Rockford Corporation, which began business on August 1, sells on terms of 2/10, n/30. Credit terms for its purchases vary with the supplier. Selected transactions for August are given below. Unless noted, all transactions are on account and involve merchandise held for resale. The perpetual inventory system is used.
Aug. 1 Purchased merchandise from Norris, Inc., $4,000, terms 2/10, n/30.
5 Paid freight on shipment from Norris, Inc., $220.
7 Sold merchandise to Denton Corporation, $5,500 ($4,100 cost).
7 Paid $300 freight on August 7 shipment and billed Denton for the charges.
9 Returned $800 worth of the merchandise purchased August 1 from Norris, Inc., because it was defective. Norris approved the return.
9 Received $750 of returned merchandise ($500 cost) from Denton Corporation. Rockford approved the return.
10 Paid Norris, Inc., the amount due.
14 Purchased from Chambers, Inc., goods with a price of $9,000. Terms 1/10, n/30.
15 Paid freight on shipment from Chambers, Inc., $320.
17 Received the amount due from Denton Corporation.
18 Sold merchandise to Weber, Inc., $9,600 ($6,600 cost).
20 Paid $350 freight on August 18 shipment and billed Weber for the charges.
24 Paid Chambers, Inc., the amount due.
28 Received the amount due from Weber, Inc.
Required
Prepare journal entries for these transactions for Rockford Corporation. Round your answers to the nearest dollar.
Answers
Answer:
Date Account Titles and Explanation Debit Credit
Aug 17 Cash $4,955
Sales Discount $95
(5500-750)*2%
Accounts Receivable $5,050
(5500+300-750)
(Received amount due from Denton Corporation)
Aug 28 Cash $9,758
Sales Discount $192
(9600*2%)
Accounts Receivable $9,950
(9600+350)
(Received amount due from Weber, Inc.)
Note: The other entries are solved in the question itself and it is as attached in picture below
Related Questions
Essential College Supplies (ECS) is a store on the campus on a large Midwestern university. The store has both an apparel section (t-shirts with the school logo) and a convenience section. ECS reports revenues for the apparel section separately from the convenience section. Requirement Classify each cost item (A-H) as follows:
a. Direct or indirect (D or I) costs of the total number of t-shirts sold.
b. Variable or fixed (V or F) costs of how the total costs of the apparel section change as the total number of t-shirts sold changes. (If in doubt, select on the basis of whether the total costs will change substantially if there is a large change in the total number of t-shirts sold.)
Requirement
a. Classify each cost item (A-H) as direct or indirect (D or I) costs of the total number of t-shirts sold. Cost Item D or A. Annual fee for licensing the school logo
b. Cost of store manager's salary
c. Costs of t-shirts purchased for sale to customers
d. Subscription to College Apparel Trends magazine
e. Leasing of computer software used for financial budgeting at the ECS store
f. Cost of coffee provided free to all customers of the ECS store
g. Cost of cleaning the store every night after closing
h. Freight-in costs of t-shirts purchased by ECS
Answers
Answer:
a. Annual fee for licensing the school logo - Direct cost - Fixed Cost
b. Cost of store manager's salary - Indirect Cost - Fixed Cost
c. Costs of t-shirts purchased for sale to customers - Direct cost - Variable cost
d. Subscription to College Apparel Trends magazine - Direct cost - Fixed Cost
e. Leasing of computer software used for financial budgeting at the ECS store - Indirect Cost - Fixed Cost
f. Cost of coffee provided free to all customers of the ECS store - Indirect Cost - Variable cost
g. Cost of cleaning the store every night after closing - Indirect Cost - Fixed Cost
h. Freight-in costs of t-shirts purchased by ECS - Direct cost - Variable cost
Discuss how Zipcar is more a lifestyle brand than
a travel brand, and what this means. How does
this impact the company’s promotional efforts?
What solutions does Zipcar provide, and how
does this make it a lifestyle brand?
Answers
Answer:
I don't know I also want the ans
Who prepares the annual housekeeping budget?
OA.
the executive housekeeper
OB.
the general manager
Ос.
the front office manager
OD
the accounting manager
Answers
Answer:
oa
Explanation:
OA.
the executive housekeeper.
this is the correct answer.
Answer:
B. The General Manager
Explanation:
The correct answer is - B. The General Manager
Reason -
In a smaller scale hotel or facility usually there is Front Office, Housekeeping and Maintenance and the expenses are controlled mainly by the Owner through the General Manager.
They were the key decision maker in preparing the yearly budget with the assistance of an accountant or accounting firm.
People from urban areas often travel to cheese-producing regions to see how cheese is made; this type of ______allows people to visit working farms and ranches to see how agricultural products are made.
Answers
Answer:
Tourism
Explanation:
Tourism can be regarded as activities that people engaged in when they
travel for pleasure as well business purposes, it can be regarded as theory and practice of touring arround the world, it is the business that involves attracting as well as accommodating and entertaining of tourists. It should be noted that People from urban areas often travel to cheese-producing regions to see how cheese is made; this type of tourism allows people to visit working farms and ranches to see how agricultural products are made.
Answer:
Agritourism
Explanation:
It states this in the notes that were given on Edg
Sweet Company manufactures equipment. Sweet’s products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $200,000 to $1,500,000 and are quoted inclusive of installation. The installation process does not involve changes to the features of the equipment and does not require proprietary information about the equipment in order for the installed equipment to perform to specifications. Sweet has the following arrangement with Winkerbean Inc.
● Winkerbean purchases equipment from Sweet for a price of $930,000 and contracts with Sweet to install the equipment. Sweet charges the same price for the equipment irrespective of whether it does the installation or not. Using market data, Sweet determines installation service is estimated to have a standalone selling price of $46,000. The cost of the equipment is $560,000.
● Winkerbean is obligated to pay Sweet the $930,000 upon the delivery and installation of the equipment.
Sweet delivers the equipment on June 1, 2020, and completes the installation of the equipment on September 30, 2020. The equipment has a useful life of 10 years. Assume that the equipment and the installation are two distinct performance obligations which should be accounted for separately.
How should the transaction price of $930,000 be allocated among the service obligations?
Equipment $
Installation $
Prepare the journal entries for Sweet for this revenue arrangement on June 1, 2020 and September 30, 2020, assuming Sweet receives payment when installation is completed.
Answers
Answer:
Equipment:
= Fair value of Equipment / Total fair value * Transaction price
= Fair value of Equipment / (Equipment+Installation) * Transaction price
= $930,000 / ($930,000+$46,000) * $930,000
= $886,168.03
Installation:
= Fair value of Installation / Total fair value * Transaction price
= Fair value of Installation / (Equipment+Installation) * Transaction price
= $46,000 / ($930,000+$46,000) * $930,000
= $43,831.97
Thus, the transaction price of $930,000 allocated to Equipment is $886,168.03 and $43,831.97 to Installation
Date Account Titles and Explanation Debit Credit
June 1 Account receivable $930,000
Sales revenue $886,168.03
Unearned service revenue $43,831.97
(To record the sales of equipment including installation to W)
June 1 Cost of goods sold $560,000
Inventory $560,000
(To record the cost of equipment sold)
Sep 30 Unearned service revenue $43,831.97
Service revenue $43,831.97
(To record the revenue on installation of equipment)
Sep 30 Cash $930,000
Account receivable $930,000
(To record the receipt of cash flow from W)
Develop a scope statement for the project described in this post (Links to an external site.) that contains examples of all the elements. Assume that the big finale (with the first batch of invites) will occur in four weeks. Provide your best estimate of the dates for milestones. Project Scope Checklist:_________. 1. Project Objective 2. Product Scope Description 3. Justification 4. Deliverables 5. Milestones 6. Technical Requirements 7. Limits and exclusions 8. Acceptance Criteria
Answers
Answer:
o,o what.....
Explanation:
Karen and Andy own a beach house. They have an agreement with a rental agent to rent it up to 200 days per year. For the past three years, the agent has been successful in renting it for 200 days. Karen and Andy use the beach house for one week during the summer and one week during Thanksgiving. Their daughter, Sarah, a college Student, has asked if she and some friends can use the beach house for the week of spring break. Advise Karen and Andy on how they should respond, and identify any relevant tax issues.
Answers
Answer:
The total number of days that Karen and Andy can use the beach house for personal use = 200 rental days x 10% = 20 days. If they exceed this limit, then they will not be able to deduct any rental losses from their income.
It is important to determine if Karen And Andy expect a rental loss or not. If they expect to lose money, then they should tell their daughter to use the beach house only for 6 days, not 7. Or they could use it only 13 days during the rest of the year. The important issue is that the total number of days for personal use doesn't exceed 10% of the rental days.
) David also sells cakes at the store. Assume the cakes retail at $5 per cake, but David only pays $2 per cake. Cakes cannot be sold after one week, and they have a negligible salvage value. David estimates that the weekly demand for cakes is: 15 cakes in 10% of the weeks, 16 cakes in 20% of the weeks, 17 cakes in 25% of the weeks, 18 cakes in 20% of the weeks, 19 cakes in 15% of the weeks, and 20 cakes in 10% of the weeks. How many cakes should David order
Answers
Answer:
17 cakes
Explanation:
we need to find the expected demand
15 cakes x 10% = 1.5
16 cakes x 20% = 3.2
17 cakes x 25% = 4.25
18 cakes x 20% = 3.6
19 cakes x 15% = 2.85
20 cakes x 10% = 2
total = 17.4, so we must round down to 17 cakes since we cannot purchase or resell parts of a cake
An investor owns 60 shares of common stock of a company issuing new shares in a rights offering. The stock trades at $12 per share. The company requires that investors must submit 9 rights plus $10 to purchase a new share of stock. Fractional shares automatically become whole shares. How many additional shares may the investor purchase and what is the amount of money that needs to be paid for the new shares
Answers
Answer:
7 shares and $70
Explanation:
The computation is shown below:
The additional shares is
= 60 shares ÷ 9
= 7 shares
And, the amount of money that have to be paid is
= Additional shares × purchase price
= 7 × $10
= $70
Therefore the same would be considered relevant
Henkes Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor-hours for the upcoming year at 54,000 labor-hours. The estimated variable manufacturing overhead was $7.90 per labor-hour and the estimated total fixed manufacturing overhead was $961,200. The actual labor-hours for the year turned out to be 56,300 labor-hours. Required: Compute the company's predetermined overhead rate for the recently completed year. (Round your answer to 2 decimal places.)
Answers
Answer:
$17.80 per labor-hour
Explanation:
Predetermined overhead rate = Budgeted Fixed Overheads ÷ Budgeted Activity
= $961,200 ÷ 54,000 labor-hours
= $17.80 per labor-hour
Predetermined overhead rate for the recently completed year is $17.80 per labor-hour.
On January 1, 2020, Crane Company sold to Blossom Company $740000 of its 8% bonds for $655119 to yield 11%. Interest is payable semiannually on January 1 and July 1. What amount should Crane report as interest expense for the six months ended June 30, 2020? a) $36032 b) $26205 c) $40700 d) $29600
Answers
Answer:
a) $36032
Explanation:
The computation of the interest expense reported is shown below:
= BOnd value × rate of interest × given months ÷ total months
= $655,119 × 11% × 6 months ÷ 12 months
= $36,032
Hence, the amount that should be reported as interest expense is $36,032
Anne Dietz at Changi #3 (Singapore). Anne Dietz lives in Singapore, but is making her first business trip to Sydney, Australia. Standing in Singapore's new terminal #3 at Changi Airport, she looks at the foreign exchange quotes posted over the FX trader's booth. She wishes to exchange 1,100 Singapore dollars (S$ or SGD) for Australian dollars (A$ or AUD). What Anne sees: Spot rate (SGD = 1.00 USD) 1.3443 Spot rate (USD = 1.00 AUD) 0.7646 a. What is the Singapore dollar to Australian dollar cross rate? b. How many Australian dollars will Anne get for her Singapore dollars? a. What is the Singapore dollar to Australian dollar cross rate? The cross rate is SGD 1.0279 1.0279/AUD. (Round to four decimal places.) b. How many Australian dollars will Anne get for her Singapore dollars? Anne will get AUD nothing . (Round to two decimal places.)
Answers
Answer:
a. The Singapore dollar to Australian dollar cross rate is (SGD = 1.00 AUD) 1.0278.
b. The number of Australian dollars Anne will get is 1,070.25 Australian dollars.
Explanation:
a. What is the Singapore dollar to Australian dollar cross rate?
Given:
Spot rate (SGD = 1.00 USD) 1.3443
Spot rate (USD = 1.00 AUD) 0.7646
These imply that:
1.3443 SGD = 1.00 USD ..................... (1)
0.7646 USD = 1.00 AUD ................... (2)
From equation (2), we divide through by 0.7646 to have:
0.7646 / 0.7646 USD = 1.00 / 0.7646 AUD
1.00 USD = 1.3079 AUD
Substituting this into equation (1) and solve as follows:
1.3443 SGD = 1.00 USD = 1.3079 AUD
Dropping 1.00 USD, we have:
1.3443 SGD = 1.3079 AUD
Dividing through by 1.3079, we have:
1.3443 / 1.3079 SGD = 1.3079 / 1.3079 AUD
1.0278 SGD = 1.00 AUD
Therefore, the Singapore dollar to Australian dollar cross rate is (SGD = 1.00 AUD) 1.0278.
b. How many Australian dollars will Anne get for her Singapore dollars?
This can be calculated as follows:
Number of Australian dollars Anne will get = Amount of Singapore dollars Anne wishes to exchange for Australian dollars / Singapore dollar to Australian dollar cross rate = 1,100 / 1.0278 = 1,070.24712979179 Australian dollars
Rounding to two decimal places as required, we have:
Number of Australian dollars Anne will get = 1,070.25 Australian dollars
Therefore, the number of Australian dollars Anne will get is 1,070.25 Australian dollars.
Based on the spot rates between the three nations, the following is true:
The Singapore dollar to Australia dollar is 1.02785178 Singapore Dollars. Anne Dietz will get AUD 1,070.19.To find the cross rate, you should multiply the Singapore dollar to USD rate with the USD to Australian dollar rate:
= 1.3443 x 0.7646
= 1.02785178 Singapore Dollars
The amount that Anne would get for 1,100 SGD is:
= 1,100 / 1.02785178
= AUD 1,070.19
In conclusion, Anne would get AUD 1,070.19.
Find out more about cross rates at https://brainly.com/question/10112843.
PLEASE HELP I NEED TO RAISE THIS GRADE
Answers
Answer:
I think it is the last one.
Explanation:
Hope this helped Mark BRAINLEST!!!!
how do you propagate
Answers
Answer:
Explanation:
There are three ways to propagate a plant: dividing (separating an already growing plant into two), rooting a leaf (typically done with succulents), or rooting a cutting (a small stem with leaves).
Daniel's Sound Systems has 210,000 shares of common stock outstanding at a market price of $36 a share. Last month, Daniel's paid an annual dividend in the amount of $1.593 per share. The dividend growth rate is 4%. Daniel's also has 6,000 bonds outstanding with a face value of $1,000 per bond. The bonds carry a 7% coupon, pay interest annually, and mature in 4.89 years. The bonds are selling at 99% of face value. The company's tax rate is 34%. What is Daniel's weighted average cost of capital
Answers
Answer:
0.0038 %
Explanation:
WACC = Cost of Equity x Weight of Equity + Cost of Debt x Weight of Debt
where,
Cost of Equity Calculation
Cost of Equity = ($1.593 x 1.04) ÷ $36 + 0.04 = 11.33 %
Cost of Debt Calculation
PMT = 1000 x 7 % = $70
N = 4.89
PV = $ 1,000 x 99 % = $990
FV = 1,000
P/YR = 1
YTM = ?
Therefore Pre- tax cost of debt is 7.25 %
After tax cost of debt = 7.25 % x ( 1 - 0.34)
= 4.79 %
Weight of Equity = 210,000 x $36 / (210,000 x $36 + 6,000 x $1,000)
= 0.0010
Weight of Debt = 6,000 x $1,000 / (210,000 x $36 + 6,000 x $1,000)
= 0.00079
Now
WACC = 11.33 % x 0.0010 + 4.79 % x 0.00079
Therefore
Daniel's weighted average cost of capital is 0.0038 %
Common stock is corporate equity, a type of security as ownership in a corporation. The weighted average cost of capital (WACC) will be 0.0038 %.
What is WACC?The weighted average cost of capital (WACC) is the amount a corporate is expected to pay its deposit holders for funding their assets. It is calculated as:
[tex]\rm WACC = \text{Cost of Equity} \times \text{Weight of Equity} + \text{Cost of Debt }\times \text{Weight of Debt}[/tex]
The cost of equity is calculated as:
[tex]\begin{aligned}\text{Cost of Equity} &= \dfrac{(\$1.593 \times 1.04)}{\$36 + 0.04}\\\\&= 11.33 \%\end{aligned}[/tex]
The cost of debt is calculated as:
Given,
Maturity year = 4.89 years
Face value = $1000
The pre-tax cost of the debt is 7.25% and after-tax the cost will be,
[tex]7.25 \% \times ( 1 - 0.34) = 4.79 \%[/tex]
The weight of equity is calculated as:
[tex]\dfrac{210,000 \times \$36}{ (210,000 \times \$36 + 6,000 \times \$1,000)} = 0.0010[/tex]
The weight of debt is calculated as:
[tex]\dfrac{6000\times \$1000}{ (210,000 \times \$36 + 6,000 \times \$1,000)} = 0.00079[/tex]
WACC is calculated as:
[tex](11.33 \% \times 0.0010)+ (4.79 \% \times 0.00079)= 0.0038 \%[/tex]
Therefore, Daniel's WACC is 0.0038 %.
Learn more about WACC here:
https://brainly.com/question/17161057
If cash is received from customers in payment for services that have not yet been performed, the business would record the cash receipt as: Multiple Choice A debit to an unearned revenue account. A debit to a prepaid expense account. A credit to an unearned revenue account. A credit to a prepaid expense account. A credit to accounts payable.
Answers
Answer:
A credit to an unearned revenue account
Explanation:
Ordinarily, when cash is received from a person whereas service has not been performed, the accounting entry is to debit cash account and credit the unearned revenue account.
Here, the receipt of cash means that revenue was realized however, the service expected have not been performed hence necessitated crediting the unearned revenue account and a debit to the asset cash for the amount received.
Account analysis, high-low. Luwak Coffees wants to find an equation to estimate monthly utility costs. Luwak has been in business for one year and has collected the following cost data for utilities:
Month January February March April May June July August September October November December Electricity Bill $ 720 $ 840 $1,098 $ 810 $1,176 $1,248 $1,044 $1,194 $1,260 $1,230 $1,188 $1,266 Kilowatt Hours Used 2,400 2,800 3,660 2,700 3,920 4,160 3,480 3,980 4,200 4,100 3,960 4,220 Telephone Bill $184.
1. Which of the preceding costs is variable? Fixed? Mixed? Explain.
2. Using the high-low method, determine the cost function for each cost.
3. Combine the preceding information to get a monthly operating cost function for the Stein Corporation.
4. Next month, Stein expects to use 400 machine hours, have 80 employees, and ship 9,000 units. Estimate the total operating cost for the month.
Answers
Question Completion:
See attached.
Answer:
Luwak Coffees
1. Water bill is fixed. Electricity bill is variable. Telephone bill is mixed.
2. High-Low method:
Water bill = $120 + 0q
Electricity bill = $0.3q
Telephone bill = $140 + $0.02q
where q = the quantity of each cost consumed.
3. Water bill = $120 + 0q
Electricity bill = $0.3q
Telephone bill = $140 + $0.02q
= $260 + $0.32q
4. No solution. There is no relationship with machine hours, employees, and units with utility bills.
Explanation:
a) Data and Calculations:
Month Electricity Bill Kilowatt Hours Used
January $ 720 2,400
February $ 840 2,800
March $1,098 3,660
April $ 810 2,700
May $1,176 3,920
June $1,248 4,160
July $1,044 3,480
August $1,194 3,980
September $1,260 4,200
October $1,230 4,100
November $1,188 3,960
December $1,266 4,220
Telephone Bill $184.
Low cost = Jan $ 720 2,400
High cost = December $1,266 4,220
High cost = December $1,266 4,220
Low cost = Jan $ 720 2,400
Difference = $546 1,820
Variable cost per unit = $546/1,820 = $0.3 per kwh
Fixed cost, using December's figures:
Variable cost = $1,266
Fixed cost = $0 ($1,266 - 4,220 * $0.3)
Telephone bill:
High, June $197.60 2,880
Low, April 178.20 1,960
Difference $18.40 920
Variable cost = $18.40/920 = $0.02
Fixed cost = Total cost - Variable cost
= $197.60 - (2,880 * $0.02)
= $140
Here is the income statement for Windsor, Inc. WINDSOR, INC. Income Statement For the Year Ended December 31, 2022 Sales revenue $420,100 Cost of goods sold 235,100 Gross profit 185,000 Expenses (including $16,100 interest and $21,900 income taxes) 72,500 Net income $ 112,500 Additional information: 1. Common stock outstanding January 1, 2022, was 22,400 shares, and 36,600 shares were outstanding at December 31, 2022. 2. The market price of Windsor stock was $12 in 2022. 3. Cash dividends of $22,600 were paid, $4,600 of which were to preferred stockholders. Compute the following measures for 2022. (Round all answers to 2 decimal places, e.g. 1.83 or 2.51%) (a) Earnings per share $enter earnings per share in dollars 3.66 (b) Price-earnings ratio enter price-earnings ratio in times 3.28 times (c) Payout ratio enter payout ratio in percentages 19.8 % (d) Times interest earned enter times interest earned 9.35 times
Answers
Answer:
a) Earning per share $3.66
b) Price earning ratio 3.28 times
c) Payout ratio 20.09%
d) Time Interest earned 9.35 times
Explanation:
A) Calculation for Earnings per share
First step is to calculate the Weighted Average number of common shares outstanding using this formula.
Weighted Average number of common shares outstanding = (Number of common shares outstanding in the beginning + Number of common shares outstanding in the end)/2
Let plug in the formula
Weighted Average number of common shares outstanding= (22,400 + 36,600)/2
Weighted Average number of common shares outstanding= 29,500
Now let calculate the Earnings per share using this formula
Earnings per share = (Net income – Preferred stock dividend)/Weighted Average number of common shares outstanding
Let plug in the formula
Earnings per share= (112,500 – 4,600)/29,500
Earnings per share= 107,900/29,500
Earnings per share= $3.66
B) Calculation for Price-earnings ratio enter price-earnings ratio in times
Using this formula
Price earnings ratio = Market price of 1 common share/Earnings per share
Let plug in the formula
Price earnings ratio= 12/3.66
Price earnings ratio= 3.28 times
C) Calculation for Payout ratio enter payout ratio in percentages using this formula
Payout ratio = Cash dividends/Net income
Let plug in the formula
Payout ratio= 22,600/112,500
Payout ratio= 20.09%
D) Calculation for Times interest earned enter times interest earned using this formula
Times interest earned = (Net income + Interest expense + Tax expense)/Interest expense
Let plug in the formula
Times interest earned= (112,500 + 16,100 + 21,900)/16,100
Times interest earned= 150,500/16,100
Times interest earned= 9.35 times
Therefore:
a) Earning per share $3.66
b) Price earning ratio 3.28 times
c) Payout ratio 20.09%
d) Time Interest earned 9.35 times
An economy consists of three workers: Sam, Andrew, and Darnell. Each works 10 hours a day and can produce two services: mowing lawns and washing cars. In an hour, Sam can either mow 1 lawn or wash 1 car; Andrew can either mow 1 lawn or wash 2 cars; and Darnell can either mow 2 lawns or wash 1 car.
For each of the scenarios listed, determine how many lawns will be mowed and how many cars will be washed per day and enter these values into the corresponding row.
a. All three spend all their time mowing lawns.
b. All three spend all their time washing cars.
c. All three spend half their time on each activity.
d. Sam spends half his time on each activity, while Andrew only washes cars and Darnell only mows lawns.
Answers
Answer:
40 lawns would be mown , 0 cars would be washed
40 cars, 0 lawns
20 lawns 20 cars
25 lawns 25 cars
Explanation:
a. If they all mow lawns and they have 10 hours a day to work, the total number of lawn mown = (1 x 10) + (1 x 10) +(2 x 10) = 40 lawns
If they mow lawns only, they would wash cars. So, the total of cars washed would be 0
b. If they all wash cars and they have 10 hours a day to work, the total number of cars washed = (1 x 10) + (2 x 10) +(1 x 10) = 40 cars
If they wash cars only, they would not mow any lawn. So, the total of lawns mown would be 0
c If they all spend half their time on each activity, they would wash cars for 5 hours and mow lawns for 5 hours
Lawns mown = (1 x 5) + (1 x 5) +(2 x 5) = 20 lawns
Cars washed = (1 x 5) + (2 x 5) +(1 x 5) = 20 cars
d. If Sam spends half his time on each activity, he would spend 5 hours on each activity. He would wash 5 cars and mow 5 lawns
If Andrew washes only cars, he would wash (2 x 10) = 20 cars
If Darnell only mows lawns, she would wash (2 x 10) = 20 lawns
This gives a total of 25 cars and 25 lawns
20) Movie production companies sometimes re-release classic films to theaters to give people who enjoyed them the first time a chance to see the movies again. This is an example of a market penetration strategy.
TRUE FALSE
Answers
Gelb Company currently manufactures 56,500 units per year of a key component for its manufacturing process. Variable costs are $4.05 per unit, fixed costs related to making this component are $85,000 per year, and allocated fixed costs are $78,500 per year. The allocated fixed costs are unavoidable whether the company makes or buys this component. The company is considering buying this component from a supplier for $3.50 per unit. Calculate the total incremental cost of making 56,500 units and buying 56,500 units. Should it continue to manufacture the component, or should it buy this component from the outside supplier
Answers
Answer:
Incremental Costs to Make
Variable Cost Per Unit = $4.05 = 56,500 units*$4.05 = $228,825
Fixed Manufacturing Costs = $85,000
Total Incremental Costs to Make $313,825
Incremental Costs to Buy
Purchase Price Per Unit = $3.50 = 56,500 unit*$3.50 = $197,750
Total Incremental Cost to Buy = $197,750
The company should buy the component from outside supplier as it results in a lower total incremental cost of $197,750
Garcia Industries has sales of $176,500 and accounts receivable of $18,500. Assume all sales to be on credit. The industry average DSO is 27 days, based on a 365-day year. If the company changes its credit and collection policy sufficiently to cause its DSO to fall to the industry average, and if it earns 3.0% on any cash freed-up by this change, assuming other things are held constant, by how much would the net income be affected?
Answers
Answer:
$163.32
Explanation:
Days Sales Outstanding = 365 * Accounts receivable / Sales
If the Days Sales Outstanding falls to the industry average:
27 = 365 * Accounts receivable / $176,500
27 * $176,500 = 365 * Accounts receivable
Accounts receivable = 27 * $176,500 / 365
Accounts receivable = $13,056.16
Increase in net income = Decrease in accounts receivable * 3%
Increase in net income = ($18,500 - $13,056.16) * 3%
Increase in net income = $5,443.84 * 3%
Increase in net income = $163.3152
Increase in net income = $163.32
The company recorded $5,000 sales with 60% contribution margin ratio in 2019. According to the sales manager, the company can increase the sales volume by 30% this year if the company spends $400 as advertisement expense and decreases the selling price by 10%, while unit variable cost remains the same. If CEO approves the plan, how does it affect the net operating income in 2020
Answers
Answer:
$150 Decrease
Explanation:
Income Statement
Present Proposed
Sales $5,000 $5,350 [(5000+30%)-10%]
Variable 10% $2,000 $2,000 (2000*130%)
Contribution Margin $3,000 $3,250
Fixed cost - $400
Net Operating Income $3,000 $2,850
Effect on Net Operating Income = $2,850 - $3,000 = -$150
THE
Guy Zone
Janna and her friend Leah both work for telecommunications companies. One night over
dinner, they discuss some new product ideas they think would be successful in their industry.
Janna has a great idea that Leah loves. The next week, Leah presents the idea to her manager
who says he will consider taking it to the next new-product committee meeting. Was Leah's
action ethical? Do you consider this to be "stealing the idea from her friend?
Answers
Answer:
Leah should ask from Janna before he discusses the idea with his manager.
Explanation:
Leah action is not ethical since it was Janna idea and Leah presented to his manager as if it is his idea. Janna and Leah both are in same industry so if Leah promotes the Janna idea to his manager his company will be more successful than Janna. Leah should have taken permission from Janna before discussing the idea with his manager.
The accounts of Delphinia Dreams, Inc. showed the following balances at the beginning of October: Account Debit Raw Materials Inventory $31,000 Work-in-Process Inventory 44,000 Finished Goods Inventory 54,000 Manufacturing Overhead 20,000 During the month, direct materials amounting to $21,000 and indirect materials amounting to $6000 were issued to production. What is the ending balance in the Work-in-Process Inventory account following these two transactions? A) $10,000 B) $26,000 C) $65,000 D) $44,000
Answers
Answer:
C. $65,000
Explanation:
With regards to the above information, ending work in process is computed as;
Ending work in process = Beginning work in process + materials transferred
Ending work in process = $44,000 + $21,000
Ending work in process = $65,000
For each cost item, indicate whether it would be variable or fixed with respect to the number of units produced and sold, and then direct cost or an indirect cost with respect to units of product.
Manufacturing (Product) Cost
Variable or Fixed Selling Cost Administrative Cost Direct Indirect
Ex. Direct labor Variable Yes
Executive Salaries Fixed Yes
Factory rent Fixed Yes
1. Property taxes, factory
2. Boxes used for packaging detergent produced by the company
3. Salespersons' commissions
4. Supervisor's salary factory
5. Depreciation executive autos
6. Wages of workers assembling computers
7. Insurance, finished goods warehouses
8. Lubricants for production equipment
9. Advertising costs
10. Microchips used in producing calculators
11. Shipping costs on merchandise sold
12. Magazine subscriptions, factory lunchroom
13. Thread in a garment factory
14. Executive life insurance
15. Ink used in textbook production
16. Fringe benefits, materials handling workers
17. Yarn used in sweater production
18. Wages of receptionist, executive offices
Answers
Answer:
1. Property taxes, factory - Fixed - Manufacturing indirect cost
2. Boxes used for packaging detergent produced by the company - Variable - Manufacturing direct cost
3. Salespersons' commissions - Variable - Selling cost
4. Supervisor's salary factory - Fixed - Manufacturing indirect cost
5. Depreciation executive autos - Fixed - Administrative Cost
6. Wages of workers assembling computers - Variable - Manufacturing direct cost
7. Insurance, finished goods warehouses - Fixed - Selling cost
8. Lubricants for production equipment - Variable - Manufacturing indirect cost
9. Advertising costs - Fixed - Selling cost
10. Microchips used in producing calculators - Variable - Manufacturing direct cost
11. Shipping costs on merchandise sold - Variable - Selling cost
12. Magazine subscriptions, factory lunchroom - Fixed - Manufacturing indirect cost
13. Thread in a garment factory - Variable - Manufacturing indirect cost
14. Executive life insurance - Fixed - Administrative Cost
15. Ink used in textbook production - Variable - Manufacturing indirect cost
16. Fringe benefits, materials handling workers - Variable - Manufacturing indirect cost
17. Yarn used in sweater production - Variable - Manufacturing direct cost
18. Wages of receptionist, executive offices - Fixed - Administrative Cost
Exercise 2-4 (Algo) Journal entries [LO2-3] The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. Issued 90,000 shares of common stock in exchange for $450,000 cash. Purchased office equipment at a cost of $80,000. $32,000 was paid in cash and a note payable was signed for the balance owed. Purchased inventory on account at a cost of $180,000. The company uses the perpetual inventory system. Credit sales for the month totaled $306,000. The cost of the goods sold was $153,000. Paid $4,000 in rent on the store building for the month of June. Paid $2,160 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2021. Paid $130,050 on account for the merchandise purchased in 3. Collected $61,200 from customers on account. Paid shareholders a cash dividend of $4,500. Recorded depreciation expense of $1,600 for the month on the office equipment. Recorded the amount of prepaid insurance that expired for the month.
Answers
Answer:
S/n General Journal Debit Credit
1. Cash $450,000
Common Stock $450,000
(Issued Common stock $5 par value)
2. Furniture and Fixture $80,000
Cash $32,000
Note Payable $48,000
3. Inventory $180,000
Accounts Payable $180,000
4. Accounts receivable $306,000
Sales $306,000
Cost of goods sold $153,000
Inventory $153,000
5. Rent Expense $4,000
Cash $4,000
6. Prepaid Expense $2,160
Cash $2,160
7. Accounts payable $13,050
Cash $13,050
8. Cash $61,200
Accounts Receivables $61,200
9. Dividend $4,500
Cash $4,500
10. Depreciation Expenses $1,600
Acc. Dep. Furniture & fixtures $1,600
11. Insurance Expense $180 (2,160/12)
Prepaid Expense $180
Which type of delivery format would be the best choice for the keynote speech that welcomes employees?
a. manuscript
b. memorized
c. extemporaneous
d. impromptu
Answers
discuss the different situations when the communication exists
Answers
Answer:
Communication in Different situations.
1. Communications in different situations Chapter 8
2. The different kind ofcommunication skill is required as per the situation and the functions of the organizations.Communication takes on different characteristics as the situation changes Chapter 8
3. Oral Communication Situations Face-to face InterviewCommunication Telephone
Communication can be divided into three categories: verbal communication, which involves listening to someone to understand what they mean; written communication, which involves reading what they mean; and nonverbal communication, which involves observing someone and drawing conclusions about what they are trying to say.
Why is it important to understand the communication process?Understanding the communication process is crucial for successful and efficient communication. It consistently directs us toward understanding successful communication. Every person who adheres to the communication process will have the chance to be successful in all facets of their work.
Any type of situation where communication is occurring is referred to as a communicative situation; examples include discussions, text in all forms, radio, and film. Any situation where communication is taking place. There is communication, for instance during a conversation.
Learn more about Communication here:
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0.0004×0.81/0.0027×0.004
Answers
Answer:
0.00048
Explanation:
I hope this helped
