Answer:
1-a. Net operating income = $84,000
1-b. Degree of operating leverage = 2.00
2-a. Expected percentage increase in net operating income for next year = 48%
2-b. Expected amount of net operating income for next year = $124,320
Explanation:
Note: This question is not complete. The complete question is therefore provided before answering the question as follows:
Magic Realm, Inc., has developed a new fantasy board game. The company sold 8,400 games last year at a selling price of $70 per game. Fixed expenses associated with the game total $84,000 per year, and variable expenses are $50 per game. Production of the game is entrusted to a printing contractor. Variable expenses consist mostly of payments to this contractor. Required: 1-a. Prepare a contribution format income statement for the game last year. 1-b. Compute the degree of operating leverage. 2. Management is confident that the company can sell 10,416 games next year (an increase of 2,016 games, or 24%, over last year). Given this assumption: a. What is the expected percentage increase in net operating income for next year? b. What is the expected amount of net operating income for next year? (Do not prepare an income statement; use the degree of operating leverage to compute your answer.)
The explanation of the answers is now given as follows:
1-a. Prepare a contribution format income statement for the game last year.
The contribution format income statement for the game last year can be prepared as follows:
Magic Realm, Inc.
Contribution Income Statement For the Game
For Last Year
Particulars Amount ($) Per Unit ($)
Sales (8,400 * $70) 588,000 70
Variable cost (8,400 * $50) (420,000) (50)
Contribution margin 168,000 20
Fixed cost (84,000)
Net operating income 84,000
1-b. Compute the degree of operating leverage.
Degree of operating leverage = Contribution margin / Net operating income = $168,000 / $84,000 = 2.00
2-a. What is the expected percentage increase in net operating income for next year?
This can be calculated as follows:
Expected percentage increase in net operating income for next year = Degree of operating leverage * Expected percentage increase in sales = 2 * 24% = 48%
2-b. What is the expected amount of net operating income for next year? (Do not prepare an income statement; use the degree of operating leverage to compute your answer.)
Expected amount of net operating income for next year = Last year's net operating income + (Last year's net operating income * Expected percentage increase in net operating income for next year) = $84,000 + ($84,000 * 48%) = $84,000 + $40,320 = $124,320
Text written for advertising and marketing campaigns is referred to as o content. context O copy o collateral
Answer:
always be it and never fail
Explanation:
Identify the items/accounts from the following list that are likely to serve as source documents. (You may select more than one answer.
a. Sales ticket
b. Trial balance
c. Balance sheet
d. Telephone bill
e. Invoice from supplier
f. Company revenue account
g. Income statement
h. Bank statement
i. Prepaid insurance
Answer:
Sales ticket, Telephone bill, Invoice from supplier and Bank statement
Explanation:
Source documents are used as source of information for accounting entries that can be either electronic or paper form. It is the original document which contains the details of a business transactions. It is the source to record accounting transactions. Usually it contains 'Names of the parties involved, Amounts, the date and substance of the transaction'. Simply for the auditor it serves as an evidence to accounting transactions and for the company it serves as a proof.
Source documents:
Sales tickets, it is the evidence to sales revenue
Telephone bill, it is the evidence to telephone expense
invoice from supplier, it is the evidence to purchases
Bank statement, it is the evidence to 'bank charges like interest expense, interest income.
g Required information Skip to question [The following information applies to the questions displayed below.] The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. June 12, 2021 Provide services to customers on account for $32,000. September 17, 2021 Receive $17,500 from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received. March 4, 2022 Provide services to customers on account for $47,000. May 20, 2022 Receive $10,000 from customers for services provided in 2021. July 2, 2022 Write off the remaining amounts owed from services provided in 2021. October 19, 2022 Receive $37,500 from customers for services provided in 2022. December 31, 2022 Estimate that 45% of accounts receivable at the end of the year will not be received. 3. Calculate net accounts receivable at the end of 2021 and 2022.
Answer:
The Underwood Corporation
Net Accounts Receivable:
2021 = $7,975 ($14,500 - $6,525)
2022: = $3,200 ($9,500 - $6,300)
Explanation:
a) Data and Calculations:
Accounts Receivable during year 2021 = $32,000
September 17, 2021 Cash received (17,500)
December 31, 2021 Balance = $14,500
March 4, 2022 Services on account = 47,000
May 20, 2022 Cash received (10,000)
Bad Debts written off (4,500)
October 19, 2022 Cash received (37,500)
December 31, 2022 Balance = $9,500
Allowance for Doubtful Accounts
December 31, 2021 = $6,525 ($14,500 * 45%)
Bad Debts written off (4,500)
December 31, 2022 = $4,275 ($9,500 * 45%)
December 31 Balance $6,300
b) The net accounts receivable is equal to the Balance of the Accounts Receivable minus the Allowance for Doubtful Accounts (all at December 31) for each year.
Quickbooks Online. IRS guidelines require specific information to substantiate deductible automobile expenses. Which 3 items are included in the substantiation requirements?
Answer:
✓Vehicle type
✓date placed in service
✓total mileage (including business, commuting and personal)
Explanation:
IRS guidelines available for automobile
deductible is that if one is using his cat for business purposes, the entire cost of ownership as well as operation can be deducted. But if the car is for business and personal purposes, the cost for the business use can be deducted.
The three items that are are included in the substantiation requirements are;
✓Vehicle type
✓date placed in service
✓total mileage (including business, commuting and personal)
What does this part of the safety manual specifically indicate about workplace safety? Providing proper safety gear is a priority for this business. This company stresses the importance of using tools correctly. This company has set up regular inspection checks for all equipment. Employees receive training on the use of all equipment at this warehouse.
Answer:
b
Explanation:
Answer:
B. This company stresses the importance of using tools correctly.
Explanation:
Happy holidays! Right on ED2021, goodluck!
In a recent benefit-cost analysis of a proposed regulation that generated positive net benefits in the present but negative net benefits in the future, the government used a 5% social discount rate. If it had instead used a 7% social discount rate, the net present value of the policy would have been ______; if it had used a 10% social discount rate, the net present value would have been ______.
Answer:
A) Lower; lower
Explanation:
Here are the options of this question :
A) Lower; lower B) Lower; higher C) Higher; lower D) Higher; higher
Net present value is the present value of after-tax cash flows from an investment less the amount invested.
The lower the the discount rate, the higher the NPV and the discount the interest rate, the lower the NPV
7% and 10% are both higher than 5% so NPV would be lower in both instances
Let us USE an example
Cash flow in year 0 = $-10,000
Cash flow in year 1 and 2 = 100,000
NPV when discount rate is 5% = $262,324.48
NPV when discount rate is 7% = $252431.60
NPV when discount rate is 10% = $238,685.20
We can see NPV was highest when discount rate is 5%
To find the NPV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
The correct statement is that the net present value of the policy would have been lower at a 7% discount rate, and also it would be lower at a 10% discount rate.
Cost benefit analysis can be used to calculate the net present value of a policy that is proposed to be adopted and at such rate whether such adoption is beneficial or not.
Cost Benefit Analysis Cost benefit analysis is referred to as a method of analysis of costs that are borne by an organization and the predicted projections when applied are sensible to be adopted or not. It is observed that the normal discount rate of the policy is 5% and hence when the government adopts a slightly higher discount rate of 7 and 10 percent the NPV will ultimately be lower.Hence, using the basic implications of cost-benefit analysis, it can be concluded that the net present values of the policies will be lower at discount rates of 7 and 10 percent respectively.
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The Darwin Company reports the following information that occurred during the current period: Sales commissions expense $15,600 Administrative office supplies 7,300 Depreciation on factory equipment 4,700 Indirect factory labor 5,900 Direct labor 10,500 Factory rent 4,200 Factory utilities 1,200 Sales 76,500 Administrative Office salaries expense 8,900 Indirect materials used 1,200 Manufacturing Overhead applied 17,200 Using the information provided above for Darwin Company, calculate the total costs that will be expensed when incurred on the income statement for the period:'
Answer:
$31,800
Explanation:
All Non Manufacturing expenses are treated as Period costs. Period Costs are expensed in Income Statement.
