Answer:
Nominal interest rate = 12.23%
Explanation:
Given - Aerotron Electronics has just bought a used delivery truck for
$15,000. The small business paid $1,000 down and financed the
rest, with the agreement to pay nothing for the entire first year and
then to pay $526.83 at the end of each month over years 2, 3, and
4 (first payment is in 13th month).
To find - a. What nominal interest rate is Aerotron paying on the loan.
Proof -
As given ,
Price - $15,000
Down Payment - $1,000
⇒Loan Payment = $15,000 - $1,000
As given,
He will not pay for the entire first year. After that he will pay $526.83 for next 3 years.
Now,
Interest rate for 1 month = r %
So,
Loan after 1 year = 14,000( 1 + r)¹²
And
Annuity factor = [tex]\frac{1}{r} - \frac{1}{r}. \frac{1}{(1+r)^{t} }[/tex]
and t = 3 years = 36 months
Now,
As we know,
Monthly loan payment = [tex]\frac{Loan amount}{Annuity factor}[/tex]
⇒$526.83 = 14,000( 1 + r)¹² / [tex]\frac{1}{r} - \frac{1}{r}. \frac{1}{(1+r)^{t} }[/tex]
By solving we get
r = 1.019%
Now,
Nominal interest rate = 1.019%×12 = 12.23%
Consider the following transactions for Huskies Insurance Company:
a. Equipment costing $42,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $7,000 per year.
b. On June 30, the company lends its chief financial officer $50,000; principal and interest at 7% are due in one year.
c. On October 1, the company receives $16,000 from a customer for a one-year property insurance policy. Deferred Revenue is credited.
For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of December 31. No adjusting entries were made during the year.
Answer:
31-Dec
Dr Depreciation expense $7,000
Cr Accumulated Depreciation - Equipment $7,000
31-Dec
Dr Interest receivable $1,750
Cr Interest revenue $1,750
31-Dec
Dr Deferred Revenue $4,000
Cr Revenue or Service Revenue $4,000
Explanation:
Preparation of the necessary adjusting entry for Huskies Insurance at its year-end of December 31.
31-Dec
Dr Depreciation expense $7,000
Cr Accumulated Depreciation - Equipment $7,000
(Being to adjust 12 month depreciation)
31-Dec
Dr Interest receivable ($50,000 x 7% x 6/12) $1,750
Cr Interest revenue $1,750
(Being to adjust 6 month interest revenue accrued)
31-Dec
Dr Deferred Revenue ($16,000 x 3/12) $4,000
Cr Revenue or Service Revenue $4,000
(Being to record earned revenue for 3 months)
3) Tobi owns a perpetuity that will pay $1,500 a year, starting one year from now. He offers to sell you all of the remaining payments after the next 25 payments have been paid. (A) What price should you offer him for payments 26 onward if you desire a rate of return of 8 percent
Answer:
you should pay up to $2,737.84 to Tobi
Explanation:
first, the terminal price of the perpetuity must be determined = annual payment / r = $1,500 / .08 = $18,750
now, the present day value of the future terminal value
present value = future value / (1 + r)ⁿ = $18,750 / (1 + 8%)²⁵ = $2,737.84
The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal year: cash, $21,000; accounts receivable, $16,000; inventory, $30,000; equipment (net), $85,000; accounts payable, $19,000; salaries payable, $7,500; interest payable, $3,500; notes payable (due in 18 months), $35,000; common stock, $60,000. Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $150,000.
Answer:
Some information must be missing, maybe retained earnings, since the balance sheet does not balance.
Assets
Current assets
Cash $21,000
Accounts receivable $16,000
Inventory $30,000
Total current assets $67,000
Non-current assets
Equipment $150,000
Acc. depreciation ($65,000)
Total non-current assets $85,000
Total assets $152,000
Liabilities
Current liabilities
Accounts payable $19,000
Salaries payable $7,500
Interest payable $3,500
Total current liabilities $30,000
Long term liabilities
Notes payable $35,000
Total liabilities $65,000
Stockholders' equity
Common stock $60,000
Total stockholders' equity $60,000
Total liabilities + equity $125,000
(missing something)
Farmer's Fine Furnishings manufactures upscale custom furniture. Farmer's currently uses a plantwide overhead rate based on direct labor hours to allocate its $1,100,000 of manufacturing overhead to individual jobs. However, Delores Fuller, owner and CEO, is considering refining the company's costing system by using departmental overhead rates. Currently, the Machining Department incurs $740,000 of manufacturing overhead while the Finishing Department incurs $360,000 of manufacturing overhead. Fuller has identified machine hours (MH) as the primary manufacturing overhead cost driver in the Machining Department and direct labor (DL) hours as the primary cost driver in the Finishing Department.
