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
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
Question 4 of 10
Tina was falsely accused of shoplifting in a large retail store. She was
humiliated in front of a large crowd that included a number of her friends and
family members. The store's security officer had deliberately planted
evidence to incriminate Tina and was loudly drawing much attention to the
scene. In the end Tina was cleared of the shoplifting charge and no physical
harm was done to her or her property. However, a court case was still decided
in favor of awarding her damages. On what basis might this be?
A. Compensation can be awarded for general damages, such as
traumatic humiliation, as well as special damages.
B. There is no need for actual harm to be suffered in order for
damages to be awarded.
C. A breach of duty of care toward customers in public stores is
always sufficient to award damages.
O D. The security officer was acting as a "reasonable person," which led
the court to award damages.
Answer: a I think
Explanation:
Answer:
A. Compensation can be awarded for general damages, such as
traumatic humiliation, as well as special damages.Explanation:I just took the test
Computing and Recording Depletion Expense In 2019, Eldenburg Mining Company purchased land for $7,200,000 that had a natural resource reserve estimated to be 500,000 tons. Development and road construction costs on the land were $420,000, and a building was constructed at a cost of $50,000. When the natural resources are completely extracted, the land has an estimated residual value of $1,200,000. In addition, the cost to restore the property to comply with environmental regulations is estimated to be $800,000. Production in 2016 and 2017 was 60,000 tons and 85,000 tons, respectively.
Required:
a. Compute the depletion charge for 2016 and 2017. (You should include depreciation on the building, if any, as part of the depletion charge.)
b. Prepare a journal entry to record each year's depletion expense as determined in part a.
Answer:
A. 2016 $872,400
2017 $1,235,900
B. 2016
Dr depletion expense a/c 872,400
Cr Accumulated depletion expense a/c 872,400
2017
Dr Depletion expense a/c 1,235,900
Cr Accumulated depletion expense a/c 1,235,900
Explanation:
a. Computation for the depletion charge for 2016 and 2017
First step is to calculate the value of the mine
Land purchase price 7,200,000
development costs 420,000
building cost 50,000
restoration cost 800,000
less: residual value of land (1,200,000)
Value of the mine $7,270,000
Second step is to calculate the annual depletion rate
Annual depletion rate = $7,270,000 / 500,000 tons
Annual depletion rate=$14.54 per ton.
Now let calculate the depletion charge for 2016 and 2017.
2016 depletion charge=$14.54*60,000 tons
2016 depletion charge=$872,400.
2017 depletion charge°$14.54*85,000 tons
2017 depletion charge=$1,235,900..
b. Preparation of the journal entry to record each year's depletion expense as determined in part a.
2016
Dr depletion expense a/c 872,400
Cr Accumulated depletion expense a/c 872,400
2017
Dr Depletion expense a/c 1,235,900
Cr Accumulated depletion expense a/c 1,235,900
Alternative journal entries:
2016
Dr Inventory 872,400
Cr Resource reserve 872,400
2017
Dr Inventory 1,235,900
Cr Resource reserve 1,235,900
a.The computation of the depletion charges for 2016 and 2017 is as follows:
Production and Depletion Charge:
Year Production Depletion Charge
2016 60,000 $872,400 (60,000 x $14.54)
2017 85,000 $1,235,900 (85,000 x $14.54)
b. Journal Entries:
December 31, 2016
Debit Depletion Expense $872,400
Credit Accumulated Depletion $872,400
To record the depletion expense for 2016.December 31, 2017
Debit Depletion Expense $1,235,900
Credit Accumulated Depletion $1,235,900
To record the depletion expense for 2017Data and Calculations:
Cost of Land = $7,200,000
Less Residual value (1,200,000)
Development & road construction = 420,000
Building = 50,000
Restoration cost = 800,000
Total cost of Mine = $7,270,000
Total estimated natural reserve = 500,000 tons
Depletion rate = $14.54 per ton ($7,270,000/500,000)
Production and Depletion Charge:
Year Production Depletion Charge
2016 60,000 $872,400 (60,000 x $14.54)
2017 85,000 $1,235,900 (85,000 x $14.54)
Analysis:
December 31, 2016
Depletion Expense $872,400 Accumulated Depletion $872,400
December 31, 2017
Depletion Expense $1,235,900 Accumulated Depletion $1,235,900
Learn more: https://brainly.com/question/14117351
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)
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.
Stock Y has a beta of 1.8 and an expected return of 18.2 percent. Stock Z has a beta of .8 and an expected return of 9.6 percent. If the risk-free rate is 5.2 percent and the market risk premium is 6.7 percent, the reward-to-risk ratios for Stocks Y and Z are and percent, respectively. Since the SML reward-to-risk is percent, Stock Y is and Stock Z is :__________. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)
Answer:
The reward-to-risk ratios for Stocks Y and Z are 7.22 and 5.50 percent, respectively. Since the SML reward-to-risk is 6.70 percent, Stock Y is undervalued and Stock Z is overvalued.
Explanation:
Market risk premium is 6.7%
Reward-to-risk ratio of Stock = (Expected return of the Stock - Risk-free rate) / Beta of the Stock
Using equation (1), we therefore have:
Reward-to-risk ratio of Stock Y = (18.2% - 5.2%) / 1.8 = 7.22%
Reward-to-risk ratio Stock Z = (9.6% - 5.2%) / 0.8 = 5.50%
Since the β of the market is one, it implies that SML reward-to-risk is 6.70 perecent.
Therefore, we have:
The reward-to-risk ratios for Stocks Y and Z are 7.22 and 5.50 percent, respectively. Since the SML reward-to-risk is 6.70 percent, Stock Y is undervalued and Stock Z is overvalued.
On December 1, 2011, the Itami Wholesale Co. is attempting to project cash receipts and disbursements through January 31, 2012. On this latter date, a note will be payable in the amount of $100,000. This amount was borrowed in September to carry the company through the seasonal peak in November and December.
Selected general ledger balances on December 1 are as follows:
Cash $ 88,000
Inventory 65,200
Accounts payable 136,000
Sales terms call for a 3% discount if payment is made within the first 10 days of the month after sale, with the balance due by the end of the month after sale. Experience has shown that 50% of the billings will be collected within the discount period, 30% by the end of the month after purchase, and 14% in the following month. The remaining 6% will be uncollectible. There are no cash sales. The average selling price of the company’s products is $100 per unit. Actual and projected sales are as follows:
October actual $ 280,000
November actual 320,000
December estimated 330,000
January estimated 250,000
February estimated 240,000
Total estimated for year ending June 30, 2012 $2,400,000
All purchases are payable within 15 days. Approximately 60% of the purchases in a month are paid that month, and the rest the following month. The average unit purchase cost is $80. Target ending inventories are 500 units plus 10% of the next month’s unit sales. Total budgeted marketing, distribution, and customer-service costs for the year are $600,000. Of this amount, $120,000 are considered fixed (and include depreciation of $30,000). The remainder varies with sales. Both fixed and variable marketing, distribution, and customer-service costs are paid as incurred.
Required:
Prepare a cash budget for December 2011 and January 2012. Supply supporting schedules for collections of receivables; payments for merchandise; and marketing, distribution, and customer-service costs.
Answer:
Itami Wholesale Co.
Cash Budget
December January
Beginning balance $88,000 $47,190
Cash collections 295,250 265,050
Total cash receipts $383,250 $312,240
Cash Disbursements:
Note payable $100,000
Payment for purchases $262,560 222,080
Payment for marketing,
distribution, and
customer-service 73,500 57,500
Total disbursements $336,060 $375,580
Ending cash balance $47,190 ($67,340)
Explanation:
a) Data and Calculations:
Inventory beginning balance = $65,200
Accounts payable beginning balance = $136,000
Sales:
50% collected ($ - 3%)
30% second month
14% third month
6% uncollectible
Actual and projected Sales:
October November December January February
Actual sales $280,000 $320,000
Estimated sales $330,000 $250,000 $240,000
50% collected ($ - 3%) $160,050 $121,250 $116,400
30% second month 96,000 99,000 75,000
14% third month 39,200 44,800 46,200
Total cash collections $295,250 $265,050 $237,600
Payment for merchandise: November December January February
Ending inventory 820 830 750 740
Sales in units 3,200 3,300 2,500 2,400
Units available for sale 4,020 4,130 3,250 3,140
Beginning inventory 780 820 830 750
Purchases 3,240 3,310 2,420 2,390
Cost of purchases $259,200 $264,800 $193,600 $191,200
Payment:
60% purchase month 155,520 158,880 116,160 114,720
40% the following month 103,680 105,920 77,440
Total payment for purchases $262,560 $222,080 $192,160
Budgeted marketing, distribution, and customer-service costs for the year = $600,000
Fixed cost = $120,000
Depreciation = $30,000
Cash payment for fixed cost = $90,000
Monthly payment for fixed cost = $7,500
Variable cost for the year = $480,000 ($600,000 - $120,000)
December = $330,000/$2,400,000 * $480,000 = $66,000
January = $250,000/$2,400,000 * $480,000 = $50,000
December January
Fixed cost payment $7,500 $7,500
Variable cost payment 66,000 50,000
Total cash payment $73,500 $57,500
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
Current research suggests that a. investors can get more diversification with shares of domestic, large-cap stocks. b. investors can get more diversification with shares of domestic, small-cap stocks. c. investors can get more diversification with shares of foreign, large-cap stocks. d. investors can get more diversification with shares of foreign, small-cap stocks.
Answer:
d.) investors can get more diversification with shares of foreign, small-cap stocks.
Explanation:
Diversification could be regarded as one of the ways used in balancing of risk as well as reward in ones investment portfolio. It is been reffered to as practice involving spreading ones investments around , then ones exposure to any one type of asset will be limited. This is a way to reduce the volatility of ones portfolio over time.
More diversification can be gotten by
Small-cap stocks which are regarded as public companies with a market capitalizations that ranges from $300 million up to $2 billion. It should be noted that Current research suggests that investors can get more diversification with shares of foreign, small-cap stocks.
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
Marcia, a single individual, has qualified trade or business income after all applicable deductions of $240,000. Her business paid $80,000 of W-2 wages this year and has $50,000 of tangible business property. Required: Compute Marcia's QBI deduction, assuming her overall taxable income before QBI is $300,000. Compute Marcia's QBI deduction, assuming her overall taxable income before QBI is $180,000.
Answer:
Compute Marcia's QBI deduction, assuming her overall taxable income before QBI is $300,000.
$40,000Compute Marcia's QBI deduction, assuming her overall taxable income before QBI is $180,000.
$36,000Explanation:
Marcia's QBI deduction limits:
lower between 20% of QBI or taxable income
$240,000 x 20% = $48,000
$300,000 x 20% = $60,000
or
higher between 50% of wages or 25% of wages + 2.5% of business property
$80,000 x 50% = $40,000
($80,000 x 25%) + (2.5% x $50,000) = $21,250
Marcia's QBI deduction limits:
lower between 20% of QBI or taxable income
$180,000 x 20% = $36,000
$300,000 x 20% = $60,000
or
higher between 50% of wages or 25% of wages + 2.5% of business property
$80,000 x 50% = $40,000
($80,000 x 25%) + (2.5% x $50,000) = $21,250
In its 2021 income statement, Pharoah Corp. reported depreciation of $4100000 and interest revenue on municipal obligations of $744000. Pharoah reported depreciation of $6020000 on its 2021 income tax return. The difference in depreciation is the only temporary difference, and it will reverse equally over the next 3 years. Pharaoh's enacted income tax rates are 25% for 2021, 20% for 2022, and 15% for 2023 and 2024. What amount should be included in the deferred income tax liability in Pharaoh's December 31, 2021 balance sheet
Answer: $320000
Explanation:
First, we calculate the difference in depreciation which will be:
= $6020000 - $4100000
= $1920000
Since the difference in depreciation will be reverse equally over the next 3 years, the amount per year will be:
= $1920000 / 3
= $640000
Defered income tax liability will be:
= ($640000 × 20%) + ($640000 × 15%) + ($640000 × 15%)
= $128000 + $96000 + $96000
= $320000
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
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
The use of slang creates which type of communication barrier?
A.
language barriers
B. wrong communication channel
C.
receiver inattention
D.
inadequate feedback
E.
unclear words
Answer:
letter A just my suggestion ☺️☺️