Calculation of Total Period Costs
Sales commissions expense $15,600
Administrative office supplies $7,300
Administrative Office salaries expense $8,900
Total $31,800
Conclusion
The total costs that will be expensed when incurred on the income statement for the period is $31,800.
Based on the graphic what advantage does this 401(k) have over other types of investments
Answer:
I think the answer is C It guarantees employees a return on their investments because of company match
Determine cost of goods sold for X-mart, assuming that beginning inventory was $5,000. Net purchases were $20,000 and ending inventory was $9,000. Multiple choice question. $16,000 $24,000 $20,000 $6,000 g
Answer:
$16,000
Explanation:
Beginning inventory is $5,000
Net purchases is $20,000
Ending inventory is $9,000
Therefore the cost of goods sold can be calculated as follows
= (5,000+20,000)-9,000
= 25,000-9,000
= 16,000
Hence the cost of goods sold is $16,000
Rubin, a freelance software developer, has a meeting with an independent bakery owner to discuss a potential project. Before meeting with the client, Rubin does a thorough research on the client's business and the client's educational background. He develops his proposal accordingly, ensuring to use common words instead of technical jargon. In the given scenario, which of the following communication guidelines does Rubin follow?
A) Avoid bias.
B) Avoid the use of slang.
C) Be concise.
D) Analyze your audience.
Answer:
d
Explanation:
Communication encompasses all the processes of transmitting information from one person to another.
In order to effectively communicate, one must analyse their audience to ensure that the message is effectively communicated.
ABC Co. has an average collection period of 45 days and an operating cycle of 130 days. It has a policy of keeping at least $10 on hand as a minimum cash balance, and has a beginning cash balance for the first quarter of $10. Beginning receivables for the quarter amount to $35. Sales for the first and second quarters are expected to be $110 and $125, respectively, while purchases amount to 80% of the next quarter's forecast sales. The accounts payable period is 90 days. What is the ending cash balance for the first quarter
Answer:
hile purchases amount to 80% of the next quarter's forecast sales. The accounts payable period is 90 days. What is the ending cash balance for the first quarterResearch about Alexander Hamilton Maria Reynolds Scandal.Djiboli Rapper is bad, followed by its level and its intention.
There is no one Jibouli of us who follows his intention.
With the group
You don't get like godfather in rap.
Seriously, and what I perfect from my childhood, I fell in love with rap.
I became a rap artist.
I burned for most of the rap.
I suffered in my life and patience Lynn Masmni Godfather.
.
Anyone has any right to philosophize and say how is his guardian.
I love the art of rap
I am a fan of the art of rap
I woven it for rap
So they called me the godfather
I am the one who opened this door and opened people's eyes to it
Anybody's money any right to philosophize and tell how his guardian
I hear about young people wearing their heads down
And whoever prevents me from hurting them and turning their lives into misery
On the day I ask about them, I want to sing them. I want to know who they are.
If I extend my hand on him, his tears will fall before the palm
I ask about his past, they tell me he was sniffing
Ok, in this case I do not respond to the same quality
A little chickens shout that you don't get any harm
I know hypocritical people hand out smiles
In my face when they meet me loudly laughing
Open your mouth at the end and laugh, I mean, you became my friend
Huh
I think you count my mind by intentions
Wind your face muscles do not smile much
Do not be deceived that I am a young man in front of you
I am over with the hawks. Mali is the chicken sitting
And the falcon empty a falcon is not as well as what we need
After the incarceration, my darling, my eyes changed the perception that a friend is a friend
And I understood my life as a lesson, no one who said I am your brother, I mean, I have no
The first of them are the people who disappeared from my detention
I will not hold and do the same as some people
Sell me Sabouni, I love to knock the head off
If my life passed a mistake I will not regret it
But he took it as a lesson in my life and made it a basis for meساعات أجلس لحالي أقعد فيها أفكر.