Requirement 1. Compute the plantwide overhead rate assuming that Donovan's expects to incur 27,500 total DL hours during the year.
First, identify the formula, then compute the rate.
Requirement 2. Compute departmental overhead rates assuming that Donovan's expects to incur 14,800 MH in the Machining Department and 18,000 DL hours in the Finishing Department during the year.
First, identify the formula, then compute the rate for each department.
Answer:
See below
Explanation:
1. Plant wide overhead rate
= Total manufacturing overhead / Estimated cost allocation base
= $1,100,000/27,500
= $40
2. Compute department overhead rates
= Total department overhead / Estimated cost allocation base
Machining department
= $740,000/14,800
= $50 per MH
Fishing department
= $360,000/18,000
= $20 per DL
On January 1, 20X1, Beard Company purchased a machine for $620,000. The machine is expected to have a 10-year life, with no salvage value, and will be depreciated by the straight-line method. On January 1, 20x1, it leased the machine to Child Company for a three-year period at an annual rental of $128,000 to be paid at the end of each year. Beard could have sold the machine for $817,298 instead of leasing it. Child does not know the implicit rate in the lease, but it has an incremental rate of 9%. Child Company has a December 31 reporting year. Use tables (PV of 1, PVAD of 1, and PVOA of 1 (Use the appropriate factor(s) from the tables provided. Round your intermediate calculations and final answers to the nearest whole dollar amount.)
Required:
1. Why is this an operating lease for Child Company?
2. What are the amounts of the right-of-use asset and lease liab that Child Company should report on its balance sheet at December 31, 20X1?
3. How much lease expense should Child Company recognize in 20X1?
Answer:
1. Why is this an operating lease for Child Company?
The life of the asset is 10 years while the lease is only 3 years long, so it cannot be classified as a financial lease.
2. What are the amounts of the right-of-use asset and lease liability that Child Company should report on its balance sheet at December 31, 20X1?
annual lease payment = $128,000 (ordinary annuity)
PVIFA, 9%, 3 periods = 2.5313
present value = $128,000 x 2.5313 = $324,006.40
3. How much lease expense should Child Company recognize in 20X1?
lease expense = PV of lease x interest rate = $324,006.40 x 9% = $29,160.58
The wireless phone manufacturing division of a consumer electronics company uses activity-based costing. For simplicity, assume that its accountants have identified only the following three activities and related cost drivers for indirect production costs: Activity Cost Driver Materials handling Direct-materials cost Engineering Engineering change notices Power Kilowatt hours Three types of cell phones are produced: Senior, Basic, and Deluxe. Direct costs and cost-driver activity for each product for a recent month are as follows: Senior Basic Deluxe Direct-materials cost $25,000 $ 60,000 $135,000 Direct-labor cost $14,546 $ 3,762 $ 6,772 Kilowatt hours 230,000 220,000 100,000 Engineering change notices 21 20 69 Indirect production costs for the month were as follows: Materials handling $ 15,400 Engineering 99,000 Power 11,000 Total indirect production cost $125,400 1. Compute the indirect production costs allocated to each product with the ABC system. 2. Suppose all indirect production costs had been allocated to products in proportion to their direct labor costs. Compute the indirect production costs allocated to each product. 3. In which product costs, those in requirement 1 or those in requirement 2, do you have the most confidence
Answer:
1. The indirect production costs allocated to each product with the ABC system:
Senior Basic Deluxe Total
Total indirect production cost $25,250 $26,600 $73,550 $125,400
2. The indirect production costs allocated to each product with direct labor costs:
Senior Basic Deluxe Total
Total indirect production cost $72,730 $18,810 $33,860 $125,400
3. I repose much more confidence in the product costs according to requirement 1.
Explanation:
a) Data and Calculations:
Activity Cost Driver
Materials handling
Direct-materials cost
Engineering Engineering
Senior Basic Deluxe Total
Direct-materials cost $25,000 $ 60,000 $135,000 $220,000
Direct-labor cost $14,546 $ 3,762 $ 6,772 $25,080
Kilowatt hours 230,000 220,000 100,000 550,000
Engineering change notices 21 20 69 110
Indirect production costs:
Materials handling $ 15,400 $15,400/$220,000 = $0.07
Engineering 99,000 $99,000/110 = $900
Power 11,000 $11,000/550,000 = $0.02
Total indirect production cost $125,400
Overhead Senior Basic Deluxe
Rates
Materials handling $0.07 $1,750 $4,200 $9,450
Engineering $900 18,900 18,000 62,100
Power $0.02 4,600 4,400 2,000
Total indirect production cost $25,250 $26,600 $73,550
Allocation based on direct labor costs:
Predetermined rate = $5 per direct labor cost.
Senior Basic Deluxe Total
Total indirect production cost $72,730 $18,810 $33,860 $125,400
Textra Plastics produces parts for a variety of small machine manufacturers. Most products go through two operations, molding and trimming, before they are ready for packaging. Expected costs and activities for the molding department and for the trimming department for this year follow. Molding Trimming Direct labor hours 52,000 DLH 48,000 DLH Machine hours 30,500 MH 3,600 MH Overhead costs $ 730,000 $ 590,000 Data for two special-order parts to be manufactured by the company in this year follow. Part A27C Part X82B Number of units 9,800 units 54,500 units Machine hours Molding 5,100 MH 1,020 MH Trimming 2,600 MH 650 MH Direct labor hours Molding 5,500 DLH 2,150 DLH Trimming 700 DLH 3,500 DLH Required: 1. Compute the plantwide overhead rate using direct labor hours as the base. 2. Determine the overhead cost assigned to each product line using the plantwide rate computed in requirement 1.
Answer:
Results are below.
Explanation:
First, we need to calculate the predetermined plantwide overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
total estimated overhead costs for the period= $1,320,000
total amount of allocation base= 100,000
Predetermined manufacturing overhead rate= 1,320,000 / 100,000
Predetermined manufacturing overhead rate= $13.2 per direct labor hour
Now, we can allocate overhead to each product line:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Part A27C:
Allocated MOH= 13.2*(5,500 + 700)
Allocated MOH= $81,840
Part X82B:
Allocated MOH= 13.2*(2,150 + 3,500)
Allocated MOH= $74,580
Summer Sage, Inc. starts the year with a cumulative favorable temporary difference (due to accelerated depreciation) of $100,000. During the year, the enacted tax rate on Summer Sage increases from 35% to 40%; however, book and tax depreciation are equal and the cumulative temporary difference does not change. What journal entry must Summer Sage record for deferred taxes this year
Answer:
Summer Sage, Inc.
Journal Entry for deferred taxes this year:
Debit Deferred tax asset $5,000
Credit Tax expense $5,000
To adjust the deferred tax asset from $100,000 to $105,000 because of the 5% increase in tax rate from 35% to 40%.
Explanation:
When the tax rate increases, it also increases the deferred tax asset balance. To record the increase, the deferred tax asset account is debited while the tax expense is credited. This effectively reduces the tax expense for the current period while increasing the tax expense for the future.
Talbot Industries is considering launching a new product. The new manufacturing equipment will cost $19 million, and production and sales will require an initial $5 million investment in net operating working capital. The company's tax rate is 25%. Enter your answers as a positive values. Enter your answers in millions. For example, an answer of $10,550,000 should be entered as 10.55. Round your answers to two decimal places. What is the initial investment outlay
Answer:
$24 million
Explanation:
Initial investment outlay includes the cost of the new manufacturing equipment and the net operating working capital.
Initial investment outlay = cost of the new manufacturing equipment + net operating working capital.
$19 million + $5 million = $24 million
In 2009 the Ford Motor Company announced plans to spend $490 million on
building a third car assembly plant in China
Briefly explain two likely reasons why the Ford Motor Company plans to build
a third car assembly plant in China
Answer:
Cheaper labor. Cheaper auto parts.Explanation:
China has cheaper labor rates than the United States in comparative industries including in the motor vehicle producing industry. Ford may want to take advantage of this to make cars at a smaller cost in China and therefore make more profit in sales.
Car parts are also easier and cheaper to acquire in China. Steel for instance, is a very valuable commodity in motor vehicle manufacturing and China happens to be the largest producer in the world. Having access to cheaper materials would increase Ford's profitability as well.
The following data have been recorded for recently completed Job 450 on its job cost sheet. Direct materials cost was $3,044. A total of 46 direct labor-hours and 104 machine-hours were worked on the job. The direct labor wage rate is $15 per labor-hour. The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $13 per machine-hour. The total cost for the job on its job cost sheet would be:__________
a. $11,492
b. $6,722
c. $6,303
d. $9,347
The correct options are
A)$4,332B)$3,734C)$3,072D)$5,086
Answer:
$5086
Explanation:
Total cost is defined as the amount spent in a production process which involves variable cost such as labour and raw materials which change with volume of production.
In addition fixed cost that remain constant with volume of production are also considered as part of total cost.
In the give scenario
Direct materials is $3,044
Direct labour cost is $15 * 46 = $690
Machine use cost $13 * 104 = $1,352
Total cost = 3,044 + 690 + 1,352 = $5,086
A u.s navy recruiting center knows from past experience that the height of its recruits traditionally been distributed with mean 69 inches. The recruiting center wants to test the claim that the average height of this year's recruits is greater than 69 inches. To do so recruiting personnel to take a random sample of 64 recruits from this year and recorded their heights.
a. identify the null and alternate hypothesis.
b. Do the recruiters find support form the given claim at the 5% significance level.
c. Use sample date to calculate a 95% confidence interval for the average height .conclude?
Recruit Height
1 74.5
2 74.0
3 74.6
4 69.8
5 76.0
6 72.3
7 66.0
8 70.6
9 71.9
10 71.4
11 70.6
12 73.9
13 69.3
14 75.3
15 71.5
16 65.5
17 60.5
18 71.9
19 70.7
20 70.6
21 73.4
22 72.1
23 69.3
24 74.7
25 68.5
26 70.5
27 70.0
28 69.9
29 71.7
30 73.0
31 68.8
32 75.0
33 67.5
34 71.3
35 69.5
36 65.3
37 74.8
38 70.5
39 71.5
40 67.6
41 69.1
42 72.1
43 72.8
44 68.3
45 71.8
46 67.1
47 72.3
48 70.7
49 70.4
50 69.1
51 70.8
52 71.6
53 73.6
54 64.8
55 68.5
56 68.5
57 74.3
58 66.5
59 74.8
60 74.1
61 71.6
62 66.3
63 67.1
64 71.7
Answer:
A)The Null hypothesis ; H0 : u ≤ 69
The Alternate hypothesis ; H1 : u ≥ 69
B) The recruiting center claim is found at 5% significance level
C) ( 69.9488, 71.4512 )
Explanation:
A) Identify the null and alternate hypothesis
since the recruiting center is trying to test if the average height of the year's recruit is > 69. hence
The Null hypothesis ; H0 : u ≤ 69
The Alternate hypothesis ; H1 : u ≥ 69
B) Determine if the recruiters find support from the given claim at the 5% significance level
As a single tailed test we will calculate the mean and standard deviation first using MS excel
mean ( X ) = 70.7
standard deviation ( s ) = 3.02
next we will calculate the test statistic using the formula below
t = [tex]\frac{X-u}{s/\sqrt{n} }[/tex] = [tex]\frac{70.7-69}{3.02/\sqrt{64} }[/tex] = 4.503
next we will determine the P-value using MS excel
t = 4.503 , n = 64
df ( degree of freedom ) = n - 1 ( for a one tailed test )
= 64 - 1 = 63
hence the p-value at 63 degree of freedom = 0.0000148 ( using MS excel )
The p - value < significance level hence Null hypothesis is rejected while Alternate hypothesis is accepted.
The recruiting center claim is valid at 5% significance level
C) using sample data to calculate a 95% confidence interval for the average
The 95% confidence interval for the mean value u = ( 69.9488, 71.4512 )
Therefore The claim made is a reasonable one
attached below is a detailed solution
what are the 3 business sectors
Answer:
hello
Explanation:
i think primary,secondary,tertiary.
hope it helps
have a nice day
Answer:
An alternative analysis of economics, the three sector theory,subdivides them into
Explanation:
The primary sector (producing raw materials)
The secondary sector (carrying out manufacturing)
The tertiary sector (providing sales and services)
The following information was provided by Dylan Manufacturing: Work in process increased by $19,000. Finished goods inventory decreased by $33,000. Direct materials used totaled $54,000. Direct labor incurred totaled $42,000. The predetermined manufacturing overhead rate was $27.00 per machine hour. Actual manufacturing overhead totaled $77,000. The estimated machine-hours were 3,000 hours and the actual machine-hours was 2,800 hours. How much is the cost of goods sold before any adjustment for overapplied or underapplied overhead
Answer:
$185,600
Explanation:
Direct materials $54,000
Direct labour $42,000
Predetermined OH $75,600 (2800*$27)
Cost of goods manufactured $171,600
Cost of goods sold = Cost of goods manufactured + WIP increase - Finished good decrease
Cost of goods sold = $171,600 + (-$19,000) + $33,000
Cost of goods sold = $185,600
A Texas household receives a Social Security check for $1500, which it uses to purchase a $40 pair of shoes made in Thailand by a Thai firm, a $1240 television made by a Korean firm in Korea, and $220 on groceries from a local store. As a result, U.S. GDP increases by $40. increases by $220. increases by $280. increases by $1500.
Answer:
increases by $220.
Explanation:
The computation of the GDP is shown below:
Since the amount of $220 spend on groceries from a local store
And, the other amounts like $1,500, $40 and $1,240 represent the imports so this would not be included in GDP
Therefore the GDP would be increased by $220
The following income statements are provided for two companies operating in the same industry:
Felix Company
Jinx Company Revenue $ 200,000 $ 200,000
Variable costs (25,000 ) (70,000 )
Contribution margin 175,000 130,000
Fixed costs (70,000 ) (25,000 )
Net income $ 105,000 $ 105,000
Assuming sales increase by $1,000, select the correct statement from the following:
a) Felix's net income will be more than Jinx's.
b) Correct Only Felix will experience an increase in profit.
c) Felix's net income will increase by $250.
d) Jinx's net income will increase by 6%.
Answer: Felix's net income will be more than Jinx's.
Explanation:
Bases on the information given, Felix net income will be:
Sales = 201000
Less: Variable cost = 25125
Contribution margin = 175875
Less: Fixed cost = 70000
Net income = 105875
Jinx company net income will be:
Sales = 201000
Less: Variable cost = 70350
Contribution margin = 130650
Less: Fixed cost = 25000
Net income = 105650
From the calculation, the correct option is A "Felix's net income will be more than Jinx's". It increases by $225.
Skysong Corporation had income from continuing operations of $10,811,000 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $205,400. Prior to disposal, the division operated at a loss of $319,800 (net of tax) in 2020 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Skysong had 10,000,000 shares of common stock outstanding during 2020. Prepare a partial income statement for Skysong beginning with income from continuing operations.
Answer:
Net income $10,285,800
Earnings per share $1.03
Explanation:
Preparation of a partial income statement for Skysong beginning with income from continuing operations.
Income from continuing operations $10,811,000
Discontinued operations
Loss from operation of discontinued
restaurant division (net of tax)
$319,800
Loss from disposal of restaurant
division (net of tax)
$205,400
Net income $10,285,800
($10,811,000-$319,800-$205,400)
EARNING PER SHARES
Income from continuing operations $1.08
($10,811,000/10,000,000 shares)
Less Discontinued operations, net of tax (0.05)
[($319,800+$205,400)/$10,285,800]
Net income $1.03
($1.08-0.05)
On January 1, Great Designs Company had a debit balance of $1,700 in the office supplies account. During the month, Great Designs purchased $1,000 of office supplies and journalized them to the asset account upon purchasing. On January 31, an inspection of the office supplies cabinet shows that only $600 of office supplies remains.
Required:
Prepare the January 31 adjusting entry for office supplies.
Answer:
See below
Explanation:
On Jan 1st
Office supplies balance $1,700
Purchases = $1,000
Balance in office supplies account = $1,700 + $1,000 = $2,700
Amount to be written off of office supplies = $2,700 - $600 = $2,100
Inflation, nominal interest rates, and real rates. From 1991 to 2000, the U.S. economy had an annual inflation rate of around %. The historical annual nominal risk-free rate for this same period was around %. Using the approximate nominal interest rate equation and the true nominal interest rate equation, compute the real interest rate for that decade. What is the estimated real interest rate using the approximate nominal interest rate equation for that decade?
Answer:
the question is incomplete:
nominal interest rate = 5.07%
real interest rate = ?
inflation rate = 3.45%
approximate real interest rate = 5.07% - 3.45% = 1.62%
real interest rate = [(1 + 5.07%) / (1 + 3.45%)] - 1
real interest rate = (1.0507/1.0345) - 1 = 1.57%
You work for NCP, New Century Properties, in Portland, Oregon. Your employer specializes in commercial real estate. Yesterday one of your business tenants in the trendy NW 23rd neighborhood complained about problems with an iron gate you had installed by Castle Iron Works just six months earlier, on August 20. Apparently, the two doors of the gate have settled and don’t match in height. The gate gets stuck. It takes much force to open, close, and lock the gate. The iron gate was painted, and in some spots rust is bleeding onto the previously pristine white paint. The tenant at 921 NW 23rd Ave., Portland, OR 97210 is a petite shop owner, who complained to you about struggling with the gate at least twice a day when opening and closing her store.
You realize that you will have to contact the installer, Castle Iron Works, and request that the company inspect the gate and remedy the problem. Only six months have passed, and you recall that the warranty for the gate was for one year. To have a formal record of the claim, and because Castle Iron Works does not use e-mail, you decide to write a claim letter.
Solution :
To,
John Gordon,
Castle Iron Works,
256 NW Fox Street,
Portland
Date : 16th Feb 2021
Subject : NW 23rd neighborhood Iron Gate not working properly which is within warrantee period.
Dear Sir,
One of our tenant at 921 NW 23rd Avenue, Portland, or 97210 has complained about the iron gate that was installed by Castle Iron Works. The doors was installed on the 20th of August and so it is within warrantee period for a one year. Please find the enclosed herewith the copy of the invoice of the Castle Iron Works.
The customer had complaint that the two gates does not match in height and the owner is finding difficulty in closing and opening the gate. Also to mention , in some parts of the iron gate is seen with some rust bleeding.
Therefore you are requested to inspect the gate immediately and please provide remedy for the issue.
Thanking You
For NCP, New Century Properties
Portland, Oregon.
Degelman Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2014, Job No. 50 was the only job in process. The costs incurred prior to January on this job were as follows: direct materials $23,400, direct labor $24,040, and manufacturing overhead $28,720. As Of January 2, Job NO. 49 had been completed at a cost of $205,300 and was part of finished goods inventory. There was a $27,550 balance in
the Raw Materials Inventory account.
During the month Of January, Deglman Manufacturing began production on Jobs 52 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $142,740 and $284,860, respectively. The following additional events occurred during the month.
1. Purchased additional raw materials of $105,300 on account.
2. Incurred factory labor costs of $81,900. Of this amount $18,720 related to employer payroll taxes.
3. Incurred manufacturing overhead costs as follows: indirect materials $19,890; indirect labor $23,400; depreciation expense on equipment $14,040; and various other manufacturing overhead costs on account $18,720.
4. Assigned direct materials and direct labor to jobs as follows.
Job No Direct Materials Direct Labor
50 $11,700 $5,850
51 45,630 29,250
52 35,100 23,400
Required:
Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job No. 50.
Answer:
Degelman Company
Job Cost Sheets:
Job 50 Job 51 Job 52
Beginning balances:
Direct materials $23,400
Direct labor $24,040
Manufacturing overhead $28,720
Direct materials 11,700 $45,630 $35,100
Direct labor 5,850 29,250 23,400
Manufacturing overhead 7,605 38,025 30,420
Total cost of Job 50 $101,315 $74,880 $88,920
Explanation:
a) Data and Calculations:
Beginning WIP: Job 50
Direct materials $23,400
Direct labor $24,040
Manufacturing overhead $28,720
Total cost of Job 50 $76,160
Finished Goods Inventory:
Completed Job No. 49 at a cost of $205,300
Raw materials $27,550
Sales of Job 49 = $142,740
Sales of Job 50 = $284,860
Manufacturing overhead:
indirect materials $19,890;
indirect labor $23,400;
depreciation expense
on equipment $14,040;
other manufacturing
overhead costs $18,720
Total overheads $76,050
Applied Overhead:
Direct Labor Overhead Applied
Job 50 5,850 $7,605
Job 51 29,250 38,025
Job 52 23,400 30,420
Total $58,500 $76,050
Overhead rate = 76,050/58,500 = $1.30
38. Mary Catherine, an international student from Ireland, has a Form W-2 that shows amounts withheld for Social Security and Medicare taxes. Mary Catherine is an F-1 student who first arrived in the U.S. in 2018. What form should Mary Catherine use to claim a refund of her Social Security and Medicare taxes withheld
Answer: Form 843
Explanation:
As a taxpayer, Mary can use Form 843 to claim a refund of her Social Security taxes. First she tried to obtain the refund through her employer and should this fail, she should fill out a form 843 and submit it to get help on the claim.
The form can also be used to get an abatement on FUTA taxes as well as a refund of interest, penalties, or additions to taxes.
Karen is a trusted employee whose productivity declines as she works more and more hours each day. After careful observation of her work performance, her manager prepared the following chart. Daily Number of Hours Worked by Karen / Total Numbers of Work Units Completed 1/100 2/190 3/270 4/340 5/400 6/450 7/480 8/500 Karen's total cost to the firm is $11 per hour. Each work unit completed is worth $0.21 to the firm. Ignoring all other possibilities and considerations, for how many hours should the firm hire Karen per day
Answer:
5 hours
Explanation:
Total Cost = A x $11 per hr
Worth for the Firm = Number of units produced * Worth per unit
Benefit = D - C
Hours Units Produced Total Cost Worth for the Firm Benefit
1 100 11 21.00 10.00
2 190 22 39.90 17.90
3 270 33 56.70 23.70
4 340 44 71.40 27.40
5 400 55 84.00 29.00 (More benefit)
6 450 66 94.50 28.50
7 480 77 100.80 23.80
8 500 88 105.00 17.00
i develop my abilities through
Roe Corporation owns 2,000 shares of WRJ Corporation stock. WRJ Corporation has 25,000 shares of stock outstanding. WRJ paid $4 per share in cash dividends to its stockholders. The entry to record the receipt of these dividends is:
a. Debit Cash, $8,000; credit Long-Term Investments, $8,000.
b. Debt Long-Term Investment, $8,000; credit Cash, $8,000.
c. Debit Cash, $8,000; credit Dividend Revenue, $8,000.
d. Debit Unrealized Gain-Equity, $8,000; credit Cash, $8,000.
e. Debit Cash, $8,000; credit Unrealized Gain-Equity, $8,000.
Answer:
c. Debit Cash, $8,000; credit Dividend Revenue, $8,000
Explanation:
In the given scenario the number of shares owned by Roe Corporation is 2,000 shares out of a total of 25,000 shares.
So when dividend of $4 is given per share, Roe will have dividend of
Dividend = Number of shares * Dividend per share
Dividend = 2000 * 4
Dividend = $8,000
The entry to indicate reciept of the dividend will be Debit Cash, $8,000; credit Dividend Revenue, $8,000
Cash is an asset account. It increases as the debit balance increases.
So a reciept of $8,000 from the shares owned will result in a cash increase. Therefore cash is debited $8,000
Dividend revenue is a revenue account that increases as positive balance increases.
When the share dividend is recieved revenue increases.
Therefore we will credited Dividend revenue by $8,000 to recognise the increase in revenue
If a marketer wanted to find out which kinds of perfumes most women in a
large city prefer, which of these methods would be the most effective in
gathering data?
A. Survey
B. Focus group
C. Observation
D. Experiment
If a marketer wanted to find out which kinds of perfumes most women in a large city prefer, the method that would be the most effective in gathering data is Survey. Thus the correct option is A.
What is the importance of data collection for marketers?Data plays a significant role in formulating strategies and helps busines to achive higher revenue. The collected information and data help them to understand the fluctuations in the market and help to know the taste and preferences of customers.
The survey is referred to as a method of data collection in which a series of questions are asked to the people. These questions are related to the product and the response of individuals toward that.
This survey is taking place between a specified group of people where questions related to their group of interests are asked. In the given case, the marketer needs to ask about preferences in the kinds of perfumes illustrating the features of the survey.
Therefore, option A is appropriate.
Learn more about the survey, here:
https://brainly.com/question/28268462
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ZipCar auto parts store has $92,000 to invest in a project to detect and reduce insier theft in their stores. They have considering investing in one of two alternatives, identified as Y and Z. Z is the higher first-cost alternative, and the incremental initial investment between the two is $34,000 and will exhibit a rate of return of 20% per year. Z requires an investment of $92,000. They expect a rate of return on the S92000 investment of 34 percent. Answer the following questions:
(a) what is the size of the investment required in Y?, and,
(b) what is the rate of return on Y?
The size of the investment required in Y is________.
The rate of return on Y is__________.
Solution :
a). The investment size -- Y
As we know, Z has higher a first cost alternative and also the incremental difference is 34,000. Therefore, the investment of Y is lower than that of Z by 34,000. Thus, the investment of Y = $ 92,000 - $ 34,000
= $ 58,000
b). Rate of return for Y
The question also mentions that the incremental 34,000 returned only 20 % while Z cumulatively generated 34%
Therefore, 34,000 at the rate of 20% return = [tex]$34000 \times \frac{120}{100} = 40,800$[/tex]
92,000 at the rate of 34% return = [tex]$92000 \times \frac{134}{100} = 123,280$[/tex]
The difference between the 92,000 and 32,000 is the investment of Y i.e. 58,000. Thus we check the difference between the 40800 and 123280 to find out how much 58000 (Y's investment ) would have generated.
123480 - 40800 = 82,480
[tex]$\frac{82480}{58000}-1 = 0.420269$[/tex]
Therefore, the return of Y is 42.03%
You oversee the $250 petty cash for your company. When an employee needs a special item that is not in inventory, you take money from petty cash to purchase that item.
One day, you are short on cash for lunch. You decide to borrow $10 each day for the next 3 days until payday for a total of $30 from petty cash. After payday, you do not have enough to repay petty cash, so you decide to record a cash short/over expense of $30.
Respond to the following in a minimum of 175 words:
Since this is the first time you have ever done this, is this a problem?
If so, what steps should be taken to fix this problem? If not, why not?
Answer:
Since this is the first time you have ever done this, is this a problem?
Of course this is a problem, you stole money. Stealing money is not right and it is a problem. If someone finds out, you will lose your job. legally, you could also be prosecuted, but the amount is very little. Another problem is that if you are able to go unpunished and no one finds out, this behavior will continue until you cannot hide it anymore. By then , the amount might be larger, not just a few dollars, and you will be in deep trouble.
If so, what steps should be taken to fix this problem? If not, why not?
Pay back the money you took. Simple as that. Sometimes, doing the correct thing is not difficult. Do not spend money on unnecessary things and pay the $30. Do it before this becomes a bad habit and you get into serious trouble that seriously damage your career. No company will hire someone fired for stealing money form their previous employer.
Name some of the faculties of Nepal Sanskrit University?
Explanation:
Agricultural Engineering
Answer:
Veda, Philosophy, astronomy, yoga, homeopathy, naturopathy, history, Buddha Darshan etc
When a parent company sells land to a subsidiary at more than book value, the consolidation entries at the end of the period include a debit to the gain on the sale of land. When a parent purchases the bonds of a subsidiary from a nonaffiliate at less than book value, the consolidation entries at the end of the period contain a credit to a gain on bond retirement. Why are these two situations not handled in the same manner on the consolidation worksheet
Answer:
The reasons for these two situations not handled similarly are:
1. The first case involving the sale of land is a transaction between a parent and its subsidiary. Their accounts are consolidated with gains from intercompany transactions eliminated because a parent company cannot recognize gains from sales to itself (group). This implies that all intercompany gains can only be recognized when the sales involve external or non-affiliated entities.
2. In the second case, there is no parent-subsidiary relationship since one organization is described as a non-affiliate. Therefore, there is no need to eliminate the intercompany profit arising from the transaction. Instead, the gain is recognized.
Explanation:
The accounts of companies that are under common control are consolidated by the parent entity. Therefore, during the consolidation process, it becomes necessary to eliminate all intercompany transactions that have not been externally affected.
