Answers
Answer and Explanation:
The preparation of the bank reconciliation is presented below:
For company books
Balance $4,226
Less: service charges -$16
Adjusted balance $4,210
For bank statement
Balance $4,461
Add: outstanding deposits $448
Less: outstanding checks
Number 110 $37
Number 111 $75
Number 114 $587
Adjusted balance $4,210
Related Questions
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
Answers
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
the point where total expenses equals to total income?
Answers
Answer:
yfku
Explanation:
Windsor Company leased equipment from Costner Company, beginning on December 31, 2019. The lease term is 5 years and requires equal rental payments of $59,394 at the beginning of each year of the lease, starting on the commencement date (December 31, 2019). The equipment has a fair value at the commencement date of the lease of $270,000, an estimated useful life of 5 years, and no estimated residual value. The appropriate interest rate is 5%.
Click here to view factor tables.
Prepare Windsor’s 2019 and 2020 journal entries, assuming Windsor depreciates similar equipment it owns on a straight-line basis. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places, e.g. 5,275.)
Date
Account Titles and Explanation
Debit
Credit
12/31/1912/31/20 12/31/1912/31/20
enter an account title To record lease liability on December 31 2019
enter a debit amount
enter a credit amount
enter an account title To record lease liability on December 31 2019
enter a debit amount
enter a credit amount
(To record lease liability)
12/31/1912/31/20 12/31/1912/31/20
enter an account title To record lease payment on December 31 2016
enter a debit amount
enter a credit amount
enter an account title To record lease payment on December 31 2016
enter a debit amount
enter a credit amount
(To record lease payment)
12/31/1912/31/20 12/31/1912/31/20
enter an account title To record interest expense on December 31 2020
enter a debit amount
enter a credit amount
enter an account title To record interest expense on December 31 2020
enter a debit amount
enter a credit amount
enter an account title To record interest expense on December 31 2020
enter a debit amount
enter a credit amount
(To record interest expense)
12/31/1912/31/20 12/31/1912/31/20
enter an account title To record amortization of the right-of-use asset on December 31 2020
enter a debit amount
enter a credit amount
enter an account title To record amortization of the right-of-use asset on December 31 2020
enter a debit amount
enter a credit amount
(To record amortization of the right-of-use asset)
Answers
Answer:
12/31/19
Dr Right-of-Use Asset $270,000
Cr Lease liability $270,000
12/31/19
Dr Lease liability $59,394
Cr Cash $59,394
12/31/20
Dr Interest expense $10,530
Dr Lease liability $48,864
Cash $59,394
12/31/20
Dr Amortization expense $54,000
Cr Right-of-Use asset $54,000
Explanation:
Preparation of Windsor’s 2019 and 2020 journal entries
12/31/19
Dr Right-of-Use Asset $270,000
Cr Lease liability $270,000
[Being To record lease liability]
12/31/19
Dr Lease liability $59,394
Cr Cash $59,394
[Being To record lease payment]
12/31/20
Dr Interest expense $10,530
[($270,000-$59,394) x 5%]
Dr Lease liability $48,864
($59,394 -$10,530)
Cash $59,394
[Being To record interest expense]
12/31/20
Dr Amortization expense $54,000
[$270,000/5 years]
Cr Right-of-Use asset $54,000
[Being To record amortization of the right-of-use asset]
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
Answers
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.
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
Answers
Answer:
World biggest Logic To solve anything
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.
Answers
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)
Each of the three independent situations below describes a finance lease in which annual lease payments are payable at the beginning of each year. The lessee is aware of the lessor's implicit rate of return.
Situation
1 2 3
Lease term (years) 12 20 4
Lessor's rate of return (known by lessee) 11% 9% 12%
Lessee's incremental borrowing rate 12% 10% 11%
Fair value of lease asset $620,000 $1,000,000 $205,000
Required:
a. Determine the amount of the annual lease payments as calculated by the lessor and above situations.
b. Determine the amount lessee would record as a leased asset and a lease liability for above situations.
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Explanation:
The amount of the annual lease payments as calculated by the lessor and above situations are $86,033.44, $100,501.35, and $60,261.66 respectively. The amount lessee would record as a leased asset and a lease liability for above situations are $620,000, $1,000,000 $205,000 respectively.
What are lease payments?Lease payments are regular payments made to the lessor, who owns the asset, and the lessee, who will utilize it, as per the conditions of a contract. Before the lessee either returns the object or purchases it outright, the lease payments often continue for a predetermined amount of time.
a) For Situation 1:
Formula for calculating annual lease payments is:
Annual lease payments = Fair value of assets ÷ Present value for annuity due.
Where,
Fair Value of Assets of the leased asset = $620,000
Lease term = 12 years
Lessor's rate of return = 11%
The present value of annuity due 12 years at the rate of 11% is 7.2065
Putting in the values in the formula we get:
Annual lease payments = $620,000/7.2065 = $86,033.44
b) Formula for the lease liability = Annual rent payment × present value of annuity due.
Lease liability = $86,033.44 x 7.2065 = $620,000
For Situation 2:
a) The present value of annuity due 20 years at the rate of 9% is 9.9501
Annual lease payments = $100,000/9.9501 = $100,501.35
b) Lease liability = $100,501.35 x 9.9501 = $1,000,000
For Situation 3:
a) The present value of annuity due 4 years at the rate of 12% is 3.4081
Annual lease payments = $205,000/3.4081 = $60,261.66
b) The lease ability = $60,261.66 x 3.4801 = $205,000
Therefore, the amounts that of the lease payment for the lessor and the lessee is determined above.
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Presented below is information related to Viel Company at December 31, 2020, the end of its fi rst year of operations.
Sales revenue $310,000
Cost of goods sold 140,000
Selling and administrative expenses 50,000
Gain on sale of plant assets 30,000
Unrealized gain on available-for-sale debt investments 10,000
Interest expense 6,000
Loss on discontinued operations 12,000
Dividends declared and paid 5,000
Compute the following:
a. income from operations
b. net income
c. comprehensive income
d. retained earnings balance at December 31, 2020.
Answers
Answer:
a. income from operations = Revenue - Cost of Goods Sold - Selling and Administrative Expenses
Income from operations = 310,000 - 140,000 - 50,000
Income from operations = 120,000
b. net income = income from operations + gain on sale of plant assets - loss on discontinued operations - interest expense
Net income = 120,000 + 30,000 - 12,000 - 6,000
Net income = 132,000
c. comprehensive income = net income + unrealized gain on available-for-sale debt investments
Comprehensive income = 132,000 + 10,000
Comprehensive income = 142,000
d. retained earnings balance at December 31, 2020.
Retained earnings = Net Income - Dividends declared and paid
Retained Earnings = 132,000 - 5,000
Retained Earnings = 127,000
Manufacturers of large equipment such as aircraft and ships and companies involved in road construction have jobs that may require two or more years for completion. For example, Boeing Corporation might have an order for 50 aircraft for a particular airline, and the order will extend over a three- to five-year period. Aircraft are delivered as completed, but not in a batch of 50 at one time. In the typical fashion, the overhead application rate must be calculated and applied in such a way that each aircraft that is delivered has the proper amount of overhead for that aircraft. Required: What unique difficulties do you see in the calculation and application of overhead in industries such as aircraft manufacturing or shipbuilding
Answers
Answer and Explanation:
The unique difficulty that faced by industries in terms of aircraft manufacturing or ship building that includes the measurement of the capciaty cost that would be distributed each year with respect to the job. The overhead would be distributed to the capacity spent. Also the company find to be difficult for tracking the actual capacity i.e. used in the production of a single aircraft or ship. In this case, the predetermined overhead rate would not be worked.
2
Highlight four ways in which commercial banks differ from non-bank Financial institutions.
(4mks)
Commercial bank from non bank financial institution
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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!!!
The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system.
April 30 May 31
Inventories Raw materials $43,000 $54,000
Work in process 9,100 18,600
Finished goods 54,000 33,200
Activities and information
for May Raw materials purchases
(paid with cash) 193,000
Factory payroll (paid with cash) 150,000
Factory overhead Indirect materials 16,000
Indirect labor 34,500
Other overhead costs 93,000
Sales (received in cash) 1,700,000
Predetermined overhead rate based on direct labor cost 55 % Compute the following amounts for the month of May using T-accounts.
a. Cost of direct materials used.
b. Cost of direct labor used.
c. Cost of goods manufactured.
d. Cost of goods sold.
Answers
Answer:
Lock-Tite Company
a Cost of direct materials used:
= $182,000
b. Cost of direct labor used:
= $150,000
c. Cost of goods manufactured:
= $466,000
d. Cost of goods sold:
= $520,000
Explanation:
a) Data and Calculations:
April 30 May 31
Inventories:
Raw materials $43,000 $54,000
Work in process 9,100 18,600
Finished goods 54,000 33,200
Activities and information for May Raw materials purchases
(paid with cash) 193,000
Factory payroll (paid with cash) 150,000
Factory overhead Indirect materials 16,000
Indirect labor 34,500
Other overhead costs 93,000
Total overhead costs = $143,500
Sales (received in cash) 1,700,000
Cost of goods sold 520,000
Gross profit 1,180,000
Raw materials
Account Titles Debit Credit
Beginning balance $43,000
Cash 193,000
WIP 182,000
Ending balance $54,000
Work in process
Account Titles Debit Credit
Beginning balance $9,100
Raw materials 182,000
Factor payroll 150,000
Factory overhead 143,500
Finished Goods 466,000
Ending balance $18,600
Finished goods
Account Titles Debit Credit
Beginning balance $54,000
Work-in-Process 466,000
Cost of Goods Sold 520,000
Ending balance $33,200
Hillside issues $1,600,000 of 9%, 15-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $1,382,579.
Required:
a. Prepare the January 1, 2017, journal entry to record the bonds' issuance.
b. Prepare the journal entries to record the first two interest payments.
Answers
Answer: Check attachment
Explanation:
a. Prepare the January 1, 2017, journal entry to record the bonds' issuance.
This has been attached. Kindly note that the discount on bond payable was calculated as:
= Bond payable - Cash
= 1,600,000 - 1,382,579
= 217,421
b. Prepare the journal entries to record the first two interest payments.
Check attachment as the first two interest payments on June 30th 2017 and December 31st, 2017 has been attached.
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
Answers
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
Ryan Corporation manufactures auto steering systems. Cost estimates for one unit of the product for the year follow:
Direct materials $200
Direct labor ($12/hour) $300
Machine hours 20
This product requires 15 hours of direct labor in Department A and 10 hours in Department B. Also, it requires 5 machine hours in Department A and 15 machine hours in Department B.
The factory overhead costs estimated in these two departments follow:
Variable cost Fixed cost
A $ 150,000 94,000
B $ 80,000 163,000
Management expects the firm to produce 1,000 units during the year.
Required
1. Assume that factory overhead was applied on the basis of direct labor hours. Compute the predetermined plantwide factory overhead rate.
2. If factory overhead were applied on the basis of machine hours, what would be the plantwide overhead rate?
3. If the company produced 1,000 units during the year, what was the total amount of applied factory over-head in each department in requirements 1 and 2?
4. If you were asked to evaluate the performance of each department manager, which allocation basis (cost driver) would you use? Why?
5. Compute the departmental overhead rate and amount of applied overhead for Department A using direct labor hours as the allocation base and for Department B using machine hours as the allocation base.
Answers
1) The predetermined plantwide factory overhead rate based on direct labor hours is $10.28.
2) The predetermined plantwide factory overhead rate based on machine hours = $12.85 ($257,000/20,000)
3) The total applied factory overhead:Department A Department B Total
Requirement 1 $154,200 $102,800 $257,000
Requirement 2 64,250 192,750 257,000
4. The allocation basis for Department A should be direct labor hours. The department is more labor-intensive. The allocation basis for Department B should be machine hours as it is more machine-intensive.
5) The computation of the departmental overhead rate and amount of applied overhead for Department A using direct labor hours as the allocation base and for Department B using machine hours as the allocation base is as follows:
Department A Department B
Direct labor hours 15,000
Machine hours 15,000
Fixed factory overheads $94,000 $163,000
Departmental overhead rate $6.27 $10.87 ($163,000/15,000)
Applied Overhead $154,200 $192,750
($10.28 x 15,000) ($12.85 x 15,000)
Data and Calculations:Cost of One Unit:
Direct materials $200
Direct labor ($12/hour) $300
Direct labor hour per unit = 25 hours ($300/$12)
Total direct labor hours = 25,000 (25 x 1,000)
Total machine hours = 20,000 (20 x 1,000)
Department A Department B Total
Direct labor hours 15 10 25
Machine hours 5 15 20
Variable factory overheads $150,000 $80,000 $230,000
Fixed factory overheads 94,000 163,000 257,000
Total annual production units = 1,000 units
1) Predetermined plantwide factory overhead rate based on direct labor hours = $10.28 ($257,000/25,000)
2) Predetermined plantwide factory overhead rate based on machine hours = $12.85 ($257,000/20,000)
3) Total applied factory overhead:Department A Department B Total
Direct labor hours $154,200 $102,800 $257,000
Machine hours 64,250 192,750 257,000
5) Departmental Overhead Rate and Applied Overhead:
Department A Department B
Direct labor hours 15,000
Machine hours 15,000
Fixed factory overheads $94,000 $163,000
Departmental overhead rate $6.27 $10.87 ($163,000/15,000)
Applied Overhead $154,200 $192,750
($10.28 x 15,000) ($12.85 x 15,000)
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Favaz began business at the start of this year and had the following costs: variable manufacturing cost per unit, $9; fixed manufacturing costs, $60,000; variable selling and administrative costs per unit, $2; and fixed selling and administrative costs, $220,000. The company sells its units for $45 each. Additional data follow: Planned production in units10,000 Actual production in units10,000 Number of units sold8,500 There were no variances. The income (loss) under absorption costing is:
Answers
Answer:
$18,000
Explanation:
Calculation for what The income (loss) under absorption costing is:
First step is to calculate the Fixed manufacturing
per unit
Fixed manufacturing per unit = $60,000 ÷ 10,000
Fixed manufacturing per unit= $6
Second step is to calculate per unit cost
Cost Per Unit=$45 − $9 − $2 − $6 ×$ 8,500
Cost Per Unit = $238,000
Now let calculate the income (loss)
Income (loss)= $238,000 − $220,000
Income (loss) = $18,000
Therefore The income (loss) under absorption costing is:$18,000
The following trial balance was prepared from the ledger accounts of Ricardo Company: RICARDO COMPANY Trial Balance April 30, Year 2 Account Titles Debit Credit Cash $ 71,900 Accounts receivable 36,000 Supplies 2,400 Prepaid insurance 4,200 Land $ 11,000 Accounts payable 10,200 Common stock 100,000 Retained earnings 29,640 Dividends 8,600 Service revenue 70,000 Rent expense 10,200 Salaries expense 32,700 Operating expense 33,600 Totals $ 199,600 $ 220,840 When the trial balance failed to balance, the accountant reviewed the records and discovered the following errors: The company received $590 as payment for services rendered. The credit to Service Revenue was recorded correctly, but the debit to Cash was recorded as $770. A $1,200 receipt of cash that was received from a customer on accounts receivable was not recorded. A $580 purchase of supplies on account was properly recorded as a debit to the Supplies account. However, the credit to Accounts Payable was not recorded. Land valued at $11,000 was contributed to the business in exchange for common stock. The entry to record the transaction was recorded as a $11,000 credit to both the Land account and the Common Stock account. A $800 rent payment was properly recorded as a credit to Cash. However, the Salaries Expense account was incorrectly debited for $800.
Answers
Question Completion:
Prepare the corrected Trial Balance of Ricardo Company.
Answer:
RICARDO COMPANY
The corrected Trial Balance April 30, Year 2
Account Titles Debit Credit
Cash $ 72,920
Accounts receivable 34,800
Supplies 2,400
Prepaid insurance 4,200
Land 11,000
Accounts payable $10,780
Common stock 100,000
Retained earnings 29,640
Dividends 8,600
Service revenue 70,000
Rent expense 11,000
Salaries expense 31,900
Operating expense 33,600
Totals $ 210,420 $ 210,420
Explanation:
a) Data and Calculations:
RICARDO COMPANY
Trial Balance April 30, Year 2
Account Titles Debit Credit
Cash $ 71,900
Accounts receivable 36,000
Supplies 2,400
Prepaid insurance 4,200
Land $11,000
Accounts payable 10,200
Common stock 100,000
Retained earnings 29,640
Dividends 8,600
Service revenue 70,000
Rent expense 10,200
Salaries expense 32,700
Operating expense 33,600
Totals $ 199,600 $ 220,840
Cash Account:
Account Titles Debit Credit
Balance $ 71,900
Overstated service revenue 180
Accounts receivable 1,200
Balance $72,920
Totals $73,100 $73,100
Balance $72,920
Accounts Receivable
Account Titles Debit Credit
Balance $36,000
Cash $1,200
Balance $34,800
Totals $36,000 $36,000
Balance $34,800
Accounts Payable
Account Titles Debit Credit
Balance $10,200
Supplies 580
Balance $10,780
Totals $10,780 $10,780
Balance $10,780
Land
Account Titles Debit Credit
Balance $11,000
Correction of error $22,000
Balance $11,000
Totals $22,000 $22,000
Balance $11,000
Salaries Expense
Account Titles Debit Credit
Balance $32,700
Rent Expense $800
Balance $31,900
Totals $32,700 $32,700
Balance $31,900
Rent Expense
Account Titles Debit Credit
Balance $10,200
Salaries Expense 800
Balance $11,000
Totals $11,000 $11,000
Balance $11,000
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.
Answers
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
What are the benefits of outsourcing
Answers
Lower costs
Promote growth
Maintain operational control
Offer staffing flexibility
Provide continuity and risk management
Develop internal staff
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
Answers
Answer:
60,000
Explanation:
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thanks in advance.
Answers
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:
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Because most of the parts for its irrigation systems are standard, Waterways handles the majority of its manufacturing as a process cost system. There are multiple process departments. Three of these departments are the Molding, Cutting, and Welding departments. All items eventually end up in the Packaging Department, which prepares items for sale in kits or individually. The following information is available for the Molding department for January.
Work in process beginning:
Units in process 24,100
Stage of completion for materials 80%
Stage of completion for labor and overhead 30%
Costs in work in process inventory:
Materials $168,470
Labor 68,020
Overhead 17,160
Total costs in beginning work in process $253,650
Units started into production in January 59,800
Units completed and transferred in January 58,300
Costs added to production: Materials $281,593
Labor 311,150
Overhead 60,120
Total costs added into production in January $652,863
Work in process ending:
Units in process 25,600
Stage of completion for materials 50%
Stage of completion for labor and overhead 10%
Required:
Prepare a production cost report for Waterways using the weighted-average method.
Answers
Answer:
Waterways
Molding Department
Production Cost Report
Total costs of production:
Units Materials Conversion Total
Costs in work in process inventory: $168,470 $85,180 $253,650
Units started in January $281,593 371,270 $652,863
Total costs of production $450,063 $456,450 $906,513
Equivalent units of production:
Units Materials Conversion
Units completed & transferred 58,300 58,300 58,300
Work in process ending: 25,600 12,800 2,560
(25,600*50%) (25,600*10%)
Total equivalent units 71,100 60,860
Cost per equivalent unit:
Materials Conversion
Total costs of production $450,063 $456,450
Total equivalent units 71,100 60,860
Cost per equivalent unit $6.33 $7.50
Costs Assigned to units:
Materials Conversion Total
Cost per equivalent unit $6.33 $7.50
Units started and completed (58,300) $369,039 $437,250 $806,289
Work in Process, ending 12,800/2,560 81,024 19,200 100,224
Total costs assigned $450,063 $456,450 $906,513
Explanation:
a) Data and Calculations:
Units Materials Conversion Total
Work in process beginning: 24,100 80% 30%
Costs in work in process inventory: $168,470 $85,180 $253,650
Labor 68,020
Overhead 17,160
Units started in January 59,800 $281,593 371,270 $652,863
Units transferred 58,300
Labor 311,150
Overhead 60,120
Work in process ending: 25,600 50% 10%
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.
Answers
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.
Whether to pay a lawmaker for giving a speech at your company is an ethical
dilemma that deals with
O A. lobbying
B. awarding honoraria
c. professional standards
D. gift giving
Answers
Answer: B
Explanation:
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.
Answers
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.
Match each type of adjusting entry with its definition.
Deferred revenue
Accrued expenses
Prepaid expenses
Accrued revenue
Match each of the options above to the items below.
Receive cash in the current period that will be recorded as a revenue in a future period.
Record an expense in the current period that will be paid in cash in a future period.
Record a revenue in the current period that will be collected in cash in a future period.
Pay cash (or have an obligation to pay cash) in the current period that will be recorded as an expense in a future period.
Answers
Answer and Explanation:
The matching is as follows:
1. Deferred revenue - the cash would be received in the present period and the same would be reported as a revenue for the future period
2. Accrued expense - It would be recorded as an expense for a present period but the cash would be paid in the future
3. Prepaid expense - The cash is paid or the obligation is to the pay the cash in the present period but the expense would be recorded in the future period
4. Accrued revenue - the revenue is recorded in the present period but the cash would be collected in a future period
What unique things words separate you from other applicants Applying for this funding?
Answers
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
Wayne is working at the overseas branch of his organization. He needs some clarification about a project. He approaches a senior manager thinking he would get a good explanation. However, he is instructed to follow protocol and sent away. Also, he is informed that only team leads are allowed to approach senior managers. This implies that the organization has a ______ score.
A) high Individualism/Collective Index
B) high Power Distance Index
C) low Individualism/Collective Index
D) low Power Distance Index
E) high Uncertainty Avoidance Index
Answers
Answer:
B)High Power Distance Index
Explanation:
From the question, we are informed about Wayne who is working at the overseas branch of his organization. He needs some clarification about a project. He approaches a senior manager thinking he would get a good explanation. However, he is instructed to follow protocol and sent away. Also, he is informed that only team leads are allowed to approach senior managers. In this case, the organization has a High Power Distance Index score. The power-distance index can be regarded as way to measure acceptance of hierarchy of wealth/power by some people in a nation, business as well as culture. power-distance index helps to know how well citizen can accept authority or challenge authority of those in power.
When Mary Potts arrived at her store on the morning of January 29, she found empty shelves and display racks; thieves had broken in during the night and stolen the entire inventory. Accounting records showed that Potts had inventory costing $50,000 on January 1. From January 1 to January 28, Potts had made net sales of $70,000 and net purchases of $80,000. The gross profit during the past several years had consistently averaged 42 percent of net sales. Potts plans to file an insurance claim for the theft loss.
Required:
a. Using the gross profit method, estimate the cost of inventory at the time of the theft.
b. Doe Potts use the periodic inventory method or does she account for inventory using the perpetual method?
Answers
Answer:
a. The cost of inventory at the time of the theft is $89,400.
b. Potts uses the periodic inventory method.
Explanation:
a. Using the gross profit method, estimate the cost of inventory at the time of the theft.
The cost of inventory at the time of the theft can be estimated using gross profit method as follows:
Inventory cost on January 1 = $50,000
Net sales = $70,000
Net purchases = $80,000
Gross profit = Net sales * 42% = $70,000 * 42% = $29,400
Cost of goods sold = Net sales - Gross profit = $70,000 - $29,400 = $40,600
Inventory cost on January 28 = Inventory cost on January 1 + Net purchases - Cost of goods sold = $50,000 + $80,000 - $40,600 = $89,400
Inventory cost on January 28 is the same as the cost of inventory at the time of the theft; therefore, the cost of inventory at the time of the theft is $89,400.
b. Doe Potts use the periodic inventory method or does she account for inventory using the perpetual method?
Periodic inventory method refers to an accounting stock valuation practice in which updates to inventory are made at specified intervals such as weekly, monthly, or annually.
Perpetual inventory method refers to an accounting stock valuation practice in which updates to inventory are made continuously and automatically as inventory is received or sold.
From the question, the fact that the only available accounting records showed that Potts had inventory costing $50,000 on January 1 without any other record January 28, this implies that Potts uses the periodic inventory method which could be monthly or annually.
a. Based on the gross profit method, the estimated cost of inventory at the time of the theft in Mary Potts' store is $89,400.
b. Mary Potts uses the periodic inventory method, which records inventory movements at the end of the period. The perpetual inventory method records inventory movements as each transaction occurs.
Data and Calculations:
Beginning inventory on January 1 = $50,000
Net Purchases in January = $80,000
Goods available for sale = $130,000 ($50,000 + $80,000)
Net Sales = $70,000
Gross profit margin = 42%
Gross profit = $29,400 ($70,000 x 42%)
Cost of goods sold = Net Sales - Gross profit
= $40,600 ($70,000 - $29,400)
Ending inventory on January 28 = Goods available for sale - Cost of goods sold
= $89,400 ($130,000 - $40,600)
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Gubser Welding, Inc., operates a welding service for construction and automotive repair jobs. Assume that the arrival of jobs at the company's office can be described by a Poisson probability distribution with an arrival rate of five jobs per 8-hour day. The time required to complete the jobs follows a normal probability distribution, with a mean time of 1.3 hours and a standard deviation of 1 hour. Answer the following questions, assuming that Gubser uses one welder to complete all jobs:
What is the mean arrival rate in jobs per hour? Round your answer to four decimal places.
jobs per hour _________
What is the mean service rate in jobs per hour? Round your answer to four decimal places.
jobs per hour _________
What is the average number of jobs waiting for service? Round your answer to three decimal places.
__________
What is the average time a job waits before the welder can begin working on it? Round your answer to one decimal place.
_________ hours
What is the average number of hours between when a job is received and when it is completed? Round your answer to one decimal place.
_________ hours
What percentage of the time is Gubser's welder busy? Round your answer to the nearest whole number.
_________ % of the time the welder is busy.
Answers
Answer:
a) Mean arrival rate in jobs per hour = 0.6250
b) Mean service rate in jobs per hour = 0.7692
c) The average number of jobs waiting for service = 2.802
d) Average time a job waits before the welder can begin working on it = 4.5 hours
e) Average number of hours between when a job is received and when it is completed = 5.8 hours
f) Percentage of the time is Gubser's welder busy = 81%
Explanation:
As given,
Number of jobs = 5
Rate = 8 hour per day
Average hours = 1.3
Standard deviation - 1 hour
a)
Mean arrival = [tex]\frac{No. of jobs}{rate}[/tex]
= [tex]\frac{5}{8}[/tex] = 0.6250 per hour
⇒Mean arrival rate in jobs per hour = 0.6250
b)
Mean service rate = [tex]\frac{hour}{average hour}[/tex]
= [tex]\frac{1}{1.3}[/tex] = 0.7692 per hour
⇒Mean service rate in jobs per hour = 0.7692
c)
Average number of job waiting for service = [tex]\frac{(0.6250)^{2} (1)^{2} + \frac{0.6250}{0.7692} }{2 ( 1 - \frac{0.6250}{0.7692} )}[/tex]
= [tex]\frac{1.05}{0.375}[/tex] = 2.802
⇒The average number of jobs waiting for service = 2.802
d)
Average time a job waits before the welder can begin working on it = [tex]\frac{2.802}{0.6250}[/tex]
= 4.5 hr
⇒Average time a job waits before the welder can begin working on it = 4.5 hours
e)
Average number of hours between when a job is received and when it is completed = 4.5 + [tex]\frac{1}{0.7692}[/tex]
= 4.5 + 1.3
= 5.8 hours
⇒Average number of hours between when a job is received and when it is completed = 5.8 hours
f)
Percentage of the time is Gubser's welder busy = [tex]\frac{0.6250}{0.7692}[/tex] ×100%
= 0.8125×100%
= 81.25% ≈ 81%
⇒Percentage of the time is Gubser's welder busy = 81%
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?
Answers
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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