25,580 per year. The bank agrees to allow you to pay this amount each year, yet still borrow $ 300 comma 000$300,000. At the end of the mortgage (in 30 years), you must make a balloon payment; that is, you must repay the remaining balance on the mortgage. How much will this balloon payment be?
Answer:
$121,012.53
Explanation:
principal = $300,000
APR = 8%
n = 30 years
annual payment = $25,580
assuming that interest is compounded annually, then the annual payment should be = $300,000 / 11.25778 (PV annuity factor, 8%, 30 periods) = $26,648.24
I prepared an amortization schedule to calculate the balloon payment: $121,012.53
Time period is important in accounting. Companies need to report revenue and expenses on their income statement based on what they earned and incurred during the accounting period. Assume the company had invested $100,000 in an interest-bearing investment on September 1st of this year. The investment earns 6% interest, but the interest doesn't get paid out until the end of the first six months. What, if any, interest revenue should the company record on their December 31st year ending income statement of this year
Answer: $2,000
Explanation:
The question alludes to the Accrual principle of Accounting that states that companies need to report revenue and expenses on their income statement based on what they earned and incurred during the accounting period.
The investment is to earn 6% annually which means that every year it is to show returns of;
= 6% * 100,000
= $6,000
On a monthly basis therefore this should be;
= 6,000 / 12
= $500
They invested on September 1st which means that they would have been invested for 4 months by December 31.
The interest for the year is therefore;
= 4 * 500
= $2,000
Holly Renfro contributed a patent, accounts receivable, and $20,000 cash to a partnership. The patent had a book value of $8,000. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $92,000. The accounts receivable control account was $45,000, with an allowance for doubtful accounts of $3,000. The partnership also assumed a $14,000 account payable owed to a Renfro supplier.Provide the journal entry for Renfro’s contribution to the partnership.
Answer: Please see explanation column for answers
Explanation:
Journal entry to record Renfro's contribution to partnership.
Account Titles and Explanation Debit Credit
Cash $ 20,000
Patent $92,000
Accounts receivables $45,000
Accounts payable $ 14,000
Allowance for doubtful accounts $ 3,000
Holly Renfro, capital $ 140,000
[20,000 + 92,000 + 45,000 - 14000 - 3,000} = $140,000
As of June 30, Year 1, the bank statement showed an ending balance of $17,616. The unadjusted Cash account balance was $16,893. The following information is available: 1. Deposit in transit, $2,785. 2. Credit memo in bank statement for interest earned in June, $10. 3. Outstanding check, $3,504. 4. Debit memo for service charge. $6. Required Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 1, using the preceding information, (Negative amounts should be indicated with minus sign.)
Bank Reconciliation
Unadjusted bank balance 6/30/Year 1
True cash balance 6/30/Year 1
Unadjusted book balance 6/30/Year 1
True cash balance 6/30/Year 1
Answer: See attachment
Explanation:
A bank reconciliation statement is a statement that simply shows the summary of both the banking and business activity which are used in reconciling and balancing the bank account of a company or organization with the company's financial records.
The bank reconciliation statement shows the deposits, the withdrawals and also does every other things that impacts the bank account of the company for a particular period.
An investment counselor calls with a hot stock tip. He believes that if the economy remains strong, the investment will result in a profit of $10,000. If the economy grows at a moderate pace, the investment will result in a profit of $30,000. However, if the economy goes into recession, the investment will result in a loss of $30,000. You contact an economist who believes there is a 30% probability the economy will remain strong, a 60% probability the economy will grow at a moderate pace, and a 10% probability the economy will slip into recession. What is the expected profit from this investment?
Answer:
6,000
Explanation:
The expected value from this investment can be calculated by possible values for random variables by multiplying them by their probability
DATA
Strong = 30,000 , probability = 30%
Moderate = 10,000 , probability = 60%
Weak = -30,000 , probability = 10%
Calculation
Expected profit = Values x Probability
Expected profit = (30,000 x 30%) + (10,000 x 60%) + ( 30,000 x 10%)
Expected profit = 6,000 + 6,000 -6,000
Expected profit = 6,000
Wendy is calculating her tax deductions. She finds that she can deduct $5,522 from medical expenses, $7,240 from
charitable donations, and $2,126 from property taxes. What is Wendy's total deduction?
a $5,700
b. $15,104
C. $18,284
d. $14,888
Answer:
d. $14,888
Explanation:
Wendy's total deductions will be the sum of $5,522, $7,240, and $2,126.
Total deductions will be $5,522 + $7,240 + $2,126 =$14,888
The total deduction on Wendy's tax will be $14,888.
What is tax deduction?The tax deduction refers to the amount that will be exempted from total tax payable.
Given deductible amount
Medical expenses = $5,522
Charitable donations = $7,240
Property taxes =$2,126
Wendy's total deduction = $5,522 + $7,240 + $2,126
Wendy's total deduction = $14,888
Hence, the total deduction on Wendy's tax will be $14,888.
Therefore, the Option D is correct.
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Mrs. Cox, a head of household, earned a $313,000 salary and recognized a $29,300 net long-term capital gain this year. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Required: Compute the income tax on the gain if: (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) None of the gain is collectibles gain or unrecaptured Section 1250 gain. $10,000 is collectibles gain. $15,500 is unrecaptured Section 1250 gain. $1,700 is collectibles gain and $22,000 is unrecaptured Section 1250 gain.
Explanation:
. $4,395 ($29,300 long-term capital gain × 15%)
The Wall Street Journal reports that the rate on 3-year Treasury securities is 7.20 percent, and the 6-year Treasury rate is 7.45 percent. From discussions with your broker, you have determined that expected inflation premium is 2.70 percent next year, 2.95 percent in Year 2, and 3.15 percent in Year 3 and beyond. Further, you expect that real interest rates will be 3.60 percent annually for the foreseeable future. What is the maturity risk premium on the 6-year Treasury security
Answer:
The maturity risk premium on the six year is 0.45%
Explanation:
For computing the maturity risk premium, we need to use the formula which is shown below:
3-year treasury securities = 3-year inflation period + 3-year real interest rate + maturity risk premium
7.20% = 3.15% + 3.60% + maturity risk premium
7.20% = 6.75% + maturity risk premium
Maturity risk premium = 7.20% - 6.75%
Maturity risk premium = 0.45%
Hence, the maturity risk premium on the six year is 0.45%
Potter & Weasley Company had the following activities, estimated indirect activity costs, and allocation bases: Activities Indirect Activity Costs Allocation Base Account inquiry (hours) $86,200 2,900 Account billing (lines) $53,000 32,000 Account verification (accounts) $36,250 23,500 Correspondence (letters) $85,000 11,000 Potter & Weasley uses activity based costing. The above activities are used by Departments P and Q as follows: Department P Department Q Account inquiry (hours) 400 800 Account billing (lines) 10,000 4,000 Account verification (accounts) 6,000 7,000 Correspondence (letters) 1,000 2,000 What is the cost per driver unit for the account inquiry activity? (Round all answers to two decimal places.) A. $29.72 B. $7.73 C. $7.84 D.
Answer:
A. $29.72
Explanation:
The calculation of cost per driver unit is shown below:-
Cost per driver unit = Indirect cost relating to account inquiry ÷ Allocation base relating to account inquiry
= $86,200 ÷ 2,900
= $29.72 per hour
Therefore for computing the cost per driver unit we simply divide the Indirect cost relating to account inquiry by allocation base relating to account inquiry.
The following is a partial trial balance for the Green Star Corporation as of December 31, 2021:
Account Title Debits Credits
Sales revenue 1,400,000
Interest revenue 35,000
Gain on sale of investments 55,000
Cost of goods sold 740,000
Selling expenses 185,000
General and administrative expenses 80,000
Interest expense 45,000
Income tax expense 135,000
There were 100,000 shares of common stock outstanding throughout 2021.
Required:
Prepare a single-step income statement for 2021, including EPS disclosures.
Prepare a multiple-step income statement for 2021, including EPS disclosures.
Answer and Explanation:
The presentation of the income statement is presented below:
Income statement
Revenues and gains:
Sales revenue 1,400,000
Add: Interest revenue 35,000
Add: Gain on sale of investment 55,000
Total revenues and gains 1,490,000
Less:
Expenses and losses:
Cost of goods sold 740,000
General and administrative expenses 80,000
Selling expenses 185,000
Interest expense 45,000
Total expenses and losses 1,050,000
Income before income tax 440,000
Income tax expense - 135,000
Net income 305,000
EPS = Net income ÷ Number of common shares
($305,000 ÷ 100,000) 3.05
2.
Income statement
Sales 1,400,000
Less: Cost of goods sold - $740,000
Gross profit 660,000
Less:
Operating expenses:
General and administrative expenses $80,000
Selling expenses $185,000
Total operating expenses -$265,000
Operating income $395,000
Other incomes and expenses
Interest revenue $35,000
Gain on sale of investment $55,000
Interest expense -$45,000
Total other income, net $45,000
Less: Income before income tax $440,000
Income tax expense -$135,000
Net income $305,000
EPS = Net income ÷ Number of common shares
(305,000 ÷ 100,000) 3.05
In 2006, the nation of Zimbabwe reduced the value of its currency by 60 percent to bring its value more in line with the relative value of most other world currencies. This reduction of value is called
Answer: C. devaluation
Explanation:
Devaluation of a currency is the term used to describe the reduction of a currency's value by the authority that produces said currency.
It is done deliberately and is usually done to strengthen a country's balance of trade because the exports of the country will become cheaper which will increase the demand for it.
By reducing the value of their currency themselves, the nation of Zimbabwe devalued their currency in 2006.
Explanation:
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Determine whether each of the following transactions contributes to the calculation of GDP as total spending, then, identify the relevant component of GDP (C, I, G, or NX). Michelin sells tires to Nissan to install on their 2019 Sentras that are produced and sold in the United States. American consumers import $3.5 billion of woven apparel from Bangladesh. The U.S. government spent $523.1 billion on national defense. Entrepreneur and Shark Tank investor Barbara Corcoran purchases 15% of Cousins Maine Lobster food truck company for $55,000.
Answer:
Michelin sells tires to Nissan to install on their 2019 Sentras that are produced and sold in the United States.
Not included in the GDP since tires are a component of new cars, they are not a final product.American consumers import $3.5 billion of woven apparel from Bangladesh.
Included in the GDP as imports, which reduce total net exports (NX).The U.S. government spent $523.1 billion on national defense.
Included in the GDP as government spending (G).Entrepreneur and Shark Tank investor Barbara Corcoran purchases 15% of Cousins Maine Lobster food truck company for $55,000.
Not included int he GDP since sale of stocks or ownership stakes at businesses are not considered final goods or services.QUESTION 8 of 10: You are counting your competitors in town. This number is a(n):
a) Irrational number
b) Integer
c)Imaginary number
d) None of the above
Answer:B; Integer
Explanation:Integer is like a whole number(1,2,3,4, etc) it cannot be decimals. Since there can’t be 2.5 people, the answer is B- Integers
While counting the competitors in town, integers will be used. This number is an integer because the counting of people can never be done in an irrational or integer form. Therefore, B is the correct option.
What is an integer?An integer is a whole number in itself. An integer can be zero, a negative digit, or a positive digit as well. The examples of integers are 1,2,3,4,5,0, -1,-2, -3, -4, -5 and so on.
The irrational numbers or integers cant be used for counting or measuring human beings whether the integers can be used to so. Integers are used in various ways in our daily life. Such as measuring temperatures and our money on debit cards and credit cards.
Integers will be utilized to count the local rivals. Since counting persons can never be done in an irrational or integer form, this quantity is an integer. B is therefore the best choice.
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A pension fund manager is considering three mutual funds. The first is a stock fund, the second is a long-term government and corporate bond fund, and the third is a T-bill money market fund that yields a sure rate of 4.7%. The probability distributions of the risky funds are: Expected Return Standard Deviation Stock fund (S) 17 % 37 % Bond fund (B) 8 % 31 % The correlation between the fund returns is .1065. Suppose now that your portfolio must yield an expected return of 15% and be efficient, that is, on the best feasible CAL. a. What is the standard deviation of your portfolio? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Standard deviation % b-1. What is the proportion invested in the T-bill fund? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Proportion invested in the T-bill fund % b-2. What is the proportion invested in each of the two risky funds? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Proportion Invested Stocks % Bonds %
Answer:
A) 30.291
B-1) 1.15%
B-2) proportion of stock = 78.19%
proportion of bond = 20.65%
Explanation:
Given data:
Return on stock = 17% std on stock = 37%
Return on bond = 8% std on stock = 31%
correlation between funds = 0.1065
expected yield on portfolio = 15%
Risk free rate = 4.7%
next we find the covariance between stocks and bonds
= (37 * 31 * 0.1065 ) = 122.1555
next we have to determine the weight of the portfolio ( stocks and bond )
attached below is the remaining part of the solution
A) standard deviation of the portfolio
= 30.291 %
B-1 ) proportion of the portfolio invested in treasury bill
= 1.15%
B-2 ) what proportion is invested in stocks and Bonds
proportion of stock = 78.19%
proportion of bond = 20.65%
Lear Inc. has $940,000 in current assets, $420,000 of which are considered permanent current assets. In addition, the firm has $740,000 invested in fixed assets.
A. Lear wishes to finance all fixed assets and half of its permanent current assets with long-term financing costing 9%. The balance will be financed with short-term financing, which currently costs 5%. Lear’s earnings before interest and taxes are $340,000. Determine Lear’s earnings after taxes under this financing plan. The tax rate is 30%.
B. As an alternative. Lear might wish to finance all fixed assets and permanent current assets plus half of its temporary current assets with long-term financing and the balance with short-term financing. The same interest rates apply as in part a. Earnings before interest and taxes will be $340,000. What will be Lear's earnings after taxes? The tax rate is 30%.
Answer: See explanation
Explanation:
A. Current assets = permanent current assets + temporary current assets
Temporary current assets:
= $940,000 - $420,000
= $520,000
Short-term interest expense:
= 5% × [$520,000 + ½ ($420,000)]
= 5% ($520,000 + $210,000)
= 5% × ($730,000)
= 0.05 × $730,000
= $36,500
Long-term interest:
= 9% × [$740,000 + ½ ($420,000)]
= 9% × ($740,000 + $210,000)
= 9% × $950,000
= 0.09 × $950,000
= $85,500
Total interest expense:
= $36,500 + $85,500
= $122,000
Earnings before interest and taxes $340,000
Less: Interest expense = $122,000
Earnings before taxes = $218,000
Less: Taxes (30%) = $65,400
Earnings after taxes = $152,600
B. Short term interest expense:
= $260,000 × 5%
= $260,000 × 0.05
= $13,000
Long term interest expense:
= ($740,000 + $420,000 + $260,000) × 9%
= $1,420,000 × 0.09
= $127,800
Total interest expense:
= $13000 + $127800
= $140,800
Earnings before interest and taxes $340,000
Less: Interest expense = $140,800
Earnings before taxes = $199,200
Less: Taxes (30%) = $59760
Earnings after taxes = $139440
According to the Western Digital Corporation FY 2017 10K, (WDC) On May 12, 2016, we completed the acquisition of SanDisk dated October 21, 2015. The aggregate purchase price of the Merger was $15.59 billion. In connection with the Merger, we entered into new debt facilities aggregating approximately $18.09 billion in principal to finance a portion of the purchase price related to the Merger. Shifts in market demands that WDC sought to overcome through the financed merger include ____, _____, and ____. Complete the sentence by selecting the single best available answer from those presented below.
Answer:
Shifts in market demands that WDC sought to overcome through the financed merger include ____, _____, and ____.
non-volatile memory, solid state technology, and storage solutions.
Explanation:
Western Digital Corporation (WDC) is a USA-headquartered company engaged in the data storage and data management industry. Its merger or business combination with SanDisk helps WDC to consolidate its business in the data storage solutions industry. On the part of SanDisk, it has accumulated more than 27-year history of innovation and expertise in non-volatile memory, systems solutions, and data storage manufacturing.
Kiner Co. computed an overhead rate for machining costs ($520000) of $5 per machine hour. Machining costs are driven by machine hours. If computed based on direct labor hours, the overhead rate for machining costs would be $10 per direct labor hour. The company produces two products, Cape and Chap. Cape requires 62400 machine hours and 20000 direct labor hours, while Chap requires 41600 machine hours and 30000 direct labor hours. Using activity-based costing, machining costs assigned to each product is
Answer:
Cape $312,000
Chap $208,000
Explanation:
Calculation for the machining costs assigned to each product
Using this formula
Machining costs =Machine hours×Machine amount per hour.
Let plug in the formula
Cape= 62,400x $5per machine hour.
Cape=$312,000
Chap= 41,600x $5per machine hour.
Chap=$208,000
Therefore Using activity-based costing, machining costs assigned to each product is:
Cape $312,000
Chap $208,000
James did not like the fact that he had no input in his productivity goal. Because of this, his was low and he did not take it as seriously as if he had set the same goal himself. Carol always tries extremely hard to reach her performance goal. She takes it personally when she falls short, which rarely happens because she is so dedicated to reaching it. Carol's is high. After organizational and subsidiary goals are set, each manager meets with each subordinate to explain the unit goals to the subordinate. Together the two determine how the subordinate can contribute to the unit's goals most effectively. This is called
Answer:
James did not like the fact that he had no input in his productivity goal. Because of this, his Goal acceptance was low and he did not take it as seriously as if he had set the same goal himself.
Goal acceptance refers to the willingness of an individual to receive or consent internally to a certain goal. It is usually higher when the individual is contributes to the setting of the goal and it is low here as James did not have any input into it.
Carol always tries extremely hard to reach her performance goal. She takes it personally when she falls short, which rarely happens because she is so dedicated to reaching it. Carol's Goal commitment is high.
Goal commitment refers to how much dedication and effort a person puts into meeting an objective. Carol puts a lot of effort into achieving her goals so her Goal commitment is high.
After organizational and subsidiary goals are set, each manager meets with each subordinate to explain the unit goals to the subordinate. Together the two determine how the subordinate can contribute to the unit's goals most effectively. This is called Management by objectives.
Management by Objectives is a type of management that works by making sure that employees understand the goals that management set. It works by management and employees working together to find out how best employees can meet the goals set.
Channing Corporation makes two products (A1 and B2) that require direct materials, direct labor, and overhead. The following data refer to operations expected for next month.
A1 B2 Total
Revenue $100,000 $ 300,000 $400,000
Direct material 30,000 60,000 90,000
Direct labor 40,000 95,000 135,000
Overhead:
Direct-material related 13,500
Direct-labor related 40,500
Required:
Channing uses a two-stage cost allocation system, It uses direct-material costs to allocate direct-materials related overhead and direct-labor costs to allocate direct-labor related overhead costs.
a. Compute the direct-material related overhead rate for next month.
b. Compute the direct-labor related overhead rate for next month.
c. What is the total overhead allocated to product A1 next month?
d. What is the total overhead allocated to product B2 next month?
a. predetermined rate ?? % of direct materials costs
b. predetermined rate ?? % of direct-labor cost
c. Total Overhead (A1) ??
d. Total Overhead (B2) ??
Answer:
a. 15% of direct material cost
b. 30% of direct labor cost
c. $16,500
d. $37,500
Explanation:
The computation is shown below:-
a. Predetermine overhead rate = Direct-material related ÷ Total of direct labor
= 13,500 ÷ 90,000
= 15% of direct material cost
b. Predetermine overhead rate = Direct-labor related ÷ Total of direct labor
= 40,500 ÷ 135,000
= 30% of direct labor cost
c. Total overhead (A1) = Direct material × Predetermine overhead rate of direct material + Direct labor × Predetermine overhead rate of direct labor
= 30,000 × 15% + 40,000 × 30%
= $16,500
d. Total overhead (B2) = Direct material × Predetermine overhead rate of direct material + Direct labor × Predetermine overhead rate of direct labor
= 60,000 × 15% + 95,000 × 30%
= $37,500
As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts up to date. At the end of each year, you analyze the accounts to verify that each account should be active for accumulation of costs, revenues, and expenses. In July, the accounts payable clerk has asked you to open an account named New Expenses. You know that an account name should be specific and well defined. You feel that the A/P clerk might want to charge some expenses to that account that would not be appropriate. Why do you think the A/P clerk needs this New Expenses account
Answer:
There are a number of reasons, the A/P clerk could want this New Expenses account to be opened with some of them being suspicious and some of them being out of a lack of knowledge.
Assuming it is the latter (no need to be suspicious, yet), the A/P might not know that expenses accounts should be specific and well defined and so just assumed that New Expenses would serve them well.
You should explain to them how the naming of accounts is done and ask them for the Source document so you can see what name to give the new account.
If the A/P is being uncooperative, it is time to be suspicious and to clarify the issue with the superior of the clerk so as to avoid any issues with the company's books.
It's important to explain to the accounts payable clerk that the account title is inappropriate and therefore needs to be specific with the name.
If the accounts payable clerk doesn't understand, he should be told to show the source document for the expenses incurred like a check, invoice, etc so that the proper name of the account can be decided.
There isn't any reason to be suspicious because the clerk doesn't understand much about accounting. In a situation where he still insists on the account name, then the information should be reported to higher authorities.
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Eric is an inventory manager at a garment manufacturing firm. How should he plan the ordering of inventory? A. He should order less inventory to save on inventory storage cost and ordering cost. B. He should order the exact inventory by forecasting demand. C. He should order excess inventory without calculating the requirement. D. He should order inventory as the requirement arises and avoid planning inventory storage.
Answer:
B
Explanation:
i just took the test and got it correct
B. He should order the exact inventory by forecasting demand.
Explanation:
PLATOAnswer:
For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31
Step 1: Determine what the current account balance equals.
Step 2: Determine what the current account balance should equal
Step 3: Record the December 31 adjusting entry to get from step 1 to step 2.
Assume no other adjusting entries are made during the year a. Tao Co. recelves $10,000 cash in advance for four months of legal services on October 1, 2017, and records it by debiting Cash and crediting Unearned Revenue both for $10,000. It is now December 31, 2017, and Tao has provided legal services as planned. hat adjusting entry should Tao make to account for the work performed from October 1 through December 31, 2017? Unearned revenue
Step 1: Determine what the current account balance equals.
Step 2: Determine what the current account balance should equal
Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 b.
A. Caden started a new publication called Contest News. Its sub subscriber, Caden debits Cash and credits Unearned Subscription Revenue for the amounts received. The company has 100 new subscribers as of July 1, 2017. It sends Contest News to each of these subscribers every month from July through December Assume no changes in subscribers, prepare the journal entry that Caden must make as of December 31, 2017, to adjust the Subscription Revenue account and the Unearned Subscription Revenue account pay $24 to receive 12 monthly issues.
Answer:
1. Assume no other adjusting entries are made during the year a. Tao Co. receives $10,000 cash in advance for four months of legal services on October 1, 2017, and records it by debiting Cash and crediting Unearned Revenue both for $10,000. It is now December 31, 2017, and Tao has provided legal services as planned. hat adjusting entry should Tao make to account for the work performed from October 1 through December 31, 2017?
Step 1: Unearned Revenue has a credit balance of $10,000
Step 2: Unearned Revenue should have a credit balance of $2,500 only.
Step 3: Adjusting Journal Entry:
Debit Unearned Revenue $7,500
Credit Service Revenue $7,500
To record revenue for services performed to December 31, 2017.
2. Caden started a new publication called Contest News. Its sub subscriber, Caden debits Cash and credits Unearned Subscription Revenue for the amounts received. The company has 100 new subscribers as of July 1, 2017. It sends Contest News to each of these subscribers every month from July through December Assume no changes in subscribers, prepare the journal entry that Caden must make as of December 31, 2017, to adjust the Subscription Revenue account and the Unearned Subscription Revenue account pay $24 to receive 12 monthly issues.
Step 1: Unearned Subscription Revenue has a credit balance of $2,400
Step 2: Unearned Subscription Revenue should have a credit balance of only $1,200.
Step 3: Adjusting Journal Entry:
Debit Unearned Subscription Revenue $1,200
Credit Subscription Revenue $1,200
To record subscription revenue for services performed to December 31, 2017.
Explanation:
Tao Co and Caden follow the three-step process of adjusting unearned revenue liability accounts at year-end. The purpose of the steps is to ensure that correct amounts remain as balances in the unearned revenue accounts. The steps also help to adjust the Earned Revenue account to its proper amount in recognition of goods or services provided in accordance with the accrual concept and the matching principle of generally accepted accounting principles.
If the rate of growth of output is 8% and the rate of growth of population is 2%, what is the rate of growth of output per capita
Answer and Explanation:
Population and output are related in determining output per capita(per head). Total output divided by total population is equal to output per capita. Output per capita growth rate is the difference between population growth rate and output growth rate.
If output growth rate= 8%
and population growth rate = 2%
Then per capita output growth rate= output growth rate - population growth rate
Therefore per capita output growth rate = 8% - 2% =6%
Per capita output growth rate = 8%
Financial statements of a manufacturing firm The following events took place for Rushmore Biking Inc, during February, the first month of operations as a producer of road bikes:
• Purchased $390,000 of materials.
• Used $353,000 of direct materials in production.
• Incurred $101,600 of direct labor wages.
• Applied factory overhead at a rate of 34% of direct labor cost.
• Transferred $463,900 of work in process to finished goods.
• Sold goods with a cost of $441,400.
• Revenues earned by selling bikes, $ 730,300.
• Incurred $148,500 of selling expenses.
• Incurred $72,200 of administrative expenses
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet
a. Prepare the income statement for Rushmore Biking for the month ending February 28.
Round your answers to the nearest dollar
Rushmore Biking Inc.
Income Statement
For the Month Ended February 28
Revenues
Cost of Goods Sold
Gross Profit Selling and Administrative Expenses:
Total Selling and Administrative Expenses
Answer and Explanation:
The Preparation of income statement is prepared below:-
Rushmore Biking Inc.
Income statement
For the month ended February 28
Particulars Amount
Revenues $7,30,300
Less: Cost of goods sold $4,41,400
Gross profit $2,88,900
Selling and administrative expenses:
Selling expenses $1,48,500
Administrative expenses $72,200
Less: Total Selling and administrative
expenses $2,20,700
Income from operations $68,200
Vermont Company acquires a used machine (ten-year property) on January 15, 2018. at a cost of $400,000. Vermont also acquires another used machine (seven-year property) on November 5, 2018 at a cost of $80,000. No election is made to use the straight-line method. The company does not make the 5 179 election. Determine the total deductions in calculating taxable income related to the machines for 2018.
a) $48,000
b) $100,000
c) None of the above
d) $51.432
e) $480,000
Answer:
d) $51.432
Explanation:
Deduction on 10 year Property = $400,000 * (MACRS Rate)
Deduction on 10 year Property = $400,000 * 0.10
Deduction on 10 year Property = $40,000
Deduction on 7 Year Property = $80,000 * (MACRS Rate)
Deduction on 7 Year Property = $80,000 * 0.1429
Deduction on 7 Year Property = $11,432
Total Deduction on the properties = $40,000 + $11,432
Total Deduction on the properties = $51,432