أتذكر أشياء كثيرة كنت فيها معاك مقصر.
اتندم على كل لحظة ذرفتي فيها علشاني الدمعة.
علقتي فيا آمالك كنتي تقيدي في دربي الشمعة.
يا عمري أبغاك تكون.
أحسن واحد في الكون.
وهذا كلامك لي ولجل عيونك أحاول إني أكون.
حبيبتي اسمعيني.
حطي عينك في عيني.
أنا عند حسن ظنك مع الأيام بتشوفيني.
الإنسان اللي تمنيته.
على كثر أغلاطه تحملتيه.
صدقيني يالعزيزة انه يحبك زي مانتي تحبيه.
أمانة ما أبغى أشوفك زعلانة مني في يوم.
ما أبغى أشوف قلبك مهموم.
لأنك بالنسبة لي أنت الحب الحقيقي.
ما أتوقع من غيرك أقدر أكمل طريقي.
كل همك في الدنيا إنك تشوفيني في القمة.
Home Building Inc. (HBI) seeks to schedule manual labor for 18 new homes being constructed. Historical data leads HBI to apply a 92% learning curve rate to the manual labor portions of the project. If the first home requires 3500 manual labor hours to build, estimate the time required to build (a) the fifth house, (b) the tenth house, (c) all 18 houses. What would the manual labor estimate be for all 18 of the HBI houses in the problem above if the learning curve rate is
Answer:
Follows are the solution to the given points:
Explanation:
For point a:
Using the cumulative mean method of Wright here:
Learning Rate [tex]= 92\%[/tex]
Thus the [tex]b = \frac{\log(0.92)}{\log(2)} = -0.12[/tex]
So the first home has 3,500 manual operating times, that'll be the equation.
[tex]Y=3500 X^{(-0.12)}[/tex]
At which Y = average cumulative time per unit and X was its amount of production models
Cumulative total X unit moment[tex]= X \timesY = 3500\times X^{(1-0.12)} = 3500\times X^{0.88}[/tex]
The 5th house must be X=4 and X=5, and therefore necessary time is:
[tex]= 3500 \times (5)^{0.88} - 3500\times (4)^{0.88} = 2572.1 \text{manual hours}[/tex]
For point b:
For house 10, differentiate between X=9 and X=10, so time = 2351 hours of labor.
For point c:
X=18, consequently time = 44,535.6 hours in all 18 houses
For point d:
Please find the attached file.
Question 1 of 10
A. is a measure of change in the prices of goods from one period to
another
A. sanction
B. quota
оо O
C. price index
D. subsidy
SUBMIT
Price index is a measure of change in the prices of goods from one period to another. Thus, the correct option is C). price index
What is the significance of price index?Price Index refers to the index number that expresses the different level of price of the product in respect to the level of the prices of the same commodities during a base period that is chosen casually and specify the prices level in different period of time.
Price index is used to indicate changes in the level of prices from one period to another. It is a corresponding average of price relatives for a given category of goods or services in a given range, during a given period of time.
The percentage change in the price index and level from one period to another is determined by the inflation.
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Retained earnings, December 31, 2019 $315,450
Decrease in total liabilities during 2019 68,700
Gain on the sale of buildings during 2019 24,150
Dividends declared and paid in 2019 6,750
Proceeds from sale of common stock in 2019 74,100
Net income for the year ended December 31, 2019 33,900
Required:
From the above data, calculate the retained earnings balance as of December 31, 2018. (Enter decreases with a minus sign to indicate a negative financial statement effect.)
Answer:
See below
Explanation:
Ending retained earnings = Beginning retained earnings + net profit - dividend
$315,450 = Beginning retained earnings + $33,900 - $6,750
Beginning retained earnings = $288,300
Therefore, retained earning balance is $288,300
Lucido Products markets two computer games: Claimjumper and Makeover. A contribution format income statement for a recent month for the two games appears below: Claimjumper Makeover Total Sales $ 112,000 $ 56,000 $ 168,000 Variable expenses 34,600 7,400 42,000 Contribution margin $ 77,400 $ 48,600 126,000 Fixed expenses 86,850 Net operating income $ 39,150 Required: 1. What is the overall contribution margin (CM) ratio for the company
During December, the production department of a process operations system completed and transferred to finished goods a total of 66,000 units of product. At the end of December, 12,000 additional units were in process in the production department and were 50% complete with respect to materials. The beginning inventory included materials cost of $60,800 and the production department incurred direct materials cost of $192,900 during December. Compute the direct materials cost per equivalent unit for the department using the weighted-average method.
Answer:
Direct materials cost per equivalent unit is $3.25
Explanation:
The computation of the direct material cost per equivalent cost is shown below:
Completed and transferred to finished goods 66,000 units
Equivalent number of additional units in process 12000 units
Beginning inventory material cost $60,800
Direct material cost incurred $192,900
Total direct material cost $253,700
ANd, the total units is 78,000
So,
Direct materials cost per equivalent unit is $3.25
Karev Company started Year 2 with a $500 balance in its Cash account, a $500 balance in its Supplies account and a $1,000 balance in its common stock account. During Year 2 the company experienced the following events. (1) Paid $334 cash to purchase supplies (2) Physical count revealed $211 of supplies on hand at the end of Year 2 Based on this information the amount of supplies reported on the Year 2 Balance Sheet is $_______________
Answer: $211
Explanation:
Based on the information given in the question, the amount of supplies reported on the Year 2 Balance Sheet will be $211.
The answer is $211 because that is the actual inventory that was given in the question and therefore should be the value that should be reported on the Year 2 balance sheet.
Discuss how one might use business analytics in their personal life. Select all that apply. A. A store might keep track of inventory and use it to decide what items are in demand. B. A reporter could analyze social media posts to see what types of people are more likely to share unverified news stories. C. An automobile owner can predict when the next maintenance will be due by recording things such as the miles driven and gas mileage. This would help them budget accordingly. D. A golf player might use statistics to help to diagnose problems and improve their game.
Answer:
A. A store might keep track of inventory and use it to decide what items are in demand.
C. An automobile owner can predict when the next maintenance will be due by recording things such as the miles driven and gas mileage.
Explanation:
Business analytics is an important tool which enables the user to record and keep track of business activities. The analysis of the recorded transactions in business will enable the user to predict about the future activities. An automobile owner can predict the maintenance due by keeping track of mileage. Store keeper may keep track of inventory usage.
RentAPhone is a new service company that provides European mobile phones to American visitors to Europe. The company currently has 80 phones available at Charles de Gaulle Airport in Paris. There are, on average, 25 customers per day requesting a phone. These requests arrive uniformly throughout the 24 hours the store is open. The corresponding coefficient of variation is 1.
Customers keep their phones on average 72 hours. The standard deviation of this time is 100 hours. Given that RentAPhone currently does not have a competitor in France providing equally good service, customers are willing to wait for the telephones. Yet, during the waiting period, customers are provided a free calling card. Based on prior experience, RentAPhone found that the company incurred a cost of $1 per hour per waiting customer, independent of day or night.
a. What is the average number of telephones the company has in its store?
b. How long does a customer, on average, have to wait for the phone?
c. What are the total monthly (30 days) expenses for telephone cards?
d. Assume RentAPhone could buy additional phones at $1,000 per unit. Is it worth it to buy one additional phone? Why?
e. How would waiting time change if the company decides to limit all rentals to exactly 72 hours? Assume that if such a restriction is imposed, the number of customers requesting a phone would be reduced to 20 customers per day.
Answer:
Answer:- m = 80
a = 24 hours / 25 customers = 0.96 hours
p = 72 hours
u = p/(m x a) = 72 /(80×0.96)=0.9375
On average 93.75% of the phones are in use. 0.9375 x 80 = 75 phones are in use. Thus, 5 phones are available on average.
From above it is clear that 93.75%% of total phones are in use therefore total number of cell phones in use = 0.9375*80=75
So only 5 phones are available.
