Answer:
fossil fuels
Explanation:
Although fossil fuels are continually formed by natural processes, they are generally classified as non-renewable resources because they take millions of years to form and known viable reserves are being depleted much faster than new ones are generated.
Answer:
B.
Fossil Fuel
Explanation:
Energy resources
Energy (such as ethanol), hydropower, geothermal power, wind energy, and solar energy. Biomass refers to organic material from plants or animals. This includes wood, sewage, and ethanol (which comes from corn or other plants).
Fossil Fuel
Energy sources, including oil, coal, and natural gas, are non-renewable resources that formed when prehistoric plants and animals died and were gradually buried by layers of rock. Over the past 20 years, nearly three-fourths of human-caused emissions came from the burning of fossil fuels.
Natural gas
It's considered renewable because of how easy it is to make, especially compared to nonrenewable energy sources like fossil fuels. As long as you have livestock matter or landfill materials, you can make more biomethane.
Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1,600 to secure it in place. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations.
Requried:
Prepare journal entries to record the machine’s disposal under each separate situation: (a) it is sold for $24,500 cash; (b) it is sold for $98,000 cash; and (c) it is destroyed in a fire and the insurance company pays $35,000 cash to settle the loss claim.
Answer:
A Dec-31
Dr Cash 24,500
Dr Accumulated Depreciation 184,000
Dr Loss on Sale of Used Machine 41,100
Cr Machine 249,600
B. Dec-31
Dr Cash 98,000
Dr Accumulated Depreciation 1,84,000
Cr Profit on Sale of Used Machine 32,400
Cr Machine 249,600
C. Dec-31
Dr Cash 35,000
Dr Accumulated Depreciation 1,84,000
Dr Loss on Machine destroyed in Fire 30,600
Cr Machine 249,600
Explanation:
A. Preparation of the journal entries to record the machine’s disposal if it is sold for $24,500 cash
Dec-31
Dr Cash 24,500
Dr Accumulated Depreciation 184,000
Dr Loss on Sale of Used Machine 41,100
(249,600-24,500-184,000)
Cr Machine 249,600
(240,000+8,000+1,600)
B. Preparation of the journal entry to record the machine’s disposal if it is sold for $98,000 cash
Dec-31
Dr Cash 98,000
Dr Accumulated Depreciation 184,000
Cr Profit on Sale of Used Machine 32,400
(249,600-98,000-184,000)
Cr Machine 249,600
(240,000+8,000+1,600)
C. Preparation of the journal entry to record the machine’s disposal if it is destroyed in a fire and the insurance company pays $35,000 cash
Dec-31
Dr Cash 35,000
Dr Accumulated Depreciation 184,000
Dr Loss on Machine destroyed in Fire 30,600
(249,600-35,000-184,000)
Cr Machine 249,600
(240,000+8,000+1,600)
Working:
Cost of machine = 240,000+8,000+1,600
Cost of machine= $249,600
Depreciation (Straight-Line method) = Cost - Salvage / no of years
Depreciation= (249,600-28,800)/6 yr
Depreciation=$36,800
Accumulated Depreciation of 5 Years =($36,800*5)
Accumulated Depreciation of 5 Years =$184,000
Journalizing Sales, Sales Returns and Allowances, and Cash Receipts:
Prepare journal entries for the following transactions.
Oct. 5 Sold merchandise on account to B. Farnsby for $290 plus sales tax of 4%.
8 Sold merchandise on account to F. Preetee for $230 plus sales tax of 4%,
with 2/10, n/30 cash discount terms.
11 F. Preetee returned merchandise purchased on October 8 for $40 plus sales
tax for credit.
17 F. Preetee paid the balance due on her account.
18 B. Farnsby returned merchandise purchased on October 5 for $70 plus sales
tax for credit.
20 B. Farnsby paid the balance due on his account.
Answer:
Oct. 5
Dr Accounts Receivable (B. Farnsby) $301.6
Cr Sales Tax Payable $11.60
Cr Sales Revenue $290
Oct. 8
Dr Accounts Receivable ( F. Preetee) $239.20
Cr Sales Tax Payable $9.20
Cr Sales Revenue $230
Oct 11
Dr Sales Returns $40
Dr Sales Tax Payable $1.6
Cr To Accounts Receivable (F. Preetee) $41.6
Oct 17
Dr Cash Account $192.6
Dr Cash Discount $5
Cr Accounts Receivable (Preetee) $197.6
Oct 18
Dr Sales Returns $70
Dr Sales Tax Payable $2.80
Cr Accounts Receivable (B. Farnsby) $72.80
Oct 20
Dr Cash Account ($301.6 - $72.80) $228.8
Cr Accounts Receivable (B. Farns) $228.8
Explanation:
Preparation of the journal entries
Oct. 5
Dr Accounts Receivable (B. Farnsby) $301.6
($290+$11.60)
Cr Sales Tax Payable ($290 × 4%) $11.60
Cr Sales Revenue $290
(Being the sales revenue recorded on account)
Oct. 8
Dr Accounts Receivable ( F. Preetee) $239.20
($230+$9.20)
Cr Sales Tax Payable ($230 × 4%) $9.20
Cr Sales Revenue $230
(Being the sales revenue recorded on account)
Oct 11
Dr Sales Returns $40
Dr Sales Tax Payable $1.6
(4%*$40)
Cr To Accounts Receivable (F. Preetee) $41.6
($40+$1.6)
(Being the returned inventory is recorded)
Oct 17
Dr Cash Account $192.6
($197.6-$5)
Dr Cash Discount (($290 - $40) × 2%) $5
Cr Accounts Receivable (Preetee) $197.6
($239.20 - $41.6)
(Being receipt of cash is recorded)
Oct 18
Dr Sales Returns $70
Dr Sales Tax Payable $2.80
(4%*$70)
Cr Accounts Receivable (B. Farnsby) $72.80
($70+$2.80)
(Being the return of goods is recorded)
Oct 20
Dr Cash Account ($301.6 - $72.80) $228.8
Cr Accounts Receivable (B. Farns) $228.8
(Being receipt of cash is recorded)
Bulluck Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 3.90 grams $ 1.40 per gram Direct labor 0.40 hours $ 15.00 per hour Variable overhead 0.40 hours $ 2.40 per hour The company reported the following results concerning this product in July. Actual output 3,400 units Raw materials used in production 11,770 grams Actual direct labor-hours 1,190 hours Purchases of raw materials 12,500 grams Actual price of raw materials purchased $ 1.60 per gram Actual direct labor rate $ 11.80 per hour Actual variable overhead rate $ 2.50 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead efficiency variance for July is:
Answer:
Variable overhead efficiency variance = $408 Favorable
Explanation:
Variable overhead efficiency variance: Variable overhead efficiency variance aims to determine whether or not their exist savings or extra cost incurred on variable overhead as a result of workers being faster or slower that expected.
Since the variable overhead is charged using labour hours, any amount by which the actual labour hours differ from the standard allowable hours would result in a variance
Hours
3,400 units should have taken (3,400×0.4 hours) 1,360
but did take 1,190
Labour hours variance 170 favorable
Standard variable overhead rate × $ 2.40 per hour
Variable overhead efficiency variance $408Favorable
Variable overhead efficiency variance = $408 Favorable
Ted borrowed $140,000 from ABC Bank to purchase a home and pledged the home as collateral for the loan. Shortly after purchasing the home, Ted lost his job. He could not find another job and could not pay the monthly mortgage. Ted set fire to the home. The claims adjuster suspected arson, and an investigation proved that Ted intentionally caused the loss. Under the mortgage clause of the Homeowners 3 policy, how will this loss be settled
Answer:
Under the Mortgage clause of the policy, the insurance company will pay out the insurable interest it would have paid to Ted, to ABC bank.
Ted will now owe the insurance company whatever it was that they paid to the bank and they will be able to legally go after him to pay off that amount using any legal means necessary.
There were initially two satellite radio providers in the U.S. market, Sirius and XM Radio. The firms merged to form one firm, and the federal government did not challenge the merger. Although the merger created a single seller in this market, the existence of a monopoly may not have much impact on U.S. consumers. Which of the following statements are plausible reasons for the limited impact of the merger?
a. The merged firm will operate at higher capacity and may be able to reduce costs through economies of scale and perhaps learning-by-doing, which will benefit U.S. consumers.
b. Although there will only be one seller of satellite radio, there are other forms of radio broadcasts available to U.S. consumers and demand for satellite radio may be relatively elastic.
c. There are very large fixed costs in providing satellite radio, and the industry may be a natural monopoly. One seller may be able to operate at lower cost than two sellers.
d. all of the above
Answer: a. The merged firm will operate at higher capacity and may be able to reduce costs through economies of scale and perhaps learning-by-doing, which will benefit U.S. consumers.
Explanation:
A merger occurs when two companies comes together and becomes one. This is done in order to expand the recah of a company, gain a market share, and also expand into new segments.
The plausible reasons for the limited impact of the merger will be because the merger will lead to the operation at a higher capacity which will ensure that there's cost reduction through economies of scale which will be beneficial to the consumers.
_is any place where goods are produced or distributed or services areproduced
What do you think is more important, the presentation of a speech or its content? Discuss your answer.
Answer:
presentation of its content
Explanation:
I think this is more important , for example when you are presenting a project for class, your teacher wouldnt really want to see what you say. Instead they look for the creativity and the effort put into the content.
All unethical practices are covered under the law.
True or False
Answer:
False
Explanation:
Law represent the rules and regulations made by the government in order to fulfill them so that each and every individual could work on ethical way, Here only the ethical practices are covered under the law if anyone is not following the rules and regulations proper action should be taken against that person. Also it is compulsory for all to follow the rules and regulations
Therefore the given statement is false
6. A radio station that carries news, features, and editorial opinions about
your area is which type of public? *
A) financiar
O
B) media
C) citizen-action
D) local
E) government
Answer:
B
Explanation:
Al part of communication
After a major earthquake, the San Francisco Opera Company is offering zero coupon bonds to fund the needed structural repairs to its historic building. Buster Norton is considering the purchase of several of these bonds. The bonds have a face value of $2,000 and are scheduled to mature in 10 years. Similar bonds in the market have an annual YTM of 12 percent. If Mr. Norton purchases three of these bonds today, how much money will he receive 10 years from today at maturity
Answer:
Buster Norton and the Bonds of San Francisco Opera Company
If Mr. Norton purchases three of these bonds today, in 10 years from today at maturity, he will receive:
= $6,000.
Explanation:
a) Data and Calculations:
Face value of each zero coupon bond purchased = $2,000
Number of bonds purchased by Norton = 3
Value of bond investments at maturity = $6,000 ($2,000 * 3)
Maturity period of the San Francisco Opera Company bonds = 10 years
Annual Yield to Maturity of similar bonds in the market = 12%
From an online financial calculator:
Present value of bonds = $1,932 (with each as $644 ($1,932/3))
N (# of periods) 10
I/Y (Interest per year) 12
PMT (Periodic Payment) 0
FV (Future Value) -6000
Results
PV = $1,931.84
Total Interest $4,068.16
Use the following information to calculate the dollar cost of using a money market hedge to hedge 200,000 British pounds of payables due in 180 days. Assume the firm has no excess cash. Assume the spot rate of the pound is $2.02, and the 180-day forward rate is $2.00. The British interest rate is 5 percent, and the U.S. interest rate is 4 percent over the 180-day period.
a. $351,210.
b. $381,210.
c. $371,210.
d. $400,152.
Answer:
Dollar cost of Money market hedge= $400,152.38
Explanation:
The money market hedge would be set up as follows:
Step 1: Deposit in Pounds
Deposit an amount in Pounds equals to
Amount to be deposited= Payable/(1+deposit rate)
= 200,000 pound/(1.05)= 190,476.19 pounds
Step 2 : Convert the sum
Convert 190,476.19 pounds at the spot rate of $2.02
Dollar amount = 190,476.19 × 2.02
= $ 384,761.90
Step 3: Borrow at home (US)
Borrow $ 384,761.90 for 180 days at an interest rate of 4%
Amount due (inclusive of interest) = Amount borrowed × 1.04
=$ 384,761.90 × 1.04
= $ 400,152.38
Dollar cost of Money market hedge= $400,152.38
Payroll Taxes Champaign Inc., a company that provides educational consulting services to large universities across the nation, has a gross payroll of $62,000 for the pay period. The entire payroll is subject to Social Security and Medicare taxes. Champaign must also withhold $7,440 in federal income tax from the employees and pay state unemployment tax of $75. Assume that the Social Security tax rate is 6.2%, and Medicare tax rate is 1.45%.
Required:
Provide the necessary journal entries for Champaign to record these payroll taxes (round to nearest penny).
Answer:
Date Account Title Debit Credit
XX-XX Wages Expense $62,000
Federal Income Tax Withholding Payable $7,440
Social Security Taxes Payable (Employee) $3,844
Medicare Taxes Payable (Employee) $ 899
Cash $49,817
Working
Social Security Taxes Payable (Employee) = 6.2% * 62,000 = $3,844
Medicare Taxes Payable (Employee) = 1.45% * 62,000 = $899
Date Account Title Debit Credit
XX-XX Social Security Taxes Expense (Employer) $3,844
Medicare Taxes expense (Employer) $899
State Unemployment tax expense $75
Social Security Taxes Payable (Employer) $3,844
Medicare Taxes Payable (Employer) $899
State Unemployment tax Payable $75
During 2021, Terps Company issued 800,000 coupons which entitles the customer to a $5.00 cash refund when the coupon is submitted at the time of any future purchase. The company estimates that 70% of the coupons will be redeemed. 350,000 coupons had been processed during 2021. The company recognizes coupon expense in the period coupons are issued. At December 31, 2021, the company should report a liability for unredeemed coupons of:
Answer:
$1,050,000
Explanation:
Calculation to determine what the company should report as a liability for unredeemed coupons
Liability for unredeemed coupons =($800,000 x 0.70 ) - $350,000 ) x $5.00
Liability for unredeemed coupons=($560,000-$350,000)×$5.00
Liability for unredeemed coupons=$210,000x $5.00
Liability for unredeemed coupons=$1,050,000
Therefore At December 31, 2021, the company should report a liability for unredeemed coupons of:$1,050,000
A gourmet coffee shop in downtown Oakland is open 200 days a year and sells an average of 75 pounds of Kona coffee beans a day. Demand can be assumed to be distributed normally with a standard deviation of 15 pounds per day. After ordering (fixed cost = $16/order), beans are always shipped from Hawaii within exactly 4 days. Per-pound annual holding costs for the beans are $4.6. What is the EOQ for Kona coffee beans?
Answer:
EOQ for Kona coffee beans is 323 pounds
Explanation:
Economic Order Quantity (EOQ) is calculated to determine the optimal order quantity for business in order minimise their costs such as warehousing, overstocking and logistics cost. It is calculated using the following formulae:
EOQ = √[(2(setup costs)(demand rate))] / holding costs
Where demand rate is the demand, a company receives for a product each year. In this case the shop opens 200 days a year and sells average 75 pounds of coffee beans a day. Which in total is 15,000 pounds of coffee beans in a year. This is the annual demand for Kona Coffee beans.
The Setup costs also referred to as the Order Cost, is the cost of order per purchase which includes the shipping and handling cost. This is given as $16/order.
Holding cost also referred to as the carrying cost, is the cost for holding the inventory. In the given question, the holding cost is $4.6 per pound.
EOQ = √{(2) (16) (15,000)} / 4.6
EOQ = 323 pounds
A manager needs to assign her team to work on different types of programs in the community. Any team can work on any of the programs. However, the manager feels that there is a difference in the amount of time it would take each group to finish their tasks for each program. Her estimate of the time to complete in hours is given below. Programs Business Education Surveys Beautification Group 1 32 35 15 27 Group 2 38 40 18 35 Group 3 41 42 25 38 Group 4 45 45 30 42 What is the total number of hours the teams will spend on the projects
Answer:
The total number of hours the teams will spend on the projects is:
= 548 hours.
Explanation:
a) Data and Calculations:
Estimate of time to complete each program by various groups:
Programs
Business Education Surveys Beautification Total
Group 1 32 35 15 27 109
Group 2 38 40 18 35 131
Group 3 41 42 25 38 146
Group 4 45 45 30 42 162
Total 156 162 88 142 548
b) Each group's total time is added, and each program's total time is also added. The totals are then summed to get the overall total number of hours that the teams would spend on the various projects.
The accountant for Mandarin Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:
Retained earnings balance at the beginning of the year $ 1,069,000
Net income for the year 355,000
Cash dividends declared for the year 67,000
Retained earnings balance at the end of the year 1,757,000
Cash dividends payable at the beginning of the year 15,000
Cash dividends payable at the end of the year 18,500
What is the amount of cash dividends paid that should be reported in the financing section of the statement of cash flows?
a) $100,500.
b) $3,500.
c) $63,500.
d) $70,500.
e) $67,000.
Answer:
C. $63,500
Explanation:
With regards to the above, information, the amount of cash dividends paid that should be recorded is computed as;
= Cash dividends payable at the beginning of the year + Cash dividends declared for the year - Cash dividends payable at the end of the year
= $15,000 + $67,000 - $18,500
= $63,500
Therefore, cash dividends paid that should be recorded in the financing section of the statement of cash flow is $63,500
Exercise 11-13 On January 1, Monty Corp. had 97,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following occurred. Apr. 1 Issued 22,500 additional shares of common stock for $18 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 1,500 additional shares of common stock for $18 per share. 15 Declared a cash dividend on outstanding shares of $4.90 per share to stockholders of record on December 31. (a) Prepare the entries, on each of the three dividend dates.
Answer:
June 15 - Declared a cash dividend of $1 per share
Debit : Dividends $120,000
Credit : Dividends for Shareholders $120,000
July 10 - Paid the $1 cash dividend
Debit : Dividends for Shareholders $120,000
Credit : Cash $120,000
Dec 15 - Declared a cash dividend
Debit : Dividends $595,350
Credit : Dividends for Shareholders $595,350
Explanation:
When a dividend is declared, raise a Liability - Shareholders for Dividends and an Equity item - Dividends.
When the dividend is paid, de-recognize the Liability - Shareholders for Dividends and recognize a Cash Outflow.
Dividends Calculations :
June 15
Dividends = (97,500 + 22,500) x $1.00 = $120,000
Dec 15
Dividends = (97,500 + 22,500 + 1,500) x $4.90 = $595,350
17) Siri Co makes wicker and wooden picnic baskets. It requires approximately one hour of labor to make one basket of either type. Wicker baskets are produced in batches of 100 units and require 0.5 machine hours per basket. Wooden baskets are produced in batches of 50 units and require 0.75 machine hours per basket. Setup is required for each batch. During the most recent accounting period, the company made 8,000 wicker baskets and 2,000 wooden slat baskets. Setup costs amounted to $24,000 for the baskets produced during the period. If activity-based costing is used to allocate overhead costs to the two products, the amount of setup cost assigned to the wicker baskets will be: A. $19,200 B. $16,000 C. $17,455 D. $12,000
Answer: B. $16,000
Explanation:
Wicker baskets are made in 100 unit batches and a setup is required for each batch.
If 8,000 wicker baskets were made, the number of batches and setups was:
= 8,000 / 100
= 80 wicker basket setups
If 2,000 wooden slat baskets were made, the number of batches and setups was:
= 2,000 / 50
= 40 wooden slat basket setups
Cost allocated to wicker basket setup = Wicker basket setups / (Wicker basket setups + Wooden slat baskets setups) * Setup costs for the period
= 80 / (80 + 40) * 24,000
= $16,000
The following is a partially completed lower section of a departmental expense allocation spreadsheet for Brickland. It reports the total amounts of direct and indirect expenses for the four departments. Purchasing department expenses are allocated to the operating departments on the basis of purchase orders. Maintenance department expenses are allocated based on square footage. Compute the amount of Purchasing department expense to be allocated to Fabrication. Purchasing Maintenance Fabrication Assembly Operating costs $ 42,000 $ 24,000 $ 106,000 $ 72,000 No. of purchase orders 15 5 Sq. ft. of space 3,800 2,200
Answer:
The amount of Purchasing department expense to be allocated to Fabrication is $31,500.
Explanation:
Note: The data in this question are merged together. They are therefore sorted before answering the question as follows:
Purchasing Maintenance Fabrication Assembly
Operating costs $42,000 $24,000 $106,000 $72,000
No. of purchase orders 15 5
Sq. ft. of space 3,800 2,200
The explanation of the answer is now given as follows:
Amount allocated to Fabrication = Purchasing department expense * (No. of purchase orders by Fabrication / (No. of purchase orders by Fabrication + No. of purchase orders by Assembly)) = $42,000 * (15 / (15 + 5)) = $31,500
Therefore, the amount of Purchasing department expense to be allocated to Fabrication is $31,500.
On October 1, 2018, Taylor signed a one-year contract to provide handyman services on an as-needed basis to King Associates, with the contract to start immediately. King agreed to pay Taylor $4,800 for the one-year period. Taylor is confident that King will pay that amount, but payment is not scheduled to occur until 2019. Taylor should recognize revenue in 2018 in the amount of Group of answer choices
Answer:
$1,200
Explanation:
Calculation to determine what Taylor should recognize as revenue in 2018
Recognized Revenue =($4,800 × 3/12 of the contract duration)
Recognized Revenue =$1,200
Therefore Taylor should recognize revenue in 2018 in the amount of $1,200
3) Fede company produces two products. The products' estimated costs are as follows: Product S Product K Direct materials $ 20,000 $ 15,000 Direct labor 12,000 24,000 The company's overhead costs of $108,000 are allocated based on labor cost. Assume 4,000 units of product S and 5,000 units of Product K are produced. What is the total amount of production costs that would be assigned to Product S
Answer:
$68,000
Explanation:
Calculation to determine What is the total amount of production costs that would be assigned to Product S
Direct materials $ 20,000
Add Direct labor $12,000
Add Dividend $36,000
($108,000*$12,000/$12,000+$24,000)
Total amount of production costs $68,000
($20,000+$12,000+$36,000)
Therefore the total amount of production costs that would be assigned to Product S is $68,000
Prepare the financial statements for Smart Touch Learning for the month of December. Remember that the business started operations this month so all beginning balances were zero.
SMART TOUCH LEARNING
Adjusted Trial Balance
December 31, 2016
Balance
Account Title Debit Credit
Cash 45,710
Accounts Receivable 1,300
Office Supplies 350
Prepaid Insurance 1,050
Furniture 9,100
Accumulated Depreciation - Furniture 100
Salaries Payable 4,600
Unearned Revenue 4,400
Common Stock 35,500
Dividends 4,600
Service Revenue 27,600
Salaries Expense 7,200
Depreciation Expense Furniture 100
Insurance Expense 350
Utilities Expense 380
Rent Expense 2,000
Supplies Expense 60
Total 72,200 72,200
Answer:
Smart Touch Learning
1. Income Statement
For the year ended December 31, 2016
Service Revenue $27,600
Salaries Expense 7,200
Depreciation Expense Furniture 100
Insurance Expense 350
Utilities Expense 380
Rent Expense 2,000
Supplies Expense 60 10,090
Net income $17,510
2. Statement of Retained Earnings
Net income $17,510
Dividends (4,600)
Retained earnings $12,910
3. Balance Sheet
As of December 31, 2016
Assets
Current Assets:
Cash 45,710
Accounts Receivable 1,300
Office Supplies 350
Prepaid Insurance 1,050 48,410
Noncurrent assets:
Furniture 9,100
Acc. Depreciation - Furniture (100) 9,000
Total assets 57,410
Liabilities and Equity
Current liabilities:
Salaries Payable 4,600
Unearned Revenue 4,400
Total liabilities 9,000
Equity:
Common Stock 35,500
Retained earnings 12,910
Total equity 48,410
Total liabilities and equity 57,410
4. Statement of Cash Flows
Operating activities:
Net income $17,510
Add Non-cash flows:
Depreciation expense 100
Working capital changes:
Accounts Receivable (1,300)
Office Supplies (350)
Prepaid Insurance (1,050)
Salaries Payable 4,600
Unearned Revenue 4,400
Net operating cash $23,910
Investing activities:
Furniture ($9,100)
Financing activities:
Common Stock 35,500
Dividends (4,600)
Net financing cash $30,900
Net cash flows $45,710
Explanation:
a) Data and Calculations:
SMART TOUCH LEARNING
Adjusted Trial Balance
December 31, 2016
Account Title Debit Credit
Cash 45,710
Accounts Receivable 1,300
Office Supplies 350
Prepaid Insurance 1,050
Furniture 9,100
Accumulated Depreciation - Furniture 100
Salaries Payable 4,600
Unearned Revenue 4,400
Common Stock 35,500
Dividends 4,600
Service Revenue 27,600
Salaries Expense 7,200
Depreciation Expense Furniture 100
Insurance Expense 350
Utilities Expense 380
Rent Expense 2,000
Supplies Expense 60
Total 72,200 72,200
Explain one guideline that will help a speaker use or create an effective presentational aid. Provide examples.
Ruiz Co.'s budget includes the following credit sales for the current year: September, $145,000; October, $136,000; November, $120,000; December, $157,000. Credit sales are collected as follows: 15% in the month of sale, 50% in the first month after sale, and 35% in the second month after sale. How much cash can the company expect to collect in December as a result of current and past credit sales
Answer:
The total collection in December is "131150".
Explanation:
The given values are:
Credit sales,
September: $145,000October: $136,000November: $120,000December: $157,000Now,
Credit sales in December will be:
= [tex]157,000\times 15 \ percent[/tex]
= [tex]157000\times 0.15[/tex]
= [tex]23550[/tex]
Credit sales in November will be:
= [tex]120000\times 50 \ percent[/tex]
= [tex]120000\times 0.5[/tex]
= [tex]600000[/tex]
Credit sales in October will be:
= [tex]136000\times 35 \ percent[/tex]
= [tex]136000\times 0.35[/tex]
= [tex]47600[/tex]
hence,
The total collection will be:
= [tex]23550+60000+47600[/tex]
= [tex]131150[/tex]
Cariboo Manufacturing Company incurred a joint cost of $1,147,000 in the production of X and Y in a joint process. Presently, 3,300 of X and 2,900 of Y are being produced each month. Management plans to decrease X's production by 1,050 units in order to increase the production of Y by 1,400 units. Additionally, this change will require minor modifications, which will add $79,360 to the joint cost. This cost is entirely attributable to product Y. What is the amount of the joint costs allocable to X and Y before changes to existing production, assuming Cariboo allocates their joint costs according to the proportion of Y and X produced
Answer: See explanation
Explanation:
The cost allocation rate will be:
= 1147000 / (3300 + 2900)
= 1147000 / 6200
= 185
Cost allocated to X = 185 × 3300 = 610500
Cost allocated to Y = 185 × 2900 = 536500
Hawk Corporation purchased 10,000 Diamond Corporation bonds in 2018 for $56 per bond and classified the investment as securities available-for-sale. The value of the Diamond investment was $86 per bond on December 31, 2019, and $100 per bond on December 31, 2020. During 2021, Hawk sold all of its Diamond investment at $144 per bond. In its 2021 income statement, Hawk would report:
Answer: $880,000 as gain
Explanation:
Unrecognized gain in 2019:
= 86 - 56
= $30 per bond
Unrecognized gain in 2020:
= 100 - 86
= $14 per bond
Gain from sale:
= (Unrecognized gain 2019 + Unrecognized gain in 2020 + Gain on sale) * no. of bonds
= (30 + 14 + (144 - 100) ) * 10,000
= $880,000 as gain
The budgeted income statement presented below is for Burkett Corporation for the coming fiscal year. Compute the number of units that must be sold in order to achieve a target pretax income of $218,000. Sales (58,000 units) $ 986,000 Costs: Direct materials $ 160,800 Direct labor 240,800 Fixed factory overhead 104,000 Variable factory overhead 150,800 Fixed marketing costs 110,800 Variable marketing costs 50,800 818,000 Pretax income $ 168,000
Answer:
See below
Explanation:
Given the above information, we need the below formula to start with.
Break even point = Fixed costs / Contribution margin
Price = $986,000 / 58,000 = $17
Variable cost = Direct material + direct labor + variable moh + variable marketing costs
= $160,800 + $240,800 + $150,800 + $50,800
= $603,200
Unitary variable cost = $603,200 / 58,000 = $10.4
Fixed costs = Fixed moh + fixed market
= $104,000 + $110,800
= $214,800
Profit = $218,000
Break even point = ($214,800 + $218,000) / ($17 - $10.4)
= $432,800 / $6.6
= 65,576 units
Current information for the Healey Company follows: Beginning raw materials inventory $ 15,900 Raw material purchases 60,700 Ending raw materials inventory 17,300 Beginning work in process inventory 23,100 Ending work in process inventory 28,700 Direct labor 43,500 Total factory overhead 30,700 All raw materials used were traceable to specific units of product. Healey Company's direct materials used for the year is:
Answer:
$59,300
Explanation:
Calculation to determine what Healey Company's direct materials used for the year is:
Using this formula
Direct materials=Beginning Raw Materials + Raw Materials Purchased - Ending Raw Materials
Let plug in the formula
Direct materials= $15,900 + $60,700 - $17,300 Direct materials=$59,300
Therefore Healey Company's direct materials used for the year is:$59,300
Hamrick Industries makes and sells two products. The demand for both products is unlimited. Product A has a contribution margin of $7.70 per unit. Product B has a contribution margin of $2.64 per unit. The same machines are used to produce both products. Product A requires 0.33 machine hours and product B requires 0.20 machine hours. Which product should the company make and sell
Answer:
C. Product A because the contribution margin per MH is $23.33.
Explanation:
The computation is shown below:
Particulars Product A Product B
Contribution margin per unit $7.70 $2.64
Divide by machine hours per unit 0.33 0.20
Contribution margin per MH $23.33 $13.20
The company should make and sell the product A as in this the contribution margin per machine hour would be high as compared with the product B
Rodarta Corporation applies manufacturing overhead to products on the basis of standard machine-hours. The company's predetermined overhead rate for fixed manufacturing overhead is $4.70 per machine-hour and the denominator level of activity is 4,900 machine-hours. In the most recent month, the total actual fixed manufacturing overhead was $23,190 and the company actually worked 4,830 machine-hours during the month. The standard hours allowed for the actual output of the month totaled 4,850 machine-hours. What was the overall fixed manufacturing overhead volume variance for the month
Answer:
$329 unfavorable
Explanation:
The fixed manufacturing overhead volume variance shows how much the actual production differs from the budgeted production.
Fixed manufacturing overhead volume variance is computed as;
= Actual output at budgeted rate - Budgeted fixed overhead
= (4,830 × $4.70) - ($4.70 × 4,900)
= $22,701 - $23030
= $329 unfavorable
Therefore, the overall fixed manufacturing volume variance for the month is $329 unfavorable
