Answer:
90 orders she would place in a year
Explanation:
The total annual cases of Stein soda that the manager buys are 1,440 cases. If she were to place 16 cases in a single order then we would divide the total cases bought in a year by the cases bought in a single order to determine the number of orders the manager would place in a year. As shown below:
No. of orders placed in a year = Annual Total Cases bought / Cases purchased in single order
No. of orders placed in a year = 1,440 / 16
No. of orders placed in a year = 90 orders
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.
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
“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.
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
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)
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.
Nicole’s Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS. The machine was purchased at the beginning of the year at a cost of $16,000. The estimated useful life was five years and the residual value was $1,000. Assume that the estimated productive life of the machine is 10,000 hours. Expected annual production was year 1, 2,400 hours; year 2, 2,300 hours; year 3, 2,200 hours; year 4, 2,100 hours; and year 5, 1,000 hours.
Required:
1. Complete a depreciation schedule for each of the alternative methods.
A. Straight-line.
B. Units-of-production.
C. Double-declining-balance.
2. Assume NGS sold the hydrotherapy tub system for $3,000 at the end of year 3. Prepare the journal entry to account for the disposal of this asset under the three different methods.
1) Record the disposal of the hydrotherapy tub system for $3,000 in year 3 assuming depreciation was calculated using the straight line method.
2) Record the disposal of the hydrotherapy tub system for $3,000 in year 3 assuming depreciation was calculated using the units-of-production method.
3) Record the disposal of hydrotherapy tub system for $3,000 in year 3 assuming depreciation was calculated using the double-declining method.
Answer:
Nicole's Getaway Spa (NGS)
1. Depreciation Schedules:
A. Straight-line method:
Year Depreciation Book Value Accumulated Net Book Value
Expense of asset Depreciation
Year 1 $3,000 $16,000 $3,000 $13,000
Year 2 3,000 16,000 6,000 10,000
Year 3 3,000 16,000 9,000 7,000
Year 4 3,000 16,000 12,000 4,000
Year 5 3,000 16,000 15,000 1,000
B. Units-of-production method:
Year Depreciation Book Value Accumulated Net Book Value
Expense of asset Depreciation
Year 1 $3,600 $16,000 $3,600 $12,400
Year 2 3,450 16,000 7,050 8,950
Year 3 3,300 16,000 10,350 5,650
Year 4 3,150 16,000 13,500 2,500
Year 5 1,500 16,000 15,000 1,000
C. Double-declining-balance method:
Year Depreciation Book Value Accumulated Net Book Value
Expense of asset Depreciation
Year 1 $6,400 $16,000 $6,400 $9,600
Year 2 3,840 16,000 10,240 5,760
Year 3 2,304 16,000 12,544 3,456
Year 4 1,382 16,000 13,926 2,074
Year 5 1,074 16,000 15,000 1,000
2. Sale of machine for $3,000 at the end of year 3:
Journal Entry of disposal:
1) Straight-line method:
Debit Cash $3,000
Credit Sale of Equipment $3,000
To record the disposal of the equipment.
Debit Sale of Equipment $16,000
Credit Equipment $16,000
To transfer equipment to sale of equipment.
Debit Accumulated Depreciation $9,000
Credit Sale of Equipment $9,000
To close accumulated depreciation.
Debit Income Summary $4,000
Credit Sale of Equipment $4,000
To record the loss from sale of equipment.
2) Units-of-production method:
Debit Cash $3,000
Credit Sale of Equipment $3,000
To record the disposal of the equipment.
Debit Sale of Equipment $16,000
Credit Equipment $16,000
To transfer equipment to sale of equipment.
Debit Accumulated Depreciation $10,350
Credit Sale of Equipment $10,350
To close accumulated depreciation.
Debit Income Summary $2,650
Credit Sale of Equipment $2,650
To record the loss from sale of equipment.
3) Double-declining method:
Debit Cash $3,000
Credit Sale of Equipment $3,000
To record the disposal of the equipment.
Debit Sale of Equipment $16,000
Credit Equipment $16,000
To transfer equipment to sale of equipment.
Debit Accumulated Depreciation $12,544
Credit Sale of Equipment $12,544
To close accumulated depreciation.
Debit Income Summary $456
Credit Sale of Equipment $456
To record the loss from sale of equipment.
Explanation:
a) Data and Calculations:
Cost of machine = $16,000
Residual value = 1,000
Depreciable amount $15,000
Estimated useful life = 5 years
Annual depreciation expense/rate:
A. Straight-line method = $3,000 ($15,000/5)
B. Unit of production method = $1.50 per unit ($15,000/10,000)
Year 1 = $3,600 (2,400 * $1.50)
Year 2 = $3,450 (2,300 * $1.50)
Year 3 = $3,300 (2,200 * $1.50)
Year 4 = $3,150 (2,100 * $1.50)
Year 5 = $1,500 (1,000 * $1.50)
C. Double-declining balance method:
Straight-line method rate = 20% (100/5)
Double-declining rate = 40% (20% * 2)
Year 1 = $6,400 ($16,000 * 40%) Balance $9,600
Year 2 = $3,840 ($9,600 * 40%) Balance $5,760
Year 3 = $2,304 ($5,760 * 40%) Balance $3,456
Year 4 = $1,382 ($3,456 * 40%) Balance $2,074
Year 5 = $1,074 ($2,078 - $1,000) Balance $1,000
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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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.
You are the manager of a firm that manufactures front and rear windshields for the automobile industry. Due to economies of scale in the industry, entry by new firms is not profitable. Toyota has asked your company and your only rival to simultaneously submit a price quote for supplying 100,000 front and rear windshields for its newest version of the Highlander. If both you and your rival submit a low price, each firm supplies 50,000 front and rear windshields and earns a zero profit. If one firm quotes a low price and the other a high price, the low-price firm supplies 100,000 front and rear windshields and earns a profit of $11 million and the high-price firm supplies no windshields and loses $2 million. If both firms quote a high price, each firm supplies 50,000 front and rear windshields and earns a $6 million profit. Determine your optimal pricing strategy if you and your rival believe that the new Highlander is a "special edition" that will be sold only for one year. Would your answer differ if you and your rival were required to resubmit price quotes year after year and if, in any given year, there was a 60 percent chance that Toyota would discontinue the Highlander? Explain.
Answer:
a. The optimal pricing strategy will be one-shot Nash equilibrium in which “You” charge low price, “Your Rival” charge low price and then the payoff is ($0, $0)
b. Yes, the anwer will differ becuase it is not possible to sustain the collusive outcome as a Nash equilibrium because [tex]\pi ^{Cheat}[/tex] > [tex]\pi ^{Cooperate}[/tex].
Explanation:
a. Determine your optimal pricing strategy if you and your rival believe that the new Highlander is a "special edition" that will be sold only for one year.
Note: See the attached excel file for the Representation of one shot normal for of the game played between "You" and "Your Rival" together with the payoffs.
From the attached excel file, the dominant strategy is for “You” and “Your Rival” to charge “Low Price” each. If the dominant strategy is played by “You” and “Your Rival”, the optimal pricing strategy will be one-shot Nash equilibrium in which “You” charge low price, “Your Rival” charge low price and then the payoff is ($0, $0).
b. Would your answer differ if you and your rival were required to resubmit price quotes year after year and if, in any given year, there was a 60 percent chance that Toyota would discontinue the Highlander? Explain.
When we have a year-after-year competition between “You” and “Your Rival” but with a 60 percent chance that Toyota would discontinue the Highlander, the payoffs of the firm that continue to comply with the collusive strategy of charging “High Price” by each firm under the normal trigger strategy whereby “You” and “Your Rival” agree to charge high price as long as there is no past deviation by any of the firm, otherwise charge a low price is as follows:
[tex]\pi ^{Cooperate}[/tex] = $6 + $6(100% - 60%) + $6(100% - 60%)^2 + 6(100% - 60%)^2 …….
[tex]\pi ^{Cooperate}[/tex] = $6 / 6% = $10
Therefore, what the firm that cheats earn today is $11 million and it earns $0 forever. The implication of this is that [tex]\pi ^{Cheat}[/tex] = $11
Therefore, the anwer will differ becuase it is not possible to sustain the collusive outcome as a Nash equilibrium because [tex]\pi ^{Cheat}[/tex] > [tex]\pi ^{Cooperate}[/tex].
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)
The benefit of establishing a company over other forms of ownership
Answer:
limited liability
tax advantages
establishing credibility
unlimited life
raising capital
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
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
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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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"
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
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
Green Landscaping Inc. is preparing its budget for the first quarter of 2017. The next step in the budgeting process is to prepare a cash receipts schedule and a cash payments schedule. To that end the following information has been collected.
Clients usually pay 60% of their fee in the month that service is performed, 30% the month after, and 10% the second month after receiving service. Actual service revenue for 2021 and expected service revenues for 2022 are November 2021, $80,000; December 2021, $90,000; January 2022, $100,000; February 2022, $120,000; and March 2022, $140,000.
Purchases of landscaping supplies (direct materials) are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2021 and expected purchases for 2022 are December 2021, $14,000; January 2022, $12,000; February 2022, $15,000; and March 2022, $18,000.
Prepare the following schedules for each month in the first quarter of 2017 and for the quarter in total:
January February March Quarter
November
December
January
February
March
Total collections
Answer:
a-1. Total cash collection for the Quarter Ending March 31, 2022 = $336,000
a-2. Total cash payment for the Quarter Ending March 31, 2022 = $43,400
b-1. Account receivable balance = $68,000
b-2. Account payable balance = $7,200
Explanation:
Note: This question is not complete and contains different dates (2017 and 2022). The complete question is therefore provided and 2022 is picked as the date before answering the question. See the attached pdf file for the complete question with 2022 as the date.
The explanation of the answer is now given as follows:
a-1. Schedule of expected cash collections from clients.
Note: See part a-1 of the attached excel file for the Schedule of expected cash collections from clients.
From the attached excel file, we have:
Total cash collection for the Quarter Ending March 31, 2022 = $336,000
a-2. Schedule of expected payments for landscaping supplies.
Note: See part a-2 of the attached excel file for the Schedule of expected payments for landscaping supplies.
From the attached excel file, we have:
Total cash payment for the Quarter Ending March 31, 2022 = $43,400
b. Determine the following balances at March 31, 2022:
b-1. Accounts receivable
Account receivable balance = ($120,000*10%) + ($140,000*40%) = $68,000
b-2. Accounts payable
Account payable balance = $18,000*40% = $7,200
Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for September: All materials are added at the beginning of the process. Beginning work in process had 86,300 units, 30 percent complete with respect to conversion costs. Ending work in process had 19,300 units, 40 percent complete with respect to conversion costs. Started in process, 105,900 units. Required: 1. Prepare a physical flow schedule.
Answer:
Physical flow schedule
Inputs
Beginning Work in Process 86,300
Add Units Started 105,900
Total 192,200
Outputs
Units Completed and Transferred 172,900
Units in Ending Work in Process 19,300
Total 192,200
Explanation:
A physical flow schedule is simply a schedule of units introduced into the process and units outputs without expressing them to equivalent units.
Units Introduced must always be equal to units outputs in physicals terms.
Units Completed and Transferred = Beginning Inventory + Units Started - Units in Ending Work in Process
= 86,300 + 105,900 - 19,300
= 172,900
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 = $103
Fairfield Company allocates common Building Department costs to producing departments (P1 and P2) based on space occupied, and it allocates common Personnel Department costs based on the number of employees. Space occupancy and employee data are as follows: Building Personnel Dept. P1 Dept. P2 Space occupied 2,000 ft. 10,000 ft. 120,000 ft. 70,000 ft. Employees 6 10 80 50 If Fairfield Company uses the direct allocation method, the ratio representing the portion of building costs allocated to Department P1 is a.120,000/202,000. b.190,000/202,000. c.2,000/120,000. d.120,000/190,000.
Answer:
d.120,000/190,000
Explanation:
It is given that Fairfield Company is constructing building department (P1 and P2) in the space provided and it allocates the common Personnel Department cost that is based on number of employees.
From the table given in the question, we can find
The ratio representing the portion of the building cost allocated to the department P1 = [tex]$\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]
Billions of Dollars
Investment 80
Capital consumption allowance (depreciation) 45
Exports 40
Imports 15
Government purchases 160
Consumption 375
Indirect business taxes 35
Social insurance taxes 5
Corporate profit taxes 4
Undistributed corporate profits 6
Transfer payments 50
Personal taxes 110
Compensation of employees 455
Corporate profits 90
Rental income (of persons) 5
Net interest 25
Proprietors' income 25
Income earned from the rest of the world 80
Income earned by the rest of the world 40
The five components of GDP from the table that together sum to national income are ___________, ____________, ___________, and ______________
Answer:
Note: Some words are missing and are attached as picture below
The 5 components of GDP from the table that together sum to national income are:
a. Compensation of employees
b. Corporate profits
c. Net interest
d. Proprietors' income
e. Rental income
Disposable Income = Personal Income - Personal Taxes
Personal Income = Disposable Income + Personal Taxes
Personal Income = 525 + 110
Personal Income = 635
National income = Personal Income + Social Insurance Tax + Corporate Profit Taxes + Undistributed Corporate Profits - Transfer Payments
National income = 635 + 5 + 4 + 6 - 50
National income = 600
what are tresholds in auditing?
Answer:
:)
Explanation:
The materiality threshold in audits refers to the benchmark used to obtain reasonable assurance that an audit does not detect any material misstatement that can significantly impact the usability of financial statements.
Agee Storage issued 33 million shares of its $1 par common stock at $21 per share several years ago. Last year, for the first time, Agee reacquired 1 million shares at $19 per share. Assuming that Agee retires shares it reacquires (restores their status to that of authorized but unissued shares), by what amount will Agee’s total paid-in capital decline if it now reacquires 1 million shares at $24 per share?
Answer:
$23 million
Explanation:
Calculation to determine at what amount will Agee’s total paid-in capital decline
First step is to calculate the Cash paid for the first repurchase
Cash paid for the first repurchase = 1 million * 19
Cash paid for the first repurchase = $19 million
Second step is to calculate the Value of first purchase
Value of first purchase = 1 million * 21
Value of first purchase = $21 million
Third step is to calculate the Benefit on first repurchase
Benefit on first repurchase = 21 million - 19 million
Benefit on first repurchase = $2 million
Fourth step is to calculate Cash paid for second repurchase
Cash paid for second repurchase = 1 million * 24
Cash paid for second repurchase = $24 million
Fifth step is to calculate the Value of second purchase = Reacquired shares * Common stock price
Value of second purchase = 1 million * 21
Value of second purchase = $21 million
Last step is to calculate the Decline in total paid-in capital using this formula
Decline in total paid-in capital= Benefit on first repurchase + Value of second purchase
Decline in total paid-in capital = 2 million + 21 million
Decline in total paid-in capital = $23 million
Therefore what amount will Agee’s total paid-in capital decline is $23 million
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:
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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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:
If a price ceiling is imposed at $15 per unit when the equilibrium market price is $12, there will be:
Answer:
the tiny thing dont work