Answer:- CVa =1, CVp = 100/72 = 1.3889
Tq =( 72/80*[(0.9375 √2*80+1)-1]/(1-0.9375) * (12+1.88892)/2) = 9.89 hour
Thus average waiting time = 9.89 hours
Explanation:
Answer:- m = 80
a = 24 hours / 25 customers = 0.96 hours
p = 72 hours
u = p/(m x a) = 72 /(80×0.96)=0.9375
On average 93.75% of the phones are in use. 0.9375 x 80 = 75 phones are in use. Thus, 5 phones are available on average.
From above it is clear that 93.75%% of total phones are in use therefore total number of cell phones in use = 0.9375*80=75
So only 5 phones are available.
Answer:- CVa =1, CVp = 100/72 = 1.3889
Tq =( 72/80*[(0.9375 √2*80+1)-1]/(1-0.9375) * (12+1.88892)/2) = 9.89 hour
Thus average waiting time = 9.89 hours
On April 15 of the current year, a fire destroyed half of the uninsured ending inventory of a retail store. The following data are available: Sales, January 1 through April 15 $480,000 Inventory, January 1 80,000 Purchases, January 1 through April 15 400,000 Markup on cost 25% The amount of the ending inventory before the fire is
Answer:
$96,000
Explanation:
Particulars Amount
Opening inventory on 1st Jan $80,000
ADD: Purchases made $400,000
LESS: Cost of good sold $384,000
Closing inventory $96,000
Workings
Sales 480,000
Less: Mark up 480000*25/125 96,000
Cost of goods sold $384,000
After successfully completing your corporate finance class, you feel the next challenge ahead is to serve on the board of directors of Schenkel Enterprises. Unfortunately, you will be the only person voting for you. The company has 405,000 shares outstanding, and the stock currently sells for $46, If there are four seats in the current election, how much will it cost you to buy a seat if the company uses cumulative voting
Answer:
$3,726,046
Explanation:
Calculation for how much will it cost you to buy a seat if the company uses cumulative voting
Cumulative voting seat cost = 46 ×{[405,000/(4 + 1)] + 1}
Cumulative voting seat cost=46×[(405,000/5)+1]
Cumulative voting seat cost=46×81,001
Cumulative voting seat cost= $3,726,046
Therefore how much will it cost you to buy a seat if the company uses cumulative voting is $3,726,046
An incomplete subsidiary ledger of materials inventory for May is as follows:
RECEIVED ISSUED BALANCE
Receiving Materials
Report Unit Requisition Unit
Number Quantity Price Number Quantity Amount Date Quantity Price Amount
May 1 285 $30.00 $8,550
40 130 $32.00 May 4
91 365 May 10
44 110 38.00 May 21
97 100 May 27
Required:
A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.
B. Determine the materials inventory balance at the end of May.
C. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles.
D. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand.
Chart of Accounts
CHART OF ACCOUNTS
General Ledger
ASSETS
110 Cash
121 Accounts Receivable
125 Notes Receivable
126 Interest Receivable
131 Materials
132 Work in Process
133 Factory Overhead
134 Finished Goods
141 Supplies
142 Prepaid Insurance
143 Prepaid Expenses
181 Land
191 Factory
192 Accumulated Depreciation-Factory
LIABILITIES
210 Accounts Payable
221 Utilities Payable
231 Notes Payable
236 Interest Payable
241 Lease Payable
251 Wages Payable
252 Consultant Fees Payable
EQUITY
311 Common Stock
340 Retained Earnings
351 Dividends
390 Income Summary
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Goods Sold
520 Wages Expense
531 Selling Expenses
532 Insurance Expense
533 Utilities Expense
534 Office Supplies Expense
540 Administrative Expenses
560 Depreciation Expense-Factory
590 Miscellaneous Expense
710 Interest Expense
Materials Inventory
Shaded cells have feedback.
A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.
