Answer:
Total allocated costs= $53,070
Explanation:
First, we need to calculate the allocation rates using the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Quality control= 77,000 / 1,100 = $70 per inspection
Machine operation= 153,000 / 1,500 = $102 per machine hour
Materials handling= 1,200 / 30 = $40 per batch
Miscellaneous overhead cost= 57,000 / 5,700= $10 per labor hour
Now, we can allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Quality control= 70*295= 20,650
Machine operation= 102*240= 24,480
Materials handling= 40*6= 240
Miscellaneous overhead cost= 10*770= 7,700
Total allocated costs= $53,070
Finlay, Inc., issued 10,000 shares of $51 par value preferred stock at $69 per share and 14,000 shares of no-par value common stock at $10 per share. The common stock has no stated value. All issuances were for cash. a. Prepare the journal entries to record the share issuances. b. Prepare the journal entry for the issuance of the common stock assuming that it had a stated value of $5 per share. c. Prepare the journal entry for the issuance of the common stock assuming that it had a par value of $1 per share.
Answer and Explanation:
The journal entries are shown below;
a. Cash (10000 × $69) $690,000
To Preferred stock (10000 × $51) $510,000
To Additional paid in capital $180,000
(Being issuance of the preferred stock is recorded)
Cash (14000 × $10) $140,000
To Common stock no par value $140,000
(being issuance of the common stock is recorded)
b.
Cash $140,000
To Common stock stated value (14000 ×$5) $70,000
To Paid in capital in excess of stated value $70,000
(being issuance of the common stock is recorded)
c.
Cash $140,000
To Common stock at par (14000 × $1) $14,000
To Paid in capital in excess of par $126000
(being issuance of the common stock is recorded)
Dellarocco Incorporated makes a single product--a cooling coil used in commercial refrigerators. The company has a standard cost system in which it applies overhead to this product based on the standard labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below: Budgeted fixed manufacturing overhead $ 355,740 Budgeted hours 49,000 labor-hours Actual fixed manufacturing overhead $ 372,740 Actual hours 45,600 labor-hours The fixed overhead budget variance is:
Answer:
the fixed overhead budget variance is $17,000 unfavorable
Explanation:
The computation of the fixed overhead budgeted variance is shown below:
= Budgeted overhead - actual overhead
= $355,740 - $372,740
= $17,000 unfavorable
Since the budgeted overhead is less than the actual overhead so it is an unfavorable variance
Hence, the fixed overhead budget variance is $17,000 unfavorable
Cisco Systems Inc. reported the following in its income statement for the year ended July 30, 2016: Basic earnings per share of $2.13 and diluted earnings per share of $2.11. There were 5,053 million weighted average basic shares were outstanding during the year. What approximate net income, did the company report for 2016
Answer:
$10,762,890
Explanation:
Earnings per Share = Net Income attributable to Common Stock holders ÷ Weighted Average Number of Common Stocks
Now, since we have basic earnings per share we an use that to find net income. Net Income is Profit after tax and interest and only available in basic earnings per share calculation.
Net Income attributable to Common Stock holders = Earnings per Share x weighted average basic shares = ($2.13 x 5,053,000) = $10,762,890
Corey is the city sales manager for RIBS, a national fast food franchise. Every working day, Corey drives his car as follows: Home to office Office to RIBS No. 1 RIBS No. 1 to No. 2 RIBS No. 2 to No. 3 RIBS No. 3 to home Miles 20 15 18 13 30 Corey renders an adequate accounting to his employer. As a result, Corey's reimbursable mileage is: a. O miles. b. 50 miles. C. 66 miles. d. 76 miles. e. None of these.
Answer: e. None of these
Explanation:
Based on the information given, Corey's reimbursable mileage will be:
= 15 miles + 18 miles + 13 miles
= 46 miles.
We should note that the mileage that she used for driving from her home to office and the one that she also used from driving from the last worksite to her home isn't deductible.
Since the answer of 46 miles isn't among the options given, then the answer is "None of these"
Fairfield Company allocates common Building Department costs to producing departments (P1 and P2) based on space occupied, and it allocates common Personnel Department costs based on the number of employees. Space occupancy and employee data are as follows: Building Personnel Dept. P1 Dept. P2 Space occupied 2,000 ft. 10,000 ft. 120,000 ft. 70,000 ft. Employees 6 10 80 50 If Fairfield Company uses the direct allocation method, the ratio representing the portion of building costs allocated to Department P1 is a.120,000/202,000. b.190,000/202,000. c.2,000/120,000. d.120,000/190,000.
Answer:
d.120,000/190,000
Explanation:
It is given that Fairfield Company is constructing building department (P1 and P2) in the space provided and it allocates the common Personnel Department cost that is based on number of employees.
From the table given in the question, we can find
The ratio representing the portion of the building cost allocated to the department P1 = [tex]$\frac{120,000}{(120,000+70,000)}$[/tex]
The ratio representing the portion of the building cost allocated to the department P1 = [tex]$\frac{120,000}{190,000}$[/tex]
Black Horse Transportation's sales budget for the first quarter follows: January$125,000 February 300,000 March290,000 All sales are on account (credit) with 50% collected in the month of sale, 30% collected in the following month after sale, and 20% collected in the second month after sale. There are no uncollectable accounts. The March cash receipts are:
Answer:
$260,000
Explanation:
Cash Receipts Calculation - March
March Credit Sales ($290,000 x 50%) $145,000
February Credit Sales ($300,000 x 30%) $90,000
January Credit Sales ($125,000 x 20%) $25,000
Total $260,000
Therefore,
The March cash receipts are $260,000
“Employers should be concerned with helping employees cope with both job-related stress and off-the-job stress.” Do you agree or disagree? Discuss.
Answer:
Agreed.
Explanation:
I agree with employers helping employees cope with both job-related stress and off-the-job stress because it can help improve the employee's mental health. You see, if you are already stressed enough about work, then you won't really have time to focus on yourself which can oftentimes lead to su!c!de. I think that with the employer's help, they can reassure the employee and help them maintain themselves.
5 types of challenges in the business environment
Answer:
Uncertainty about the future.
Financial management.
Monitoring performance.
Regulation and compliance.
Competencies and recruiting the right talent.
Explanation:
ob 412 was one of the many jobs started and completed during the year. The job required $9,700 in direct materials and 45 hours of direct labor time at a total direct labor cost of $10,600. If the job contained four units and the company billed at 65% above the unit product cost on the job cost sheet, what price per unit would have been charged to the customer
Answer:
the price per unit that should be charged to the customer is $8,373.75
Explanation:
The computation of the price per unit that should be charged to the customer is shown below
Unit product cost = ($9,700 + $10,600) ÷ 4 units
= $5,075 per unit
Now the price per unit is
= Unit product cost × given percentage
= $5,075 × 165%
= $8,373.75
hence, the price per unit that should be charged to the customer is $8,373.75
Blossom Company had the following transactions. 1. Sold land (cost $8,400) for $10,500. 2. Issued common stock at par for $22,200. 3. Recorded depreciation on buildings for $12,200. 4. Paid salaries of $7,400. 5. Issued 1,000 shares of $1 par value common stock for equipment worth $8,100. 6. Sold equipment (cost $13,800, accumulated depreciation $9,660) for $1,656. (a) For each transaction above, prepare the journal entry.
Answer:
Item 1
Debit : Cash $10,500
Credit : Land $8,400
Credit : Profit and Loss $2,100
Item 2
Debit : Cash $22,200
Credit : Common Stock $22,200
Item 3
Debit : Depreciation Expense $12,200
Credit : Accumulated Depreciation $12,200
Item 4
Debit : Salaries Expense $7,400
Credit : Cash $7,400
Item 5
Debit : Equipment $8,100
Credit : Common Stock $1,000
Credit : Common Stock Paid in Excess of Par $7,100
Item 6
Debit : Cash $1,656
Debit ; Accumulated Depreciation $9,660
Debit : Profit and Loss $2,484
Credit : Cost $13,800
Explanation :
See the entries prepared above.
Note on Sale of Assets :
When a sale of asset is made, derecognize the cost of asset, derecognize the accumulated depreciation, recognize the profit or loss on sale and finally recognize the cash receipts.
At a movie theater box office, all tickets are sequentially prenumbered. At the end of each day, the beginning ticket number is subtracted from the ending number to calculate the number of tickets sold. Then, ticket stubs collected at the theater entrance are counted and compared with the number of tickets sold. Which of the following situations does this control detect?
a. Some customers presented tickets purchased on a previous day when there wasn't a ticket taker at the theater entrance (so the tickets didn't get torn.)
b. A group of kids snuck into the theater through a back door when customers left after a show.
c. The box office cashier accidentally gives too much change to a customer.
d. The ticket taker admits his friends without tickets.
Wright Corp. is considering the purchase of a new piece of equipment, which would have an initial cost of $1,000,000 and a 5-year life. There is no salvage value for the equipment. The increase in cash flow each year of the equipment's life would be as follows: Year 1 $ 379,000 Year 2 $ 354,000 Year 3 $ 289,000 Year 4 $ 234,000 Year 5 $ 189,000 What is the payback period
Answer:
The payback period is 2 years and 337 days to cover the initial investment.
Explanation:
Giving the following information:
Cash flows:
Year 1 $ 379,000
Year 2 $ 354,000
Year 3 $ 289,000
Year 4 $ 234,000
Year 5 $ 189,000
Initial investment= $1,000,000
The payback period is the time required for the cash flows to cover the initial investment:
Year 1= 379,000 - 1,000,000= -621,000
Year 2= 354,000 - 621,000= -267,000
Year 3= 289,000 - 267,000= 22,000
To be more accurate:
(267,000 / 289,000)= 0.923*365= 337
The payback period is 2 years and 337 days to cover the initial investment.
It costs Bonita Industries $12 of variable and $5 of fixed costs to produce one bathroom scale which normally sells for $35. A foreign wholesaler offers to purchase 3100 scales at $15 each. Garner would incur special shipping costs of $1 per scale if the order were accepted. Bonita has sufficient unused capacity to produce the 3100 scales. If the special order is accepted, what will be the effect on net income?
a. $46500 increase.
b. $6200 increase.
c. $6200 decrease.
d. $9300 decrease.
Answer:
Effect on income= $6,200 increase
Explanation:
Because it is a special offer, and there is unused capacity, we will not take into account the fixed costs:
Total unitary variable cost= 12 + 1= $13
Selling price per unit= $15
To calculate the effect on income, we need to use the following formula:
Effect on income= number of units*unitary contribution margin
Effect on income= 3,100*(15 - 13)
Effect on income= $6,200 increase
Canberra Company uses a job order cost accounting system. During the current month, the factory payroll of $180,000 was paid in cash. The amount of labor classified as direct labor was three times greater than the amount classified as indirect labor. What amount should be debited to Factory Overhead for indirect labor for this month
Answer:
$45,000
Explanation:
Details Amount
Factory payroll in cash $180,000
Ration of Direct labor to Indirect Labor "3:1"
Total = 3 + 1 = 4
So, Indirect Labor = $180,000*1/4 = $45,000
The amount to be debited to Factory Overhead for indirect labor for this month $45,000
Which of the following is/are true about kanban? A. The purpose of the kanban system is to ensure that parts are produced JIT to support subsequent processes. B. Some companies control the movement of the containers by using two types of kanban cards, production cards and withdrawal cards. C. Kanban cards take the place of shop paperwork used in traditional repetitive mass production. D. a and b are true
Answer:
c
Explanation:
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At the end of 2017, Buckeyes Industries had a deferred tax asset account with a balance of $28 million attributable to a temporary book-tax difference of $70 million in a liability for estimated expenses. At the end of 2018, the temporary difference is $75 million. Buckeyes has no other temporary differences. Taxable income for 2018 is $200 million and the tax rate is 40%
Prepare the journal entry(s) to record income taxes assuming it is more likely than not that one-fourth of the deferred tax asset will not ultimately be realized.
Taxation is a term for when a taxing authority, usually a government, levies or imposes a financial obligation on its citizens or residents. Since ancient times, paying taxes to governments or officials has been a fundamental aspect of civilisation.
Deferred tax assets and liabilities are categorized in what ways on the balance sheet?If a reporting firm submits a classified balance sheet, deferred tax assets, liabilities, and any associated valuation allowance shall be classified as noncurrent.
Asset/liability strategy : Financial Accounting Standard (FAS) 109 Accounting for Income Taxes (FASB, 1992) outlines the current accounting for deferred taxes and mandates that firms account for taxes using the asset/liability model.
A delayed tax liability typically arises when the government's accounting practices diverge from those of a conventional business. One frequent illustration is the depreciation of fixed assets. Companies often use a straight-line depreciation approach to disclose depreciation in their financial accounts.
A "temporary difference" is the distinction between the carrying value and the tax base. The temporary difference is multiplied by the tax rate to determine the deferred tax liability. The only thing left to do is to calculate the difference once the deferred tax due has been established.
Answer : Taxes total 200, however there are additionally 70 million and in 2018 there is also.
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Below are amounts found in the income statements of three companies.
Company Sales Revenue Cost of Goods Sold Operating Expenses Non-operating Expenses Income Tax Expense
Henry $12,000 $3,000 $4,000 $1,000 $1,000
Grace 15,000 10,000 6,000 3,000 0
James 20,000 12,000 2,000 0 2,000
Required:
a. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income.
b. For each company, calculate the gross profit ratio and indicate which company has the most favorable ratio.
Answer:
Explanation:
Below are amounts found in the income statements of three companies.
Tina, Jack, and Jade were just about to deliver a presentation together. Tina said, "Remember to emphasize our need for a larger budget." Jack replied, "No, I think we need to emphasize our need for another member on the team." Which principle for delivering effective team presentations did the team most violated in this instance
Answer:
A- Stand together and present a united front.
Explanation:
It is correct to say that the team violated the principle of being together and presenting a united front, because in an effective presentation of a team, there must be cohesion and consensus among team members about the team's goals and needs, which was violated when Tina reported a different need than Jack considered the essential need to be emphasized during the presentation.
It is necessary that during the presentation the team is integrated in its objectives and proposals, so that there is greater reliability of what is being discussed and greater acceptability. It is essential for the team to reach consensus and be cohesive at the time of the presentation.
Effective team presentation is achieved by demonstrating a strong and effective team performance. The principle violated in this scenario is stand together and present a united front.
From the scenario described, we could infer that the team disagreed on which what should be the main point of focus. This highlights that the team isn't totally sharing the same view or purpose for the presentation. Hence, inferring dichotomy.Hence, the team violates the principle of "stand together and present a united front. "
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Dog Bone Bakery, which bakes dog treats, makes a special biscuit for dogs. Each biscuit uses 0.75 cup of pure semolina flour. They buy 4,000 cups of flour at $0.55 per cup. They use 3,588 cups of flour to make 4,800 biscuits. The standard cost per cup of flour is $0.54. A. What are the direct materials price variance, the direct materials quantity variances, and the total direct materials cost variance
Answer:
Results are below.
Explanation:
To calculate the direct material rate and quantity variance, we need to use the following formulas:
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (0.55 - 0.54)*4,000
Direct material price variance= $40 favorable
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Direct material quantity variance= (0.75*4,800 - 3,588)*0.55
Direct material quantity variance= $6.6 favorable
Finally, the total variance:
Total direct material variance= 40 + 6.6= $46.6 favorable
Mortar Corporation acquired 80 percent of Granite Corporation's voting common stock on January 1, 20X7. On December 31, 20X8, Mortar received $370,000 from Granite for equipment Mortar had purchased on January 1, 20X5, for $400,000 and had been depreciating it over 10 Years and no salvage value. After the sale, the equipment is expected to have a 5-year useful life and no salvage value. Both companies depreciate equipment on a straight-line basis. Based on the preceding information, in the preparation of elimination entries related to the equipment transfer for the 20X8 consolidated financial statements, the debit adjustment to equipment would be: Group of answer choices
Answer:
The debit adjustment to equipment would be $30,000.
Explanation:
Amount received for the equipment by Mortar from Granite - $370,000
Purchase price of the equipment = $400,000
Debit adjustment to equipment = Purchase price of the equipment - Amount received for the equipment by Mortar from Granite = $400,000 - $370,000 = $30,000
Therefore, the debit adjustment to equipment would be $30,000.
Which of the following is true of the informal structure in an organization?
O A. It is formed through shared interests.
OB. It is easy to monitor and control.
O c. It is good at handling many routine tasks.
O D. It is slow to adapt to changing conditions.
Answer: i think A
Explanation:
Holder Manufacturing had $125,000 of net income in 2015 when the selling price per unit was $100, the variable costs per unit were $70, and the fixed costs were $475,000. Management expects per unit data and total fixed costs to remain the same in 2016. The president of Holder Manufacturing is under pressure from stockholders to increase net income by $60,000 in 2016.
Instructions
A) Compute the number of units sold in 2015.
B) Compute the number of units that would have to be sold in 2016 to reach the stockholders' desired profit level.
C) Assume that Holder Manufacturing sells the same number of units in 2016 as it did in 2015. What would the selling price have to be in order to reach the stockholders' desired profit level.
Answer:
Holder Manufacturing
A. The number of units sold in 2015 is:
= 20,000 units
B. The number of units that would have to be sold in 2016 to reach the stockholders' desired profit level is:
= 22,000 units
C. The selling price to reach the stockholders' desired profit level, assuming that Holder Manufacturing sells the same number of units in 2016 as it did in 2015 is:
= $103 per unit.
Explanation:
a) Data and Calculations:
Net income in 2015 = $125,000
Selling price per unit = $100
Variable costs per unit = $70
Contribution per unit = $30
Fixed costs = $475,000
Number of units sold in 2015:
Contribution margin = Net income + Fixed costs
= $125,000 + $475,000 = $600,000
Number of units sold = $600,000/$30 = 20,000 units
For 2016:
Contribution margin = $660,000 ($600,000 + $60,000)
Number of units to be sold = 22,000
If units sold in 2016 = 20,000, selling price would be:
Contribution would be = $33 ($660,000/20,000)
Selling price = Variable cost + Contribution margin per unit
= $70 + $33 = $103
Juan works for you in the Customer Service Department. He hates answering incoming customer calls and prefers to respond to customer emails. Juan is scheduled to answer the phones today and insists that you let him switch with Shawna, who is assigned to e-mail duty. Although you have refused to allow Juan to switch schedules in the past, you agree to do so today. What is your style for handling this conflict
Answer:
Accommodating Style
Explanation:
It is correct to say that the style of accommodation was chosen to deal with the conflict exposed in the question above. This style understands that a party agrees to meet a person's needs for the sake of the relationship.
Accommodation in conflict resolution can be effective when the final result will not be as impacted by what you want to accept, as in the case of the question, since the change in the roles of Juan and Shawna will not affect the final result.
What macroeconomic goal is Real GDP used to measure for?
Answer:
"Economic growth " would be the correct answer.
Explanation:
Throughout a particular year, real GDP tests the overall production as well as commodities of the economy, including light of the price adjustments.People should measure or equate GDP throughout the year as inflation would be factored into the equation which would be a fair predictor about wherever the market cycle goes.Thus the above is the right answer.
Allocating Liquidation Between Common Stockholders and Preferred Stockholders The Arcadia Company is liquidating. After paying off all of its creditors, the company has $2 million to distribute between its preferred stockholders and its common stockholders. The aggregate par value of the preferred stock is $1.8 million and the aggregate par value of its common stock is $4 million. How much of the remaining $2 million assets should be distributed to the preferred stockholders and how much should be distributed to the common stockholders
Answer and Explanation:
The computation is shown below:
The amount that should be distributed to the preferred stockholder would be equivalent to the aggregate par value of the preferred stock i.e. $1.8 million and the remaining value would be distributed to the common stockholders i.e.
= $2 million - $1.8 million
= $0.2 million
Hence, the same would be considered
What types of decision need to be made by groups?
The Michael Miller Corporation has a sales budget for next month of $200,000. Cost of goods sold is expected to be $125,000. All goods are paid for in the month following their purchase. The beginning inventory of merchandise is $8,000, and an ending inventory of $6,000 is desired. Beginning accounts payable is $26,000. How much merchandise inventory will The Michael Miller Corporation need to purchase next month
Answer:
the inventory to be purchased next month is $123,000
Explanation:
The computation of the inventory to be purchased next month is shown below:
= Cost of goods sold + closing inventory - opening inventory
= $125,000 + $6,000 - $8,000
= $123,000
hence, the inventory to be purchased next month is $123,000
We simply applied the above formula so that the purchase value of the inventory could come
Tina specializes in newspaper print layout. Unfortunately, her newspaper transformed into a digital-copy only and she was laid off because her print-laying skills were no longer needed. Is Tina's scenario is an example of ____________________ unemployment. Select the correct answer below: voluntary frictional cyclical structural
Answer:
Structural
Explanation:
It is correct to say that Tina's scenario is an example of structural unemployment, that there are structural economic changes, which can have several different reasons, in the case of the above question, the structural change was caused by a technological change that made the newspaper where Tina worked if she scanned, and Tina's skills were not sufficient to keep up with such changes, which resulted in her resignation.
This is a type of long-term unemployment, which can negatively impact a society, with a large number of people unemployed and disqualified for current job openings, to reduce this problem, it is necessary that companies invest in training programs and effective qualifications so that its employees can follow the structural changes that occurred in their jobs.
Karl's Keychain Company produces keychains that sell in its stores for $1 each. On January 1, 2015, the company had inventory of 10,000 keychains. During 2015, the company produced 900,000 keychains. At the end of the business year on December 31, 2015, the company's inventory of keychains was 8,000. What was the value of Karl's inventory investment in 2015
Answer:
$2,000
Explanation:
Calculation to determine the value of Karl's inventory investment in 2015
On January 1, 2015, beginning inventory $10,000
Less December 31, 2015, ending inventory $8,000
2016 value of Karl's inventory investment $2,000
Therefore the value of Karl's inventory investment in 2015 will be $2,000
Minns Co. purchased a put option on Justin common shares on July 7, 2017, for $400. The put option is for 400 shares, and the strike price is $70. (The market price of a share of Justin stock on that date is $70.) The option expires on January 31, 2018. The following data are available with respect to the put option:
Date Market Price of Minns Shares Time Value of Put Option
September 30, 2017 $77 per share $250
December 31, 2017 $75 per share $75
January 31, 2018 $78 per share $0
Required:
Prepare the journal entries for Minns Co. for the following dates.
a. July 7, 2017—Investment in put option on Justin shares.
b. September 30, 2017—Minns prepares financial statements.
c. December 31, 2017—Minns prepares financial statements.
d. January 31, 2018—Put option expires.
Answer:
a. 7-Jul-17
Dr Put Option $400
Cr Cash $400
b. September 30, 2017
Dr Unrealized Holding gain or loss on income $150
Cr Put option $150
c. December 31, 2017
Dr Unrealized Holding gain or loss on income $175
Cr Put option $175
d. January 31, 2018
Dr Loss on settlement of put option $75
Cr Put option $75
Explanation:
Preparation of the journal entries for Minns Co. for the following dates.
a. Preparation of July 7, 2017 journal entry to record Investment in put option on Justin shares
7-Jul-17
Dr Put Option $400
Cr Cash $400
(Being to record Investment in put option)
b. Preparation of September 30, 2017 journal entry to record Minns preparation of financial statements.
September 30, 2017
Dr Unrealized Holding gain or loss on income $150
($400-$250)
Cr Put option $150
(Being to record Unrealized Holding gain or loss on income )
c. Preparation of December 31, 2017 journal entry to record Minns Preparation of financial statements
December 31, 2017
Dr Unrealized Holding gain or loss on income $175
($250-$75)
Cr Put option $175
(Being to record Unrealized Holding gain or loss on income )
d. Preparation of the journal entry to record January 31, 2018 Put option expires
January 31, 2018
Dr Loss on settlement of put option $75
Cr Put option $75
($75-$0)
(Being to record loss on settlement of put option)