Answer:
The company's net sales for this period equal to $76,592
Explanation:
First we need to calculate the total sales using the following formula
Total Sales = Cash Sales + Credit sales
Where
Cash Sales = $49,527
Credit sales = $38,540
Placing values in the formula
Total Sales = $49,527 + $38,540
Total Sales = $88,067
Now use the following formula to calculate the net sales
Net Sales = Total Sales - Sales returns and allowances - Sales discount
Where
Total Sales = $88,067
Sales returns and allowances = $7,100
Sales discount = $4,375
Placing values in the formula
Net Sales = $88,067 - $7,100 - $4,375
Net Sales = $76,592
A partial list of Waterways' accounts and their balances for the month of November 2016 follows:
Accounts Receivable $ 275,000
Advertising Expenses 54,000
Cash 260,000
Depreciation-Factory Equipment 16,800
Depreciation-Office Equipment 2,400
Direct Labor 42,000
Factory Supplies Used 16,800
Factory Utilities 10,200
Finished Goods Inventory, November 30 68,800
Finished Goods Inventory, October 31 72,550
Indirect Labor 48,000
Office Supplies Expense 1,600
Other Administrative Expenses 72,000
Prepaid Expenses 41,250
Raw Materials Inventory, November 30 52,700
Raw Materials Inventory, October 31 38,000
Raw Materials Purchases 184,500
Rent Factory Equipment 47,000
Repairs-Factory Equipment 4,500
Salaries 325,000
A list of accounts and their values are given above. From this information, prepare a partial balance sheet for Waterways Corporation for the month of November. (List Current Assets in order of liquidity.)
Answer:
Total current assets = $697,750
Explanation:
The partial balance sheet is as follows:
Waterways Corporation
Balance Sheet (Partial)
For the month of November 2016
Details $ $
Current Assets
Cash 260,000
Accounts Receivable 275,000
Finished Goods Inventory, November 68,800
Raw Materials Inventory, November 52,700
Prepaid Expenses 41,250
Total current assets 697,750
Note:
Cash is the most liquid of assets.
Accounts receivable which should be collected within 30 to 60 days are less liquid than cash, but more liquid than inventory.
Finished Goods Inventory which is expected to be sold and converted to cash within one year, and Raw Materials Inventory which is expected to be converted to finished good within one year are more liquid than Prepaid expense.
Therefore, the least liquid among current assets’ item above is the Prepaid Expense as it is cash paid for services not yet received..
The following information applies to the questions displayed below.
On January 1, Year 2 Grande Company had a $14,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During Year 2, Grande provided $64,000 of service on account. The company collected $60,500 cash from accounts receivable. Uncollectible accounts are estimated to be 2% of sales on account
What is the amount of uncollectible accounts expense recognized on the Year 2 Income statement?
a. $ 280
b. $3,500
c. $1,210
d. $1,280
Answer:
the answer is 3,500
3,5004. Problems and Applications Q4 Many observers believe that the levels of pollution in our society are too high. True or False: If society wishes to reduce overall pollution by a certain amount, it is efficient to have firms with lower costs reduce greater amounts of pollution than those with higher costs.
Answer: True
Explanation:
Firms with lower costs would also incur a lower cost when they try to reduce pollution so they should reduce more pollution because of this reduced cost that they will incur.
Firms with higher costs would then reduce less pollution because this would ensure that they do not spend too much on pollution reduction and incur even more costs.
Over the last ten years productivity grew faster in Oceania than in Freedonia and the population and total hours worked remained the same in both countries. It follows that:
a. real GDP per person must be higher in Oceania than in Freedonia.
b. real GDP per person grew faster in Oceania than in Freedonia.
c. the standard of living must be higher in Oceania than in Freedonia.
d. All of the above are correct.
Answer:
it's d. All are correctamundo
S. Wang and T. Wu are partners with equal capital balances of $50,000 each. They agree to let J. Li invest $20,000 in their partnership for a 10% interest, including bonuses to the existing partners. The journal entry to reflect the bonus to Wang will include a credit to _______ in the amount of ______.
The journal entry to reflect the bonus to Wang will include a credit to Wang, Capital in the amount of $4,000
First step is to calculate S. Wang and T. Wu and J. Li capital amount
Capital=$50,000+$50,000+$20,000
Capital=$120,000
Second step is to calculate their new capital
New capital=$120,000*.10
New capital=$12,000
Now to determine Wang bonus amount we have to divide the capital equally between S. Wang and T. Wu
Bonus=($20,000-$12,000)/2
Bonus=$8,000/2
Bonus=$4,000
Therefore journal entry to reflect the bonus to Wang will include a credit to Wang, Capital in the amount of $4,000
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Botosan Factory has budgeted factory overhead for the year at $468,602, and budgeted direct labor hours for the year are 280,600. If the actual direct labor hours for the month of May are 255,300, the overhead allocated for May is
Answer:
$426,351
Explanation:
Calculation to determine what the overhead allocated for May is
Using this formula
Overhead allocated for May=(Estimated overhead/Estimated total DLHs)*Overhead rate per DLHs
Let plug in the formula
Overhead allocated for May=($468,602/ 280,600)*255,300
Overhead allocated for May=$1.67*255,300
Overhead allocated for May=$426,351
Therefore the overhead allocated for May is $426,351
what is probability/impact matrix
Explanation:
probability and impact metrix is a tool for the project team iad in prioritizing risks.
On Friday of each week, Prawn Company pays its factory personnel weekly wages amounting to $55,000 for a five-day work week.
Required:
a. Prepare the necessary adjusting entry at year end, assuming December 31 falls on Wednesday.
b. Prepare the journal entry for payment of the week’s wages on the payday which is Friday, January 2 of the next year.
Answer and Explanation:
The journal entry is shown below:
a.
Wages Expense $33,000 ($55,000 ÷ 5 days ×3days)
To Wages Payable $33,000
(being wages expense is recorded)
Here wages expense is debited as it increased the assets and credited the wages payable as it also increased the liabilities
b. Wages Expenses $22000
Wages Payable $33000
To Bank $55,000
(Being payment is recorded)
Here wages expense is debited as it increased the assets, the wages payable is also debited as it decreased the liabilities and credited the bank as it decreased the assets
A property title search firm is contemplating using online software to increase the productivity of the researcher performing the search. Currently, an average of 64 minutes is needed to do a title search. The researcher cost is $1.70 per minute. Clients are charged a fee of $410. Company A’s software would reduce the average search time by 20 minutes, at a cost of $3.50 per search. Company B’s software would reduce the average search time by 21 minutes at a cost of $5.50 per search.
a. Calculate the productivity in terms of revenue per dollar of input.
b. Which option would have the highest productivity in terms of revenue per dollar of input?
a) Company A
b) Company B
c) Current
Answer:
a. Productivity in terms of revenue per dollar input:
Cost = Average time taken * Cost per minute + additional cost per search
Current cost = 64 * 1.70 = $108.80
Company A cost = (64 - 20 mins) * 1.70 + 3.50 = $78.30
Company B cost = (64 - 21) * 1.70 + 5.50 = $78.60
Productivity = Client fee / Cost
Current productivity
= 410 / 108.80
= $3.77
Company A
= 410 / 78.30
= $5.24
Company B
= 410 / 78.60
= $5.22
b. Company A is best.
The best way to think of presentation slides is... as a medium meant to be used in conjunction with someone speaking. as a stand-alone medium that communicates on its own. as something to keep the audience entertained during a presentation. something superfluous to a presentation but still expected.
Answer: as a medium meant to be used in conjunction with someone speaking.
Explanation:
Presentation slides are meant to augment what the person presenting is saying. They are to provide proof as well as a visual depiction of the words of the presenter so that the audience can understand the presentation better.
For instance, a person giving a presentation on the earrings potential of a business will use charts and tables to show the expected increase. The charts and tables will help show the point that the person is trying to make so that the audience understands.
Paul's new plans created a crisis situation for the deli. When Paul initially met with his team, he emphasized the importance of pleasing customers, despite the changes he was suggesting. He outlines each team member's work and the expected output for the next two weeks. At the end of the meeting, it is understood that every person who remains at the deli will put in extra hours of work. Nobody questions Paul because they feel his decision cannot be altered. What ethical lines did Paul cross in this situation
Answer:
Analyzing the above scenario, it is correct to state that manager Paul crossed ethical boundaries in this situation because he did not offer clear and assertive communication to team members.
What happened was that he did not communicate his decision bi-directionally, that is, he did not allow his decision to change the work to receive feedback from the team, although the established changes would impact the way the team performs its work, so it can to say that Paul used his hierarchical position to express his authority, which meant that there were no questions because the workers felt that the manager's decision could not be changed.
In a work environment, bidirectional communication is essential, the leader must guide his team strategically to achieve organizational goals, but receiving feedback from employees is essential to maintain a work environment focused on development, creativity, motivation and productivity.
9 Given figures showing: Sales £8,200, Opening inventory £1,300, Closing inventory £900, Purchases £6,400, Carriage inwards £200, the cost of goods sold figure is (A) £6,800 (B) £6,200 (C) £7,000 (D) Another figure
Explanation:
the correct answer is
B)£6,200
Brett's Gift Box estimates that it will sell 30,000 porcelain figurines next year. Because porcelain figurines are so easily damaged, the average per unit carrying cost of the figurines is $25. The per order cost of ordering is $800. Assume that Brett wants a safety stock of 75 figurines. If Brett reorders the figurines based on the economic order quantity, what is Brett's average inventory of porcelain figurines?
If Brett reorders the figurines based on the economic order quantity, Brett's average inventory of porcelain figurines is 768 units.
The economic order quantity is computed as the square root of (2 x Annual Sales Unit (Demand) x Ordering Cost)/Carrying Cost
= square root of (2 x 30,000 x $800)/$25
= square root of 1,920,000
= 1,386 units
Average inventory = (Economic Order Quantity)/2 + Safety stock
= 1,386/2 + 75
= 693 + 75
= 768 units
Thus, Brett's Gift Box average inventory of porcelain figurines is 768.
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Data:
Estimate sales units for next year = 30,000 porcelain figurines
Average per-unit carrying cost = $25
Per-order Ordering Cost = $800
Required safety stock = 75 figurines
Your firm has net income of $245 on total sales of $1,080. Costs are $610 and depreciation is $120. The tax rate is 30 percent. The firm does not have interest expenses. What is the operating cash flow
Answer:
the operating cash flow is $365
Explanation:
the computation of the operating cash flow is shown below:
operating cash flow is
= Net income + depreciation expense
= $245 + $120
= $365
hence, the operating cash flow is $365
We simply added the net income and the depreciation expense to determine the operating cash flow
Complete the following statements with one of the terms listed here. You may use a term more than once. Some terms may not be used at all. Capital turnover Direct fixed expenses Flexible budget variance Key performance indictors (KPIs) Profit center Sales margin Common fixed expenses Favorable variance Goal congruence Management by exception Return on investment (ROI) Unfavorable variance Cost center Flexible budget Investment center Master budget variance Revenue center Volume variance
Solution :
a). Flexible budget
A flexible budget is a budget that is prepared for the different volume level which was originally anticipated.
b). Flexible budget variance
It is the different between the flexible budget and the actual results.
c). Return on Investment
It is used to evaluate the performance of the investment centers. It is calculated by dividing operating income by the investment.
d). Favorable variance
The company has the favorable variance when the actual values are more than the budgeted values.
On January 2, 20X1, Ziegler Company issues a four-year note in exchange for a license agreement requiring four annual payments of $27,956. The market value of the four-year agreement is $100,000. The first payment is due on the day the agreement is signed. The effective interest rate is 8%. The second payment includes interest of:
Answer:
$5,763.52
Explanation:
1st payment is due on the day the agreement is signed.
The 2nd payment interest is computed as bellow:
=> ($100,000 - First payment) * 8%
=> ($100,000 - $27,956) * 8%
=> $72,044 * 8%
=> $5,763.52
So, the second payment includes interest of $5,763.52.
Security X has expected return of 9% and standard deviation of 18%. Security Y has expected return of 12% and standard deviation of 21%. If the two securities have a correlation coefficient of -0.4, what is their covariance
Answer:
the covariance is -0.0151
Explanation:
The computation of the covariance is given below:
= correlation coefficient × standard deviation of x × standard deviation of y
= -0.4 × 18% × 21%
= -0.0151
Hence, the covariance is -0.0151
We simply applied the above formula so that the correct value could come
Billy Bob Company manufactures fine furniture and grandfather clocks. Billy Bob has an excellent reputation, and each grandfather clock sells for several thousand dollars. Which of the following is an indirect cost, assuming the cost object is the Clock Department?
a) Salary of the clock production supervisor
b) Depreciation on the company's factory building
c) Depreciation on clock-making equipment.
d) All of the answers are correct
Answer:
Billy Bob Company
Indirect Costs are:
d) All of the answers are correct
Explanation:
The indirect costs cannot be directly identified with a single grandfather clock. They are not direct costs but are allocated to the Clock Department. For example, Billy Bob Company incurs these indirect costs for producing grandfather clocks: the Clock Department's supervisor's salary expenses, Depreciation on factory building and clock-making equipment, and other indirect materials and labor.
Julie Lambert has a large consulting practice. New clients are required to pay one-half of the consulting fees up front. The balance is paid at the conclusion of the consultation. How does Lambert account for the cash received at the end of the engagement?
a.Cash
Unearned Consulting Revenue
b.Cash
Unearned Consulting Revenue
Earned Consulting Revenue
c. Prepaid Consulting Revenue
Earned Consulting Revenue
d. No entry is required when the engagement is concluded.
Answer:
b. Cash, Unearned Consulting Revenue; Earned Consulting Revenue
Explanation:
Lambert account for the cash received at the end of the engagement as stated below
Date Account titles Debit Credit
Cash XXX
Unearned Consulting Revenue XXX
Earned Consulting Revenue XXX
The following monthly data are available for Waterway Industries. which produces only one product: Selling price per unit, $54; Unit variable expenses, $14; Total fixed expenses, $42000; Actual sales for the month of June, 2000 units. How much is the margin of safety for the company for June
Answer:
Margin of safety= 950 units
Explanation:
First, we need to calculate the break-even point in units:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 42,000 / (54 - 14)
Break-even point in units= 1,050
Now, the margin of safety in units:
Margin of safety= (current sales level - break-even point)
Margin of safety= 2,000 - 1,050
Margin of safety= 950 units
Zeke's Soda is a small company. They have never grown much, but they have never quite gone out of business over their 75 year history.They have a secret recipe for a raspberry soda which is their bestselling drink. It has never been patented, but it has been known only to the family members who run the company ever since Old Zeke came up with it 75 years ago. None of the other employees have access to it.
Soda Giant buys a bottle of Zeke's Soda and runs it through sophisticated equipment that is able to analyze it and determine all of the ingredients. Soda Giant takes what it learns and starts to make and sell a soda identical to Zeke's.Can Zeke's Soda win a trade secret misappropriation action?
a) No, because a secret recipe is not the kind of thing that can be a trade secret.
b) No, because the trade secret protection has expired.
c) No, because Soda Giant did not misappropriate the information.
d) Yes.
Answer:
it is definitely a
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The difference between actual overhead costs incurred and the budgeted overhead costs based on a flexible budget is the: Multiple Choice Production variance. Controllable variance. Volume variance. Price variance. Quantity variance.
The difference between actual overhead costs incurred and the budgeted overhead costs based on a flexible budget is the controllable variance.
In accounting, there are two elements of a variance- rate variance and volume variance. While the rate variance refers to the difference in the actual price paid vs. the budgeted price, the volume variance refers to the portion of the variance in sales, unit usage.
The controllable variance is in the "rate" element of the variance.Controllable variance refers to the process by which the efficiency of using variable overhead resources is measured.This means that the controllable variance is the difference between the actual cost and the budgeted overhead cost.The calculation for this variance is: Actual overhear expense - (budgeted overhead cost x standard number of units)= overhead controllable variance.In short, we can say that the controllable variance is the amount that is not part of the volume variance. Rather, it is the difference in the overhead cost incurred and the budgeted overhead cost.
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Monetary stimulus is only helpful to an economy: __________
a. experiencing significant negative externalities.
b. that's in recession.
c. with few public goods.
Payroll Entries
The payroll register for D. Salah Company for the week ended May 18 indicated the following:
Salaries $615,000
Federal income tax withheld 165,000
The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $45,000 of salaries.
For a compound transaction, if an amount box does not require an entry, leave it blank.
a. Journalize the entry to record the payroll for the week of May 18.
May 18 Salaries Expense
Social Security Tax Payable
Medicare Tax Payable
Employees Federal Income Tax Payable
Salaries Payable
Feedback
Gross pay is the amount that employees have earned before taxes and deductions. A portion of employees' earnings are owed for such items as state and federal taxes. Net pay is also known as take-home pay.
b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.
May 18 Payroll Tax Expense
Social Security Tax Payable
Medicare Tax Payable
State Unemployment Tax Payable
Federal Unemployment Tax Payable
Answer:
A. Dr Salaries expense 615000
Cr Social security tax payable 36900
Cr Medicare tax payable 9225
Cr Employment federal income tax payable
165000
Cr Salaries payable 403875
B. Dr Payroll tax expenses 48915
Cr Social security tax payable 36900
Cr Medicare tax payable 9225
Cr State unemployment taxes payable 2430
Cr Federal unemployment taxes payable 360
Explanation:
A. Preparation of the journal entry to record the payroll for the week of May 18.
May 18
Dr Salaries expense 615000
Cr Social security tax payable 36900
(615000*6%)
Cr Medicare tax payable 9225
(615000*1.5%)
Cr Employment federal income tax payable
165000
Cr Salaries payable 403875
(615000-36900-9225-165000)
(To record the payroll for the week of May 18)
B. Preparation of the journal entry to record the payroll tax expense incurred for the week of May 18
May 18
Dr Payroll tax expenses 48915
(36900+9225+2430+360)
Cr Social security tax payable 36900
(615000*6%)
Cr Medicare tax payable 9225
(615000*1.5%)
Cr State unemployment taxes payable 2430
(45000*5.4%)
Cr Federal unemployment taxes payable 360
(45000*0.8%)
(To record the payroll tax expense incurred )
Melissa, a new employee at Epic Electronics, is required to perform a variety of bookkeeping and clerical tasks at a workstation. Epic has training software on its workstations that can answer many of the questions she has about what to do on her new job, and how to do it. The software is so good that she rarely asks her supervisor for help. It even tracks the way Melissa performs certain tasks, and offers suggestions to improve her productivity. This software is an example of:__________
Answer:
The way businesses are using knowledge technology to move relevant information to the people who need it.
Explanation:
Knowledge technology can be regarded as Intelligent as well as information and nteraction technologies which gives support to creation as well as management of knowledge at various individual and to all social levels. This technologies can be regarded as term used in describing technologies that is is been provided as result of collection of knowledge as well as process and storage of this knowledge, then how this knowledge is been transmitted to any place and the access of this information from anywhere.
If an investor has a choice of investing money at 6% compounded daily or 6.025% compounded quarterly which one is best
General Rule: Daily compounding gives a higher yield
Compounding works like this:
6.025% per quarter
Quarter 1: $100 x 6.025% = $6.025
Quarter 2: $106.025 x 6.025% = $6.388
Quarter 3: $112.413 x 6.025% = $6.7729
Quarter 4: $119.186 x 6.025% = $7.4491
Etc…
6% per day
Day 1: $100 x 6% = $6
Day 2: $106 x 6% = $6.36
...
Day 365: $193.47 x 6% = $11.96
PlZ Help 70 points
Look at the circular flow diagram. Choose and define an environmental issue. Using the diagram as a guide, explain how the environmental issue you chose affects the relationship between the business and factor market. (4 points)
Answer:
Family and government are related to each other in terms of financial unit. Family pay charges to government and after that government utilize that cash for the individuals. Family gain the money by working in firms or by running their possess commerce. Natural issues such as discuss contamination can influence the relationship between family and government. Popleuses their possess transport to go to firms and the number of vehicles are expanding day by day which causes discuss contamination. The government can shape arrangements against personal transport and persuade individuals to utilize open transport which can be advantageous for government as government will straightforwardly get cash from family.
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2. An entrepreneur must make sure to budget carefully since they oversee their own company's finances.
True
False
Answer:
True .....this is because the entrepreneur is the risk bearer of the business...he is liable for any profit/loss.
A friend wants to borrow money from you. He states that he will pay you $4,700 every 6 months for 9 years with the first payment exactly 2 years and six months from today. The interest rate is an APR of 5.8 percent with semiannual compounding. What is the value of the payments today
Answer:
PV= $56,508.47
Explanation:
Giving the following information:
Semmiannual payment= $4,700
Number of periods (n)= 9*2= 18 semesters
Interest rate= 0.058/2= 0.029
First, we need to calculate the value of the payments at the moment of the first payment:
PV= A*{(1/i) - 1/[i*(1 + i)^n]}
A= Semmiannual payment
PV= 4,700*{(1/0.029) - 1/[0.029*(1.029^18)]}
PV= $65,191.42
Now, the present value using the following formula:
PV= FV / (1 +i)^n
n= 2.5*2= 5 semesters
PV= 65,191.42 / (1.029^5)
PV= $56,508.47
A company issues 1 million shares of common stock with a par value of $0.02 for $15 a share. The entry to record this transaction includes a debit to Cash for: A. $15,000,000 and a credit to Common Stock for $15,000,000. B. $20,000, a debit to Capital Receivable for $14,980,000, a credit to Common Stock for $20,000, and a credit to Additional Paid-in Capital for $14,980,000. C. $15,000,000, a credit to Common Stock for $20,000, and a credit to Additional Paid-in Capital for $14,980,000. D. $20,000 and a credit to Common Stock for $20,000.
The entry to record this transaction includes a debit to Cash for C. $15,000,000, a credit to Common Stock for $20,000, and a credit to Additional Paid-in Capital for $14,980,000.
For the cash received, the entry to record the transaction, Cash account is debited with $15,000,000 (1,000,000 x $15).
The Common Stock account is credited with $20,000 (1,000,000 x $0.02) to record the common stock value of the transaction.
And the Additional Paid-in Capital is credited with $14,980,000 (1,000,000 x $14.98) to record the additional capital contributed above the par value.
The $14.98 is the difference between the issue price ($15) per share and the par value ($0.02) per share.
The par value is the nominal amount that each share is issued.
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