Answer:
A. Dr Deferred Tax Asset 60,000.00
Cr Deferred Tax 60,000.00
B. Income Statement (Partial)
Current Tax -
Deferred Tax (60,000.00)
Total Tax (60,000.00)
C.Dr Deferred Tax Asset 36,000
Cr Deferred Tax 36,000
D. Income Statement (Partial)
Current Tax -
Deferred Tax 36,000
Total Tax 36,000
E. Dr Deferred Tax Asset 27,000
Cr Deferred Tax 27,000
F. Income Statement (Partial)
Current Tax -
Deferred Tax 27,000
Total Tax 27,000
Explanation:
A. Calculation for what the entries for income taxes should be recorded for 2010
Entries for Income tax for 2010
Dr Deferred Tax Asset 60,000.00
Cr Deferred Tax 60,000.00
2010 (150,000 *40 %)
(To record timing difference of carry forward losses)
b) Indication for what the income tax expense portion of the income statement for 2010 should look like. :
Felicia Rashad Corporation
Income Statement (Partial)
Current Tax -
Deferred Tax (60,000.00)
Total Tax (60,000.00)
c) Calculation for what the entries for income taxes should be recorded for 2011
Dr Deferred Tax Asset 36,000
Cr Deferred Tax 36,000
2011 (90,000* 40 %)
(To record deferred tax asset utilization)
d) Income tax expense section of the income statement for 2011 appear
Felicia Rashad Corporation
Income Statement (Partial)
Current Tax -
Deferred Tax 36,000
Total Tax 36,000
e) Calculation for what the entries for income taxes should be recorded for 2014
Dr Deferred Tax Asset 27,000
Cr Deferred Tax 27,000
2014 (60,000*45 %)
(To record deferred tax asset utilization)
f) Income tax expense section of the income statement for 2014 appear
Felicia Rashad Corporation
Income Statement (Partial)
Current Tax -
Deferred Tax 27,000
Total Tax 27,000
At the end of April, the first month of the company's year, the usual adjusting entry transferring rent earned to a revenue account from the unearned rent account was omitted. Indicate which items will be incorrectly stated, because of the error, on (a) the income statement for April and (b) the balance sheet as of April 30. Also indicate whether the items in error will be overstated or understated.
Answer:
Overstatement is the situation where the amount of any item has been stated more than its actual figure
Understatement is the situation where the amount of any item has been stated less than its actual figure
a. The rent earned will be understated, as a result of which the income statement will give a lower net income.
b. Because of lower net income, retained earnings in stockholders' equity will be understated, and the liability account of unearned rent will be overstated
For items 1 through 4, select from the first column option list provided the answer for each item that reflects how fund information is reported in the government-wide and fund financial statements. Each choice may be used once, more than once, or not at all.
In items 5 through 8, select from the second column option list provided the answer that indicates whether fund information about long-term liabilities and capital assets is reported in the government-wide and fund financial statements. Each financial statement component is reported in each fund.
Item
Information in governmental funds
Information in proprietary funds
Information in fiduciary funds
Government-wide financial statements:
1. Basis of accounting Accrual Accrual Modified cash
2. Measurement focus Current financial resources
Fund financial statements:
3. Basis of accounting Accrual
4. Measurement focus Current financial resources
Government-wide financial statements:
5. Long-term liabilities Yes
6. Capital assets Yes
Fund financial statements:
7. Long-term liabilities Yes
8. Capital assets
Answer:
1. Accrual
2. Modified Cash
3. Accrual
4. Current Financial resources
5. Yes
6. Yes
7. Yes
8. No
Explanation:
Accrual basis of accounting is a technique in accounting where expenses and revenue are recorded when they are incurred instead of when they are paid. The basis of accounting is accrual concept which compensates the matching concept. Measurement focus is based in current available financial resources and modified cash basis.
What is the present value of the following cash flow stream at a rate of 11.5% per year? Select the correct answer. a. $425.24 b. $419.54 c. $430.94 d. $442.34 e. $436.64
Answer:
the answer to the question would be E
Barrios Communications is a provider of satellite television services. It will install a satellite dish free of charge for any customer that agrees to a one-year service contract at a price of $50 per month. Installation costs Barrios $150. Customers typically remain with Barrios for much longer than the one year required, an average of 10 years (i.e., 9 years beyond their contractual obligation). Barrios enters into a contract under the terms described above on January 1, 20X1.
Required:
1. What amount of revenue should Barrios record related to the contract in 2019?
2. What amount of expense related to the contract should Barrios record related to the contract in 2019?
Answer:
1. $600
2. $15
Explanation:
1. Calculation for What amount of revenue should Barrios record related to the contract in 2019
Revenue= $50 * 12 months
Revenue= $600
Therefore What amount of revenue should Barrios record related to the contract in 2019 is $600
2. Calculation for What amount of expense related to the contract should Barrios record related to the contract in 2019
Expense= $150/10 years
Expense= $15
Therefore What amount of expense related to the contract should Barrios record related to the contract in 2019 is $15
Use the following items to determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows.
Rent for the month: $1,300
Monthly take-home salary: $2,835
Spending for food: $670
Cash in checking account: $580
Savings account balance: $2,020
Balance of educational loan: $2,940
Current value of automobile: $9,650
Telephone bill paid for month: $130
Credit card balance: $300
Loan payment: $210
Auto insurance: $360
Household possessions: $4,700
Video equipment: $2,675
Payment for electricity: $155
Lunches/parking at work: $245
Donations: $290
Personal computer: $1,850
Value of stock investment: $1,185
Clothing purchase: $175
Restaurant spending: $195
Answer:
Follows are the solution to this question:
[tex]\text{Total liabilities}= \$3,240\\\\\text{Net worth}=\$19,420\\\\\text{Total cash outflows}= \$3,730\\\\[/tex]
Explanation:
Calculating the values:
[tex]\text{Total assets} = \$22,660 (580 + 2,020 + 9,650+ 2,675+ 1,850+ 4,700 + 1185) \\\\\text{Total liabilities} = \$3,240 (300 + 2,940) \\\\\text{Net worth} = \$19,420 (\$22,660 - \$3,240) \\\\\text{Total cash inflows} = \$3,730\\\\\text{Total cash outflows} = \$3,730 (1300+ 670+ 360+ 245+ 175+ 130+ 210 + 155+ 290 + 195)[/tex]
Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follows:
Job 11-101 $6,240
Job 11-102 9,000
Job 11-103 7,210
Job 11-104 6,750
Factory supervision 4,000
Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $18 per direct labor hour. The direct labor rate is $40 per hour.
A. Journalize the entry to record the factory labor costs.
B. Journalize the entry to apply factory overhead to production for November.
Answer:
Part A
Debit :Work In Process - Job 11-101 (6,240 x $40) $249,600
Debit :Work In Process - Job 11-102 (9,000 x $40) $360,000
Debit :Work In Process - Job 11-103 (7,210 x $40) $280,400
Debit :Work In Process - Job 11-104 (6,750 x $40) $270,000
Credit: Salaries and Wages Payable (29,200 x $40) $1,168,00
Part B
Debit :Work In Process - Job 11-101 (6,240 x $18) $112,320
Debit :Work In Process - Job 11-102 (9,000 x $18) $162,000
Debit :Work In Process - Job 11-103 (7,210 x $18) $129,780
Debit :Work In Process - Job 11-104 (6,750 x $18) $121,500
Credit: Factory Overheads (29,200 x $18) $525,600
Explanation:
The Work In Process Account is the account used to accumulate factory cost incurred. Debit this account to show accumulation of labour and overheads.
Assume the following relationships for the Caulder Corp.: Sales/Total assets 1.7× Return on assets (ROA) 5.0% Return on equity (ROE) 13.0% Calculate Caulder's profit margin and debt-to-capital ratio assuming the firm uses only debt and common equity, so total assets equal total invested capital. Do not round intermediate calculations. Round your answers to two decimal places. Profit margin: % Debt-to-capital ratio: %
Answer:
Profit margin=3%
Debt-to-capital ratio: = 3.8%
Explanation:
Calculations for Profit margin % and Debt-to-capital ratio: %
Calculation for profit margin
Profit margin =.05/1.7
profit margin=0.03*100
profit margin=3%
Calculation for Debt-to-capital ratio using this formula
Debt-to-capital ratio= ROA * (1 / ROE)
Let plug in the formula
Debt-to-capital ratio = .05 * (1 / .013)
Debt-to-capital ratio = .05 *76.92
Debt-to-capital ratio= 3.8%
Therefore: Profit margin=3%
Debt-to-capital ratio = 3.8%
service that provide when the customer is still in the store
Direct Materials Variances Bellingham Company produces a product that requires 16 standard pounds per unit. The standard price is $9 per pound. If 2,400 units required 39,600 pounds, which were purchased at $8.64 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) total direct materials cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.
Answer:
Results are below.
Explanation:
To calculate the direct material price and quantity variance, we need to use the following formula:
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (9 - 8.64)*39,600
Direct material price variance= $14,256 favorable
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Direct material quantity variance= (2,400*16 - 39,600)*9
Direct material quantity variance= -$10,800 unfavorable
Total variance= 14,256 - 10,800
Total variance= $3,456 favorable
It is generally recognized that the spending habits of individuals changes over their lives. In general, young adults tend to spend__________ than they earn, while older adults tend to spend_________. To accommodate their spending habits, young adults tend to rely on funds raised from__________. Retired adults, in contrast, tend to rely on_________ to cover the frequent shortage between their current expenditures and their current incomes.
Answer:
1. more
2. less
3. borrowing
4. past savings
Explanation:
It is generally recognized that the spending habits of individuals changes over their lives. In general, young adults tend to spend more than they earn, while older adults tend to spend less. To accommodate their spending habits, young adults tend to rely on funds raised from borrowing . Retired adults, in contrast, tend to rely on past savings to cover the frequent shortage between their current expenditures and their current incomes.
In January, Dieker Company requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,200, Job 3 $700, and general factory use $600. Prepare a summary journal entry to record raw materials used. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31 enter an account title for the journal entry on January 31
Answer:
Dr Work in process inventory 2,800
Dr Factory overhead 600
Cr Raw material inventory 3,400
Explanation:
Work in process = $900 + $1,200 + $700 = $2,800
Factory overhead (supplies) is the same, $600
inventory decrease = WIP + supplies = $2,800 + $600 = $3,400
The Dieker Company will keep track of the production's raw materials on January 31. The final journal entry will read like this:
Dr Work in process inventory 2,800
Dr Factory overhead 600
Cr Raw material inventory 3,400
Work in process = $900 + $1,200 + $700
Work in process = $2,800
Factory overhead (supplies) is the same, $600
Inventory decrease = WIP + supplies
Inventory decrease = $2,800 + $600
Inventory decrease = $3,400
The same amount will be credited to the account for raw materials inventory, reducing the balance of the account to represent the raw materials utilized in production.
Learn more about on journal entry, here:
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Pierre Corporation has a precredit U.S. tax of $315,000 on $1,560,000 of taxable income in the current year. Pierre has $312,000 of foreign source taxable income characterized as foreign branch income and $156,000 of foreign source taxable income characterized as passive category income. Pierre paid $63,000 of foreign income taxes on the foreign branch income and $27,000 of foreign income taxes on the passive category income. What amount of foreign tax credit (FTC) can Pierre use on its current U.S. tax return and what is the amount of the carryforward, if any
Answer:
the carryforward amount is $90,000
Explanation:
The computation of the carryforward amount is given below:
= Foreign income tax paid on the foreign branch income + foreign income taxes on the passive category income
= $63,000 + $27,000
= $90,000
hence, the carryforward amount is $90,000
For each additional room in the house, we estimate the appraised value to increase $74,800. For a house with 0 rooms, we estimate the appraised value to be $74,800. For each additional room in the house, we estimate the appraised value to increase $17,800. For each additional dollar of appraised value, we estimate the number of rooms in the house to increase by 17.80 rooms.
Answer:
Answer is explained in the explanation section below.
Explanation:
Note: This question is incomplete and lacks necessary data to solve. Because, it contains only the options of the real question and the real question itself is missing. However I have found that real question. And will be choosing the right option from the given choices. And for your reference, I have attached the real question in the attachment below.
Solution:
The correct option for this question is:
For each additional room in the house, we estimate the appraised value to increase $17,800.
As this is the regression equation question.
y = βo + β1x
The intercept of the line βo = 17.80
Because the intercept of the regression model with the sample of n = 74 is 17.80, so the appraised value to increase is $17800.
The legal theory of contributory negligence:
a. is in effect in the majority of states throughout the nation.
b. means that, even assuming the defendant is negligent, if the plaintiff is even slightly negligent, the plaintiff recovers nothing.
c. allows the negligent plaintiff to recover if he was responsible for less than 50 percent of his injury.
d. has been criticized as rewarding a plaintiff for being careless.
Answer:
b. means that, even assuming the defendant is negligent, if the plaintiff is even slightly negligent, the plaintiff recovers nothing.
Explanation:
Contributive negligence is a tort in law that allows the defender in a case to completely prevent a plaintiff from getting any recovery in a case.
This occurs if the defender can prove the plaintiff is negligent resulting in their own injury. That is self injury.
On the other hand comparative negligence allows the plaintiff recover a certain percentage in case of negligence that affects himself. For example if plaintiff was 10% negligent then they lose 10% of the amount they were to recover.
So contributory negligence means that, even assuming the defendant is negligent, if the plaintiff is even slightly negligent, the plaintiff recovers nothing.
n the following list are a number of well-known companies and the products that they sell. Which of the four types of markets (pure monopoly, oligopoly, monopolistic competition, perfect competition) best characterizes the markets in which they compete? Explain why. a) McDonald's- hamburgers b) ExxonMobil- gas c) Dell- personal computers d) Heinz- ketchup e) Proctor & Gamble- disposable diapers f) Starbucks- gourmet coffee g) Domino’s- pizza h) Intel- computer chip for the PC (p. 381 #9)
Answer:
Monopolistic Competition is the type of market that characterizes the markets in which the following compete:
a) McDonald's- hamburgers
b) ExxonMobil- gas
c) Dell- personal computers
d) Heinz- ketchup
e) Procter & Gamble- disposable diapers
f) Starbucks- gourmet coffee
g) Domino’s- pizza
h) Intel- computer chip for the PC
2. The reason for this choice is that there is no perfect competition in any market. It remains an ideal. The products of these firms are not perfect substitutes. The firms do not have equal market share and control in their respective markets or industry. Lastly, there is no single producer in any of the markets.
Explanation:
Types of markets:
Pure monopoly = a single producer with no substitute product or service.
Oligopoly = two or more firms in an industry with equal market share and control.
Monopolistic competition = Many firms offering similar products that are not perfect substitutes
Perfect competition = Many firms offering similar products that are perfect substitute.
Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold. 2. Prepare journal entries dated June 30 to record (a) goods transferred from weaving to sewing, (b) goods transferred from sewing to finished goods, (c) sale of finished goods, and (d) cost of goods sold
Question Completion:
The following information applies to Pro-Weave manufactures stadium blankets by passing the products through a weaving department and a sewing department. The following information is available regarding its June inventories:
Beginning Ending
Inventory Inventory
Raw materials inventory $ 120,000 $ 185,000
Work in process inventory-Weaving 300,000 330,000
Work in process inventory-Sewing 570, 000 700,000
Finished goods inventory 1,266,000 1,206,000
The following additional information describes the company's manufacturing activities for June:
Raw materials purchases (on credit) $500,000
Factory wages cost (paid in cash) 3,060,000
Other factory overhead cost (other Accounts credited) 156, 000
Materials used:
Direct-Weaving $ 240, 000
Direct-Sewing 75,000
Indirect 120,000
Labor used:
Direct-Weaving $1,200, 000
Direct-Sewing 360,000
Indirect 1,500,000
Overhead rates as a percent of direct labor:
Weaving Sewing
80% 150%
Sales (on credit) $4,000,000
Answer:
Pro-Weave
1. Computation of:
a) Cost of products transferred from Weaving to Sewing = $2,370,000
b) Cost of products transferred from Sewing to Finished Goods = $3,215,000
c) Cost of Goods Sold = $3,275,000
2. Journal Entries on June 30 to record:
(a) goods transferred from weaving to sewing
Debit WIP: Sewing $2,370,000
Credit WIP: Weaving $2,370,000
To transfer goods from weaving to sewing.
(b) goods transferred from sewing to finished goods
Debit Finished Goods Inventory $3,215,000
Credit WIP: Sewing $3,215,000
To transferred goods from sewing to finished goods.
(c) sale of finished goods, and
Debit Accounts Receivable $4,000,000
Credit Sales Revenue $4,000,000
To record the sale of goods on credit.
(d) cost of goods sold
Debit Cost of Goods Sold $3,275,000
Credit Finished Goods Inventory $3,275,000
To record the cost of goods sold.
Explanation:
a) Data and Calculations:
Items Weaving Sewing Finished Goods
Beginning Inventory $ 300,000 $570,000 $1,266,000
Direct materials 240,000 75,000
Direct labor 1,200,000 360,000
Overhead applied:
(1,200,000 * 80%) 960,000
($360,000 * 150%) 540,000
Cost of Weaving $2,700,000
Less Ending Inventory 330,000
Transferred to Sewing ($2,370,000) 2,370,000
Total cost of Sewing $3,915,000
Less Ending Inventory 700,000
Transferred to Finished Goods ($3,215,000) 3,215,000
Goods available for sale $4,481,000
Less Ending Inventory 1,206,000
Cost of Goods Sold $3,275,000
Manufacturing overhead actually incurred:
Indirect materials 120,000
Indirect labor 1,500,000
Total incurred 1,620,000
Ayayai Company started the year with $56400 in its Common Stock account and a balance in Retained Earnings of $41400. During the year, the company earned net income of $45100 and declared and paid $18800 of dividends. In addition, the company sold additional common stock amounting to $26300. As a result, the amount of its retained earnings at the end of the year would be
Answer: See Explanation
Explanation:
Based on the information that is given in the question, the amount of the company's retained earnings at the end of the year would be:
Ending retained earnings is calculated as:
= Beginning retained earnings + the net income - dividends
= $41400 + $45100 - $18800
= $67700
Assuming the opening retained earnings was debit, this would be:
= -$41400 + $45100 - $18800
= -$15100
As part of its hiring process, TE Electronics requires new employees to sign an agreement that requires arbitration in the event of any employment dispute. Jack applied and was hired by TE last summer. On his first day of employment, Jack signed the mandatory arbitration agreement. Jack is an Asian-American, and was recently passed over for promotion. Jack wants to file a charge of discrimination with the EEOC, but his supervisor says he cannot because of the arbitration agreement. Which of the following is true?
a. Jack can file a claim with the EEOC since the Title VII does not permit enforcement of the mandatory arbitration agreement
b. The EEOC can still investigate the matter and take action against TE Electronics it cannot obtain relief for Jack
c. The EEOC is not a party to the mandatory arbitration agreement so it can investigate the claim and can even pursue specific relief for jack including back pay, reinstatement and damages
d. With the mandatory arbitration agreement in place, the EEOC can not do any investigation of Jacks claim
Answer:
Option C: The EEOC is not a party to the mandatory arbitration agreement, so it can investigate the claim and can even pursue specific relief for Jack including back pay, reinstatement and damages
Explanation:
The Civil Rights Act of 1964 clearly state and prohibits: discrimination relating to employment, education, and public accommodations. In filling of a charge of discrimination with the EEOC, For the charging party's rights be secured, a written charge must be filed with the EEOC within 180 days of the alleged violation.
Equal Employment Opportunity Commission (EEOC) that handles the responsibility of enforcing federal laws that is it make it illegal to discriminate against a job applicant or employee due to race/color, equal, e. t. c.
Presented below is information related to Metlock Corp. for the year 2020.
Net sales $1,274,000 Write-off of inventory due to obsolescence $78,400
Cost of goods sold 764,400 Depreciation expense omitted by accident in 2019 53,900
Selling expenses 63,700 Casualty loss 49,000
Administrative expenses 47,040 Cash dividends declared 44,100
Dividend revenue 19,600 Retained earnings at December 31, 2019 960,400
Interest revenue 6,860 Effective tax rate of 20% on all items
Prepare a multiple-step income statement for 2017. Assume that 62,370 shares of common stock are outstanding. (Round earnings per share to 2 decimal places, e.g. 1.49.)
Answer:
Net Income $238,336
Earnings per share 3.82
Explanation:
Preparation of a multiple-step income statement for 2017.
Multiple-step income statement for 2017
Sales Revenue:
Net sales 1,274,000
Less: cost of goods sold (764,400 )
Gross profit sales[A] 509,600
Operating Expenses:
Selling Expenses 63,700
Admin Expenses 47,040
Total Operating Expenses (b) 110,740
Income from Operations (a - c]=c 398,860
Other Revenue and Gains
Dividend Revenue 19,600
Interest Revenue 6,860
Total other revenues and gains(d) 26,460
Other Expenses and Losses :
Write-off of Inventory Due to Obsolescence 78,400
Casualty loss 49,000
Total Other Expenses and Losses(e) 127,400
Income before income tax(c + d -e]=f 297,920
Less: Income tax 20%(g) 59,584
Net Income(f - g) 238,336
(297,920-59,584)
Number of shares outstanding 62,370
Earnings per share 3.82
Therefore the multiple-step income statement for 2017 will be $238,336
the process in which derivatives are used to reduce risk exposure is called hedging or speculation
Answer:
It is called hedging.
Explanation:
Hedging is a financial technique for reducing the risk exposure in financial instruments. Essentially, a hedge is a financial instrument that is used to offset the risks of adverse price movements in another financial instrument. The purpose is to reduce to a bearable minimum the adverse effects of risk exposures brought by the initial investment.
Presented below are various account balances of K.D. Lang Inc.
a. Unamortized premium on bonds payable, of which $3,000 will be amortized during the next year.
b. Bank loans payable of a winery, due March 10, 2024. (The product requires aging for 5 years before sale.)
c. Serial bonds payable, $1,000,000, of which $200,000 are due each July 31.
d. Amounts withheld from employees' wages for income taxes.
e. Notes payable due January 15, 2023.
f. Credit balances in customers' accounts arising from returns and allowances after collection in full of account.
g. Bonds payable of $2,000,000 maturing June 30, 2021.
h. Overdraft of $1,000 in a bank account. (No other balances are carried at this bank.)
i. Deposits made by customers who have ordered goods.
Required:
Indicate whether each of the items above should be classified on December 31, 2024, as a current liability, a long-term liability, or under some other classification.
Answer:
a. Unamortized premium on bonds payable, of which $3,000 will be amortized during the next year.
Indication: Unamortized premium is a contra liability account and amortization is an expense account
b. Bank loans payable of a winery, due March 10, 2024. (The product requires aging for 5 years before sale.)
Indication: Long Term Liability
c. Serial bonds payable, $1,000,000, of which $200,000 are due each July 31.
Indication: 800000, Long term liability and 200000 current liability
d. Amounts withheld from employees' wages for income taxes.
Indication: Current Liability
e. Notes payable due January 15, 2023.
Indication: Long Term Liability
f. Credit balances in customers' accounts arising from returns and allowances after collection in full of account.
Indication: Account Receivable i
g. Bonds payable of $2,000,000 maturing June 30, 2021.
Indication: Current Liability
h. Overdraft of $1,000 in a bank account. (No other balances are carried at this bank.
Indication: Current Liability
i. Deposits made by customers who have ordered goods.
Indication: Current Liability
An organization expresses its reason for being, what it aspires to be, and the values it wants to emphasize in its mission, vision, and values statements, respectively. This activity is important because these three statements are the necessary foundation for a successful organizational planning process.
The goal of this exercise is to challenge your knowledge of important components of organizational mission, vision, and values statements.
Read the descriptions and select whether the description pertains to a mission, vision, or value statement.
1. Describes the image the organization wants to project
Values Statement Vision Statement Mission Statement
2. Inspires enthusiasm and encourages commitment
Vision Statement Values Statement Mission Statement
3. Illuminates the organization’s attitude toward its employees
Values Statement Vision Statement Mission Statement
4. Is intended to guide all of the actions in the organization
Vision Statement Mission Statement Values Statement
5. Is easily understood and well-articulated
Vision Statement Mission Statement Values Statement
6. Outlines the organization’s customer base
Values Statement Vision Statement Mission Statement
7. Expresses the company’s worldview
Vision Statement Mission Statement Values Statement
8. Is appropriate for the times and for the organization
Mission Statement Values Statement Vision Statement
9. Limits itself to a small number that employees can recall when making decisions
Mission Statement Vision Statement Values Statement
10. Articulates the geographical locations where the company competes
Vision Statement Mission Statement Values Statement
11. Unchanging; As applicable in 100 years as it is today
Vision Statement Mission Statement Values Statement
12. Reflects high ideals
Mission Statement Vision Statement Values Statement
Answer:
1. Describes the image the organization wants to project
Statement: Mission Statement
2. Inspires enthusiasm and encourages commitment
Statement: Vision Statement
3. Illuminates the organization’s attitude toward its employees
Statement: Mission Statement
4. Is intended to guide all of the actions in the organization
Statement: Values Statement
5. Is easily understood and well-articulated
Statement: Vision Statement
6. Outlines the organization’s customer base
Statement: Mission Statement
7. Expresses the company’s worldview
Statement: Values Statement
8. Is appropriate for the times and for the organization
Statement: Vision Statement
9. Limits itself to a small number that employees can recall when making decisions
Statement: Values Statement
10. Articulates the geographical locations where the company competes
Statement: Mission Statement
11. Unchanging; As applicable in 100 years as it is today
Statement: Values Statement
12. Reflects high ideals
Statement: Vision Statement
Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March:
Mar.
1 Materials purchased on account, $770,000.
2 Materials requisitioned, $680,000, of which $75,800 was for general factory use.
31 Factory labor used, $756,000, of which $182,000 was indirect.
31 Other costs incurred on account for factory overhead, $245,000; selling expenses, $171,500; and administrative expenses, $110,600.
31 Prepaid expenses expired for factory overhead were $24,500; for selling expenses, $28,420; and for administrative expenses, $16,660.
31 Depreciation of factory equipment was $49,500; of office equipment, $61,800; and of office building, $14,900.
31 Factory overhead costs applied to jobs, $568,500.
31 Jobs completed, $1,500,000.
31 Cost of goods sold, $1,375,000.
Required:
Journalize the entries to record the summarized operations.
Answer:
See the journal entries below.
Explanation:
The journal entries will look as follows:
Date Account Title Debit ($) Credit ($)
Mar. 1 Materials 770,000
Accounts payable 770,000
(To record materials purchased on account.)
Mar. 2 Factory Overhead 75,800
Work in process 604,200
Materials 680,000
(To record materials requisition.)
Mar. 31 Factory Overhead 182,000
Work in process 574,000
Wages payable 756,000
(To record materials wages payable.)
Mar. 31 Factory Overhead 245,000
Selling expenses 171,500
Administrative expenses 110,600
Accounts payable 527,500
(To record other costs incurred on account.)
Mar. 31 Factory Overhead 24,500
Selling expenses 28,420
Administrative expenses 16,660
Accounts payable 69,580
(To record prepaid expenses expired.)
Mar. 31 Depreciation expenses 126,200
Accumulated dep. - Equp. & Buil. 126,200
(To record depreciation expenses for equipment and building.)
Mar. 31 Work in process 568,500
Factory Overhead 568,500
(To record factory overhead costs applied.)
Mar. 31 Finished goods 1,500,000
Work in process 1,500,000
(To record jobs completed.)
Mar. 31 Cost of goods sold 1,375,000
Finished goods 1,375,000
(To record cost of goods sold.)
Mark is a wealthy private financier who funds projects without utilizing a venture capital limited partnership structure. He typically provides funds for start-up projects that are $1 million or less. There have been instances in the past where Mark lost a huge share of money in some projects, but he also received high returns on some other projects. He is aware of the risks, but that does not stop him from funding start-ups. Which of the following would best describe Mark?
a. He is a broker.
b. He is a laggard.
c. He is an angel investor.
d. He is a market leader
Answer:
c. He is an angel investor.
Explanation:
Angle investors would represent the financing companies that are big and they are working for operating the base market in which the investor would be aware of what to be invested at the home markets. The tyoe of investment that discussed on the given situation represent the angle investing
Therefore the option c. is correct
Transactions for Crane Company for the month of June are presented below.
June 1 Issues common stock to investors in exchange for $4,960 cash.
2 Buys equipment on account for $1,720. 3 Pays $930 to landlord for June rent.
12 Sends Wil Wheaton a bill for $820 after completing welding work.
Required:
Journalize the transactions.
Answer:
1. Dr Cash $4,960
Cr Common Stock Issues $4,960
2. Dr Equipment $1,720
Cr Accounts Payable $1,720
3. Dr Rent Expenses$930
Cr Cash $930
4. Dr Service receivables $820
Cr Service Revenue $820
Explanation:
Preparation of the journal entries
1. Dr Cash $4,960
Cr Common Stock Issues $4,960
2. Dr Equipment $1,720
Cr Accounts Payable $1,720
3. Dr Rent Expenses$930
Cr Cash $930
4. Dr Service receivables $820
Cr Service Revenue $820
The following accounts and account balances are available for Badger Auto Parts at December 31, 2019:
Accounts Payable $8,500 Income Taxes Payable $3,600
Accounts Receivable 40,800 Interest Expense 6,650
Accumulated Depreciation (Furniture) 47,300 Interest Payable 1,800
Advertising Expense 29,200 Inventory 60,500
Cash 3,200 Notes Payable (Long
-Term) 50,000
Common Stock 100,000 Prepaid Rent 15,250
Cost of Goods Sold 184,300 Retained Earnings,
12/31/2018 15,900
Depreciation Expense (Furniture) 10,400 Sales revenue 264,700
Furniture 128,000 Utilities expense 9,700
Income Taxes Expense 3,800
Required:
Prepare a trial balance. Assume that all accounts have normal balances.
Answer:
Answer is solved and explained in the explanation section below.
Explanation:
In this question, we are asked to prepare a trial balance assuming that all accounts have normal balances. And the purpose of making a trial balance is to make sure that the entries in the system are mathematically sound.
So,
Badger Auto Parts Debit Credit
Accounts payable $8,500
Accounts receivable $40,800
Accumulated depreciation (furniture) $47,300
Advertising expense $29,200
Cash $3,200
Common stock $100,000
Cost of goods sold $184,300
Depreciation expense (furniture) $10,400
Furniture $128,000
Income tax expense $3,800
Income tax payable $3,600
Interest expense $6,650
Interest payable $1,800
Inventory $60,500
Notes payable $50,000
Prepaid rent $15,250
Retained earnings $15,900
Sales revenue $264,700
Utilities expense $9,700
Totals $491,800 $491,800
Why might Robert choose to attend a technical school rather than a four-year university?
Select one:
a. There are more options and greater earning potential at technical schools.
b. There are more opportunities for advancement in technical schools.
c. Some trades are in higher demand than certain university degrees.
d. The social aspect of technical schools is more appealing.
Answer:
b. There are more opportunities for advancement in technical schools.
Explanation:
Technical schools teach more specific courses and generally last one or two years. If a student needs to get some type of specific education that allows to work fast, e.g. becoming an electrician, a technical school is a better option. While college careers yield higher benefits in the long run, in the short run some people might need to get technical degrees.
Answer:
The answer is C. Some trades are higher in demand then certain university degrees.
Explanation:
I took the test :)
Propose an expansion strategy. Which information, that based on the current costing system or that based on the ABC system, is more useful? Why? What other information do you want to know before making a definitive recommendation on an expansion strategy?
Answer:
There are various expansion strategies. See attached document
Explanation:
ProTech began business at the start of the current year. The company planned to produce 40,000 units, and actual production conformed to expectations. Sales totaled 37,000 units at $42 each. Costs incurred were:
Variable manufacturing overhead per unit
$
19
Fixed manufacturing overhead
240,000
Variable selling and administrative cost per unit
7
Fixed selling and administrative cost per unit
140,000
If there were no variances, the company's absorption-costing income would be ___________
Answer:
Net operating profit= $230,000
Explanation:
The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
First, we need to calculate the unitary cost:
Unitary production cost= 19 + (240,000/40,000)
Unitary production cost= $25
Now, the income statement:
Sales= 37,000*42= 1,554,000
COGS= (37,000*25)= (925,000)
Gross profit= 629,000
Total selling and administrative cost= (7*37,000) + 140,000= (399,000)
Net operating profit= $230,000
Which of the following best describes the front-end function of a cloud computing network?
Answer:
the practice of using a network of remote servers hosted on the Internet to store, manage, and process data, rather than a local server
Explanation:
