Answer:
I and III only
Explanation:
The full form of GDP is Gross domestic product. It is the sum of all the income at the time when the business taxes i.e. indirect and the foreign incomes would be adjusted also it is a sum total of market value of the goods and services i.e. final generated in an economy for a time period
Therefore the I and III statements are true
Stanislaw Timber Company owns 9,000 acres of timberland purchased in 2009 at a cost of $1,400 per acre. At the time of purchase, the land without the timber was valued at $400 per acre. In 2010, Stanislaw built fire lanes and roads, with a life of 30 years, at a cost of $84,000. Every year, Stanislaw sprays to prevent disease at a cost of $3,000 per year and spends $7,000 to maintain the fire lanes and roads. During 2011, Stanislaw selectively logged and sold 700,000 board feet of timber, of the estimated 3,500,000 board feet. In 2012, Stanislaw planted new seedlings to replace the trees cut at a cost of $100,000.
Instructions
a. Determine the depreciation expense and the cost of timber sold related to depletion for 2011.
b. Stanislaw has not logged since 2011. If Stanislaw logged and sold 900,000 board feet of timber in 2022, when the timber cruise (appraiser) estimated 5,000,000 board feet, determine the cost of timber sold related to depletion for 2022.
Answer:
a. Depreciation expense = Cost/Life = $84,000/30 = $2,800 per year
b. Cost of timber sold = Per arce - Land value = $1,400 - $400 = $1,000
Timber value = Cost of timber sold * Acre = $1,000 * 9,000 acres = $9,000,000
Land value = Timber value/Estimated Board feet * Sold Board feet = 9,000,000/3,500,000 * 700,000 = $1,800,000
Total Cost of timber sold = Timber value - Land value = $9,000,000 - $1,800,000 = $7,200,000
Depletion = Timber value * [Total Cost of timber sold+Replacement cost/Estimated Board feet]
Depletion = $900,000 * $7,200,000+$100,000/5,000,000
Depletion = $900,000 * 1.46
Depletion = $1,314,000
2
Highlight four ways in which commercial banks differ from non-bank Financial institutions.
(4mks)
Commercial bank from non bank financial institution
Answer:
Commercial banks give short-term loans while non-bank financial institutions offer medium and long-term loans. -commercial banks offer current account while non-bank institutions do not. -commercial banks offer all types of accounts while non-bank financial institutions offer only savings and fixed deposit accounts.
Hope it helped!!!
Why is prioritization an important skill to practice as a student?
Prioritization allows us to make decisions about what is important so we can know what to focus on and what's not as important. Being able to discern tasks that are necessary from those that we should do is crucial. Prioritization is a critical skill to have, but can take some practice to achieve.
2. How is CrudeOil violating its core value of treating oth-
ers with respect? What are some ways it could reincor-m
porate this core value into its organizational culture??
Answer:
1. Describe the organizational culture at CrudeOil. How does it contribute to the current situation?
Jim treated all of the employees with intimidating behavior based on productivity levels and not moral or ethical concepts. His leadership style is coercive and demands immediate compliance. If this style were summed up in one phrase, it would be "Do what I tell you." In my opinion, it should be avoided because it can alienate employees and create a hostile work environment.
2. How is CrudeOil violating its core value of treating others with respect?
What are some ways it could reincorporate this core value into its organizational culture? “The company’s core value is to treat everyone with respect”. Employees and supervisors, in my experiences, often treat colleagues in harsh and unethical manners only as far as the victim allows it to happen. Financial and reputational harm are questionable and unethical behaviors and organizational policies must be clearly established to reincorporate this value into its culture.
3. If Madison cannot report her problems to her immediate supervisor, what are some other ways she can handle the situation?
I would suggest for Madison to seek advice from a trusted professional, such as the HR compliance officer to verify the actions are inappropriate, if so, Madison needs to learn what process is available for voicing her concern to a higher level. Jim’s behavior is clearly unethical, but many of these behaviors are less clear and occur in complex situations. The most complicated situations often involve employees who witness what is, or appears to be, unethical behavior and are unsure how to respond, especially if job security is on the line...
This is some of it
Jim's leadership abilities breached CrudeOil's fundamental value of treating others with respect because he frequently treats coworkers harshly and unethically.
What are the three main uses of crude oil?Petroleum-based products are used to power vehicles, heat buildings, and generate energy. Plastics, polyurethane, solvents, and countless more intermediate and finished commodities are produced by the petrochemical industry, which is a part of the industrial sector.
Jim's activities should therefore be addressed by top management in order to reintegrate this key principle into the organizational culture. Additionally, they could offer a variety of training to their staff, particularly those in higher positions, to inform them on correct management and leadership skills as well as the significance of adhering to the company's code of ethics.
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Colin presents his findings in class. His topic -- stories addressing effects of white flour on a person's health – features scientific terminology and descriptions of complex bodily functions. Colin was unsure of the best way to present this information, but Ms. Anderson helped him decide on some useful tools. Colin breaks down the material with analogies, definitions, and visual aids. He can tell his classmates are following along, as they nod in agreement during these points of his presentation
Match the description of public speaking with the type of supporting material it features.
Analogy
А. The owner of a local coffee shop hangs up a map showing the countries the shop purchases its coffee from
Definition
B. A professor asks his students to read the poem as if they are reading poetry for the very first time.
C. A politician reminds his audience that he won 67% of the vote in the last election
Visual Demonstration
D. A film director describes the differences between documentary and fictional films to accoun of
Answer:
Analogy is defined as a comparison between two things with an aim of clarification and explanation
- (D) A firm director describes the differences between documentary and fictional films to a group of people.
Definition means of a text, word,action or concept.
- (B) A professor asks his students to read the poem as if they are reading poetry for the very first time.
Visual Demonstration is an illustrative matter, for example a model, film or a slide designed to supplement spoken or written information in order to be understood easily.
- (A) The owner of a local coffee shop hangs up a map showing the countries the shop purchases it's coffee from.
Changes in population can:_________.
a. cause the price of a good or service to decrease in an area but cannot cause the price to increase.
b. shift the demand curve of a good or service in an area.
c. cause the price of a good or service to increase in an area but cannot cause the price to decrease.
d. alter the supply of a good or service in an area.
e. shift the supply curve of a good or service in an area.
Answer:
I'm thinking it is C. and D (if multiple choice)
Answer:
The Answer is C
Explanation:
It wouldn't go down if more people will be able to buy the good
The Campbell Company is considering adding a robotic paint sprayer to its production line. The sprayer's base price is $820,000, and it would cost another $17,500 to install it. The machine falls into the MACRS 3-year class, and it would be sold after 3 years for $604,000. The MACRS rates for the first three years are 0.3333, 0.4445, and 0.1481. The machine would require an increase in net working capital (inventory) of $15,500. The sprayer would not change revenues, but it is expected to save the firm $338,000 per year in before-tax operating costs, mainly labor. Campbell's marginal tax rate is 25%. (Ignore the half-year convention for the straight-line method.) Cash outflows, if any, should be indicated by a minus sign. Do not round intermediate calculations. Round your answers to the nearest dollar.
a. What is the Year 0 net cash flow?
b. What are the net operating cash flows in Years 1, 2, 3?
c. What is the additional Year 3- cash flow (i.e. after tax salvage and the return of working capital)?
d. If the project's cost of capital is 12%, should the machine be purchased?
Answer:
a. What is the Year 0 net cash flow?
-$820,000 - $17,500 - $15,500 = -$853,000
b. What are the net operating cash flows in Years 1, 2, 3?
Operating cash flow year 1 = {[$338,000 - ($837,500 x 1/3)] x (1 - 25%)} + ($837,500 x 1/3) = $323,292
Operating cash flow year 2 = {[$338,000 - ($837,500 x 0.4445)] x (1 - 25%)} + ($837,500 x 0.4445) = $346,567
Operating cash flow year 3 = {[$338,000 - ($837,500 x 0.1481)] x (1 - 25%)} + ($837,500 x 0.1481) = $284,508
c. What is the additional Year 3- cash flow (i.e. after tax salvage and the return of working capital)?