RECEIVED
ISSUED
BALANCE
Receiving Materials
Report Unit Requisition
Number Quantity Price Number Quantity Amount Date Quantity Unit Price Amount
May 1 285 $30.00 $8,550
40 130 $32 May 4
91 365 May 10
44 110 38 May 21
97 100 May 27
Points:
12 / 20
B. Determine the materials inventory balance at the end of May.
Points:
0 / 1
Feedback
Check My Work
A and B. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity.
Journal
Shaded cells have feedback.
C. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles.
How does grading work?
PAGE 10
JOURNAL
C. Increase work in process and decrease materials for the total of issuances found in Req. A.
Final Question
Shaded cells have feedback.
D. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand.
Comparingquantities on hand as reported in the materials ledger with predetermined order points enables management to order materials beforea lack of materials causes idle time.
Answer:
An incomplete subsidiary ledger of materials inventory for May is as follows:
A. Materials Issuances and balances for the materials subsidiary ledger under FIFO:
RECEIVED ISSUED BALANCE
Receiving Materials
Report Unit Requisition Unit
Number Qty Price Number Qty Amount Date Qty Price Amount
May 1 285 $30.00 $8,550
40 130 $32.00 May 4 415 $12,710
91 365 May 10 50 $32.00 $1,600
44 110 38.00 May 21 160 $5,780
97 100 May 27 60 $38.00 $2,280
B. The materials inventory balance at the end of May is 60 units at $2,280.
C. Debit Work in Process $14,610
Credit Materials $14,610
To record the transfer of materials to work in process.
D. The materials ledger shows the quantities and costs of materials remaining at any point in time. It also indicates the dates for all related transactions. With the quantities of materials received in and issued out and the balances indicated clearly, it is possible to ensure that a required level of inventory remains in stock and to place orders at the right time.
Explanation:
a) Raw materials Inventory Issuance:
Quantity issued = 365
Cost of units issued on May 10 = $11,110 ($12,710 - 1,600)
Cost of units issued on May 27 = $3,500 ($5,780 - 2,280)
Total cost of units issued out = $14,610
Journalizing Transactions and Adjusting Accounts Deluxe Building Services offers custodial services on both a contract basis and an hourly basis. On January 1, 2019, Deluxe collected $20,100 in advance on a six-month contract for work to be performed evenly during the next six months. Assume that Deluxe closes its books and issues financial reports on a monthly basis. a. Prepare the entry on January 1 to record the receipt of $20,100 cash for contract work (1) using the financial statements effect template and (2) in journal entry form. b. Prepare the adjusting entry to be made on January 31, 2019, for the contract work done during January (1) using the financial statements effect template and (2) in journal entry form. c. At January 31, a total of 30 hours of hourly rate custodial work was unbilled. The billing rate is $19 per hour. Prepare the adjusting entry needed on January 31, 2019, (1) using the financial statements effect template and (2) in journal entry form. (The firm uses the account Fees Receivable to reflect amounts due but not yet billed).'
Answer:
Jan.1
Dr Cash $20,100
Cr Unearned Service Revenue $20,100
Jan.31
Dr Unearned Service Revenue $3350
Cr Service Revenue $3350
Jan.31
Dr Account Fees Receivable $ 570
Cr Service Revenue $ 570
Explanation:
Preparation of the adjusting entry
Journal Entries
Jan.1
Dr Cash $20,100
Cr Unearned Service Revenue $20,100
(Being To record 6 month contract)
Jan.31
Dr Unearned Service Revenue $3350 ($20,100*1/6)
Cr Service Revenue $3350
(Being To record january service fees earned on contract)
Jan.31
Dr Account Fees Receivable $ 570 (30*19)
Cr Service Revenue $ 570
(Being To record unbilled service fees at January 31)
1. Identify a research problem in your study area and coin topic based on the problem.
The correct answer to this open question is the following.
The research problem in my study area is the way industries and corporations are affecting climate change. The specific topic based on this problem is "How modern industries are impacting the environment."
I come up with this topic because it really concerns me.
Up until today, most companies and corporations' approach has been to earn money at all costs. However, the planet is suffering the consequences of over-exploiting raw materials and natural resources, directly impacting the environment.
Air pollution, water pollution, noise pollution, water scarcity, weather changes affection farming and the production of food, lack of rain in some parts of the planet, excessive storms in other parts of the globe, earthquakes, constant volcanic explosions, are some of the consequences of this irresponsible way of overexploiting raw materials that have seriously impacted our environment.
The invitation for the next generation of businessmen would be for a better form of Capitalism, focused on restoring some of the resources that have been exploited, and taking into consideration the employee's situations in the workplace. It is fine to think about getting rich. But no more at all costs.
Getting rich, yes. But now, thinking about practical ways to give back and taking care of planet Earth, and helping workers and employees to really prosper and grow.
The transactions carried out by BTS Corporation during the year caused an increase in total assets of $150,000 and a decrease in total liabilities of $60,000. If no additional investment was made by the investors during the year and dividends of $42,000 were paid, what was the net income for the year?
Answer:
21
Explanation:69
A Southeast Asian student, has come to the college counseling center to explore career options. As the counselor presents career options, the student makes little eye contact and does not actively respond to the many alternatives placed before him. It is safe to surmise that the student ______.
Answer:
The correct answer is - It is safe to surmise that the student does not seem interested in that career options or he/she does not understand what the people is talking.
Explanation:
The correct answer is - It is safe to surmise that the student does not seem interested in that career options or he/she does not understand what the people is talking.
Reason -
As the student is from southeast side , so it is possible that there is a language barrier. It is possible that the student is not understanding the language of the counselor.
And other possibility is that the student is not interested in that career option that the counselor is telling the student.
Career counselors assist persons who have inquiries about various occupations and educational options.
What is safe to be done as a career counselor?The student makes little eye contact with the counselor while he discusses career prospects and does not aggressively respond to the many options presented to him.
It's acceptable to assume that the student isn't interested in that job path or that he or she doesn't grasp what the other people are saying.
For more information about career counselors, refer below
https://brainly.com/question/14496777
Owens Corning has total assets of $800,000, long-term debt of $240,000, stockholders' equity of $350,000, and current liabilities of $210,000. The dividend payout ratio is 30 percent and the profit margin is 8 percent. Assume all assets and current liabilities change spontaneously with sales and the firm is currently operating at full capacity. What is the external financing need (EFN) if the current sales of $1,000,000 are projected to increase by 20 percent
Answer:
$50,800
Explanation:
Increase in assets = Current Assets * Percentage change in sales = $800,000 * 20% = $160,000
Increase in current liabilities = Current liabilities * Percentage change in sales = $210,000 * 20% = $42,000
Increase in retaned earning = Increased sales*Profit Margin*Retention ratio = $1,000,000*120%*8%*(1-0.30) = $67,200
External financing need = Increase in Assets - Increase in liabilities - Increase in retained earning
External financing need = $160,000 - $42,000 - $67,200
External financing need = $50,800
marketing begins with and ends with the consumer
Imagine that after completing your economics course (you get an A, of course) you are at a family gathering. Your grandmother asks you about a news story she read this morning. The story explained that when the government adjusts Social Security payments for inflation, it generally uses the CPI-W, which is the Consumer Price Index for Urban Wage Earners and Clerical Workers. Because senior citizens spend a lot more than average on medical care, adjustments to their Social Security payments are not keeping up with their cost of living.
Last year I received $15,000 per year from the government. The story said that the CPI increased from 144 to 162. How much will I get this year?
Answer:
$16,875
Explanation:
The amount received per year is $15,000 and the CPI increased from 144 to 162
Inflation rate = (New CPI - Old CPI)/Old CPI * 100
Inflation rate = 162-144/144 * 100
Inflation rate = 0.125
Inflation rate = 12.5%
Amount received = $15,000 * 12.5% = $1,875
==> $15,000 + $1,875 = $16,875
So, Grandmother will receive $16,875
What would you add to Maslow's pyramid.Why?
Answer:
status/esteem
affiliation
self-protection
Explanation:
