Answer:
both but I think that sonics better but for old people they probably like mario
Variable Costing—Sales Exceed Production The beginning inventory is 14,500 units. All of the units that were manufactured during the period and 14,500 units of the beginning inventory were sold. The beginning inventory fixed manufacturing costs are $60 per unit, and variable manufacturing costs are $114 per unit. a. Determine whether variable costing income from operations is less than or greater than absorption costing income from operations. b. Determine the difference in variable costing and absorption costing income from operations. $
Answer:
a. Variable costing income from operations is greater than absorption costing income from operations.
b. $870,000
Explanation:
a. Under Variable costing, only the variable manufacturing costs are apportioned to the units produced.
Cost under Variable costing are;
= 114 * 14,500
= $1,653,000
Under Absorption Costing, both fixed and variable costs are apportioned to the units produced.
Cost therefore is;
= (114 + 60) * 14,500
= $2,523,000
Variable costing income from operations is greater than absorption costing income from operations because Absorption costs yields more cost.
b.= Absorption cost - Variable cost
= 2,523,000 - 1,653,000
= $870,000
Variable costing income from operation will be $870,000 higher than Absorption costing income from operations.
During 2020, Stellar Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Stellar for a lump sum of $137,655 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below. Type No. of Chairs Estimated Selling Price Each Lounge chairs 920 $90 Armchairs 690 80 Straight chairs 1,610 50 During 2020, Stellar sells 460 lounge chairs, 230 armchairs, and 276 straight chairs. What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020? (Round cost per chair to 2 decimal places, e.g. 78.25 and final answer to 0 decimal places, e.g. 5,845.) Gross profit realized during 2020 $enter a dollar amount 27,232 Amount of inventory of unsold straight chairs $enter a dollar amount 42,021
Answer:
What is the amount of gross profit realized during 2020?
(460 x $33.30) + (230 x $29.60) + (276 x $18.50) = $27,232
What is the amount of inventory of unsold straight chairs on December 31, 2020?
[(920 - 460) x $56.70] + [(690 - 230) x $50.40] + [(1,610 - 276) x $31.50] = $26,082 + $23,184 + $42,021 = $91,287
Explanation:
lump sum cost of chairs = $137,655
Type Chairs Selling Price Each Total
Lounge chairs 920 $90 $82,800
Armchairs 690 $80 $55,20
Straight chairs 1,610 $50 $80,500
total 3,220 $218,500
if we allocate costs based on resale, then each chair should cost:
Lounge chairs $90 x ($137,655 / $218,500) = $56.70
Armchairs $80 x ($137,655 / $218,500) = $50.40
Straight chairs $50 x ($137,655 / $218,500) = $31.50
contribution margin per chair:
Lounge chairs $90 - $56.70 = $33.30
Armchairs $80 - $50.40 = $29.60
Straight chairs $50 - $31.50 = $18.50
Jason sell appliances at Best Buy. He earns 12% on his total sales for the
week. Last week he made $690.48, what were his total sales for the week?
$3246.38
$1380.96
$5754
$7234.98
Answer:
$5754
Explanation:
Jason earns a 12% commission on total sales.
If he earned $690.48 last week, it means that 690.48 was equivalent to 12% of total sales.
i.e., 690.48 = 12% of total sales
Total sales = 100%
If 12% = 690.48
100% =690.48/12 x 100
=57.54 x 100
=$ 5,754
Payback period computation; even cash flows LO P1
Compute the payback period for each of these two separate investments:
a. A new operating system for an existing machine is expected to cost $520,000 and have a useful life of six years. The system yields an incremental after-tax income of $150,000 each year after deducting its straight-line depreciation. The predicted salvage value of the system is $10,000.
b. A machine costs $380,000, has a $20,000 salvage value, is expected to last eight years, and will generate an after-tax income of $60,000 per year after straight-line depreciation.
Payback period
Choose Numerator: / Choose Denominator: = Payback period
/ = Payback period
a. =
b. =
Answer:
$520,000 / $235,000 = 2.2 years
$380,000 / $105,000 = 3.6 years
Explanation:
Payback period calculates how long it takes to recover the amount invested in a project from its cumulative cash flows
Payback period = amount invested / cash flow
Cash flow = net income + depreciation expense
Depreciation expense using the straight line depreciation expense = (cost of asset - salvage value) / number of years
A. ($520,000 - $10,000) / 6 = $85,000
cash flow = $150,000 + $85,000 = $235,000
$520,000 / $235,000 = 2.2 years
B. ($380,000 - $20,000) / 8 = $45,000
$45,000 + $60,000 = $105,000
$380,000 / $105,000 = 3.6 years
what is agriculture
Answer:
when you grow plants and food by yourself; farms
Agriculture is the process of producing food, feed, fiber and many other desired products by the cultivation of certain plants and the raising of domesticated animals (livestock).
On May 1, 2021, Meta Computer, Inc., enters into a contract to sell 4,000 units of Comfort Office Keyboard to one of its clients, Bionics, Inc., at a fixed price of $68,000, to be settled by a cash payment on May 1. Delivery is scheduled for June 1, 2021. As part of the contract, the seller offers a 25% discount coupon to Bionics for any purchases in the next six months. The seller will continue to offer a 5% discount on all sales during the same time period, which will be available to all customers. Based on experience, Meta Computer estimates a 50% probability that Bionics will redeem the 25% discount voucher, and that the coupon will be applied to $40,000 of purchases. The stand-alone selling price for the Comfort Office Keyboard is $19.00 per unit. Required: 1. How many performance obligations are in this contract
Answer:
this contract includes 2 performance obligations
Explanation:
the performance obligations are as follows:
performance obligation 1 refers to providing 4,000 keyboards to Bionicsperformance obligation 2 refers to the special discount options which could be redeemed by the client resulting in a material right. If the client had not made this purchase, then it wouldn't be entitled to the special discount.A performance obligation is created whenever a business promises a customer that it will deliver or provide a good or service.
Which comment is someone who has a conventional personality type likely to make?
"Don't tell me, show me."
"Just do it."
O "How can I help?"
"Status is important to me."
O " express myself, therefore I am."
Answer:
"how can i help"
Explanation:
customer service
On January 1, 2020, Pearl Company makes the two following acquisitions.
1. Purchases land having a fair value of $360,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $606,621.
2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $560,000 (interest payable annually). The company has to pay 11% interest for funds from its bank.
(a) Record the two journal entries that should be recorded by Pearl Company for the two purchases on January 1, 2020.
(b) Record the interest at the end of the first year on both notes using the effective-interest method.
Answer:
a) journal entry to record land purchase
January 1, 2020
Dr Land 360,000
Dr Discount on notes payable 246,621
Cr Notes payable 606,621
journal entry to record purchase of equipment
January 1, 2020
Dr Equipment 444,725.96
Dr Discount on notes payable 115,274.04
Cr Notes payable 560,000
present value of $560,000 using bank interest rate = $560,000 / 1.11⁸ = $242,998.84
annual interest payment = $560,000 x 7% = $39,200
PV of annuity = $39,200 x 5.1461 (PV annuity factor, 11%, 8 periods) = $201,727.12
total present value of notes payable = $242,998.84 + $201,727.12 = $444,725.96
discount on notes payable = $560,000 - $444,725.96 = $115,274.04
b) interest expense for the first notes payable (used to purchase land) = $360,000 x 11% = $39,600
December 31, 2021, accrued interest expense on notes payable 1
Dr Interest expense 39,600
Cr Discount on notes payable 39,600
interest expense for the second note
interest expense = $444,725.96 x 11% = $48,919.86
cash paid = $560,000 x 7% = $39,200
discount on notes payable = $48,919.86 - $39,200 = $9,719.86
December 31, 2021, accrued interest expense on notes payable 2
Dr Interest expense 48,919.86
Cr Cash (or interest payable) 39,200
Cr Discount on notes payable 9,719.86
A luxury bathtub manufacturer offered scented bubble bath foams and massage coupons as a gimmick when their bathtubs did not sell. Their bubble foam became famous among some women and led to a line of exclusive bath products for women. They established shops in various regional locations and roped in celebrities to market their products to enhance sales. Now its products are sold through retail outlets and online sites throughout the world. Which of the following is accurate?a. Roping in celebrities to market their products was an emergent strategy.b. Creating a sub-brand that offered exclusive bath products for women was an emergent strategy.c. Establishing shops in regional locations was an emergent strategy.d. Creating a worldwide presence through retail outlets and online sites was an emergent strategy.e. Offering scented bubble bath foams and massage coupons was an emergent strategy.
Answer:
Option B: Creating a sub-brand that offered exclusive bath products for women was an emergent strategy.
Explanation:
Wendy is calculating her tax deductions. She finds that she can deduct $5,522 from medical expenses, $7,240 from
charitable donations, and $2,126 from property taxes. What is Wendy's total deduction?
a $5,700
b. $15,104
C. $18,284
d. $14,888
Answer:
d. $14,888
Explanation:
Wendy's total deductions will be the sum of $5,522, $7,240, and $2,126.
Total deductions will be $5,522 + $7,240 + $2,126 =$14,888
The total deduction on Wendy's tax will be $14,888.
What is tax deduction?The tax deduction refers to the amount that will be exempted from total tax payable.
Given deductible amount
Medical expenses = $5,522
Charitable donations = $7,240
Property taxes =$2,126
Wendy's total deduction = $5,522 + $7,240 + $2,126
Wendy's total deduction = $14,888
Hence, the total deduction on Wendy's tax will be $14,888.
Therefore, the Option D is correct.
Read more about Tax deduction
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Problem 5.4A Preparing a worksheet and financial statements, journalizing adjusting entries, and posting to ledger accounts. LO 5-1, 5-2, 5-3, 5-4, 5-5 Paula Judge owns Judge Creative Designs. The trial balance of the firm for January 31, 2019, the first month of operations, is shown below. End-of-the-month adjustments must account for the following items: Supplies were purchased on January 1, 2019; inventory of supplies on January 31, 2019, is $1,600. The prepaid advertising contract was signed on January 1, 2019, and covers a four-month period. Rent of $2,100 expired during the month. Depreciation is computed using the straight-line method. The equipment has an estimated useful life of 10 years with no salvage value. Required: Complete the worksheet for the month. Prepare an income statement, statement of owner’s equity, and balance sheet. No additional investments were made by the owner during the month. Journalize and post the adjusting entries. Analyze: If the adjusting entries had not been made for the month, would net income be overstated or understated?
Answer:
Since so much information is missing, i looked for similar questions.
Adjusting entries should be:
Dr Supplies expense 6,950
Cr Supplies 6,950
Dr Advertising expense 2,500
Cr Prepaid advertising 2,500
Dr Rent expense 2,100
Cr Prepaid rent 2,100
Dr Depreciation expense 220
Cr Accumulated depreciation, equipment 220
The adjusted trial balance:
debit credit
Cash 35,900
Accounts receivables 13,000
Supplies 1,600
Prepaid advertising 7,500
Prepaid rent 19,500
Equipment 26,400
Accumulated dep. 220
Accounts payable 15,950
Paula Judge, capital 60,400
Paula Judge, drawings 7,400
Fees income 58,200
Advertising expense 2,500
Depreciation expense 220
Rent expense 2,100
Salaries expense 10,100
Supplies expense 6,950
Utilities expense 1,600
Totals $134,770 $134,770
Judge Creative Designs
Income Statement
For the month ended January 31, 2019
Revenues $58,200
Operating expenses:
Advertising expense $2,500Depreciation expense $220Rent expense $2,100Salaries expense $10,100Supplies expense $6,950Utilities expense $1,600 $23,470Net income $34,730
Judge Creative Designs
Statement of Owner's Equity
For the month ended January 31, 2019
Paula Judge, capital beginning balance $60,400
Net income $34,730
Subtotal $95,130
Drawings ($7,400)
Paula Judge, capital January 31, 2019 $87,730
Judge Creative Designs
Balance Sheet
For the month ended January 31, 2019
Assets:
Cash $35,900
Accounts receivables $13,000
Supplies $1,600
Prepaid advertising $7,500
Prepaid rent $19,500
Equipment, net $26,180
Total assets $103,680
Liabilities:
Accounts payable $15,950
Equity:
Paula Judge, capital $87,730
Total liabilities and equity $103,680
If the adjusting entries had not been made, net income would have been overstated.
Which is not a principle advantage of strategic alliances over vertical integration or horizontal mergers/acquisitions
Question attached
Answer:
A. resource pooling and risk sharing, more adaptive response capabilities, and greater speed of deployment
Explanation:
Vertical or horizontal integration entails control or ownership of a company I'm the sense that one company acquired the other in order to reduce cost and increase efficiency as in vertical integration or reduce competition and increase profit as in horizontal integration. In vertical integration the company gains control of another company in a different level in the supply chain in order to reduce it's cost such as costs for raw materials. In horizontal integration, the company acquired another company in same supply chain level to gain more control of the market.
Vertical and horizontal integrations are different from strategic alliance where companies are involved in an agreement to support each other and benefit mutually and yet be independent organizations. Companies involved in this sort of arrangement pool resources and share the risk involved in the mutually beneficial project. Example of such agreement is the one between uber and spotify
Following is information on an investment considered by Hudson Co. The investment has zero salvage value. The company requires a 12% return from its investments. (FV of $1, PV of $1, FVA of $1 and PVA of $1). (Use appropriate factor(s) from the tables provided. Round all present value factors to 4 decimal places.)
Investment A1
Initial investment $(350,000)
Expected net cash flows in the year (excluding salvage value):
1 $130,000
2 $136,000
3 $123,000
Required:
Compute these investment's net present value.
Net Cash Flows Present Value of 1 Present Value of Net Cash Flows
Year1
Year 2 0.7972
Year 3
Totals $0 $0
Amount invested
Net present value $0
Answer:
-$37,952.40
Explanation:
The computation of the net present value is shown below:
Particulars Cash flows Discount factor at 12% Present value
Year 1 $130,000 0.8929 $116,077
Year 2 $136,000 0.7972 $108,419.20
Year 3 $123,000 0.7118 $87,551.40
Amount
invested ($350,000) 1 ($350,000)
Net present value -$37,952.40
NU YU announced today that it will begin paying annual dividends. The first dividend will be paid next year in the amount of $.53 a share. The following dividends will be $.58, $.73, and $1.03 a share annually for the following three years, respectively. After that, dividends are projected to increase by 3.6 percent per year. How much are you willing to pay today to buy one share of this stock if your desired rate of return is 10 percent? Multiple Choice $16.67 $17.27 $3.40 $17.20 $13.60
Answer:
The current stock price is $13.60
Explanation:
D1 = $0.53
D2 = $0.58
D3 = $0.73
D4 = $1.03
Growth rate, g = 3.60%
Required return, r = 10.00%
D5 = D4 * (1 + g)
D5 = $1.03 * 1.036
D5 = $1.06708
P4 = D5 / (r - g)
P4 = $1.06708 / (0.10 - 0.036)
P4 = $16.673125
P0 = $0.53/1.10 + $0.58/1.10^2 + $0.73/1.10^3 + $1.03/1.10^4 + $16.673125/1.10^4
P0 = $13.60
So, current stock price is $13.60
Select each concept with its best description by selecting its letter in the dropdowns.
Flexible product designs can be modified to accommodate customer choices.
Focuses on quality throughout the production process.
Reports on financial, social, and environmental performance.
Inventory is acquired or produced only as needed.
Every manager and employee constantly looks for ways to improve company operations.
Answer:
This question is incomplete, the concepts are missing. Those concepts are the following:
1) Just in time manufacturing
2) Continuous improvement
3) Customer orientation
4) Total quality management
5) Triple bottom line
And the matches are the following:
1 - D ; 2 - E ; 3 - A ; 4 - B ; 5 - C
Explanation:
Just in time manufacturing is a concept known in the business field that refers to the method used by the companies who believe that having every little detail in time would improve the production process of the company and that is to have great agreements with the suppliers as well. That is why that inventory is acquired or produced only as needed.
Continuous improvement is the concept that refers to the state where the managers and employees of the company are always looking for new ways to improve the operations of the company itself.
Costumer orientation is the concept known as the flexible product design that the company chooses to use in order to adjust their products in order to what the customers really need or want.
Total quality management is the concept that refers to the situation where all the company is completely focused in the quality throughout the production process.
Triple bottom line is refered to the corporation social responsibility and that is why that this method is related to the financial, social and environmental performance of the company as a whole to the society where it resides.
Cost data for D5-6b Company for the most recent year appears below: Direct labor ....................................... $138,000 Insurance on the factory building .................. $ 22,000 Indirect materials ................................. $ 53,000 Sales commissions .................................. $ 80,000 Factory supervisor's salary ........................ $ 64,000 Depreciation on copier in the sales office ......... $ 21,000 Property tax on the factory building ............... $ 13,000 Wages paid to factory janitors ..................... $ 40,000 Advertising ........................................ $ 46,000 CEO's Salary ....................................... $149,000 Utilities on the factory ........................... $ 37,000 D5-6b Company reported the following inventory balances during the most recent year: January 1 December 31 Direct materials $82,000 $68,000 Work in process $27,000 $44,000 Finished goods $91,000 $51,000 During the most recent year, D5-6b Company purchased direct materials totaling $148,000 and reported sales revenue of $500,000. Calculate D5-6b Company's cost of goods manufactured for the most recent year.
Answer:
cost of goods manufactured= $512,000
Explanation:
First, we need to calculate the direct materials used, direct labor, and manufacturing overhead:
Direct material= 82,000 + 148,000 - 68,000= $162,000
Direct labor= 138,000
Overhead= Insurance on the factory building + Indirect materials + Factory supervisor's salary + Property tax on the factory building + Wages paid to factory janitors + Utilities on the factory
Overhead= 22,000 + 53,000 + 64,000 + 13,000 + 40,000 + 37,000
Overhead= $229,000
Now, to calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 27,000 + 162,000 + 138,000 + 229,000 - 44,000
cost of goods manufactured= $512,000
Toyota has been working alongside us for years, but we just heard the bad news: they’re not renewing our electric vehicle (EV) collaboration when the current project is completed. Their research and development (R&D) team feels that they’ve finally caught up, and they’re going to start using their own EV components in their cars—even though the range is less than ours, the components are less expensive.This represents an example of which of the following competitive forces?a. Bargaining power of suppliersb. Bargaining power of buyers (customers)
Answer:
The right approach is Option a (Bargaining power of suppliers).
Explanation:
The concept is such an industry influences the buyer's business climate and determines the potential including its buyer to attain profitability.The meaning is basically how very much jurisdiction a single provider has. By supplier, I represent the industries that create the manufactured goods that even the sellers refine into the finished product to something like the sellers throughout the business. If there are several suppliers during the sector because each supplier is indeed very poor.The following is a partial trial balance for the Green Star Corporation as of December 31, 2021:
Account Title Debits Credits
Sales revenue 1,400,000
Interest revenue 35,000
Gain on sale of investments 55,000
Cost of goods sold 740,000
Selling expenses 185,000
General and administrative expenses 80,000
Interest expense 45,000
Income tax expense 135,000
There were 100,000 shares of common stock outstanding throughout 2021.
Required:
Prepare a single-step income statement for 2021, including EPS disclosures.
Prepare a multiple-step income statement for 2021, including EPS disclosures.
Answer and Explanation:
The presentation of the income statement is presented below:
Income statement
Revenues and gains:
Sales revenue 1,400,000
Add: Interest revenue 35,000
Add: Gain on sale of investment 55,000
Total revenues and gains 1,490,000
Less:
Expenses and losses:
Cost of goods sold 740,000
General and administrative expenses 80,000
Selling expenses 185,000
Interest expense 45,000
Total expenses and losses 1,050,000
Income before income tax 440,000
Income tax expense - 135,000
Net income 305,000
EPS = Net income ÷ Number of common shares
($305,000 ÷ 100,000) 3.05
2.
Income statement
Sales 1,400,000
Less: Cost of goods sold - $740,000
Gross profit 660,000
Less:
Operating expenses:
General and administrative expenses $80,000
Selling expenses $185,000
Total operating expenses -$265,000
Operating income $395,000
Other incomes and expenses
Interest revenue $35,000
Gain on sale of investment $55,000
Interest expense -$45,000
Total other income, net $45,000
Less: Income before income tax $440,000
Income tax expense -$135,000
Net income $305,000
EPS = Net income ÷ Number of common shares
(305,000 ÷ 100,000) 3.05
The City of Waterville applied for a grant from the state government to build a pedestrian bridge over the river inside the city’s park. On May 1, the city was notified that it had been awarded a grant of up to $200,000 for the project. The state will provide re-imbursement for allowable expenditures. On May 5, the special revenue fund entered into a short-term loan with the General Fund for $200,000 so it could start bridge construction. During the year, the special revenue fund expended $165,000 for allowable bridge construction costs, for which it submitted documentation to the state. Re-imbursement was received from the state on December 13.
Required:
For the special revenue fund, provide the appropriate journal entries, if any, that would be made for the following. (Assume the city has a fiscal year-end of December 31).
1. May 1, 2017, notification of grant approval.
2. May 5, 2017, loan from General Fund.
3. During FY 2017, bridge expenditures and submission of re-imbursement documentation.
4. December 13, 2017, receipt of the grant re-imbursement funds.
5. December 31, 2017, adjusting and closing entries.
Answer and Explanation:
The Journal entries are shown below:-
1. No Journal entry is required as the eligibility should be completed before recognition.
2. Cash Dr, $200,000
To Inter fund Loans Payable-Current $200,000
(Being cash is recorded)
3. Expenditure Dr, $165,000
To Voucher Payable $165,000
(Being expenses is recorded)
Due from State Government Dr, $165,000
To Revenues $165,000
(Being revenues is recorded)
4. Cash Dr, $165,000
To Due from State Government $165,000
(Being cash is recorded)
5. Revenues Dr, $165,000
To Expenditure $165,000
(Being revenue is recorded)
No Other entry will made as the balance of $35,000 eligibility is not fulfilled.
Which of the following statements about normal costing is not true? Group of answer choices Manufacturing overhead is allocated using budgeted rate and actual cost allocation base used. Direct costs and indirect costs are traced using an actual rate. Direct costs are traced using an actual rate, and indirect costs are allocated using a budgeted rate. Manufacturing overhead is allocated using budgeted rate and budgeted cost allocation base. Direct costs and indirect costs are traced using budgeted rates. Direct costs are traced using a budgeted rate, and indirect costs are allocated using an actual rate.
Answer:
Direct costs are traced using an actual rate, and indirect costs are allocated using a budgeted rate
Explanation:
Normal costing refers to the actual cost of direct materials, direct labor, and manufacturing overhead applied. This cost is calculated by using a predetermined annual overhead rate.
Direct costs are expenses involved in producing goods or providing services and indirect costs are general expenses that are involved in operating.
The statement about normal costing which is not true is ''Direct costs are traced using an actual rate, and indirect costs are allocated using a budgeted rate''
Appendix 1: Gross and net methods for sales discounts
The following were selected from among the transactions completed by Strong Retail Group during August of the current year:
Aug. 5. Sold merchandise on account to M. Quinn, $7,500, terms 2/10, n/30. The
cost of the merchandise sold was $4,200.
9. Sold merchandise on account to R. Busch., $4,000, terms 1/10, n/30. The
cost of the merchandise sold was $2,100.
15. Received payment on account for the sale of August 5 less the discount.
20. Sold merchandise on account to S. Mooney, $6,000, terms n/eom. The
cost of the merchandise sold was $3,300.
25. Received payment on account for the sale of August 9. 31.Received
payment on account for the sale of August 20.
A. Journalize the August transactions using the gross method of recording sales discounts.
Aug. 5 Accounts Receivable-M. Quinn 7,500
Sales 7,500
Cost of Goods Sold 4,200
Inventory 4,200
Accounts Receivable-R. Busch 4,000
Sales 4,000
Cost of Goods Sold 2,100
B. Journalize the August transactions using the net method of recording sales discounts.
Answer:
A. Journal Entries under Gross Method
Date Account Titles and Explanation Debit Credit
Aug. 5 Accounts Receivable M. Quinn $7,500
Sales Revenue $7,500
(To record the sales made on account)
Cost of Goods Sold $4,200
Inventory $4,200
(To record the cost of goods sold)
Aug. 9 Accounts Receivable R. Busch $4,000
Sales Revenue $4,000
(To record the sales made on account)
Cost of Goods Sold $2,100
Inventory $2,100
(To record the cost of goods sold)
Aug. 15 Cash $7,350
($7,500 - $150)
Sales Discounts $150
($7,500*2/100)
Accounts Receivable M. Quinn $7,500
(To record the payment received for credit sales with discount)
Aug. 20 Accounts Receivable S. Mooney $6,000
Sales Revenue $6,000
(To record the sales made on account)
Cost of Goods Sold $3,300
Inventory $3,300
(To record the cost of goods sold)
Aug. 25 Cash $4,000
Accounts Receivable R. Busch $4,000
(To record the payment received for credit sales without discount)
Aug. 31 Cash $6,000
Accounts Receivable S. Mooney $6,000
(To record the payment received for credit sales with no discount)
B. Journal Entries under Net Method
Date Account Titles and Explanation Debit Credit
Aug. 5 Accounts Receivable M. Quinn $7,350
($7,500 - [$7,500*2/100])
Sales Revenue $7,350
(To record the sales made on account)
Cost of Goods Sold $4,200
Inventory $4,200
(To record the cost of goods sold)
Aug. 9 Accounts Receivable R. Busch $3,960
($4,000 - [$4,000*1/100])
Sales Revenue $3,960
(To record the sales made on account)
Cost of Goods Sold $2,100
Inventory $2,100
(To record the cost of goods sold)
Aug. 15 Cash $7,350
Accounts Receivable M. Quinn $7,350
(To record the payment received for credit sales with discount)
Aug. 20 Accounts Receivable S. Mooney $6,000
Sales Revenue $6,000
(To record the sales made on account)
Cost of Goods Sold $3,300
Inventory $3,300
(To record the cost of goods sold)
Aug. 25 Cash $4,000
($3,960 + $40)
Accounts Receivable R. Busch $3,960
Sales Discount Forfeited $40
($4,000*1/100)
(To record the payment received for credit sales without discount)
Aug. 31 Cash $6,000
Accounts Receivable S. Mooney $6,000
(To record the payment received for credit sales with no discount)
Garth was amazed to hear that his friend Lindsey always pays off her credit card balance each month. Garth just assumed that everyone used credit cards the same way - buy now, pay later - only in his case, months later. He buys almost everything he needs or wants, including clothes, food, and entertainment with his card. When Lindsey asked him about the balance calculation method, APR, grace period, or other fees and features of his card, Garth was clueless. He reasoned that his credit card was a safe and convenient way to shop and it allowed him to buy expensive items by paying minimum monthly payments. Overall, Garth thought of himself as a responsible credit user, despite the fact he had been late making a few monthly payments, and, once or twice, had gone over his credit limit. He also uses his card regularly to obtain cash advances. After hearing all of this, Lindsey is worried about her friend. She has come to you for help in answering the following questions. a. What type of credit user is Garth? Based on your answer, what is the number one factor that should influence Garth's choice of a credit card?
Answer:
Garth is a "REVOLVER "
Explanation:
Garth is a "Revolver" type of credit user, because he doesn't pay up the monthly payments on his card in full and on time, instead he carries debts over to the other months by paying in monthly installments
Based on the type of credit user Garth is, when picking up a credit card Garth should consider going for credit cards with low interest rate/APR charges and a longer grace period as well.
You have 24 cups of milk.
You need 1.25 cups to make one serving of deep-fried chicken.
How many servings can you make? Whole servings only - round down
rather than using partial servings.
Answer:
to make a servings of roast beef gravy.
Answer:
19.2 serving
Explanation:
Because if you have 24 cups of milk and need 1.25 cups to make 1 serving we would have to divide.
24 cups of milk - 1.25 cups of milk per serving = 19.2
Sweet Catering completed the following selected transactions during May 2016:May 1: Prepaid rent for three months, $2,400May 5: Received and paid electricity bill, $90May 9: Received cash for meals served to customers, $3,510May 14: Paid cash for kitchen equipment, $3,730May 23: Served a banquet on account, $1,520May 31: Made the adjusting entry for rent (from May 1).May 31: Accrued salary expense, $2,630May 31: Recorded depreciation for May on kitchen equipment, $560If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.
Answer:
See explanation below
Explanation:
• Computation of Net income/loss recorded for the month of May, using accrual method
Received cash for meals served to customers $3,510
+ Served a banquet on account $1,520
Total revenue $5,030
Less: expenses
(-) rent expense for May ($2,400/3) ($800)
(-) received and paid electricity bill ($90)
(-) accrued salary expense ($2,630)
(-) depreciation expense for May on kitchen equipment ($560)
Net income (revenue - expenses) $950
• Computation of Net income/loss recorded for the month of May, using cash method
Received cash for meals served to customers $3,510
(-) prepaid rent for three months ($2,400)
(-) received and paid electricity bill ($90)
(-) paid cash for kitchen equipment ($3,730)
Net loss ($2,710)
Cortez Company is planning to introduce a new product that will sell for $96 per unit. The following manufacturing cost estimates have been made on 20,000 units to be produced the first year: Direct materials $ 800,000 Direct labor 640,000 (= $16 per hour × 40,000 hours) Manufacturing overhead costs have not yet been estimated for the new product, but monthly data on total production and overhead costs for the past 24 months have been analyzed using simple linear regression. The following results were derived from the simple regression and provide the basis for overhead cost estimates for the new product. Simple Regression Analysis Results Dependent variable—Factory overhead costs Independent variable—Direct labor-hours Computed values Intercept $ 120,000 Coefficient on independent variable $ 5.00 Coefficient of correlation 0.921 R2 0.848 Required: a. What percentage of the variation in overhead costs is explained by the independent variable? 92.10% 45.00% 84.80% 8.48% None of the above
Answer:
84.80%
Explanation:
According to the given situation, the computation of the percentage of the variation is shown below:-
The Percentage of the variation is
= R^2 × Percentage
= 0.848 × 100
= 84.80%
Therefore for computing the percentage of the variation we simply applied the above formula.
hence, the percentage of variation is 84.80%
The following information is available for Trailblazer, a manufacturer of four-wheel all-terrain vehicles for its first two years of operation: 2020 2021 Vehicles produced 1,000 1,400 Vehicles sold 900 1,200 Selling price per unit $1,200 $1,200 Direct material per unit $350 $350 Direct labor per unit $220 $220 Variable manufacturing overhead per unit $40 $40 Fixed manufacturing overhead per year $112,000 $112,000 Variable selling and administrative expense per unit $20 $20 Fixed selling and administrative expense per year $35,000 $35,000 Calculate net income for 2021 using full costing. Net income $enter a net income in dollars 523000
Answer:
$537,000
Explanation:
The computation of net income for 2021 using full costing is shown below:-
Net income = Sales - Cost of goods sold - Selling and administrative expenses
= (1,200 × 1,200) - (((1,200 × (350 + 220 + 20)) + 112,000) - ((1,200 × 20) + 35,000)
= $1,440,000 - $844,000 - $59,000
= $537,000
So, for computing the net income we simply applied the above formula.
At peak times, your restaurant serves 50 meals per hour that require a grill. Two meals can be on the grill at once and the average meal requires 6 minutes on the grill. How many grills do you need? ANSWER 3
Answer:3 grills
Explanation: Each grill can cook 20 meals in an hour so 3 grills is needed, the restaurant could cook 60 meals in one hour
2. An electronics manufacturing firm is currently manufacturing resistors that have a variable cost of $0.50 per unit and a selling price of $1.00 per unit. Fixed costs are $100,000. Current volume is 300,000 units. The firm can substantially improve the product quality by adding a new piece of equipment at an additional fixed cost of $60,000. Variable cost would increase to $0.60, but volume should jump to 500,000 units due to the higher-quality product. a. Should the firm buy the new equipment? b. What is the minimum price the company would have to charge in order for the new equipment to be worth purchasing (assuming the higher or lower price doesn’t affect the 500,000 unit volume)?
Answer:
a. Should the firm buy the new equipment?
no, because operating profit will decreaseb. What is the minimum price the company would have to charge in order for the new equipment to be worth purchasing (assuming the higher or lower price doesn’t affect the 500,000 unit volume)?
$1.02 per unitExplanation:
contribution margin per unit = $0.50
total units sold = 300,000
fixed costs = $100,000
operating income = (300,000 x $0.50) - $100,000 = $50,000
if the firm improves the quality of their products:
contribution margin per unit = $0.40
total units sold = 500,000
fixed costs = $160,000
operating income = (500,000 x $0.40) - $160,000 = $40,000
if you want to keep operating income at $50,000 then minimum sales price should be:
500,000 = $210,000 / contribution margin
contribution margin = $210,000 / 500,000 = $0.42
sales price = contribution margin + variable costs = $0.42 + $0.60 = $1.02 per unit
7. What is not an example of a spending mistake?
A Paying only the minimum payments on your credit card each month.
B Spending more than you make.
C Paying all of your bills on time. W
D Paying your cable bill late.
Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2021. The units have a list price of $550 each, but Thomas was given a 30% trade discount. The terms of the sale were 3/10, n/30. Exercise 7-5 (Algo) Part - 1 Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the gross method of accounting for cash discounts is used. 2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the gross method of accounting for cash discounts is used.
Answer:
1. November 17
Accounts receivable 77,000
Sales revenue 77,000
November 26
Dr Cash 74,690
Dr Sales Discounts 2,310
Cr Accounts receivable 77,000
2. November 17
Dr Accounts receivable 77,000
Cr Sales revenue 77,000
December 15
Dr Cash 77,000
Cr Accounts receivable 77,000
Explanation:
1. Preparation of the journal entries to record the sale on November 17 and collection on November 26, 2021
November 17
Accounts receivable 77,000
Sales revenue 77,000
[Price = 200 units * $550 *(100%-30%) = 77,000]
November 26
Dr Cash 74,690
(77,000-2,310)
Dr Sales Discounts 2,310
(77,000*3%)
Cr Accounts receivable 77,000
2.Preparation of the journal entries to record the sale on November 17 and collection on December 15, 2021,
November 17
Dr Accounts receivable 77,000
Cr Sales revenue 77,000
[Price = 200 units * $550 *(100%-30%) = 77,000]
December 15
Dr Cash 77,000
Cr Accounts receivable 77,000
The Accounts receivable is 77,0001. A journal is a thorough account that documents all of a company's financial activities. It is used for account reconciliation in the future and for the transfer of data to other formal accounting records, including the general ledger.
The journal entries are provided below:
November 17
Accounts receivable 77,000
Sales revenue 77,000
November 26
Dr. Cash 74,690
Dr. Sales Discounts 2,310
Cr Accounts receivable 77,000
2. November 17
Dr. Accounts receivable 77,000
Cr Sales revenue 77,000
December 15
Dr. Cash 77,000
Cr Accounts receivable 77,000
1. Preparation of the journal entries to record the sale on November 17 and collection on November 26, 2021
November 17
Accounts receivable 77,000
Sales revenue 77,000
[Price = 200 units * $550 *(100%-30%) = 77,000]
November 26
Dr. Cash 74,690
(77,000-2,310)
Dr. Sales Discounts 2,310
(77,000*3%)
Cr Accounts receivable 77,000
2. Preparation of the journal entries to record the sale on November 17 and collection on December 15, 2021,
November 17
Dr. Accounts receivable 77,000
Cr Sales revenue 77,000
[Price = 200 units * $550 *(100%-30%) = 77,000]
December 15
Dr. Cash 77,000
Cr Accounts receivable 77,000.
A journal often uses the double-entry accounting approach and includes the date of a transaction, the accounts that were impacted, and the sums.
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