= $62,031 + [($604,000 - $62,031) x 0.75] + $17,500 = $486,008
d. If the project's cost of capital is 12%, should the machine be purchased?
using a financial calculator, NPV = $260,373, so the project should be accepted
KB Homes is a nationwide home builder that develops entire communities of dozens and even hundreds of homes, in addition to, building custom homes for individual customers. While a Job Costing system is appropriate for the custom home building, their new controller is planning on using a Process Costing system for the large developments. She argues that because even large developments of 100 homes only offer three or four different floor plans and thus would be more efficient for tracking costs because of the homogeneity. Do you agree or disagree? Why?
Answer:
Answer is explained in the explanation section below.
Explanation:
Yes, I do agree.
Reasoning:
The Argument of the new supervisors in favor of applying the technological calculation to large projects which have homogeneous buildings with 3-4 different floor plans is correct. There are no settings for buildings / dwellings with the same layout and all units go through the same processes and use the same funds. For major developments of a homogeneous nature, instead of creating works to make for each unit and cost collection separately for each unit, a process that costs each floor a plan as a separate product will be much easier and more efficient for control purposes.
This procedure will also provide important data, and reintroduction and monitoring will be much easier.
Creating individual work, so that it is only more difficult to follow a work order, costs and to monitor a large number of work orders at a given moment, which can easily be avoided by adopting a process that costs money.
Therefore, the arguments put forward by the new controller are quite acceptable.
Hakara Company has been using direct labor costs as the basis for assigning overhead to its many products. Under this allocation system, product A has been assigned overhead of $10.80 per unit, while product B has been assigned $3.60 per unit. Management feels that an ABC system will provide a more accurate allocation of the overhead costs and has collected the following cost pool and cost driver information:
Cost Pools Activity Costs Cost Drivers Driver Consumption
Machine setup $360,000 Setup hours 4,000
Materials handling 100,000 Pounds of materials 20,000
Electric power 40,000 Kilowatt-hours 40,000
The following cost information pertains to the production of A and B, just two of Hakara's many products:
A B
Number of units produced 4,000 20,000
Direct materials cost $42,000 $54,000
Direct labor cost $24,000 $40,000
Number of setup hours 400 200
Pounds of materials used 1,000 3,000
Kilowatt-hours 2,000 4,000
Required:
Use activity-based costing to determine a unit cost for each product.
Answer:
Results are below.
Explanation:
First, we need to calculate the activities rates of allocation:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Machine setup= 360,000/4,000= $90 per set up hour
Materials handling= 100,000/20,000= $5 per pound of material
Electric power= 40,000/40,000= $1 per kilowwat hour
Now, we can allocate costs to each product:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
A:
Allocated MOH= 90*400 + 5*1,000 + 1*2,000
Allocated MOH= $43,000
B:
Allocated MOH= 90*200 + 5*3,000 + 1*4,000
Allocated MOH= $37,000
Finally, the total and unitary cost:
A:
Total cost= 42,000 + 24,000 + 43,000
Total cost= $109,000
Unitary cost= 109,000/4,000
Unitary cost= $2.73
B:
Total cost= 54,000 + 40,000 + 37,000
Total cost= $131,000
Unitary cost= 131,000/20,000
Unitary cost= $6.55
The Activity-based costing (ABC) costing system is based on activities, overseen by any event, task unit, or targeted activity
What do you mean by Acitivity based costing?
Activity-based costing (ABC) is a way of providing assigning overhead and indirect costs such as salaries and services — to products and services.
Predetermined manufacturing overhead rate is equal to total estimated overhead costs for the period/ total amount of allocation base
[tex]\rm\,Machine \;setup= \dfrac{360,000}{4,000}= \$90 \; per \;set \;up \;hour\\\\Materials \;handling= \dfrac{100,000}{20,000}= \$5 \;per \;pound \;of \;material\\\\Electric \; power= \dfrac{40,000}{40,000}= \$1 \;per \; kilowatt \;hour[/tex]
We can allocate costs to each product:
Allocated manufacturing overhead is equal to Estimated manufacturing overhead rate multiplied by Actual amount of allocation base.
[tex]\rm\,A: Allocated MOH= 90 \times 400 + 5\times 1,000 + 1\times2,000\\\\Allocated MOH= \$43,000\\\\B: Allocated MOH= 90 \times200 + 5\times3,000 + 1\times4,000\\\\Allocated MOH= \$37,000[/tex]
The total and unitary cost:
[tex]\rm\, A. Total\; cost = 42,000 + 24,000 + 43,000\\\\Total \;cost= \$109,000\\\\Unitary \;cost= \dfrac{109,000}{4,000}\\\\Unitary \;cost= \$2.73\\\\B: Total \;cost= 54,000 + 40,000 + 37,000\\\\Total\; cost= \$131,000\\\\Unitary\; cost= \dfrac{131,000}{20,000}\\\\Unitary\; cost= \$6.55\\\\[/tex]
Thus, Activity based costing (ABC) is used to determine a unit cost for each product A and B.
To learn more about Activity based costing (ABC), refer:
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The ultimate goal of operations management is to provide high-quality goods and services instantaneously in response to customer demand.
a. True
b. False
Answer:
a. True
Explanation:
The ultimate goal of operations management is to provide, in a timely and successful manner, goods and/or services to the final customer.
In this sense, operation management is customer-focused, and for this reason, its main task is to ensure the successful production and/or delivery of a good or service, from the moment the inputs enter the firm, to the moment the output exits the firm and reaches the final customer.
Parmesan Company uses the direct method for its statement of cash flow. It reports the following information regarding the year 2014: From the income statement: Sales Revenues, $265,000 Cost of Goods Sold, $210,000 Operating expenses, $31,000 From the balance sheet: Beginning BalanceEnding Balance Accounts Receivable:$14,500$17,800 Inventory:23,50017,800 Accounts Payable:6,00013,500 Accrued Liabilities:4,0001,500 On the statement of cash flows, what amount will be shown for payments to suppliers for inventory purchases
Answer: $196,800
Explanation:
The cash payments to suppliers for inventory purchases will be:
= Cost of goods sold - Decrease in inventory - Increase in accounts payable
Decrease in inventory = 23,500 - 17,800
= $5,700
Increase in accounts payable
= 13,500 - 6,000
= $7,500
Cash to suppliers for inventory = 210,000 - 5,700 - 7,500
= $196,800
hello, im stuck. if i could get some ideas for this i will mark you brainliest if i can.
i just need some ideas and maybe an explanation. i don't expect an entire two page thing but just some help pls :((
thanks in advance.
Answer: so you are giving someone instructions like how to make a sandwich with a lot of detail so someone could do everything you did :)
Explanation:
✪ ω ✪
Kingbird Corporation is preparing its December 31, 2020, balance sheet. The following items may be reported as either a current or long-term liability.
1. On December 15, 2020, Kingbird declared a cash dividend of $2.30 per share to stockholders of record on December 31. The dividend is payable on January 15, 2021. Kingbird has issued 1,000,000 shares of common stock, of which 50,000 shares are held in treasury.
2. At December 31, bonds payable of $114,286,000 are outstanding. The bonds pay 12% interest every September 30 and mature in installments of $28,571,500 every September 30, beginning September 30, 2021.
3. At December 31, 2019, customer advances were $12,485,000. During 2020, Kingbird collected $32,673,000 of customer advances; advances of $27,486,000 should be recognized in income.
Required:
For each item above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if any.
Answer:
1. Dividend payable = (1,00,000 shares - 50,000 shares) shares * $2.30 per shares = $2,185,000 will be reported as current liability (payable within 1 year)
2. Bonds payable (September 30, 2021 installment)= $28,571,500 and interest on bonds = ($114,286,000*12%*3/12) = $3,428,580 are current liabilities whereas Bonds payable (Other than September 30, 2018 installment) =($114,286,000 - $28,571,500) = $85,714,500 are long term liabilities.
3. Customer advances = ($12,485,000 + $32,673,000 - $27,486,000) = $17,672,000 are current liabilities.
What unique things words separate you from other applicants Applying for this funding?
Answer:
Having to handle the business side of things while also working on developing a great product wasn't easy, but that challenge helped me grow as a professional. I think a lot of people applying for tech
Explanation:
:D
In April, a firm had an ending cash balance of $35,000. In May, the firm had total cash receipts of $40,000 and total cash disbursements of $50,000. The minimum cash balance required by the firm is $25,000. At the end of May, the firm had
Answer:
60,000
Explanation:
Marigold Corp. applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period:
Estimated annual overhead cost $1400000
Actual annual overhead cost $1375000
Estimated machine hours 500000
Actual machine hours 490000
a. $1372000 applied and $3000 overapplied
b. $1400000 applied and $3000 overapplied
c. $1372000 applied and $3000 underapplied
d. $1375000 applied and neither under-nor overapplied
Answer:
World biggest Logic To solve anything
A corporation wishes to determine the fixed portion of its maintenance expense (a semivariable expense), as measured against direct labor hours, for the first 3 months of the year. The inspection costs are fixed; the adjustments necessitated by errors found during inspection account for the variable portion of the maintenance costs. Information for the first quarter is as follows:
Direct Labor Hours Maintenance Expense
January 34,000 $610
February 31,000 $585
March 34,000 $610
Required:
What is the fixed portion of Jacob's maintenance expense, rounded to the nearest dollar?
a. $283
b. $327
c. $258
d. $541
Answer:
b. $327
Explanation:
The computation of the fixed portion is shown below:
But before that variable maintenance expense per direct labor is
= ($610 - $585) ÷ (34000 hours - 31000 hours)
= $0.00833 per direct labor hour
Now
Total variable expense for 34,000 hours is
= $0.00833 × 34000
= $283
And, finally Fixed portion is
= $610 - $283
= $327
Cynthia Co. exchanged Building 24 which has an appraised value of $4,800,000, a cost of $7,600,000, and accumulated depreciation of $3,619,000 for Building M belonging to Waterway Co. Building M has an appraised value of $4,560,000, a cost of $9,096,000, and accumulated depreciation of $4,747,000. The correct amount of cash was also paid. Assume depreciation has already been updated.
Prepare the entries on both companies' books assuming the exchange had no commercial substance.
Answer:
See the journal entries below.
Explanation:
In the Book of Cynthia Co.
Book value of Building 24 = Cost of Building 24 - Accumulated depreciation of Building 24 = $7,600,000 - $3,619,000 = $3,981,000
Gain on disposal of Building 24 = Building 24 an appraised value of - Book value of Building 24 = $4,800,000 - $3,981,000 = $819,000
Basis for Building M = Building M appraisal value - Gain on disposal of Building 24 = $4,560,000 - $819,000 = $3,741,000
Cash = Accumulated Depreciation of Building 24 + Basis for Building M - Cost of Building 24 - Gain on Disposal of Building 24 = $3,619,000 + $3,741,000 - 7,600,000 - $819,000 = $1,059,000
The journal entries will look as follows:
Accounts Title Debit ($) Credit ($)
Accumulated Depreciation 3,619,000
Building M 3,741,000
Cash 1,059,000
Building 24 7,600,000
Gain on Disposal 819,000
To record the exchange of Building 24 for Building M from Waterway Co.
In the Book of Waterway Co.
Building 24 = Building M cost + Cash - Building M depreciation = $9,096,000 + $1,059,000 - $4,747,000 = $5,408,000
The journal entries will look as follows:
Accounts Title Debit ($) Credit ($)
Accumulated Depreciation 4,747,000
Building 24 5,408,000
Building M 9,096,000
Cash 1,059,000
To record the exchange of Building M for Building 24 from Cynthia Co.
Stephen discusses with his boss his initial ideas on how to approach his hosting duties. His boss claims he is on the right track, but that he should remember to build goodwill in his remarks. Stephen remembers that this will be the workers' introduction to him, so he needs them to trust him in the role of chief operating officer going forward. Although he will be introducing other speakers during the meeting, he doesn't want to get his goals confused. Select the statement that describes something Stephen should do for a goodwill speech.A. Stephen contacts his boss to ask him what information about himself he would like shared. B. Stephen speaks respectfully about his boss and his positive characteristics. C. Stephen tells the workers that he also believes in fairness and teamwork. D. Stephen conducts research to understand more about the corporate executives.
Answer:
D. Stephen conducts research to understand more about the corporate executives.
Explanation:
Analyzing the information above, it is correct to say that a good presentation should be able to retain the public's attention and positively impact people. For this, it is considered that the letter D is the most relevant option for Stephan to achieve his goals in his speech, because knowing his audience in depth will be a decisive factor to align his presentation with the interests of the audience and thus retain attention and integrate them with what is being said. Therefore, research to understand more about corporate executives will lead Stephan to achieve effectiveness in his presentation.
the point where total expenses equals to total income?
Answer:
yfku
Explanation:
Fuzzy Monkey Technologies, Inc., purchased as a long-term investment $220 million of 8% bonds, dated January 1, on January 1, 2018. Management intends to have the investment available for sale when circumstances warrant. When the company purchased the bonds, management elected to account for them under the fair value option. For bonds of similar risk and maturity the market yield was 10%. The price paid for the bonds was $201 million. Interest is received semiannually on June 30 and December 31. Due to changing market conditions, the fair value of the bonds at December 31, 2018, was $210 million.
Required:
a. Prepare the journal entry to record Fuzzy Monkey’s investment on January 1, 2018.
b. Prepare the journal entry by Fuzzy Monkey to record interest on June 30, 2018.
c. Prepare the journal entries by Fuzzy Monkey to record interest on December 31, 2018.
Answer:
January 1, 2018
Dr Investment in bonds 220,000,000
Cr Cash 201,000,000
Cr Discount on investment in bonds 19,000,000
June 30, 2021
Dr Cash 8,800,000
Dr Discount on investment in bonds 1,250,000
Cr Interest revenue 10,050,000
December 31, 2018
Dr Cash 8,800,000
Dr Discount on investment in bonds 1,312,500
Cr Interest revenue 10,112,500
discount amortization = ($201,000,000 x 5%) - $8,800,000 = $1,250,000
discount amortization = ($202,250,000 x 5%) - $8,800,000 = $1,312,500
Bond Yields are:_________
a. quoted as the average monthly rate of return and assume the bond is purchased today at the quoted price and held for twelve months.
b. quoted as annual rates of return and assume the bond is purchased today at the stated price and sold one year from today.
c. stated as a percentage of the maturity value and assume the bond is held to maturity.
d. stated as an annual rate of return and assume the bond is purchased today and held until maturity
Answer:
d. stated as an annual rate of return and assume the bond is purchased today and held until maturity
Explanation:
Bonds are financial debt instruments that are sold to investors in exchange for the interest or yeild they will generate over time.
Yield to maturity is the total yield that a bond will have from point of sale till maturity.
The yield is stated as an annual rate of return. For example 7% per year.
Usually the longer the maturity period of bonds the higher the yield of the bond
Consider how health insurance affects the quantity of health care services performed. Suppose that the typical medical procedure has a cost of $100, yet a person with health insurance pays only $20 out of pocket. Her insurance company pays the remaining $80. (The insurance company recoups the $80 through premiums, but the premium a person pays does not depend on how many procedures that person chooses to undergo.) Consider the following demand curve in the market for medical care.
1. Based on the given demand and supply, the given transportation problem is
________?
2. Before finding the initial solution, a dummy_____________ should be introduced.?
3. The total cost of the optimal solution =____________?
Answer:
hello your question has some missing part attached below is the missing demand curve
Answer :
1) the quantity of health procedures Individuals will demand is greater than the optimal quantity ( 20 procedures )
2) quantity of medical procedure
3) $200
Explanation:
1) Based on the given demand and supply, the given transportation problem is the quantity of health procedures Individuals will demand is greater than the optimal quantity ( 20 procedures )
2) A dummy quantity of medical procedure should be introduced
3) Total cost of optimal solution
optimal quantity of medical procedure ( Qd) * price of medical procedure(Qp)
= 20 * 100
= $200
Bassett Corporation has two production departments, Milling and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Milling Department's predetermined overhead rate is based on machine-hours and the Customizing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates:
Machining Customizing
Machine-hours 17,000 15,000
Direct labor-hours 3,000 6,000
Total fixed manufacturing overhead cost $102,000 $61,200
Variable manufacturing overhead per machine-hour $1.70
Variable manufacturing overhead per direct labor-hour $4.10
During the current month the company started and finished Job T268. The following data were recorded for this job:
Job T268: Machining Customizing
Machine-hours 80 30
Direct labor-hours 30 50
Direct materials $720 $380
Direct labor cost $900 $1,500
If the company marks up its manufacturing costs by 40% then the selling price for Job T268 would be closest to: (Round your intermediate calculations to 2 decimal places.)
a. $6,763.40
b. $7,440.00
c. $4,831.00
d. $1,932.40
Answer:
a. $6,763.40
Explanation:
The computation of the selling price is shown below:
But before that the predetermined overhead rate is
For machining
= ($102000 ÷ 17,000) + $1.70
= $7.7 per machine hour
For fabrication
= ($61200 ÷ 6000) + $4.10
= $14.30 per labour hour
Now the selling price is
Direct material ($720 + $380) $1,100
Direct labor ($900 + $1,500) $2,400
Machining department overhead (7.7 × 80) $616
Fabrication department overhead (50 × 14.3) $715
Total manufacturing cost $4,831
Markup 40% $1,932.40
Selling price $6,763.40
it is a type of business that keeps the dealings,assets,and bank accounts seperate from his/her personal assets?
Answer:
A sole proprietorship
Explanation:
A sole proprietorship is a business owned, organized, and run by a sole proprietor. It is legally advisable that all business and private activities of any form of business are conducted separately. Commingling business dealings, assets, and especially bank accounts with private affairs do cause problems for the business person.
Yale Corporation issued to Zap Corporation $70,000, 10% (cash interest payable semiannually on June 30 and December 31) 10-year bonds dated and sold on January 1, 2020. Assume that the company uses the effective interest method for amortization. If the bonds were sold at 97, yielding 10.5%. What is true for journal entries to be made at June 30, 2020, for interest payment if Effective interest method is used?
Answer:
Journal Entry
June 30, 2020
Dr. Interest expense __$3,564.75
Cr. Discount on bonds_$64.75
Cr. Cash ___________$3,500
[To record interest]
Explanation:
First, we need to calculate the issuance price of the bond
Issuance price of the bond = Face value x Seling rate = $70,000 x 97/100 = $67,900
Now we need to calculate the discount value as follow
Discount = Face value - Isuance vaue = $70,000 - $67,900 = $2,100
Now, need to calculate the discount amortization as follow
Discount amortization = ( Carrying value of bond x Effective interest rate x 6/12 ) - ( Face value x Coupon rate x 6/12 ) = ( $67,900 x 10.5%x 6/12 ) - ( $70,000 x 10% x 6/12 = $3,564.75 - $3,500 = $64.75
Now calculate the interest payment
Interst payment = Face value x Coupon rate x 6/12 = $70,000 x 10% x 6/12 = $3,500
The bonds would expire on the date of maturity, and the issuing company will pay the debt holder the face value of the bond.
The issue price is termed as the price at which the issuer of the bond sells the bonds for the first time.
The Journal entry has been attached below.
The calculation of the issuance price of the bond:
Issuance price of the bond = [tex]\text{Face value} \times \text{Seling rate} = \$70,000 \times \frac{97}{100}[/tex] = $67,900
Calculation of the discount value:
Discount = Face value - Isuance vaue = $70,000 - $67,900 = $2,100
Calculation of the discount amortization:
Discount amortization = [tex]( \text{Carrying value of bond} \times \text{Effective interest rate} \itimes \frac{6}{12} ) - ( \text{Face value} \times \text{Coupon rate} \times \frac{6}{12})[/tex]
= [tex]( \$67,900 \times 10.5\%\times \frac{6}{12}) - ( \$70,000 \times 10\% \times \frac{6}{12})[/tex]
= $3,564.75 - $3,500 = $64.75
Calculation of the interest payment:
Interst payment =[tex]\text{ Face value} \times \text{Coupon rate} \times \frac{6}{12} = \$70,000 \times 10\% \times \frac{6}{12}[/tex]= $3,500
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An engineering student has just finished the freshman year and has received an offer of $20,000 per year in a full-time job. with prospects of salary increasing 3 % per year until retirement after 33 years. If employment is taken, the student will likely not finish his engineering degree. Tuition and other costs are $10,000 next year, increasing at 7% per year. A starting salary of $45.000 could be expected upon graduation from the fouryear program. Salary increases in the engineering job are estimated at 4% per year until retirement after 30 years.
Required:
On the basis of economics alone, should the student take the job now or finish college? Analyze as two mutually exclusive alternatives and solve with present worth analysis. Interest rate is 7%.
Answer:
Since the $860,886.33 which is the present worth of net salary if he finishes his engineering degree is greater than the $357,788.81 which is the present worth of net salary if he does NOT finish his engineering degree, the student should finish college.
Explanation:
This can be dermined based on the following 3 steps:
Step 1: Calculation of present worth of net salary if he does NOT finish his engineering degree
This can be calculated using the formula for calculating the present worth (PW) of a growing annuity as follows:
PWN = (P / (r - g)) * (1 - ((1 + g) / (1 + r))^n) .................... (1)
Where;
PWN = present worth of net salary if he does NOT finish his engineering degree = ?
P = Annual salary = $20,000
r = interest rate per year = 7%, or 0.07
g = growth rate of salary = 3% or 0.03
n = number of years = 33
Substituting the values into equation (1), we have:
PWN = ($20,000 / (0.07 - 0.03)) * (1 - ((1 + 0.03) / (1 + 0.07))^33)
PWN = $357,788.81
Step 2: Calculation of present worth net salary if he finishes his engineering degree
Calculation of the present worth of tuition and other costs
This can be calculated using the formula for calculating the present worth (PW) of a growing annuity as follows:
PWT = (P / (r - g)) * (1 - ((1 + g) / (1 + r))^n) .................... (2)
Where;
PWT = present worth tuition and other costs = ?
P = Tuition and other costs next year = $10,000
r = interest rate per year = 7%, or 0.07
g = growth rate of tuition and other costs = 7% or 0.07
n = number of years = Number of years for engineering degree - One year already spent = 4 - 1 = 3
Substituting the values into equation (2), we have:
PWT = (10,000 / (0.07 - 0.07)) * (1 - ((1 + 0.07) / (1 + 0.07))^3)
PWT = undefined or 0
Note: The PWT is undefined because r = g here. Therefore, it should not be considered in the further analysis.
Calculation of the present worth of salary after graduation
This can be calculated using the formula for calculating the present worth (PW) of a growing annuity as follows:
PWG = (P / (r - g)) * (1 - ((1 + g) / (1 + r))^n) .................... (3)
Where;
PWG = present worth of salary after graduation = ?
P = Starting salary = $45,000
r = interest rate per year = 7%, or 0.07
g = growth rate of salary = 4% or 0.04
n = number of years = 30
Substituting the values into equation (3), we have:
PWG = ($45,000 / (0.07 - 0.04)) * (1 - ((1 + 0.04) / (1 + 0.07))^30)
PWG = $860,886.33
Step 3: Decision
Present worth of net salary if he does NOT finish his engineering degree = $357,788.81
Present worth of net salary if he finishes his engineering degree = present worth of salary after graduation = $860,886.33
Since the $860,886.33 which is the present worth of net salary if he finishes his engineering degree is greater than the $357,788.81 which is the present worth of net salary if he does NOT finish his engineering degree, the student should finish college.
Melissa Shallowford contributed a patent, accounts receivable, and $22,340 cash to a partnership. The patent had a book value of $8,650. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $92,840. The accounts receivable control account was $34,300, with an allowance for doubtful accounts of $2,200. The partnership also assumed a $9,010 account payable owed to a Shallowford supplier.
Required:
On December 31, provide the journal entry for Shallowford's contribution to the partnership Rotor to the chart of accounts for the exact wordino of the account titles ONOW journals do not use ines for journal explanations. Every Ave on a journal page is used for debitor credil entries CNOW journals wol automatically indont a credit entry when a credit amount is entered.
Answer:
Date General Journal Debit Credit
Dec. 31 Cash $22,340
Patent $92,840
Accounts receivable $34,300
Allowance for doubtful accounts $2,200
Accounts payable $9,010
Holly Shallowford's , Capital $138,270
(To record capital brought in by Shallowford's)
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Answer:
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Explanation:
Answer:
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Explanation:
