Answer:
The four factors within the general environment of Jess-ops Group Limited are macroeconomic factor, technological factor, regulatory factor, and social factor.
Explanation:
The general environment can be described as the larger environment in which the company operate.
The four factors within the general environment of Jess-ops Group Limited are macroeconomic factor, technological factor, regulatory factor, and social factor.
Note: These factors are explained in the attached file as there was a difficulty in submitting the explanation here.
You just won the $87 million Ultimate Lotto jackpot. Your winnings will be paid as $2,900,000 per year for the next 30 years. If the appropriate interest rate is 6.2 percent, what is the value of your windfall
Answer:
Explanation:
In order to calculate the value of your windfall we would have to calculate the following formula:
Value of windall=P×[1-(1÷(1+r)^n)]÷r
According to the given data we have the following:
Interest rate per annum=6.20%
Number of years= 30
Number of compoundings per per annum=1
Payment per period (P)=$2,900,000
Therefore, Value of windall=$2,900,000×(1-(1÷(1+6.2%)^30))÷6.2%
Value of windall=$39,078,091.71
The value of your windfall is $39,078,091.71
You recently received a letter from Cut-to-the-Chase National Bank that offers you a new credit card that has no annual fee. It states that the annual percentage rate (APR) is 16 percent on outstanding balances. What is the effective annual interest rate?
Answer:
Effect Annual rate of return =17.22%
Explanation:
The Effective annual rate of return is the equivalent rate earned where compounding is done frequently at period or interval less than a year.
EAR = (1+r/m)^n× m - 1
EAR - Equivalent annual rate of return, r- annul rate of return, n-number of years
r= 16/12 =1.333%, n= 1 m= 12 (note there are 12 months in a year)
EAR = (1+0.16/12)^(1×12) - 1
EAR = 1.0133^12 - 1 = 0.1722
EAR 0.1722 × 100 = 17.22%
Effect Annual rate of return =17.22%
Uniform Supply accepted a $8,800, 90-day, 9% note from Tracy Janitorial on October 17. What entry should Uniform Supply make on January 15 of the next year when the note is paid? (Assume reversing entries are not made.). (Use 360 days a year.)
Answer:
Dr cash($8800+$33+$165) $8,998
Cr notes receivable $8,800
Cr interest revenue $33
Cr interest receivable $165
Explanation:
As at January 15 when the note is received ,there is need to recognize interest revenue for 15 days of January i.e 15/360*9%*$8800=$33
From October 17 to December 31 ,interest receivable amount already recognized as revenue=75/360*9%*$8800=$165
The actual of amount of notes receivable is the original amount of $8,800
Gwinnett Barbecue Sauce Corporation manufactures a specialty barbecue sauce. Gwinnett has the capacity to manufacture and sell 15,000 cases of sauce each year but is currently only manufacturing and selling 14,000. The following costs relate to annual operations at 14,000 cases: Total Cost Variable manufacturing cost $294,000 Fixed manufacturing cost $56,000 Variable selling and administrative cost $42,000 Fixed selling and administrative cost $38,000 Gwinnett normally sells its sauce for $45 per case. A local school district is interested in purchasing Gwinnett's excess capacity of 1,000 cases of sauce but only if they can get the sauce for $23 per case. This special order would not affect regular sales or total fixed costs or variable costs per unit. If this special order is accepted, Gwinnett's profits for the year will:
Answer:
Gwinnett's profits for the year will decrease by $1,000
Explanation:
total costs for normal 14,000 cases:
Variable manufacturing cost $294,000 / 14,000 = $21 per caseFixed manufacturing cost $56,000 Variable selling and administrative cost $42,000 Fixed selling and administrative cost $38,000total = $430,000the incremental revenue of selling 1,000 cases to the school district = $23 x 1,000 = $23,000
the incremental costs for producing and selling 1,000 more cases:
variable manufacturing costs = $21 x 1,000 = $21,000variable S&A costs = $3 x 1,000 = $3,000total incremental costs = $24,000incremental revenue - total incremental costs = $23,000 - $24,000 = -$1,000
Answer:
Effect on income= $1,000 decrease
Explanation:
Giving the following information:
Unitary variable costs:
Variable manufacturing cost= $294,000/14,000= $21
Variable selling and administrative= $42,000/14,000= $3
Special offer= 1,000 units for $23
Because it is a special offer and there is unused capacity, we will not take into account the fixed costs:
Effect on income= 1,000*(23 - 24)= $1,000 decrease
Pacific Ink had beginning work-in-process inventory of $754,960 on October 1. Of this amount, $309,920 was the cost of direct materials and $445,040 was the cost of conversion.The 53,000 units in the beginning inventory were 25 percent complete with respect to both direct materials and conversion costs.
During October, 112,000 units were transferred out and 35,000 remained in ending inventory.The units in ending inventory were 75 percent complete with respect to direct materials and 35 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,687,500 for direct materials and $3,429,900 for conversion.
Required:
(1) Compute the equivalent units for the materials and conversion cost calculations.
(2) Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method.
Answer:
a:Weighted Equivalent Units Materials 138,250 Conversion 124,250
b:FIFO Equivalent Cost Per unit Materials $ 21.5 Conversion $ 30.9
Explanation:
Pacific Ink
Weighted Average Equivalent Units
Particulars Units %of Completion Equivalent Units
Mat Conversion Mat. Conversion
Transferred Out 112000 100 100 112000 112000
Add Ending Inv 35000 75 35 26250 12250
Equivalent Units 138,250 124,250
The FIFO method accounts only for the current period costs and units.
Pacific Ink
FIFO Equivalent Units
Particulars Units %of Completion Equivalent Units
Mat Conversion Mat. Conversion
Transferred Out 112000 100 100 112000 112000
Add Ending Inv 35000 75 35 26250 12250
Less
Beg. Inv 53000 25 25 13250 13250
Equivalent Units 125,000 111000
FIFO Costs :
Materials Conversion
Current Costs: $2,687,500 $3,429,900
FIFO Equivalent Units 125,000 111000
Cost per Unit $2,687,500/125000 $3,429,900/111000
Equivalent Cost Per unit $ 21.5 $ 30.9
When the Pacific Ink that is:
The Weighted of the Average Equivalent Units are:Particulars Units %of Completion Equivalent Units
Mat Conversion Mat. Conversion
Transferred Out 112000 100 100 112000 112000
Add Ending Inv 35000 75 35 26250 12250
Equivalent Units 138,250 124,250
When thus, The FIFO method is accounted only for the current period costs and units is: When the Pacific Ink The FIFO Equivalent UnitsParticulars Units %of Completion Equivalent Units
Mat Conversion Mat. Conversion
Transferred Out 112000 100 100 112000 112000
Add Ending Inv 35000 75 35 26250 12250
Then Less
Beg. Inv 53000 25 25 13250 13250
Equivalent Units 125,000 111000
When the FIFO Costs is :
Materials Conversion
Current Costs: $2,687,500 $3,429,900
FIFO Equivalent Units 125,000 111000
Cost per Unit $2,687,500/125000 $3,429,900/111000
Equivalent Cost Per unit $ 21.5 $ 30.9
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Cat's product manager continues to perform well in the market. However, a competing product is coming on strong and is looking to take over as the market share leader in the segment. Without sacrificing contribution margin, what can the Cat product manager do in order to improve upon the buying criteria, and thus potentially increase demand
Answer:
Increase promotion spending
Explanation:
Note that the challenge for the product is to get a demand that supersedes that of their competitor. Thus, by spending more on promotion they could still maintain the contribution margin while at the same time increase consumers demand the product.
For example, by adding extra gift items to their products consumers would likely feel motivated to buy the product over the other.
Elaborate on two instances at the workplace where "silence is golden " may be applicable.
Answer:
"Silence is golden" teaches that it is not everytime that somebody must say something. At times, it is better to keep quiet and listen to others and the environment instead of talking meaninglessly.
At the workplace, it is better to apply this "silence is golden" rule instead of asking or making unrelated questions or comments. Relevance is important in communication. Off-handed revelations can be offsetting and can damage one's character, if left unchecked. If you want to ask a question in any situation, please ensure that the question is related to the topic under discussion. If you want to make a comment during departmental meetings, first make the comment in your head and evaluate its relevance to the subject being discussed. After your evaluation, you may discover it was not necessary to ask the question or make the comment, then withdraw it. Do not fall into the habit of asking irrelevant questions or making unnecessary comments because you want your voice to be heard. We learn more from listening to others than from talking.
Another instance were "silence is golden" is when you are under emotions. Hold yourself in check at such moments and do not allow yourself to ask questions or make comments that will hurt the feelings of those around you. Some people are sentimental and will not appreciate nor excuse such remarks. Hold your tongue. Cry if you must, but do not voice out your emotions without control. People do not easily forget such remarks even though they realize that you were emotionally charged. Let your peace reign in your heart.
Explanation:
A workplace is not the most appropriate place to voice out some thoughts. You must recognize your purpose of being there in the first instance: to work and earn a living. So, simply do that. Do not be known as a talkative.
A few years back, Dave and Jana bought a new home. They borrowed $230,415 at a fixed rate of 5.49% (15-year term) with monthly payments of $1,881.46. They just made their twenty-fifth payment and the current balance on the loan is $208,555.87.
Interest rates are at an all-time low and Dave and Jana are thinking of refinancing to a new 15-year fixed loan. Their bank has made the
following offer: 15-year term, 3.0%, plus out-of-pocket costs of $2,937. The out-of-pocket costs must be paid in full at the time of refinancing.
Build a spreadsheet model to evaluate this offer. The Excel function:
=PMT(rate, nper, pv, fv, type)
alculates the payment for a loan based on constant payments and a constant interest rate. The arguments of this function are as follows:
rate = the interest rate for the loan
nper = the total number of payments
pv= present value - - the amount borrowed
fv = future value - - the desired cash balance after the last payment (usually 0)
type = payment type (0 = end of period, 1 = beginning of the period)
For example, for Dave and Jana's original loan there will be 180 payments (12*15 = 180), so we would use =PMT( .0549/12, 180, 230415,0,0) = $1881.46. Note that since payments are made monthly, the annual interest rate must be expressed as a monthly rate. Also, for payment calculations, we assume that the payment is made at the end of the month.
Assume that Dave and Jana have accepted the refinance offer, and that there is no pre-payment penalty, so that anything above the beyond the required payment is applied to the principal. Construct a spreadsheet model in Excel so that you may use Goal Seek to determine the monthly payment that will allow Dave and Jana to pay off the loan in 12 years. Do the same for 10 and 11 years. Which option for prepayment if any, would you choose and why?
(Hint: Break each monthly payment up into interest and principal [the amount that gets deducted from the balance owed] Recall that the monthly interest that is charged is just the monthly loan rate multiplied by the remaining loan balance.)
If required, round your answers to two decimal places.
Pay off loan in years Additional Payment
10 Years $
11 Years $
12 Years $
Which option for prepayment if any, would you choose and why?
Answer:
Explanation:
If required, round your answers to two decimal places.
Pay off loan in years Additional Payment
10 Years $
11 Years $
12 Years $
Which option for prepayment if any, would you choose and why?
New monthly payment
PMT(3%/12, 15*12, 208555.87, 0, 0) = $1,440.25
Now, we need find the additional amount that they need to pay in order to repay their outstanding loan in 10,11 and 12 years. So, using the above formula, we get
10-year installment = PMT(3%/12, 10*12, 208555.87, 0, 0) = $2,013.83
11-year installment = PMT(3%/12, 11*12, 208555.87, 0, 0) = $1,856.93
12-year installment = PMT(3%/12, 12*12, 208555.87, 0, 0) = $1,726.40
Additional Monthly Payment
10-year: $2,013.83 - $1,440.25 = $573.58
11-year: $1,856.93 - $1,440.25 = $416.68
12-year: $1,726.40 - $1,440.25 = $286.15
Refinancing means finance again(object) and, usually with a new loan with a low-interest rate.
What is the term refinancing means?Refinance, or "refi" briefly, refers to the process of reviewing and replacing existing credit agreement terms, usually as they relate to the loan or mortgage.
Calculation of new monthly payment under refinance model:
New monthly payment:
[tex]PMT(3\%/12, 15\times 12, 208555.87, 0, 0) = \$1,440.25[/tex]
The calculation is shown in the attached image.
Now, we need to find the additional amount that they need to pay in order to repay their outstanding loan in 10,11, and 12 years.
Using the above formula, we get
[tex]\rm\,10-year \;installment\; = \;PMT(3\%/12, 10\times 12, 208555.87, 0, 0) = \$2,013.83\\\\11-year installment = PMT(3\%/12, 11 \times 12, 208555.87, 0, 0) = \$1,856.93\\\\12-year installment = PMT(3\%/12, 12 \times 12, 208555.87, 0, 0) = \$1,726.40[/tex]
Additional Monthly Payment
[tex]\rm\,10-year \$2,013.83 - \$1,440.25 = \$573.58\\\\11-year: \$1,856.93 - \$1,440.25 = \$416.68\\\\12-year: \$1,726.40 - \$1,440.25 = \$286.15[/tex]
Hence, We can go for 12-year model, as it is cost-effective for Dave and Jana.
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Assume one of the SWOT findings was an internal weakness of low motivation in the sales force regarding product sales. HP has designed a new compensation system to address this motivation. In which stage of the strategy implementation framework does this action reside?
Answer:
Stage 3
Explanation:
Strategic management is defined as formulation of strategies (decisions, actions, and measures) which are implemented to meet organisational goals and objectives.
Strategy formulation is a very important first step in strategy management. Lack of good strategy formulation can lead to organisational failure.
In the given scenario where motivation among employees is identified as a weakness, the action of modifying the reward system falls under the stage 3 of strategic implementation framework
Strategic implementation is concerned with how formulated strategy is implemented.
Consider the following data for the United States: Year Real GDP ($ billion) 20172017 18 comma 108.118,108.1 20182018 18 comma 638.218,638.2 *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. The percentage change in real GDP from 20172017 to 20182018equals= 2.932.93%. (Enter your response rounded to two decimal places and include a minus sign if necessary.) This percentage change in real GDP is also known as
Answer:
The percentage change in real GDP is 2.93%
Real economic growth rate
Explanation:
The percentage in real GDP between year 2017 and 2018 can be computed using the below formula:
% change in real GDP=2018 real GDP-2017 real GDP/2017 real GDP
2017 real GDP is 18,108.1
2018 real GDP is 18,638.2
% change in real GDP=(18,638.2- 18,108.1)/ 18,108.1=2.93%
This percentage change in real GDP is also known as real economic growth rate.Economic growth rate is the rate of improvement in the economy with respect to additional value-adding goods and services produced by an economy with viz-a-viz the prior year
The Model E extender fits with the 2 inch heavy duty hitches.The contract calls for 247 Model E extenders per week to be delivered in equal installments over the 16 weeks of the contract. The goal of Alpha Assemblies is to work 40 hours per week. The actual work time for completing the Model E extenders has been broken down by process in the table below. Also provided is the anticipated learning rate for each process. All processes must be performed in sequence and each step has its own separate and unique workcenter. To achieve the goal of working 40 hours per week or less, the cycle time must be lower than the takt time. What is the expected Cycle Time for Model E in Week 16? Note: learning is applied to the batch quantity per week. Do not try to break out the units within a week.Process Time Required per Unit Predecessor Task Learning RateA 9 82B 12 A 86C 18 B 81D 9 C 90E 12 D 80F 17 E 88G 14 F 83H 12 G 85I 8 H 82
Answer:
Cycle Time = 10.19482 minute
Explanation:
From the question :
The Model E can be illustrated perfectly as shown below:
Process Time Required Predecessor Task Learning Rate
per Unit
A 9 82
B 12 A 86
C 18 B 81
D 9 C 90
E 12 D 80
F 17 E 88
G 14 F 83
H 12 G 85
I 8 H 82
Now For the minutes per week for each Process; we have :
Process Time Required Predecessor Learning Minutes
per Unit Task Rate (Week 16)
A 9 82 4.069096
B 12 A 86 6.564098
C 18 B 81 7.74841
D 9 C 90 5.9049
E 12 D 80 4.9152
F 17 E 88 10.19482
G 14 F 83 6.644165
H 12 G 85 6.264075
I 8 H 82 3.616974
The objective here is to determine the expected Cycle Time for Model E in Week 16
So, we can equally regard the Cycle Time = Bottleneck of Activity for Week 16.
Cycle Time = 10.19482 minute in as much as it is the the largest activity time for the week 16
Given that the demand per week is : = 247
The available time per week = 40 hours = 40 × 60 hours = 2400 minutes
Talk Time = Available Time Per Week/Demand Per Week
Talk Time = 2400/247
Talk Time = 9.716599
Thus; here the cycle time is greater than the talk time.
T/F: Risk management, a formalized way of dealing with hazards, is the logical process of weighing the potential costs of risks against the possible benefits of allowing those risks to stand uncontrolled.
Answer:
True
Explanation:
Remember, risk can be weighted using certain parameters to see whether the potential costs of those risks is lower or higher than the possible benefits of allowing those risks to stand uncontrolled.
What makes this a "logical process of thinking" is the fact that it involves a careful mental evaluation of the risk, by asking the what ifs questions about the risk.
A company is considering the purchase of a new piece of equipment for $90,000. Predicted annual cash inflows from this investment are $36,000 (year 1), $30,000 (year 2), $18,000 (year 3), $12,000 (year 4) and $6,000 (year 5). The payback period is:
Answer:
3.5 years
Explanation:
Payback period calculates the amount of the time it takes to recover the amount invested from the cumulative cash flows.
The amount invested is $-90,000
In the first year , $-90,000 + $36,000 = $-54,000 is recovered
In the second year, $-54,000 + $30,000 = $-24,000 is recovered
In the third year, $-24,000 + $18,000 = $-6,000 is recovered
In the fourth year, $-6,000 + $12,000 = $6000 is recovered.
By the fourth year, the total amount invested is recovered as the cash flow turns postive
Pay back period = 3 years + $6000/$12,000 = 3.5 years
I hope my answer helps you
Macro-economiscs college level .
Answer/Explanation:
A. Increase in import WOULD NOT lead to a decrease in national income because it would lead to increase in revenue derived from import duties.
B. A decrease in interest (leakage) WOULD lead to decrease in national income because it will increase borrowing and reduces investment.
C. A decrease in money supply (money available in an economy) WOULD NOT lead to decrease in national income because it reduces inflational rate.
D. An increase in exchange rate WOULD lead to decrease in national income because it would encourage capital flight.
E. A decrease in foreign income WOULD lead to decrease in national income because it reduces revenue earnings.
Suppose you win the lottery and have two options: A. Take $1 million now. B. Take $1.2 million to be paid out as 300,000 now and then $300,000 a year for 3 years. Which is the better deal? Assume that the interest rate is 10%. Please show your work. (4 point)
Answer:
A. Take $1 million now.
Explanation:
A. If we take $1 million now the present value of the money is $1 million.
B. If we choose to take $1.2 million paid out over 3 years then present value will at 10% will be;
$300,000 + $300,000 / 1.2 + $300,000/ 1.44 + $300,000 / 1.728
$300,000 + $250,000 + $208,000+ $173,611 = $931,944
The present value of option B is less than present value of option A. We should select option A and take $1 million now.
Global market channels involve a firm producing goods in:______
A. Their home country and exporting them to other countries.
B. Their home country to sell at home.
C. A foreign country to sell at home.
D. A foreign country to sell abroad.
Answer:
A. Their home country and exporting them to other countries.
Explanation:
A global market channel generally explains the production of commodities by a certain or group of firms and goods by a home country and exporting them to other countries. This is seen generally in the production of phones, laptops, tv brands refrigerators and a whole lot of products amongst tier 1 or tier 2 countries and are been shipped to lowest their countries and other tier countries. This is seen to boost the economy and international trade friendship of either countries though the country at the recieving end is loosing per capital but at the end, we need each other to grow and live.
Kansas Enterprises purchased equipment for $76,000 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $7,200 at the end of ten years. Using the straight-line method, depreciation expense for 2021 would be:
Answer:
The depreciation expense for 2021 would be: $6,880
Explanation:
Straight line method charges a fixed depreciation charge over the life of asset.
Depreciation Charge = (Cost - Residual Value) / Number of Estimated Useful life
= ($76,000 - $7,200) / 10
= $6,880
The amount of depreciation is charged at fixed amount of $6,880 for each of the years that this asset is in use in the business.
Conclusion :
The depreciation expense for 2021 would be: $6,880
E-Eyes has a new issue of preferred stock it calls 20/20 preferred. The stock will pay a $20 dividend per year, but the first dividend will not be paid until 20 years from today. If you require a return of 11 percent on this stock, how much should you pay today
Answer:
Price to be paid for the stock = $25.032
Explanation:
A preferred stock pays a constant amount of dividends in perpetuity.
Using the dividend valuation model, the estimate price of such a stock would be the present value (PV) of the perpetuity.
This given below as dollows:
PV= A/r
A-constant dividend,- 20 ,
r- rate of return- 11%
PV of dividend in Year 19
PV = 20/0.11= 181.8181818
PV in year in year 0
PV = 181.8181818 × 1.11^(-19) = 25.032
Price to be paid for the stock = $25.032
During the current year, the following manufacturing activity took place for a company's products. The beginning work in process, 70% complete, was comprised of 10,000 units. Units started into production during the year totaled 150,000 units. A total of 140,000 units were completed during the year. The ending work in process, 25% complete, was comprised of 20,000 units. What was the number of equivalent units using the FIFO method
Answer:
Equivalent units= 145,000 units
Explanation:
Giving the following information:
The beginning work in process, 70% complete, was comprised of 10,000 units. Units started into production during the year totaled 150,000 units. A total of 140,000 units were completed during the year. The ending work in process, 25% complete, was comprised of 20,000 units.
We need to use the following structure:
Beginning work in process = beginning inventory* %incompleted
Units started and completed = units completed - beginning WIP
Ending work in process completed= Ending WIP* %completed
=Number of equivalent units
Beginning work in process = 10,000*0.3= 3,000
Units started and completed = 140,000 - 3,000= 137,000
Ending work in process completed= 20,000*0.25= 5,000
=145,000 units
Wells, Inc., has identified an investment project with the following cash flows. Year Cash Flow 1 $ 1,000 2 1,230 3 1,450 4 2,190 a. If the discount rate is 9 percent, what is the future value of these cash flows in Year 4
Answer:
Total= $7,114.32
Explanation:
Giving the following information:
Cash Flow:
1 $ 1,000
2 1,230
3 1,450
4 2,190
Discount rate= 9%
To calculate the future value, we need to use the following formula on each cash flow:
FV= PV*(1+i)^n
Cf1= 1,000*1.09^4= 1,411.58
Cf2= 1,230*1.09^3= 1,592.89
Cf3= 1,450*1.09^2= 1,722.75
Cf4= 2,190*1.09= 2,387.1
Total= $7,114.32
The year-end 2009 balance sheet for Tom's Copy, Inc. lists common stock ($1.00 par value) of $ 5,870 , capital surplus of $ 17,290 and retained earnings of $ 47,076 . On the 2010 year-end balance sheet, retained earnings are listed as $ 50,350 . The firm's net income in 2010 was $ 9,811 . No stock was issued or repurchased in 2010. What were dividends per share paid by the firm in 2010
Answer:
$1.11 per share
Explanation:
For computing the dividend per share first we have to determine the dividend by applying the following formula
Amount of dividend = Beginning balance of retained earnings + Net Income - Ending balance of retained earnings
= $47,076 + $9,811 - $50,350
= $6,537
And, the number of shares is
= $5,870 ÷ $1 par
= 5,870 shares
So, the Dividend per share is
= Dividend ÷ number of shares
= $6,537 ÷ 5,870 shares
= $1.11 per share
Foster Manufacturing uses a job order cost accounting system. On April 1, the company has Work in Process Inventory of $7,600 and two jobs in process: Job No. 221, $3,600, and Job No. 222, $4,000. During April, a summary of source documents reveals the following:
For Materials Requisition Slips Labor Time Tickets
Job No. 221 $1,200 $1,600
222 1,700 2,200
223 2,400 2,900
224 2,600 2,800
General use 600 400
Totals $8,500 $9,900
Foster applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 221 is completed during the month.
Required:
Prepare summary journal entries to record the raw materials requisitioned, factory labor used, the assignment of manufacturing overhead to jobs, and the completion of Job No. 221.
Answer:
Foster Manufacturing
Journal Entries
Sr. No Particulars Debit Credit
1 Work in Process Job No. 221 1200
Work in Process Job No. 222 1700
Work in Process Job No. 223 2400
Work in Process Job No. 224 2600
Factory Overhead Indirect Materials 600
Materials Inventory 8500
Materials Requisitioned to specific jobs work in process inventory.
2. Direct Labor Work in Process Job No. 221 1600
Direct Labor Work in Process Job No. 222 2200
Direct Labor Work in Process Job No. 223 2900
Direct Labor Work in Process Job No. 224 2800
Indirect Labor 400
Payroll 9500
Factory OverheadControl 400
Direct Labor used for specific jobs.
3. Work in Process Job No. 221 1120
Work in Process Job No. 222 1540
Work in Process Job No. 223 2030
Work in Process Job No. 224 1960
Manufacturing Overheads 6930
Manufacturing Overheads applied to specific jobs at the rate of 70%.
4. Finished Goods Inventory $ 7940
Opening Work in Process Job No. 221 3600
Work in Process Job No. 221 Materials 1200
Work in Process Job No. 221 Direct Labor 1600
Work in Process Job No. 221 MOH 1540
Job 221 completed and transferred to finished goods.
Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables: Feb. 20 Received $1,000 from Andrew Warren and wrote off the remainder owed of $4,000 as uncollectible. May 10 Reinstated the account of Andrew Warren and received $4,000 cash in full payment. If an amount box does not require an entry, leave it blank. Feb. 20 May 10 May 10
Answer:
A journal was entered to determine the following transactions using the direct write-off method of accounting for uncollectible receivable shown below
Explanation:
Solution
PART A:
Particulars Debit Credit
Feb 20 Bad Debt Expense $4,000
Cash $1,000
Accounts receivable $5000
May 10 Accounts receivable $4,000
Bad Debt Expense $4,000
Cash $4,000
Accounts receivable $4,000
Mario and Johnny want to start a business. They have very little capital. They are new partners and largely unfamiliar with each other’s management practices. They are happy, however, to be organizing a business together in order to avoid full liability for the business. Which detail of this situation is a good reason for Mario and Johnny to create a general partnership?
A) Unfamilar with each other's managment practices
B) Avoiding full liability
C) Little Capital
D) Sharing profits
Answer:
All Options ..... if not possible then D) Sharing profits
Explanation:
A General Parnership refers to a business arrangement in which the individuals agree to share all the as assets, profits, and financial and legal liabilities of a jointly-owned business. Therefore in this scenario all of the options listed are valid reasons to want to create a general partnership between Mario and Johnny, but if only one option can be chosen then the best reason would be Sharing profits. That is because the entire reason for starting a business is to make money, and thus protecting your entitled profits is the most important.
8. Kidder Corporation hired Louis as a stockbroker. The employment contract provided that all disputes between the parties would be decided by arbitration. The employment agreement was a standardized form prepared by the corporation. Does Louis have a valid challenge to the legality of the contract
Answer:
idk
Explanation:
On January 1, 2018, White Corporation signed a $ 120,000, four-year, 2% note. The loan required White to make payments annually on December 31 of $ 30,000 principal plus interest.
Required:
a. Journalize the issuance of the note on January 1, 2018
b. Journalize the first payment on December 31, 2018
Answer:
Dr cash $120,000
Cr Notes payable $120,000
Dr interest expense $2,400
Dr notes payable $30,000
Cr cash $32,400
Explanation:
The issuance of the notes payable of $120,000 means that White Corporation's cash inflow has increased by $120,000 while its corresponding loan obligation has also gone up by the same amount.
On 31 December 2018,White Corporation would need to repay $30,000 principal plus interest of $2,400 ($120,000*2%).The interest payment is debited to interest expense while $30,000 repayment is debited to notes payable and cash is credited with the total of $32,400
Assume straight-line depreciation. A company plans to purchase machinery costing $1,000,000 with salvage value of $200,000 after 4 years. After-tax net income is expected to be $55,000, $40,000, $35,000, and $30,000 during the 4 years. Calculate the accounting rate of return. Round your answer to the nearest tenth of a percent.
Answer:
Accounting rate of return = 6.67%
Explanation:
The accounting rate of return (ARR) is the proportion of the average investment that is earned as profit.
ARR = average operating income/ Average investment
Average income =( 55,000 + 40,000 + 35,000 + 30,000)/4=40,000
Average investment = initial cost + salvage value/2
= 1,000,000 + 200,000/2 = 600,000
ARR = 40,000/600,000 × 100= 6.67
Accounting rate of return = 6.67%
Answer:
6.7%
Explanation:
Imagine that you work in a call center. Your manager tells you that you need to answer 25% more calls per hour. In order to do this, you must spend less time with each caller, and your caller satisfaction scores are going down. By answering more phone calls but providing worse service, you ARE being __________ but NOT ___________.
Answer:
By answering more phone calls but providing worse service, you ARE being EFFICIENT but NOT SATISFY CUSTOMERS' NEEDS.
Explanation:
A worker's efficiency is measured by the total output per hour of labor. In this case, since you are answering more calls per hour, your efficiency is increasing (higher output per hour).
The quality of the service provided by a worker's is measured by the quality of their output (or performance), and if you satisfy your customers' needs. Since the service that you are providing is not that good, then your quality levels are decreasing.
You may be producing more services, but the services produced lack good quality.
Sandhill Company reports the following operating results for the month of August: sales $382,500 (units 5,100), variable costs $245,000, and fixed costs $98,000. Management is considering the following independent courses of action to increase net income.
1. Increase selling price by 16% with no change in total variable costs or units sold.
2. Reduce variable costs to 59% of sales.
Compute the net income to be earned under each alternative.
1. Net Income
$enter a dollar amount
2. Net Income
$enter a dollar amount
Which course of action will produce the higher net income? select an option
Answer:
Results are below.
Explanation:
Giving the following information:
Sales $382,500 (units 5,100 $75 per unit)
variable costs $245,000 (48.04 per unit)
fixed costs $98,000.
Option 1:
Increase selling price by 16%.
New selling price= 75*1.16= 87
Sales= 5,100*87= 443,700
variable costs= (245,000)
fixed costs= (98,000)
Net income= 100,700
2. Reduce variable costs to 59% of sales.
Contribution margin= (382,500*0.41)= 156,825
fixed costs= (98,000)
Net income= 58,825
The most profitable option is the first one.
Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2010. Demers reported common stock of $300,000 and retained earnings of $210,000 on that date. Equipment was undervalued by $30,000 and buildings were undervalued by $40,000, each having a 10-year remaining life. Any excess consideration transferred over fair value was attributed to goodwill with an indefinite life. Based on an annual review, goodwill has not been impaired. Demers earns income and pays dividends as follows: Assume the equity method is applied. 8. Compute Pell's income from Demers for the year ended December 31, 2010. A. $74,400. B. $73,000. C. $42,400. D. $41,000. E. $80,000.
Answer:
$74,400
Explanation:
Pell Company
Pell's income from Demers for the year ended December 31, 2010
Controlling Interest Share of Net Income for 2010- Excess Fair value Annual Amortization
Controlling Interest Share of Net Income for 2010= ($100,000 × .80) $80,000
Less Excess Fair Value Annual Amortization =($7,000 × .80) $5,600
Pell Income= $74,400
